Target Portfolio Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-07064

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

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

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

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

Date of fiscal year end:		7/31/2014
		(Registrant changed its fiscal year end from October 31)

Date of reporting period:		7/31/2014


Item 1		–		Reports to Stockholders

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

THE TARGET PORTFOLIO TRUST^®

ANNUAL REPORT ^· JULY 31, 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.

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.

September 16, 2014

Dear Target Shareholder:

We hope you find the annual report for Target informative and useful. The report covers performance for the 12-month period that ended July 31, 2014. Please note 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. The change in fiscal year-end will not affect the management or operation of the portfolios.

Since market conditions change over time, we believe it is important 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 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class R		15.15	%		98.08	%		N/A			57.98% (8/22/06)
Class T		15.73			103.16			94.16	%		—
Russell 1000^® Growth Index		18.69			121.61			129.44			—
S&P 500 Index		16.92			117.17			115.70			—
Lipper Large-Cap Growth Funds Average		18.20			106.16			117.73			—

	Average Annual Total Returns as of 6/30/14
	One Year			Five Years			Ten Years			Since Inception
Class R		21.80	%		16.44	%		N/A			6.11% (8/22/06)
Class T		22.48			17.05			6.17	%		—
Russell 1000 Growth Index		26.92			19.24			8.20			—
S&P 500 Index		24.58			18.82			7.78			—
Lipper Large-Cap Growth Funds Average		26.61			17.40			7.51			—

	Average Annual Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class R		15.15	%		14.65	%		N/A			5.93% (8/22/06)
Class T		15.73			15.23			6.86	%		—


2		The TARGET Portfolio Trust

Growth of a $10,000 Investment

Large Capitalization Growth Portfolio

LOGO

The graph compares a $10,000 investment in the Target Large Capitalization Growth Portfolio (Class T) with a similar investment in the S&P 500 Index and the Russell 1000 Growth Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2004) and the account values at the end of the current fiscal period (July 31, 2014), as measured on a quarterly basis.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Portfolio’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Portfolio or any gains you may realize if you sell your shares.

Source: Prudential Investments LLC and Lipper Inc.

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


The TARGET Portfolio Trust			3

Target Large Capitalization Growth Portfolio

Performance (continued)

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

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 7/31/14 is 98.32% for Class R. Russell 1000 Growth Index Closest Month-End to Inception average annual total return as of 6/30/14 is 9.35% for Class R. S&P 500 Index Closest Month-End to Inception cumulative total return as of 7/31/14 is 75.33% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 6/30/14 is 7.62% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 7/31/14 is 86.11% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 6/30/14 is 8.33% 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 Average represents returns based on an average of all funds in the respective Lipper category for the periods noted. The returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.


4		The TARGET Portfolio Trust

Strategy and Performance Overview

How did the Portfolio perform?

The Large Capitalization Growth Portfolio’s Class T shares returned 15.73% for the 12-month period ended July 31, 2014. This compares to the 18.69% return of its benchmark, the Russell 1000^® Growth Index (the Index) and the 18.20% return of the Lipper Large Cap Growth Funds Average during the 12-month period ended July 31, 2014.

The Portfolio was sub-advised during this reporting period by Brown Advisory, LLC (Brown) and Massachusetts Financial Services Company (MFS).

What were market conditions?

U.S. large-cap equities generated strong returns for the reporting period, posting their eighth consecutive quarter of gains during the second quarter of 2014. Investors were buoyed by improving employment figures, housing data, and automobile sales, as well as the Federal Reserve’s (Fed) continued commitment to low interest rates. These factors outweighed the contraction in first-quarter U.S. economic growth, anxiety about the crisis in Ukraine, and mixed news about China’s growth prospects. For the period overall, large-cap stocks outperformed small-cap stocks by a wide margin, and micro-cap stocks registered losses during the second quarter.

What affected the Portfolio’s performance?

•

Stock selection was the primary contributor to the Portfolio’s underperformance relative to the Index, particularly holdings in the information technology and industrials sectors. Although the Portfolio benefited from good stock selection in the consumer discretionary and financials sectors, these results were not enough to offset the weak performance of holdings in other sectors.

•

Style factors slightly detracted from relative performance, particularly the Portfolio’s underweight compared with the Index in stocks with high dividend yields and low valuations. Stocks with lower price-to-earnings ratios and higher yields outperformed their higher growth, lower-yielding counterparts during the reporting period. Both Brown and MFS seek to buy companies with high earnings per share growth rates, but these companies tend to be more expensive and do not pay dividends.

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


The TARGET Portfolio Trust			5

Target Large Capitalization Value Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class R		15.66	%		102.50	%		N/A			35.77% (8/22/06)
Class T		16.26			107.45			87.34	%		—
Russell 1000^® Value Index		15.47			118.92			115.76			—
S&P 500 Index		16.92			117.17			115.70			—
Lipper Large-Cap Value Funds Average		14.72			102.46			100.97			—

	Average Annual Total Returns as of 6/30/14
	One Year			Five Years			Ten Years			Since Inception
Class R		24.25	%		17.07	%		N/A			4.15% (8/22/06)
Class T		24.95			17.66			6.40	%		—
Russell 1000 Value Index		23.81			19.23			8.03			—
S&P 500 Index		24.58			18.82			7.78			—
Lipper Large-Cap Value Funds Average		22.72			17.24			7.08			—

	Average Annual Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class R		15.66	%		15.16	%		N/A			3.93% (8/22/06)
Class T		16.26			15.71			6.48	%		—


6		The TARGET Portfolio Trust

Growth of a $10,000 Investment

Large Capitalization Value Portfolio

LOGO

The graph compares a $10,000 investment in the Target Large Capitalization Value Portfolio (Class T) with a similar investment in the S&P 500 Index and the Russell 1000 Value Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2004) and the account values at the end of the current fiscal period (July 31, 2014), as measured on a quarterly basis.

Source: Prudential Investments LLC and Lipper Inc.

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


The TARGET Portfolio Trust			7

Target Large Capitalization Value Portfolio

Performance (continued)


	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

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 7/31/14 is 59.75% for Class R. Russell 1000 Value Index Closest Month-End to Inception average annual total return as of 6/30/14 is 6.40% for Class R. S&P 500 Index Closest Month-End to Inception cumulative total return as of 7/31/14 is 75.33% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 6/30/14 is 7.62% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 7/31/14 is 55.41% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 6/30/14 is 5.93% 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.


8		The TARGET Portfolio Trust

Strategy and Performance Overview

How did the Portfolio perform?

The Large Capitalization Value Portfolio’s Class T shares returned 16.26% for the 12-month period ended July 31, 2014. This compares to the 15.47% return of its benchmark, the Russell 1000^® Value Index (the Index), and the 14.72% return of the Lipper Large-Cap Value Funds Average for the 12-month period ended July 31, 2014.

The Portfolio was sub-advised during this reporting period by NFJ Investment Group LLC (NFJ); Hotchkis and Wiley Capital Management, LLC (H&W); and Epoch Investment Partners, Inc. (Epoch).

What were market conditions?

U.S. large-cap equities generated strong returns for the reporting period, posting their eighth consecutive quarter of gains during the second quarter of 2014. Investors were buoyed by improving employment figures, housing data, and automobile sales, as well as the U.S. Federal Reserve’s (Fed) continued commitment to low interest rates. These factors outweighed the contraction in first-quarter U.S. economic growth, anxiety about the crisis in Ukraine, and mixed news about China’s growth prospects. For the period overall, large-cap stocks outperformed small-cap stocks by a wide margin, and micro-cap stocks registered losses during the second quarter.

What affected the Portfolio’s performance?

•

Sector allocation helped relative results as the Portfolio had an overweight position to the technology sector, which was the best performing sector within the Index during the reporting period. The Portfolio’s cash holdings was a modest drag on relative results, which is not unexpected given the sound gains of the Index and the fact that cash earned little.

•

Stock selection was a modest plus for the Portfolio as gains within the pharmaceutical and oil and gas industries offset weakness among consumer discretionary and semiconductor companies.

•

While Epoch and Hotchkis and Wiley outperformed the Index for the reporting period, NFJ trailed, although modestly.

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


The TARGET Portfolio Trust			9

Target Small Capitalization Growth Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class R		2.57	%		98.95	%		N/A			37.14% (8/22/06)
Class T		3.01			103.89			74.60	%		—
Russell 2000^® Growth Index		8.93			121.46			145.26			—
Russell 2000^® Index		8.56			115.11			132.02			—
Lipper Small-Cap Growth Funds Average		7.92			119.60			133.80			—

	Average Annual Total Returns as of 6/30/14
	One Year			Five Years			Ten Years			Since Inception
Class R		17.54	%		18.03	%		N/A			5.02% (8/22/06)
Class T		18.11			18.61			5.54	%		—
Russell 2000 Growth Index		24.73			20.50			9.04			—
Russell 2000 Index		23.64			20.21			8.70			—
Lipper Small-Cap Growth Funds Average		22.44			20.00			8.50			—

	Average Annual Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class R		2.57	%		14.75	%		N/A			4.06% (8/22/06)
Class T		3.01			15.31			5.73	%		—


10		The TARGET Portfolio Trust

Growth of a $10,000 Investment

Small Capitalization Growth Portfolio

LOGO

The graph compares a $10,000 investment in the Target Small Capitalization Growth Portfolio (Class T) with a similar investment in the Russell 2000 Index and the Russell 2000 Growth Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2004) and the account values at the end of the current fiscal period (July 31, 2014), as measured on a quarterly basis.

Source: Prudential Investments LLC and Lipper Inc.

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


The TARGET Portfolio Trust			11

Target Small Capitalization Growth Portfolio

Performance (continued)


	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

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 7/31/14 is 91.45% for Class R. Russell 2000 Growth Index Closest Month-End to Inception average annual total return as of 6/30/14 is 9.51% for Class R. Russell 2000 Index Closest Month-End to Inception cumulative total return as of 7/31/14 is 73.24% for Class R. Russell 2000 Index Closest Month-End to Inception average annual total return as of 6/30/14 is 8.13% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 7/31/14 is 84.22% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 6/30/14 is 8.82% 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.


12		The TARGET Portfolio Trust

Strategy and Performance Overview

How did the Portfolio perform?

The Small Capitalization Growth Portfolio’s Class T shares rose 3.01% for the 12-month period ended July 31, 2014. This compares to the 8.93% return of the Russell 2000^® Growth Index (the Index) and the 7.92% return of the Lipper Small-Cap Growth Funds Average.

The Portfolio was sub-advised during the reporting period by Eagle Asset Management, Inc. (Eagle) and Emerald Mutual Fund Advisers Trust (Emerald).

What were market conditions?

During the reporting period, the overall stock market advanced, reflecting sustained improvement in the U.S. economic outlook. Corporate profits remained strong, housing and employment indicators improved, and consumer confidence rose to post-recession highs. The Federal Reserve (Fed) began incrementally tapering its quantitative easing program in December 2013, signaling confidence in U.S. economic activity and labor market conditions. U.S. GDP contracted in the first quarter of 2014, largely because of severe winter weather, but rebounded in the second quarter.

Small-cap stocks with the highest forecast long-term growth were the best performers in January and February, followed by inexpensive stocks in March. During the first and second quarters of 2014, small-capitalization stocks were the worst performers of all capitalization ranges. Investors then began to favor value-style stocks. Healthcare was one of the best performing sectors led by continued strength from the biotechnology industry, while financial services and consumer discretionary lagged other sectors.

What affected the Portfolio’s performance?

•

The Portfolio trailed the Index, largely because of its holdings in the information technology, healthcare, and energy sectors. In particular, investments in the Internet software and services and biotechnology industries hampered results.

•

Most of the Portfolio’s relative underperformance can be attributed to Eagle’s and Emerald’s positions in Internet software and services companies that fell short of earnings growth expectations during the second quarter of 2014.

•

In addition, Eagle did not own many of the high-priced, high-growth biotechnology companies that outperformed during the reporting period. Conversely, Emerald’s biotechnology holdings performed well in November and December 2013.

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


The TARGET Portfolio Trust			13

Strategy and Performance Overview (continued)

•

Although sector allocation does not generally play a role in managing the Portfolio, a slight underweight relative to the Index in the information technology sector hurt performance.

•

The Portfolio’s exposure to larger market-cap securities and to those more actively traded companies had a positive impact. An underexposure to less leveraged and less risky companies were a slight drag on performance.

•

On the positive side, the Portfolio’s marginal overweight in the energy sector added to relative returns. Its exposure to larger-cap stocks also enhanced performance.

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


14		The TARGET Portfolio Trust

Target Small Capitalization Value Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class A		N/A			N/A			N/A			1.68% (2/14/14)
Class R		10.57	%		112.27	%		N/A			84.92 (8/22/06)
Class T		11.18			117.69			169.78	%		—
Russell 2000^® Value Index		8.18			108.48			117.31			—
Russell 2000 Index		8.56			115.11			132.02			—
Lipper Small-Cap Value Funds Average		10.18			115.84			130.11			—
Lipper Small-Cap Core Funds Average		9.78			113.85			134.73			—

	Average Annual Total Returns as of 6/30/14
	One Year			Five Years			Ten Years			Since Inception
Class A		N/A			N/A			N/A			N/A (2/14/14)
Class R		23.01	%		19.49	%		N/A			8.85% (8/22/06)
Class T		23.64			20.09			10.59	%		—
Russell 2000 Value Index		22.54			19.88			8.24			—
Russell 2000 Index		23.64			20.21			8.70			—
Lipper Small-Cap Value Funds Average		23.67			20.28			8.71			—
Lipper Small-Cap Core Funds Average		23.73			19.79			8.88			—

	Average Annual Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class A		N/A			N/A			N/A			N/A (2/14/14)
Class R		10.57	%		16.25	%		N/A			8.05% (8/22/06)
Class T		11.18			16.83			10.43	%		—


The TARGET Portfolio Trust			15

Target Small Capitalization Value Portfolio

Performance (continued)

Growth of a $10,000 Investment

Small Capitalization Value Portfolio

LOGO

The graph compares a $10,000 investment in the Target Small Capitalization Value Portfolio (Class T) with a similar investment in the Russell 2000 Index and the Russell 2000 Value Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2004) and the account values at the end of the current fiscal period (July 31, 2014), as measured on a quarterly basis.

Source: Prudential Investments LLC and Lipper Inc.

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


16		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, price-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			17

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 7/31/14 are 1.84% for Class A and 55.71% for Class R. Russell 2000 Value Index Month-End to Inception average annual total return as of 6/30/14 is 6.66% for Class R. Russell 2000 Index Closest Month-End to Inception cumulative total returns as of 7/31/14 are –0.30% for Class A and 73.24% for Class R. Russell 2000 Index Closest Month-End to Inception average annual total return as of 6/30/14 is 8.13% for Class R. Lipper Small-Cap Value Funds Average Closest Month-End to Inception cumulative total returns as of 7/31/14 are 2.84% for Class A and 72.12% for Class R. Lipper Small-Cap Value Funds Average Closest Month-End to Inception average annual total return as of 6/30/14 is 7.83% for Class R. Lipper Small-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 7/31/14 are 1.81% for Class A and 76.16% for Class R. Lipper Small-Cap Core Funds Average Closest Month-End to Inception average annual total return as of 6/30/14 is 8.20% 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.

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, but not sales charges or taxes.


18		The TARGET Portfolio Trust

Strategy and Performance Overview

How did the Portfolio perform?

The Small Capitalization Value Portfolio’s Class T shares returned 11.18% for the 12-month period ended July 31, 2014. This compares to the 8.18% return of its benchmark, the Russell 2000^® Value Index (the Index), the 9.78% return of the Lipper Small-Cap Core Funds Average, and the 10.18% return of the Lipper Small Cap Value Funds Average.

The Portfolio was sub-advised during this reporting period by EARNEST Partners, LLC; Lee Munder Capital Group, LLC (Lee Munder); J.P. Morgan Investment Management, Inc. (J.P. Morgan); NFJ Investment Group LLC (NFJ); Vaughan Nelson Investment Management, L.P. (Vaughan Nelson); and Sterling Capital Management LLC (Sterling was added as a subadviser in January 2014).

What were market conditions?

Small cap stocks underperformed mid-cap and large-cap stocks, while growth-oriented stocks outperformed value-oriented stocks. Nine of the 10 sectors in the Index generated positive returns, with healthcare, energy, and materials posting double-digit gains. The telecommunication services sector recorded a double-digit decline.

What affected the Portfolio’s performance?

•

The Portfolio’s outperformance was driven mostly by positive, broad-based stock selection, but sector allocation helped, too. In particular, the Portfolio benefited from an overweight to the healthcare sector (which was the Index’s best performing area) and an underweight to financials (which was an area of weakness). The Portfolio’s cash holdings was a modest drag on relative results, which is not unexpected given the benchmark’s sound gains and the fact that cash earned little over the reporting period.

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


The TARGET Portfolio Trust			19

Strategy and Performance Overview (continued)

•

Of the investment subadvisers that comprise the Portfolio, all but Lee Munder posted results that exceed the Index. Lee Munder’s performance modestly trailed the Index. Please note that in January 2014, Sterling Capital was added to the Portfolio. As a result, their performance does not reflect an entire year.

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


20		The TARGET Portfolio Trust

Target International Equity Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class Q		10.53	%		N/A			N/A			17.92% (3/1/11)
Class R		9.84			45.54	%		N/A			24.94 (8/22/06)
Class T		10.42			49.20			101.62	%		—
MSCI EAFE ND Index		15.07			56.67			98.08			—
Lipper Customized Blend Funds Average		12.64			53.57			93.64			—
Lipper International Multi-Cap Core Funds Average		12.52			54.80			91.00			—

	Average Annual Total Returns as of 6/30/14
	One Year			Five Years			Ten Years			Since Inception
Class Q		20.37	%		N/A			N/A			5.93% (3/1/11)
Class R		19.67			10.49	%		N/A			3.23 (8/22/06)
Class T		20.26			11.03			7.22	%		—
MSCI EAFE ND Index		23.57			11.77			6.93			—
Lipper Customized Blend Funds Average		21.12			11.49			6.74			—
Lipper International Multi-Cap Core Funds Average		21.02			11.71			6.66			—

	Average Annual Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class Q		10.53	%		N/A			N/A			4.94% (3/1/11)
Class R		9.84			7.80	%		N/A			2.84 (8/22/06)
Class T		10.42			8.33			7.26	%		—


The TARGET Portfolio Trust			21

Target International Equity Portfolio

Performance (continued)

Growth of a $10,000 Investment

International Equity Portfolio

LOGO

The graph compares a $10,000 investment in the Target International Equity Portfolio (Class T) with a similar investment in the Morgan Stanley Capital International Europe, Australasia, Far East Net Dividend Index (MSCI EAFE ND Index) by portraying the initial account values at the beginning of the 10-year period (July 31, 2004) and the account values at the end of the current fiscal period (July 31, 2014), as measured on a quarterly basis.

Source: Prudential Investments LLC and Lipper Inc.

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


22		The TARGET Portfolio Trust


	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

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 of developed country markets in Europe, Australasia, and the Far East. It gives an indication of how foreign stocks have performed. The MSCI EAFE Index reflects the impact of the maximum withholding taxes on reinvested dividends.

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 7/31/14 are 22.94% for Class Q and 28.41% for Class R. MSCI EAFE ND Index Closest Month-End to Inception average annual total returns as of 6/30/14 are 7.03% for Class Q and 3.51% for Class R. Lipper Customized Blend Funds Average Closest Month-End to Inception cumulative total returns as of 7/31/14 are 20.25% for Class Q and 26.57% for Class R. Lipper Customized Blend Funds Average Closest Month-End to Inception average annual total returns as of 6/30/14 are 6.41% for Class Q and 3.28% for Class R. Lipper International Multi-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 7/31/14 are 20.38% for Class Q and 25.96% for Class R. Lipper International Multi-Cap Core Funds Average Closest Month-End to Inception average annual total returns as of 6/30/14 are 6.58% for Class Q and 3.32% for Class R.


The TARGET Portfolio Trust			23

Target International Equity Portfolio

Performance (continued)

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.


24		The TARGET Portfolio Trust

Strategy and Performance Overview

How did the Portfolio perform?

The International Equity Portfolio’s Class T shares returned 10.42% for the 12-month period ended July 31, 2014. This compares to the 15.07% return of the MSCI EAFE (Europe, Australasia, and Far East) Net Dividend Index (the Index), the 12.52% return of the Lipper International Multi-Cap Core Funds Average, and the 12.64% return of the Lipper Customized Blend Funds Average for the 12-month period ended July 31, 2014.

The Portfolio was sub-advised during the reporting period by LSV Asset Management (LSV) and Thornburg Investment Management, Inc. (Thornburg).

What were market conditions?

Investors seemed optimistic during the reporting period in spite of global geopolitical turmoil, including tensions between Russia and the Ukraine and the sectarian uprising in Iraq. Positive sentiment was driven by continued assurances from the U.S. Federal Reserve (Fed) and the European Central Bank that interest rates would remain low, which lifted several global equity indexes toward multi-year highs and sent volatility to historic lows. The number of mergers and acquisitions contributed to investors’ positive mood, as more than $1 trillion in deals have recently taken place.

During the reporting period, all international regions and sectors in the Index turned in positive returns, led by strength in the healthcare, energy, and information technology sectors. From a regional perspective, Western Europe (led by the U.K.) delivered the best results within the Index. Emerging markets stocks also performed well, posting gains during the 2014 calendar year through July 31, 2014.

What affected the Portfolio’s performance?

•

The Portfolio underperformed the Index during the reporting period, because of allocation effects and stock selection. An overweight position in consumer discretionary, the worst-performing sector in the Index, detracted from relative performance. In addition, the Portfolio’s holdings failed to keep up with Index returns.

•

The Portfolio experienced similar results in the consumer staples and information technology sectors, as it failed to keep pace with each sector’s Index returns. On a positive note, the Portfolio’s stock selection was very strong in the utilities sector, which added to relative performance.

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


The TARGET Portfolio Trust			25

Strategy and Performance Overview (continued)

•

From a regional standpoint, stock selection in Western Europe hurt results, while the Portfolio’s holdings in the Pacific Rim and North America had a neutral and positive impact, respectively, on performance versus the Index.

•

The LSV portion of the Portfolio outperformed the Index as a result of allocation and stock selection. Returns were strongest in the consumer discretionary, financials, and telecommunications services sectors. From a country perspective, LSV benefited most from its holdings in Japan, Switzerland, and Spain.

•

The Thornburg portion of the Portfolio underperformed, with security selection trailing the Index in nine out of 10 sectors. The largest areas of weakness were in the consumer discretionary, financials, and information technology sectors. In financials, what the Portfolio didn’t hold hurt performance the most. For example, Thornburg was underweight real estate securities, the best performing group within the financials sector. In country allocation, Thornburg’s underweight to Japan dampened relative returns, while its exposure to emerging markets such as Brazil and Mexico detracted significantly.

Did the Portfolio use derivatives and how did they affect performance?

•

Thornburg used currency forwards (a form of a derivative instrument) as a tool to hedge some of the currency risk from investing in non-U.S. stocks. During the reporting period, this foreign exchange hedging had a slightly positive effect on the Portfolio.

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


26		The TARGET Portfolio Trust

Target Total Return Bond Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class R		2.80	%		25.23	%		N/A			55.53% (8/22/06)
Class T		3.39			28.49			76.43	%		—
Barclays U.S. Aggregate Bond Index		3.97			24.42			59.88			—
Lipper Core Bond Funds Average		4.44			29.24			54.91			—
Lipper Corporate Debt BBB-Rated Funds Average		6.93			42.85			75.35			—

	Average Annual Total Returns as of 6/30/14
	One Year			Five Years			Ten Years			Since Inception
Class R		3.46	%		5.22	%		N/A			5.85% (8/22/06)
Class T		4.05			5.76			5.98	%		—
Barclays U.S. Aggregate Bond Index		4.37			4.85			4.93			—
Lipper Core Bond Funds Average		4.93			5.85			4.56			—
Lipper Corporate Debt BBB-Rated Funds Average		7.85			8.21			5.81			—

	Average Annual Total Returns as of 7/31/14
	One Year			Five Years			Ten Years			Since Inception
Class R		2.80	%		4.60	%		N/A			5.72% (8/22/06)
Class T		3.39			5.14			5.84	%		—


The TARGET Portfolio Trust			27

Target Total Return Bond Portfolio

Performance (continued)

Growth of a $10,000 Investment

Total Return Bond Portfolio

LOGO

The graph compares a $10,000 investment in the Target Total Return Bond Portfolio (Class T) with a similar investment in the Barclays U.S. Aggregate Bond Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2004) and the account values at the end of the current fiscal period (July 31, 2014), as measured on a quarterly basis.

Source: Prudential Investments LLC and Lipper Inc.

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


28		The TARGET Portfolio Trust


	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

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 7/31/14 is 48.11% for Class R. Barclays U.S. Aggregate Bond Index Closest Month-End to Inception average annual total return as of 6/30/14 is 5.18% for Class R. Lipper Core Bond Funds Average Closest Month-End to Inception cumulative total return as of 7/31/14 is 44.90% for Class R. Lipper Core Bond Funds Average Closest Month-End to Inception average annual total return as of 6/30/14 is 4.84% for Class R. Lipper Corporate Debt BBB-Rated Funds Average Closest Month-End to Inception cumulative total return as of 7/31/14 is 61.88% for Class R. Lipper Corporate Debt BBB-Rated Funds Average Closest Month-End to Inception average annual total return as of 6/30/14 is 6.30% for Class R.


The TARGET Portfolio Trust			29

Target Total Return Bond Portfolio

Performance (continued)

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.


30		The TARGET Portfolio Trust

Strategy and Performance Overview

How did the Portfolio perform?

The Total Return Bond Portfolio’s Class T shares returned 3.39% for the 12-month period ended July 31, 2014. This compares to the 3.97% return of the Barclays U.S. Aggregate Bond Index (the Index), the 4.44% return of the Lipper Core Bond Funds Average, and the 6.93% return of the Lipper Corporate Debt BBB-Rated Funds Average for the 12-month period ended July 31, 2014.

Pacific Investment Management Company LLC (PIMCO) managed the Portfolio during this reporting period.

What were market conditions?

The reporting period was dominated by news of global central bank policies, tighter spreads (yield differentials between bonds of comparable maturities), and rising geopolitical tensions.

•

Global fixed income markets posted solid returns during the reporting period overall, benefiting from a decline in interest rates across most maturities and sentiment that the federal funds rate would remain low.

•

In January, the Federal Reserve (Fed) began to gradually exit its quantitative easing bond-buying program. The Fed reassured the markets that the federal funds rate would remain near zero until signs of sustainable economic growth were broadly evident.

•

Rising geopolitical tensions between Russia and the Ukraine led to increased volatility, particularly in the equity markets.

•

An uncharacteristically cold winter took a toll on the U.S. economy, leading to a contraction in first-quarter growth. Investors seemed to ignore the news, apparently trusting that a spring bounce-back was likely.

•

In the second quarter, improving global economic data, supportive central bank policy, and the easing of global political risks led to sizable equity market gains. Meanwhile, the strong momentum of the high yield market in the first half of 2014 reversed during July. After yields on high yield bonds reached all-time lows in June, investors appeared to focus on valuations despite continued strong fundamentals.

•

To spur business lending, the European Central Bank (ECB) announced new easing measures, including the introduction of a negative deposit rate and a cut in the key policy rate, as well as targeted long-term refinancing operations.

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


The TARGET Portfolio Trust			31

Strategy and Performance Overview (continued)

What affected the Portfolio’s performance?

•

The Portfolio’s yield curve positioning, specifically a focus on short-to-intermediate maturities coupled with an underweight to longer maturities, dampened performance as the yield curve flattened.

•

Interest rate exposures to non-U.S. economies contributed positively to returns. Among developed countries, the Portfolio’s exposures to Italy and Spain added to performance as rates declined on continuing support from the ECB.

•

The Portfolio’s mortgage exposure added to relative performance for the period. Although an underweight position in agency mortgage-backed securities (MBS) was negative, it was more than offset by the Portfolio’s allocation to non-agency MBS, which continued to benefit from limited supply and the housing sector recovery.

•

Other positive contributors to performance included the Portfolio’s exposure to Build America Bonds, as spreads tightened on investor demand for attractive yields. Holdings of Treasury inflation-protected securities (TIPS) also added to returns as breakeven inflation (the yield difference between nominal Treasury bonds and TIPS) rose over the period.

•

The Portfolio’s underweight position in the investment grade corporate sector detracted from returns as spreads generally narrowed; however, this was slightly offset by a focus on investment-grade credit and high yield financials, which outperformed the broader corporate sector during the period.

•

Modest currency exposure also contributed to returns for the period. In particular, the Portfolio benefited from its underweight position versus the euro starting in the second quarter of 2014, as the euro depreciated versus the U.S. dollar.

Did the Portfolio use derivatives and how did they affect performance?

•

Derivatives were used in the Portfolio and are instrumental in attaining specific exposures targeted to gain from anticipated market developments. The Portfolio’s U.S. duration positioning, which was negative for relative returns, was partly facilitated through the use of interest rate swaps. However, U.S. duration exposure gained through futures and swaptions contributed significantly to returns because of their positioning on the steepest portion of the yield curve. The Portfolio’s allocations to emerging markets local debt, which had a relatively neutral impact on performance, included exposure to local debt in Brazil and Mexico that was partially implemented through interest rate swaps. However, the Portfolio’s exposures to those two countries through sell protection credit default swaps was positive for performance, more than offsetting the negative contribution from interest rate swaps. Additionally, although the Portfolio’s corporate exposure was negative overall for performance, exposure gained through index credit default swaps was positive.

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


32		The TARGET Portfolio Trust

Target Intermediate-Term Bond Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 7/31/14
	One Year			Five Years			Ten Years
Class T		1.80	%		24.98	%		69.15	%
Barclays Intermediate Govt./Credit Bond Index		2.32			20.28			51.20
Lipper Core Bond Funds Average		4.44			29.24			54.91

	Average Annual Total Returns as of 6/30/14
	One Year			Five Years			Ten Years
Class T		2.27	%		4.93	%		5.52	%
Barclays Intermediate Govt./Credit Bond Index		2.86			4.09			4.33
Lipper Core Bond Funds Average		4.93			5.85			4.56

	Average Annual Total Returns as of 7/31/14
	One Year			Five Years			Ten Years
Class T		1.80	%		4.56	%		5.40	%


The TARGET Portfolio Trust			33

Target Intermediate-Term Bond Portfolio

Performance (continued)

Growth of a $10,000 Investment

Intermediate-Term Bond Portfolio

LOGO

The graph compares a $10,000 investment in the Target Intermediate-Term Bond Portfolio (Class T) with a similar investment in the Barclays Intermediate Government/Credit Bond Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2004) and the account values at the end of the current fiscal period (July 31, 2014), as measured on a quarterly basis.

Source: Prudential Investments LLC and Lipper Inc.

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


34		The TARGET Portfolio Trust


		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.

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.


The TARGET Portfolio Trust			35

Strategy and Performance Overview

How did the Portfolio perform?

The Intermediate-Term Bond Portfolio’s Class T shares returned 1.80% for the 12-month period ended July 31, 2014. This compares to the 2.32% return of the Barclays Intermediate Government/Credit Index (the Index) and the 4.44% return of the Lipper Core Bond Funds Average for the 12-month period ended July 31, 2014.

Pacific Investment Management Company LLC (PIMCO) managed the Portfolio during this reporting period.

What were market conditions?

The reporting period was dominated by news of global central bank policies, tighter spreads (yield differentials between bonds of comparable maturities), and rising geopolitical tensions.

•

Rising geopolitical tensions between Russia and the Ukraine led to increased volatility, particularly in the equity markets.

•

To spur business lending, the European Central Bank announced new easing measures, including the introduction of a negative deposit rate and a cut in the key policy rate, as well as targeted long-term refinancing operations.

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


36		The TARGET Portfolio Trust

What affected the Portfolio’s performance?

•

The Portfolio’s U.S. interest rate strategies were neutral for performance. While yield curve positioning detracted from relative returns during the reporting period, positioning on the steepest part of the yield curve benefited from roll-down strategies.

•

The Portfolio was hurt by its defensive position in core eurozone interest rates, which declined during the period. This performance was partially offset by the Portfolio’s exposure to Australian interest rates as yields rallied.

•

Although an allocation to Brazilian interest rates slightly detracted from returns, select exposure to emerging markets external debt offset this impact as spreads narrowed.

•

An overall underweight to the broader corporate sector, as well as defensive positioning within high yield credit, hampered performance; however, this was partially offset by a focus on financials, which outperformed the broader corporate sector during the period.

•

The Portfolio’s mortgage exposure added to relative performance. More specifically, positioning and security selection within agency mortgage-backed securities (MBS) was modestly positive for performance, while the Portfolio’s allocation to non-agency MBS contributed substantially as these issues continued to rally amid limited supply and the ongoing housing recovery. A modest allocation to European residential mortgage-backed securities also enhanced results.

•

Other positive contributors to performance included the Portfolio’s exposure to Build America Bonds, as spreads tightened on investor demand for attractive yields. Exposure to the Brazilian real, which appreciated versus the U.S. dollar during the period, also added to results.

Did the Portfolio use derivatives and how did they affect performance?

•

Derivatives were used in the Portfolio and are instrumental in attaining specific exposures targeted to gain from anticipated market developments. The Portfolio’s U.S. interest rate positioning, which was neutral for relative returns, was partly facilitated through the use of interest rate swaps. However, U.S. duration exposure gained through swaptions contributed to returns because of their positioning on the steepest portion of the yield curve. The Portfolio’s exposure to core euro-zone interest rates, implemented through interest rate swaps, was negative for performance. Additionally, exposure to high yield corporate bonds gained through the use of index credit default swaps was negative for returns.

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


The TARGET Portfolio Trust			37

Target Mortgage-Backed Securities Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 7/31/14
	One Year			Five Years			Ten Years
Class T		4.62	%		31.95	%		64.13	%
Barclays Mortgage-Backed Securities Index		4.14			19.49			59.66
Citigroup Mortgage-Backed Securities Index		4.05			19.81			60.43
Lipper U.S. Mortgage Funds Average		3.93			24.09			51.06

	Average Annual Total Returns as of 6/30/14
	One Year			Five Years			Ten Years
Class T		4.94	%		6.29	%		5.22	%
Barclays Mortgage-Backed Securities Index		4.66			3.92			4.95
Citigroup Mortgage-Backed Securities Index		4.59			3.97			5.00
Lipper U.S. Mortgage Funds Average		4.10			4.73			4.27

	Average Annual Total Returns as of 7/31/14
	One Year			Five Years			Ten Years
Class T		4.62	%		5.70	%		5.08	%


38		The TARGET Portfolio Trust

Growth of a $10,000 Investment

Mortgage Backed Securities Portfolio

LOGO

The graph compares a $10,000 investment in the Target Mortgage-Backed Securities Portfolio (Class T) with a similar investment in the Barclays Mortgage-Backed Securities Index and the Citigroup Mortgage-Backed Securities Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2004) and the account values at the end of the current fiscal period (July 31, 2014), as measured on a quarterly basis.

Source: Prudential Investments LLC and Lipper Inc.

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


The TARGET Portfolio Trust			39

Target Mortgage-Backed Securities Portfolio

Performance (continued)


		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 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.


40		The TARGET Portfolio Trust

Strategy and Performance Overview

How did the Portfolio perform?

The Mortgage-Backed Securities Portfolio’s Class T shares returned 4.62% for the 12-month period ended July 31, 2014. This compares to the 4.14% return of the Barclays U.S. Mortgage Backed Securities Index (the Index) and the 3.93% return of the Lipper U.S. Mortgage Funds Average.

Wellington Management Company, LLP (Wellington Management) managed the Portfolio during this reporting period.

What were market conditions?

•

After stabilizing in July and August, agency mortgage-backed securities (MBS) returns moved back into positive territory after the Fed surprised the market by leaving its purchase pace unchanged.

•

Heading into year-end 2013, the performance of the MBS market was driven by changes to and expectations for the Federal Reserve (Fed) quantitative easing asset purchase program. In December, sooner than some market participants expected, the Fed announced its long-awaited tapering plan, but also signaled that purchases could last much longer than anticipated. Though Treasury yields rose on the taper announcement, MBS spreads (the difference in yield between comparable-duration MBS and Treasuries) tightened as investors realized the Fed’s purchases would continue at a relatively high level for some time.

•

During the first quarter of 2014, ongoing Fed tapering and indications the Fed might raise short-term rates earlier than expected weighed on the MBS sector.

•

MBS rebounded early in the second quarter, despite continued Fed tapering and geopolitical concerns, as signs of stronger U.S. economic growth kept volatility low and Treasury yields largely range-bound. In May, the Fed said it was likely to delay the end of MBS principal reinvestment beyond the first short-term rate hike, further supporting agency MBS spreads.

•

Relative to market technicals, supply remained below projections, which buoyed MBS prices. By July, a much anticipated supply/demand imbalance began to appear, as the Fed’s MBS purchases continued to decline and market supply increased. As a result, MBS underperformed toward the end of the period, but nevertheless held onto a large portion of their 2014 year-to-date gains.

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


The TARGET Portfolio Trust			41

Strategy and Performance Overview (continued)

What affected the Portfolio’s performance?

The following is a summary of the main factors that contributed to and detracted from the relative performance of the Portfolio versus its benchmark for the reporting period:

•

Exposure to non-agency residential mortgage-backed securities (RMBS) was the primary contributor to relative outperformance during the period. RMBS continued to benefit from strong housing market fundamentals and a solid technical backdrop.

•

An underweight position in and issue selection among 30-year Government National Mortgage Association securities (GNMAs) contributed to relative performance. Conventional securities (Fannie Mae and Freddie Mac) outperformed GNMAs, particularly toward the end of the period, as bank demand for collateralized mortgage obligations, which had been supporting GNMA prices, appeared to end.

•

The Portfolio benefited from its allocation to agency collateralized mortgage obligations, particularly inverse interest-only securities (Inverse IOs), which pay a coupon inversely related to market rates.

•

An allocation to asset-backed securities also added to returns during the period, as did yield curve and duration positioning.

•

The Portfolio was hurt by its underweight in 30-year conventional MBS with higher yields, particularly those yielding 5.5% and 6.0%. Higher-yielding conventional MBS benefited from continued slow prepayments as well as favorable supply and demand dynamics.

Did the Portfolio use derivatives and how did they affect performance?

•

During the period, the Portfolio used interest rate futures and options to tactically manage exposure to interest rate risk. The Portfolio’s exposure to derivatives added slightly to performance.

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


42		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 February 1, 2014, at the beginning of the period, and held through the six-month period ended July 31, 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			43

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 February 1, 2014		Ending Account Value July 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class R
Actual	$	1,000.00	$	1,035.30		1.31	%	$	6.61
Hypothetical	$	1,000.00	$	1,018.30		1.31	%	$	6.56
Class T
Actual	$	1,000.00	$	1,038.00		0.81	%	$	4.09
Hypothetical	$	1,000.00	$	1,020.78		0.81	%	$	4.06

Large Capitalization Value Portfolio	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class R
Actual	$	1,000.00	$	1,096.50		1.29	%	$	6.71
Hypothetical	$	1,000.00	$	1,018.40		1.29	%	$	6.46
Class T
Actual	$	1,000.00	$	1,099.00		0.79	%	$	4.11
Hypothetical	$	1,000.00	$	1,020.88		0.79	%	$	3.96


44		The TARGET Portfolio Trust


Small Capitalization Growth Portfolio	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class R
Actual	$	1,000.00	$	939.80		1.40	%	$	6.73
Hypothetical	$	1,000.00	$	1,017.85		1.40	%	$	7.00
Class T
Actual	$	1,000.00	$	941.90		0.90	%	$	4.33
Hypothetical	$	1,000.00	$	1,020.33		0.90	%	$	4.51

Small Capitalization Value Portfolio	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class A
Actual**	$	1,000.00	$	1,016.80		1.07	%	$	4.97
Hypothetical	$	1,000.00	$	1,019.49		1.07	%	$	5.36
Class R
Actual	$	1,000.00	$	1,035.10		1.32	%	$	6.66
Hypothetical	$	1,000.00	$	1,018.25		1.32	%	$	6.61
Class T
Actual	$	1,000.00	$	1,037.70		0.82	%	$	4.14
Hypothetical	$	1,000.00	$	1,020.73		0.82	%	$	4.11

International Equity Portfolio	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class Q
Actual	$	1,000.00	$	1,047.00		0.81	%	$	4.11
Hypothetical	$	1,000.00	$	1,020.78		0.81	%	$	4.06
Class R
Actual	$	1,000.00	$	1,044.00		1.41	%	$	7.15
Hypothetical	$	1,000.00	$	1,017.80		1.41	%	$	7.05
Class T
Actual	$	1,000.00	$	1,046.20		0.91	%	$	4.62
Hypothetical	$	1,000.00	$	1,020.28		0.91	%	$	4.56


The TARGET Portfolio Trust			45

Fees and Expenses (continued)


Total Return Bond Portfolio	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class R
Actual	$	1,000.00	$	1,011.60		1.15	%	$	5.74
Hypothetical	$	1,000.00	$	1,019.09		1.15	%	$	5.76
Class T
Actual	$	1,000.00	$	1,014.00		0.65	%	$	3.25
Hypothetical	$	1,000.00	$	1,021.57		0.65	%	$	3.26

Intermediate-Term Bond Portfolio	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class T
Actual	$	1,000.00	$	1,008.10		0.77	%	$	3.83
Hypothetical	$	1,000.00	$	1,020.98		0.77	%	$	3.86

Mortgage Backed Securities Portfolio	Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class T
Actual	$	1,000.00	$	1,020.40		1.00	%	$	5.01
Hypothetical	$	1,000.00	$	1,019.84		1.00	%	$	5.01

* 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 July 31, 2014, and divided by 365 days.

** “Actual” expenses are calculated using the 168 day period ended July 31, 2014 due to the class’s inception date of February 14, 2014.

Each Portfolio’s annualized expense ratios for the period ended July 31, 2014, are as follows:

Target Portfolio Trust—Large Capitalization Growth Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
R		1.56	%		1.31	%
T		0.81			0.81


46		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		1.64	%		1.39	%
T		0.89			0.89

Target Portfolio Trust—Small Capitalization Value Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
A		0.98	%		0.93	%
R		1.43			1.18
T		0.68			0.68

Target Portfolio Trust—International Equity Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
Q		0.81	%		0.81	%
R		1.67			1.42
T		0.92			0.92

Target Portfolio Trust—Total Return Bond Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
R		1.41	%		1.16	%
T		0.66			0.66

Target Portfolio Trust—Intermediate-Term Bond Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
T		0.77	%		0.77	%

Target Portfolio Trust—Mortgage-Backed Securities Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
T		0.99	%		0.99	%

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			47


Portfolio of Investments As of July 31, 2014		*Large Capitalization Growth Portfolio*


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

			COMMON STOCKS

			Aerospace & Defense—1.3%
	4,311		B/E Aerospace, Inc.*	$	367,039
	14,328		Honeywell International, Inc.		1,315,740
	8,428		Precision Castparts Corp.		1,928,326

					3,611,105


			Auto Components—0.4%
	19,324		BorgWarner, Inc.		1,202,919


			Beverages—0.6%
	8,330		Constellation Brands, Inc. (Class A Stock)*		693,556
	13,550		Diageo PLC (United Kingdom)		406,939
	5,218		Pernod-Ricard SA (France)		584,369

					1,684,864


			Biotechnology—5.7%
	12,350		Alexion Pharmaceuticals, Inc.*		1,963,526
	8,969		Biogen Idec, Inc.*		2,999,144
	18,421		Celgene Corp.*		1,605,390
	83,374		Gilead Sciences, Inc.*		7,632,890
	4,050		Isis Pharmaceuticals, Inc.*(a)		125,509
	2,190		Puma Biotechnology, Inc.*		485,567
	4,472		Regeneron Pharmaceuticals, Inc.*(a)		1,414,136

					16,226,162


			Capital Markets—3.0%
	4,984		Affiliated Managers Group, Inc.*		993,062
	2,316		BlackRock, Inc.		705,755
	221,098		Charles Schwab Corp. (The)		6,135,469
	23,740		Morgan Stanley		767,752

					8,602,038


			Chemicals—3.3%
	8,130		Airgas, Inc.		869,259
	41,894		Ecolab, Inc.		4,546,756
	22,898		Monsanto Co.		2,589,535
	7,722		Sherwin-Williams Co. (The)		1,592,508

					9,598,058


		��	Commercial Services & Supplies—1.4%
	34,850		Stericycle, Inc.*		4,100,103


			Communications Equipment—2.5%
	98,900		QUALCOMM, Inc.		7,288,930

See Notes to Financial Statements.


The TARGET Portfolio Trust			49

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Construction & Engineering—1.1%
	41,750	Fluor Corp.	$	3,042,323


		Consumer Finance—0.6%
	21,100	American Express Co.		1,856,800


		Diversified Financial Services—1.0%
	12,582	IntercontinentalExchange Group, Inc.		2,418,512
	5,033	Moody’s Corp.		437,871

				2,856,383


		Electrical Equipment—0.5%
	28,470	AMETEK, Inc.		1,386,204


		Electronic Equipment, Instruments & Components—2.3%
	43,275	Amphenol Corp. (Class A Stock)		4,161,757
	74,539	National Instruments Corp.		2,373,322

				6,535,079


		Energy Equipment & Services—5.9%
	27,112	Core Laboratories NV		3,970,010
	82,351	FMC Technologies, Inc.*		5,006,941
	15,754	Halliburton Co.		1,086,868
	63,007	Schlumberger Ltd.		6,829,329

				16,893,148


		Food & Staples Retailing—3.3%
	35,174	Costco Wholesale Corp.		4,134,352
	15,610	CVS Caremark Corp.		1,191,979
	108,895	Whole Foods Market, Inc.		4,161,967

				9,488,298


		Food Products—3.0%
	9,869	Danone (France)		712,844
	68,591	Mead Johnson Nutrition Co.		6,271,961
	44,891	Mondelez International, Inc. (Class A Stock)		1,616,076

				8,600,881


		Health Care Equipment & Supplies—3.0%
	10,415	Abbott Laboratories		438,680
	3,226	C.R. Bard, Inc.		481,416
	4,132	Cooper Cos., Inc. (The)		664,756
	23,098	Covidien PLC		1,998,208
	11,324	Intuitive Surgical, Inc.*		5,181,296

				8,764,356

See Notes to Financial Statements.


50			The TARGET Portfolio Trust


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

		Health Care Providers & Services—3.8%
	57,306	DaVita HealthCare Partners, Inc.*	$	4,036,635
	83,631	Express Scripts Holding Co.*		5,824,899
	6,102	McKesson Corp.		1,170,730

				11,032,264


		Health Care Technology—0.3%
	14,092	Cerner Corp.*		777,878


		Hotels, Restaurants & Leisure—4.6%
	21,623	Hilton Worldwide Holdings, Inc.*		523,493
	23,400	Las Vegas Sands Corp.		1,728,090
	22,180	Marriott International, Inc. (Class A Stock)(a)		1,435,268
	86,136	Starbucks Corp.		6,691,044
	10,896	Wynn Resorts Ltd.		2,323,027
	7,227	Yum! Brands, Inc.		501,554

				13,202,476


		Household Products—0.5%
	20,591	Colgate-Palmolive Co.		1,305,469


		Industrial Conglomerates—3.1%
	104,389	Danaher Corp.		7,712,259
	8,014	Roper Industries, Inc.		1,154,577

				8,866,836


		Insurance—0.2%
	8,560	MetLife, Inc.		450,256


		Internet & Catalog Retail—1.6%
	3,964	Amazon.com, Inc.*		1,240,692
	2,430	Priceline Group, Inc. (The)*		3,019,154
	2,855	TripAdvisor, Inc.*		270,768

				4,530,614


		Internet Software & Services—6.6%
	44,693	Facebook, Inc. (Class A Stock)*		3,246,946
	12,497	Google, Inc. (Class A Stock)*		7,242,636
	11,683	Google, Inc. (Class C Stock)*		6,678,003
	6,414	LinkedIn Corp. (Class A Stock)*		1,158,625
	1,940	Twitter, Inc.*		87,669
	15,685	Yahoo!, Inc.*		561,680

				18,975,559


		IT Services—8.4%
	34,407	Accenture PLC (Class A Stock)		2,727,787
	105,267	Cognizant Technology Solutions Corp. (Class A Stock)*		5,163,346
	11,187	FleetCor Technologies, Inc.*		1,485,522
	167,207	Genpact Ltd.*		2,942,843
	34,457	MasterCard, Inc. (Class A Stock)		2,554,987

See Notes to Financial Statements.


The TARGET Portfolio Trust			51

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		IT Services (continued)
	43,812	Visa, Inc. (Class A Stock)(a)	$	9,244,770

				24,119,255


		Life Sciences Tools & Services—2.2%
	35,756	Covance, Inc.*		3,000,644
	27,217	Thermo Fisher Scientific, Inc.		3,306,865

				6,307,509


		Machinery—0.6%
	11,505	Colfax Corp.*(a)		724,470
	4,644	Cummins, Inc.		647,327
	6,989	Joy Global, Inc.(a)		414,168

				1,785,965


		Media—4.7%
	44,012	Comcast Corp. (Class A Stock)(a)		2,353,322
	56,123	Discovery Communications, Inc. (Class A Stock)*		4,782,241
	18,920	Time Warner, Inc.		1,570,738
	72,770	Twenty-First Century Fox, Inc. (Class A Stock)		2,305,354
	8,814	Viacom, Inc. (Class B Stock)		728,653
	20,909	Walt Disney Co. (The)		1,795,665

				13,535,973


		Oil, Gas & Consumable Fuels—2.1%
	15,724	Anadarko Petroleum Corp.		1,680,109
	15,206	Cabot Oil & Gas Corp.		501,038
	1,028	Concho Resources, Inc.*		144,742
	19,710	Noble Energy, Inc.		1,310,518
	9,061	Pioneer Natural Resources Co.		2,006,649
	3,397	Whiting Petroleum Corp.*		300,601

				5,943,657


		Personal Products—1.8%
	71,238	Estee Lauder Cos., Inc. (The) (Class A Stock)		5,233,143


		Pharmaceuticals—2.3%
	12,283	Actavis PLC*		2,631,755
	38,009	Bristol-Myers Squibb Co.		1,924,016
	4,245	Perrigo Co. PLC		638,660
	7,730	Valeant Pharmaceuticals International, Inc.*(a)		907,425
	17,809	Zoetis, Inc.		586,094

				6,687,950


		Professional Services—0.3%
	13,370	Verisk Analytics, Inc. (Class A Stock)*		802,735

See Notes to Financial Statements.


52			The TARGET Portfolio Trust


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

		Real Estate Investment Trusts (REITs)—1.1%
	33,962	American Tower Corp.	$	3,205,673


		Real Estate Management & Development—0.1%
	4,731	Realogy Holdings Corp.*		173,912


		Road & Rail—0.6%
	5,133	Kansas City Southern		559,805
	11,658	Union Pacific Corp.		1,146,098

				1,705,903


		Semiconductors & Semiconductor Equipment—0.4%
	27,256	Altera Corp.		891,816
	3,396	Linear Technology Corp.		149,883

				1,041,699


		Software—4.2%
	32,139	ANSYS, Inc.*		2,472,775
	9,487	Autodesk, Inc.*		506,131
	8,909	Citrix Systems, Inc.*(a)		603,407
	724	NetSuite, Inc.*		61,040
	57,335	Oracle Corp.		2,315,761
	11,110	PTC, Inc.*		399,516
	103,267	Salesforce.com, inc.*		5,602,235
	2,321	VMware, Inc. (Class A Stock)*(a)		230,614

				12,191,479


		Specialty Retail—1.7%
	1,338	AutoZone, Inc.*(a)		691,786
	27,191	Ross Stores, Inc.		1,751,100
	8,840	Tiffany & Co.		862,872
	18,274	TJX Cos., Inc. (The)		973,822
	5,963	Tractor Supply Co.		370,720
	4,130	Urban Outfitters, Inc.*		147,565

				4,797,865


		Technology Hardware, Storage & Peripherals—3.5%
	74,445	Apple, Inc.		7,114,708
	101,686	EMC Corp.		2,979,400

				10,094,108


		Textiles, Apparel & Luxury Goods—2.3%
	21,908	Fossil Group, Inc.*		2,146,984
	5,043	LVMH Moet Hennessy Louis Vuitton SA (France)		867,505
	4,373	Michael Kors Holdings Ltd.*		356,312
	11,077	NIKE, Inc. (Class B Stock)		854,369
	5,409	PVH Corp.		595,964
	27,010	VF Corp.		1,654,903

				6,476,037

See Notes to Financial Statements.


The TARGET Portfolio Trust			53

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Tobacco—0.2%
	8,815	Philip Morris International, Inc.	$	722,918


		Trading Companies & Distributors—1.2%
	74,882	Fastenal Co.		3,321,017

		TOTAL LONG-TERM INVESTMENTS (cost $198,032,977)		279,025,801


		SHORT-TERM INVESTMENT—7.9%

		AFFILIATED MONEY MARKET MUTUAL FUND
	22,698,987	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $22,698,987; includes $14,192,964 of cash collateral for securities on loan)(Note 3)(b)(w)		22,698,987

		TOTAL INVESTMENTS—105.2% (cost $220,731,964; Note 5)		301,724,788
		Liabilities in excess of other assets—(5.2%)		(14,819,320	)

		NET ASSETS—100.0%	$	286,905,468

*	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 $13,575,423; cash collateral of $14,192,964 (included in 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 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 July 31, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	3,611,105	$	—	$	—
Auto Components		1,202,919		—		—
Beverages		693,556		991,308		—
Biotechnology		16,226,162		—		—
Capital Markets		8,602,038		—		—

See Notes to Financial Statements.


54			The TARGET Portfolio Trust


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Chemicals	$	9,598,058	$	—	$	—
Commercial Services & Supplies		4,100,103		—		—
Communications Equipment		7,288,930		—		—
Construction & Engineering		3,042,323		—		—
Consumer Finance		1,856,800		—		—
Diversified Financial Services		2,856,383		—		—
Electrical Equipment		1,386,204		—		—
Electronic Equipment, Instruments & Components		6,535,079		—		—
Energy Equipment & Services		16,893,148		—		—
Food & Staples Retailing		9,488,298		—		—
Food Products		7,888,037		712,844		—
Health Care Equipment & Supplies		8,764,356		—		—
Health Care Providers & Services		11,032,264		—		—
Health Care Technology		777,878		—		—
Hotels, Restaurants & Leisure		13,202,476		—		—
Household Products		1,305,469		—		—
Industrial Conglomerates		8,866,836		—		—
Insurance		450,256		—		—
Internet & Catalog Retail		4,530,614		—		—
Internet Software & Services		18,975,559		—		—
IT Services		24,119,255		—		—
Life Sciences Tools & Services		6,307,509		—		—
Machinery		1,785,965		—		—
Media		13,535,973		—		—
Oil, Gas & Consumable Fuels		5,943,657		—		—
Personal Products		5,233,143		—		—
Pharmaceuticals		6,687,950		—		—
Professional Services		802,735		—		—
Real Estate Investment Trusts (REITs)		3,205,673		—		—
Real Estate Management & Development		173,912		—		—
Road & Rail		1,705,903		—		—
Semiconductors & Semiconductor Equipment		1,041,699		—		—
Software		12,191,479		—		—
Specialty Retail		4,797,865		—		—
Technology Hardware, Storage & Peripherals		10,094,108		—		—
Textiles, Apparel & Luxury Goods		5,608,532		867,505		—
Tobacco		722,918		—		—
Trading Companies & Distributors		3,321,017		—		—
Affiliated Money Market Mutual Fund		22,698,987		—		—

Total	$	299,153,131	$	2,571,657	$	—

See Notes to Financial Statements.


The TARGET Portfolio Trust			55

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2014 was as follows (unaudited):


IT Services	8.4	%
Affiliated Money Market Mutual Fund (including 4.9% of collateral for securities on loan)	7.9
Internet Software & Services	6.6
Energy Equipment & Services	5.9
Biotechnology	5.7
Media	4.7
Hotels, Restaurants & Leisure	4.6
Software	4.2
Health Care Providers & Services	3.8
Technology Hardware, Storage & Peripherals	3.5
Chemicals	3.3
Food & Staples Retailing	3.3
Industrial Conglomerates	3.1
Capital Markets	3.0
Food Products	3.0
Health Care Equipment & Supplies	3.0
Communications Equipment	2.5
Electronic Equipment, Instruments & Components	2.3
Pharmaceuticals	2.3
Textiles, Apparel & Luxury Goods	2.3
Life Sciences Tools & Services	2.2
Oil, Gas & Consumable Fuels	2.1
Personal Products	1.8
Specialty Retail	1.7
Internet & Catalog Retail	1.6	%
Commercial Services & Supplies	1.4
Aerospace & Defense	1.3
Trading Companies & Distributors	1.2
Construction & Engineering	1.1
Real Estate Investment Trusts (REITs)	1.1
Diversified Financial Services	1.0
Beverages	0.6
Consumer Finance	0.6
Machinery	0.6
Road & Rail	0.6
Electrical Equipment	0.5
Household Products	0.5
Auto Components	0.4
Semiconductors & Semiconductor Equipment	0.4
Health Care Technology	0.3
Professional Services	0.3
Insurance	0.2
Tobacco	0.2
Real Estate Management & Development	0.1

	105.2
Liabilities in excess of other assets	(5.2	)

	100.0	%

See Notes to Financial Statements.


56			The TARGET Portfolio Trust


Portfolio of Investments As of July 31, 2014		*Large Capitalization Value Portfolio*


SHARES		DESCRIPTION	VALUE (NOTE 1)

		LONG-TERM INVESTMENTS—98.4%

		COMMON STOCKS

		Aerospace & Defense—3.5%
	37,770	Boeing Co. (The)	$	4,550,530
	9,600	Embraer SA (Brazil), ADR		365,184
	7,700	Lockheed Martin Corp.		1,285,669
	31,500	Northrop Grumman Corp.		3,883,005

				10,084,388


		Auto Components—1.8%
	40,800	Delphi Automotive PLC (United Kingdom)		2,725,440
	42,800	Johnson Controls, Inc.		2,021,872
	500	Lear Corp.		47,085
	4,200	Magna International, Inc. (Canada)		451,080

				5,245,477


		Automobiles—2.0%
	172,900	Ford Motor Co.		2,942,758
	53,200	General Motors Co.		1,799,224
	26,700	Honda Motor Co. Ltd. (Japan)		931,296

				5,673,278


		Banks—11.2%
	344,786	Bank of America Corp.		5,257,986
	11,000	BB&T Corp.		407,220
	70,125	CIT Group, Inc.		3,443,839
	119,093	Citigroup, Inc.		5,824,839
	97,120	Fifth Third Bancorp		1,989,017
	123,800	JPMorgan Chase & Co.		7,139,546
	25,700	PNC Financial Services Group, Inc. (The)		2,121,792
	118,343	Wells Fargo & Co.		6,023,659

				32,207,898


		Beverages—1.1%
	19,200	Molson Coors Brewing Co. (Class B Stock)		1,296,576
	19,850	PepsiCo, Inc.		1,748,785

				3,045,361


		Biotechnology—0.3%
	7,000	Amgen, Inc.		891,730


		Capital Markets—2.5%
	23,500	Bank of New York Mellon Corp. (The)		917,440
	7,700	Goldman Sachs Group, Inc. (The)		1,331,099
	106,660	Morgan Stanley		3,449,384
	19,900	State Street Corp.		1,401,756

				7,099,679

See Notes to Financial Statements.


The TARGET Portfolio Trust			57

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Chemicals—2.0%
	33,715	E.I. du Pont de Nemours & Co.	$	2,168,212
	27,565	Praxair, Inc.		3,532,179

				5,700,391


		Communications Equipment—1.1%
	91,200	Cisco Systems, Inc.		2,300,976
	74,100	Telefonaktiebolaget LM Ericsson (Sweden)		921,063

				3,222,039


		Consumer Finance—2.0%
	51,900	Capital One Financial Corp.		4,128,126
	92,500	Navient Corp.		1,591,000

				5,719,126


		Diversified Financial Services—0.9%
	35,590	CME Group, Inc.(a)		2,631,525


		Diversified Telecommunication Services—2.2%
	52,500	AT&T, Inc.		1,868,475
	56,085	CenturyLink, Inc.		2,200,775
	46,700	Verizon Communications, Inc.		2,354,614

				6,423,864


		Electric Utilities—2.0%
	40,300	American Electric Power Co., Inc.		2,095,197
	8,200	Edison International		449,360
	12,900	Exelon Corp.		400,932
	57,700	PPL Corp.		1,903,523
	20,800	Southern Co. (The)(a)		900,432

				5,749,444


		Electronic Equipment, Instruments & Components—1.0%
	139,700	Corning, Inc.		2,745,105


		Energy Equipment & Services—1.3%
	46,915	National Oilwell Varco, Inc.		3,801,992


		Food & Staples Retailing—3.2%
	54,180	CVS Caremark Corp.		4,137,185
	24,700	Kroger Co. (The)		1,209,806
	36,600	Wal-Mart Stores, Inc.		2,693,028
	16,708	Walgreen Co.		1,149,009

				9,189,028

See Notes to Financial Statements.


58			The TARGET Portfolio Trust


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

		Food Products—0.8%
	36,100	ConAgra Foods, Inc.	$	1,087,693
	10,700	Kellogg Co.		640,181
	12,200	Mondelez International, Inc. (Class A Stock)		439,200

				2,167,074


		Health Care Equipment & Supplies—2.4%
	63,000	Abbott Laboratories		2,653,560
	53,500	Medtronic, Inc.		3,303,090
	8,800	Zimmer Holdings, Inc.		880,616

				6,837,266


		Health Care Providers & Services—3.7%
	13,524	Cigna Corp.		1,217,701
	8,800	Humana, Inc.		1,035,320
	79,925	UnitedHealth Group, Inc.		6,477,921
	16,700	WellPoint, Inc.		1,833,827

				10,564,769


		Hotels, Restaurants & Leisure—0.2%
	6,700	McDonald’s Corp.		633,552


		Household Durables—0.4%
	7,300	Whirlpool Corp.		1,041,272


		Independent Power & Renewable Electricity Producers—0.4%
	41,300	NRG Energy, Inc.		1,278,648


		Industrial Conglomerates—1.0%
	116,000	General Electric Co.		2,917,400


		Insurance—8.2%
	97,300	Allstate Corp. (The)		5,687,185
	138,790	American International Group, Inc.		7,214,304
	68,815	Marsh & McLennan Cos., Inc.		3,493,738
	87,560	MetLife, Inc.		4,605,656
	11,600	Travelers Cos., Inc. (The)		1,038,896
	46,000	Unum Group		1,579,180

				23,618,959


		IT Services—1.3%
	7,200	International Business Machines Corp.		1,380,024
	174,900	Xerox Corp.		2,319,174

				3,699,198


		Life Sciences Tools & Services—1.4%
	72,275	Agilent Technologies, Inc.		4,053,905


		Machinery—3.2%
	14,200	Cummins, Inc.		1,979,338

See Notes to Financial Statements.


The TARGET Portfolio Trust			59

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Machinery (continued)
	11,500	Deere & Co.	$	978,765
	56,885	Ingersoll-Rand PLC		3,344,269
	16,300	PACCAR, Inc.		1,015,001
	7,600	Parker Hannifin Corp.		873,620
	10,500	Stanley Black & Decker, Inc.		918,225

				9,109,218


		Media—1.2%
	27,600	Comcast Corp. (Special Class A Stock)(a)		1,475,772
	47,300	Interpublic Group of Cos., Inc. (The)		932,283
	6,300	Time Warner Cable, Inc.		914,130

				3,322,185


		Metals & Mining—0.7%
	55,300	Freeport-McMoRan, Inc.		2,058,266


		Multi-Utilities—0.8%
	64,400	Public Service Enterprise Group, Inc.		2,264,948


		Multiline Retail—1.6%
	37,400	Macy’s, Inc.		2,161,346
	42,500	Target Corp.(a)		2,532,575

				4,693,921


		Oil, Gas & Consumable Fuels—9.7%
	22,800	Chevron Corp.		2,946,672
	29,300	ConocoPhillips		2,417,250
	15,500	Devon Energy Corp.		1,170,250
	11,000	Exxon Mobil Corp.		1,088,340
	36,265	HollyFrontier Corp.		1,704,817
	97,200	Marathon Oil Corp.		3,766,500
	44,200	Murphy Oil Corp.		2,746,146
	33,410	Occidental Petroleum Corp.		3,264,491
	70,019	Royal Dutch Shell PLC (Netherlands), ADR		5,729,655
	46,200	Total SA, ADR (France)(a)		2,979,900

				27,814,021


		Paper & Forest Products—1.5%
	92,175	International Paper Co.		4,378,312


		Pharmaceuticals—6.2%
	50,520	AbbVie, Inc.		2,644,217
	43,100	Eli Lilly & Co.		2,631,686
	47,700	GlaxoSmithKline PLC (United Kingdom)(a)		2,307,249
	22,200	Johnson & Johnson		2,221,998

See Notes to Financial Statements.


60			The TARGET Portfolio Trust


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

		Pharmaceuticals (continued)
	44,500	Merck & Co., Inc.	$	2,524,930
	69,600	Pfizer, Inc.		1,997,520
	43,800	Sanofi, ADR (France)		2,289,426
	21,600	Teva Pharmaceutical Industries Ltd. (Israel), ADR		1,155,600

				17,772,626


		Professional Services—0.1%
	5,300	ManpowerGroup, Inc.		412,817


		Road & Rail—0.4%
	11,300	Norfolk Southern Corp.		1,148,758


		Semiconductors & Semiconductor Equipment—2.0%
	82,900	Intel Corp.		2,809,481
	66,810	Texas Instruments, Inc.		3,089,962

				5,899,443


		Software—5.7%
	63,958	CA, Inc.		1,847,107
	37,690	Check Point Software Technologies Ltd. (Israel)*(a)		2,558,020
	217,285	Microsoft Corp.		9,378,021
	63,700	Oracle Corp.		2,572,843

				16,355,991


		Specialty Retail—1.0%
	14,300	Bed Bath & Beyond, Inc.*(a)		905,047
	29,141	PetSmart, Inc.		1,985,668

				2,890,715


		Technology Hardware, Storage & Peripherals—4.9%
	70,840	Apple, Inc.		6,770,179
	135,231	Hewlett-Packard Co.		4,815,576
	44,440	Seagate Technology PLC(a)		2,604,184

				14,189,939


		Tobacco—0.5%
	25,500	Altria Group, Inc.		1,035,300
	5,500	Philip Morris International, Inc.		451,055

				1,486,355


		Wireless Telecommunication Services—1.0%
	83,500	Vodafone Group PLC (United Kingdom), ADR		2,773,870

		TOTAL LONG-TERM INVESTMENTS (cost $210,543,884)		282,813,753

See Notes to Financial Statements.


The TARGET Portfolio Trust			61

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


SHARES		DESCRIPTION	VALUE (NOTE 1)
		SHORT-TERM INVESTMENT—6.9%

		AFFILIATED MONEY MARKET MUTUAL FUND
	19,880,162	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $19,880,162; includes $14,843,227 of cash collateral for securities on loan)(Note 3)(b)(w)	$	19,880,162

		TOTAL INVESTMENTS—105.3% (cost $230,424,046; Note 5)		302,693,915
		Liabilities in excess of other assets—(5.3%)		(15,323,133	)

		NET ASSETS—100.0%	$	287,370,782

*	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 $14,149,809; cash collateral of $14,843,227 (included in 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 July 31, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	10,084,388	$	—	$	—
Auto Components		5,245,477		—		—
Automobiles		5,673,278		—		—
Banks		32,207,898		—		—
Beverages		3,045,361		—		—
Biotechnology		891,730		—		—
Capital Markets		7,099,679		—		—
Chemicals		5,700,391		—		—
Communications Equipment		3,222,039		—		—
Consumer Finance		5,719,126		—		—
Diversified Financial Services		2,631,525		—		—
Diversified Telecommunication Services		6,423,864		—		—
Electric Utilities		5,749,444		—		—
Electronic Equipment, Instruments & Components		2,745,105		—		—

See Notes to Financial Statements.


62			The TARGET Portfolio Trust


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Energy Equipment & Services	$	3,801,992	$	—	$	—
Food & Staples Retailing		9,189,028		—		—
Food Products		2,167,074		—		—
Health Care Equipment & Supplies		6,837,266		—		—
Health Care Providers & Services		10,564,769		—		—
Hotels, Restaurants & Leisure		633,552		—		—
Household Durables		1,041,272		—		—
Independent Power & Renewable Electricity Producers		1,278,648		—		—
Industrial Conglomerates		2,917,400		—		—
Insurance		23,618,959		—		—
IT Services		3,699,198		—		—
Life Sciences Tools & Services		4,053,905		—		—
Machinery		9,109,218		—		—
Media		3,322,185		—		—
Metals & Mining		2,058,266		—		—
Multi-Utilities		2,264,948		—		—
Multiline Retail		4,693,921		—		—
Oil, Gas & Consumable Fuels		27,814,021		—		—
Paper & Forest Products		4,378,312		—		—
Pharmaceuticals		17,772,626		—		—
Professional Services		412,817		—		—
Road & Rail		1,148,758		—		—
Semiconductors & Semiconductor Equipment		5,899,443		—		—
Software		16,355,991		—		—
Specialty Retail		2,890,715		—		—
Technology Hardware, Storage & Peripherals		14,189,939		—		—
Tobacco		1,486,355		—		—
Wireless Telecommunication Services		2,773,870		—		—
Affiliated Money Market Mutual Fund		19,880,162		—		—

Total	$	302,693,915	$	—	$	—

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2014 was as follows (unaudited):


Banks	11.2	%
Oil, Gas & Consumable Fuels	9.7
Insurance	8.2
Affiliated Money Market Mutual Fund (including 5.2% of collateral for securities on loan)	6.9
Pharmaceuticals	6.2
Software	5.7
Technology Hardware, Storage & Peripherals	4.9
Health Care Providers & Services	3.7
Aerospace & Defense	3.5
Food & Staples Retailing	3.2
Machinery	3.2
Capital Markets	2.5
Health Care Equipment & Supplies	2.4
Diversified Telecommunication Services	2.2
Automobiles	2.0	%
Chemicals	2.0
Consumer Finance	2.0
Electric Utilities	2.0
Semiconductors & Semiconductor Equipment	2.0
Auto Components	1.8
Multiline Retail	1.6
Paper & Forest Products	1.5
Life Sciences Tools & Services	1.4
Energy Equipment & Services	1.3
IT Services	1.3
Media	1.2
Beverages	1.1
Communications Equipment	1.1

See Notes to Financial Statements.


The TARGET Portfolio Trust			63

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


Industry (cont’d.)
Electronic Equipment, Instruments & Components	1.0	%
Industrial Conglomerates	1.0
Specialty Retail	1.0
Wireless Telecommunication Services	1.0
Diversified Financial Services	0.9
Food Products	0.8
Multi-Utilities	0.8
Metals & Mining	0.7
Tobacco	0.5
Household Durables	0.4	%
Independent Power & Renewable Electricity Producers	0.4
Road & Rail	0.4
Biotechnology	0.3
Hotels, Restaurants & Leisure	0.2
Professional Services	0.1

	105.3
Liabilities in excess of other assets	(5.3	)

	100.0	%

See Notes to Financial Statements.


64			The TARGET Portfolio Trust


Portfolio of Investments As of July 31, 2014		*Small Capitalization Growth Portfolio*


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—97.6%

		COMMON STOCKS—97.6%

		Aerospace & Defense—1.5%
	13,664	Astronics Corp.*	$	792,512
	34,495	Hexcel Corp.*		1,284,939

				2,077,451


		Airlines—2.3%
	104,394	JetBlue Airways Corp.*(a)		1,119,104
	31,107	Spirit Airlines, Inc.*		2,035,020

				3,154,124


		Auto Components—1.1%
	24,320	Tenneco, Inc.*		1,549,184


		Banks—4.5%
	39,206	Bank of the Ozarks, Inc.		1,206,369
	45,292	CoBiz Financial, Inc.		512,705
	14,920	ConnectOne Bancorp, Inc.		283,480
	16,995	Customers Bancorp, Inc.*		322,225
	4,320	First Internet Bancorp		75,989
	21,700	First NBC Bank Holding Co.*		689,843
	34,560	Opus Bank*(a)		1,026,432
	19,452	Pacific Premier Bancorp, Inc.*		278,164
	10,742	PacWest Bancorp		447,619
	20,371	Square 1 Financial, Inc.*		388,271
	18,807	Talmer Bancorp, Inc.*		251,826
	12,280	UMB Financial Corp.		695,416

				6,178,339


		Biotechnology—7.2%
	24,165	Acorda Therapeutics, Inc.*		707,310
	8,020	Adamas Pharmaceuticals, Inc.*		127,598
	11,466	Akebia Therapeutics, Inc.*(a)		253,857
	14,496	Alnylam Pharmaceuticals, Inc.*		783,509
	11,872	Anacor Pharmaceuticals, Inc.*(a)		197,669
	6,530	Auspex Pharmaceuticals, Inc.*		118,911
	13,006	Cepheid, Inc.*(a)		489,546
	129,677	CTI BioPharma Corp.*(a)		335,863
	5,742	Cubist Pharmaceuticals, Inc.*(a)		349,688
	6,748	Enanta Pharmaceuticals, Inc.*(a)		253,792
	16,070	Epizyme, Inc.*		503,312
	26,230	Heron Therapeutics, Inc.*		230,562
	1,040	Intercept Pharmaceuticals, Inc.*(a)		241,654
	10,690	InterMune, Inc.*		468,970
	16,640	Intrexon Corp.*		367,578

See Notes to Financial Statements.


The TARGET Portfolio Trust			65

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Biotechnology (continued)
	11,565	Isis Pharmaceuticals, Inc.*(a)	$	358,399
	4,070	Keryx Biopharmaceuticals, Inc.*(a)		61,254
	1,120	Kite Pharma, Inc.*		26,320
	13,200	MacroGenics, Inc.*		267,960
	17,570	Neurocrine Biosciences, Inc.*		238,601
	22,829	NPS Pharmaceuticals, Inc.*		637,842
	15,833	Ophthotech Corp.*(a)		618,437
	14,050	Ovascience, Inc.*(a)		137,831
	29,134	Portola Pharmaceuticals, Inc.*(a)		732,429
	840	Puma Biotechnology, Inc.*		186,245
	9,963	Receptos, Inc.*		412,568
	14,663	Sarepta Therapeutics, Inc.*(a)		312,908
	9,295	Seattle Genetics, Inc.*(a)		327,184
	2,270	Ultragenyx Pharmaceutical, Inc.*(a)		99,199

				9,846,996


		Building Products—1.8%
	23,823	Apogee Enterprises, Inc.		773,057
	36,192	PGT, Inc.*		335,138
	47,675	Trex Co., Inc.*(a)		1,342,051

				2,450,246


		Capital Markets—2.1%
	11,310	Evercore Partners, Inc. (Class A Stock)		617,074
	45,696	Fortress Investment Group LLC (Class A Stock)		330,839
	29,654	FXCM, Inc. (Class A Stock)(a)		403,888
	6,460	Greenhill & Co., Inc.(a)		295,674
	6,640	Moelis & Co.*		226,158
	21,246	Stifel Financial Corp.*		972,854

				2,846,487


		Chemicals—2.7%
	9,370	Chemtura Corp.*		217,946
	43,584	Huntsman Corp.		1,135,363
	24,911	PolyOne Corp.		945,372
	18,747	Quaker Chemical Corp.		1,323,726

				3,622,407


		Commercial Services & Supplies—0.9%
	24,935	Waste Connections, Inc.		1,180,423


		Communications Equipment—1.1%
	17,480	Applied Optoelectronics, Inc.*		314,640
	14,986	Aruba Networks, Inc.*(a)		267,650

See Notes to Financial Statements.


66			The TARGET Portfolio Trust


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

		Communications Equipment (continued)
	11,917	CalAmp Corp.*	$	202,708
	9,440	Palo Alto Networks, Inc.*(a)		763,319

				1,548,317


		Construction & Engineering—1.9%
	10,236	EMCOR Group, Inc.		418,959
	19,989	Northwest Pipe Co.*		716,606
	28,970	Primoris Services Corp.		691,804
	29,678	Tutor Perini Corp.*		808,132

				2,635,501


		Construction Materials—1.0%
	10,551	Martin Marietta Materials, Inc.		1,310,788


		Consumer Finance—0.2%
	3,415	Portfolio Recovery Associates, Inc.*(a)		201,348


		Diversified Consumer Services—0.6%
	35,410	Chegg, Inc.*(a)		227,686
	8,810	Grand Canyon Education, Inc.*		378,830
	5,848	Sotheby’s(a)		231,873

				838,389


		Diversified Telecommunication Services—0.7%
	69,687	8x8, Inc.*		563,071
	41,710	ORBCOMM, Inc.*		261,939
	50,890	Vonage Holdings Corp.*		177,097

				1,002,107


		Electrical Equipment—0.8%
	4,530	Acuity Brands, Inc.(a)		485,933
	24,525	Thermon Group Holdings, Inc.*		597,920

				1,083,853


		Electronic Equipment, Instruments & Components—3.2%
	12,490	Coherent, Inc.*		735,786
	21,098	FARO Technologies, Inc.*		1,068,192
	26,465	InvenSense, Inc.*(a)		608,959
	23,821	IPG Photonics Corp.*		1,604,344
	12,660	Methode Electronics, Inc.		404,867

				4,422,148


		Energy Equipment & Services—0.8%
	12,420	Forum Energy Technologies, Inc.*		413,462
	15,356	Geospace Technologies Corp.*(a)		617,925

				1,031,387

See Notes to Financial Statements.


The TARGET Portfolio Trust			67

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Food & Staples Retailing—1.3%
	17,416	Fresh Market, Inc. (The)*(a)	$	521,261
	28,841	Natural Grocers by Vitamin Cottage, Inc.*		654,114
	9,245	United Natural Foods, Inc.*		541,942

				1,717,317


		Food Products—1.2%
	9,460	Pinnacle Foods, Inc.		285,030
	42,900	Whitewave Foods Co. (The) (Class A Stock)*		1,277,991

				1,563,021


		Health Care Equipment & Supplies—5.3%
	11,160	Align Technology, Inc.*		604,984
	13,820	Atricure, Inc.*		227,615
	7,225	Cooper Cos., Inc. (The)		1,162,358
	9,986	Cyberonics, Inc.*(a)		593,867
	8,800	Cynosure, Inc. (Class A Stock)*		200,112
	43,626	Endologix, Inc.*		617,308
	20,790	Inogen, Inc.*		415,800
	19,737	K2M Group Holdings, Inc.*		334,937
	8,070	LDR Holding Corp.*		184,884
	15,866	Natus Medical, Inc.*		456,465
	11,011	Sirona Dental Systems, Inc.*(a)		883,082
	21,928	Spectranetics Corp. (The)*		562,453
	28,888	Thoratec Corp.*		938,860

				7,182,725


		Health Care Providers & Services—5.4%
	30,358	Acadia Healthcare Co., Inc.*(a)		1,446,862
	21,116	Air Methods Corp.*(a)		1,061,079
	24,562	Centene Corp.*		1,770,675
	11,225	Hanger, Inc.*		355,271
	13,890	MWI Veterinary Supply, Inc.*		1,962,101
	13,918	Team Health Holdings, Inc.*		787,063

				7,383,051


		Health Care Technology—1.2%
	11,830	Icad, Inc.*(a)		107,890
	52,889	MedAssets, Inc.*		1,123,362
	9,347	Medidata Solutions, Inc.*		419,119

				1,650,371


		Hotels, Restaurants & Leisure—4.1%
	16,346	Bally Technologies, Inc.*(a)		983,539
	87,858	Belmond Ltd. (Class A Stock)*		1,089,439

See Notes to Financial Statements.


68			The TARGET Portfolio Trust


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

		Hotels, Restaurants & Leisure (continued)
	23,685	Chuy’s Holdings, Inc.*	$	678,575
	32,107	Diversified Restaurant Holdings, Inc.*		150,582
	16,608	Jack in the Box, Inc.		949,812
	30,472	Multimedia Games Holding Co., Inc.*		734,985
	11,379	Red Robin Gourmet Burgers, Inc.*		732,352
	39,530	Scientific Games Corp. (Class A Stock)*		337,586

				5,656,870


		Household Durables—1.0%
	28,456	Universal Electronics, Inc.*		1,355,359


		Insurance—1.0%
	20,581	AmTrust Financial Services, Inc.(a)		877,574
	3,358	Enstar Group Ltd.*		463,404

				1,340,978


		Internet & Catalog Retail—1.2%
	48,801	HomeAway, Inc.*		1,694,371


		Internet Software & Services—3.8%
	33,464	Angie’s List, Inc.*(a)		278,755
	16,720	ChannelAdvisor Corp.*		383,390
	20,557	Cornerstone OnDemand, Inc.*(a)		860,105
	15,476	Demandware, Inc.*(a)		932,274
	21,964	E2open, Inc.*(a)		355,377
	14,917	Everyday Health, Inc.*(a)		247,921
	28,670	Global Eagle Entertainment, Inc.*		292,434
	28,082	Marin Software, Inc.*(a)		257,512
	21,962	SciQuest, Inc.*		337,995
	10,968	Trulia, Inc.*		663,893
	10,345	WebMD Health Corp.*(a)		515,491

				5,125,147


		IT Services—0.5%
	18,442	EPAM Systems, Inc.*		712,968


		Leisure Products—0.7%
	29,599	Black Diamond, Inc.*(a)		259,879
	11,340	Brunswick Corp.		457,342
	15,540	Malibu Boats, Inc. (Class A Stock)*		299,145

				1,016,366


		Life Sciences Tools & Services—1.0%
	27,060	Cambrex Corp.*		570,154
	20,113	NanoString Technologies, Inc.*		242,362
	9,958	PAREXEL International Corp.*(a)		533,350

				1,345,866

See Notes to Financial Statements.


The TARGET Portfolio Trust			69

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Machinery—4.3%
	9,180	Adept Technology, Inc.*	$	83,538
	7,969	Chart Industries, Inc.*		606,042
	16,723	Colfax Corp.*		1,053,047
	6,096	Crane Co.		418,247
	28,918	Manitowoc Co., Inc. (The)		768,062
	7,810	Middleby Corp. (The)*		569,037
	5,360	NN, Inc.		155,440
	7,528	Proto Labs, Inc.*(a)		609,768
	4,290	Tennant Co.		312,956
	6,044	WABCO Holdings, Inc.*		589,169
	13,676	Woodward, Inc.		683,253

				5,848,559


		Media—0.1%
	5,778	Carmike Cinemas, Inc.*		181,660


		Metals & Mining—1.2%
	32,046	RTI International Metals, Inc.*		796,664
	14,410	U.S. Silica Holdings, Inc.		810,130

				1,606,794


		Oil, Gas & Consumable Fuels—4.0%
	11,325	Diamondback Energy, Inc.*		931,255
	21,144	Gulfport Energy Corp.*		1,129,301
	98,719	Magnum Hunter Resources Corp.*(a)		634,763
	53,400	Penn Virginia Corp.*		695,268
	41,590	Rice Energy, Inc.*		1,093,817
	30,012	Sanchez Energy Corp.*(a)		951,981

				5,436,385


		Pharmaceuticals—1.5%
	6,710	Ani Pharmaceuticals, Inc.*		171,910
	12,497	Depomed, Inc.*		124,345
	29,106	Horizon Pharma, Inc.*(a)		247,401
	9,250	Marinus Pharmaceuticals, Inc.*		74,000
	5,151	Pacira Pharmaceuticals, Inc.*(a)		473,892
	9,309	Theravance Biopharma, Inc. (Cayman Islands)*(a)		260,931
	20,209	Theravance, Inc.*(a)		438,536
	7,630	ZS Pharma, Inc.*		213,716

				2,004,731


		Professional Services—1.2%
	7,956	Advisory Board Co. (The)*(a)		398,914
	34,201	Kforce, Inc.		680,258

See Notes to Financial Statements.


70			The TARGET Portfolio Trust


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

		Professional Services (continued)
	12,550	Korn/Ferry International*	$	369,221
	8,424	Paylocity Holding Corp.*		165,026

				1,613,419


		Real Estate Investment Trusts (REITs)—0.9%
	27,953	Geo Group, Inc. (The)		961,862
	30,725	Two Harbors Investment Corp.		314,317

				1,276,179


		Road & Rail—1.6%
	13,052	Landstar System, Inc.		863,129
	32,010	Quality Distribution, Inc.*		427,334
	32,632	Roadrunner Transportation Systems, Inc.*		820,368

				2,110,831


		Semiconductors & Semiconductor Equipment—4.3%
	41,270	Cavium, Inc.*		1,925,245
	27,562	Inphi Corp.*		420,596
	26,961	Kulicke & Soffa Industries, Inc. (Singapore)*		367,209
	32,700	Microsemi Corp.*		784,146
	14,182	PDF Solutions, Inc.*		271,727
	45,280	Pixelworks, Inc.*(a)		356,354
	34,020	RF Micro Devices, Inc.*		379,663
	23,453	Teradyne, Inc.		427,314
	27,272	Veeco Instruments, Inc.*(a)		946,611

				5,878,865


		Software—7.1%
	21,591	Aspen Technology, Inc.*		937,913
	7,210	CommVault Systems, Inc.*		346,224
	4,421	Concur Technologies, Inc.*(a)		410,976
	29,314	Fortinet, Inc.*		719,659
	111,095	Glu Mobile, Inc.*(a)		623,243
	21,645	Guidewire Software, Inc.*(a)		876,622
	32,359	Imperva, Inc.*		717,399
	1,980	MicroStrategy, Inc. (Class A Stock)*		283,397
	9,587	NICE Systems Ltd., ADR (Israel)		379,070
	24,470	Proofpoint, Inc.*(a)		863,057
	13,987	PTC, Inc.*		502,973
	24,552	QLIK Technologies, Inc.*		649,646
	24,940	Qualys, Inc.*		595,817
	4,820	Tableau Software, Inc. (Class A Stock)*		313,300
	9,557	Ultimate Software Group, Inc. (The)*		1,289,335
	10,836	Varonis Systems, Inc.*(a)		228,423

				9,737,054


		Specialty Retail—5.0%
	46,683	Christopher & Banks Corp.*		399,140

See Notes to Financial Statements.


The TARGET Portfolio Trust			71

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Specialty Retail (continued)
	8,265	Five Below, Inc.*(a)	$	302,664
	33,479	Genesco, Inc.*		2,553,443
	5,305	Lithia Motors, Inc. (Class A Stock)		471,349
	30,202	MarineMax, Inc.*		503,468
	7,748	Outerwall, Inc.*(a)		426,295
	10,274	Penske Automotive Group, Inc.		477,227
	15,312	Tilly’s, Inc. (Class A Stock)*		115,912
	38,144	Vitamin Shoppe, Inc.*		1,626,842

				6,876,340


		Technology Hardware, Storage & Peripherals—0.1%
	12,529	Transact Technologies, Inc.		113,262


		Textiles, Apparel & Luxury Goods—1.9%
	9,260	Deckers Outdoor Corp.*(a)		819,602
	10,420	Kate Spade & Co.*		394,189
	22,334	Steven Madden Ltd.*		711,338
	19,967	Vince Holding Corp.*		674,685

				2,599,814


		Thrifts & Mortgage Finance—1.0%
	38,084	Home Loan Servicing Solutions Ltd.		814,997
	75,630	MGIC Investment Corp.*		558,906

				1,373,903


		Trading Companies & Distributors—0.9%
	18,329	H&E Equipment Services, Inc.*		663,143
	7,380	WESCO International, Inc.*(a)		579,256

				1,242,399


		Transportation Infrastructure—0.4%
	31,382	Wesco Aircraft Holdings, Inc.*		594,689

		TOTAL COMMON STOCKS (cost $107,919,072)		133,218,789


		WARRANTS*

		Oil, Gas & Consumable Fuels
	8,265	Magnum Hunter Resources Corp., expiring 04/15/16 (cost $—)(a)		6,488

		TOTAL LONG-TERM INVESTMENTS (cost $107,919,072)		133,225,277

See Notes to Financial Statements.


72			The TARGET Portfolio Trust


SHARES		DESCRIPTION	VALUE (NOTE 1)
		SHORT-TERM INVESTMENT—16.8%

		AFFILIATED MONEY MARKET MUTUAL FUND
	22,957,087	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $22,957,087; includes $19,159,676 of cash collateral for securities on loan); (Note 3)(b)(w)	$	22,957,087

		TOTAL INVESTMENTS—114.4% (cost $130,876,159; Note 5)		156,182,364
		Liabilities in excess of other assets—(14.4%)		(19,611,483	)

		NET ASSETS—100.0%	$	136,570,881

*	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 $17,946,398; cash collateral of $19,159,676 (included in 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 July 31, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	2,077,451	$	—	$	—
Airlines		3,154,124		—		—
Auto Components		1,549,184		—		—
Banks		6,178,339		—		—
Biotechnology		9,846,996		—		—
Building Products		2,450,246		—		—
Capital Markets		2,846,487		—		—
Chemicals		3,622,407		—		—
Commercial Services & Supplies		1,180,423		—		—
Communications Equipment		1,548,317		—		—
Construction & Engineering		2,635,501		—		—
Construction Materials		1,310,788		—		—
Consumer Finance		201,348		—		—
Diversified Consumer Services		838,389		—		—
Diversified Telecommunication Services		1,002,107		—		—
Electrical Equipment		1,083,853		—		—
Electronic Equipment, Instruments & Components		4,422,148		—		—

See Notes to Financial Statements.


The TARGET Portfolio Trust			73

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Energy Equipment & Services	$	1,031,387	$	—	$	—
Food & Staples Retailing		1,717,317		—		—
Food Products		1,563,021		—		—
Health Care Equipment & Supplies		7,182,725		—		—
Health Care Providers & Services		7,383,051		—		—
Health Care Technology		1,650,371		—		—
Hotels, Restaurants & Leisure		5,656,870		—		—
Household Durables		1,355,359		—		—
Insurance		1,340,978		—		—
Internet & Catalog Retail		1,694,371		—		—
Internet Software & Services		5,125,147		—		—
IT Services		712,968		—		—
Leisure Products		1,016,366		—		—
Life Sciences Tools & Services		1,345,866		—		—
Machinery		5,848,559		—		—
Media		181,660		—		—
Metals & Mining		1,606,794		—		—
Oil, Gas & Consumable Fuels		5,436,385		—		—
Pharmaceuticals		2,004,731		—		—
Professional Services		1,613,419		—		—
Real Estate Investment Trusts (REITs)		1,276,179		—		—
Road & Rail		2,110,831		—		—
Semiconductors & Semiconductor Equipment		5,878,865		—		—
Software		9,737,054		—		—
Specialty Retail		6,876,340		—		—
Technology Hardware, Storage & Peripherals		113,262		—		—
Textiles, Apparel & Luxury Goods		2,599,814		—		—
Thrifts & Mortgage Finance		1,373,903		—		—
Trading Companies & Distributors		1,242,399		—		—
Transportation Infrastructure		594,689		—		—
Warrants
Oil, Gas & Consumable Fuels		—		—		6,488
Affiliated Money Market Mutual Fund		22,957,087		—		—

Total	$	156,175,876	$	—	$	6,488

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2014 was as follows (unaudited):


Affiliated Money Market Mutual Fund (including 14.0% of collateral for securities on loan)	16.8	%
Biotechnology	7.2
Software	7.1
Health Care Providers & Services	5.4
Health Care Equipment & Supplies	5.3
Specialty Retail	5.0
Banks	4.5
Machinery	4.3	%
Semiconductors & Semiconductor Equipment	4.3
Hotels, Restaurants & Leisure	4.1
Oil, Gas & Consumable Fuels	4.0
Internet Software & Services	3.8
Electronic Equipment, Instruments & Components	3.2

See Notes to Financial Statements.


74			The TARGET Portfolio Trust


Industry (cont’d.)
Chemicals	2.7	%
Airlines	2.3
Capital Markets	2.1
Construction & Engineering	1.9
Textiles, Apparel & Luxury Goods	1.9
Building Products	1.8
Road & Rail	1.6
Aerospace & Defense	1.5
Pharmaceuticals	1.5
Food & Staples Retailing	1.3
Food Products	1.2
Health Care Technology	1.2
Internet & Catalog Retail	1.2
Metals & Mining	1.2
Professional Services	1.2
Auto Components	1.1
Communications Equipment	1.1
Construction Materials	1.0
Household Durables	1.0
Insurance	1.0
Life Sciences Tools & Services	1.0	%
Thrifts & Mortgage Finance	1.0
Commercial Services & Supplies	0.9
Real Estate Investment Trusts (REITs)	0.9
Trading Companies & Distributors	0.9
Electrical Equipment	0.8
Energy Equipment & Services	0.8
Diversified Telecommunication Services	0.7
Leisure Products	0.7
Diversified Consumer Services	0.6
IT Services	0.5
Transportation Infrastructure	0.4
Consumer Finance	0.2
Media	0.1
Technology Hardware, Storage & Peripherals	0.1

	114.4
Liabilities in excess of other assets	(14.4	)

	100.0	%

See Notes to Financial Statements.


The TARGET Portfolio Trust			75


*Small Capitalization Value Portfolio*		Portfolio of Investments As of July 31, 2014


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—97.6%

		COMMON STOCKS—97.1%

		Aerospace & Defense—3.3%
	259,293	AAR Corp.	$	6,974,982
	30,700	Alliant Techsystems, Inc.		3,988,851
	81,172	Curtiss-Wright Corp.		5,155,234
	67,252	Elbit Systems Ltd. (Israel)		4,219,390
	22,800	Engility Holdings, Inc.*		787,968
	67,700	Esterline Technologies Corp.*		7,348,835
	281,542	Hexcel Corp.*		10,487,439
	110,916	Moog, Inc. (Class A Stock)*		7,322,674
	72,586	Orbital Sciences Corp.*		1,863,283
	89,548	Teledyne Technologies, Inc.*		8,166,778
	126,899	Triumph Group, Inc.		8,039,052

				64,354,486


		Air Freight & Logistics
	4,500	Park-Ohio Holdings Corp.		267,120


		Airlines—0.5%
	28,580	Alaska Air Group, Inc.		1,256,663
	200,574	Hawaiian Holdings, Inc.*(a)		2,793,996
	230,734	JetBlue Airways Corp.*(a)		2,473,468
	57,700	Republic Airways Holdings, Inc.*		573,538
	171,944	SkyWest, Inc.		1,838,081

				8,935,746


		Auto Components—0.4%
	124,321	Cooper Tire & Rubber Co.		3,591,634
	23,800	Dana Holding Corp.		532,644
	8,497	Lear Corp.		800,162
	101,473	Modine Manufacturing Co.*		1,397,283
	12,100	Remy International, Inc.		268,378
	53,700	Stoneridge, Inc.*		589,089
	45,168	Tower International, Inc.*		1,422,792

				8,601,982


		Automobiles
	3,968	Thor Industries, Inc.		210,185


		Banks—8.3%
	2,090	1st Source Corp.		59,335
	10,100	Ameris Bancorp		220,584
	65,228	Associated Banc-Corp.		1,168,886
	6,900	Banco Latinoamericano de Comercio Exterior SA (Panama)		204,861
	1,600	Bank of Kentucky Financial Corp. (The)		55,280

See Notes to Financial Statements.


76			The TARGET Portfolio Trust


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

		Banks (continued)
	2,500	Bank of Marin Bancorp	$	112,050
	90,397	BankUnited, Inc.		2,824,002
	32,317	Banner Corp.		1,300,436
	10,200	BBCN Bancorp, Inc.		153,204
	2,900	BNC Bancorp		48,082
	105,232	Boston Private Financial Holdings, Inc.		1,313,295
	183,500	Capital Bank Financial Corp. (Class A Stock)*		4,180,130
	65,127	Cardinal Financial Corp.		1,150,143
	89,736	Cathay General Bancorp		2,296,344
	73,090	Central Pacific Financial Corp.		1,308,311
	4,300	Chemical Financial Corp.		118,680
	4,200	Citizens & Northern Corp.		79,758
	8,100	City Holding Co.		337,365
	4,543	Columbia Banking System, Inc.		115,801
	8,250	Community Trust Bancorp, Inc.		288,668
	6,700	CommunityOne Bancorp*		61,707
	5,000	ConnectOne Bancorp, Inc.		95,000
	110,549	Customers Bancorp, Inc.*		2,096,009
	50,500	CVB Financial Corp.		772,145
	67,917	Eagle Bancorp, Inc.*		2,262,315
	7,971	East West Bancorp, Inc.		271,492
	16,500	Enterprise Financial Services Corp.		287,925
	15,808	Fidelity Southern Corp.		218,941
	8,600	Financial Institutions, Inc.		190,920
	21,800	First BanCorp (Puerto Rico)*		112,052
	3,300	First Bancorp (United States)		53,064
	21,000	First Busey Corp.		116,550
	1,900	First Business Financial Services, Inc.		82,878
	800	First Citizens BancShares, Inc. (Class A Stock)		177,880
	66,800	First Commonwealth Financial Corp.		571,808
	12,600	First Community Bancshares, Inc.		185,346
	12,500	First Financial Bancorp		204,250
	2,600	First Financial Corp.		79,716
	173,310	First Horizon National Corp.		2,041,592
	228,647	First Interstate Bancsystem, Inc.		5,967,687
	71,025	First Merchants Corp.		1,415,528
	291,442	First Midwest Bancorp, Inc.		4,721,360
	87,437	First NBC Bank Holding Co.*		2,779,622
	403,700	First Niagara Financial Group, Inc.		3,471,820
	1,600	First of Long Island Corp. (The)		56,288
	883,673	FirstMerit Corp.		15,552,645
	8,300	Flushing Financial Corp.		154,214
	349,500	Fulton Financial Corp.		3,963,330
	1,600	German American Bancorp, Inc.		41,360
	5,500	Great Southern Bancorp, Inc.		171,490
	11,200	Hampton Roads Bankshares, Inc.*		18,480
	83,166	Hancock Holding Co.		2,697,905
	78,812	Hanmi Financial Corp.		1,664,509

See Notes to Financial Statements.


The TARGET Portfolio Trust			77

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Banks (continued)
	6,350	Horizon Bancorp	$	135,382
	23,459	IBERIABANK Corp.		1,539,145
	7,900	Independent Bank Corp.		288,429
	53,958	International Bancshares Corp.		1,367,835
	216,205	Investors Bancorp, Inc.		2,237,722
	12,600	MainSource Financial Group, Inc.		205,758
	85,658	MB Financial, Inc.		2,307,627
	531,856	National Penn Bancshares, Inc.		5,478,117
	18,502	NBT Bancorp, Inc.		432,392
	124,770	OFG Bancorp		1,991,329
	301,800	Old National Bancorp		4,038,084
	75,803	PacWest Bancorp		3,158,711
	12,900	Park Sterling Corp.		88,494
	7,300	Peoples Bancorp, Inc.		170,309
	7,783	Peoples Financial Services Corp.(a)		364,089
	36,600	Pinnacle Financial Partners, Inc.		1,354,200
	40,961	Popular, Inc. (Puerto Rico)*		1,306,656
	17,300	Preferred Bank*		383,887
	113,575	PrivateBancorp, Inc.		3,270,960
	125,375	Prosperity Bancshares, Inc.		7,288,049
	4,151	Republic Bancorp, Inc. (Class A Stock)		96,552
	6,900	Sierra Bancorp		109,020
	2,900	Simmons First National Corp. (Class A Stock)		114,927
	3,686	South State Corp.		214,193
	31,700	Southwest Bancorp, Inc.		488,814
	112,844	Sterling Bancorp		1,342,844
	2,600	Stock Yards Bancorp, Inc.		76,102
	373,265	Susquehanna Bancshares, Inc.		3,799,838
	43,549	Synovus Financial Corp.		1,025,579
	4,900	Taylor Capital Group, Inc.*		104,468
	173,038	TCF Financial Corp.		2,735,731
	2,400	Tompkins Financial Corp.		106,752
	13,100	Tristate Capital Holdings, Inc.*		128,249
	349,445	Trustmark Corp.		8,047,718
	17,300	UMB Financial Corp.		979,699
	98,940	Umpqua Holdings Corp.		1,674,065
	232,973	Union Bankshares Corp.		5,563,395
	133,101	United Bankshares, Inc.		4,269,880
	82,062	United Community Banks, Inc.		1,358,126
	418,746	Webster Financial Corp.		12,005,448
	28,700	WesBanco, Inc.		857,556
	9,000	West Bancorporation, Inc.		131,040
	81,509	Western Alliance Bancorp*		1,866,556
	192,625	Wilshire Bancorp, Inc.		1,814,528

See Notes to Financial Statements.


78			The TARGET Portfolio Trust


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

		Banks (continued)
	40,898	Wintrust Financial Corp.	$	1,894,804
	7,252	Yadkin Financial Corp.*		134,597
	37,194	Zions Bancorporation(a)		1,071,931

				159,312,630


		Biotechnology—0.2%
	2,700	Applied Genetic Technologies Corp.*(a)		43,200
	8,800	Ardelyx, Inc.*		127,248
	800	Auspex Pharmaceuticals, Inc.*		14,568
	10,200	Cara Therapeutics, Inc.*(a)		130,050
	16,600	Celldex Therapeutics, Inc.*(a)		217,294
	9,000	Dicerna Pharmaceuticals, Inc.*(a)		135,180
	1,600	Flexion Therapeutics, Inc.*		19,648
	3,900	Kite Pharma, Inc.*		91,650
	22,298	Myriad Genetics, Inc.*(a)		804,958
	125,071	PDL BioPharma, Inc.(a)		1,173,166
	6,300	Ultragenyx Pharmaceutical, Inc.*(a)		275,310
	10,112	United Therapeutics Corp.*		919,585
	76,900	XOMA Corp.*		298,372
	3,700	Zafgen, Inc.*(a)		64,750

				4,314,979


		Building Products—0.2%
	6,700	Gibraltar Industries, Inc.*		98,423
	50,000	Lennox International, Inc.		4,266,000

				4,364,423


		Capital Markets—2.9%
	226,679	Apollo Investment Corp.		1,924,505
	62,462	Ares Capital Corp.		1,043,740
	90,369	Arlington Asset Investment Corp. (Class A Stock)(a)		2,356,824
	214,576	BGC Partners, Inc. (Class A Stock)		1,680,130
	106,444	BlackRock Kelso Capital Corp.(a)		932,449
	458,241	Cowen Group, Inc. (Class A Stock)*		1,832,964
	127,400	Eaton Vance Corp.		4,475,562
	44,010	Federated Investors, Inc. (Class B Stock)		1,241,962
	185,782	Fifth Street Finance Corp.		1,796,512
	95,061	Hercules Technology Growth Capital, Inc.(a)		1,560,902
	19,100	Investment Technology Group, Inc.*		349,339
	119,894	KCG Holdings, Inc. (Class A Stock)*(a)		1,369,189
	153,200	LPL Financial Holdings, Inc.		7,273,936
	9,800	Manning & Napier, Inc.		168,070
	72,472	Medley Capital Corp.(a)		910,973
	69,913	New Mountain Finance Corp.		1,012,340
	95,255	PennantPark Investment Corp.(a)		1,060,188
	49,516	Piper Jaffray Cos.*(a)		2,555,026
	225,975	Prospect Capital Corp.		2,397,595
	160,075	Raymond James Financial, Inc.		8,155,821

See Notes to Financial Statements.


The TARGET Portfolio Trust			79

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Capital Markets (continued)
	127,324	Stifel Financial Corp.*	$	5,830,166
	269,733	TCP Capital Corp.		4,612,434
	62,473	THL Credit, Inc.		825,893
	97,151	TICC Capital Corp.		924,878

				56,291,398


		Chemicals—2.7%
	16,100	Axiall Corp.		689,563
	133,370	Cabot Corp.		6,987,254
	23,433	Cytec Industries, Inc.		2,363,218
	1,600	FutureFuel Corp.		25,216
	5,000	GSE Holding, Inc.*		290
	1,000	Hawkins, Inc.		34,250
	112,237	Innophos Holdings, Inc.		6,782,482
	1,800	Innospec, Inc.		72,378
	3,100	Koppers Holdings, Inc.		111,693
	50,965	Kraton Performance Polymers, Inc.*		1,050,389
	4,800	Kronos Worldwide, Inc.		71,568
	66,100	Methanex Corp. (Canada)(a)		4,301,127
	13,600	Minerals Technologies, Inc.		789,752
	152,617	Olin Corp.		4,055,034
	110,400	Rayonier Advanced Materials, Inc.		3,583,584
	15,700	Schulman (A.), Inc.		623,918
	80,350	Scotts Miracle-Gro Co. (The) (Class A Stock)		4,274,620
	35,528	Sensient Technologies Corp.		1,865,220
	219,075	Taminco Corp.*		4,578,667
	120,200	Valspar Corp. (The)		9,021,010
	11,600	Zep, Inc.		180,844

				51,462,077


		Commercial Services & Supplies—2.4%
	44,400	ABM Industries, Inc.		1,092,684
	59,900	ACCO Brands Corp.*		396,538
	21,500	ARC Document Solutions, Inc.*		117,175
	10,200	Brady Corp. (Class A Stock)		266,730
	82,600	Brink’s Co. (The)		2,216,984
	112,200	Cenveo, Inc.*(a)		378,114
	54,394	Clean Harbors, Inc.*(a)		3,134,726
	275,384	Ennis, Inc.		3,904,945
	32,466	G&K Services, Inc. (Class A Stock)		1,561,290
	48,002	Interface, Inc.		760,832
	441,036	KAR Auction Services, Inc.		12,926,765
	67,500	Kimball International, Inc. (Class B Stock)		1,064,475
	48,565	Pitney Bowes, Inc.(a)		1,314,169

See Notes to Financial Statements.


80			The TARGET Portfolio Trust


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

		Commercial Services & Supplies (continued)
	75,510	Quad/Graphics, Inc.	$	1,594,771
	66,391	RR Donnelley & Sons Co.		1,152,548
	30,900	Steelcase, Inc. (Class A Stock)		466,590
	41,312	Team, Inc.*		1,636,369
	96,435	Tetra Tech, Inc.		2,341,442
	52,753	UniFirst Corp.		5,128,119
	15,100	United Stationers, Inc.		582,558
	17,100	Viad Corp.		362,862
	168,751	West Corp.		4,348,713

				46,749,399


		Communications Equipment—0.9%
	67,991	Alliance Fiber Optic Products, Inc.		909,719
	107,280	ARRIS Group, Inc.*		3,665,758
	118,089	Brocade Communications Systems, Inc.		1,087,600
	275,725	CommScope Holding Co., Inc.*		6,793,864
	420,161	Ixia*		4,495,723

				16,952,664


		Construction & Engineering—0.7%
	44,829	Argan, Inc.		1,519,703
	81,609	EMCOR Group, Inc.		3,340,256
	55,997	MYR Group, Inc.*		1,389,286
	38,791	Northwest Pipe Co.*		1,390,657
	105,226	Orion Marine Group, Inc.*		1,137,493
	18,907	Tutor Perini Corp.*		514,838
	83,860	URS Corp.		4,802,662

				14,094,895


		Consumer Finance—1.5%
	229,772	Cash America International, Inc.		10,199,579
	5,467	Credit Acceptance Corp.*		621,735
	6,900	Ezcorp, Inc. (Class A Stock)*		67,551
	117,000	First Cash Financial Services, Inc.*		6,599,970
	84,100	Green Dot Corp. (Class A Stock)*		1,512,959
	43,938	Nelnet, Inc. (Class A Stock)		1,811,564
	102,700	Portfolio Recovery Associates, Inc.*		6,055,192
	13,143	World Acceptance Corp.*(a)		1,065,634

				27,934,184


		Containers & Packaging—2.0%
	125,517	Berry Plastics Group, Inc.*		3,048,808
	916,300	Graphic Packaging Holding Co.*		10,995,600
	36,990	Greif, Inc. (Class A Stock)		1,856,158
	44,300	Rock-Tenn Co. (Class A Stock)		4,404,749
	273,610	Silgan Holdings, Inc.		13,467,084
	102,400	Sonoco Products Co.		4,007,936

				37,780,335

See Notes to Financial Statements.


The TARGET Portfolio Trust			81

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Distributors
	2,600	Core-Mark Holding Co., Inc.	$	122,720


		Diversified Consumer Services—0.4%
	8,500	2U, Inc.*(a)		119,510
	33,253	Apollo Education Group, Inc. (Class A Stock)*		928,756
	37,100	Chegg, Inc.*		238,553
	24,779	ITT Educational Services, Inc.*(a)		352,605
	49,742	K12, Inc.*(a)		1,159,486
	22,300	Lifelock, Inc.*		309,524
	56,165	Matthews International Corp. (Class A Stock)		2,442,616
	11,400	ServiceMaster Global Holdings, Inc.*		200,298
	25,007	Strayer Education, Inc.*		1,295,863

				7,047,211


		Diversified Financial Services—0.1%
	49,292	Interactive Brokers Group, Inc. (Class A Stock)		1,134,455
	73,976	PHH Corp.*		1,727,340

				2,861,795


		Diversified Telecommunication Services—0.4%
	27,849	Atlantic Tele-Network, Inc.		1,629,445
	49,683	Cogent Communications Holdings, Inc.		1,724,497
	5,000	IDT Corp. (Class B Stock)		77,950
	174,610	Inteliquent, Inc.		1,852,612
	33,000	Intelsat SA*		611,820
	188,781	Iridium Communications, Inc.*(a)		1,544,229

				7,440,553


		Electric Utilities—1.9%
	43,052	Cleco Corp.		2,399,719
	169,246	El Paso Electric Co.		6,236,715
	86,362	Empire District Electric Co. (The)(a)		2,116,733
	380,967	Great Plains Energy, Inc.		9,444,172
	94,368	IDACORP, Inc.		5,053,406
	6,100	MGE Energy, Inc.		229,482
	24,003	Pinnacle West Capital Corp.		1,283,920
	97,335	PNM Resources, Inc.		2,496,643
	153,364	Portland General Electric Co.		4,896,913
	3,900	UIL Holdings Corp.		136,929
	5,300	Unitil Corp.		169,600
	12,900	UNS Energy Corp.		779,418
	50,435	Westar Energy, Inc.(a)		1,817,677

				37,061,327

See Notes to Financial Statements.


82			The TARGET Portfolio Trust


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

		Electrical Equipment—1.9%
	84,800	AZZ, Inc.	$	3,700,672
	131,123	Babcock & Wilcox Co. (The)		4,070,058
	224,440	EnerSys		14,236,229
	190,516	Franklin Electric Co., Inc.		6,982,411
	22,498	Generac Holdings, Inc.*(a)		976,413
	72,011	General Cable Corp.(a)		1,600,805
	30,376	Regal-Beloit Corp.		2,135,129
	155,725	Thermon Group Holdings, Inc.*		3,796,576

				37,498,293


		Electronic Equipment, Instruments & Components—3.5%
	20,727	Arrow Electronics, Inc.*		1,201,130
	294,700	AVX Corp.		4,007,920
	81,577	Belden, Inc.		5,539,078
	119,033	Benchmark Electronics, Inc.*		2,874,647
	240,890	Checkpoint Systems, Inc.*		2,948,494
	117,112	Coherent, Inc.*		6,899,068
	238,540	FLIR Systems, Inc.		7,938,611
	13,400	GSI Group, Inc.*		154,502
	39,812	Ingram Micro, Inc. (Class A Stock)*		1,142,604
	75,598	Insight Enterprises, Inc.*		1,985,959
	99,066	Itron, Inc.*		3,564,395
	143,087	Littelfuse, Inc.		12,437,122
	43,274	Plexus Corp.*		1,701,966
	17,850	Rogers Corp.*		1,023,876
	363,747	Sanmina Corp.*		8,471,668
	42,468	ScanSource, Inc.*		1,520,779
	19,391	Tech Data Corp.*		1,217,561
	28,010	Zebra Technologies Corp. (Class A Stock)*		2,242,761

				66,872,141


		Energy Equipment & Services—3.1%
	11,200	Basic Energy Services, Inc.*		268,688
	199,588	Bristow Group, Inc.		14,244,596
	54,600	C&J Energy Services, Inc.*		1,635,816
	64,100	Core Laboratories NV		9,386,163
	7,900	Dawson Geophysical Co.		198,290
	57,591	Exterran Holdings, Inc.(a)		2,433,220
	285,225	Forum Energy Technologies, Inc.*		9,495,140
	17,100	GulfMark Offshore, Inc. (Class A Stock)		654,417
	31,600	Helix Energy Solutions Group, Inc.*		803,588
	95,500	ION Geophysical Corp.*		358,125
	119,879	Key Energy Services, Inc.*		736,057
	172,583	McDermott International, Inc.*(a)		1,259,856
	64,922	Nabors Industries Ltd.		1,763,281
	412,086	Newpark Resources, Inc.*		5,039,812
	265,796	Parker Drilling Co.*		1,642,619
	353,400	Precision Drilling Corp. (Canada)		4,403,364

See Notes to Financial Statements.


The TARGET Portfolio Trust			83

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Energy Equipment & Services (continued)
	10,763	Superior Energy Services, Inc.	$	361,637
	5,400	Tesco Corp.		105,408
	82,400	Tidewater, Inc.		3,895,048
	22,300	Willbros Group, Inc.*		258,457

				58,943,582


		Food & Staples Retailing—1.3%
	124,192	Andersons, Inc. (The)		6,708,852
	64,428	Casey’s General Stores, Inc.		4,263,201
	132,617	Pantry, Inc. (The)*		2,375,170
	272,200	Rite Aid Corp.*		1,821,018
	39,700	Roundy’s, Inc.		191,751
	85,363	SpartanNash Co.		1,789,208
	3,805	Susser Holdings Corp.*		305,047
	51,995	United Natural Foods, Inc.*		3,047,947
	93,200	Weis Markets, Inc.		3,975,912

				24,478,106


		Food Products—1.2%
	67,500	Cal-Maine Foods, Inc.		4,806,000
	103,600	Chiquita Brands International, Inc.*		993,524
	127,082	Darling Ingredients, Inc.*		2,378,975
	58,800	Ingredion, Inc.		4,329,444
	69,770	Pilgrim’s Pride Corp.*		1,950,769
	15,200	Pinnacle Foods, Inc.		457,976
	65,625	Sanderson Farms, Inc.		5,977,781
	30,635	Snyder’s-Lance, Inc.		760,054
	27,587	TreeHouse Foods, Inc.*		2,027,645

				23,682,168


		Gas Utilities—1.4%
	24,362	AGL Resources, Inc.		1,258,054
	24,266	Atmos Energy Corp.		1,172,533
	2,600	Chesapeake Utilities Corp.		169,234
	98,200	Laclede Group, Inc. (The)		4,613,436
	8,450	New Jersey Resources Corp.		431,626
	11,400	Northwest Natural Gas Co.		492,708
	99,906	South Jersey Industries, Inc.		5,351,965
	57,797	Southwest Gas Corp.		2,862,685
	89,800	UGI Corp.		4,358,892
	148,737	WGL Holdings, Inc.		5,797,768

				26,508,901

See Notes to Financial Statements.


84			The TARGET Portfolio Trust


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

		Health Care Equipment & Supplies—2.8%
	195,800	Alere, Inc.*	$	7,832,000
	7,459	Analogic Corp.		536,377
	31,946	Anika Therapeutics, Inc.*(a)		1,343,649
	198,140	Cantel Medical Corp.		6,643,634
	20,000	Cynosure, Inc. (Class A Stock)*		454,800
	3,300	Greatbatch, Inc.*		163,383
	151,575	Haemonetics Corp.*		5,391,523
	156,650	Integra LifeSciences Holdings Corp.*(a)		7,428,343
	44,748	Invacare Corp.		669,877
	218,925	Merit Medical Systems, Inc.*		2,810,997
	28,300	NuVasive, Inc.*		1,057,854
	15,500	OraSure Technologies, Inc.*		127,565
	80,800	STERIS Corp.		4,111,104
	138,005	Teleflex, Inc.		14,868,659

				53,439,765


		Health Care Providers & Services—3.1%
	221,273	Amsurg Corp.*		10,567,999
	83,363	Centene Corp.*		6,009,639
	84,500	Community Health Systems, Inc.*		4,030,650
	68,800	Cross Country Healthcare, Inc.*		494,672
	46,069	HealthSouth Corp.		1,765,825
	205,326	Healthways, Inc.*(a)		3,550,087
	11,600	Kindred Healthcare, Inc.		277,240
	83,056	LifePoint Hospitals, Inc.*		5,956,776
	135,996	MEDNAX, Inc.*(a)		8,048,243
	171,798	Molina Healthcare, Inc.*(a)		7,017,948
	58,021	PharMerica Corp.*		1,565,987
	14,321	Premier, Inc. (Class A Stock)*		405,284
	430,599	Select Medical Holdings Corp.		6,691,509
	34,348	Surgical Care Affiliates, Inc.*		1,009,144
	10,600	Triple-S Management Corp. (Class B Stock) (Puerto Rico)*		183,168
	42,567	WellCare Health Plans, Inc.*		2,655,329

				60,229,500


		Health Care Technology—0.3%
	2,500	Imprivata, Inc.*		36,250
	274,150	MedAssets, Inc.*		5,822,946

				5,859,196


		Hotels, Restaurants & Leisure—1.4%
	37,525	Bob Evans Farms, Inc.(a)		1,782,813
	87,897	Boyd Gaming Corp.*		966,867
	43,800	Cracker Barrel Old Country Store, Inc.		4,246,848
	201,538	International Game Technology		3,412,038
	128,420	International Speedway Corp. (Class A Stock)		3,893,695
	73,750	Jack in the Box, Inc.		4,217,763
	124,195	Life Time Fitness, Inc.*		4,887,073

See Notes to Financial Statements.


The TARGET Portfolio Trust			85

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Hotels, Restaurants & Leisure (continued)
	89,321	Penn National Gaming, Inc.*	$	936,084
	17,922	Red Robin Gourmet Burgers, Inc.*		1,153,460
	44,600	Ruth’s Hospitality Group, Inc.		506,210
	95,295	Scientific Games Corp. (Class A Stock)*		813,819
	11,000	Speedway Motorsports, Inc.		191,840

				27,008,510


		Household Durables—0.6%
	5,600	Century Communities, Inc.*		106,792
	34,277	Ethan Allen Interiors, Inc.		785,629
	3,100	GoPro, Inc. (Class A Stock)*(a)		148,707
	35,200	Helen of Troy Ltd.*		1,887,776
	14,500	Lifetime Brands, Inc.		246,500
	130,041	Meritage Homes Corp.*		4,980,570
	78,125	Ryland Group, Inc. (The)		2,507,812
	195,964	Skullcandy, Inc.*		1,324,717
	10,200	Universal Electronics, Inc.*		485,826

				12,474,329


		Household Products
	6,200	Central Garden & Pet Co. (Class A Stock)*		57,846


		Independent Power & Renewable Electricity Producers—0.1%
	48,000	Dynegy, Inc.*		1,274,400


		Insurance—8.6%
	146,871	Allied World Assurance Co. Holdings AG		5,288,825
	61,163	Ambac Financial Group, Inc.*		1,385,954
	606,501	American Equity Investment Life Holding Co.(a)		13,427,932
	89,521	American Financial Group, Inc.		5,012,281
	17,900	AMERISAFE, Inc.		655,140
	47,240	AmTrust Financial Services, Inc.(a)		2,014,314
	33,851	Argo Group International Holdings Ltd.		1,686,118
	156,775	Aspen Insurance Holdings Ltd.		6,272,568
	16,582	Assurant, Inc.		1,050,636
	69,511	Assured Guaranty Ltd.		1,551,486
	23,038	Axis Capital Holdings Ltd.		994,090
	655,463	CNO Financial Group, Inc.		10,605,391
	102,661	Employers Holdings, Inc.		2,186,679
	68,649	Endurance Specialty Holdings Ltd.		3,630,846
	8,527	Enstar Group Ltd.*		1,176,726
	33,149	FBL Financial Group, Inc. (Class A Stock)		1,418,114
	12,500	Fidelity & Guaranty Life		270,125	��
	233,888	First American Financial Corp.(a)		6,347,720
	66,559	Genworth Financial, Inc. (Class A Stock)*		871,923

See Notes to Financial Statements.


86			The TARGET Portfolio Trust


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

		Insurance (continued)
	51,223	Greenlight Capital Re Ltd. (Class A Stock)*	$	1,657,576
	75,094	Hanover Insurance Group, Inc. (The)		4,341,184
	220,189	HCC Insurance Holdings, Inc.		10,278,422
	22,089	HCI Group, Inc.		881,351
	20,700	Hilltop Holdings, Inc.*		424,350
	256,965	Horace Mann Educators Corp.		7,362,047
	38,992	Infinity Property & Casualty Corp.		2,525,122
	29,231	Kemper Corp.		1,011,685
	204,033	Maiden Holdings Ltd.		2,342,299
	97,385	MBIA, Inc.*		932,948
	193,057	Montpelier Re Holdings Ltd. (Bermuda)		5,700,973
	25,096	Navigators Group, Inc. (The)*		1,525,837
	66,812	Old Republic International Corp.		961,425
	11,279	PartnerRe Ltd.		1,177,076
	161,581	Platinum Underwriters Holdings Ltd.		9,468,647
	32,058	Primerica, Inc.		1,477,233
	23,991	ProAssurance Corp.		1,046,727
	219,540	Protective Life Corp.		15,231,685
	101,250	Reinsurance Group of America, Inc.		8,126,325
	12,336	RenaissanceRe Holdings Ltd.		1,206,584
	43,980	RLI Corp.		1,879,705
	92,326	Selective Insurance Group, Inc.		2,057,947
	17,656	StanCorp Financial Group, Inc.		1,065,363
	88,399	State Auto Financial Corp.		1,866,103
	6,300	Stewart Information Services Corp.(a)		185,661
	327,418	Symetra Financial Corp.		7,465,130
	174,895	United Fire Group, Inc.		4,942,533
	30,274	Validus Holdings Ltd.		1,105,909
	27,020	W.R. Berkley Corp.		1,205,362
	1,895	White Mountains Insurance Group Ltd.		1,146,304

				166,446,381


		Internet & Catalog Retail—0.4%
	100,925	HSN, Inc.		5,640,698
	72,186	Nutrisystem, Inc.		1,158,586
	39,180	Overstock.com, Inc.*		636,675

				7,435,959


		Internet Software & Services— 0.4%
	170,706	Digital River, Inc.*		2,439,389
	5,074	Five9, Inc.*		36,938
	26,100	IntraLinks Holdings, Inc.*		209,322
	86,400	j2 Global, Inc.(a)		4,226,688
	300	OPOWER, Inc.*(a)		4,800
	500	Q2 Holdings, Inc.*(a)		6,585
	17,300	WebMD Health Corp.*(a)		862,059

				7,785,781

See Notes to Financial Statements.


The TARGET Portfolio Trust			87

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

			IT Services—3.1%
	193,700		Booz Allen Hamilton Holding Corp.	$	4,307,888
	307,417		Broadridge Financial Solutions, Inc.		12,410,424
	77,550		CACI International, Inc. (Class A Stock)*(a)		5,350,175
	109,719		Convergys Corp.(a)		2,127,452
	161,200		CSG Systems International, Inc.(a)		4,197,648
	12,314		DST Systems, Inc.		1,109,122
	60,792		ExlService Holdings, Inc.*		1,705,216
	93,160		Global Payments, Inc.		6,453,193
	47,942		Heartland Payment Systems, Inc.		2,277,245
	157,075		iGATE Corp.*		5,604,436
	81,400		Jack Henry & Associates, Inc.		4,749,690
	308,715		Sapient Corp.*		4,556,633
	30,407		Science Applications International Corp.		1,270,100
	80,241		Sykes Enterprises, Inc.*		1,660,989
	116,497		Unisys Corp.*(a)		2,480,221

					60,260,432


			Leisure Products—0.6%
	119,593		Arctic Cat, Inc.		4,257,511
	261,600		Callaway Golf Co.		1,988,160
	78,561		Smith & Wesson Holding Corp.*(a)		970,228
	79,078		Sturm Ruger & Co., Inc.(a)		3,950,737

					11,166,636


			Life Sciences Tools & Services—0.9%
	79,575		Albany Molecular Research, Inc.*(a)		1,515,108
	54,174		Charles River Laboratories International, Inc.*		2,936,772
	70,780		Covance, Inc.*		5,939,858
	151,365		PerkinElmer, Inc.		6,996,090

					17,387,828


			Machinery—5.0%
	51,344		Actuant Corp. (Class A Stock)		1,657,384
	101,882		Albany International Corp. (Class A Stock)		3,651,451
	47,017		Altra Industrial Motion Corp.		1,473,983
	173,600		Barnes Group, Inc.		5,945,800
	115,908		Briggs & Stratton Corp.(a)		2,124,594
	58,300		Crane Co.		3,999,963
	25,455		EnPro Industries, Inc.*		1,741,631
	16,900		Global Brass & Copper Holdings, Inc.		256,542
	42,025		Greenbrier Cos., Inc. (The)(a)		2,708,511
	220,375	��	Hillenbrand, Inc.		6,622,269
	2,000		Hurco Cos., Inc.		64,220
	18,764		Hyster-Yale Materials Handling, Inc.		1,502,996

See Notes to Financial Statements.


88			The TARGET Portfolio Trust


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

		Machinery (continued)
	59,271	ITT Corp.	$	2,724,688
	50,034	Kadant, Inc.		1,908,297
	198,400	Kennametal, Inc.		8,388,352
	10,200	LB Foster Co. (Class A Stock)		475,830
	1,500	NN, Inc.		43,500
	20,850	Oshkosh Corp.		963,687
	270,725	Rexnord Corp.*(a)		7,285,210
	84,346	Snap-on, Inc.		10,138,389
	35,575	Standex International Corp.		2,346,171
	30,268	Terex Corp.(a)		1,044,549
	121,500	Timken Co. (The)		5,382,450
	66,833	Titan International, Inc.(a)		997,148
	85,626	TriMas Corp.*		2,712,632
	168,614	Trinity Industries, Inc.		7,358,315
	26,700	Valmont Industries, Inc.(a)		3,888,321
	410,286	Wabash National Corp.*(a)		5,583,992
	44,539	Watts Water Technologies, Inc. (Class A Stock)		2,603,750

				95,594,625


		Marine—0.2%
	26,100	Knightsbridge Tankers Ltd. (Bermuda)		297,540
	96,361	Matson, Inc.		2,596,929

				2,894,469


		Media—0.8%
	4,300	AMC Entertainment Holdings, Inc. (Class A Stock)		97,352
	123,400	Cinemark Holdings, Inc.		4,047,520
	169,887	Cumulus Media, Inc. (Class A Stock)*(a)		880,015
	16,462	Dex Media, Inc.*(a)		210,549
	10,800	Entercom Communications Corp. (Class A Stock)*(a)		102,060
	40,800	EW Scripps Co. (The) (Class A Stock)*(a)		884,544
	41,100	Journal Communications, Inc. (Class A Stock)*		447,168
	125,288	Live Nation Entertainment, Inc.*		2,907,934
	186,320	McClatchy Co. (The) (Class A Stock)*		899,926
	49,400	Meredith Corp.		2,268,448
	44,071	Scholastic Corp.		1,560,995
	5,000	Sinclair Broadcast Group, Inc. (Class A Stock)		161,550

				14,468,061


		Metals & Mining—2.3%
	54,501	Allegheny Technologies, Inc.		2,051,963
	70,786	Ampco-Pittsburgh Corp.		1,427,754
	50,018	Cliffs Natural Resources, Inc.(a)		872,814
	404,822	Commercial Metals Co.		6,979,131
	148,900	Globe Specialty Metals, Inc.		2,833,567
	352,300	HudBay Minerals, Inc. (Canada)		3,822,455
	31,464	Materion Corp.		1,016,602
	89,875	Reliance Steel & Aluminum Co.		6,133,969

See Notes to Financial Statements.


The TARGET Portfolio Trust			89

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Metals & Mining (continued)
	73,300	Royal Gold, Inc.	$	5,539,281
	40,440	RTI International Metals, Inc.*		1,005,338
	48,514	Schnitzer Steel Industries, Inc. (Class A Stock)(a)		1,295,809
	216,200	Steel Dynamics, Inc.		4,585,602
	60,750	TimkenSteel Corp.*		2,643,232
	54,881	United States Steel Corp.(a)		1,837,965
	34,400	Worthington Industries, Inc.		1,315,800

				43,361,282


		Multi-Utilities—0.3%
	21,873	Alliant Energy Corp.		1,235,824
	72,555	Avista Corp.(a)		2,251,382
	20,911	Integrys Energy Group, Inc.		1,370,925
	13,400	NorthWestern Corp.		619,348

				5,477,479


		Multiline Retail—0.2%
	42,752	Burlington Stores, Inc.*(a)		1,399,273
	18,077	Dillard’s, Inc. (Class A Stock)		2,155,140

				3,554,413


		Oil, Gas & Consumable Fuels—4.1%
	26,530	Bill Barrett Corp.*		636,985
	71,750	Bonanza Creek Energy, Inc.*(a)		4,022,305
	24,447	Carrizo Oil & Gas, Inc.*		1,501,290
	9,827	Clayton Williams Energy, Inc.*		1,045,691
	87,848	Comstock Resources, Inc.(a)		2,078,484
	95,500	CVR Energy, Inc.(a)		4,496,140
	28,300	Delek US Holdings, Inc.		826,926
	18,666	Energy XXI (Bermuda) Ltd.		372,573
	121,100	EXCO Resources, Inc.(a)		558,271
	36,210	Goodrich Petroleum Corp.*		697,405
	103,294	Green Plains, Inc.(a)		3,872,492
	438,275	Kodiak Oil & Gas Corp.*		6,810,793
	135,884	LinnCo LLC(a)		3,952,866
	104,517	Northern Oil and Gas, Inc.*(a)		1,681,679
	213,898	Oasis Petroleum, Inc.*		11,432,848
	58,627	ONEOK, Inc.		3,777,338
	13,900	Pacific Ethanol, Inc.*		247,976
	1,600	Panhandle Oil And Gas, Inc. (Class A Stock)		103,072
	40,776	PBF Energy, Inc. (Class A Stock)		1,105,030
	118,864	Penn Virginia Corp.*		1,547,609
	189,344	Renewable Energy Group, Inc.*(a)		2,120,653
	24,467	REX American Resources Corp.*		2,063,791

See Notes to Financial Statements.


90			The TARGET Portfolio Trust


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

		Oil, Gas & Consumable Fuels (continued)
	24,274	Rosetta Resources, Inc.*	$	1,239,673
	2,400	SemGroup Corp. (Class A Stock)		184,992
	239,906	Ship Finance International Ltd. (Norway)		4,366,289
	86,914	Stone Energy Corp.*		3,307,078
	249,310	Swift Energy Co.*(a)		2,754,876
	10,100	TransAtlantic Petroleum Ltd. (Canada)*		105,444
	84,100	VAALCO Energy, Inc.*		580,290
	217,100	Warren Resources, Inc.*		1,278,719
	146,514	Western Refining, Inc.		6,001,213
	345	Westmoreland Coal Co.*		14,866
	106,700	World Fuel Services Corp.		4,582,765

				79,368,422


		Paper & Forest Products—0.8%
	69,275	Clearwater Paper Corp.*		4,682,990
	28,550	Domtar Corp.		1,025,516
	42,981	KapStone Paper & Packaging Corp.*		1,278,255
	23,909	Neenah Paper, Inc.		1,186,365
	34,983	P.H. Glatfelter Co.		832,595
	110,136	Resolute Forest Products, Inc.*(a)		1,694,993
	114,615	Schweitzer-Mauduit International, Inc.		4,679,730

				15,380,444


		Personal Products—0.1%
	5,300	Revlon, Inc. (Class A Stock)*		161,650
	18,832	USANA Health Sciences, Inc.*(a)		1,202,423

				1,364,073


		Pharmaceuticals—0.2%
	22,200	Amphastar Pharmaceuticals, Inc.*		197,136
	94,292	Impax Laboratories, Inc.*(a)		2,205,490
	11,200	Lannett Co., Inc.*		376,432
	9,600	Medicines Co. (The)*		224,352
	43,907	Prestige Brands Holdings, Inc.*		1,352,335
	6,500	Revance Therapeutics, Inc.*		199,420
	2,200	ZS Pharma, Inc.*		61,622

				4,616,787


		Professional Services—1.1%
	6,100	CDI Corp.		84,607
	61,375	Dun & Bradstreet Corp. (The)		6,753,091
	10,400	Heidrick & Struggles International, Inc.		194,168
	161,830	ICF International, Inc.*		5,594,463
	39,700	Kelly Services, Inc. (Class A Stock)		632,818
	106,971	Korn/Ferry International*		3,147,087
	63,832	Navigant Consulting, Inc.*		1,041,738
	3,600	Paylocity Corp*		70,524
	28,100	Resources Connection, Inc.		424,310

See Notes to Financial Statements.


The TARGET Portfolio Trust			91

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Professional Services (continued)
	105,341	RPX Corp.*	$	1,643,320
	31,800	TrueBlue, Inc.*		858,282
	9,600	VSE Corp.		571,872

				21,016,280


		Real Estate Investment Trusts (REITs)—5.4%
	4,900	Acadia Realty Trust		138,327
	146,700	Altisource Residential Corp.		3,401,973
	16,500	American Campus Communities, Inc.		642,180
	482,639	Anworth Mortgage Asset Corp.		2,451,806
	63,178	Apollo Commercial Real Estate Finance, Inc.		1,046,859
	7,900	Armada Hoffler Properties, Inc.		74,260
	11,980	Ashford Hospitality Prime, Inc.		199,467
	126,000	Ashford Hospitality Trust, Inc.		1,450,260
	238,600	Associated Estates Realty Corp.		4,216,062
	212,488	Blackstone Mortgage Trust, Inc. (Class A Stock)		6,049,533
	261,278	Capstead Mortgage Corp.(a)		3,354,810
	24,361	CBL & Associates Properties, Inc.		455,551
	60,100	Cedar Realty Trust, Inc.		378,630
	11,000	Chatham Lodging Trust		232,870
	18,300	Chesapeake Lodging Trust		543,144
	370,246	Chimera Investment Corp.		1,173,680
	87,265	Colony Financial, Inc.		1,932,920
	24,000	CoreSite Realty Corp.		783,840
	100,503	Corporate Office Properties Trust		2,851,270
	122,600	Cousins Properties, Inc.		1,517,788
	12,900	CyrusOne, Inc.		320,565
	33,000	CYS Investments, Inc.		293,040
	137,400	DCT Industrial Trust, Inc.		1,075,842
	127,400	DiamondRock Hospitality Co.		1,561,924
	114,641	Dynex Capital, Inc.		951,520
	2,000	EastGroup Properties, Inc.		124,720
	204,236	Education Realty Trust, Inc.		2,156,732
	5,700	EPR Properties		307,230
	89,387	Equity One, Inc.		2,075,566
	6,500	Extra Space Storage, Inc.		336,245
	38,300	FelCor Lodging Trust, Inc.		401,001
	79,800	First Industrial Realty Trust, Inc.		1,440,390
	371,666	First Potomac Realty Trust		4,902,275
	334,500	Franklin Street Properties Corp.		4,060,830
	8,300	Geo Group, Inc. (The)		285,603
	5,500	Getty Realty Corp.		101,035
	4,500	Government Properties Income Trust		105,075
	1,082,675	Hersha Hospitality Trust		7,156,482

See Notes to Financial Statements.


92			The TARGET Portfolio Trust


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

		Real Estate Investment Trusts (REITs) (continued)
	74,400	Highwoods Properties, Inc.(a)	$	3,130,008
	2,000	Home Properties, Inc.		131,580
	84,500	Kite Realty Group Trust		515,450
	4,300	LaSalle Hotel Properties		149,597
	190,951	Lexington Realty Trust		2,089,004
	12,800	LTC Properties, Inc.		490,624
	421,951	Medical Properties Trust, Inc.		5,679,460
	452,556	MFA Financial, Inc.		3,683,806
	287,928	New Residential Investment Corp.		1,721,809
	189,906	New York Mortgage Trust, Inc.(a)		1,433,790
	105,900	Omega Healthcare Investors, Inc.		3,869,586
	39,100	Parkway Properties, Inc.		810,543
	8,800	Pennsylvania Real Estate Investment Trust		169,224
	118,086	Pennymac Mortgage Investment Trust		2,528,221
	31,300	Potlatch Corp.		1,292,690
	59,200	RAIT Financial Trust		455,840
	11,600	Ramco-Gershenson Properties Trust		192,560
	165,058	Redwood Trust, Inc.(a)		3,132,801
	183,388	Resource Capital Corp.		1,010,468
	326,197	Retail Properties of America, Inc. (Class A Stock)		4,909,265
	4,400	Rouse Properties, Inc.		74,580
	137,900	Starwood Property Trust, Inc.		3,254,440
	5,700	Sun Communities, Inc.		299,991
	71,700	Sunstone Hotel Investors, Inc.		1,017,423
	114,355	Two Harbors Investment Corp.		1,169,852
	14,300	Winthrop Realty Trust		215,501

				103,979,418


		Real Estate Management & Development—0.1%
	14,700	Alexander & Baldwin, Inc.		561,099
	53,956	St. Joe Co. (The)*(a)		1,232,355

				1,793,454


		Road & Rail—0.7%
	4,700	AMERCO		1,236,852
	54,230	ArcBest Corp.		1,720,718
	74,825	Celadon Group, Inc.		1,589,283
	144,775	Con-way, Inc.		7,144,646
	73,914	Quality Distribution, Inc.*		986,752
	68,347	Swift Transportation Co.*(a)		1,397,696
	3,300	Universal Truckload Services, Inc.		80,157

				14,156,104


		Semiconductors & Semiconductor Equipment—2.1%
	35,700	Alpha & Omega Semiconductor Ltd.*		326,655
	249,672	Amkor Technology, Inc.*		2,209,597
	2,400	Audience, Inc.*		22,872
	102,879	Brooks Automation, Inc.		1,047,308

See Notes to Financial Statements.


The TARGET Portfolio Trust			93

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Semiconductors & Semiconductor Equipment (continued)
	145,987	Cabot Microelectronics Corp.*	$	5,867,218
	72,992	Cirrus Logic, Inc.*(a)		1,637,211
	511,416	Entegris, Inc.*		5,876,170
	117,193	Fairchild Semiconductor International, Inc.*		1,783,677
	31,557	First Solar, Inc.*		1,991,562
	38,900	Integrated Silicon Solution, Inc.		568,718
	72,298	International Rectifier Corp.*		1,795,882
	80,285	MKS Instruments, Inc.		2,551,457
	146,815	Monolithic Power Systems, Inc.		6,054,651
	90,915	OmniVision Technologies, Inc.*		2,036,496
	12,400	Pericom Semiconductor Corp.*		109,492
	213,000	RF Micro Devices, Inc.*(a)		2,377,080
	49,190	Semtech Corp.*		1,098,413
	165,123	Spansion, Inc. (Class A Stock)*		3,132,383
	94,000	Ultra Clean Holdings, Inc.*		814,980
	7,400	Xcerra Corp.*		69,190

				41,371,012


		Software—2.6%
	21,342	AVG Technologies NV*		362,814
	255,421	BroadSoft, Inc.*		6,232,273
	131,118	Cadence Design Systems, Inc.*(a)		2,206,716
	99,850	CommVault Systems, Inc.*		4,794,797
	133,100	Compuware Corp.		1,211,210
	84,725	Ellie Mae, Inc.*		2,433,302
	170,248	Epiq Systems, Inc.		2,454,976
	44,175	Fair Isaac Corp.		2,524,601
	3,500	FireEye, Inc.*		124,250
	13,400	Imperva, Inc.*		297,078
	199,888	Mentor Graphics Corp.		3,947,788
	5,800	Paycom Software, Inc.*		74,124
	1,600	Proofpoint, Inc.*		56,432
	75,284	PTC, Inc.*		2,707,213
	159,625	SS&C Technologies Holdings, Inc.*		6,913,359
	22,700	Take-Two Interactive Software, Inc.*		508,026
	325	Telenav, Inc.*		1,615
	230,381	Tivo, Inc.*		3,100,928
	25,700	Varonis Systems, Inc.*		541,756
	183,350	Verint Systems, Inc.*		8,606,449

				49,099,707


		Specialty Retail—3.2%
	130,085	Aaron’s, Inc.		3,431,642
	125,792	Abercrombie & Fitch Co. (Class A Stock)(a)		4,948,657

See Notes to Financial Statements.


94			The TARGET Portfolio Trust


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

		Specialty Retail (continued)
	161,746	American Eagle Outfitters, Inc.(a)	$	1,724,212
	165,568	Barnes & Noble, Inc.*(a)		3,447,126
	73,662	Brown Shoe Co., Inc.		2,076,532
	97,400	Buckle, Inc. (The)(a)		4,334,300
	23,263	Cabela’s, Inc.*		1,357,629
	5,500	Cato Corp. (The) (Class A Stock)		169,730
	41,830	Children’s Place, Inc. (The)(a)		2,099,866
	34,001	CST Brands, Inc.		1,136,654
	5,700	Destination Maternity Corp.		108,471
	122,243	Express, Inc.*		1,902,101
	29,794	GameStop Corp. (Class A Stock)(a)		1,250,454
	173,800	GNC Holdings, Inc. (Class A Stock)		5,702,378
	115,775	Group 1 Automotive, Inc.(a)		8,558,088
	23,800	Guess?, Inc.		619,038
	80,720	hhgregg, Inc.*(a)		573,919
	56,833	Kirkland’s, Inc.*		1,069,029
	170,793	Men’s Wearhouse, Inc. (The)		8,594,304
	2,200	Michaels Cos., Inc. (The)*(a)		33,176
	27,122	Murphy USA, Inc.*		1,340,369
	20,171	Outerwall, Inc.*(a)		1,109,808
	81,307	Pier 1 Imports, Inc.		1,224,483
	65,868	Sally Beauty Holdings, Inc.		1,709,275
	82,380	Select Comfort Corp.*		1,664,076
	7,800	Systemax, Inc.*		106,626
	44,300	Zumiez, Inc.*		1,233,755

				61,525,698


		Technology Hardware, Storage & Peripherals—0.2%
	26,300	Avid Technology, Inc.*		195,935
	48,912	Diebold, Inc.		1,843,004
	8,100	Electronics For Imaging, Inc.*		356,967
	31,289	Lexmark International, Inc. (Class A Stock)		1,502,811

				3,898,717


		Textiles, Apparel & Luxury Goods—0.7%
	21,126	Columbia Sportswear Co.		1,579,380
	17,700	Iconix Brand Group, Inc.*		747,471
	15,573	Oxford Industries, Inc.		927,683
	4,100	RG Barry Corp.		77,449
	143,275	Steven Madden Ltd.*		4,563,309
	51,872	Vera Bradley, Inc.*(a)		1,028,622
	182,550	Wolverine World Wide, Inc.(a)		4,428,663

				13,352,577


		Thrifts & Mortgage Finance—1.1%
	350,919	Astoria Financial Corp.		4,519,837
	2,900	BankFinancial Corp.		29,638
	4,700	Berkshire Hills Bancorp, Inc.		113,599

See Notes to Financial Statements.


The TARGET Portfolio Trust			95

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Thrifts & Mortgage Finance (continued)
	15,700	Charter Financial Corp.	$	171,915
	5,900	First Defiance Financial Corp.		159,359
	170,433	Flagstar Bancorp, Inc.*		3,118,924
	281,336	Home Loan Servicing Solutions Ltd.		6,020,590
	23,700	HomeStreet, Inc.		413,328
	1,200	OceanFirst Financial Corp.		19,092
	7,961	PennyMac Financial Services, Inc. (Class A Stock)*		120,450
	78,813	Provident Financial Services, Inc.		1,316,965
	227,246	Washington Federal, Inc.		4,763,076
	5,300	WSFS Financial Corp.		379,427

				21,146,200


		Tobacco—0.2%
	77,500	Universal Corp.		4,024,575


		Trading Companies & Distributors—1.7%
	13,150	Applied Industrial Technologies, Inc.		637,249
	148,602	CAI International, Inc.*		2,836,812
	40,000	DXP Enterprises, Inc.*		2,841,200
	200,127	GATX Corp.		12,407,874
	188,733	TAL International Group, Inc.*(a)		8,341,999
	75,900	WESCO International, Inc.*(a)		5,957,391

				33,022,525


		Water Utilities
	4,700	American States Water Co.		143,585
	2,400	Artesian Resources Corp. (Class A Stock)		52,296
	3,900	California Water Service Group		88,803

				284,684


		Wireless Telecommunication Services—0.5%
	41,500	RingCentral, Inc. (Class A Stock)*(a)		619,595
	70,500	SBA Communications Corp. (Class A Stock)*		7,538,565
	41,246	Telephone & Data Systems, Inc.		1,031,150

				9,189,310

		TOTAL COMMON STOCKS (cost $1,507,346,325)		1,868,910,179


		EXCHANGE TRADED FUNDS—0.4%
	20,004	iShares Russell 2000 Index Fund(a)		2,222,244
	44,700	iShares Russell 2000 Value Index Fund(a)		4,307,739

		TOTAL EXCHANGE TRADED FUNDS (cost $6,248,683)		6,529,983

See Notes to Financial Statements.


96			The TARGET Portfolio Trust


SHARES		DESCRIPTION	VALUE (NOTE 1)
		UNAFFILIATED MUTUAL FUND—0.1%
	128,500	Central Fund of Canada Ltd. (Class A Stock) (Canada) (cost $1,871,404)	$	1,806,710

		TOTAL LONG-TERM INVESTMENTS (cost $1,515,466,412)		1,877,246,872


		SHORT-TERM INVESTMENTS—11.7%

		AFFILIATED MONEY MARKET MUTUAL FUND—11.7%
	225,765,610	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $225,765,610; includes $169,391,744 of cash collateral for securities on loan)(b)(w)(Note 3)		225,765,610

PRINCIPAL AMOUNT (000)#
		U.S. TREASURY OBLIGATION
	575	U.S. Treasury Notes(k) 0.250%, 11/30/14 (cost $575,276)		575,360

		TOTAL SHORT-TERM INVESTMENTS (cost $226,340,886)		226,340,970

		TOTAL INVESTMENTS—109.3% (cost $1,741,807,298; Note 5)		2,103,587,842
		Liabilities in excess of other assets(x)—(9.3%)		(178,449,917	)

		NET ASSETS—100.0%	$	1,925,137,925

*	Non-income producing security.

#	Principal or notional 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 $161,683,782; cash collateral of $169,391,744 (included in 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.

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

Futures contracts open at July 31, 2014:


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at July 31, 2014		Unrealized Depreciation⁽¹⁾
Long Position:
51	Russell 2000 Mini Index	Sep. 2014	$	5,925,635	$	5,695,170	$	(230,465	)

⁽¹⁾	U.S. Treasury security with a market value of $446,967 has been segregated with Goldman Sachs & Co. to cover requirements for open contacts at July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			97

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 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 July 31, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	64,354,486	$	—	$	—
Air Freight & Logistics		267,120		—		—
Airlines		8,935,746		—		—
Auto Components		8,601,982		—		—
Automobiles		210,185		—		—
Banks		159,312,630		—		—
Biotechnology		4,314,979		—		—
Building Products		4,364,423		—		—
Capital Markets		56,291,398		—		—
Chemicals		51,462,077		—		—
Commercial Services & Supplies		46,749,399		—		—
Communications Equipment		16,952,664		—		—
Construction & Engineering		14,094,895		—		—
Consumer Finance		27,934,184		—		—
Containers & Packaging		37,780,335		—		—
Distributors		122,720		—		—
Diversified Consumer Services		7,047,211		—		—
Diversified Financial Services		2,861,795		—		—
Diversified Telecommunication Services		7,440,553		—		—
Electric Utilities		37,061,327		—		—
Electrical Equipment		37,498,293		—		—
Electronic Equipment, Instruments & Components		66,872,141		—		—
Energy Equipment & Services		58,943,582		—		—
Food & Staples Retailing		24,478,106		—		—
Food Products		23,682,168		—		—
Gas Utilities		26,508,901		—		—
Health Care Equipment & Supplies		53,439,765		—		—
Health Care Providers & Services		60,229,500		—		—
Health Care Technology		5,859,196		—		—
Hotels, Restaurants & Leisure		27,008,510		—		—
Household Durables		12,474,329		—		—
Household Products		57,846		—		—
Independent Power & Renewable Electricity Producers		1,274,400		—		—
Insurance		166,446,381		—		—
Internet & Catalog Retail		7,435,959		—		—

See Notes to Financial Statements.


98			The TARGET Portfolio Trust


	Level 1			Level 2		Level 3
Investments in Securities (continued)
Internet Software & Services	$	7,785,781		$	—	$	—
IT Services		60,260,432			—		—
Leisure Products		11,166,636			—		—
Life Sciences Tools & Services		17,387,828			—		—
Machinery		95,594,625			—		—
Marine		2,894,469			—		—
Media		14,468,061			—		—
Metals & Mining		43,361,282			—		—
Multi-Utilities		5,477,479			—		—
Multiline Retail		3,554,413			—		—
Oil, Gas & Consumable Fuels		79,368,422			—		—
Paper & Forest Products		15,380,444			—		—
Personal Products		1,364,073			—		—
Pharmaceuticals		4,616,787			—		—
Professional Services		21,016,280			—		—
Real Estate Investment Trusts (REITs)		103,979,418			—		—
Real Estate Management & Development		1,793,454			—		—
Road & Rail		14,156,104			—		—
Semiconductors & Semiconductor Equipment		41,371,012			—		—
Software		49,099,707			—		—
Specialty Retail		61,525,698			—		—
Technology Hardware, Storage & Peripherals		3,898,717			—		—
Textiles, Apparel & Luxury Goods		13,352,577			—		—
Thrifts & Mortgage Finance		21,146,200			—		—
Tobacco		4,024,575			—		—
Trading Companies & Distributors		33,022,525			—		—
Water Utilities		284,684			—		—
Wireless Telecommunication Services		9,189,310			—		—
Exchange Traded Funds		6,529,983			—		—
Unaffiliated Mutual Fund		1,806,710			—		—
Affiliated Money Market Mutual Fund		225,765,610			—		—
U.S. Treasury Obligation		—			575,360		—
*Other Financial Instruments:**
Futures Contracts		(230,465	)		—		—

Total	$	2,102,782,017		$	575,360	$	—

*	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 July 31, 2014 was as follows (unaudited):


Affiliated Money Market Mutual Fund (including 8.8% of collateral for securities on loan)	11.7	%
Insurance	8.6
Banks	8.3
Real Estate Investment Trusts (REITs)	5.4
Machinery	5.0
Oil, Gas & Consumable Fuels	4.1
Electronic Equipment, Instruments & Components	3.5	%
Aerospace & Defense	3.3
Specialty Retail	3.2
Energy Equipment & Services	3.1
Health Care Providers & Services	3.1
IT Services	3.1
Capital Markets	2.9

See Notes to Financial Statements.


The TARGET Portfolio Trust			99

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


Industry (cont’d.)
Health Care Equipment & Supplies	2.8	%
Chemicals	2.7
Software	2.6
Commercial Services & Supplies	2.4
Metals & Mining	2.3
Semiconductors & Semiconductor Equipment	2.1
Containers & Packaging	2.0
Electric Utilities	1.9
Electrical Equipment	1.9
Trading Companies & Distributors	1.7
Consumer Finance	1.5
Gas Utilities	1.4
Hotels, Restaurants & Leisure	1.4
Food & Staples Retailing	1.3
Food Products	1.2
Professional Services	1.1
Thrifts & Mortgage Finance	1.1
Communications Equipment	0.9
Life Sciences Tools & Services	0.9
Media	0.8
Paper & Forest Products	0.8
Construction & Engineering	0.7
Road & Rail	0.7
Textiles, Apparel & Luxury Goods	0.7
Household Durables	0.6
Leisure Products	0.6
Airlines	0.5	%
Wireless Telecommunication Services	0.5
Auto Components	0.4
Diversified Consumer Services	0.4
Diversified Telecommunication Services	0.4
Exchange Traded Funds	0.4
Internet & Catalog Retail	0.4
Internet Software & Services	0.4
Health Care Technology	0.3
Multi-Utilities	0.3
Biotechnology	0.2
Building Products	0.2
Marine	0.2
Multiline Retail	0.2
Pharmaceuticals	0.2
Technology Hardware, Storage & Peripherals	0.2
Tobacco	0.2
Diversified Financial Services	0.1
Independent Power & Renewable Electricity Producers	0.1
Personal Products	0.1
Real Estate Management & Development	0.1
Unaffiliated Mutual Fund	0.1

	109.3
Liabilities in excess of other assets	(9.3	)

	100.0	%

See Notes to Financial Statements.


100			The TARGET Portfolio Trust


Portfolio of Investments As of July 31, 2014		*International Equity Portfolio*


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—95.4%

		COMMON STOCKS

		Australia—3.8%
	645,700	Arrium Ltd.	$	485,170
	166,700	Ausdrill Ltd.		166,712
	165,969	Bank of Queensland Ltd.		1,915,452
	91,300	Bendigo & Adelaide Bank Ltd.		1,074,162
	125,300	Bradken Ltd.		520,722
	248,800	Challenger Ltd.		1,842,479
	288,000	Downer EDI Ltd.		1,284,565
	355,100	Fortescue Metals Group Ltd.		1,591,997
	51,200	GrainCorp Ltd. (Class A Stock)		411,586
	178,100	Lend Lease Group		2,222,542
	259,000	Metcash Ltd.		700,403
	75,100	Mineral Resources Ltd.		762,581
	54,600	National Australia Bank Ltd.		1,772,840
	46,600	Orica Ltd.		941,183
	914,400	Pacific Brands Ltd.		476,067
	260,000	Primary Health Care Ltd.		1,162,563
	237,600	Toll Holdings Ltd.		1,193,649

				18,524,673


		Austria—0.5%
	39,100	OMV AG		1,572,543
	18,000	Voestalpine AG		792,137

				2,364,680


		Belgium—1.0%
	102,600	AGFA-Gevaert NV*		306,508
	27,290	Anheuser-Busch InBev NV		2,945,478
	25,400	Delhaize Group SA		1,657,526
	16,878	Dexia SA*		678

				4,910,190


		Brazil—0.1%
	17,525	Embraer SA, ADR		666,651


		Canada—0.6%
	43,973	Canadian National Railway Co.		2,939,599


		China—2.7%
	12,856	Baidu, Inc., ADR*		2,777,539
	381,789	China Mobile Ltd.		4,171,673
	3,747,365	Industrial & Commercial Bank of China Ltd. (Class H Stock)		2,555,769
	1,482,000	Poly Property Group Co. Ltd.		719,159
	1,824,000	Shougang Fushan Resources Group Ltd.		477,767

See Notes to Financial Statements.


The TARGET Portfolio Trust			101

International Equity Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		China (continued)
	141,641	Tencent Holdings Ltd.	$	2,300,216

				13,002,123


		Denmark—1.3%
	600	A.P. Moeller—Maersk A/S (Class B Stock)		1,398,792
	102,911	Novo Nordisk A/S (Class B Stock)		4,737,218

				6,136,010


		Finland—0.7%
	50,175	Kone Oyj (Class B Stock)		2,109,739
	41,200	Tieto Oyj		1,095,154

				3,204,893


		France—9.5%
	46,945	Accor SA		2,273,429
	16,261	Air Liquide SA		2,069,275
	37,700	Alstom SA		1,355,887
	6,200	Arkema SA		574,851
	62,600	AXA SA		1,438,210
	32,000	BNP Paribas SA		2,123,306
	37,269	Cie Generale des Etablissements Michelin		4,088,380
	73,800	CNP Assurances		1,449,909
	97,828	Credit Agricole SA*		1,323,356
	42,900	Electricite de France		1,385,831
	25,787	LVMH Moet Hennessy Louis Vuitton SA		4,435,923
	48,425	Publicis Groupe SA		3,513,387
	19,800	Renault SA		1,652,901
	30,000	Sanofi		3,149,719
	26,100	SCOR SE		839,604
	24,200	Societe Generale SA		1,214,897
	37,000	Thales SA		2,104,356
	121,173	Total SA		7,814,999
	20,400	Valeo SA		2,444,275
	37,300	Vivendi SA		936,163

				46,188,658


		Germany—6.7%
	27,221	Adidas AG		2,155,476
	18,300	Allianz SE		3,046,688
	3,600	Aurubis AG		174,811
	21,900	BASF SE		2,266,512
	12,900	Bayerische Motoren Werke AG		1,536,644
	6,900	Continental AG		1,486,011
	37,400	Daimler AG		3,086,192

See Notes to Financial Statements.


102			The TARGET Portfolio Trust


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

		Germany (continued)
	70,572	Deutsche Bank AG	$	2,413,449
	24,600	DMG Mori Seiki AG		751,426
	54,400	E.ON SE		1,026,978
	48,100	Freenet AG		1,269,188
	47,846	Fresenius Medical Care AG & Co. KGaA		3,316,575
	12,800	Hannover Rueck SE		1,092,652
	7,400	Heidelberger Druckmaschinen AG*		24,190
	12,600	Muenchener Rueckversicherungs AG		2,673,363
	18,900	Rheinmetall AG		1,145,561
	22,000	RWE AG		883,262
	31,800	Stada Arzneimittel AG		1,313,208
	12,100	Volkswagen AG		2,790,474

				32,452,660


		Hong Kong—3.5%
	830,424	AIA Group Ltd.		4,448,914
	97,000	Cheung Kong Holdings Ltd.		1,873,991
	583,200	First Pacific Co. Ltd.		697,210
	134,041	Hong Kong Exchanges and Clearing Ltd.		3,002,616
	1,087,000	Huabao International Holdings Ltd.		789,321
	292,680	Kingboard Chemical Holdings Ltd.		614,164
	423,996	Sands China Ltd.		3,112,848
	2,444,000	Skyworth Digital Holdings Ltd.		1,206,365
	410,800	Yue Yuen Industrial Holdings Ltd.		1,372,827

				17,118,256


		Ireland—0.3%
	33,100	Permanent TSB Group Holdings PLC (Chi-X)*		3,413
	15,500	Permanent TSB Group Holdings PLC (XLON)*		1,660
	66,600	Smurfit Kappa Group PLC		1,445,297

				1,450,370


		Israel—0.7%
	182,600	Bank Hapoalim BM		1,065,152
	16,000	Elbit Systems Ltd.		1,002,636
	29,400	Teva Pharmaceutical Industries Ltd.		1,574,250

				3,642,038


		Italy—1.6%
	361,000	Enel SpA		2,055,161
	104,300	Eni SpA		2,654,003
	693,501	Intesa Sanpaolo SpA		2,059,431
	682,500	Telecom Italia SpA*(a)		786,438

				7,555,033


		Japan—17.8%
	18,300	Alfresa Holdings Corp.		1,092,520
	22,600	Alpine Electronics, Inc.		356,017

See Notes to Financial Statements.


The TARGET Portfolio Trust			103

International Equity Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Japan (continued)
	36,400	Aoyama Trading Co. Ltd.	$	927,549
	513,000	Aozora Bank Ltd.		1,743,218
	124,000	Asahi Kasei Corp.		979,987
	156,000	Bank of Yokohama Ltd. (The)		887,661
	147,000	Calsonic Kansei Corp.		966,809
	65,200	Daihatsu Motor Co. Ltd.		1,157,306
	17,062	FANUC Corp.		2,948,831
	243,000	Fukuoka Financial Group, Inc.		1,243,122
	30,600	Fuyo General Lease Co. Ltd.		1,228,846
	51,900	Heiwa Corp.		1,222,529
	16,700	Hogy Medical Co. Ltd		932,679
	69,869	Japan Tobacco, Inc.		2,457,121
	169,160	JX Holdings, Inc.		869,838
	35,300	KDDI Corp.		2,029,147
	49,200	Keihin Corp.		754,520
	295,651	Kubota Corp.		3,892,333
	56,000	KYORIN Holdings, Inc.		1,153,854
	78,200	Kyowa Exeo Corp.		1,083,432
	247,900	Marubeni Corp.		1,742,252
	26,500	Matsumotokiyoshi Holdings Co. Ltd.		870,204
	27,100	Megmilk Snow Brand Co. Ltd.		351,023
	9,100	Miraca Holdings, Inc.		421,147
	58,300	Mitsubishi Corp.		1,228,490
	103,869	Mitsubishi Estate Co. Ltd.		2,539,917
	719,147	Mitsubishi UFJ Financial Group, Inc.		4,241,028
	130,500	Mitsui & Co. Ltd.		2,092,881
	719,300	Mizuho Financial Group, Inc.		1,396,502
	245,000	Morinaga Milk Industry Co. Ltd.		878,327
	36,300	Namco Bandai Holdings, Inc.		918,710
	65,700	Nichii Gakkan Co.		560,780
	75,407	Nippon Telegraph & Telephone Corp.		5,007,349
	254,300	Nishi-Nippon City Bank Ltd. (The)		660,197
	127,600	Nissan Motor Co. Ltd.		1,251,808
	110,000	NTT DOCOMO, Inc.		1,928,977
	67,200	Otsuka Holdings Co. Ltd.		2,139,837
	432,600	Resona Holdings, Inc.		2,410,698
	213,000	Sankyu, Inc.		1,037,156
	82,000	Seino Holdings Co. Ltd.		881,600
	36,500	Shimachu Co. Ltd.		846,274
	28,200	Shizuoka Gas Co. Ltd.		185,757
	161,300	SKY Perfect JSAT Holdings, Inc.		956,483
	29,477	SoftBank Corp.		2,119,050
	149,600	Sumitomo Corp.		1,971,437
	57,000	Sumitomo Metal Mining Co. Ltd.		949,577

See Notes to Financial Statements.


104			The TARGET Portfolio Trust


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

		Japan (continued)
	52,700	Sumitomo Mitsui Financial Group, Inc.	$	2,148,288
	708,737	Sumitomo Mitsui Trust Holdings, Inc.		3,084,215
	203,400	Toagosei Co. Ltd.		856,973
	51,700	Toho Holdings Co. Ltd.		976,060
	13,443	Tokyo Electron Ltd.		878,142
	50,400	Toppan Forms Co. Ltd.		492,598
	102,058	Toyota Motor Corp.		6,025,510
	45,800	Tsumura & Co.		1,101,114
	9,400	Tsuruha Holdings, Inc.		539,603
	65,900	UNY Group Holdings Co. Ltd.		391,747
	30,200	West Japan Railway Co.		1,369,761
	130,100	Yokohama Rubber Co. Ltd. (The)		1,126,465

				86,505,256


		Liechtenstein—0.1%
	3,800	Verwaltungs-und Privat-Bank AG(g)		328,671


		Mexico—0.1%
	12,700	America Movil SAB De CV		299,339


		Netherlands—4.1%
	175,900	Aegon NV		1,426,487
	24,475	ASML Holding NV		2,308,238
	386,836	ING Groep NV, CVA*		5,024,055
	113,907	Koninklijke Ahold NV		1,986,114
	58,601	Koninklijke Philips NV		1,806,111
	4,300	Royal Dutch Shell PLC (Class A Stock)		176,825
	162,900	Royal Dutch Shell PLC (Class B Stock)		7,014,790

				19,742,620


		New Zealand—0.3%
	825,600	Air New Zealand Ltd.		1,383,920


		Norway—1.5%
	94,500	DNB ASA		1,674,690
	11,700	Fred Olsen Energy ASA		265,533
	116,300	Marine Harvest ASA		1,581,968
	66,900	Statoil ASA		1,911,639
	37,700	Yara International ASA		1,727,771

				7,161,601


		Portugal—0.2%
	226,600	EDP-Energias de Portugal SA		1,061,185


		Singapore—0.7%
	168,000	DBS Group Holdings Ltd.		2,447,649
	56,000	United Overseas Bank Ltd.		1,080,724

				3,528,373

See Notes to Financial Statements.


The TARGET Portfolio Trust			105

International Equity Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Spain—3.0%
	22,600	ACS Actividades de Construccion y Servicios SA	$	988,276
	60,450	Amadeus IT Holding SA (Class A Stock)		2,378,740
	264,868	Banco Bilbao Vizcaya Argentaria SA		3,255,936
	211,617	Banco Santander SA		2,126,172
	86,900	Gas Natural SDG SA		2,669,801
	63,100	Repsol SA		1,573,557
	89,000	Telefonica SA		1,450,919

				14,443,401


		Sweden—3.0%
	87,100	Boliden AB		1,411,032
	57,992	Hennes & Mauritz AB (Class B Stock)		2,370,798
	147,900	Nordea Bank AB		1,983,453
	17,400	Oriflame Cosmetics SA, SDR(a)		377,351
	71,400	Securitas AB (Class B Stock)		830,150
	67,400	Svenska Cellulosa AB SCA (Class B Stock)		1,659,796
	61,000	Swedbank AB (Class A Stock)		1,562,675
	203,600	Telefonaktiebolaget LM Ericsson (Class B Stock)		2,535,204
	249,900	TeliaSonera AB		1,871,684

				14,602,143


		Switzerland—8.9%
	13,600	Baloise Holding AG		1,637,511
	4,400	Bucher Industries AG		1,322,781
	72,936	Credit Suisse Group AG*		1,978,590
	2,200	Georg Fischer AG*		1,453,820
	2,000	Helvetia Holding AG		974,535
	25,953	Holcim Ltd.*		2,076,668
	53,482	Julius Baer Group Ltd.*		2,268,821
	9,200	Lonza Group AG*		1,020,222
	70,740	Nestle SA		5,237,595
	100,509	Novartis AG		8,744,147
	16,520	Roche Holding AG		4,794,199
	8,400	Swiss Life Holding AG*		1,942,486
	40,700	Swiss Re AG*		3,459,806
	203,679	UBS AG*		3,499,519
	8,700	Zurich Insurance Group AG*		2,527,436

				42,938,136


		Taiwan—0.6%
	138,583	Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a)		2,771,660


		United Kingdom—17.1%
	152,600	3i Group PLC		969,238
	80,600	Alent PLC		455,179

See Notes to Financial Statements.


106			The TARGET Portfolio Trust


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

		United Kingdom (continued)
	53,000	AMEC PLC	$	1,014,570
	51,900	Anglo American PLC		1,393,830
	77,700	AstraZeneca PLC		5,673,400
	544,560	Aviva PLC		4,608,511
	346,800	BAE Systems PLC		2,499,379
	300,600	Barclays PLC		1,139,486
	313,989	Beazley PLC		1,289,559
	32,000	Bellway PLC		812,257
	612,900	BP PLC		4,991,318
	789,486	BT Group PLC		5,168,704
	84,106	Burberry Group PLC		1,999,926
	219,400	Carillion PLC		1,233,927
	243,200	Centrica PLC		1,267,188
	126,752	Compass Group PLC		2,065,376
	80,900	Dairy Crest Group PLC		572,565
	507,900	Debenhams PLC		564,544
	225,758	Experian PLC		3,862,898
	31,400	GlaxoSmithKline PLC		756,703
	142,100	Home Retail Group PLC		396,919
	259,200	HSBC Holdings PLC (XLON)		2,778,872
	204,800	Intermediate Capital Group PLC		1,387,438
	397,300	J. Sainsbury PLC		2,094,123
	757,697	Kingfisher PLC		3,827,046
	257,700	Legal & General Group PLC		1,016,648
	144,620	Marston’s PLC		350,618
	38,574	Micro Focus International PLC		552,006
	71,700	Mondi PLC		1,255,756
	524,912	Old Mutual PLC		1,726,847
	166,100	Pace PLC		893,132
	69,966	Pearson PLC		1,347,794
	52,900	Petrofac Ltd.		974,862
	57,417	Reckitt Benckiser Group PLC		5,068,643
	36,800	Rio Tinto Ltd.		2,235,366
	30,928	Rio Tinto PLC		1,767,666
	54,738	SABMiller PLC		2,980,582
	115,684	Standard Chartered PLC		2,399,036
	73,600	Tate & Lyle PLC		772,698
	402,500	Tesco PLC		1,746,341
	153,300	Tullett Prebon PLC		638,867
	80,600	Vesuvius PLC		630,909
	61,300	WH Smith PLC		1,166,576
	568,100	Wm Morrison Supermarkets PLC		1,612,444
	56,314	WPP PLC		1,121,022

				83,080,769


		United States—5.0%
	42,136	Accenture PLC (Class A Stock)		3,340,542
	18,545	Actavis, Inc.*		3,973,452

See Notes to Financial Statements.


The TARGET Portfolio Trust			107

International Equity Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		United States (continued)
	93,300	Boart Longyear Ltd.*(a)	$	16,040
	64,327	Carnival PLC		2,331,719
	43,253	Ensco PLC (Class A Stock)(a)		2,190,764
	68,756	Liberty Global PLC (Class C Stock)*		2,749,552
	53,682	Lululemon Athletica, Inc.*(a)		2,065,147
	42,170	MasterCard, Inc. (Class A Stock)		3,126,905
	23,068	Schlumberger Ltd.		2,500,341
	25,769	Yum! Brands, Inc.		1,788,369

				24,082,831

		TOTAL LONG-TERM INVESTMENTS (cost $400,559,419)		462,085,739


		SHORT-TERM INVESTMENT—5.3%

		AFFILIATED MONEY MARKET MUTUAL FUND
	25,912,369	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $25,912,369; includes $8,780,409 of cash collateral for securities on loan)(b)(w)		25,912,369

		TOTAL INVESTMENTS—100.7% (cost $426,471,788; Note 5)		487,998,108
		Liabilities in excess of other assets(x)—(0.7%)		(3,506,405	)

		NET ASSETS—100.0%	$	484,491,703

*	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 $8,128,312; cash collateral of $8,780,409 (included in 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 July 31, 2014:


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation
Euro,
Expiring 10/28/14	State Street Bank	EUR	9,310	$	12,856,409	$	12,470,749	$	385,660
Japanese Yen,
Expiring 10/02/14	State Street Bank	JPY	1,358,441		13,423,997		13,211,551		212,446

				$	26,280,406	$	25,682,300	$	598,106

See Notes to Financial Statements.


108			The TARGET Portfolio Trust

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

Level 1—quoted prices generally 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 July 31, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	700,403	$	17,824,270	$	—
Austria		—		2,364,680		—
Belgium		307,186		4,603,004		—
Brazil		666,651		—		—
Canada		2,939,599		—		—
China		3,255,306		9,746,817		—
Denmark		—		6,136,010		—
Finland		—		3,204,893		—
France		—		46,188,658		—
Germany		—		32,452,660		—
Hong Kong		—		17,118,256		—
Ireland		5,073		1,445,297		—
Israel		—		3,642,038		—
Italy		—		7,555,033		—
Japan		—		86,505,256		—
Liechtenstein		328,671		—		—
Mexico		299,339		—		—
Netherlands		—		19,742,620		—
New Zealand		—		1,383,920		—
Norway		1,727,771		5,433,830		—
Portugal		—		1,061,185		—
Singapore		—		3,528,373		—
Spain		—		14,443,401		—
Sweden		377,351		14,224,792		—
Switzerland		—		42,938,136		—
Taiwan		2,771,660		—		—
United Kingdom		2,153,591		80,927,178		—
United States		24,082,831		—		—
Affiliated Money Market Mutual Fund		25,912,369		—		—
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts		—		598,106		—

Total	$	65,527,801	$	423,068,413	$	—

*	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.

See Notes to Financial Statements.


The TARGET Portfolio Trust			109

International Equity Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2014 was as follows (unaudited):


Banks	10.9	%
Pharmaceuticals	8.0
Insurance	7.4
Oil, Gas & Consumable Fuels	5.9
Affiliated Money Market Mutual Fund (including 1.8% of collateral for securities on loan)	5.3
Automobiles	3.5
Diversified Telecommunication Services	3.2
Machinery	2.9
Capital Markets	2.8
Hotels, Restaurants & Leisure	2.5
Wireless Telecommunication Services	2.5
Diversified Financial Services	2.4
Metals & Mining	2.4
Textiles, Apparel & Luxury Goods	2.4
Chemicals	2.3
Food & Staples Retailing	2.3
Auto Components	2.2
Food Products	2.1
IT Services	2.0
Media	2.0
Specialty Retail	1.9
Energy Equipment & Services	1.5
Health Care Providers & Services	1.5
Real Estate Management & Development	1.5
Trading Companies & Distributors	1.5
Household Products	1.3
Road & Rail	1.3
Semiconductors & Semiconductor Equipment	1.3
Aerospace & Defense	1.2
Beverages	1.2
Internet Software & Services	1.1
Electric Utilities	0.9	%
Commercial Services & Supplies	0.8
Professional Services	0.8
Communications Equipment	0.7
Multi-Utilities	0.7
Construction & Engineering	0.6
Gas Utilities	0.6
Household Durables	0.6
Industrial Conglomerates	0.6
Tobacco	0.5
Construction Materials	0.4
Leisure Products	0.4
Airlines	0.3
Containers & Packaging	0.3
Electrical Equipment	0.3
Marine	0.3
Paper & Forest Products	0.3
Air Freight & Logistics	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
Personal Products	0.1
Software	0.1

	100.7
Liabilities in excess of other assets	(0.7	)

	100.0	%

See Notes to Financial Statements.


110			The TARGET Portfolio Trust

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	$	598,106	$	—	$	—	$	598,106

Counterparty

Gross amounts of
recognized liabilities(2)

Gross amounts
available for offset

Collateral
Pledged(3)

Net Amount

State Street Bank

—

(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 Portfolio. Such amounts are applied up to 100% of the Portfolio’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.


The TARGET Portfolio Trust			111


*Total Return Bond Portfolio*		Portfolio of Investments As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—90.2%

		ASSET-BACKED SECURITIES—10.4%

		Collateralized Loan Obligations—0.4%
	1,700	CIFC Funding Ltd., Series 2012-1AR, Class A1R, 144A(g) 1.382%(c), 08/14/24	$	1,700,000


		Non-Residential Mortgage-Backed Securities—6.2%
	3,484	Ally Auto Receivables Trust, Series 2012-4, Class A3 0.590%, 01/17/17		3,487,209
	3,400	Series 2014-1, Class A2 0.480%, 02/15/17		3,398,691
	1,278	Banc of America Funding Ltd., Series 2012-R5, Class A, 144A(g) 0.411%(c), 10/03/39		1,266,807
	3,400	Citibank Omni Master Trust, Series 2009-A17, Class A17, 144A 4.900%, 11/15/18		3,443,720
	3,156	Ford Credit Auto Owner Trust, Series 2014-B, Class A1, 144A 0.180%, 07/15/15		3,156,201
	2,994	Hyundai Auto Lease Securitization Trust, Series 2014-B, Class A1, 144A 0.200%, 07/15/15		2,994,174
	3,121	Nissan Auto Lease Trust, Series 2014-A, Class A1 0.180%, 06/15/15		3,120,596
	2,821	SLM Student Loan Trust, Series 2008-9, Class A 1.734%(c), 04/25/23		2,928,620
	2,100	Toyota Auto Receivables Owner Trust, Series 2014-B, Class A2 0.400%, 12/15/16		2,097,157

				25,893,175


		Residential Mortgage-Backed Securities—3.8%
	3,217	ABFC Trust, Series 2006-HE1, Class A2C 0.315%(c), 01/25/37		2,004,635
	3,846	Bear Stearns Asset Backed Securities I Trust, Series 2007-HE5, Class 1A2 0.335%(c), 06/25/47		3,701,670
	700	Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH3, Class A4 0.395%(c), 10/25/36		655,876

See Notes to Financial Statements.


112			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		ASSET-BACKED SECURITIES (continued)

		Residential Mortgage-Backed Securities (continued)
	1,000	Countrywide Asset-Backed Certificates, Series 2005-16, Class MV1 0.612%(c), 05/25/36	$	826,157
	1,868	Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB6, Class A3, 144A 0.375%(c), 07/25/37		1,235,701
	2,000	Option One Mortgage Loan Trust Asset-Backed Certificates, Series 2005-4, Class M2 0.615%(c), 11/25/35		1,478,714
	1,800	Ownit Mortgage Loan Trust, Series 2005-2, Class M4 1.085%(c), 03/25/36		1,769,576
	2,200	Securitized Asset Backed Receivables LLC Trust, Series 2005-FR5, Class M1 0.595%(c), 08/25/35		1,353,425
	2,422	Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class M1 0.980%(c), 05/25/35		2,258,748
	304	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-7XS, Class 2A1A 1.651%(c), 04/25/35		295,056

				15,579,558

		TOTAL ASSET-BACKED SECURITIES (cost $42,895,011)		43,172,733


		CERTIFICATES OF DEPOSIT(n)—0.4%
	1,000	Banco Bilbao Vizcaya Argentaria (Spain) 1.075%, 05/16/16		999,642
	600	Intesa Sanpaolo SpA (Italy) 1.614%, 04/11/16		605,789

		TOTAL CERTIFICATES OF DEPOSIT (cost $1,605,430)		1,605,431


		COMMERCIAL MORTGAGE-BACKED SECURITIES—0.5%
	800	Banc of America Commercial Mortgage Trust, Series 2007-3, Class A5 5.377%, 06/10/49		876,858
	15,616	UBS - Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, IO, 144A 1.135%(c), 03/10/46		1,089,842

		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,064,182)		1,966,700


		CORPORATE BONDS—35.9%

		Airlines—0.1%
	403	UAL 1991 Equipment Trust AB, Equipment Trust(g)(i) 10.850%, 02/19/15		197,461

See Notes to Financial Statements.


The TARGET Portfolio Trust			113

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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	$	1,217,378


		Automobiles—1.5%
	2,000	Daimler Finance North America LLC (Germany), Gtd. Notes, 144A 0.834%(c), 01/09/15		2,003,810
	2,600	1.300%, 07/31/15		2,618,023
	1,400	2.300%, 01/09/15		1,411,045

				6,032,878


		Banks—12.2%
	1,400	Banco Santander Chile (Chile), Sr. Unsec’d. Notes, 144A 1.134%(c), 04/11/17		1,399,975
	1,200	Bank of America Corp., Sr. Unsec’d. Notes 0.494%(c), 10/14/16		1,195,111
	800	7.625%, 06/01/19		979,152
	2,400	Sr. Unsec’d. Notes, MTN 3.625%, 03/17/16		2,501,623
	900	4.500%, 04/01/15		923,458
	2,000	5.650%, 05/01/18		2,249,228
GBP	300	5.750%, 12/12/14		514,889
	3,600	Bank Of Nova Scotia (Canada), Sr. Unsec’d. Notes 0.544%(c), 04/11/17		3,601,858
EUR	600	CaixaBank SA (Spain), Covered Bonds 3.250%, 10/05/15		828,024
EUR	200	5.125%, 04/27/16		288,306
	2,100	Citigroup, Inc., Sr. Unsec’d. Notes 0.904%(c), 11/15/16		2,109,815
	3,800	1.250%, 01/15/16		3,820,231
	2,450	Sub. Notes 4.875%, 05/07/15		2,526,891
	1,000	5.000%, 09/15/14		1,005,057
	1,300	HSBC USA, Inc., Sr. Unsec’d. Notes 2.375%, 02/13/15		1,313,962
	3,200	ING Bank NV (Netherlands), Unsec’d. Notes, 144A 0.574%(c), 01/04/16		3,199,075

See Notes to Financial Statements.


114			The TARGET Portfolio Trust


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

		Banks (continued)
	4,900	JPMorgan Chase & Co., Sr. Unsec’d. Notes, MTN 0.847%(c), 02/26/16	$	4,925,985
	6,400	0.894%(c), 10/15/15		6,433,811
	1,200	KBC Bank NV (Belgium), Sub. Notes 8.000%(c), 01/25/23		1,362,000
	3,100	Lloyds Bank PLC (United Kingdom), Jr. Sub. Notes, 144A(g) 12.000%(c), 12/29/49		4,526,000
	2,035	Royal Bank of Scotland Group PLC (United Kingdom), Sub. Notes 5.000%, 10/01/14		2,047,210
	2,700	Sumitomo Mitsui Trust Bank Ltd. (Japan), Gtd. Notes, 144A 1.800%, 03/28/18		2,688,941

				50,440,602


		Beverages—0.5%
	1,800	FBG Finance Pty. Ltd. (Australia), Gtd. Notes, 144A(g) 5.125%, 06/15/15		1,866,600


		Capital Markets—1.6%
	300	Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes 3.300%, 05/03/15		306,219
	300	6.150%, 04/01/18		341,206
	400	Sr. Unsec’d. Notes, MTN 0.632%(c), 07/22/15		400,222
	1,800	Morgan Stanley, Sr. Unsec’d. Notes, MTN 5.750%, 10/18/16		1,975,073
	3,200	6.625%, 04/01/18		3,701,149

				6,723,869


		Consumer Finance—4.4%
	1,000	Ally Financial, Inc., Gtd. Notes 2.750%, 01/30/17		1,001,250
	2,300	6.750%, 12/01/14		2,325,875
	3,600	8.000%, 03/15/20		4,212,000
	400	CitiFinancial, Inc., Sr. Unsec’d. Notes 6.625%, 06/01/15		417,800
	2,100	Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes 2.500%, 01/15/16		2,146,024
	2,000	5.625%, 09/15/15		2,104,722

See Notes to Financial Statements.


The TARGET Portfolio Trust			115

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Consumer Finance (continued)
	1,300	Sr. Unsec’d. Notes, MTN 0.673%(c), 11/08/16	$	1,299,416
	800	1.329%(c), 08/28/14		800,502
	3,200	John Deere Capital Corp., Sr. Unsec’d. Notes, MTN 0.363%(c), 04/12/16		3,201,046
	100	Springleaf Finance Corp., Gtd. Notes, MTN 5.400%, 12/01/15		103,750
	500	6.900%, 12/15/17		541,250

				18,153,635


		Diversified Financial Services—0.6%
	2,000	Anglo American Capital PLC (United Kingdom), Gtd. Notes, 144A(g) 1.184%(c), 04/15/16		2,006,004
	600	Navient LLC, Sr. Unsec’d. Notes, MTN 6.000%, 01/25/17		640,500

				2,646,504


		Diversified Telecommunication Services—2.6%
	1,300	AT&T, Inc., Sr. Unsec’d. Notes 0.654%(c), 03/30/17		1,302,375
	1,000	Telefonica Emisiones SAU (Spain), Gtd. Notes 0.880%(c), 06/23/17		1,000,556
	1,900	Verizon Communications, Inc., Sr. Unsec’d. Notes 0.630%(c), 06/09/17		1,903,196
	2,400	0.700%, 11/02/15		2,402,422
	1,000	1.761%(c), 09/15/16		1,026,433
	200	1.981%(c), 09/14/18		210,276
	2,200	2.500%, 09/15/16		2,270,710
	500	3.650%, 09/14/18		533,057

				10,649,025


		Food Products—0.5%
	2,100	ConAgra Foods, Inc., Sr. Unsec’d. Notes 0.603%(c), 07/21/16		2,099,141

See Notes to Financial Statements.


116			The TARGET Portfolio Trust


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

		Health Care Equipment & Supplies—1.3%
	5,300	Covidien International Finance SA, Gtd. Notes 1.350%, 05/29/15	$	5,336,814


		Health Care Providers & Services—0.9%
	2,200	HCA, Inc., Sr. Unsec’d. Notes 6.375%, 01/15/15		2,241,250
	1,400	Sr. Unsec’d. Notes, MTN 9.000%, 12/15/14		1,433,250

				3,674,500


		Hotels, Restaurants & Leisure—0.9%
	2,000	MGM Resorts International, Gtd. Notes 6.625%, 07/15/15		2,080,000
	1,400	7.625%, 01/15/17		1,547,000

				3,627,000


		Insurance—0.5%
	2,000	Metropolitan Life Global Funding I, Sr. Sec’d. Notes, 144A(g) 1.700%, 06/29/15		2,023,376
	200	XLIT Ltd. (Ireland), Gtd. Notes 5.250%, 09/15/164		201,071

				2,224,447


		Media—1.8%
	3,700	Discovery Communications LLC, Gtd. Notes 3.700%, 06/01/15		3,798,002
	1,000	DISH DBS Corp., Gtd. Notes 6.625%, 10/01/14		1,006,250
	1,100	7.125%, 02/01/16		1,171,500
	1,500	7.750%, 05/31/15		1,571,250

				7,547,002


		Metals & Mining—0.6%
	2,500	Gerdau Trade, Inc. (Brazil), Gtd. Notes, 144A 5.750%, 01/30/21		2,650,000


		Oil, Gas & Consumable Fuels—1.5%
	1,900	Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes 0.609%(c), 03/30/16		1,905,774

See Notes to Financial Statements.


The TARGET Portfolio Trust			117

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Oil, Gas & Consumable Fuels (continued)
	300	El Paso LLC, Gtd. Notes, MTN 7.800%, 08/01/31	$	330,000
	2,300	Statoil ASA (Norway), Gtd. Notes 0.685%(c), 11/08/18		2,314,511
	1,300	Suncor Energy, Inc. (Canada), Sr. Unsec’d. Notes 6.850%, 06/01/39		1,717,959

				6,268,244


		Paper & Forest Products—0.9%
	3,600	International Paper Co., Sr. Unsec’d. Notes 5.250%, 04/01/16		3,832,103


		Pharmaceuticals—1.0%
	1,200	Cardinal Health, Inc., Sr. Unsec’d. Notes 6.000%, 06/15/17		1,347,987
	1,300	Teva Pharmaceutical Finance II BV/Teva Pharmaceutical Finance III LLC (Israel), Gtd. Notes 3.000%, 06/15/15		1,327,466
	1,275	Valeant Pharmaceuticals International, Gtd. Notes, 144A 6.750%, 08/15/21		1,326,000

				4,001,453


		Road & Rail—0.4%
	1,600	CSX Corp., Sr. Unsec’d. Notes 6.250%, 03/15/18		1,845,598


		Specialty Retail—0.5%
	1,900	L Brands, Inc., Sr. Unsec’d. Notes 6.900%, 07/15/17		2,128,000


		Technology Hardware, Storage & Peripherals—0.1%
	400	Apple, Inc., Sr. Unsec’d. Notes 2.850%, 05/06/21		401,502

See Notes to Financial Statements.


118			The TARGET Portfolio Trust


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

		Tobacco
	89	Altria Group, Inc., Gtd. Notes 9.700%, 11/10/18	$	115,359


		Trading Companies & Distributors—0.5%
	1,900	International Lease Finance Corp., Sr. Sec’d. Notes, 144A 7.125%, 09/01/18		2,175,500


		Wireless Telecommunication Services—0.7%
	1,900	Sprint Communications, Inc., Sr. Unsec’d. Notes 6.000%, 12/01/16		2,052,000
	700	9.125%, 03/01/17		805,000

				2,857,000

		TOTAL CORPORATE BONDS (cost $144,092,123)		148,711,615


		FOREIGN GOVERNMENT BONDS—17.5%
BRL	3,000	Brazil Letras do Tesouro Nacional (Brazil), Bills 10.810%(s), 07/01/15		1,201,609
BRL	7,000	10.870%(s), 04/01/15		2,876,888
BRL	5,000	10.880%(s), 10/01/15		1,946,263
BRL	11,000	10.930%(s), 01/01/15		4,636,305
BRL	7,400	11.240%(s), 01/01/17		2,503,671
EUR	1,700	Italy Buoni Poliennali del Tesoro (Italy), Bonds 1.150%, 05/15/17		2,301,055
EUR	700	2.250%, 05/15/16		967,014
EUR	200	3.000%, 06/15/15		273,956
EUR	600	3.000%, 11/01/15		829,506
EUR	6,500	3.750%, 08/01/15		8,993,083
EUR	400	3.750%, 04/15/16		565,399
EUR	3,900	3.750%, 08/01/16		5,553,374
EUR	3,700	4.500%, 07/15/15		5,146,756
EUR	2,500	4.750%, 09/15/16		3,639,937
EUR	1,400	4.750%, 06/01/17		2,082,174
EUR	500	Italy Certificati di Credito del Tesoro (Italy) 0.860%, 04/29/16		663,307
MXN	32,000	Mexican Bonos (Mexico), Bonds 9.500%, 12/18/14		2,477,304
EUR	1,100	Spain Government Bond (Spain), Bonds 2.100%, 04/30/17		1,531,425
EUR	200	3.150%, 01/31/16		279,134
EUR	500	3.250%, 04/30/16		703,261
EUR	3,300	3.300%, 07/30/16		4,670,861

See Notes to Financial Statements.


The TARGET Portfolio Trust			119

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		FOREIGN GOVERNMENT BONDS (continued)
EUR	800	3.750%, 10/31/15	$	1,117,103
EUR	8,900	4.000%, 07/30/15		12,349,048
EUR	1,300	4.250%, 10/31/16		1,886,410
EUR	1,300	Sr. Unsec’d. Notes 3.800%, 01/31/17		1,881,931
EUR	1,000	5.500%, 07/30/17		1,528,669

		TOTAL FOREIGN GOVERNMENT BONDS (cost $73,694,409)		72,605,443


		MUNICIPAL BONDS—4.2%

		California—1.4%
	4,300	Los Angeles County Public Works Financing Authority, Revenue Bonds, BABs 7.618%, 08/01/40		5,787,370


		Illinois—0.3%
	800	Chicago Transit Authority, Series B, Revenue Bonds 6.899%, 12/01/40		993,368


		Kentucky—1.0%
	800	Kentucky State Property & Building Commission, Revenue Bonds, BABs 4.303%, 11/01/19		860,712
	1,000	4.403%, 11/01/20		1,087,000
	1,900	5.373%, 11/01/25		2,147,228

				4,094,940


		New Jersey—0.1%
	500	New Jersey State Turnpike Authority, Revenue Bonds 5.000%, 01/01/27		569,890


		New York—1.4%
	1,400	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, BABs 4.725%, 11/01/23		1,544,144
	1,100	4.905%, 11/01/24		1,230,086
	1,100	5.075%, 11/01/25		1,243,506
	1,800	Port Authority of New York & New Jersey, Revenue Bonds 4.458%, 10/01/62		1,834,686

				5,852,422

		TOTAL MUNICIPAL BONDS (cost $15,883,355)		17,297,990

See Notes to Financial Statements.


120			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES—2.9%
	950	Alternative Loan Trust, Series 2006-OA17, Class 1A1A 0.351%(c), 12/20/46	$	746,450
	96	Series 2007-16CB, Class 5A1 6.250%, 08/25/37		79,798
	804	American Home Mortgage Assets Trust, Series 2006-1, Class 2A1 0.342%(c), 05/25/46		606,927
	78	Banc of America Funding Trust, Series 2006-I, Class 4A1 2.735%(c), 10/20/46		58,131
	46	Banc of America Mortgage Trust, Series 2005-B, Class 2A2 2.861%(c), 03/25/35		43,334
	876	BCAP LLC Trust, Series 2011-RR2, Class 1A1, 144A 2.885%(c), 07/26/36		884,676
	5	Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-11, Class 1A1 2.344%(c), 02/25/33		4,368
	766	Series 2005-4, Class 3A1 2.688%(c), 08/25/35		689,233
	634	Series 2007-3, Class 1A1 2.892%(c), 05/25/47		537,126
	224	Bear Stearns Alt-A Trust, Series 2005-4, Class 23A2 2.537%(c), 05/25/35		226,541
	2,131	CHL Mortgage Pass-Through Trust, Series 2005-29, Class A1 5.750%, 12/25/35		2,014,539
	194	Citigroup Mortgage Loan Trust, Series 2005-6, Class A2 2.280%(c), 09/25/35		195,016
	676	Series 2007-10, Class 22AA 2.885%(c), 09/25/37		569,169
	670	Countrywide Alternative Loan Trust, Series 2006-OA9, Class 2A1A 0.366%(c), 07/20/46		459,446
	356	FHLMC Structured Pass-Through Securities, Series T-61, Class 1A1 1.524%(c), 07/25/44		367,000
	739	Greenpoint Mortgage Pass-Through Certificates, Series 2003-1, Class A1 2.795%(c), 10/25/33		726,127
	1	Indymac ARM Trust, Series 2001-H2, Class A1 1.717%(c), 01/25/32		1,428
	199	Merrill Lynch Mortgage Investors Trust, Series 2005-A10, Class A 0.365%(c), 02/25/36		182,263

See Notes to Financial Statements.


The TARGET Portfolio Trust			121

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	2,576	Opteum Mortgage Acceptance Corp. Trust, Series 2006-1, Class 1A1B 0.345%(c), 04/25/36	$	2,525,527
	10	Residential Funding Mortgage Securities I Trust, Series 2003-S9, Class A1 6.500%, 03/25/32		10,244
	717	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR2, Class 2A1 2.613%(c), 03/25/36		718,207
	494	Series 2006-AR10, Class 1A1 2.610%(c), 07/25/36		479,884

		TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $11,407,481)		12,125,434


		U.S. GOVERNMENT AGENCY OBLIGATIONS—9.0%
	9	Federal Home Loan Mortgage Corp. 2.391%(c), 01/01/24		8,737
	10	2.403%(c), 09/01/35		11,019
	4,000	4.500%, TBA		4,301,656
	6	5.500%, 06/01/31		7,189
	5	7.500%, 09/01/16-07/01/17		5,128
	31	Federal National Mortgage Assoc. 1.841%(c), 01/01/20		32,385
	43	1.995%(c), 12/01/34		45,174
	31	3.275%(c), 05/01/36		33,006
	195	3.500%, 08/01/20		205,947
	285	4.000%, 12/01/40		300,673
	329	4.500%, 01/01/25-02/01/33		351,084
	1,000	4.500%, TBA		1,074,203
	15,000	5.000%, TBA		16,542,187
	13,000	5.000%, TBA		14,306,855
	99	Government National Mortgage Assoc. 1.625%(c), 02/20/17-11/20/29		99,606
	28	2.000%(c), 08/20/22-10/20/26		29,487
	24	8.500%, 06/15/30-08/20/30		27,206

		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $37,363,368)		37,381,542


		U.S. TREASURY OBLIGATIONS—9.4%
	3,200	U.S. Treasury Bonds 3.375%, 05/15/44		3,238,499
	9,400	U.S. Treasury Inflation Indexed Bonds, TIPS 0.125%, 07/15/22-01/15/23		9,718,305
	6,800	0.125%(h)(k), 01/15/22		7,158,949
	5,300	0.375%, 07/15/23		5,503,309
	3,800	1.125%(h)(k), 01/15/21		4,443,037

See Notes to Financial Statements.


122			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		U.S. TREASURY OBLIGATIONS (continued)
	100	1.250%(h), 07/15/20	$	118,600
	5,800	2.375%, 01/15/25		8,837,496

		TOTAL U.S. TREASURY OBLIGATIONS (cost $39,179,376)		39,018,195

		TOTAL LONG-TERM INVESTMENTS (cost $368,184,735)		373,885,083


		SHORT-TERM INVESTMENTS—20.5%

		COMMERCIAL PAPER(n)—7.9%
	3,300	Eni Finance USA, Inc. 0.573%, 05/15/15		3,288,014
	3,800	Entergy Corp. 0.892%, 09/18/14		3,797,599
	2,000	0.953%, 08/05/14		1,999,898
	2,100	Glencore Funding LLC 0.451%, 09/15/14		2,099,250
	4,100	0.693%, 10/07/14		4,097,793
	2,200	Holcim US Finance Sarl & Cie SCS 0.390%, 09/12/14		2,199,267
	2,100	Kansas City Southern Railway Co. (The)(g) 0.550%, 08/14/14		2,099,583
	3,100	NiSource Finance Corp. 0.600%, 08/28/14		3,098,605
	1,100	0.620%, 08/26/14		1,099,526
	3,100	Thermo Fisher Scientific, Inc. 0.385%, 09/12/14		3,098,284
	1,400	0.410%, 09/03/14		1,399,381
	4,100	Vodafone Group PLC 0.513%, 06/01/15		4,083,084
	400	0.604%, 06/29/15		398,176

		TOTAL COMMERCIAL PAPER (cost $32,748,761)		32,758,460


		REPURCHASE AGREEMENTS(m)—7.8%
	3,100	Barclays Capital, Inc., 0.13%, dated 07/31/14, due 08/01/14 in the amount of $3,100,011		3,100,000
	8,300	Citigroup Global Markets, Inc., 0.13%, dated 07/31/14, due 08/01/14 in the amount of $8,300,030		8,300,000
	10,100	JP Morgan Securities LLC 0.13%, dated 07/31/14, due 08/01/14 in the amount of $10,100,036		10,100,000
	11,000	Morgan Stanley & Co. LLC, 0.13%, dated 07/31/14, due 08/01/14 in the amount of $11,000,040		11,000,000

		TOTAL REPURCHASE AGREEMENTS (cost $32,500,000)		32,500,000


		FOREIGN TREASURY OBLIGATIONS(n)—3.2%
EUR	1,000	Italy Certificati di Credito del Tesoro (Italy) 0.830%, 06/30/15		1,335,029

See Notes to Financial Statements.


The TARGET Portfolio Trust			123

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		FOREIGN TREASURY OBLIGATIONS(n) (continued)
MXN	653,000	Mexico Cetes (Mexico) 2.940%, 09/25/14	$	4,910,580
MXN	741,000	3.040%, 01/08/15		5,530,932
MXN	224,000	3.090%, 12/24/14		1,672,050

		TOTAL FOREIGN TREASURY OBLIGATIONS (cost $13,665,173)		13,448,591


		CERTIFICATES OF DEPOSIT(n)—1.3%
	2,100	Bank of Montreal (Canada) 0.193%, 12/08/14		2,100,286
CAD	3,100	Bank of Nova Scotia (Canada) 1.260%, 02/01/15		2,824,928
	300	Credit Suisse (Switzerland) 0.462%, 09/17/14		299,960

		TOTAL CERTIFICATES OF DEPOSIT (cost $5,226,553)		5,225,174


		AFFILIATED MONEY MARKET MUTUAL FUND—0.3%
	1,405,831	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $1,405,831)(w)		1,405,831

		TOTAL SHORT-TERM INVESTMENTS (cost $85,546,318)		85,338,056

		TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—110.7% (cost $453,731,053; Note 5)		459,223,139



Notional Amount (000)#		OPTIONS WRITTEN*	Counterparty

		Call Options
		Interest Rate Swap Options,
EUR	3,800	Pay a fixed rate of 1.20% and receive a floating rate based on 3-month LIBOR, expiring 01/20/15	Goldman Sachs & Co.	(15,943	)
	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	(76	)
	7,000	Pay a fixed rate of 2.55% and receive a floating rate based on 3-month LIBOR, expiring 10/14/14	Morgan Stanley	(20,295	)

				(36,314	)


		Put Options
	200	Currency Option USD vs JPY(g) expiring 02/18/19, Strike Price $80.00	Bank of America	(7,662	)
EUR	3,800	Interest Rate Swap Options, Receive a fixed rate of 1.60% and pay a floating rate based on 3-month LIBOR, expiring 01/20/15	Goldman Sachs & Co.	(45,054	)

See Notes to Financial Statements.


124			The TARGET Portfolio Trust


Notional Amount (000)#		DESCRIPTION	Counterparty	VALUE (NOTE 1)
		Put Options (continued)
	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	$	(24,810	)
	7,000	Receive a fixed rate of 2.95% and pay a floating rate based on 3-month LIBOR, expiring 10/14/14	Morgan Stanley		(32,428	)

					(109,954	)

		TOTAL OPTIONS WRITTEN (premiums received $201,671)			(146,268	)

		TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—110.7% (cost $453,529,382; Note 5)			459,076,871
		Liabilities in excess of other assets(x)—(10.7%)			(44,481,812	)

		NET ASSETS—100.0%		$	414,595,059

*	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 July 31, 2014.

(g)	Indicates a security or securities that has 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 $32,500,000. Repurchase Agreements are collateralized by U.S. Treasury Securities (coupon rates 0.875%-3.875%, maturity dates 07/31/19-05/15/43), with the aggregate value, including accrued interest, of $33,274,833. 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 as of 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 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 outstanding at July 31, 2014:


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at July 31, 2014		Unrealized Appreciation (Depreciation)⁽¹⁾
Long Positions:
332	90 Day Euro Dollar	Mar. 2016	$	81,892,104	$	81,858,754	$	(33,350	)
98	90 Day Euro Dollar	Jun. 2016		24,036,590		24,093,300		56,710
20	90 Day Euro Dollar	Sep. 2016		4,917,299		4,902,751		(14,548	)
2	90 Day Euro Dollar	Dec. 2016		489,925		488,975		(950	)
28	90 Day Euro Dollar	Mar. 2017		6,843,903		6,830,950		(12,953	)
11	90 Day Euro Dollar	Jun. 2017		2,683,150		2,678,225		(4,925	)
1,999	10 Year U.S. Treasury Notes	Sep. 2014		249,139,958		249,094,144		(45,814	)
92	30 Year U.S. Treasury Bonds	Sep. 2014		12,481,561		12,641,376		159,815

							$	103,985

⁽¹⁾	Cash of $7,000 and U.S. Treasury Securities with a combined market value of $3,179,632 have been segregated with the Bank of America and Goldman Sachs & Co. to cover requirements for open futures contracts at July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			125

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014

Forward foreign currency exchange contracts outstanding at July 31, 2014:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Brazilian Real,
Expiring 08/04/14	Deutsche Bank AG	BRL	501	$	225,859	$	220,657	$	(5,202	)
Expiring 08/04/14	Goldman Sachs & Co.	BRL	1,340		599,517		589,879		(9,638	)
Expiring 08/04/14	Goldman Sachs & Co.	BRL	2,200		990,973		968,673		(22,300	)
Expiring 08/04/14	UBS AG	BRL	4,419		1,980,030		1,945,585		(34,445	)
Expiring 08/04/14	UBS AG	BRL	5,749		2,521,410		2,530,827		9,417
Euro,
Expiring 08/05/14	Citigroup Global Markets	EUR	1,315		1,794,581		1,760,876		(33,705	)
Expiring 08/05/14	Citigroup Global Markets	EUR	41,868		56,270,592		56,064,141		(206,451	)
Expiring 09/03/14	Credit Suisse First Boston Corp.	EUR	520		698,689		696,384		(2,305	)
Japanese Yen,
Expiring 08/05/14	UBS AG	JPY	382,000		3,710,539		3,713,715		3,176
Mexican Peso,
Expiring 08/25/14	Goldman Sachs & Co.	MXN	20,070		1,523,658		1,515,271		(8,387	)
Expiring 09/23/14	Goldman Sachs & Co.	MXN	9,028		691,073		680,084		(10,989	)
Expiring 09/23/14	Goldman Sachs & Co.	MXN	12,965		994,169		976,713		(17,456	)
Expiring 12/18/14	Goldman Sachs & Co.	MXN	20,040		1,500,000		1,500,631		631
Expiring 12/18/14	JPMorgan Chase	MXN	10,384		792,436		777,608		(14,828	)
Expiring 12/18/14	UBS AG	MXN	5,341		400,000		399,980		(20	)
Norwegian Krone,
Expiring 08/13/14	Deutsche Bank AG	NOK	80		13,485		12,720		(765	)

				$	74,707,011	$	74,353,744	$	(353,267	)


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 08/05/14	Citigroup Global Markets	AUD	222	$	208,085	$	206,231	$	1,854
Brazilian Real,
Expiring 08/04/14	BNP Paribas	BRL	1,340		600,000		589,879		10,121
Expiring 08/04/14	Citigroup Global Markets	BRL	2,702		1,216,984		1,189,331		27,653
Expiring 08/04/14	JPMorgan Chase	BRL	5,749		2,544,793		2,530,827		13,966
Expiring 08/04/14	JPMorgan Chase	BRL	4,419		1,982,028		1,945,584		36,444
Expiring 09/03/14	Goldman Sachs & Co.	BRL	1,340		594,490		584,578		9,912
Expiring 01/05/15	JPMorgan Chase	BRL	11,000		4,732,811		4,641,017		91,794
Expiring 01/05/15	UBS AG	BRL	5,992		2,521,410		2,528,144		(6,734	)
Expiring 04/02/15	BNP Paribas	BRL	23		9,430		9,569		(139	)
Expiring 04/02/15	BNP Paribas	BRL	18		7,431		7,548		(117	)
Expiring 04/02/15	Credit Suisse First Boston Corp.	BRL	1,977		802,370		815,365		(12,995	)
Expiring 04/02/15	Hong Kong & Shanghai Bank	BRL	1,982		804,653		817,386		(12,733	)
Expiring 04/02/15	JPMorgan Chase	BRL	3,000		1,267,159		1,237,401		29,758
Expiring 07/02/15	BNP Paribas	BRL	52		21,618		21,075		543
Expiring 07/02/15	Deutsche Bank AG	BRL	547		225,859		220,283		5,576
Expiring 07/02/15	Goldman Sachs & Co.	BRL	2,401		990,973		967,704		23,269
Expiring 10/02/15	UBS AG	BRL	5,000		2,007,226		2,163,584		(156,358	)

See Notes to Financial Statements.


126			The TARGET Portfolio Trust

Forward foreign currency exchange contracts outstanding at July 31, 2014 (continued):


Sale Contracts (continued)	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
British Pound,
Expiring 09/11/14	Barclays Capital Group	GBP	330	$	553,908	$	556,941	$	(3,033	)
Canadian Dollar,
Expiring 02/10/15	Citigroup Global Markets	CAD	3,070		2,802,867		2,802,561		306
Euro,
Expiring 08/05/14	Barclays Capital Group	EUR	2,707		3,697,348		3,624,860		72,488
Expiring 08/05/14	Barclays Capital Group	EUR	2,599		3,537,267		3,480,240		57,027
Expiring 08/05/14	Barclays Capital Group	EUR	117		158,332		156,671		1,661
Expiring 08/05/14	BNP Paribas	EUR	358		482,323		479,387		2,936
Expiring 08/05/14	Credit Suisse First Boston Corp.	EUR	33,535		45,751,130		44,905,679		845,451
Expiring 08/05/14	Deutsche Bank AG	EUR	3,631		4,935,971		4,862,160		73,811
Expiring 08/05/14	JPMorgan Chase	EUR	236		318,034		316,020		2,014
Expiring 09/03/14	Barclays Capital Group	EUR	270		362,830		361,584		1,246
Expiring 09/03/14	Citigroup Global Markets	EUR	41,868		56,273,732		56,069,585		204,147
Expiring 06/15/15	Barclays Capital Group	EUR	962		1,306,983		1,290,576		16,407
Expiring 06/15/15	BNP Paribas	EUR	708		960,183		949,821		10,362
Expiring 06/15/15	Citigroup Global Markets	EUR	1,315		1,797,605		1,764,146		33,459
Expiring 06/15/15	Credit Suisse First Boston Corp.	EUR	966		1,310,041		1,295,943		14,098
Expiring 06/15/15	Credit Suisse First Boston Corp.	EUR	396		538,611		531,256		7,355
Expiring 06/13/16	Deutsche Bank AG	EUR	1,423		1,948,372		1,926,902		21,470
Expiring 06/27/16	Barclays Capital Group	EUR	1,137		1,563,432		1,540,227		23,205
Japanese Yen,
Expiring 08/05/14	JPMorgan Chase	JPY	382,000		3,762,227		3,713,715		48,512
Expiring 09/03/14	UBS AG	JPY	382,000		3,711,116		3,714,370		(3,254	)
Mexican Peso,
Expiring 09/25/14	BNP Paribas	MXN	64,824		4,948,505		4,882,551		65,954
Expiring 12/18/14	Barclays Capital Group	MXN	1,359		101,779		101,764		15
Expiring 12/18/14	Deutsche Bank AG	MXN	33,065		2,514,625		2,475,952		38,673
Expiring 12/24/14	BNP Paribas	MXN	22,062		1,674,490		1,651,358		23,132
Expiring 01/08/15	BNP Paribas	MXN	72,993		5,549,528		5,457,718		91,810

				$	171,098,559	$	169,387,493	$	1,711,066

Interest rate swap agreements outstanding at July 31, 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	8,900		01/02/15		8.270%	Brazilian interbank overnight lending rate(1)	$	(82,557	)	$	(5,807	)	$	(76,750	)	Morgan Stanley
BRL	7,900		01/02/15		8.560%	Brazilian interbank overnight lending rate(1)		(58,226	)		107			(58,333	)	UBS AG
BRL	6,800		01/02/15		9.930%	Brazilian interbank overnight lending rate(1)		71,064			810			70,254		Morgan Stanley

See Notes to Financial Statements.


The TARGET Portfolio Trust			127

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014

Interest rate swap agreements outstanding at July 31, 2014 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
	Over-the-counter swap agreements (continued):
MXN	2,000		01/18/19		5.700%	28 day Mexican interbank rate(1)	$	4,650		$	(748	)	$	5,398		Deutsche Bank AG
MXN	5,000		01/18/19		5.700%	28 day Mexican interbank rate(1)		11,624			(1,208	)		12,832		Bank of America
MXN	2,000		01/18/19		5.700%	28 day Mexican interbank rate(1)		4,686			(523	)		5,209		Goldman Sachs & Co.
MXN	2,000		01/18/19		5.700%	28 day Mexican interbank rate(1)		4,635			(613	)		5,248		JPMorgan Chase
MXN	3,000		06/19/34		6.810%	28 day Mexican interbank rate(1)		(715	)		(2,902	)		2,187		Deutsche Bank AG

							$	(44,839	)	$	(10,884	)	$	(33,955	)


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at July 31, 2014			Value at Trade Date		Unrealized (Depreciation)
	Exchange-traded swap agreements:
MXN	68,000		06/19/34		6.810%	28 day Mexican interbank rate(1)	$	(42,158	)	$	40,197	$	(82,355	)
	66,100		09/21/17		3.000%	3-month LIBOR(1)		469,149			519,457		(50,308	)
	1,100		06/19/24		4.000%	3-month LIBOR(1)		17,837			18,118		(281	)
	35,200		06/19/43		3.000%	3-month LIBOR(1)		1,912,726			1,934,610		(21,884	)

							$	2,357,554		$	2,512,382	$	(154,828	)

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

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

Credit default swap agreements outstanding at July 31, 2014:


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(2)#		Implied Credit Spread at July 31, 2014(4) (Unaudited)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
Over-the-counter credit default swaps on sovereign issues—Sell Protection(1):
Federal Republic of Brazil		09/20/16		1.000%		9,800		0.711%	$	68,386	$	(94,259	)	$	162,645	JPMorgan Chase
Government of Italy		06/20/17		1.000%		100		0.731%		847		540			307	Goldman Sachs & Co.
Government of Italy		03/20/19		1.000%		1,400		0.961%		3,953		(21,679	)		25,632	Morgan Stanley
Government of Italy		03/20/19		1.000%		5,800		0.961%		16,378		(88,574	)		104,952	Deutsche Bank AG
Government of Italy		06/20/19		1.000%		100		0.988%		173		(599	)		772	Barclays Capital Group

See Notes to Financial Statements.


128			The TARGET Portfolio Trust

Credit default swap agreements outstanding at July 31, 2014 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(2)#		Implied Credit Spread at July 31, 2014(4) (Unaudited)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
Over-the-counter credit default swaps on sovereign issues—Sell Protection (1) (continued):
Government of Italy		06/20/19		1.000%		100		0.988%	$	173		$	(704	)	$	877		Deutsche Bank AG
Government of Italy		06/20/19		1.000%		800		0.988%		1,388			(13,834	)		15,222		Deutsche Bank AG
Government of Italy		06/20/19		1.000%		3,300		0.988%		5,725			(55,595	)		61,320		Bank of America
Russian Federation		09/20/19		1.000%		2,600		2.359%		(163,478	)		(152,804	)		(10,674	)	Barclays Capital Group
United Mexican States		09/20/16		1.000%		9,800		0.302%		142,871			26,968			115,903		JPMorgan Chase
United Mexican States		09/20/19		1.000%		600		N/A		4,751			4,099			652		Morgan Stanley
United Mexican States		09/20/19		1.000%		100		N/A		811			697			114		Bank of America
United Mexican States		09/20/19		1.000%		1,200		N/A		9,503			8,786			717		JPMorgan Chase

									$	91,481		$	(386,958	)	$	478,439


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(2)#		Value at July 31, 2014(3)		Value at Trade Date		Unrealized Appreciation
Exchange-traded credit default swaps on credit indices—Sell Protection(1):
Dow Jones CDX IG22 5Y Index		06/20/19		1.000%		6,900	$	123,411	$	103,936	$	19,475

The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(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 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 when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

See Notes to Financial Statements.


The TARGET Portfolio Trust			129

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014

(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 the reporting date serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

Cash of $17,000 and U.S. Treasury Securities with a combined market value of $3,105,056 have been segregated with Barclays Capital Group, Credit Suisse First Boston Corp. and Morgan Stanley to cover requirements for open exchange-traded interest rate and credit default swap contracts at July 31, 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 July 31, 2014 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	—		$	1,700,000
Non-Residential Mortgage-Backed Securities		—		25,893,175			—
Residential Mortgage-Backed Securities		—		15,579,558			—
Commercial Mortgage-Backed Securities		—		1,966,700			—
Corporate Bonds		—		148,711,615			—
Foreign Government Bonds		—		72,605,443			—
Municipal Bonds		—		17,297,990			—
Residential Mortgage-Backed Securities		—		12,125,434			—
U.S. Government Agency Obligations		—		37,381,542			—
U.S. Treasury Obligations		—		39,018,195			—
Commercial Paper		—		30,658,877			2,099,583
Repurchase Agreements		—		32,500,000			—
Foreign Treasury Obligations		—		13,448,591			—
Certificates of Deposit		—		6,830,605			—
Affiliated Money Market Mutual Fund		1,405,831		—			—
Options Written		—		(146,268	)		—
Other Financial Instruments*
Futures Contracts		103,985		—			—
Forward Foreign Currency Exchange Contracts		—		1,357,799			—
Interest Rate Swap Agreements		—		(188,783	)		—
Credit Default Swap Agreements		—		497,914			—

Total	$	1,509,816	$	455,538,387		$	3,799,583

See Notes to Financial Statements.


130			The TARGET Portfolio Trust

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


	Asset-Backed Securities— Collateralized Loan Obligations		Commercial Paper
Balance as of 10/31/13	$	—	$	—
Accrued discount/premium		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		—		—
Purchases		1,700,000		2,099,583
Sales		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—

Balance as of 07/31/14	$	1,700,000	$	2,099,583

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.

*	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 July 31, 2014 was as follows (unaudited):


Foreign Government Bonds	17.5	%
Banks	12.2
U.S. Treasury Obligations	9.4
U.S. Government Agency Obligations	9.0
Commercial Paper	7.9
Repurchase Agreements	7.8
Residential Mortgage-Backed Securities	6.7
Non-Residential Mortgage-Backed Securities	6.2
Consumer Finance	4.4
Municipal Bonds	4.2
Foreign Treasury Obligations	3.2
Diversified Telecommunication Services	2.6
Media	1.8
Certificates of Deposit	1.7
Capital Markets	1.6
Automobiles	1.5
Oil, Gas & Consumable Fuels	1.5
Health Care Equipment & Supplies	1.3
Pharmaceuticals	1.0
Health Care Providers & Services	0.9
Hotels, Restaurants & Leisure	0.9	%
Paper & Forest Products	0.9
Wireless Telecommunication Services	0.7
Diversified Financial Services	0.6
Metals & Mining	0.6
Beverages	0.5
Commercial Mortgage-Backed Securities	0.5
Food Products	0.5
Insurance	0.5
Specialty Retail	0.5
Trading Companies & Distributors	0.5
Road & Rail	0.4
Collateralized Loan Obligations	0.4
Affiliated Money Market Mutual Fund	0.3
Auto Components	0.3
Airlines	0.1
Technology Hardware, Storage & Peripherals	0.1

	110.7
Liabilities in excess of other assets	(10.7	)

	100.0	%

See Notes to Financial Statements.


The TARGET Portfolio Trust			131

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014

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	$	74,963	$	(64,465	)	$	—		$	10,498
Barclays Capital Group		172,821		(167,110	)		—			5,711
BNP Paribas		204,858		(256	)		—			204,602
Citigroup Global Markets		267,419		(240,156	)		—			27,263
Credit Suisse First Boston Corp.		866,904		(15,300	)		(590,016	)		261,588
Deutsche Bank AG		268,166		(112,729	)		—			155,437
Goldman Sachs & Co.		39,868		(39,868	)		—			—
Hong Kong & Shanghai Bank		—		—			—			—
JPMorgan Chase		542,755		(134,586	)		(280,022	)		128,147
Morgan Stanley		101,447		(101,447	)		—			—
UBS AG		12,700		(12,700	)		—			—

	$	2,551,901


Counterparty	Gross amounts of recognized liabilities(2)			Gross amounts available for offset		Collateral Pledged(3)		Net Amount
Bank of America	$	(64,465	)	$	64,465	$	—	$	—
Barclays Capital Group		(167,110	)		167,110		—		—
BNP Paribas		(256	)		256		—		—
Citigroup Global Markets		(240,156	)		240,156		—		—
Credit Suisse First Boston Corp.		(15,300	)		15,300		—		—
Deutsche Bank AG		(112,729	)		112,729		—		—
Goldman Sachs & Co.		(130,290	)		39,868		—		(90,422	)
Hong Kong & Shanghai Bank		(12,733	)		—		—		(12,733	)
JPMorgan Chase		(134,586	)		134,586		—		—
Morgan Stanley		(156,959	)		101,447		—		(55,512	)
UBS AG		(259,144	)		12,700		—		(246,444	)

	$	(1,293,728	)

(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 Portfolio. Such amounts are applied up to 100% of the Portfolio’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.


132			The TARGET Portfolio Trust


Portfolio of Investments As of July 31, 2014		*Intermediate-Term Bond Portfolio*


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—95.1%

		ASSET-BACKED SECURITIES—3.9%

		Collateralized Loan Obligations—0.8%
	31	BlueMountain CLO Ltd. (Cayman Islands), Series 2005-1A, Class A1F, 144A 0.461%(c), 11/15/14	$	30,709
	613	Franklin CLO Ltd., Series 5A, Class A2, 144A 0.491%(c), 09/15/14		610,027
	316	Jersey Street CLO Ltd. (Cayman Islands), Series 2006-1A, Class A, 144A 0.484%(c), 10/20/18		315,326

				956,062


		Non-Residential Mortgage-Backed Security—1.0%
	1,254	SLM Student Loan Trust, Series 2008-9, Class A 1.734%(c), 10/27/14		1,301,609


		Residential Mortgage-Backed Securities—2.1%
	500	Countrywide Asset-Backed Certificates, Series 2004-15, Class MV5 1.052%(c), 04/25/35		389,564
	1,210	GSAA Home Equity Trust, Series 2007-8, Class A3 0.605%(c), 08/25/14		1,034,371
	855	Morgan Stanley ABS Capital I Inc., Trust, Series 2007-HE5, Class A2A 0.265%(c), 08/25/14		495,108
	564	RAAC Trust, Series 2007-SP3, Class A1 1.355%(c), 08/25/14		555,566
	212	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR5, Class A2A 0.285%(c), 05/25/37		150,821

				2,625,430

		TOTAL ASSET-BACKED SECURITIES (cost $4,730,208)		4,883,101


		COMMERCIAL MORTGAGE-BACKED SECURITIES—2.3%
	966	Commercial Mortgage Trust, Pass-Through Certificates, Series 2010-C1, Class A1, 144A 3.156%, 07/10/46		984,290

See Notes to Financial Statements.


The TARGET Portfolio Trust			133

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
	600	Credit Suisse Mortgage Capital Certificates, Series 2010-RR1, Class 2A, 144A 5.695%(c), 09/15/40	$	637,173
	600	Series 2010-RR1, Class 3A, 144A 5.565%(c), 06/10/49		656,623
	570	Series 2010-RR7, Class 2A, 144A 5.467%(c), 09/18/39		601,800

		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,713,473)		2,879,886


		CORPORATE BONDS—24.8%

		Airlines—0.2%
	604	UAL 1991 Equipment Trust AB, Equipment Trust(i) 0.109%, 02/19/15		296,191


		Banks—11.2%
	500	Banco Santander Chile (Chile), Sr. Unsec’d. Notes, 144A 3.750%, 09/22/15		515,138
	1,510	Bank of America Corp., Sr. Unsec’d. Notes 5.625%, 10/14/16		1,647,942
	100	5.750%, 12/01/17		112,184
	235	6.500%, 08/01/16		259,022
	400	Bank of America NA, Sub. Notes 0.531%(c), 09/17/14		395,503
	1,000	DNB Bank ASA (Norway), Sr. Unsec’d. Notes, 144A 3.200%, 04/03/17		1,047,271
	100	Eksportfinans ASA (Norway), Sr. Unsec’d. Notes 2.000%, 09/15/15		99,878
	400	2.375%, 05/25/16		401,180
	100	5.500%, 05/25/16		105,850
	2,000	Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes, MTN 7.500%, 02/15/19		2,412,558
	100	JPMorgan Chase & Co., Sr. Unsec’d. Notes 3.150%, 07/05/16		104,094
	100	6.300%, 04/23/19		117,063

See Notes to Financial Statements.


134			The TARGET Portfolio Trust


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

		Banks (continued)
EUR	1,000	JPMorgan Chase Bank NA, Sub. Notes 0.859%(c), 05/31/17	$	1,337,038
EUR	200	4.375%(c), 11/30/21		282,030
	700	6.000%, 10/01/17		790,140
	1,200	Morgan Stanley, Sr. Unsec’d. Notes 3.450%, 11/02/15		1,237,564
	1,100	Royal Bank of Scotland Group PLC (United Kingdom), Sub. Notes 5.050%, 01/08/15		1,120,163
	1,900	Wells Fargo & Co. Sr. Unsec’d. Notes 1.250%, 07/20/16		1,916,089

				13,900,707


		Diversified Financial Services—5.4%
	1,100	Ally Financial, Inc., Gtd. Notes 3.500%, 07/18/16		1,119,937
	2,500	BNP Paribas Home Loan SFH (France), Covered Bonds, 144A 2.200%, 11/02/15		2,548,740
	181	Doric Nimrod Air Finance Alpha Ltd. 2012-1, Class A , Pass-Through Trust (Guernsey), Pass-Through Certificates, 144A 5.125%, 11/30/22		193,514
	1,700	Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes 2.375%, 01/16/18		1,725,869
	200	3.875%, 01/15/15		202,967
	1,800	Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes, MTN(i) 2.851%, N/A		355,500
	600	5.625%, N/A		116,250
	350	Navient LLC, Sr. Unsec’d. Notes, MTN 6.250%, 01/25/16		369,691

				6,632,468


		Diversified Telecommunication Services—0.1%
	100	Verizon Communications, Inc., Sr. Unsec’d. Notes 4.500%, 09/15/20		108,860


		Electric Utilities—2.7%
	1,200	Entergy Corp., Sr. Unsec’d. Notes 3.625%, 09/15/15		1,233,519

See Notes to Financial Statements.


The TARGET Portfolio Trust			135

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


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

		Electric Utilities (continued)
	600	Orange & Rockland Utilities, Inc., Sr. Unsec’d. Notes, 144A 2.500%, 08/15/15	$	606,568
	1,300	Public Service Electric & Gas Co., Sr. Sec’d. Notes, MTN 5.300%, 05/01/18		1,464,835

				3,304,922


		Health Care Providers & Services—1.0%
	700	HCA, Inc., Sr. Sec’d. Notes 3.750%, 03/15/19		694,750
	500	7.250%, 09/15/20		528,750

				1,223,500


		Multi-Utilities—1.0%
	1,200	CMS Energy Corp., Sr. Unsec’d. Notes 4.250%, 09/30/15		1,245,725


		Oil, Gas & Consumable Fuels—2.2%
	400	Florida Gas Transmission Co. LLC, Sr. Unsec’d. Notes, 144A(g) 4.000%, 07/15/15		410,644
	600	Sr. Unsec’d. Notes, 144A 5.450%, 07/15/20		669,434
	100	Southwestern Energy Co. Gtd. Notes 4.100%, 03/15/22		105,439
	1,500	TransCanada Pipelines Ltd. (Canada), Sr. Unsec’d. Notes 3.800%, 10/01/20		1,593,260

				2,778,777


		Software—1.0%
	1,200	Oracle Corp., Sr. Unsec’d. Notes 3.875%, 07/15/20		1,281,940

		TOTAL CORPORATE BONDS (cost $29,662,197)		30,773,090


		FOREIGN GOVERNMENT BONDS—5.7%
BRL	17,600	Brazil Letras do Tesouro Nacional (Brazil), Bills 11.741%(s), 01/01/18		5,313,326

See Notes to Financial Statements.


136			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		FOREIGN GOVERNMENT BONDS (continued)
BRL	500	Brazil Notas do Tesouro Nacional (Brazil), Series B, Notes 6.000%, 08/15/22	$	559,042
BRL	1,400	Series F, Notes 10.000%, 01/01/21		568,668
EUR	400	Slovenia Government International Bond (Slovenia), Sr. Unsec’d. Notes 4.700%, 11/01/16		576,358

		TOTAL FOREIGN GOVERNMENT BONDS (cost $7,024,173)		7,017,394


		MUNICIPAL BONDS—5.0%

		California—0.8%
	800	Tobacco Securitization Authority of Southern California, Revenue Bonds 5.000%, 06/01/37		632,840
	325	University of California, Revenue Bonds, BABs 5.035%, 05/15/21		361,780

				994,620


		Florida—0.7%
	800	County of Broward Florida, Revenue Bonds, BABs 6.206%, 10/01/30		913,848


		Illinois—0.9%
	1,000	Illinois State Toll Highway Authority, Revenue Bonds, BABs 5.293%, 01/01/24		1,064,330


		New York—2.0%
	1,200	New York City Transitional Finance Authority, Revenue Bonds 5.008%, 08/01/27		1,314,612
	1,100	Revenue Bonds, BABs 4.075%, 11/01/20		1,173,238

				2,487,850


		West Virginia—0.6%
	865	Tobacco Settlement Financial Authority of West Virginia, Revenue Bonds 7.467%, 06/01/47		740,440

		TOTAL MUNICIPAL BONDS (cost $5,927,924)		6,201,088

See Notes to Financial Statements.


The TARGET Portfolio Trust			137

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES—9.7%
	86	American Home Mortgage Investment Trust, Series 2004-4, Class 5A 2.322%(c), 02/25/45	$	85,911
	141	Banc of America Funding Corp., Series 2006-A, Class 1A1 2.639%(c), 02/20/36		141,757
	698	BCAP LLC Trust, Series 2011-RR4, Class 7A1, 144A 5.250%, 04/26/37		655,645
	205	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 11A2 2.654%(c), 11/25/34		207,916
	508	Series 2004-8, Class 13A1 2.724%(c), 11/25/34		461,285
	253	Series 2005-5, Class A2 2.250%(c), 08/25/35		256,525
	539	Bear Stearns Alt-A Trust, Series 2006-6, Class 31A1 2.874%(c), 11/25/36		398,063
	519	Series 2006-6, Class 32A1 2.663%(c), 11/25/36		361,870
	135	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A 2.510%(c), 10/25/35		133,766
	819	Series 2006-AR1, Class 1A1 2.500%(c), 10/25/35		803,780
	26	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1 6.250%, 12/25/33		27,123
	497	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-25, Class 1A1 0.485%(c), 08/25/14		467,843
	12	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1 6.500%, 04/25/33		11,795
EUR	722	EMF-NL (Netherlands), Series 2008-APRX, Class A2 1.002%(c), 10/17/14		899,712
	1,500	Fannie Mae REMICS, Series 2007-114, Class A6 0.355%(c), 08/25/14		1,496,643
	180	FHLMC Structured Pass-Through Securities, Series T-59, Class 1A2 7.000%, 10/25/43		203,957
	400	Series T-75, Class A1 0.195%, 12/25/36		397,911

See Notes to Financial Statements.


138			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	387	Freddie Mac REMICS, Series 3346, Class FA 0.382%(c), 02/15/19	$	387,115
	42	Government National Mortgage Assoc., Series 2000-9, Class FG 0.752%(c), 02/16/30		42,668
	54	Series 2000-9, Class FH 0.652%(c), 08/16/14		54,933
	525	Series 2011-H21, Class FT 0.800%(c), 08/20/14		526,983
	436	Series 2012-H29, Class SA 0.667%(c), 10/20/62		435,987
	63	Granite Master Issuer PLC (United Kingdom), Series 2006-3, Class A7 0.356%(c), 12/20/54		62,942
	295	Greenpoint Mortgage Funding Trust, Series 2005-AR2, Class A1 0.385%(c), 06/25/45		253,658
	183	GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1 2.657%(c), 09/25/35		184,210
	203	Merrill Lynch Mortgage Investors Trust, Series 2005-2, Class 3A 1.151%(c), 10/25/35		193,602
	238	Series 2005-A10, Class A 0.365%(c), 02/25/36		218,716
	956	NCUA Guaranteed Notes Trust, Series 2010-R2, Class 1A 0.526%(c), 11/06/17		958,350
	84	Reperforming Loan REMIC Trust, Series 2003-R4, Class 2A, 144A 6.500%(c), 01/25/34		87,201
	133	Sequoia Mortgage Trust, Series 10, Class 2A1 0.913%(c), 10/20/27		124,910
	100	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A1 0.405%(c), 07/19/35		91,393
	17	Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Series 2001-21A, Class 1A1 2.218%(c), 01/25/32		16,785
	198	Washington Mutual, Inc., Mortgage Pass-Through Certificates, Series 2002-AR6, Class A 1.523%(c), 06/25/42		192,147
	10	Series 2002-AR9, Class 1A 1.523%(c), 08/25/42		9,932

See Notes to Financial Statements.


The TARGET Portfolio Trust			139

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	1,200	Series 2005-AR13, Class A1A1 0.445%(c), 08/25/14	$	1,132,900

		TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $12,139,404)		11,985,934


		U.S. GOVERNMENT AGENCY OBLIGATIONS—1.6%
	7	Federal National Mortgage Assoc. 2.261%(c), 07/01/25		7,334
	17	3.000%(c), 08/01/24		16,687
	959	4.500%, 08/01/40-04/01/41		1,038,925
	2	5.236%(c), 12/01/30		2,629
	450	Government National Mortgage Assoc. 1.625%(c), 05/20/23-07/20/30		465,344
	85	2.000%(c), 10/20/24-06/20/27		88,032
	28	2.500%(c), 02/20/25		29,553
	112	Small Business Administration Participation Certificates, Series 2008-20A, Class 1 5.170%, 01/01/28		122,709
	241	Series 2008-20D, Class 1 5.370%, 04/01/28		265,776

		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $1,987,897)		2,036,989


		U.S. TREASURY OBLIGATIONS—42.1%
	9,800	U.S. Treasury Inflationary Indexed Bonds, TIPS 0.125%, 07/15/22-07/15/24		9,734,916
	200	2.000%, 01/15/26		281,870
	310	2.500%, 01/15/29		434,340
	60	3.875%, 04/15/29		127,034
	11,100	U.S. Treasury Notes 1.375%, 07/31/18(k)(h)		11,047,963
	2,100	1.625%, 04/30/19		2,090,649
	4,900	1.750%, 10/31/20		4,799,320
	1,400	2.000%, 09/30/20		1,393,766
	4,500	2.125%, 01/31/21		4,491,562
	3,700	2.500%, 05/15/24		3,682,077
	13,900	2.750%, 11/15/23-02/15/24		14,168,828

		TOTAL U.S. TREASURY OBLIGATIONS (cost $52,334,390)		52,252,325

		TOTAL LONG-TERM INVESTMENTS (cost $116,519,666)		118,029,807


		SHORT-TERM INVESTMENTS—4.9%

		FOREIGN TREASURY OBLIGATION(n)—0.1%
EUR	126	Hellenic Republic Treasury Bills (Greece) (cost $172,762) 3.100%, 10/10/14		168,197

See Notes to Financial Statements.


140			The TARGET Portfolio Trust


SHARES		DESCRIPTION	VALUE (NOTE 1)
		AFFILIATED MONEY MARKET MUTUAL FUND—0.5%
	553,285	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $553,285)	$	553,285

NOTIONAL AMOUNT (000)#		OPTION PURCHASED*

		Call Option
	184,000	90 Day Euro Dollar expiring 12/15/14, Strike Price $99.75 (cost $16,408)		2,300

PRINCIPAL AMOUNT (000)#

		REPURCHASE AGREEMENT(m)—4.3%
	5,300	Morgan Stanley & Co. LLC, 0.13%, dated 7/31/14, due 08/01/14 in the amount of $5,300,019 (cost $5,300,000)		5,300,000

		TOTAL SHORT-TERM INVESTMENTS (cost $6,042,455)		6,023,782

		TOTAL INVESTMENTS, BEFORE SECURITY SOLD SHORT AND OPTIONS WRITTEN—100.0% (cost $122,562,121; Note 5)		124,053,589


		SECURITY SOLD SHORT—(0.9%)

		U.S. GOVERNMENT AGENCY OBLIGATION
	1,000	Federal National Mortgage Assoc. (proceeds received $1,079,844) 4.500%, TBA		(1,076,664	)

NOTIONAL AMOUNT (000)#		OPTIONS WRITTEN*

		Call Option
	184,000	90 Day Euro Dollar expiring 12/15/14, Strike Price $99.00 (premiums received $19,871)		(460	)

		TOTAL INVESTMENTS, NET OF SECURITY SOLD SHORT AND OPTIONS WRITTEN—99.1% (cost $121,462,406; Note 5)		122,976,465
		Other assets in excess of liabilities(x)—0.9%		1,081,464

		NET ASSETS—100.0%	$	124,057,929

*	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 July 31, 2014.

(g)	Indicates a security or securities that has 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.

See Notes to Financial Statements.


The TARGET Portfolio Trust			141

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014

(m)

Repurchase agreement is collateralized by U.S. Treasury Security (coupon rate 2.875%, maturity date 05/15/43) with the aggregate value, including accrued interest, of $5,398,308. Repurchase Agreements are subject to contractual netting arrangements. For further detail on individual repurchase agreements and the corresponding counterparty, see the Schedule of Investments.

(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 outstanding at July 31, 2014:


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at July 31, 2014		Unrealized Depreciation⁽¹⁾
Long Position:
115	10 Year U.S. Treasury Notes	Sep. 2014	$	14,361,641	$	14,330,078	$	(31,563	)

Short Positions:
5	30 Year USD Deliverable Interest Rate Swap	Sep. 2014		554,375		569,375		(15,000	)
63	10 Year Australian Treasury Bonds	Sep. 2014		51,411,442		51,578,841		(167,399	)

								(182,399	)

							$	(213,962	)

⁽¹⁾	Cash of $162,000 and U.S. Treasury security, with a combined market value of $206,046 have been segregated with Morgan Stanley and Goldman Sachs & Co. to cover requirements for open futures contracts at July 31, 2014.

Forward foreign currency exchange contracts outstanding at July 31, 2014:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Brazilian Real,
Expiring 08/04/14	Barclays Capital Group	BRL	466	$	208,519	$	205,167	$	(3,352	)
Expiring 08/04/14	UBS AG	BRL	213		94,000		92,211		(1,789	)
Expiring 08/04/14	UBS AG	BRL	5,715		2,506,473		2,515,834		9,361
Expiring 01/05/15	Citigroup Global Markets	BRL	7,784		3,303,605		3,284,133		(19,472	)
British Pound,
Expiring 08/05/14	Barclays Capital Group	GBP	70		118,930		118,176		(754	)
Mexican Peso,
Expiring 12/18/14	BNP Paribas	MXN	3,310		252,046		247,859		(4,187	)
South Korean Won,
Expiring 10/15/14	Deutsche Bank AG	KRW	1,285,856		1,264,860		1,246,327		(18,533	)

				$	7,748,433	$	7,709,707	$	(38,726	)


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Brazilian Real,
Expiring 08/04/14	JPMorgan Chase	BRL	5,564	$	2,462,940	$	2,449,424	$	13,516
Expiring 08/04/14	UBS AG	BRL	617		272,902		271,578		1,324

See Notes to Financial Statements.


142			The TARGET Portfolio Trust

Forward foreign currency exchange contracts outstanding at July 31, 2014 (continued):


Sale Contracts (continued)	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Expiring 09/03/14	Barclays Capital Group	BRL	466	$	206,753	$	203,324	$	3,429
Expiring 10/02/14	Credit Suisse First Boston Corp.	BRL	484		209,000		209,481		(481	)
Expiring 10/02/14	Goldman Sachs & Co.	BRL	316		136,000		136,713		(713	)
Expiring 10/02/14	Goldman Sachs & Co.	BRL	316		136,331		136,532		(201	)
Expiring 10/02/14	Goldman Sachs & Co.	BRL	127		55,000		54,846		154
Expiring 01/05/15	Citigroup Global Markets	BRL	877		372,089		369,896		2,193
Expiring 01/05/15	Hong Kong & Shanghai Bank	BRL	11,005		4,671,646		4,643,322		28,324
Expiring 01/05/15	UBS AG	BRL	5,957		2,506,473		2,513,167		(6,694	)
Expiring 01/05/15	UBS AG	BRL	218		94,000		92,106		1,894
British Pound,
Expiring 08/05/14	Deutsche Bank AG	GBP	70		118,935		118,176		759
Expiring 09/03/14	Barclays Capital Group	GBP	70		118,903		118,147		756
Euro,
Expiring 08/21/14	Barclays Capital Group	EUR	30		40,601		40,174		427
Expiring 08/21/14	Barclays Capital Group	EUR	2,722		3,717,414		3,645,141		72,273
Expiring 08/21/14	Barclays Capital Group	EUR	880		1,198,240		1,178,444		19,796
Expiring 08/21/14	Citigroup Global Markets	EUR	63		84,434		84,366		68
Expiring 08/21/14	UBS AG	EUR	38		51,738		50,888		850
Japanese Yen,
Expiring 08/05/14	Citigroup Global Markets	JPY	5,400		53,294		52,498		796
Mexican Peso,
Expiring 08/25/14	Goldman Sachs & Co.	MXN	3,052		231,695		230,419		1,276
Expiring 10/22/14	Goldman Sachs & Co.	MXN	60		4,567		4,511		56
South Korean Won,
Expiring 08/18/14	Goldman Sachs & Co.	KRW	67,412		66,000		65,519		481
Expiring 10/15/14	Barclays Capital Group	KRW	450,032		440,000		436,198		3,802
Expiring 10/15/14	Citigroup Global Markets	KRW	10,228		10,000		9,914		86
Expiring 10/15/14	UBS AG	KRW	746,571		730,000		723,620		6,380

				$	17,988,955	$	17,838,404	$	150,551

Interest rate swap agreements outstanding at July 31, 2014:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at July 31, 2014			Value at Trade Date			Unrealized Appreciation (Depreciation)*
	Exchange-traded swap agreements:
	5,800		04/16/24		2.800%	3 month LIBOR(1)	$	(73,155	)	$	—		$	(73,155	)
	3,900		06/19/43		2.750%	3 month LIBOR(1)		404,320			367,614			36,706
	1,900		12/17/44		3.500%	3 month LIBOR(1)		(52,532	)		(79,623	)		27,091
	1,600		12/18/43		3.500%	3 month LIBOR(1)		(70,422	)		51,560			(121,982	)
AUD	60,600		03/16/17		3.500%	6 month Australian Bank Bill rate(1)		226,401			102,806			123,595
AUD	17,600		06/18/19		4.000%	6 month Australian Bank Bill rate(1)		562,254			(28,276	)		590,530
EUR	1,200		09/17/44		2.750%	6 month Euribor(1)		(248,562	)		(245,006	)		(3,556	)
JPY	280,000		09/18/23		1.000%	6 month LIBOR(1)		(109,865	)		(33,165	)		(76,700	)

							$	638,439		$	135,910		$	502,529

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

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

Cash of $120,672 and U.S. Treasury Securities with a market value of $901,824 have been segregated with Barclays Capital Group, Credit Suisse First Boston Corp., Citigroup Global Markets, Deutsche Bank AG, and UBS AG to cover requirements for open exchange-traded interest rate swap contracts at July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			143

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014

Credit default swap agreements outstanding at July 31, 2014:


Reference Entity/Obligation	Termination Date		Fixed Rate		Notional Amount (000)(3)#		Implied Credit Spread at July 31, 2014(4) (Unaudited)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation		Counterparty
Over-the-counter credit default swaps on corporate and/ or sovereign issues—Sell Protection(1):
BP Capital Markets		06/20/15		5.000%		800		0.114%	$	39,475	$	2,129		$	37,346	Credit Suisse First Boston Corp.
BP Capital Markets		06/20/15		5.000%		700		0.114%		34,539		3,764			30,775	Goldman Sachs & Co.
Citigroup, Inc.		09/20/14		1.000%		2,700		0.214%		6,210		(2,178	)		8,388	Credit Suisse First Boston Corp.
Finmeccanica Finance SA		03/20/19		5.000%	EUR	300		2.026%		55,710		38,807			16,903	Barclays Bank PLC
Finmeccanica Finance SA		03/20/19		5.000%	EUR	300		2.026%		55,660		43,707			11,953	Barclays Bank PLC
Finmeccanica Finance SA		03/20/19		5.000%	EUR	200		2.026%		37,108		27,134			9,974	Credit Suisse First Boston Corp.
Finmeccanica Finance SA		03/20/19		5.000%	EUR	100		2.026%		18,570		14,207			4,363	Credit Suisse First Boston Corp.
Japan Gov’t. Series 55		03/20/16		1.000%		600		0.128%		9,247		1,436			7,811	Goldman Sachs & Co.
Lloyds TSB Bank		09/20/17		3.000%	EUR	1,200		0.388%		136,529		6,100			130,429	Morgan Stanley
Lloyds TSB Bank		09/20/17		3.000%	EUR	400		0.388%		45,510		2,419			43,091	Deutsche Bank AG
Republic of Italy		06/20/17		1.000%	EUR	300		0.664%		4,293		(32,194	)		36,487	Bank of America
Shell International		09/20/15		1.000%		200		0.100%		2,269		1,221			1,048	Credit Suisse First Boston Corp.

									$	445,120	$	106,552		$	338,568


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	500	$	(9,986	)	$	24,141	$	(34,127	)	Citigroup Global Markets
Credit Agricole SA		12/20/16		1.000%		EUR	300		(6,002	)		14,783		(20,785	)	Goldman Sachs & Co.

								$	(15,988	)	$	38,924	$	(54,912	)

(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

See Notes to Financial Statements.


144			The TARGET Portfolio Trust

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

(2)

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

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

(4)

#	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 July 31, 2014 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—		$	956,062		$	—
Non-Residential Mortgage-Backed Security		—			1,301,609			—
Residential Mortgage-Backed Securities		—			2,625,430			—
Commercial Mortgage-Backed Securities		—			2,879,886			—
Corporate Bonds		—			30,773,090			—
Foreign Government Bonds		—			7,017,394			—
Municipal Bonds		—			6,201,088			—
Residential Mortgage-Backed Securities		—			11,985,934			—
U.S. Government Agency Obligations		—			2,036,989			—
U.S. Treasury Obligations		—			52,252,325			—
Foreign Treasury Obligation		—			168,197			—
Affiliated Money Market Mutual Fund		553,285			—			—
Option Purchased		2,300			—			—
Repurchase Agreement		—			5,300,000			—
Security Sold Short—U.S. Government Agency Obligation		—			(1,076,664	)		—
Options Written		(460	)		—			—

See Notes to Financial Statements.


The TARGET Portfolio Trust			145

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


	Level 1			Level 2		Level 3
Other Financial Instruments:*
Futures Contracts	$	(213,962	)	$	—	$	—
Forward Foreign Currency Exchange Contracts		—			111,825		—
Credit Default Swap Agreements		—			283,656		—
Interest Rate Swap Agreements		—			502,529		—

Total	$	341,163		$	123,319,350	$	—

*	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		—			—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		—			—
Purchases		—			—
Sales		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		(527,331	)		(1,881,072	)

Balance as of 07/31/14	$	—		$	—

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 no longer being priced by a single broker.

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2014 was as follows (unaudited):


U.S. Treasury Obligations	42.1	%
Residential Mortgage-Backed Securities	11.8
Banks	11.2
Foreign Government Bonds	5.7
Diversified Financial Services	5.4
Municipal Bonds	5.0
Repurchase Agreement	4.3
Electric Utilities	2.7
Commercial Mortgage-Backed Securities	2.3
Oil, Gas & Consumable Fuels	2.2
U.S. Government Agency Obligations	1.6
Health Care Providers & Services	1.0
Multi-Utilities	1.0
Non-Residential Mortgage-Backed Securities	1.0	%
Software	1.0
Collateralized Loan Obligations	0.8
Affiliated Money Market Mutual Fund	0.5
Airlines	0.2
Diversified Telecommunication Services	0.1
Foreign Treasury Obligation	0.1
U.S. Government Agency Obligation	(0.9	)

	99.1
Other assets in excess of liabilities	0.9

	100.0	%

See Notes to Financial Statements.


146			The TARGET Portfolio Trust

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	$	36,487	$	(32,194	)	$	—		$	4,293
Barclays Capital Group		211,853		(4,106	)		—			207,747
BNP Paribas		—		—			—			—
Citigroup Global Markets		27,284		(27,284	)		—			—
Credit Suisse First Boston Corp.		105,810		(2,659	)		(30,002	)		73,149
Deutsche Bank AG		46,269		(18,533	)		—			27,736
Goldman Sachs & Co.		60,536		(21,699	)		—			38,837
Hong Kong & Shanghai Bank		28,324		—			—			28,324
JPMorgan Chase		13,516		—			—			13,516
Morgan Stanley		136,529		—			(12,002	)		124,527
UBS AG		19,809		(8,483	)		—			11,326

	$	686,417



Counterparty	Gross amounts of recognized liabilities(2)			Gross amounts available for offset		Collateral Pledged(3)		Net Amount
Bank of America	$	(32,194	)	$	32,194	$	—	$	—
Barclays Capital Group		(4,106	)		4,106		—		—
BNP Paribas		(4,187	)		—		—		(4,187	)
Citigroup Global Markets		(53,599	)		27,284		—		(26,315	)
Credit Suisse First Boston Corp.		(2,659	)		2,659		—		—
Deutsche Bank AG		(18,533	)		18,533		—		—
Goldman Sachs & Co.		(21,699	)		21,699		—		—
Hong Kong & Shanghai Bank		—			—		—		—
JPMorgan Chase		—			—		—		—
Morgan Stanley		—			—		—		—
UBS AG		(8,483	)		8,483		—		—

	$	(145,460	)

(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 Portfolio. Such amounts are applied up to 100% of the Portfolio’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.


The TARGET Portfolio Trust			147


*Mortgage Backed Securities Portfolio*		Portfolio of Investments As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—115.9%

		ASSET-BACKED SECURITIES—8.4%

		Collateralized Loan Obligations—3.4%
	315	Ares XXX CLO Ltd., Series 2014-30A, Class B, 144A 1.618%(c), 04/20/23	$	304,532
	250	Carlyle Global Market Strategies Ltd., Series 2014-1A, Class A, 144A 1.753%(c), 04/17/25		250,077
	425	Dryden Sr. Loan Fund, Series 2014-33A, Class A, 144A 1.707%(c), 07/15/26		424,832
	250	ING IM CLO Ltd., Series 2013-3A, Class A1, 144A 1.686%(c), 01/18/26		249,573
	250	Magnetite CLO Ltd., Series 2014-9A, Class A2, 144A 2.230%(c), 07/25/26		247,201

				1,476,215


		Non-Residential Mortgage-Backed Securities—3.7%
	200	American Credit Acceptance Receivables Trust, Series 2012-3, Class B, 144A 2.280%, 09/17/18		201,678
	350	AmeriCredit Automobile Receivables Trust, Series 2012-2, Class D 3.380%, 04/09/18		361,930
	55	Carfinance Capital Auto Trust, Series 2013-1A, Class A, 144A 1.650%, 07/17/17		54,766
	326	CPS Auto Receivables Trust, Series 2013-A, Class A, 144A 1.310%, 06/15/20		325,962
	290	Credit Acceptance Auto Loan Trust, Series 2014-1A, Class B, 144A 2.290%, 04/15/22		291,142
	110	Huntington Auto Trust, Series 2012-2, Class B 1.070%, 02/15/18		110,505
	180	Springleaf Funding Trust, Series 2014-AA, Class A, 144A 2.410%, 12/15/22		179,609
	90	World Omni Auto Receivables Trust, Series 2012-B, Class B 1.060%, 09/16/19		89,947

				1,615,539

See Notes to Financial Statements.


148			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		ASSET-BACKED SECURITIES (continued)

		Residential Mortgage-Backed Securities—1.3%
	440	Fannie Mae Connecticut Avenue Securities, Series 2014-C03, Class 1M2 3.151%(c), 07/25/24	$	430,375
	55	GSAA Home Equity Trust, Series 2006-19, Class A1 0.245%(c), 12/25/36		27,691
	125	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4 4.934%, 08/25/35		121,387

				579,453

		TOTAL ASSET-BACKED SECURITIES (cost $3,680,666)		3,671,207


		COMMERCIAL MORTGAGE-BACKED SECURITIES—1.3%
	244	FREMF Mortgage Trust, Series 2012-K501, Class C, 144A 3.490%(c), 11/25/46		248,659
	300	Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class A5 5.720%(c), 05/15/43		321,537

		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $585,302)		570,196


		MUNICIPAL BOND—0.4%

		New York
	180	Utility Debt Securitization Authority, Series T, Revenue Bonds 3.435%, 12/15/25 (cost $179,991)		182,621


		RESIDENTIAL MORTGAGE-BACKED SECURITIES—11.0%
	370	Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21 0.385%(c), 09/25/35		353,044
	123	Bear Stearns ARM Trust, Series 2003-7, Class 6A 2.523%(c), 10/25/33		124,985
	146	Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 3A1 2.530%(c), 03/25/36		135,062
	94	Countrywide Alternative Loan Trust, Series 2005-73CB, Class 1A7 5.500%, 01/25/36		89,928
	265	Series 2005-85CB, Class 2A2 5.500%, 02/25/36		247,243
	194	Series 2005-J11, Class 1A3 5.500%, 11/25/35		176,035

See Notes to Financial Statements.


The TARGET Portfolio Trust			149

Mortgage Backed Securities Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	97	Series 2007-HY5R, Class 2A1A 2.565%(c), 03/25/47	$	95,319
	41	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-14, Class A3 6.250%, 09/25/36		38,087
	41	Series 2006-J2, Class 1A6 6.000%, 04/25/36		39,050
	184	Fannie Mae Connecticut Avenue Securities, Series 2013-C01, Class M1 2.155%(c), 10/25/23		187,170
	6	Federal Home Loan Mortgage Corp., Series 74, Class F 6.000%, 10/15/20		6,295
	1	Series 83, Class Z 9.000%, 10/15/20		1,018
	8	Series 186, Class E 6.000%, 08/15/21		8,409
	2	Series 1058, Class H 8.000%, 04/15/21		2,367
	2	Series 1116, Class I 5.500%, 08/15/21		2,300
	14	Series 1120, Class L 8.000%, 07/15/21		15,203
	196	Series 2809, Class UC 4.000%, 06/15/19		205,191
	285	Series 3787, Class AY 3.500%, 01/15/26		296,010
	330	Series 3840, Class HB 3.500%, 04/15/26		338,868
	115	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-42, Class A5 7.500%, 02/25/42		133,523
	4	Federal National Mortgage Assoc., Series 56, Class 1, Interest Strip 6.000%, 04/25/19		3,862
	3	Series 1988-19, Class J 8.500%, 07/25/18		3,407
	2	Series 1990-10, Class L 8.500%, 02/25/20		2,217
	4	Series 1990-108, Class G 7.000%, 09/25/20		4,245
	4	Series 1991-21, Class J 7.000%, 03/25/21		4,580

See Notes to Financial Statements.


150			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	8	Series 1992-113, Class Z 7.500%, 07/25/22	$	9,104
	106	Series 1993-223, Class ZA 6.500%, 12/25/23		116,996
	36	Series 2001-51, Class QN 6.000%, 10/25/16		37,265
	53	Series 2003-33, Class PT 4.500%, 05/25/33		56,919
	285	Series 2011-67, Class BE 3.500%, 07/25/26		290,249
	6	Series G14, Class L 8.500%, 06/25/21		7,144
	6	Series G92-24, Class Z 6.500%, 04/25/22		6,183
	31	Series G92-59, Class D 6.000%, 10/25/22		35,278
	101	Series G94-4, Class PG 8.000%, 05/25/24		115,469
	6	First Boston Mortgage Securities Corp., Strip Coupon, Series B, Class I-O, IO 8.985%, 04/25/17		419
	6	Series B, Class P-O, PO 1.000%(s), 04/25/17		5,670
	35	Government National Mortgage Assoc., Series 2006-35, Class LO, PO 5.400%(s), 07/20/36		31,032
	60	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2 2.783%(c), 04/25/35		58,457
	164	Series 2007-AR2, Class 1A1 2.722%(c), 05/25/37		138,489
	95	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3 5.500%, 06/25/37		93,934
	105	Morgan Stanley Mortgage Loan Trust, Series 2007-12, Class 3A22 6.000%, 08/25/37		95,534
	320	Residential Asset Securitization Trust, Series 2004-A3, Class A7 5.250%, 06/25/34		332,295
	160	Springleaf Mortgage Loan Trust, Series 2012-3A, Class A, 144A 1.570%(c), 12/25/59		159,471
	175	Series 2012-3A, Class M1, 144A 2.660%(c), 12/25/59		174,998
	365	Series 2013-1A, Class M1, 144A 2.310%(c), 06/25/58		357,186

See Notes to Financial Statements.


The TARGET Portfolio Trust			151

Mortgage Backed Securities Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	91	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR1, Class A5 2.142%(c), 03/25/33	$	91,162
	107	Wells Fargo Mortgage- Backed Securities Trust, Series 2006-AR10, Class 5A2 2.612%(c), 07/25/36		104,194

		TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $4,730,756)		4,830,866


		U.S. GOVERNMENT AGENCY OBLIGATIONS—94.8%
	1,100	Federal Home Loan Mortgage Corp. 3.000%, TBA		1,131,455
	400	3.500%, TBA		420,502
	200	3.500%, TBA		203,427
	1,700	4.000%, TBA		1,784,309
	700	4.500%, TBA		752,790
	700	4.500%, TBA		751,094
	594	5.000%, 10/01/35		654,717
	300	5.000%, TBA		329,730
	62	5.500%, 06/01/34		68,851
	464	6.000%, 01/01/15-02/01/21		495,520
	28	6.500%, 01/01/18-06/01/22		31,776
	13	7.500%, 06/01/28		14,440
	1	8.500%, 04/01/18		524
	6	11.500%, 03/01/16		5,966
	5	Federal National Mortgage Assoc. 2.290%, 10/01/22		4,860
	5	2.440%, 01/01/23		4,848
	800	2.500%, TBA		803,163
	700	2.500%, TBA		704,244
	5	2.660%, 09/01/22		4,844
	45	2.760%, 05/01/21		45,538
	5	2.780%, 04/01/22		5,011
	5	2.980%, 01/01/22		4,897
	100	3.000%, TBA		103,094
	6,800	3.000%, TBA		6,663,788
	5	3.200%, 04/01/22		5,036
	40	3.210%, 05/01/23		41,063
	25	3.340%, 04/01/24		25,843
	10	3.450%, 01/01/24		10,414
	10	3.470%, 01/01/24		10,355
	7,400	3.500%, TBA		7,539,560
	20	3.670%, 08/01/23		21,091
	5	3.700%, 10/01/23		5,301
	10	3.760%, 03/01/24		10,524

See Notes to Financial Statements.


152			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#			DESCRIPTION	VALUE (NOTE 1)
			U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
	15		3.855%, 12/01/25	$	15,882
	5		3.860%, 11/01/23		5,352
	20		3.870%, 10/01/25		21,035
	30		3.890%, 05/01/30		31,174
	30		3.930%, 10/01/23		32,177
	10		3.960%, 05/01/34		10,312
	10		3.970%, 05/01/29		10,567
	700		4.000%, TBA		740,421
	5,400		4.000%, TBA		5,677,446
	20		4.060%, 10/01/28		20,999
	504		4.500%, 05/01/35		546,736
	600		4.500%, TBA		645,998
	700		4.500%, TBA		751,942
	178		5.000%, 11/01/18		188,187
	35		5.000%, 07/01/33(k)		39,186
	700		5.000%, TBA		770,369
	700		5.000%, TBA		771,969
	12		5.500%, 09/01/34-05/01/35		14,073
	172		5.500%, 07/01/35(k)		192,464
	500		5.500%, TBA		554,250
	139		6.000%, 03/01/23-12/01/39		156,387
	59		6.500%, 06/01/15-08/01/17		61,284
	7		8.000%, 12/01/22		7,729
	1,500		Government National Mortgage Assoc. 3.500%, TBA		1,544,854
	600		3.500%, TBA		618,973
	255		4.000%, 04/15/43		270,681
	1,000		4.500%, 06/15/41-09/20/41		1,088,004
	1,700		4.500%, TBA		1,846,466
	97		5.000%, 06/15/40		106,672
	200		5.000%, TBA		218,957
	12		5.500%, 12/15/38-04/15/39		13,260
	466		6.000%, 07/15/24-12/15/40		523,579
	530		6.500%, 06/15/23-12/15/35		598,525
	542		7.000%, 11/15/31-11/15/33		632,100
	8		7.500%, 12/20/23		9,363
	125		8.000%, 03/15/17-11/15/30		133,571
	11		8.250%, 06/20/17-07/20/17		11,599
	20		8.500%, 04/20/17		20,410
	19		9.000%, 01/15/20		21,658
	—	(r)	9.500%, 06/15/20		356

			TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $41,244,924)		41,583,542

			TOTAL LONG-TERM INVESTMENTS (cost $50,421,639)		50,838,432

See Notes to Financial Statements.


The TARGET Portfolio Trust			153

Mortgage Backed Securities Portfolio

(continued)

Portfolio of Investments
As of July 31, 2014


SHARES		DESCRIPTION	VALUE (NOTE 1)
		SHORT-TERM INVESTMENT—64.8%

		AFFILIATED MONEY MARKET MUTUAL FUND
	28,442,034	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $28,442,034) (Note 3)(w)	$	28,442,034

		TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT—180.7% (cost $78,863,673; Note 5)		79,280,466
			��
PRINCIPAL AMOUNT (000)#		SECURITIES SOLD SHORT—(9.0)%

		U.S. GOVERNMENT AGENCY OBLIGATIONS
	2,100	Federal Home Loan Mortgage Corp. 3.000%, TBA		(2,056,376	)
	100	Federal National Mortgage Assoc. 3.500%, TBA		(105,389	)
	800	Government National Mortgage Assoc. 3.000%, TBA		(802,194	)
	100	4.000%, TBA		(105,934	)
	800	4.500%, TBA		(866,925	)

		TOTAL SECURITIES SOLD SHORT (proceeds received $3,938,973)		(3,936,818	)

		TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT—171.7% (cost $74,924,700; Note 5)		75,343,648
		Liabilities in excess of other assets(x)—(71.7%)		(31,464,683	)

		NET ASSETS—100.0%	$	43,878,965

#	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 July 31, 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 outstanding at July 31, 2014:


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at July 31, 2014		Unrealized Appreciation (Depreciation)⁽¹⁾
Long Positions:
8	10 Year U.S. Treasury Notes	Sep. 2014	$	1,000,906	$	996,875	$	(4,031	)
7	20 Year U.S. Treasury Bonds	Sep. 2014		964,797		961,844		(2,953	)

								(6,984	)

See Notes to Financial Statements.


154			The TARGET Portfolio Trust

Futures contracts outstanding at July 31, 2014 (continued):


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at July 31, 2014		Unrealized Appreciation (Depreciation)⁽¹⁾
Short Positions:
4	2 Year U.S. Treasury Notes	Sep. 2014	$	878,875	$	877,688	$	1,187
2	5 Year U.S. Treasury Notes	Sep. 2014		239,224		237,672		1,552

								2,739

							$	(4,245	)

⁽¹⁾	U.S. Government Agency Obligations, with a market value of $55,267 have been segregated with the broker Goldman Sachs & Co. to cover requirements for open futures contracts at July 31, 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 July 31, 2014 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—		$	1,476,215		$	—
Non-Residential Mortgage-Backed Securities		—			1,615,539			—
Residential Mortgage-Backed Securities		—			579,453			—
Commercial Mortgage-Backed Securities		—			570,196			—
Municipal Bond		—			182,621			—
Residential Mortgage-Backed Securities		—			4,830,866			—
U.S. Government Agency Obligations		—			41,583,542			—
Affiliated Money Market Mutual Fund		28,442,034			—			—
Securities Sold Short—U.S. Government Agency Obligations		—			(3,936,818	)		—
Other Financial Instruments*
Futures Contracts		(4,245	)		—			—

Total	$	28,437,789		$	46,901,614		$	—

*	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 July 31, 2014 was as follows (unaudited):


U.S. Government Agency Obligations	94.8	%
Affiliated Money Market Mutual Fund	64.8
Residential Mortgage-Backed Securities	12.3
Non-Residential Mortgage-Backed Securities	3.7
Collateralized Loan Obligations	3.4
Commercial Mortgage-Backed Securities	1.3
Municipal Bond	0.4	%
U.S. Government Agency Obligations	(9.0	)

	171.7
Liabilities in excess of other assets	(71.7	)

	100.0	%

See Notes to Financial Statements.


The TARGET Portfolio Trust			155


		Portfolio of Investments As of July 31, 2014

Glossary:

The following abbreviations are used in the preceding Portfolios’ descriptions:

Currency

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

EUR—Euro

GBP—British Pound

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

USD—United States Dollar

Exchange

Chi-X—European Equity Exchange

XLON—London Stock Exchange

Index

CDX—Credit Derivative Index

Other

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.

ABS—Asset-Backed Security

ADR—American Depositary Receipt

BABs—Build America Bonds

bps—Basis Points

CLO—Collateralized Loan Obligation

CVA—Certificate Van Aandelen (Bearer)

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corp.

FREMF—Freddie Mac Mortgage Trust

IO—Interest Only

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

N/A—Not Applicable

PO—Principal Only

REMICS—Real Estate Mortgage Investment Conduit Security

SDR—Swedish Depositary Receipt

TBA—To Be Announced

TIPS—Treasury Inflation Protected Securities

See Notes to Financial Statements.


156			The TARGET Portfolio Trust

Statement of Assets & Liabilities as of July 31, 2014


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

ASSETS
Investments at value(C):
Unaffiliated investments(B)	$	279,025,801	$	282,813,753	��	$	133,225,277	$	1,877,822,232
Affiliated investments(A)		22,698,987		19,880,162			22,957,087		225,765,610
Cash		31,473		—			—		—
Receivable for investments sold		490,945		1,275,843			2,165,304		4,781,261
Receivable for Trust shares sold		208,829		211,025			111,486		1,623,557
Dividends and interest receivable		81,463		400,335			34,657		1,258,525
Receivable for foreign tax reclaim		5,528		11,850			—		—
Prepaid expenses and other assets		—		553			—		—
Total assets		302,543,026		304,593,521			158,493,811		2,111,251,185

LIABILITIES
Collateral for securities on loan		14,192,964		14,843,227			19,159,676		169,391,744
Payable for investments purchased		928,768		1,842,573			2,501,751		11,456,076
Management fee payable		148,088		149,416			72,056		1,024,256
Payable for Trust shares reacquired		144,802		177,003			48,857		3,625,613
Accrued expenses and other liabilities		94,398		78,182			74,503		255,689
Due to broker for variation margin		—		—			—		137,300
Distribution fee payable		84,495		85,795			41,944		63,270
Affiliated transfer agent fee payable		40,700		43,200			20,800		92,341
Payable to custodian		—		—			—		63,628
Deferred trustees’ fees		3,343		3,343			3,343		3,343
Total liabilities		15,637,558		17,222,739			21,922,930		186,113,260

NET ASSETS	$	286,905,468	$	287,370,782		$	136,570,881	$	1,925,137,925

See Notes to Financial Statements.


The TARGET Portfolio Trust			157

Statement of Assets & Liabilities as of July 31, 2014 (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	$	14,745		$	18,431		$	8,923		$	72,077
Paid-in capital in excess of par		199,260,688			243,993,752			115,113,946			1,379,283,947
		199,275,433			244,012,183			115,122,869			1,379,356,024
Undistributed net investment income (loss)		(1,257,927	)		3,342,244			(1,280,607	)		9,541,475
Accumulated net realized gain (loss)		7,895,315			(32,253,514	)		(2,577,586	)		174,690,347
Net unrealized appreciation (depreciation)		80,992,647			72,269,869			25,306,205			361,550,079
Net assets, July 31, 2014	$	286,905,468		$	287,370,782		$	136,570,881		$	1,925,137,925
(A) Identified cost of affiliated investments	$	22,698,987		$	19,880,162		$	22,957,087		$	225,765,610
(B) Identified cost of unaffiliated investments	$	198,032,977		$	210,543,884		$	107,919,072		$	1,516,041,688
(C) Including securities on loan of	$	13,575,423		$	14,149,809		$	17,946,398		$	161,683,782

NET ASSET VALUE:
Class A:
Net Assets		—			—			—		$	12,564
Shares Outstanding		—			—			—			470.6
Net asset value and redemption price per share		—			—			—		$	26.70
Maximum sales charge (5.50% of offering price)		—			—			—			1.55
Maximum offering price to public		—			—			—		$	28.25
Class R:
Net Assets	$	197,019,352		$	198,729,242		$	95,752,283		$	143,654,719
Shares Outstanding		10,176,972			12,765,963			6,326,263			5,419,121
Net asset value, offering price and redemption price per share	$	19.36		$	15.57		$	15.14		$	26.51
Class T:
Net Assets	$	89,886,116		$	88,641,540		$	40,818,598		$	1,781,470,642
Shares Outstanding		4,568,092			5,665,429			2,596,885			66,657,651
Net asset value, offering price and redemption price per share	$	19.68		$	15.65		$	15.72		$	26.73

See Notes to Financial Statements.


158			The TARGET Portfolio Trust

Statement of Assets & Liabilities as of July 31, 2014 (continued)


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

ASSETS
Investments at value(C):
Unaffiliated investments(A)	$	462,085,739	$	425,317,308	$	118,200,304	$	50,838,432
Repurchase agreements(E)		—		32,500,000		5,300,000		—
Affiliated investments(B)		25,912,369		1,405,831		553,285		28,442,034
Cash		—		—		267		—
Deposit with broker		—		38,213		267,000		4,443
Foreign currency, at value(D)		4,255,094		65,867		365,242		—
Receivable for Trust shares sold		420,220		400,509		100,904		6,001
Dividends and interest receivable		190,346		2,087,081		652,150		57,012
Receivable for investments sold		1,059,990		33,473,773		1,139,349		8,250,989
Receivable for foreign tax reclaim		982,987		—		—		—
Due from broker for variation margin		—		—		59,635		—
Payments paid for swap agreements		—		42,007		179,848		—
Unrealized appreciation on over-the-counter swap agreements		—		590,241		338,568		—
Unrealized appreciation on forward foreign currency exchange contracts		598,106		1,919,653		168,001		—
Total assets		495,504,851		497,840,483		127,324,553		87,598,911

LIABILITIES
Collateral for securities on loan		8,780,409		—		—		—
Payable for Trust shares reacquired		107,530		410,300		230,039		12,605
Payable for investments purchased		1,541,071		80,161,706		1,600,870		39,685,685
Accrued expenses and other liabilities		124,788		149,373		114,824		59,187
Management fee payable		293,633		158,405		47,480		16,643
Affiliated transfer agent fee payable		53,652		53,741		210		113
Deferred trustees’ fees		3,343		3,343		3,343		3,343
Distribution fee payable		108,722		106,452		—		—
Dividends payable		—		1,381		5,274		364
Due to broker for variation margin		—		11,995		—		5,188
Due to broker		—		895,000		42,000		—
Options written(G)		—		146,268		460		—
Payments received for swap agreements		—		439,849		34,372		—
Unrealized depreciation on over-the-counter swap agreements		—		145,757		54,912		—
Unrealized depreciation on forward foreign currency exchange contracts		—		561,854		56,176		—
Securities sold short, at value(F)		—		—		1,076,664		3,936,818
Total liabilities		11,013,148		83,245,424		3,266,624		43,719,946

NET ASSETS	$	484,491,703	$	414,595,059	$	124,057,929	$	43,878,965

See Notes to Financial Statements.


The TARGET Portfolio Trust			159

Statement of Assets & Liabilities as of July 31, 2014 (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	$	35,168		$	37,667		$	12,248		$	4,103
Paid-in capital in excess of par		437,469,185			406,431,519			125,365,780			45,954,404
		437,504,353			406,469,186			125,378,028			45,958,507
Undistributed net investment income (loss)		6,460,944			(425,990	)		416,114			25,216
Accumulated net realized gain (losses)		(21,553,593	)		1,244,160			(3,757,120	)		(2,519,461	)
Net unrealized appreciation (depreciation)		62,079,999			7,307,703			2,020,907			414,703
Net assets, July 31, 2014	$	484,491,703		$	414,595,059		$	124,057,929		$	43,878,965
(A) Identified cost of unaffiliated investments	$	400,559,419		$	419,825,222		$	116,708,836		$	50,421,639
(B) Identified cost of affiliated investments	$	25,912,369		$	1,405,831		$	553,285		$	28,442,034
(C) Including securities on loan of	$	8,128,312			—			—			—
(D) Identified cost of currency	$	4,298,004		$	63,692		$	362,825			—
(E) Identified cost of repurchase agreements		—		$	32,500,000		$	5,300,000			—
(F) Proceeds received from short sales		—			—		$	1,079,844		$	3,938,973
(G) Premiums received from options written		—		$	201,671		$	19,871			—

NET ASSET VALUE:
Class Q:
Net Assets	$	167,988,400			—			—			—
Shares Outstanding		12,163,516			—			—			—
Net asset value, offering price and redemption price per share	$	13.81			—			—			—
Class R:
Net Assets	$	251,907,920		$	250,999,483			—			—
Shares Outstanding		18,324,204			22,871,358			—			—
Net asset value, offering price and redemption price per share	$	13.75		$	10.97			—			—
Class T:
Net Assets	$	64,595,383		$	163,595,576		$	124,057,929		$	43,878,965
Shares Outstanding		4,680,574			14,795,458			12,248,238			4,103,293
Net asset value, offering price and redemption price per share	$	13.80		$	11.06		$	10.13		$	10.69

See Notes to Financial Statements.


160			The TARGET Portfolio Trust

Statement of Operations


	LARGE CAPITALIZATION GROWTH PORTFOLIO						LARGE CAPITALIZATION VALUE PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Nine Months Ended July 31, 2014			Year Ended October 31, 2013

NET INVESTMENT INCOME (LOSS)
Income
Unaffiliated dividend income	$	1,734,273		$	2,625,292		$	6,602,752		$	6,103,233
Affiliated income from securities lending, net		14,129			22,921			13,802			27,483
Affiliated dividend income		7,022			9,844			6,707			8,617
Interest		9			—			—			—
Less: Foreign withholding taxes		(13,002	)		(29,639	)		(76,555	)		(59,738	)
Total income		1,742,431			2,628,418			6,546,706			6,079,595
Expenses
Management fee		1,256,763			1,427,902			1,257,140			1,424,488
Distribution fee—Class R		1,052,935			1,145,211			1,064,679			1,149,320
Transfer agent’s fees and expenses(a)		234,000			255,000			222,000			251,000
Custodian’s fees and expenses		76,000			104,000			65,000			81,000
Reports to shareholders		30,000			37,000			33,000			32,000
Registration fees		27,000			30,000			20,000			31,000
Audit fees		26,000			25,000			26,000			25,000
Trustees’ fees		16,000			14,000			11,000			14,000
Legal fees		13,000			19,000			13,000			19,000
Insurance fees		3,000			—			3,000			—
Loan interest expense		127			588			94			214
Miscellaneous		12,205			19,869			8,449			20,369
Total expenses		2,747,030			3,077,570			2,723,362			3,047,391
Less: Distribution fee waiver—Class R		(350,978	)		(381,737	)		(354,893	)		(383,107	)
Net expenses		2,396,052			2,695,833			2,368,469			2,664,284
Net investment income (loss)		(653,621	)		(67,415	)		4,178,237			3,415,311

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		10,374,476			35,935,579			20,691,600			14,672,477
Foreign currency transactions		(257	)		3,155			—			—
Total net realized gain (loss)		10,374,219			35,938,734			20,691,600			14,672,477
Net change in unrealized appreciation (depreciation) on:
Investments		8,827,633			27,630,724			5,182,497			44,093,729
Foreign currencies		(180	)		25			—			—
Net change in unrealized appreciation (depreciation)		8,827,453			27,630,749			5,182,497			44,093,729
Net gain (loss)		19,201,672			63,569,483			25,874,097			58,766,206

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	18,548,051		$	63,502,068		$	30,052,334		$	62,181,517
(a) Including affiliated expense of	$	179,300		$	194,600		$	182,000		$	195,300

See Notes to Financial Statements.


The TARGET Portfolio Trust			161

Statement of Operations (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO						SMALL CAPITALIZATION VALUE PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Nine Months Ended July 31, 2014			Year Ended October 31, 2013

NET INVESTMENT INCOME (LOSS)
Income
Unaffiliated dividend income	$	419,340		$	1,017,911		$	24,027,521		$	27,541,907
Affiliated income from securities lending, net		178,032			189,626			830,732			1,177,417
Affiliated dividend income		2,666			1,950			73,511			125,816
Interest		—			—			316			551
Less: Foreign withholding taxes		(1,385	)		(1,237	)		(44,896	)		(78,333	)
Total income		598,653			1,208,250			24,887,184			28,767,358
Expenses
Management fee		619,601			700,480			8,604,472			8,655,977
Distribution fee—Class A		—			—			16			—
Distribution fee—Class R		525,594			567,017			753,834			747,512
Transfer agent’s fees and expenses(a)		126,000			129,000			616,000			557,000
Custodian’s fees and expenses		52,000			66,000			252,000			245,000
Reports to shareholders		32,000			30,000			137,000			90,000
Audit fees		26,000			25,000			33,000			33,000
Registration fees		23,000			31,000			42,000			38,000
Legal fees		13,000			16,000			21,000			24,000
Trustees’ fees		12,000			12,000			43,000			31,000
Insurance fees		1,000			—			16,000			—
Loan interest expense		32			1,278			—			—
Miscellaneous		12,044			13,583			38,783			46,397
Total expenses		1,442,271			1,591,358			10,557,105			10,467,886
Less: Distribution fee waiver—Class A		—			—			(3	)		—
Less: Distribution fee waiver—Class R		(175,198	)		(189,006	)		(251,278	)		(249,171	)
Net expenses		1,267,073			1,402,352			10,305,824			10,218,715
Net investment income (loss)		(668,420	)		(194,102	)		14,581,360			18,548,643

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		14,578,331			8,909,751			183,110,669			125,552,495
Futures transactions		—			—			735,259			1,416,103
Foreign currency transactions		—			—			—			—
Total net realized gain (loss)		14,578,331			8,909,751			183,845,928			126,968,598
Net change in unrealized appreciation (depreciation) on:
Investments		(16,552,662	)		24,945,841			(114,366,796	)		284,942,247
Futures		—			—			(253,185	)		58,650
Foreign currencies		—			—			—			—
Net change in unrealized appreciation (depreciation)		(16,552,662	)		24,945,841			(114,619,981	)		285,000,897
Net gain (loss)		(1,974,331	)		33,855,592			69,225,947			411,969,495

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,642,751	)	$	33,661,490		$	83,807,307		$	430,518,138
(a) Including affiliated expense of	$	91,200		$	96,600		$	370,400		$	336,100

See Notes to Financial Statements.


162			The TARGET Portfolio Trust

Statement of Operations (continued)


	INTERNATIONAL EQUITY PORTFOLIO						TOTAL RETURN BOND PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Nine Months Ended July 31, 2014			Year Ended October 31, 2013

NET INVESTMENT INCOME (LOSS)
Income
Unaffiliated dividend income	$	12,677,513		$	12,171,019		$	—		$	—
Interest		1,771			—			6,292,293			9,968,204
Affiliated income from securities lending, net		24,960			455			—			—
Affiliated dividend income		15,421			16,701			2,174			1,608
Less: Foreign withholding taxes		(1,021,076	)		(891,914	)		—			—
Total income		11,698,589			11,296,261			6,294,467			9,969,812
Expenses
Management fee		2,428,341			2,661,225			1,378,250			2,006,781
Distribution fee—Class R		1,329,858			1,347,604			1,320,613			1,492,298
Transfer agent’s fees and expenses(a)		234,000			280,000			326,000			457,000
Custodian’s fees and expenses		197,000			267,000			115,000			175,000
Audit fees		33,000			33,000			65,000			66,000
Reports to shareholders		42,000			36,000			55,000			60,000
Registration fees		34,000			46,000			18,000			37,000
Trustees’ fees		18,000			13,000			18,000			19,000
Legal fees		15,000			21,000			15,000			19,000
Insurance fees		4,000			—			5,000			—
Loan interest expense		—			740			—			2,992
Miscellaneous		56,081			55,716			14,677			22,542
Total expenses		4,391,280			4,761,285			3,330,540			4,357,613
Less: Distribution fee waiver—Class R		(443,286	)		(449,201	)		(440,204	)		(497,433	)
Net expenses		3,947,994			4,312,084			2,890,336			3,860,180
Net investment income (loss)		7,750,595			6,984,177			3,404,131			6,109,632
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		8,452,008			12,114,429			5,795,050			(3,570,782	)
Futures transactions		—			—			1,405,338			689,074
Options written transactions		—			—			590,859			1,234,365
Swap agreements transactions		—			—			(1,286,703	)		(2,227,534	)
Foreign currency transactions		(161,004	)		60,045			(556,852	)		37,058
Short sale transactions		—			—			—			149,863
Total net realized gain (loss)		8,291,004			12,174,474			5,947,692			(3,687,956	)
Net change in unrealized appreciation (depreciation) on:
Investments		(7,643,363	)		61,096,324			(3,570,868	)		(11,238,650	)
Futures		—			—			(1,344,015	)		1,544,202
Swaps		—			—			509,850			(1,722,057	)
Foreign currencies		748,958			(279,226	)		1,743,020			702,808
Options written		—			—			15,205			(70,459	)
Short sales		—			—			2,812			(7,499	)
Net change in unrealized appreciation (depreciation)		(6,894,405	)		60,817,098			(2,643,996	)		(10,791,655	)
Net gain (loss)		1,396,599			72,991,572			3,303,696			(14,479,611	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,147,194		$	79,975,749		$	6,707,827		$	(8,369,979	)
(a) Including affiliated expense of	$	226,100		$	227,200		$	228,000		$	260,900

See Notes to Financial Statements.


The TARGET Portfolio Trust			163

Statement of Operations (continued)


	INTERMEDIATE-TERM BOND PORTFOLIO						MORTGAGE BACKED SECURITIES PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Nine Months Ended July 31, 2014			Year Ended October 31, 2013

NET INVESTMENT INCOME (LOSS)
Income
Interest	$	2,847,350		$	4,540,199		$	496,674		$	977,099
Affiliated dividend income		400			747			27,331			29,526
Total income		2,847,750			4,540,946			524,005			1,006,625
Expenses
Management fee		428,627			672,534			143,603			194,755
Custodian’s fees and expenses		93,000			130,000			54,000			70,000
Audit fees		61,000			61,000			34,000			33,000
Transfer agent’s fees and expenses(a)		68,000			96,000			19,000			30,000
Reports to shareholders		36,000			27,000			17,000			20,000
Legal fees		13,000			17,000			14,000			16,000
Trustees’ fees		14,000			13,000			12,000			11,000
Registration fees		13,000			23,000			12,000			18,000
Insurance fees		2,000			—			1,000			—
Loan interest expenses		—			639			—			—
Miscellaneous		8,654			14,728			8,667			10,887
Total expenses		737,281			1,054,901			315,270			403,642
Net investment income (loss)		2,110,469			3,486,045			208,735			602,983

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		23,289			575,419			1,224,321			(502,717	)
Futures transactions		(192,911	)		857,839			134,348			49,867
Foreign currency transactions		(554,025	)		383,949			—			—
Options written transactions		171,645			234,456			—			—
Swap agreements transactions		(1,984,793	)		(1,113,642	)		—			(21,014	)
Short sale transactions		—			—			—			79,036
Total net realized gain (loss)		(2,536,795	)		938,021			1,358,669			(394,828	)
Net change in unrealized appreciation (depreciation) on:
Investments		408,208			(3,886,130	)		(513,438	)		(684,369	)
Futures		(211,229	)		(2,733	)		17,541			12,967
Swaps		1,165,349			(2,648,081	)		—			—
Foreign currencies		320,430			(12,617	)		—			—
Options written		(18,620	)		(4,154	)		—			—
Short sales		3,180			—			510			4,153
Net change in unrealized appreciation (depreciation)		1,667,318			(6,553,715	)		(495,387	)		(667,249	)
Net gain (loss)		(869,477	)		(5,615,694	)		863,282			(1,062,077	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,240,992		$	(2,129,649	)	$	1,072,017		$	(459,094	)
(a) Including affiliated expense of	$	1,900		$	4,800		$	680		$	2,700

See Notes to Financial Statements.


164			The TARGET Portfolio Trust

Statement of Changes in Net Assets


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income (loss)	$	(653,621	)	$	(67,415	)	$	303,897
Net realized gain on investment and foreign currency transactions		10,374,219			35,938,734			17,329,169
Net change in unrealized appreciation (depreciation) on investments		8,827,453			27,630,749			90,808
Net increase in net assets resulting from operations		18,548,051			63,502,068			17,723,874
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		—			(274,592	)		—
Class T		—			(555,589	)		(302,875	)
Total dividends from net investment income		—			(830,181	)		(302,875	)
Distributions from net realized gains
Class R		(9,234,450	)		—			—
Class T		(4,631,311	)		—			—
Total distributions from net realized gains		(13,865,761	)		—			—
Trust share transactions (Note 6)
Net proceeds from shares sold		42,012,208			51,433,823			44,120,638
Net asset value of shares issued in reinvestment of dividends and distributions		13,707,145			809,020			292,761
Cost of shares reacquired		(41,885,200	)		(56,810,294	)		(55,953,976	)
Net increase (decrease) in net assets from Trust share transactions		13,834,153			(4,567,451	)		(11,540,577	)
Total increase		18,516,443			58,104,436			5,880,422

NET ASSETS:
Beginning of period		268,389,025			210,284,589			204,404,167
End of period	$	286,905,468		$	268,389,025		$	210,284,589
(a) Includes undistributed net investment income of	$	—		$	—		$	290,135

See Notes to Financial Statements.


The TARGET Portfolio Trust			165

Statement of Changes in Net Assets (continued)


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	4,178,237		$	3,415,311		$	3,568,756
Net realized gain on investment and foreign currency transactions		20,691,600			14,672,477			26,237,541
Net change in unrealized appreciation (depreciation) on investments		5,182,497			44,093,729			(3,752,030	)
Net increase in net assets resulting from operations		30,052,334			62,181,517			26,054,267
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(1,990,700	)		(2,007,775	)		(1,713,677	)
Class T		(1,392,070	)		(1,552,574	)		(1,696,624	)
Total dividends from net investment income		(3,382,770	)		(3,560,349	)		(3,410,301	)
Trust share transactions (Note 6)
Net proceeds from shares sold		41,168,660			49,811,199			42,277,824
Net asset value of shares issued in reinvestment of dividends and distributions		3,341,125			3,507,985			3,357,595
Cost of shares reacquired		(48,448,223	)		(61,015,500	)		(55,169,925	)
Net decrease in net assets from Trust share transactions		(3,938,438	)		(7,696,316	)		(9,534,506	)
Total increase		22,731,126			50,924,852			13,109,460

NET ASSETS:
Beginning of period		264,639,656			213,714,804			200,605,344
End of period(a)	$	287,370,782		$	264,639,656		$	213,714,804
(a) Includes undistributed net investment income of:	$	3,342,244		$	2,546,777		$	2,691,815

See Notes to Financial Statements.


166			The TARGET Portfolio Trust

Statement of Changes in Net Assets (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment loss	$	(668,420	)	$	(194,102	)	$	(712,023	)
Net realized gain on investment and foreign currency transactions		14,578,331			8,909,751			3,687,565
Net change in unrealized appreciation (depreciation) on investments		(16,552,662	)		24,945,841			2,643,860
Net increase (decrease) in net assets resulting from operations		(2,642,751	)		33,661,490			5,619,402
Trust share transactions (Note 6)
Net proceeds from shares sold		28,105,679			30,464,379			25,728,775
Cost of shares reacquired		(19,568,988	)		(33,289,863	)		(27,670,159	)
Net increase (decrease) in net assets from Trust share transactions		8,536,691			(2,825,484	)		(1,941,384	)
Total increase		5,893,940			30,836,006			3,678,018

NET ASSETS:
Beginning of period		130,676,941			99,840,935			96,162,917
End of period	$	136,570,881		$	130,676,941		$	99,840,935

See Notes to Financial Statements.


The TARGET Portfolio Trust			167

Statement of Changes in Net Assets (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	14,581,360		$	18,548,643		$	14,893,551
Net realized gain on investment and foreign currency transactions		183,845,928			126,968,598			34,081,657
Net change in unrealized appreciation (depreciation) on investments		(114,619,981	)		285,000,897			48,128,206
Net increase in net assets resulting from operations		83,807,307			430,518,138			97,103,414
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(672,379	)		(776,701	)		(475,538	)
Class T		(16,894,291	)		(15,186,130	)		(10,416,661	)
Total dividends from net investment income		(17,566,670	)		(15,962,831	)		(10,892,199	)
Distributions from net realized gains
Class R		(8,544,731	)		(2,403,994	)		(2,289,461	)
Class T		(116,938,940	)		(30,592,305	)		(28,632,649	)
Total distributions from net realized gains		(125,483,671	)		(32,996,299	)		(30,922,110	)
Trust share transactions (Note 6)
Net proceeds from shares sold		389,878,196			421,010,529			338,281,653
Net asset value of shares issued in reinvestment of dividends and distributions		128,409,001			44,238,738			37,439,503
Cost of shares reacquired		(275,731,567	)		(268,940,864	)		(227,087,747	)
Net increase in net assets from Trust share transactions		242,555,630			196,308,403			148,633,409
Total increase		183,312,596			577,867,411			203,922,514

NET ASSETS:
Beginning of period		1,741,825,329			1,163,957,918			960,035,404
End of period(a)	$	1,925,137,925		$	1,741,825,329		$	1,163,957,918
(a) Includes undistributed net investment income of:	$	9,541,475		$	12,526,785		$	9,770,053

See Notes to Financial Statements.


168			The TARGET Portfolio Trust

Statement of Changes in Net Assets (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	7,750,595		$	6,984,177		$	6,806,272
Net realized gain (loss) on investment and foreign currency transactions		8,291,004			12,174,474			(7,188,625	)
Net change in unrealized appreciation (depreciation) on investments		(6,894,405	)		60,817,098			18,376,721
Net increase in net assets resulting from operations		9,147,194			79,975,749			17,994,368
Dividends and Distributions (Note 1)
Dividends from net investment income
Class Q		(2,853,716	)		(3,065,660	)		(2,649,607	)
Class R		(2,935,682	)		(3,008,506	)		(1,926,777	)
Class T		(1,203,254	)		(1,535,049	)		(1,679,297	)
Total dividends from net investment income		(6,992,652	)		(7,609,215	)		(6,255,681	)
Trust share transactions (Note 6)
Net proceeds from shares sold		92,099,433			102,407,412			88,238,519
Net asset value of shares issued in reinvestment of dividends and distributions		6,979,844			7,582,919			6,222,967
Cost of shares reacquired		(49,641,561	)		(84,338,457	)		(63,003,945	)
Net increase in net assets from Trust share transactions		49,437,716			25,651,874			31,457,541
Total increase		51,592,258			98,018,408			43,196,228

NET ASSETS:
Beginning of period		432,899,445			334,881,037			291,684,809
End of period(a)	$	484,491,703		$	432,899,445		$	334,881,037
(a) Includes undistributed net investment income of:	$	6,460,944		$	5,703,001		$	6,267,994

See Notes to Financial Statements.


The TARGET Portfolio Trust			169

Statement of Changes in Net Assets (continued)


	TOTAL RETURN BOND PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	3,404,131		$	6,109,632		$	9,360,151
Net realized gain (loss) on investment and foreign currency transactions		5,947,692			(3,687,956	)		10,501,071
Net change in unrealized appreciation (depreciation) on investments		(2,643,996	)		(10,791,655	)		11,228,520
Net increase (decrease) in net assets resulting from operations		6,707,827			(8,369,979	)		31,089,742
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(2,215,785	)		(2,944,697	)		(3,179,754	)
Class T		(2,293,025	)		(5,049,096	)		(6,706,984	)
Total dividends from net investment income		(4,508,810	)		(7,993,793	)		(9,886,738	)
Distributions from net realized gains
Class R		—			(3,476,286	)		—
Class T		—			(4,965,544	)		—
Total distributions from net realized gains		—			(8,441,830	)		—
Trust share transactions (Note 6)
Net proceeds from shares sold		85,223,262			143,822,780			154,665,652
Net asset value of shares issued in reinvestment of dividends and distributions		4,491,087			16,349,663			9,803,845
Cost of shares reacquired		(91,015,660	)		(170,098,165	)		(119,678,849	)
Net increase (decrease) in net assets from Trust share transactions		(1,301,311	)		(9,925,722	)		44,790,648
Total increase (decrease)		897,706			(34,731,324	)		65,993,652

NET ASSETS:
Beginning of period		413,697,353			448,428,677			382,435,025
End of period(a)	$	414,595,059		$	413,697,353		$	448,428,677
(a) Includes undistributed net investment income of:	$	—		$	678,689		$	2,029,705

See Notes to Financial Statements.


170			The TARGET Portfolio Trust

Statement of Changes in Net Assets (continued)


	INTERMEDIATE-TERM BOND PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	2,110,469		$	3,486,045		$	4,425,201
Net realized gain (loss) on investment and foreign currency transactions		(2,536,795	)		938,021			2,311,507
Net change in unrealized appreciation (depreciation) on investments		1,667,318			(6,553,715	)		7,094,009
Net increase (decrease) in net assets resulting from operations		1,240,992			(2,129,649	)		13,830,717
Dividends and Distributions (Note 1)
Dividends from net investment income
Class T		(2,614,268	)		(3,200,021	)		(7,110,257	)
Distributions from net realized gains
Class T		(795,042	)		(2,612,982	)		(972,354	)
Trust share transactions (Note 6)
Net proceeds from shares sold		22,544,679			25,377,628			24,370,801
Net asset value of shares issued in reinvestment of dividends and distributions		3,325,977			5,608,463			7,862,089
Cost of shares reacquired		(31,625,509	)		(60,255,240	)		(51,158,727	)
Net decrease in net assets from Trust share transactions		(5,754,853	)		(29,269,149	)		(18,925,837	)
Total decrease		(7,923,171	)		(37,211,801	)		(13,177,731	)

NET ASSETS:
Beginning of period		131,981,100			169,192,901			182,370,632
End of period(a)	$	124,057,929		$	131,981,100		$	169,192,901
(a) Includes undistributed net investment income of:	$	416,114		$	919,913		$	186,813

See Notes to Financial Statements.


The TARGET Portfolio Trust			171

Statement of Changes in Net Assets (continued)


	MORTGAGE BACKED SECURITIES PORTFOLIO
	Nine Months Ended July 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	208,735		$	602,983		$	1,138,388
Net realized gain (loss) on investment and foreign currency transactions		1,358,669			(394,828	)		830,161
Net change in unrealized appreciation (depreciation) on investments		(495,387	)		(667,249	)		(58,146	)
Net increase (decrease) in net assets resulting from operations		1,072,017			(459,094	)		1,910,403
Dividends and Distributions (Note 1)
Dividends from net investment income
Class T		(276,494	)		(917,467	)		(1,330,954	)
Trust share transactions (Note 6)
Net proceeds from shares sold		7,279,189			11,870,969			18,518,112
Net asset value of shares issued in reinvestment of dividends and distributions		270,077			885,344			1,272,691
Cost of shares reacquired		(6,683,545	)		(12,767,380	)		(12,045,966	)
Net increase (decrease) in net assets from Trust share transactions		865,721			(11,067	)		7,744,837
Total increase (decrease)		1,661,244			(1,387,628	)		8,324,286

NET ASSETS:
Beginning of period		42,217,721			43,605,349			35,281,063
End of period(a)	$	43,878,965		$	42,217,721		$	43,605,349
(a) Includes undistributed net investment income of:	$	25,216		$	92,975		$	91,041

See Notes to Financial Statements.


172			The TARGET Portfolio Trust

Notes to Financial Statements

The TARGET Portfolio Trust (the “Trust”) is an open-end management investment company. The Trust was established as a Delaware business trust on July 29, 1992 and consists of 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 Trust’s fiscal year has changed from an annual reporting period that ends October 31 to one that ends July 31. This change should have no impact on the way the Trust is managed. Shareholders will receive future annual and semi-annual reports on the new fiscal year-end schedule.

The Portfolios and their investment objectives are as follows:

•

Large Capitalization Growth Portfolio (“Large Capitalization Growth”)—long-term capital appreciation.

•

Large Capitalization Value Portfolio (“Large Capitalization Value”)—total return consisting of capital appreciation and dividend income.

•

Small Capitalization Growth Portfolio (“Small Capitalization Growth”)—maximum capital appreciation.

•

Small Capitalization Value Portfolio (“Small Capitalization Value”)—above average capital appreciation.

•

International Equity Portfolio (“International Equity”)—capital appreciation.

•

Total Return Bond Portfolio (“Total Return Bond”)—total return consisting of current income and capital appreciation.

•

Intermediate-Term Bond Portfolio (“Intermediate-Term Bond”)—current income and reasonable stability of principal.

•

Mortgage Backed Securities Portfolio (“Mortgage Backed Securities”)—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


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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 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.


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Repurchase Agreements: In connection with transactions in repurchase agreements with United States financial institutions, it is the Trust’s policy that its custodian or designated sub custodians under tri-party repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults, and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Trust may be delayed or limited.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a 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 holdings of foreign currencies and forward currency contracts, disposition 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.


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


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collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio may have to pay a fee to borrow the particular security and may be obligated to return any interest or dividends received on such borrowed securities. A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than the proceeds originally received, respectively, and is presented in the Statement of Operations as net realized gain or loss on short sales. The Portfolio maintains a segregated account of securities or other liquid assets, the dollar value of which is at least equal to its obligation with respect to short sales.

Swap Agreements: Certain Portfolios may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the over-the-counter market and may be executed either directly with a 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 clearing broker an initial margin and thereafter, pays or receives an amount, known as “variation margin”, based on daily changes in valuation of the 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. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their 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. A 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.

Credit Default Swaps: Credit default swaps (“CDS”) 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.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives. Certain Portfolios have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A 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.


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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 Portfolios 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.

Master Netting Arrangements: Certain 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.

Certain 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 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.


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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 July 31, 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.

Fair values of derivative instruments as of July 31, 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	$	6,488	—		—

Small Capitalization Value
Equity contracts	—	$	—	Due to broker for variation margin	$	230,465	*

International Equity
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	598,106	—		—


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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
Total Return Bond
Interest rate contracts	Due to broker for variation margin	$	216,525	*	Due to broker for variation margin	$	267,368	*
Interest rate contracts	Payments made for swap agreements		917		Payments received for swap agreements		11,801
Interest rate contracts	Unrealized appreciation on over-the-counter swaps		101,128		Unrealized depreciation on over-the-counter swaps		135,083
Interest rate contracts	—		—		Options written		138,606
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		1,919,653		Unrealized depreciation on forward foreign currency exchange contracts		561,854
Foreign exchange contracts	—		—		Options written		7,662
Credit contracts	Due to broker for variation margin		19,475	*	—		—
Credit contracts	Payments made for swap agreements		41,090		Payments received for swap agreements		428,048
Credit contracts	Unrealized appreciation on over-the-counter swaps		489,113		Unrealized depreciation on over-the-counter swaps		10,674

Total		$	2,787,901			$	1,561,096

Intermediate-Term Bond
Interest rate contracts	Due from broker for variation margin	$	777,922	*	Due from broker for variation margin	$	489,355	*
Interest rate contracts	Unaffiliated investments		2,300		Options written		460
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		168,001		Unrealized depreciation on forward foreign currency exchange contracts		56,176
Credit contracts	Unrealized appreciation on over-the-counter swaps		338,568		Unrealized depreciation on over-the-counter swaps		54,912
Credit contracts	Payments made for swap agreements		179,848		Payments received for swap agreements		34,372

Total		$	1,466,639			$	635,275

Mortgage Backed Securities
Interest rate contracts	Due to broker for variation margin	$	2,739	*	Due to broker for variation margin	$	6,984	*

*	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.


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The effects of derivative instruments on the Statement of Operations for the nine months ended July 31, 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		Warrants		Options Purchased		Futures			Options Written		Swaps			Forward Currency Contracts			Total
Small Capitalization Value
Equity contracts	$	—	$	—	$	—	$	735,259		$	—	$	—		$	—		$	735,259

International Equity
Foreign exchange contracts	$	—	$	—	$	—	$	—		$	—	$	—		$	(183,326	)	$	(183,326	)
Equity contracts		224,744		—		—		—			—		—			—			224,744

Total	$	224,744	$	—	$	—	$	—		$	—	$	—		$	(183,326	)	$	41,418

Total Return Bond
Interest rate contracts	$	—	$	—	$	—	$	1,405,338		$	588,901	$	(1,662,841	)	$	—		$	331,398
Foreign exchange contracts		—		—		—		—			—		—			(514,186	)		(514,186	)
Credit contracts		—		—		—		—			1,958		376,138			—			378,096

Total	$	—	$	—	$	—	$	1,405,338		$	590,859	$	(1,286,703	)	$	(514,186	)	$	195,308

Intermediate-Term Bond
Interest rate contracts	$	—	$	—	$	—	$	(192,911	)	$	171,645	$	(815,107	)	$	—		$	(836,373	)
Foreign exchange contracts		—		—		—		—			—		—			(421,955	)		(421,955	)
Credit contracts		—		—		—		—			—		(1,169,686	)		—			(1,169,686	)

Total	$	—	$	—	$	—	$	(192,911	)	$	171,645	$	(1,984,793	)	$	(421,955	)	$	(2,428,014	)

Mortgage Backed Securities
Interest rate contracts	$	—	$	—	$	3,437	$	134,348		$	—	$	—		$	—		$	137,785


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights		Warrants			Options Purchased		Futures			Options Written		Swaps		Forward Currency Contracts		Total
Small Capitalization Growth
Equity contracts	$	—	$	(1,364	)	$	—	$	—		$	—	$	—	$	—	$	(1,364	)

Small Capitalization Value
Equity contracts	$	—	$	—		$	—	$	(253,185	)	$	—	$	—	$	—	$	(253,185	)

International Equity
Foreign exchange contracts	$	—	$	—		$	—	$	—		$	—	$	—	$	814,382	$	814,382


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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		Warrants		Options Purchased			Futures			Options Written			Swaps		Forward Currency Contracts		Total
Total Return Bond
Interest rate contracts	$	—	$	—	$	—		$	(1,344,015	)	$	12,658		$	270,017	$	—	$	(1,061,340	)
Foreign exchange contracts		—		—		—			—			3,508			—		1,749,852		1,753,360
Credit contracts		—		—		—			—			(961	)		239,833		—		238,872

Total	$	—	$	—	$	—		$	(1,344,015	)	$	15,205		$	509,850	$	1,749,852	$	930,892

Intermediate-Term Bond
Interest rate contracts	$	—	$	—	$	(14,108	)	$	(211,229	)	$	(18,620	)	$	287,036	$	—	$	43,079
Foreign exchange contracts		—		—		—			—			—			—		318,996		318,996
Credit contracts		—		—		—			—			—			878,313		—		878,313

Total	$	—	$	—	$	(14,108	)	$	(211,229	)	$	(18,620	)	$	1,165,349	$	318,996	$	1,240,388

Mortgage Backed Securities
Interest rate contracts	$	—	$	—	$	—		$	17,541		$	—		$	—	$	—	$	17,541

For the nine months ended July 31, 2014, the average volume of derivative activities are as follows:


Portfolio	Options Purchased(1)		Futures Contracts - Long Positions(2)		Futures Contracts - Short Positions(2)		Forward foreign currency exchange purchase contracts(3)		Forward foreign currency exchange sale contracts(4)
Small Capitalization Value	$	—	$	4,714,678	$	—	$	—	$	—
International Equity		—		—		—		5,267,390		32,543,077
Total Return Bond		—		416,571,089		—		37,179,975		91,108,781
Intermediate-Term Bond		12,306		51,260,755		33,252,674		7,311,722		16,057,698
Mortgage Backed Securities		—		1,672,058		2,962,030		—		—


Portfolio	Options Written(5)		Interest rate swap agreements(5)		Credit default swap agreements - Buy Protection(5)		Credit default swap agreements - Sell Protection(5)
Small Capitalization Value	$	—	$	—	$	—	$	—
International Equity		—		—		—		—
Total Return Bond		65,417,214		103,272,490		—		39,850,000
Intermediate-Term Bond		147,150,000		57,191,739		11,948,559		8,268,319
Mortgage Backed Securities		—		—		—		—

(1)

Cost.

(2)	Value at Trade Date.

(3)	Value at Settlement Date Payable.

(4)	Value at Settlement Date Receivable.

(5)	Notional Amount.


182			The TARGET Portfolio Trust

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.

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


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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.

The Portfolios have a tax year end of October 31^st.

Withholding taxes on foreign interest and dividends are recorded net of reclaimable amounts, at the time the related income is earned.

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

Note 2. Agreements

The Trust’s manager is Prudential Investments LLC (“PI”). PI manages the investment operations of the Trust, administers the Trust’s affairs and is responsible for the selection, subject to review and approval of the Trustees, of the sub-advisers. PI supervises the sub-advisers’ performance of advisory services and makes recommendations to the Trustees as to whether the sub-advisers’ contracts should be renewed, modified or terminated. PI pays for the costs pursuant to the advisory agreements, the cost of compensation of officers of the Trust, occupancy and certain clerical and accounting costs of the Trust. The Trust bears all other costs and expenses.

The sub-advisers noted below each furnished investment advisory services in connection with the management of the Portfolios. Each of the sub-advisers of the equity Portfolios—Large Capitalization Growth Portfolio, Large Capitalization Value Portfolio, Small Capitalization Growth Portfolio, Small Capitalization Value Portfolio and International Equity Portfolio—manages a portion of the assets of the respective Portfolios. In general, in order to maintain a division of assets between the advisers as deemed appropriate by PI, all daily cash inflows (i.e., subscriptions and reinvested distributions) and outflows (i.e., redemptions and expense items) are divided between the sub-advisers, as PI deems appropriate. In order to maintain an approximate allocation between the sub-advisers in the ratio deemed appropriate by PI, a periodic rebalancing of each sub-adviser’s share of Portfolio assets may occur to account for market fluctuations.

At July 31, 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 and Emerald Mutual Fund Advisers Trust
Small Capitalization Value		NFJ Investment Group LLC, EARNEST Partners, LLC, Lee Munder Capital Group LLC, J.P. Morgan Investment Management, Inc., Sterling Capital Management LLC (effective January 21, 2014) and Vaughan Nelson Investment Management, L.P.


184			The TARGET Portfolio Trust


Portfolio		Adviser
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 A Plan for Small Capitalization Value, the Trust compensates PIMS for distribution related activities at an annual rate of up to 0.30% of the average daily net assets of the Class A shares. For the nine months ended July 31, 2014, PIMS has contractually agreed to limit such fees to 0.25% of the average daily net assets of the Class A shares through November 30, 2015.

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 nine months ended July 31, 2014, PIMS has contractually agreed to limit such fees to 0.50% of the average daily net assets of the Class R shares through November 30, 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 nine months ended July 31, 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”).

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.


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Prudential Investment Management, Inc. (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Trust’s security lending agent. For the nine months ended July 31, 2014, PIM was compensated for these services by the following Portfolios of the Trust:


Portfolio	PIM
Large Capitalization Growth	$	4,208
Large Capitalization Value		4,112
Small Capitalization Growth		53,180
Small Capitalization Value		247,246
International Equity		7,482

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 nine months ended July 31, 2014, were as follows:


Portfolio	Purchases		Sales
Large Capitalization Growth . . .	$	57,932,125	$	62,035,916
Large Capitalization Value . . .		64,205,554		69,637,092
Small Capitalization Growth		106,897,262		99,517,260
Small Capitalization Value . . .		921,051,614		773,603,780
International Equity . . .		143,076,569		101,642,674
Total Return Bond . . .		1,546,067,610		1,473,833,794
Intermediate-Term Bond		50,611,267		71,607,875
Mortgage Backed Securities		454,021,365		453,184,571

Transactions in options written during the nine months ended July 31, 2014, were as follows:


Intermediate-Term Bond	Notional Amount (000)			Premium Received
Options outstanding at October 31, 2013		20,400		$	76,659
Written options		206,300			114,869
Expired options		(41,400	)		(168,726	)
Closed options		(1,300	)		(2,931	)

Options outstanding at July 31, 2014		184,000		$	19,871


Total Return Bond	Notional Amount (000)			Premium Received
Options outstanding at October 31, 2013		55,100		$	108,799
Written options		285,180			609,080
Expired options		(135,480	)		(515,548	)
Closed options		(174,400	)		(660	)

Options outstanding at July 31, 2014		30,400		$	201,671


186			The TARGET Portfolio Trust

Note 5. Tax Information

The Portfolios have a tax year end of October 31^st.

Distributions to shareholders, which are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present undistributed net investment income or loss, accumulated net realized gains or losses and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to undistributed net investment income or loss, accumulated net realized gains or losses and paid-in capital in excess of par.

For the tax year ended October 31, 2013 the adjustments were as follows:


	Undistributed Net Investment Income or Loss		Accumulated Net Gains or Losses			Paid-In Capital In Excess of Par
Large Capitalization Growth(a)	$	3,155	$	(3,155	)	$	—
Small Capitalization Growth(b),(h)		210,624		5,507			(216,131	)
Small Capitalization Value(f),(g),(h)		170,920		(170,920	)		—
International Equity(a)		60,045		(60,045	)		—
Total Return Bond(a),(c),(d),(e),(g)		533,145		(533,145	)		—
Intermediate-Term Bond(a),(c),(d),(e),(g)		447,076		(447,076	)		—
Mortgage Backed Securities(c),(e)		316,418		(316,418	)		—

(a)	Reclassification of net foreign currency gain (loss).

(b)	Reclassification of net operating loss.

(c)	Reclassification of swap income.

(d)	Reclassification of income from defaulted securities.

(e)	Reclassification of paydowns.

(f)	Reclassification of PFIC adjustments.

(g)	Redesignation of dividends paid.

(h)	Other book to tax differences.

Net investment income or loss, net realized gains or losses and net assets were not affected by these adjustments.

For the tax year ended October 31, 2013, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


	Ordinary Income		Long-Term Capital Gains		Total Dividends and Distributions
Large Capitalization Growth	$	830,181	$	—	$	830,181
Large Capitalization Value		3,560,349		—		3,560,349
Small Capitalization Value		15,955,447		33,003,683		48,959,130
International Equity		7,609,215		—		7,609,215
Total Return Bond		16,435,623		—		16,435,623
Intermediate-Term Bond		5,813,003		—		5,813,003
Mortgage Backed Securities		917,467		—		917,467


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For the tax year ended October 31, 2012, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


	Ordinary Income		Long-Term Capital Gains		Total Dividends and Distributions
Large Capitalization Growth	$	302,875	$	—	$	302,875
Large Capitalization Value		3,410,301		—		3,410,301
Small Capitalization Value		12,448,988		29,365,321		41,814,309
International Equity		6,255,681		—		6,255,681
Total Return Bond		9,886,738		—		9,886,738
Intermediate-Term Bond		7,113,091		969,520		8,082,611
Mortgage Backed Securities		1,330,954		—		1,330,954

For federal income tax purposes, dividends from net investment income and distributions from short-term capital gains are taxable as ordinary income. Long-term capital gain distributions are taxable as such.

As of the latest tax year ended October 31, 2013, the Portfolios had the following amounts of accumulated undistributed earnings on a tax basis:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
Large Capitalization Growth	$	—	$	13,856,393
Large Capitalization Value		2,550,851		—
Small Capitalization Value		41,277,287		95,536,357
International Equity		6,322,024		—
Total Return Bond		1,086,358		—
Intermediate-Term Bond		723,505		792,783
Mortgage Backed Securities		98,351		—

These amounts may differ from the amounts shown on the Statement of Assets and Liabilities primarily due to cumulative timing differences between financial and tax reporting.

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 realized on or after November 1, 2011 (“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 tax years ended 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. The following Portfolios utilized capital loss carryforward to offset net taxable gains realized in the tax year ended October 31, 2013 of approximately:


Large Capitalization Growth	$	20,877,000
Large Capitalization Value		13,191,000
Small Capitalization Growth		8,787,000
International Equity		12,049,000


188			The TARGET Portfolio Trust

No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

As of the latest tax year ended 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 tax year (October 31, 2014).

The United States federal income tax basis of the Portfolios’ investments and the net unrealized appreciation/ depreciation as of July 31, 2014 were as follows:


	Tax Basis		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Large Capitalization Growth	$	223,201,500	$	80,344,934	$	(1,821,646	)	$	78,523,288
Large Capitalization Value		236,016,167		68,961,515		(2,283,767	)		66,677,748
Small Capitalization Growth		131,299,624		30,011,112		(5,128,372	)		24,882,740
Small Capitalization Value		1,749,739,273		403,170,912		(49,322,343	)		353,848,569
International Equity		428,213,994		81,284,072		(21,499,958	)		59,784,114
Total Return Bond		455,034,068		7,791,268		(3,602,197	)		4,189,071
Intermediate-Term Bond		123,792,255		1,704,176		(1,442,842	)		261,334
Mortgage Backed Securities		78,875,900		601,914		(197,348	)		404,566

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.


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Note 6. Capital

The Trust has authorized an unlimited number of beneficial interest at $.001 par value per share. As of July 31, 2014, Prudential through its affiliates owned 381 shares of Small Cap Value Class A shares and 85 shares of International Equity Class Q shares.

Transactions in shares of beneficial interest were as follows:


	Class R						Class T
	Shares			Amount			Shares			Amount
Large Capitalization Growth
Nine Months Ended July 31, 2014:
Sold		2,006,247		$	38,474,347			183,185		$	3,537,861
Reinvested		500,784			9,234,450			239,310			4,472,695
Redeemed		(1,553,564	)		(29,767,160	)		(623,393	)		(12,118,040	)

Net Increase (Decrease)		953,467		$	17,941,637			(200,898	)	$	(4,107,484	)

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)		459,637		$	7,136,036			(707,769	)	$	(11,703,487	)

Year Ended October 31, 2012:
Sold		2,675,452		$	38,594,842			381,843		$	5,525,796
Reinvested		—			—			22,196			292,761
Redeemed		(2,189,173	)		(32,018,220	)		(1,652,885	)		(23,935,756	)

Net Increase (Decrease)		486,279		$	6,576,622			(1,248,846	)	$	(18,117,199	)

Large Capitalization Value
Nine Months Ended July 31, 2014:
Sold		2,563,959		$	38,384,401			188,755		$	2,784,259
Reinvested		137,860			1,990,700			93,326			1,350,425
Redeemed		(2,342,647	)		(35,285,786	)		(876,391	)		(13,162,437	)

Net Increase (Decrease)		359,172		$	5,089,315			(594,310	)	$	(9,027,753	)

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)		437,831		$	5,280,354			(1,047,014	)	$	(12,976,670	)

Year Ended October 31, 2012:
Sold		3,531,512		$	37,077,078			499,304		$	5,200,746
Reinvested		180,008			1,713,677			172,499			1,643,918
Redeemed		(3,180,267	)		(33,167,122	)		(2,105,961	)		(22,002,803	)

Net Increase (Decrease)		531,253		$	5,623,633			(1,434,158	)	$	(15,158,139	)


190			The TARGET Portfolio Trust


					Class R						Class T
					Shares			Amount			Shares			Amount
Small Capitalization Growth
Nine Months Ended July 31, 2014:
Sold						1,586,487		$	25,143,311			180,333		$	2,962,368
Redeemed						(857,638	)		(13,604,792	)		(362,048	)		(5,964,196	)

Net Increase (Decrease)						728,849		$	11,538,519			(181,715	)	$	(3,001,828	)

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)						170,017		$	1,902,488			(340,196	)	$	(4,727,972	)

Year Ended October 31, 2012:
Sold						2,145,277		$	24,346,971			118,408		$	1,381,804
Redeemed						(1,487,832	)		(17,143,493	)		(900,516	)		(10,526,666	)

Net Increase (Decrease)						657,445		$	7,203,478			(782,108	)	$	(9,144,862	)


	Class A*
	Shares		Amount
Small Capitalization Value
Nine Months Ended July 31, 2014:
Sold		471	$	12,400		1,662,898		$	44,575,334			12,761,686		$	345,290,462
Reinvested		—		—		356,699			9,217,111			4,591,367			119,191,890
Redeemed		—		—		(932,848	)		(25,049,614	)		(9,251,729	)		(250,681,953	)

Net Increase (Decrease)		471	$	12,400		1,086,749		$	28,742,831			8,101,324		$	213,800,399

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)		—	$	—		350,063		$	8,313,934			8,084,601		$	187,994,469

Year Ended October 31, 2012:
Sold		—	$	—		1,472,289		$	30,253,286			14,754,767		$	308,028,367
Reinvested		—		—		144,011			2,764,999			1,799,403			34,674,504
Redeemed		—		—		(1,094,238	)		(22,327,838	)		(9,865,547	)		(204,759,909	)

Net Increase (Decrease)		—	$	—		522,062		$	10,690,447			6,688,623		$	137,942,962

*	Commencement of operations was February 14, 2014.


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	Class Q						Class R						Class T
	Shares			Amount			Shares			Amount			Shares			Amount
International Equity
Nine Months Ended July 31, 2014:
Sold		1,392,012		$	19,186,040			5,060,946		$	69,540,605			245,365		$	3,372,788
Reinvested		215,537			2,853,716			221,896			2,935,682			89,913			1,190,446
Redeemed		(302,593	)		(4,168,378	)		(2,683,311	)		(37,025,127	)		(613,177	)		(8,448,056	)

Net Increase (Decrease)		1,304,956		$	17,871,378			2,599,531		$	35,451,160			(277,899	)	$	(3,884,822	)

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)		300,047		$	3,311,274			2,621,553		$	31,837,829			(777,332	)	$	(9,497,229	)

Year Ended October 31, 2012:
Sold		1,461,319		$	15,723,472			6,286,224		$	67,415,282			471,658		$	5,099,765
Reinvested		257,744			2,649,607			187,430			1,926,776			160,173			1,646,584
Redeemed		(927,356	)		(10,043,345	)		(3,236,126	)		(35,320,778	)		(1,628,359	)		(17,639,822	)

Net Increase (Decrease)		791,707		$	8,329,734			3,237,528		$	34,021,280			(996,528	)	$	(10,893,473	)

Total Return Bond
Nine Months Ended July 31, 2014:
Sold								5,902,908		$	64,395,668			1,897,396		$	20,827,594
Reinvested								203,409			2,215,784			207,127			2,275,303
Redeemed								(3,362,520	)		(36,703,521	)		(4,945,713	)		(54,312,139	)

Net Increase (Decrease)								2,743,797		$	29,907,931			(2,841,190	)	$	(31,209,242	)

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)								4,375,650		$	48,605,255			(5,388,285	)	$	(58,530,977	)

Year Ended October 31, 2012:
Sold								7,506,147		$	84,111,907			6,238,035		$	70,553,745
Reinvested								283,381			3,179,749			585,596			6,624,096
Redeemed								(3,718,301	)		(41,754,260	)		(6,894,779	)		(77,924,589	)

Net Increase (Decrease)								4,071,227		$	45,537,396			(71,148	)	$	(746,748	)


192			The TARGET Portfolio Trust


	Class T
	Shares			Amount
Intermediate-Term Bond
Nine Months Ended July 31, 2014:
Sold		2,219,687		$	22,544,679
Reinvested		328,410			3,325,977
Redeemed		(3,113,343	)		(31,625,509	)

Net Increase (Decrease)		(565,246	)	$	(5,754,853	)

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)		(2,784,369	)	$	(29,269,149	)

Year Ended October 31, 2012:
Sold		2,304,922		$	24,370,801
Reinvested		752,883			7,862,089
Redeemed		(4,835,106	)		(51,158,727	)

Net Increase (Decrease)		(1,777,301	)	$	(18,925,837	)

Mortgage Backed Securities
Nine Months Ended July 31, 2014:
Sold		690,515		$	7,279,189
Reinvested		25,703			270,077
Redeemed		(634,522	)		(6,683,545	)

Net Increase (Decrease)		81,696		$	865,721

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)		(5,413	)	$	(11,067	)

Year Ended October 31, 2012:
Sold		1,720,443		$	18,518,112
Reinvested		117,867			1,272,691
Redeemed		(1,115,271	)		(12,045,966	)

Net Increase (Decrease)		723,039		$	7,744,837

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 TARGET Portfolio Trust			193

The following Portfolios utilized the line of credit during the nine months ended July 31, 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 July 31, 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		—


194			The TARGET Portfolio Trust

Financial Highlights


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Class R
	Nine Months Ended July 31, 2014(b)(f)			Year Ended October 31,
	Nine Months Ended July 31, 2014(b)(f)			2013			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)		(.07	)		(.03	)		(.01	)		(.01	)		(.01	)		.05
Net realized and unrealized gain on investments		1.31			4.46			1.15			.81			1.96			.76
Total from investment operations		1.24			4.43			1.14			.80			1.95			.81
Less dividends and distributions
Dividends from net investment income		—			(.03	)		—			—			(.04	)		(.07	)
Distributions from net realized gains		(.98	)		—			—			—			—			—
Total dividends and distributions		(.98	)		(.03	)		—			—			(.04	)		(.07	)
Net asset value, end of period	$	19.36		$	19.10		$	14.70		$	13.56		$	12.76		$	10.85

TOTAL RETURN(a)		6.77	%		30.20	%		8.41	%		6.27	%		17.99	%		8.13	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	197,019		$	176,200		$	128,828		$	112,255		$	99,676		$	70,097
Average net assets (000)	$	187,703		$	152,695		$	121,998		$	109,325		$	84,636		$	54,036
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.31	%(d)		1.31	%		1.32	%		1.34	%		1.33	%		1.36	%
Expenses before waivers and/or expense reimbursements		1.56	%(d)		1.56	%		1.57	%		1.59	%		1.58	%		1.61	%
Net investment income (loss)		(.48	)%(d)		(.22	)%		(.07	)%		(.08	)%		(.08	)%		.28	%
Portfolio turnover rate		21	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			195

Financial Highlights (continued)


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Class T
	Nine Months Ended July 31, 2014(b)(f)			Year Ended October 31,
	Nine Months Ended July 31, 2014(b)(f)			2013			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		—	(g)		.09			.06			.06			.05			.10
Net realized and unrealized gain on investments		1.33			4.47			1.16			.82			1.97			.76
Total from investment operations		1.33			4.56			1.22			.88			2.02			.86
Less dividends and distributions
Dividends from net investment income		—			(.10	)		(.05	)		(.04	)		(.09	)		(.12	)
Distributions from net realized gains		(.98	)		—			—			—			—			—
Total dividends and distributions		(.98	)		(.10	)		(.05	)		(.04	)		(.09	)		(.12	)
Net asset value, end of period	$	19.68		$	19.33		$	14.87		$	13.70		$	12.86		$	10.93

TOTAL RETURN(a)		7.17	%		30.89	%		8.92	%		6.83	%		18.55	%		8.64	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	89,886		$	92,189		$	81,456		$	92,149		$	110,550		$	124,122
Average net assets (000)	$	92,345		$	85,289		$	87,434		$	102,690		$	116,806		$	123,629
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.81	%(d)		.81	%		.82	%		.84	%		.83	%		.86	%
Expenses before waivers and/or expense reimbursements		.81	%(d)		.81	%		.82	%		.84	%		.83	%		.86	%
Net investment income		.03	%(d)		.32	%		.44	%		.44	%		.45	%		.84	%
Portfolio turnover rate		21	%(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)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

(g)	Less than $0.005 per share.

See Notes to Financial Statements.


196			The TARGET Portfolio Trust

Financial Highlights (continued)


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Class R
	Nine Months Ended July 31,			Year Ended October 31,
	2014(b)(f)			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		.20			.16			.16			.13			.11			.15
Net realized and unrealized gain on investments		1.38			3.10			1.13			.18			.98			.13
Total from investment operations		1.58			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	$	15.57		$	14.15		$	11.06		$	9.92		$	9.73		$	8.79

TOTAL RETURN(a)		11.25	%		29.86	%		13.23	%		3.19	%		12.45	%		3.59	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	198,729		$	175,554		$	132,434		$	113,434		$	97,308		$	70,291
Average net assets (000)	$	189,796		$	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		1.83	%(d)		1.25	%		1.53	%		1.30	%		1.21	%		1.96	%
Portfolio turnover rate		23	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			197

Financial Highlights (continued)


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Class T
	Nine Months Ended July 31,			Year Ended October 31,
	2014(b)(f)			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		.26			.22			.21			.18			.16			.20
Net realized and unrealized gain on investments		1.38			3.11			1.14			.18			.98			.12
Total from investment operations		1.64			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	$	15.65		$	14.23		$	11.12		$	9.97		$	9.78		$	8.83

TOTAL RETURN(a)		11.68	%		30.48	%		13.86	%		3.62	%		13.00	%		4.15	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	88,642		$	89,086		$	81,281		$	87,171		$	109,097		$	128,187
Average net assets (000)	$	90,336		$	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		2.35	%(d)		1.77	%		2.03	%		1.80	%		1.74	%		2.64	%
Portfolio turnover rate		23	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


198			The TARGET Portfolio Trust

Financial Highlights (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Class R
	Nine Months Ended July 31,			Year Ended October 31,
	2014(f)(g)			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		(.10	)		(.04	)		(.09	)		(.07	)		(.05	)		(.04	)
Net realized and unrealized gain (loss) on investments		(.18	)		3.90			.68			1.38			2.00			.58
Total from investment operations		(.28	)		3.86			.59			1.31			1.95			.54
Capital Contributions		—			—			—			—			—	(c)		—
Net asset value, end of period	$	15.14		$	15.42		$	11.56		$	10.97		$	9.66		$	7.71

TOTAL RETURN(a)		(1.82	)%		33.39	%		5.38	%		13.56	%		25.29	%		7.53	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	95,752		$	86,336		$	62,731		$	52,325		$	41,025		$	28,129
Average net assets (000)	$	93,696		$	75,602		$	57,399		$	47,547		$	35,238		$	22,037
Ratios to average net assets(b)
Expenses after waivers and/or expense reimbursements		1.39	%(d)		1.38	%		1.42	%		1.44	%		1.46	%		1.52	%
Expenses before waivers and/or expense reimbursements		1.64	%(d)		1.63	%		1.67	%		1.69	%		1.71	%		1.77	%
Net investment loss		(.81	)%(d)		(.35	)%		(.93	)%		(.80	)%		(.72	)%		(.77	)%
Portfolio turnover rate		74	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

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

See Notes to Financial Statements.


The TARGET Portfolio Trust			199

Financial Highlights (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Class T
	Nine Months Ended July 31,			Year Ended October 31,
	2014(f)(g)			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)		(.04	)		.03			(.04	)		(.02	)		(.01	)		(.02	)
Net realized and unrealized gain (loss) on investments		(.20	)		4.03			.70			1.42			2.03			.60
Total from investment operations		(.24	)		4.06			.66			1.40			2.02			.58
Less dividends from net investment income		—			—			—			—			—			(.01	)
Capital Contributions		—			—			—			—			—	(c)		—
Net asset value, end of period	$	15.72		$	15.96		$	11.90		$	11.24		$	9.84		$	7.82

TOTAL RETURN(a)		(1.50	)%		34.12	%		5.87	%		14.23	%		25.83	%		8.06	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	40,819		$	44,341		$	37,110		$	43,838		$	51,777		$	52,671
Average net assets (000)	$	44,372		$	41,144		$	40,486		$	50,339		$	53,128		$	51,109
Ratios to average net assets(b)
Expenses after waivers and/or expense reimbursements		.89	%(d)		.88	%		.92	%		.94	%		.96	%		1.02	%
Expenses before waivers and/or expense reimbursements		.89	%(d)		.88	%		.92	%		.94	%		.96	%		1.02	%
Net investment income (loss)		(.31	)%(d)		.17	%		(.44	)%		(.29	)%		(.18	)%		(.26	)%
Portfolio turnover rate		74	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

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

See Notes to Financial Statements.


200			The TARGET Portfolio Trust

Financial Highlights (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class A
	February 14(d) through July 31, 2014(b)(g)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	26.26
Income (loss) from investment operations
Net investment income		.09
Net realized and unrealized gain on investments		.35
Total from investment operations		.44
Net asset value, end of period	$	26.70

TOTAL RETURN(a)		1.68	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	13
Average net assets (000)	$	12
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.93	%(e)
Expenses before waivers and/or expense reimbursements		.98	%(e)
Net investment income		.74	%(e)
Portfolio turnover rate		42	%(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.

(g)	For the period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			201

Financial Highlights (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class R
	Nine Months Ended July 31,			Year Ended October 31,
	2014(b)(f)			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		.11			.20			.19			.11			.10			.13
Net realized and unrealized gain on investments		.98			6.87			1.65			1.35			3.41			1.42
Total from investment operations		1.09			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	$	26.51		$	27.48		$	21.21		$	20.17		$	18.80		$	15.41

TOTAL RETURN(a)		4.17	%		34.55	%		9.51	%		7.75	%		22.93	%		11.37	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	143,655		$	119,047		$	84,483		$	69,790		$	52,587		$	33,574
Average net assets (000)	$	134,383		$	99,668		$	76,205		$	63,352		$	43,680		$	26,425
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.18	%(d)		1.17	%		1.18	%		1.21	%		1.26	%		1.30	%
Expenses before waivers and/or expense reimbursements		1.43	%(d)		1.42	%		1.43	%		1.46	%		1.51	%		1.55	%
Net investment income		.54	%(d)		.83	%		.92	%		.55	%		.57	%		.96	%
Portfolio turnover rate		42	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


202			The TARGET Portfolio Trust

Financial Highlights (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class T
	Nine Months Ended July 31,			Year Ended October 31,
	2014(b)(f)			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		.21			.32			.29			.22			.19			.20
Net realized and unrealized gain on investments		1.00			6.91			1.67			1.34			3.45			1.41
Total from investment operations		1.21			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	$	26.73		$	27.71		$	21.39		$	20.33		$	18.95		$	15.51

TOTAL RETURN(a)		4.60	%		35.16	%		10.11	%		8.22	%		23.64	%		11.82	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	1,781,471		$	1,622,779		$	1,079,475		$	890,245		$	800,761		$	538,202
Average net assets (000)	$	1,782,968		$	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		.68	%(d)		.67	%		.68	%		.71	%		.76	%		.80	%
Expenses before waivers and/or expense reimbursements		.68	%(d)		.67	%		.68	%		.71	%		.76	%		.80	%
Net investment income		1.05	%(d)		1.32	%		1.42	%		1.06	%		1.07	%		1.46	%
Portfolio turnover rate		42	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			203

Financial Highlights (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Class Q
	Nine Months Ended July 31,				Year Ended October 31,						March 1, 2011(b), through October 31, 2011(e)
	2014(e)(g)				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		.26				.27			.27			.26
Net realized and unrealized gain (loss) on investments		.04				2.37			.32			(1.72	)
Total from investment operations		.30				2.64			.59			(1.46	)
Less dividends from net investment income		(.26	)			(.29	)		(.27	)		—
Net asset value, end of period	$	13.81			$	13.77		$	11.42		$	11.10

TOTAL RETURN(a)		2.26	%			23.57	%		5.60	%		(11.62	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	167,988			$	149,490		$	120,574		$	108,378
Average net assets (000)	$	159,618			$	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		2.55	%(c)			2.15	%		2.51	%		3.21	%(c)
Portfolio turnover rate		23	%(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.

(g)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


204			The TARGET Portfolio Trust

Financial Highlights (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Class R
	Nine Months Ended July 31,			Year Ended October 31,
	2014(b)(f)			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		.20			.19			.21			.22			.14			.13
Net realized and unrealized gain (loss) on investments		.04			2.36			.32			(.90	)		1.00			2.08
Total from investment operations		.24			2.55			.53			(.68	)		1.14			2.21
Less dividends from net investment income		(.18	)		(.22	)		(.19	)		(.14	)		(.11	)		(.42	)
Capital Contributions(g)		—			—			—			—			.03			—
Net asset value, end of period	$	13.75		$	13.69		$	11.36		$	11.02		$	11.84		$	10.78

TOTAL RETURN(a)		1.82	%		22.83	%		5.01	%		(5.84	)%		10.93	%		26.13	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	251,908		$	215,215		$	148,857		$	108,715		$	79,234		$	57,184
Average net assets (000)	$	237,069		$	179,681		$	125,953		$	93,879		$	68,032		$	43,233
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.42	%(d)		1.44	%		1.45	%		1.48	%		1.54	%		1.51	%
Expenses before waivers and/or expense reimbursements		1.67	%(d)		1.69	%		1.70	%		1.73	%		1.79	%		1.76	%
Net investment income		1.97	%(d)		1.53	%		1.91	%		1.87	%		1.29	%		1.46	%
Portfolio turnover rate		23	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

(g)

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.

See Notes to Financial Statements.


The TARGET Portfolio Trust			205

Financial Highlights (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Class T
	Nine Months Ended July 31,			Year Ended October 31,
	2014(b)(f)			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		.25			.25			.26			.30			.19			.17
Net realized and unrealized gain (loss) on investments		.05			2.37			.32			(.93	)		1.01			2.10
Total from investment operations		.30			2.62			.58			(.63	)		1.20			2.27
Less dividends from net investment income		(.25	)		(.28	)		(.25	)		(.19	)		(.16	)		(.47	)
Capital Contributions(g)		—			—			—			—			.03			—
Net asset value, end of period	$	13.80		$	13.75		$	11.41		$	11.08		$	11.90		$	10.83

TOTAL RETURN(a)		2.22	%		23.39	%		5.52	%		(5.36	)%		11.45	%		26.84	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	64,595		$	68,194		$	65,450		$	74,592		$	98,978		$	119,006
Average net assets (000)	$	67,125		$	65,268		$	67,572		$	112,082		$	106,108		$	110,053
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.92	%(d)		.94	%		.95	%		.98	%		1.04	%		1.01	%
Expenses before waivers and/or expense reimbursements		.92	%(d)		.94	%		.95	%		.98	%		1.04	%		1.01	%
Net investment income		2.41	%(d)		2.02	%		2.39	%		2.47	%		1.75	%		1.94	%
Portfolio turnover rate		23	%(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.

(f)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

(g)

See Notes to Financial Statements.


206			The TARGET Portfolio Trust

Financial Highlights (continued)


	TOTAL RETURN BOND PORTFOLIO
	Class R
	Nine Months Ended July 31,			Year Ended October 31,
	2014(i)			2013			2012			2011			2010			2009

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.92		$	11.51		$	10.94		$	11.34		$	10.93		$	9.86
Income (loss) from investment operations
Net investment income		.07			.12			.21			.26			.30			.42
Net realized and unrealized gain (loss) on investments		.08			(.33	)		.59			(.03	)		.68			1.82
Total from investment operations		.15			(.21	)		.80			.23			.98			2.24
Less dividends and distributions
Dividends from net investment income		(.10	)		(.17	)		(.23	)		(.27	)		(.30	)		(.62	)
Distributions from net realized gains		—			(.21	)		—			(.36	)		(.27	)		(.55	)
Total dividends and distributions		(.10	)		(.38	)		(.23	)		(.63	)		(.57	)		(1.17	)
Capital Contributions(b)		—			—			—			—			—	(f)		—
Net asset value, end of period	$	10.97		$	10.92		$	11.51		$	10.94		$	11.34		$	10.93

TOTAL RETURN(a)		1.41	%		(1.86	)%		7.42	%		2.24	%		9.33	%		24.57	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	250,999		$	219,719		$	181,334		$	127,837		$	102,992		$	71,457
Average net assets (000)	$	235,421		$	198,973		$	154,728		$	117,927		$	86,806		$	56,103
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.16	%(g)		1.14	%		1.13	%		1.15	%		1.17	%		1.32	%(d)
Expenses before waivers and/or expense reimbursements		1.41	%(g)		1.39	%		1.38	%		1.40	%		1.42	%		1.57	%(e)
Net investment income		.91	%(g)		1.09	%		1.92	%		2.50	%		2.79	%		4.20	%
Portfolio turnover rate		637	%(h)		500	%		308	%		243	%		369	%		657	%

(a)

(b)

(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.

(i)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			207

Financial Highlights (continued)


	TOTAL RETURN BOND PORTFOLIO
	Class T
	Nine Months Ended July 31,			Year Ended October 31,
	2014(h)			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		.11			.18			.28			.33			.36			.47
Net realized and unrealized gain (loss) on investments		.09			(.35	)		.59			(.04	)		.68			1.84
Total from investment operations		.20			(.17	)		.87			.29			1.04			2.31
Less dividends and distributions
Dividends from net investment income		(.14	)		(.22	)		(.29	)		(.33	)		(.36	)		(.68	)
Distributions from net realized gains		—			(.21	)		—			(.36	)		(.27	)		(.55	)
Total dividends and distributions		(.14	)		(.43	)		(.29	)		(.69	)		(.63	)		(1.23	)
Capital Contributions(e)		—			—			—			—			—	(d)		—
Net asset value, end of period	$	11.06		$	11.00		$	11.60		$	11.02		$	11.42		$	11.01

TOTAL RETURN(a)		1.87	%		(1.43	)%		8.01	%		2.76	%		9.82	%		25.15	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	163,596		$	193,978		$	267,095		$	254,598		$	266,960		$	217,784
Average net assets (000)	$	174,072		$	246,978		$	260,059		$	249,230		$	242,590		$	198,247
Ratios to average net assets(b)
Expenses after waivers and/or expense reimbursements		.66	%(f)		.64	%		.63	%		.65	%		.67	%		.82	%(c)
Expenses before waivers and/or expense reimbursements		.66	%(f)		.64	%		.63	%		.65	%		.67	%		.82	%(c)
Net investment income		1.39	%(f)		1.59	%		2.46	%		2.99	%		3.28	%		4.71	%
Portfolio turnover rate		637	%(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.

(h)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


208			The TARGET Portfolio Trust

Financial Highlights (continued)


	INTERMEDIATE-TERM BOND PORTFOLIO
	Class T
	Nine Months Ended July 31,			Year Ended October 31,
	2014(h)			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		.17			.25			.27			.27			.27			.36
Net realized and unrealized gain (loss) on investments		(.07	)		(.40	)		.56			—	(b)		.66			1.27
Total from investment operations		.10			(.15	)		.83			.27			.93			1.63
Less dividends and distributions
Dividends from net investment income		(.21	)		(.22	)		(.42	)		(.36	)		(.28	)		(.42	)
Distributions from net realized gains		(.06	)		(.18	)		(.06	)		(.37	)		(.54	)		(.63	)
Total dividends and distributions		(.27	)		(.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)		1.01	%		(1.41	)%		8.13	%		2.70	%		9.07	%		17.01	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	124,058		$	131,981		$	169,193		$	182,371		$	248,817		$	245,517
Average net assets (000)	$	127,349		$	149,452		$	177,149		$	210,348		$	247,716		$	218,911
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.77	%(f)		.71	%		.66	%		.66	%		.66	%(d)		.74	%(d)
Expenses before waivers and/or expense reimbursements		.77	%(f)		.71	%		.66	%		.66	%		.66	%(d)		.74	%(d)
Net investment income		2.22	%(f)		2.33	%		2.50	%		2.61	%		2.53	%		3.47	%
Portfolio turnover rate		234	%(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.

(h)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			209

Financial Highlights (continued)


	MORTGAGE BACKED SECURITIES PORTFOLIO
	Class T
	Nine Months Ended July 31,			Year Ended October 31,
	2014(g)			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		.05			.15			.29			.49			.54			.70
Net realized and unrealized gain (loss) on investments		.21			(.26	)		.20			.05			.64			.74
Total from investment operations		.26			(.11	)		.49			.54			1.18			1.44
Less dividends from net investment income		(.07	)		(.22	)		(.34	)		(.46	)		(.54	)		(.74	)
Net asset value, end of period	$	10.69		$	10.50		$	10.83		$	10.68		$	10.60		$	9.96

TOTAL RETURN(a)		2.47	%		(.97	)%		4.64	%		5.26	%		12.13	%		16.20	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	43,879		$	42,218		$	43,605		$	35,281		$	36,157		$	41,112
Average net assets (000)	$	42,666		$	43,290		$	42,171		$	34,208		$	38,594		$	44,081
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.99	%(e)		.93	%		.93	%		1.03	%		.88	%(b)		1.07	%(b)
Expenses before waivers and/or expense reimbursements		.99	%(e)		.93	%		.93	%		1.03	%		.88	%(b)		1.07	%(b)
Net investment income		.65	%(e)		1.39	%		2.70	%		4.65	%		5.23	%		7.35	%
Portfolio turnover rate(d)		936	%(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.

(g)	For the nine month period ended July 31, 2014. The Trust changed its fiscal year end from October 31 to July 31, effective July 31, 2014.

See Notes to Financial Statements.


210			The TARGET Portfolio Trust

Report of Independent Registered Public Accounting Firm

The Board of Trustee and Shareholders

The Target Portfolio Trust:

We have audited the accompanying statements of assets and liabilities of The Target Portfolio Trust (comprised of Large Capitalization Growth Portfolio, Large Capitalization Value Portfolio, Small Capitalization Growth Portfolio, Small Capitalization Value Portfolio, International Equity Portfolio, Total Return Bond Portfolio, Intermediate-Term Bond Portfolio and Mortgage Backed Securities Portfolio, hereafter referred to as the “Funds”), including the portfolios of investments, as of July 31, 2014, and the related statements of operations for the nine-month period ended July 31, 2014 and the year ended October 31, 2013, the statements of changes in net assets for the nine-month period ended July 31, 2014 and for each of the years in the two-year period ended October 31, 2013 and the financial highlights for the nine-month period ended July 31, 2014 and each of the years in the five-year period ended October 31, 2013. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of July 31, 2014, and the results of their operations for the nine-month period ended July 31, 2014 and the year ended October 31, 2013, the changes in their net assets for the nine-month period ended July 31, 2014 and for each of the years in the two-year period ended October 31, 2013 and the financial highlights for the nine-month period ended July 31, 2014 and each of the years in the five-year period ended October 31, 2013, in conformity with U.S. generally accepted accounting principles.

LOGO

New York, New York

September 19, 2014


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INFORMATION ABOUT BOARD MEMBERS AND OFFICERS

(Unaudited)

Information about Board Members and Officers of the Portfolios is set forth below. Board Members who are not deemed to be “interested persons” of the Portfolios, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Portfolios are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Portfolios and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Portfolios.


Independent Board Members⁽¹⁾

Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held

Ellen S. Alberding (56) Board Member Portfolios Overseen: 67	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (since 2011); Trustee, Skills for America’s Future (national initiative to connect employers to community colleges) (since 2011); Trustee, National Park Foundation (charitable foundation for national park system) (since 2009); Trustee, Economic Club of Chicago (since 2009).	None.

Kevin J. Bannon (62) Board Member Portfolios Overseen: 67	Managing Director (since April 2008) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).

Linda W. Bynoe (62) Board Member Portfolios Overseen: 67	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co (broker-dealer).	Director of Simon Property Group, Inc. (retail real estate) (May 2003-May 2012); Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).

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Independent Board Members⁽¹⁾

Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held

Keith F. Hartstein (57) Board Member Portfolios Overseen: 67	Retired; Formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.

Michael S. Hyland, CFA (68) Board Member Portfolios Overseen: 67	Retired (since February 2005); Formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.

Douglas H. McCorkindale (75) Board Member Portfolios Overseen: 67	Retired; Formerly Chairman (February 2001-June 2006), Chief Executive Officer (June 2000-July 2005), President (September 1997-July 2005) and Vice Chairman (March 1984-May 2000) of Gannett Co. Inc. (publishing and media).	Director of Lockheed Martin Corp. (aerospace and defense) (since May 2001).

Stephen P. Munn (72) Board Member Portfolios Overseen: 67	Lead Director (since 2007) and formerly Chairman (1993-2007) of Carlisle Companies Incorporated (manufacturer of industrial products).	Lead Director (since 2007) of Carlisle Companies Incorporated (manufacturer of industrial products).

James E. Quinn (62) Board Member Portfolios Overseen: 67	Retired; Formerly President (2003-2012) and Director (2003-2008), and Vice Chairman and Director (1998-2003), Tiffany & Company (jewelry retailing); Director, Mutual of America Capital Management Corporation (asset management) (since 1996); Director, Hofstra University (since 2008); Vice Chairman, Museum of the City of New York (since 1994).	Director of Deckers Outdoor Corporation (footwear manufacturer) (since 2011).

Richard A. Redeker (71) Board Member & Independent Chair Portfolios Overseen: 67	Retired Mutual Fund Senior Executive (44 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of 2,800 Independent Mutual Fund Directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.

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Independent Board Members⁽¹⁾

Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held

Robin B. Smith (74) Board Member Portfolios Overseen: 67	Chairman of the Board (since January 2003) of Publishers Clearing House (direct marketing); Member of the Board of Directors of ADLPartner (marketing) (since December 2010); formerly Chairman and Chief Executive Officer (August 1996-January 2003) of Publishers Clearing House.	Formerly Director of BellSouth Corporation (telecommunications) (1992-2006).

Stephen G. Stoneburn (71) Board Member Portfolios Overseen: 67	Chairman, (since July 2011), President and Chief Executive Officer (since June 1996) of Quadrant Media Corp. (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc. (1975-1989).	None.


Interested Board Members⁽¹⁾

Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held

Stuart S. Parker (51) Board Member & President Portfolios Overseen: 67	President of Prudential Investments LLC (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of Prudential Investments LLC (June 2005-December 2011).	None.

Scott E. Benjamin (41) Board Member & Vice President Portfolios Overseen: 67	Executive Vice President (since June 2009) of Prudential Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, Prudential Investments (since February 2006); Vice President of Product Development and Product Management, Prudential Investments (2003-2006).	None.

The TARGET Portfolio Trust

⁽¹⁾	The year that each individual joined the Board of the Target Portfolio Trust is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Keith F. Hartstein, 2013; Michael S. Hyland, 2008; Douglas H. McCorkindale, 1996; Stephen P. Munn, 2008; James E. Quinn, 2013; Richard A. Redeker, 2003; Robin B. Smith, 2003; Stephen G. Stoneburn, 1999; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009.


Fund Officers^(a)

Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Raymond A. O’Hara (59) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of Prudential Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since 2012

Chad A. Earnst (39) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of Prudential Investments LLC; Chief Compliance Officer (September 2014-Present) of the Prudential Investments Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., Prudential Global Short Duration High Yield Income Fund, Inc., Prudential Short Duration High Yield Fund, Inc. and Prudential Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, U.S. Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, U.S. Securities & Exchange Commission.	Since 2014

Deborah A. Docs (56) Secretary	Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of Prudential Investments LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2004

The TARGET Portfolio Trust


Fund Officers^(a)

Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Jonathan D. Shain (56) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of Prudential Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2005

Claudia DiGiacomo (39) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of Prudential Investments LLC (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since 2005

Andrew R. French (51) Assistant Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of Prudential Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since 2006

Amanda S. Ryan (36) Assistant Secretary	Director and Corporate Counsel (since March 2012) of Prudential; Director and Assistant Secretary (since June 2012) of Prudential Investments LLC; Associate at Ropes & Gray LLP (2008-2012).	Since 2012

Theresa C. Thompson (52) Deputy Chief Compliance Officer	Vice President, Compliance, Prudential Investments LLC (since April 2004); and Director, Compliance, Prudential Investments LLC (2001-2004).	Since 2008

Richard W. Kinville (46) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2005) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2007); formerly Investigator and Supervisor in the Special Investigations Unit for the New York Central Mutual Fire Insurance Company (August 1994-January 1999); Investigator in AXA Financial’s Internal Audit Department and Manager in AXA’s Anti-Money Laundering Office (January 1999-January 2005); first chair of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (June 2007-December 2009).	Since 2011

M. Sadiq Peshimam (50) Treasurer and Principal Financial and Accounting Officer	Assistant Treasurer of funds in the Prudential Mutual Fund Complex (2006-2014); Vice President (since 2005) of Prudential Investments LLC.	Since 2006

Peter Parrella (56) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since 2007

The TARGET Portfolio Trust


Fund Officers^(a)

Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Lana Lomuti (47) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since 2014

Linda McMullin (53) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since 2014

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

¡	Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with Prudential Investments LLC and/or an affiliate of Prudential Investments LLC.

¡	Unless otherwise noted, the address of all Board Members and Officers is c/o Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102-4077.

¡	There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

¡	“Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

“Portfolios Overseen” includes all investment companies managed by Prudential Investments LLC. The investment companies for which Prudential Investments LLC serves as manager include the Prudential Investments Mutual Funds, The Prudential Variable Contract Accounts, Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

The TARGET Portfolio Trust

Approval of Advisory Agreements

The Trust’s Board of Trustees

The Board of Trustees (the “Board”) of The Target Portfolio Trust (the “Trust”)¹ consists of thirteen individuals, eleven of whom are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established three standing committees: the Audit Committee, the Nominating and Governance Committee, and the Target Investment Committee. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Trust’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Trust’s management agreement with Prudential Investments LLC (“PI”) and each Portfolio’s subadvisory agreement. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 9-11, 2014 and approved the renewal of the agreements through July 31, 2015, after concluding that the renewal of the agreements was in the best interest of each of the Trust’s Portfolios and their shareholders.

In advance of the meetings, the Trustees requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with their consideration. Among other things, the Board considered comparative fee information from PI and the Trust’s subadvisers. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Trustees, including the Independent Trustees advised by independent legal counsel, considered the factors they deemed relevant, including the nature, quality and extent of services provided by PI and each subadviser, the performance of each Portfolio of the Trust, the profitability of PI and its affiliates, expenses and fees, and the potential for economies of scale that may be

The Trust is comprised of the following series (each, a “Portfolio” and collectively, the “Portfolios”): Target Large Capitalization Value Portfolio, Target Large Capitalization Growth Portfolio, Target Small Capitalization Value Portfolio, Target Small Capitalization Growth Portfolio, Target International Equity Portfolio, Target Intermediate-Term Bond Portfolio, Target Mortgage-Backed Securities Portfolio and Target Total Return Bond Portfolio.

The TARGET Portfolio Trust

Approval of Advisory Agreements (continued)

shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements. In connection with its deliberations, the Board considered information provided by PI throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 9-11, 2014.

The Trustees determined that the overall arrangements between the Trust and PI, which serves as the Trust’s investment manager pursuant to a management agreement, and between PI and each subadviser,² each of which serve pursuant to the terms of subadvisory agreements with PI, are in the best interests of the Trust, each Portfolio and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality and Extent of services

The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by PI and each subadviser. The Board considered the services provided by PI, including but not limited to the oversight of the subadvisers, as well as the provision of fund recordkeeping and compliance services to the Trust. With respect to PI’s oversight of the subadvisers, the Board noted that PI’s Strategic Investment Research Group (“SIRG”), a business unit of PI, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board also considered that PI pays the salaries of all of the officers and non-independent Trustees of the Trust. The Board also considered the

²	The respective subadvisers for each Portfolio are as follows:

•	Target Large Capitalization Value Portfolio (Hotchkis and Wiley Capital Management, LLC, Epoch Investment Partners, Inc. and NFJ Investment Group LLC);

•	Target Large Capitalization Growth Portfolio (Massachusetts Financial Services Company and Brown Advisory, LLC);

•	Target Small Capitalization Value Portfolio (EARNEST Partners, LLC, J.P. Morgan Investment Management, Inc., Lee Munder Capital Group, LLC, NFJ Investment Group, LLC, Vaughan Nelson Investment Management, L.P., and Sterling Capital Management LLC);

•	Target Small Capitalization Growth Portfolio (Eagle Asset Management, Inc. and Emerald Mutual Fund Advisers Trust)

•	Target International Equity Portfolio (LSV Asset Management and Thornburg Investment Management, Inc.)

•	Target Intermediate-Term Bond Portfolio (Pacific Investment Management Company LLC),

The TARGET Portfolio Trust

investment subadvisory services provided by each subadviser, as well as compliance with the Trust’s investment restrictions, policies and procedures. The Board considered PI’s evaluation of the subadvisers as well as PI’s recommendation, based on its review of the subadvisers, to renew the subadvisory agreements or to replace certain subadvisers, as applicable.

The Board considered the qualifications, backgrounds and responsibilities of PI’s senior management responsible for the oversight of the Trust and each subadviser, and also considered the qualifications, backgrounds and responsibilities of the subadvisers’ portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to PI’s and each subadviser’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PI and each subadviser. The Board also noted that it received favorable compliance reports from the Trust’s Chief Compliance Officer (“CCO”) as to both PI and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PI and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that the Trust and its Portfolios benefit from the services provided by PI and each subadviser under the management and subadvisory agreements.

Costs of Services and Profits Realized by PI

The Board was provided with information on the profitability of PI in serving as the Trust’s investment manager. The Board discussed with PI the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PI to certain of the Portfolios during the year ended December 31, 2013 exceeded the benefits gained by PI, resulting in an operating loss to PI. Taking these factors into account, the Board concluded that the profitability of PI in relation to the services rendered was not unreasonable.

•	Target Mortgage-Backed Securities Portfolio (Wellington Management Company, LLP);

•	Target Total Return Bond Portfolio (Pacific Investment Management Company LLC).

The TARGET Portfolio Trust

Approval of Advisory Agreements (continued)

The Board separately considered the profitability, to the extent available, of the Trust’s subadvisers. However, the Board noted that none of the Trust’s subadvisers was affiliated with PI, and concluded that the level of profitability of a subadviser not affiliated with PI may not be as significant as PI’s profitability given the arm’s length nature of the process by which the subadvisory fee rates were negotiated by PI and the unaffiliated subadvisers, as well as the fact that PI compensates the subadvisers out of its management fee.

Economies of Scale

In 2013, PI and the Board retained an outside business consulting firm, in order to assist the Board in its consideration of the renewal of the management and subadvisory agreements, by reviewing management fee breakpoint usage and trends in management fees across the mutual fund industry. The consulting firm’s analysis and conclusions with respect to the Portfolios’ management fee structures were presented to the Board and PI at the December 3-5, 2013 meeting, and were discussed extensively by the Board and PI over the following two quarters.

The Board noted that the advisory fee schedule for the Portfolios of the Trust does not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board received and discussed information concerning whether PI realizes economies of scale as each Portfolio’s assets grow beyond current levels. However, because of the nature of PI’s business, the Board could not reach definitive conclusions as to whether PI might realize economies of scale on a particular Portfolio or how great they may be. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PI’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. In light of each Portfolio’s current size and fee rate, the Board concluded that the absence of breakpoints in each Portfolio’s fee schedule is acceptable at this time.

Other Benefits to PI and the Subadvisers

The Board considered potential ancillary benefits that might be received by PI, the subadvisers, and their affiliates as a result of their relationship with the Trust and its Portfolios. The Board concluded that potential benefits to be derived by PI included fees received by affiliates of PI for serving as the Portfolios’ securities lending agent, transfer agency fees received by the Trust’s transfer agent (which is affiliated with PI), as well as benefits to its reputation or other intangible benefits resulting from PI’s association with the Portfolios. The Board concluded that the potential benefits to be

The TARGET Portfolio Trust

derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PI and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Portfolios / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of each Portfolio for the one-, three-, five- and ten-year periods ended December 31, 2013.

The Board also considered each Portfolio’s actual management fee, as well as each Portfolio’s net total expense ratio, for the fiscal year ended October 31, 2013. The Board considered the management fee for each Portfolio as compared to the management fee charged by PI to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders.

The mutual funds included in the Peer Universe³ and the Peer Group for each Portfolio were objectively determined by Lipper Inc. (“Lipper”), an independent provider of mutual fund data. The comparisons placed each Portfolio in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding each Portfolio’s performance, fees and overall expenses. The

³	Peer Universes for each Portfolio are denoted below:

Large Capitalization Growth Portfolio: Lipper Large-Cap Growth Funds Performance Universe.

Large Capitalization Value Portfolio: Lipper Large-Cap Value Funds Performance Universe.

Small Capitalization Growth Portfolio: Lipper Small-Cap Growth Funds Performance Universe.

Small Capitalization Value Portfolio: Lipper Small-Cap Value Funds Performance Universe. Although Lipper classifies the Portfolio in its Small-Cap Core Funds Performance Universe, the Lipper Small-Cap Value Funds Performance Universe was utilized for performance comparisons, because PI believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons.

The TARGET Portfolio Trust

Approval of Advisory Agreements (continued)

table sets forth gross performance comparisons (which do not reflect the impact on performance of any portfolio expenses, or subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Large Capitalization Growth Portfolio


Performance	1 Year	3 Years	5 Years	10 Years
	2^nd Quartile	3^rd Quartile	4^th Quartile	4^thQuartile
Actual Management Fees: 2^nd Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the one-year period, although it underperformed the benchmark index over the three-, five- and ten-year periods.

•

The Board considered that during 2012 the Portfolio added a new subadviser, noting the Portfolio’s recent performance had improved.

•

The Board concluded that it was reasonable to continue to monitor the Portfolio’s performance, and that in light of the recent subadvisory changes, it would be in the best interests of the Portfolio and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

International Equity Portfolio: a custom blend of mutual funds included in the Lipper International Multi-Cap Core Funds and International Large-Cap Core Funds Performance Universes. Although Lipper classifies the Portfolio in its International Multi-Cap Core Funds Performance Universe, the custom blend was utilized for performance comparisons, because PI believes that the funds included in this custom blend provide a more appropriate basis for Portfolio performance comparisons.

Total Return Bond Portfolio: Lipper Core Bond Funds Performance Universe. Although Lipper classifies the Portfolio in its BBB-rated Corporate Debt Funds Performance Universe, the Lipper Core Bond Funds Performance Universe was utilized for performance comparisons, because PI believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons.

Intermediate Term Bond Portfolio: Lipper Core Bond Funds Performance Universe.

Mortgage-Backed Securities Portfolio: Lipper U.S. Mortgage Funds Performance Universe.

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Large Capitalization Value Portfolio


Performance	1 Year	3 Years	5 Years	10 Years
	1^st Quartile	2^nd Quartile	4^th Quartile	4^thQuartile
Actual Management Fees: 2^nd Quartile
Net Total Expenses: 1^stQuartile

•

The Board noted that the Portfolio outperformed its benchmark index over the one-year, and it underperformed the benchmark index less than 1% over the three-, five- and ten-year periods.

•

The Board further noted that during 2012 the Portfolio added a new subadviser, noting that the Portfolio’s recent performance had improved.

•

The Board concluded that, in light of the recent change in subadvisers and competitive performance against its benchmark index, and against Peer Universe over the one-year period, it would be in the best interests of the Portfolio and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

Small Capitalization Growth Portfolio


Performance	1 Year	3 Years	5 Years	10 Years
	4^th Quartile	4^th Quartile	4^th Quartile	4^thQuartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio underperformed its benchmark index over all periods.

•

The Board further noted that a new subadviser was added in 2012, and therefore the Portfolio’s long-term performance did not reflect the change in subadvisers.

•

The Board further noted information provided by PI, which indicated that the Portfolio’s recent performance had improved, with the Portfolio ranked in the first quartile for the first quarter of 2014.

•

The Board concluded that, in light of the Portfolio’s recent subadviser addition, it would be in the best interests of the Portfolio and its shareholders to continue to closely monitor the Portfolio’s performance and to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

The TARGET Portfolio Trust

Approval of Advisory Agreements (continued)

Small Capitalization Value Portfolio


Performance	1 Year	3 Years	5 Years	10 Years
	3^rd Quartile	2^nd Quartile	3^rd Quartile	1^stQuartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over all periods.

•

The Board concluded that, in light of the Portfolio’s competitive performance against its benchmark index, it would be in the best interests of the Portfolio and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

International Equity Portfolio


Performance	1 Year	3 Years	5 Years	10 Years
	2^nd Quartile	3^rd Quartile	2^nd Quartile	2^ndQuartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the three-, five- and ten-year periods, and it underperformed its benchmark index by less than 1% over the one-year period.

•

The Board concluded that, in light of the Portfolio’s competitive performance against its benchmark index and Peer Universe, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

Total Return Bond Portfolio


Performance	1 Year	3 Years	5 Years	10 Years
	4^th Quartile	3^rd Quartile	2^nd Quartile	1^stQuartile
Actual Management Fees: 3^rd Quartile
Net Total Expenses: 2^nd Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the three-, five- and ten-year periods, although it underperformed its benchmark index over the one-year period.

The TARGET Portfolio Trust

•

The Board noted that the Fund’s actual management fee ranked less than one basis point from its Peer Group median.

•

The Board concluded that, in light of the Portfolio’s competitive performance against its benchmark index and Peer Universe over longer periods, it would be in the best interests of the Portfolio and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

Intermediate-Term Bond Portfolio


Performance	1 Year	3 Years	5 Years	10 Years
	3^rd Quartile	3^rd Quartile	3^rd Quartile	1^stQuartile
Actual Management Fees: 3^rd Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the three-, five- and ten-year periods, although it underperformed its benchmark index over the one-year period.

•

The Board noted that the Fund’s actual management fee ranked less than one basis point from its Peer Group median.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

Mortgage-Backed Securities Portfolio


Performance	1 Year	3 Years	5 Years	10 Years
	3^rd Quartile	2^nd Quartile	1^st Quartile	1^stQuartile
Actual Management Fees: 3^rd Quartile
Net Total Expenses: 4^th Quartile

•

The Board noted that the Portfolio outperformed its benchmark index over the three-, five- and ten-year periods, and it underperformed its benchmark index by one basis point over the one-year period.

•

The Board also noted information from PI indicating that performance had improved, with the Fund performing in the first quartile of its Peer Universe and outperforming its benchmark index for the year-to-date period ended April 30, 2014.

The TARGET Portfolio Trust

Approval of Advisory Agreements (continued)

•

The Board concluded that, in light of the Portfolio’s competitive performance against its benchmark index and Peer Universe, it would be in the best interests of the Portfolio and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of each Portfolio and its shareholders.

The TARGET Portfolio Trust

_n
_nMAIL

_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 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. 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 at www.sec.gov.

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 • Chad A. Earnst, 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, Inc.	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	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.

The Trust’s Statement of Additional Information contains additional information about the Trust’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:


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

LOGO


THE TARGET PORTFOLIO TRUST	NASDAQ	CUSIP		NASDAQ	CUSIP
Large Capitalization Growth (Class R)	TLCRX	875921868	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

TMF158E 0266854-00001-00


Item 2		–		Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. Stephen P. Munn, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal period November 1, 2013 through July 31, 2014and the fiscal year ended October 31, 2014, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $302,290 and $300,500, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

None.

(d) All Other Fees

None.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants. Proposed services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Other Non-audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to Prudential Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to Prudential Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to Prudential Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

Not applicable to Registrant for the fiscal period November 1, 2013 through July 31, 2014 and the fiscal year ended October 31, 2013. The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal period November 1, 2013 through July 31, 2014 and the fiscal year ended October 31, 2013 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


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

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

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

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

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

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

Item 11	–	Controls and Procedures

(a)

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

(b)

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


Item 12		–		Exhibits


		(a) (1)		Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH

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

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

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

SIGNATURES

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


Registrant:		The Target Portfolio Trust

By:		/s/ Deborah A. Docs
		Deborah A. Docs
		Secretary

Date:		September 18, 2014

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


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		September 18, 2014

By:		/s/ M. Sadiq Peshimam
		M. Sadiq Peshimam
		Treasurer and Principal Financial and Accounting Officer

Date:		September 18, 2014

Target Portfolio Trust N-CSRCertified annual shareholder report (management investment company)