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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-07064
Exact name of registrant as specified in charter:	The Target Portfolio Trust
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	07/31/2017
Date of reporting period:	1/31/2017

Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Target International Equity Portfolio

SEMIANNUAL REPORT JANUARY 31, 2017

To enroll in e-delivery, go to prudentialfunds.com/edelivery  

Objective: Capital appreciation

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of January 31, 2017, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual Funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo, the Rock symbol, and Target Portfolio Trust are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Target International Equity Portfolio informative and useful. The report covers performance for the six-month period that ended January 31, 2017.

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.

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Target International Equity Portfolio

March 16, 2017

Target International Equity Portfolio 5

Your Fund’s Performance (unaudited)

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

Cumulative Total Returns (without Sales Charges) as of 1/31/17
	Six Months (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class Q	3.95	8.40	29.41	N/A	14.84 (3/1/11)
Class R	3.58	7.75	25.58	6.12	—
Class T	3.90	8.35	28.79	11.57	—
MSCI EAFE ND Index	3.49	12.03	34.05	10.13	—
Lipper Customized Blend Funds Average*	3.71	11.29	30.72	9.50	—
Lipper International Multi-Cap Value Funds Average*	6.99	14.14	28.61	0.64	—
Average Annual Total Returns (with Sales Charges) as of 12/31/16
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class Q		–0.21	5.93	N/A	1.98 (3/1/11)
Class R		–0.81	5.30	0.46	—
Class T		–0.33	5.81	0.96	—
MSCI EAFE ND Index		1.00	6.53	0.75	—
Lipper Customized Blend Funds Average*		1.45	5.97	0.56	—
Lipper International Multi-Cap Value Funds Average*		3.13	5.65	–0.29	—

*The Fund is compared to the Lipper Customized Blend Funds Performance Universe, although Lipper classifies the Fund in the Lipper International Multi-Cap Value Funds Performance Universe. The Lipper Customized Blend Funds Performance Universe is utilized because the Fund’s manager believes that the funds included in this universe provide a more appropriate basis for fund performance comparisons.

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Source: Prudential Investments LLC and Lipper Inc.

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

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

	Class 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 net asset value at redemption)	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 ND Index reflects the impact of the maximum withholding taxes on reinvested dividends. The cumulative total returns for the Index measured from the month-end closest to the inception date through 1/31/17 is 17.33% for Class Q shares. The average annual total returns for the Index measured from the month-end closest to the inception date through 12/31/16 is 2.28% for Class Q shares.

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. The cumulative total returns for the Average measured from the month-end closest to the inception date through 1/31/17 is 14.85% for Class Q shares. The average annual total returns for the Average measured from the month-end closest to the inception date through 12/31/16 is 1.74% for Class Q shares.

Lipper International Multi-Cap Value Funds Average

Lipper International Multi-Cap Value Funds are funds that, by portfolio practice, 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 value funds typically have below-average characteristics compared to the MSCI EAFE Index. The cumulative total returns for the Average measured from the month-end closest to the inception date through 1/31/17 is 11.13% for Class Q shares. The average annual total returns for the Average measured from the month-end closest to the inception date through 12/31/16 is 1.14% for Class Q shares.

Target International Equity Portfolio 7

Your Fund’s Performance (continued)

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Averages reflect the deduction of operating expenses, but not sales charges or taxes.

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Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on August 1, 2016, at the beginning of the period, and held through the six-month period ended January 31, 2017. 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 Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following 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 balance or the number of Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses

Target International Equity Portfolio 9

Fees and Expenses (continued)

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.

Target International Equity Portfolio		Beginning  Account Value August 1, 2016		Ending  Account Value January 31, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class Q	Actual	$	1,000.00	$	1,039.50		0.85	%	$	4.37
	Hypothetical	$	1,000.00	$	1,020.92		0.85	%	$	4.33
Class R	Actual	$	1,000.00	$	1,035.80		1.46	%	$	7.49
	Hypothetical	$	1,000.00	$	1,017.85		1.46	%	$	7.43
Class T	Actual	$	1,000.00	$	1,039.00		0.96	%	$	4.93
	Hypothetical	$	1,000.00	$	1,020.37		0.96	%	$	4.89

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2017, and divided by the 365 days in the Fund's fiscal year ending July 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

The Fund’s annualized expense ratios for the six-month period ended January 31, 2017, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
Q	0.85	0.85
R	1.71	1.46
T	0.96	0.96

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

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Portfolio of Investments (unaudited)

as of January 31, 2017

Description	Shares		Value (Note 1)
LONG-TERM INVESTMENTS    97.3%
COMMON STOCKS
Australia    5.1%
Arrium Ltd.*^		783,800	$	12,990
Asaleo Care Ltd.		385,000		440,521
Ausdrill Ltd.*		101,200		107,390
Australia & New Zealand Banking Group Ltd.		38,100		846,518
Bank of Queensland Ltd.		100,769		915,538
Bendigo & Adelaide Bank Ltd.		77,000		733,303
BHP Billiton PLC		206,543		3,766,906
Bradken Ltd.*		137,800		336,569
Caltex Australia Ltd.		144,737		3,141,163
CSR Ltd.		247,500		828,805
Downer EDI Ltd.		174,800		822,779
Fortescue Metals Group Ltd.		195,100		987,259
Harvey Norman Holdings Ltd.		183,200		694,842
LendLease Group		134,900		1,442,508
Metcash Ltd.*		470,100		751,664
Mineral Resources Ltd.		69,900		652,671
National Australia Bank Ltd.		35,768		822,522
Primary Health Care Ltd.		157,800		449,083
Qantas Airways Ltd.		296,649		766,785
Seven Group Holdings Ltd.		46,900		260,473
Seven West Media Ltd.		535,500		329,335
				19,109,624
Austria    0.7%
OMV AG		40,400		1,413,930
voestalpine AG		24,500		1,038,885
				2,452,815
Belgium    1.5%
AGFA-Gevaert NV*		121,300		478,457
Anheuser-Busch InBev SA/NV		37,504		3,916,116
KBC Group NV*		15,924		1,034,224
				5,428,797
Brazil    0.4%
BB Seguridade Participacoes SA		184,400		1,633,272
Canada    2.3%
Canadian National Railway Co.		26,940		1,872,395
MacDonald, Dettwiler & Associates Ltd.		20,230		1,120,443

See Notes to Financial Statements.

Target International Equity Portfolio 11

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Canada (cont’d.)
National Bank of Canada		65,600	$	2,831,702
Suncor Energy, Inc.		88,830		2,755,180
				8,579,720
China    0.2%
CITIC Telecom International Holdings Ltd.		1,598,600		521,580
Universal Health International Group Holding Ltd.*		1,466,900		62,172
				583,752
Denmark    1.1%
Carlsberg A/S (Class B Stock)		18,389		1,663,604
Danske Bank A/S		46,600		1,554,320
Dfds A/S		14,300		699,446
				3,917,370
Finland    1.5%
Sampo Oyj (Class A Stock)		63,641		2,947,136
Tieto Oyj		16,800		464,901
UPM-Kymmene Oyj		95,900		2,175,014
				5,587,051
France    10.7%
Air Liquide SA		22,296		2,407,173
Airbus SE		15,911		1,078,533
Arkema SA		7,500		740,718
Atos SE		17,000		1,808,715
AXA SA		44,900		1,103,525
BNP Paribas SA		19,400		1,241,060
Capgemini SA		32,832		2,673,147
Carrefour SA		62,400		1,526,517
Cie Generale des Etablissements Michelin		32,478		3,489,211
CNP Assurances		44,800		841,924
Credit Agricole SA		75,300		999,363
Electricite de France SA(a)		61,400		605,286
Engie SA		71,900		860,830
Orange SA		118,100		1,833,446
Renault SA		12,000		1,080,530
Sanofi		50,600		4,067,072
SCOR SE		26,000		879,947
Societe Generale SA		25,100		1,227,084
Sopra Steria Group		7,700		892,772
Thales SA		4,300		403,405

See Notes to Financial Statements.

12

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
France (cont’d.)
TOTAL SA		48,500	$	2,453,879
Valeo SA		75,179		4,594,938
Vinci SA		42,520		2,980,521
				39,789,596
Germany    6.8%
Allianz SE		11,100		1,886,615
Aurubis AG		10,100		595,084
BASF SE		15,800		1,525,242
Bayer AG		22,200		2,465,970
Bayerische Motoren Werke AG		18,800		1,716,641
Daimler AG		35,000		2,632,254
Deutsche Bank AG*		40,700		812,823
Deutsche Lufthansa AG		50,300		671,941
E.ON SE		33,000		254,203
Evonik Industries AG		28,900		938,152
Hannover Rueck SE		6,900		760,036
METRO AG		45,200		1,546,786
Muenchener Rueckversicherungs-Gesellschaft AG		8,700		1,638,273
Rheinmetall AG		15,300		1,174,149
SAP SE		39,553		3,617,149
Siemens AG		11,100		1,435,886
STADA Arzneimittel AG		8,800		453,266
Uniper SE*		3,300		47,012
Volkswagen AG		7,300		1,169,426
				25,340,908
Hong Kong    2.2%
Cheung Kong Property Holdings Ltd.		58,900		387,143
China Resources Cement Holdings Ltd.		946,000		438,196
Kingboard Chemical Holdings Ltd.		177,580		611,060
Lee & Man Paper Manufacturing Ltd.		1,351,600		1,214,920
PCCW Ltd.		938,000		569,333
Skyworth Digital Holdings Ltd.		1,483,300		978,390
Tongda Group Holdings Ltd.		2,621,800		732,622
WH Group Ltd., 144A		1,975,000		1,500,096
Wheelock & Co. Ltd.		113,000		686,805
Yue Yuen Industrial Holdings Ltd.		249,300		911,365
				8,029,930
Ireland    1.4%
C&C Group PLC		182,000		777,463
James Hardie Industries PLC		100,347		1,576,078

See Notes to Financial Statements.

Target International Equity Portfolio 13

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Shares			Value (Note 1)
COMMON STOCKS (Continued)
Ireland (cont’d.)
Ryanair Holdings PLC, ADR*		18,776		$	1,570,800
Smurfit Kappa Group PLC		49,900			1,315,274
					5,239,615
Israel    0.6%
Bank Hapoalim BM		110,800			669,473
Elbit Systems Ltd.		6,600			727,323
Teva Pharmaceutical Industries Ltd.		31,300			1,030,633
					2,427,429
Italy    1.2%
Astaldi SpA(a)		57,600			375,406
Azimut Holding SpA		66,372			1,194,320
Enel SpA		463,600			1,938,152
Mediobanca SpA		96,700			832,595
			��
					4,340,473
Japan    22.7%
ABC-Mart, Inc.		25,400			1,478,763
Anritsu Corp.		69,700			481,126
Aoyama Trading Co. Ltd.		13,700			482,868
Aozora Bank Ltd.		176,000			640,987
Asahi Kasei Corp.		107,000			997,941
Astellas Pharma, Inc.		115,200			1,546,188
Calsonic Kansei Corp.		130,500			2,074,634
Concordia Financial Group, Ltd.		148,000			780,615
Daiwa House Industry Co. Ltd.		132,080			3,577,012
Don Quijote Holdings Co. Ltd.		88,800			3,223,025
Dowa Holdings Co. Ltd.		106,000			899,658
Enplas Corp.		14,300			422,772
Fuji Electric Co. Ltd.		140,000			829,420
Fuji Oil Holdings, Inc.		54,600			1,092,925
Fujikura Ltd.		234,900			1,487,364
Fuyo General Lease Co. Ltd.		18,600			925,103
Heiwa Corp.		43,400			1,046,340
Hoshizaki Corp.		12,700			1,034,938
Isuzu Motors Ltd.		276,700			3,712,735
Japan Airlines Co. Ltd.		29,800			948,927
Japan Tobacco, Inc.		51,500			1,661,161
Kaneka Corp.		80,000			689,297
KDDI Corp.		144,400			3,879,794
Keihin Corp.		43,200			764,511

See Notes to Financial Statements.

14

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Japan (cont’d.)
Keiyo Bank Ltd. (The)		128,000	$	589,064
KYORIN Holdings, Inc.		34,000		745,945
Kyowa Exeo Corp.		47,500		702,909
Lintec Corp.		34,900		781,064
Makita Corp.		31,400		2,180,942
Marubeni Corp.		150,500		915,708
Matsumotokiyoshi Holdings Co. Ltd.		17,100		850,148
Medipal Holdings Corp.		35,600		576,987
Miraca Holdings, Inc.		5,500		250,666
Mitsubishi Gas Chemical Co., Inc.		80,600		1,545,936
Mitsubishi UFJ Financial Group, Inc.		271,300		1,737,276
Mixi, Inc.		19,300		837,353
Mizuho Financial Group, Inc.		681,100		1,263,841
NEC Corp.		248,000		572,385
Nichi-iko Pharmaceutical Co. Ltd.		28,200		411,715
Nippon Telegraph & Telephone Corp.		80,200		3,542,620
Nishi-nippon Financial Holdings, Inc.*		66,740		699,869
Nissan Motor Co. Ltd.		194,800		1,927,190
Nisshinbo Holdings, Inc.		65,300		622,059
NTT DOCOMO, Inc.		40,300		963,576
Resona Holdings, Inc.		367,400		1,989,131
Sankyu, Inc.		90,000		567,485
Sawai Pharmaceutical Co. Ltd.		7,200		378,177
Seino Holdings Co. Ltd.		66,300		766,744
Seven & i Holdings Co. Ltd.		61,100		2,439,623
Shimachu Co. Ltd.		27,300		667,829
Shinko Electric Industries Co. Ltd.		74,000		560,163
Ship Healthcare Holdings, Inc.		31,400		835,141
Shizuoka Gas Co. Ltd.		17,100		110,988
SKY Perfect JSAT Holdings, Inc.		166,600		749,735
Sony Corp.		112,700		3,412,302
Sumitomo Heavy Industries Ltd.		134,000		921,302
Sumitomo Mitsui Financial Group, Inc.		113,500		4,452,833
Sumitomo Osaka Cement Co. Ltd.		202,200		814,203
T-Gaia Corp.		26,700		436,971
Toagosei Co. Ltd.		61,700		660,498
Toho Holdings Co. Ltd.		31,400		677,439
Tokai Rika Co. Ltd.		53,600		1,066,768
Towa Pharmaceutical Co. Ltd.		9,000		351,704
Toyo Tire & Rubber Co. Ltd.		36,200		439,143
Toyoda Gosei Co. Ltd.		34,100		821,426
Toyota Motor Corp.		15,964		928,352
Tsubakimoto Chain Co.		83,800		671,324

See Notes to Financial Statements.

Target International Equity Portfolio 15

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Japan (cont’d.)
Tsumura & Co.		17,000	$	495,385
Ube Industries Ltd.		482,000		1,158,911
United Arrows Ltd.		32,200		909,568
Yokohama Rubber Co. Ltd. (The)		50,750		892,549
				84,571,051
Liechtenstein    0.1%
VP Bank AG		1,895		207,370
Luxembourg    0.3%
RTL Group SA		12,993		992,637
Netherlands    4.0%
Aegon NV		106,800		580,514
Ing Groep NV		93,600		1,344,660
Koninklijke Ahold Delhaize NV		98,609		2,100,753
Koninklijke KPN NV		398,288		1,147,463
NN Group NV		25,600		906,650
Royal Dutch Shell PLC (Class A Stock) (XLON)		145,606		3,949,092
Royal Dutch Shell PLC (Class B Stock)		40,100		1,132,606
TKH Group NV		26,400		1,070,096
Wolters Kluwer NV		70,974		2,714,182
				14,946,016
New Zealand    0.5%
Air New Zealand Ltd.		501,100		772,388
Fletcher Building Ltd.		126,700		976,153
				1,748,541
Norway    2.1%
DNB ASA		97,000		1,618,205
Marine Harvest ASA*		37,000		653,266
Statoil ASA		138,845		2,589,070
Telenor ASA		128,791		2,041,656
Yara International ASA		22,900		965,592
				7,867,789
Philippines    0.1%
Alliance Global Group, Inc.		1,736,200		437,762
Portugal    0.2%
EDP - Energias de Portugal SA		316,500		920,425

See Notes to Financial Statements.

16

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Singapore    1.0%
DBS Group Holdings Ltd.		157,500	$	2,129,396
United Overseas Bank Ltd.		69,400		1,032,115
Wilmar International Ltd.		242,600		667,638
				3,829,149
South Africa    0.5%
Mondi PLC		86,900		1,920,684
Spain    2.0%
Banco Bilbao Vizcaya Argentaria SA		93,500		635,859
Banco Santander SA		128,417		717,453
Distribuidora Internacional de Alimentacion SA		162,500		860,082
Gas Natural SDG SA		66,600		1,284,721
Iberdrola SA		219,300		1,385,137
Red Electrica Corp. SA		71,995		1,287,424
Repsol SA		88,500		1,311,726
				7,482,402
Sweden    3.1%
Assa Abloy AB (Class B Stock)		149,401		2,827,035
Boliden AB		39,200		1,143,558
Nordea Bank AB		233,958		2,824,407
SAS AB*(a)		285,948		463,093
Securitas AB (Class B Stock)		37,800		601,902
Swedbank AB (Class A Stock)		124,375		3,144,829
Telia Co. AB		164,900		668,907
				11,673,731
Switzerland    6.7%
Aryzta AG*		19,800		545,394
Autoneum Holding AG		2,600		679,946
Baloise Holding AG		10,200		1,313,382
Bucher Industries AG		3,000		814,198
Cembra Money Bank AG*		8,300		626,686
Credit Suisse Group AG*		113,100		1,726,486
Georg Fischer AG		1,300		1,071,377
Helvetia Holding AG		1,700		961,984
Novartis AG		58,018		4,283,326
Roche Holding AG		6,900		1,634,944
Swiss Life Holding AG*		7,100		2,155,472
Swiss Re AG		29,100		2,719,355
UBS Group AG		58,900		957,204

See Notes to Financial Statements.

Target International Equity Portfolio 17

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Switzerland (cont’d.)
Wolseley PLC		52,617	$	3,258,596
Zurich Insurance Group AG*		7,300		2,102,208
				24,850,558
Taiwan    0.9%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		112,300		3,471,193
Turkey    0.2%
Turkiye Garanti Bankasi AS		411,629		909,232
United Kingdom    15.4%
3i Group PLC		155,800		1,376,305
Amec Foster Wheeler PLC		27,600		154,313
AstraZeneca PLC		9,600		509,464
Aviva PLC		159,700		961,538
BAE Systems PLC		419,100		3,078,172
Barclays PLC		229,000		635,551
Barratt Developments PLC		125,500		756,837
Beazley PLC		124,500		636,895
Bellway PLC		37,800		1,184,758
Berkeley Group Holdings PLC		29,100		1,027,802
Bovis Homes Group PLC		69,200		720,290
BP PLC		479,500		2,863,842
British American Tobacco PLC		71,060		4,386,401
BT Group PLC		520,618		1,996,586
Carillion PLC(a)		188,500		512,471
Centrica PLC		319,200		903,665
Debenhams PLC		308,200		204,052
Diageo PLC		78,110		2,169,736
Direct Line Insurance Group PLC		224,635		1,006,326
easyJet PLC		45,200		541,862
GKN PLC		186,700		809,494
GlaxoSmithKline PLC		141,300		2,730,631
Go-Ahead Group PLC		24,800		702,202
Howden Joinery Group PLC		210,866		1,004,551
HSBC Holdings PLC		186,000		1,586,758
Imperial Brands PLC		11,300		523,505
Inchcape PLC		17,800		161,105
Informa PLC		183,927		1,511,961
Intermediate Capital Group PLC		88,748		774,881
International Consolidated Airlines Group SA		124,600		750,155
J. Sainsbury PLC		569,000		1,851,285
Kingfisher PLC		296,800		1,259,266

See Notes to Financial Statements.

18

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Lloyds Banking Group PLC		992,500	$	814,053
Man Group PLC		366,600		615,600
Marks & Spencer Group PLC		245,300		1,039,735
Marston’s PLC		87,720		145,726
Meggitt PLC		116,500		614,418
Old Mutual PLC		318,612		836,654
Paragon Group of Cos. PLC (The)		142,700		726,668
Provident Financial PLC		38,970		1,341,957
Prudential PLC		233,157		4,518,308
Redrow PLC		149,800		838,262
RELX PLC		149,536		2,684,196
Royal Mail PLC		124,900		648,653
RPS Group PLC		189,636		544,236
TP ICAP PLC		93,000		543,999
Unilever PLC		46,041		1,864,936
Vesuvius PLC		48,900		291,355
				57,361,416
United States    1.8%
Aon PLC		25,870		2,915,549
Boart Longyear Ltd.*		56,600		5,364
Shire PLC		67,046		3,732,851
				6,653,764
TOTAL LONG-TERM INVESTMENTS (cost $332,687,091)				362,304,072
SHORT-TERM INVESTMENTS    3.0%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(b)		9,321,812		9,321,812
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $1,870,086; includes $1,868,174 of cash collateral for securities on loan)(b)(c)		1,870,066		1,870,440
TOTAL SHORT-TERM INVESTMENTS (cost $11,191,898)(Note 3)				11,192,252
TOTAL INVESTMENTS    100.3% (cost $343,878,989)(Note 5)				373,496,324
Liabilities in excess of other assets    (0.3)%				(1,075,721	)
NET ASSETS    100.0%			$	372,420,603

See Notes to Financial Statements.

Target International Equity Portfolio 19

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

The following abbreviations are used in the semiannual report:

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

XLON—London Stock Exchange

* Non-income producing security.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $12,990 and 0.0% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,759,331; cash collateral of $1,868,174 (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) Prudential Investments LLC, the manager of the Portfolio, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and the Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund.

(c) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.

Fair Value Measurements:

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—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

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

The following is a summary of the inputs used as of January 31, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	—	$	19,096,634	$	12,990
Austria		—		2,452,815		—
Belgium		—		5,428,797		—
Brazil		1,633,272		—		—
Canada		8,579,720		—		—
China		—		583,752		—
Denmark		—		3,917,370		—
Finland		—		5,587,051		—
France		—		39,789,596		—
Germany		—		25,340,908		—
Hong Kong		—		8,029,930		—
Ireland		1,570,800		3,668,815		—

See Notes to Financial Statements.

20

	Level 1		Level 2		Level 3
Common Stocks (continued)
Israel	$	—	$	2,427,429	$	—
Italy		—		4,340,473		—
Japan		—		84,571,051		—
Liechtenstein		—		207,370		—
Luxembourg		—		992,637		—
Netherlands		—		14,946,016		—
New Zealand		—		1,748,541		—
Norway		—		7,867,789		—
Philippines		—		437,762		—
Portugal		—		920,425		—
Singapore		—		3,829,149		—
South Africa		—		1,920,684		—
Spain		—		7,482,402		—
Sweden		—		11,673,731		—
Switzerland		—		24,850,558		—
Taiwan		3,471,193		—		—
Turkey		—		909,232		—
United Kingdom		—		57,361,416		—
United States		6,648,400		5,364		—
Affiliated Mutual Funds		11,192,252		—		—
Total	$	33,095,637	$	340,387,697	$	12,990

It is the Portfolio’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. At the reporting period end, securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer		Logic
Common Stocks	$	7,223,092		L1 to L2		Official Close to Model Price

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2017 were as follows:

Banks	11.6	%
Insurance	9.0
Oil, Gas & Consumable Fuels	5.8
Pharmaceuticals	5.7
Auto Components	4.2
Automobiles	3.5
Chemicals	3.3
Diversified Telecommunication Services	3.3
Food & Staples Retailing	3.2
Affiliated Mutual Funds (including 0.5% of collateral for securities on loan)	3.0
Metals & Mining	2.5
Household Durables	2.4
Beverages	2.3
Capital Markets	2.2
Machinery	2.0
Aerospace & Defense	1.9
Tobacco	1.8	%
Airlines	1.7
Electric Utilities	1.6
Real Estate Management & Development	1.6
IT Services	1.6
Trading Companies & Distributors	1.5
Professional Services	1.4
Paper & Forest Products	1.5
Specialty Retail	1.4
Multiline Retail	1.4
Wireless Telecommunication Services	1.3
Construction Materials	1.2
Construction & Engineering	1.2
Food Products	1.2
Semiconductors & Semiconductor Equipment	1.1
Road & Rail	1.1
Biotechnology	1.0

See Notes to Financial Statements.

Target International Equity Portfolio 21

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Industry Classification: (cont’d.)
Industrial Conglomerates	1.0	%
Software	1.0
Media	1.0
Electrical Equipment	0.9
Health Care Providers & Services	0.8
Building Products	0.8
Personal Products	0.6
Electronic Equipment, Instruments & Components	0.6
Multi-Utilities	0.5
Commercial Services & Supplies	0.5
Consumer Finance	0.5
Gas Utilities	0.4
Containers & Packaging	0.4
Leisure Products	0.3	%
Diversified Financial Services	0.2
Textiles, Apparel & Luxury Goods	0.2
Internet Software & Services	0.2
Thrifts & Mortgage Finance	0.2
Marine	0.2
Air Freight & Logistics	0.2
Technology Hardware, Storage & Peripherals	0.2
Health Care Technology	0.1
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

The Portfolio entered into financial transactions 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 financial transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial transactions assets and liabilities:

Description	Gross Amounts of Recognized Assets(1)		Collateral Received			Net Amount
Securities on Loan	$	1,759,331	$	(1,759,331	)	$	—

(1) Amount represents market value.

See Notes to Financial Statements.

22

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of January 31, 2017

Assets
Investments at value, including securities on loan of $1,759,331:
Unaffiliated investments (cost $332,687,091)	$	362,304,072
Affiliated investments (cost $11,191,898)		11,192,252
Foreign currency, at value (cost $1,029,449)		1,033,183
Tax reclaim receivable		1,314,299
Receivable for investments sold		320,276
Dividends receivable		71,584
Receivable for Trust shares sold		64,255
Prepaid expenses and other assets		2,324
Total assets		376,302,245
Liabilities
Payable to broker for collateral for securities on loan		1,868,174
Payable for investments purchased		1,041,271
Payable for Trust shares reacquired		356,934
Accrued expenses		183,543
Management fee payable		221,673
Distribution fee payable		140,753
Affiliated transfer agent fee payable		68,342
Deferred trustees’ fees		952
Total liabilities		3,881,642
Net Assets	$	372,420,603
Net assets were comprised of:
Shares of beneficial interest, at par	$	30,122
Paid-in capital in excess of par		404,855,202
		404,885,324
Distributions in excess of net investment income		(1,800,686	)
Accumulated net realized loss on investment transactions		(60,203,680	)
Net unrealized appreciation on investments		29,539,645
Net assets, January 31, 2017	$	372,420,603

See Notes to Financial Statements.

24

Class Q
Net asset value, offering price and redemption price per share, ($33,764 ÷ 2,729 shares of beneficial interest issued and outstanding)	$	12.37
Class R
Net asset value, offering price and redemption price per share, ($331,137,048 ÷ 26,787,017 shares of beneficial interest issued and outstanding)	$	12.36
Class T
Net asset value and redemption price per share, ($41,249,791 ÷ 3,332,652 shares of beneficial interest issued and outstanding)	$	12.38

See Notes to Financial Statements.

Target International Equity Portfolio 25

Statement of Operations (unaudited)

Six Months Ended January 31, 2017

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $311,518)	$	3,778,152
Income from securities lending, net (including affiliated of $1,459)		28,617
Affiliated dividend income		28,996
Total income		3,835,765
Expenses
Management fee		1,264,731
Distribution fee—Class R		1,192,348
Transfer agent’s fees and expenses (including affiliated expense of $204,000)		206,000
Custodian and accounting fees		156,000
Shareholders’ reports		30,000
Registration fees		24,000
Audit fee		17,000
Legal fees and expenses		11,000
Trustees’ fees		9,000
Insurance expenses		2,000
Loan interest expense		1,380
Miscellaneous		29,141
Total expenses		2,942,600
Less: Distribution fee waiver—Class R		(397,449	)
Net expenses		2,545,151
Net investment income (loss)		1,290,614
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $314)		(3,194,042	)
Foreign currency transactions		(184,536	)
		(3,378,578	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $354)		15,454,560
Foreign currencies		(77,094	)
		15,377,466
Net gain (loss) on investment and foreign currency transactions		11,998,888
Net Increase (Decrease) In Net Assets Resulting From Operations	$	13,289,502

See Notes to Financial Statements.

26

Statement of Changes in Net Assets (unaudited)

	Six Months Ended January 31, 2017			Year Ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,290,614		$	7,127,935
Net realized gain (loss) on investment and foreign currency transactions		(3,378,578	)		(59,028,673	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		15,377,466			(20,584,482	)
Net increase (decrease) in net assets resulting from operations		13,289,502			(72,485,220	)
Dividends and Distributions (Note 1)
Dividends from net investment income
Class Q		(680	)		(4,810,734	)
Class R		(5,313,374	)		(4,528,812	)
Class T		(907,951	)		(1,022,072	)
		(6,222,005	)		(10,361,618	)
Distributions from net realized gains
Class Q		—			(1,505,756	)
Class R		—			(2,027,967	)
Class T		—			(341,086	)
		—			(3,874,809	)
Trust share transactions (Note 6)
Net proceeds from shares sold		45,497,539			152,960,938
Net asset value of shares issued in reinvestment of dividends and distributions		6,215,315			14,225,068
Cost of shares reacquired		(46,750,711	)		(270,711,984	)
Net increase (decrease) in net assets from Trust share transactions		4,962,143			(103,525,978	)
Total increase (decrease)		12,029,640			(190,247,625	)
Net Assets:
Beginning of period		360,390,963			550,638,588
End of period(a)	$	372,420,603		$	360,390,963
(a) Includes undistributed net investment income of:	$	—		$	3,130,705

See Notes to Financial Statements.

Target International Equity Portfolio 27

Notes to Financial Statements (unaudited)

The Target Portfolio Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended, (“1940 Act”). The Trust currently consists of four series: Prudential Corporate Bond Fund (formerly known as the Target Mortgage Backed Portfolio), Prudential Core Bond Fund (formerly known as Target Intermediate Bond Portfolio), Target International Equity Portfolio (the “Portfolio”) and Prudential QMA Small-Cap Value Fund (formerly known as Target Small Capitalization Portfolio). These financial statements relate to Target International Equity Portfolio. The Financial statements of the other series are not presented herein.

The investment objective for the Portfolio is capital appreciation.

Note 1. Accounting Policies

The Portfolio follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Portfolio consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Portfolio holds securities and other assets that are fair valued at the close of each day (generally, 4:00 PM Eastern time) 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 Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting.

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

Common and preferred stocks, exchange-traded funds, and derivative instruments such as futures or options 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 where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing

28

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.

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 ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Common and preferred 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. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred 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.

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 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.

Foreign Currency Translation: The books and records of the Portfolio 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;

Target International Equity Portfolio 29

Notes to Financial Statements (continued)

(ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolio are presented at the foreign exchange rates and market values at the close of the period, the Portfolio does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term securities held at period end. Similarly, the Portfolio does not generally 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, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Portfolio does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies and forward currency contracts, disposition of foreign currencies, currency gains ( 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 Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (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 currency transactions.

Concentration of Risk: 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.

Master Netting Arrangements: The Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of the Portfolio. For a multi-sleeve Portfolio, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolio to cover the Portfolio’s exposure to the counterparty. However, there is no assurance that such mitigating

30

factors are easily enforceable. In addition to master netting arrangement, 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 was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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 an affiliated 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 borrower receives all interest and dividends and such payments are passed back to the lender in amounts equivalent thereto. The Portfolio also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “income from securities lending, net”.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-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 Portfolio 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 (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.

Taxes: For federal income tax purposes, the Portfolio is treated as a separate tax paying entity. It is the 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

Target International Equity Portfolio 31

Notes to Financial Statements (continued)

taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign interest and dividends are recorded net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Portfolio expects to pay dividends from net investment income and distributions from net realized capital and foreign currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on ex-date. Permanent book/ tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

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 Portfolio’s manager is Prudential Investments LLC (“PI”). PI manages the investment operations of the Portfolio, administers the Portfolio’s affairs and is responsible for the selection, subject to review and approval of the Trustees, of the subadvisers. PI supervises the subadvisers’ performance of advisory services and makes recommendations to the Trustees as to whether the subadvisers’ 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 Portfolio, occupancy and certain clerical and accounting costs of the Portfolio. The Portfolio bears all other costs and expenses.

PI had entered into subadvisory agreements with LSV Asset Management (“LSV”) and Lazard Asset Management LLC. The subadvisers each furnished investment advisory services in connection with the management of the Portfolio. Each of the subadvisers of the International Equity Portfolio manages a portion of the assets of the Portfolio. 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 subadvisers, as PI deems appropriate. In order to maintain an approximate allocation between the subadvisers in the ratio deemed appropriate by PI, a periodic rebalancing of each subadviser’s share of Portfolio assets may occur to account for market fluctuations.

The management fee payable to PI is accrued daily and paid monthly, at an annual rate of .70% of the Portfolio’s average daily net assets. The effective management fee rate was .70% for the six months ended January 31, 2017.

32

The Portfolio 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 Portfolio. The Portfolio compensates PIMS for distributing and servicing the Portfolio’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 Portfolio.

Pursuant to the Class R Plan, the Portfolio compensates PIMS for distribution related activities at an annual rate of up to 0.75% of the average daily net assets of the Class R shares. For the six months ended January 31, 2017, PIMS has contractually agreed through November 30, 2017 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

PI is an 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 Portfolio’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.

The Portfolio may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board.

The Portfolio may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”) and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from the Core Fund and the Money Market Funds are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, (excluding short-term investments and U.S. Treasury securities) for the six months ended January 31, 2017, were $50,417,333 and $46,346,433, respectively.

Target International Equity Portfolio 33

Notes to Financial Statements (continued)

Note 5. Distributions and Tax Information

The Portfolio has a tax year end of October 31st.

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. In order to present distributions in excess of net investment income, accumulated net realized loss on investment transactions 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 distributions in excess of net investment income, accumulated net realized loss on investment transactions and paid-in capital in excess of par. For the tax year ended October 31, 2016, the adjustments were to decrease distributions in excess of net investment income by $213,736, decrease accumulated net realized loss on investment transactions by $48,866,383 and decrease paid-in capital in excess of par by $49,080,119 due to differences in the treatment for book and tax purposes of certain transactions involving investments in passive foreign investment companies and foreign currencies, distributions reclass and other book to tax differences. Net investment income, net realized gain (loss) on investment transactions and net assets were not affected by this change.

The tax character of distributions paid during the tax year ended October 31, 2016 were $10,370,212 of ordinary income and $3,866,215 of long-term capital gains. The tax character of distributions paid during the tax year ended October 31, 2015 were $12,380,568 of ordinary income and $1,059,473 of long-term capital gains.

As of the latest tax year ended October 31, 2016, the accumulated undistributed earnings on a tax basis was $5,585,447 of ordinary income.

The United States federal income tax basis of the Portfolio’s investments and the net unrealized appreciation as of January 31, 2017 were as follows:

Tax Basis	$	345,219,798
Unrealized Appreciation		51,191,792
Unrealized Depreciation		(22,915,266	)
Net Unrealized Appreciation	$	28,276,526

The differences between book basis and tax basis were primarily attributable to deferred losses on wash sales and other book to tax differences.

34

For federal income tax purposes, the Portfolio had a capital loss carryforward as of the tax year ended October 31, 2016 of approximately $8,065,000 which can be carried forward for an unlimited period. No capital gain distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

Note 6. Capital

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.

As of January 31, 2017, Prudential owned 1,069 Class Q shares of the Portfolio. At reporting period end, three shareholders of record held 83% of the Portfolio’s outstanding shares on behalf of multiple beneficial owners.

Transactions in shares of beneficial interest were as follows:

Class Q	Shares			Amount
Six months ended January 31, 2017:
Shares sold		1,758		$	21,304
Shares issued in reinvestment of dividends and distributions		56			680
Shares reacquired		(1,107	)		(13,361	)
Net increase (decrease) in shares outstanding		707		$	8,623
Year ended July 31, 2016:
Shares sold		3,672,363		$	45,263,069
Shares issued in reinvestment of dividends and distributions		513,953			6,316,491
Shares reacquired*		(18,642,678	)		(201,896,048	)
Net increase (decrease) in shares outstanding		(14,456,362	)	$	(150,316,488	)
Class R
Six months ended January 31, 2017:
Shares sold		3,616,106		$	43,881,208
Shares issued in reinvestment of dividends and distributions		438,397			5,313,374
Shares reacquired		(3,242,988	)		(39,672,989	)
Net increase (decrease) in shares outstanding		811,515		$	9,521,593
Year ended July 31, 2016:
Shares sold		8,647,493		$	104,404,864
Shares issued in reinvestment of dividends and distributions		533,505			6,556,779
Shares reacquired		(4,828,883	)		(58,857,389	)
Net increase (decrease) in shares outstanding		4,352,115		$	52,104,254

Target International Equity Portfolio 35

Notes to Financial Statements (continued)

Class T	Shares			Amount
Six months ended January 31, 2017:
Shares sold		130,449		$	1,595,027
Shares issued in reinvestment of dividends and distributions		74,300			901,261
Shares reacquired		(579,466	)		(7,064,361	)
Net increase (decrease) in shares outstanding		(374,717	)	$	(4,568,073	)
Year ended July 31, 2016:
Shares sold		268,406		$	3,293,005
Shares issued in reinvestment of dividends and distributions		109,992			1,351,798
Shares reacquired		(817,633	)		(9,958,547	)
Net increase (decrease) in shares outstanding		(439,235	)	$	(5,313,744	)

* Includes affiliated redemption of 88 shares with a value of $1,124 for Class Q shares.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), are 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 October 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. The interest rate on borrowings under the SCA is paid monthly and at a per annum rate based upon the higher of zero percent, the effective federal funds rate, or the One-Month LIBOR rate, plus a contractual spread. Prior to October 6, 2016, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .11% of the unused portion of the SCA. The interest rate on borrowing was substantially the same. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

The Portfolio utilized the SCA during the six months ended January 31, 2017. The average daily balance for the 23 days that the Portfolio had a loan outstanding during the period was $1,214,043, borrowed at weighted average interest rate of 1.78%. The maximum loan balance outstanding during the period was $3,994,000. At January 31, 2017, the Portfolio did not have an outstanding loan balance.

Note 8. In-Kind Redemption

During the year ended July 31, 2016, the Portfolio settled the redemption of certain fund shares by delivery of certain portfolio securities in lieu of cash. The value of such securities was $183,262,507. The Portfolio realized a loss of $48,831,629 related to the in-kind redemption transactions, which amount is included in the Statement of Operations (Year

36

ended July 31, 2016) under “Realized gain (loss) on investment and foreign currency transactions”. Such loss is excluded from calculation of the Portfolio’s taxable gain (loss) for federal income tax purposes.

Note 9. Recent Accounting Pronouncements and Reporting Updates

In December 2016, the FASB released an Accounting Standards Update (“ASU”) that makes technical changes to various sections of the Accounting Standards Codification (“ASC”), including Topic 820, Fair Value Measurement. The changes to Topic 820 are intended to clarify the difference between a valuation approach and a valuation technique. The changes to ASC 820-10-50-2 require a reporting entity to disclose, for Level 2 and Level 3 fair value measurements, a change in either or both a valuation approach and a valuation technique and the reason(s) for the change. The changes to Topic 820 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. At this time, management is evaluating the implications of the ASU and its impact on the financial statements and disclosures has not yet been determined.

On October 13, 2016, the SEC adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. Also under the new rules, the SEC will permit open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

Target International Equity Portfolio 37

Financial Highlights (unaudited)

Class Q Shares
	Six Months Ended January 31, 2017(e)			Year Ended July 31,						Nine Months Ended July 31,			Year Ended October 31,						March 1, 2011(b), through October 31,
				2016(e)			2015			2014(e)(g)			2013(e)			2012(e)			2011(e)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$12.18			$13.72			$13.81			$13.77			$11.42			$11.10			$12.56
Income (loss) from investment operations:
Net investment income (loss)		.07			.12			.29			.26			.27			.27			.26
Net realized and unrealized gain (loss) on investments		.40			(1.30	)		.03			.04			2.37			.32			(1.72	)
Total from investment operations		.47			(1.18	)		.32			.30			2.64			.59			(1.46	)
Less Dividends and Distributions:
Dividends from net investment income		(.28	)		(.27	)		(.35	)		(.26	)		(.29	)		(.27	)		-
Distributions from net realized gains		-			(.09	)		(.06	)		-			-			-			-
Total dividends and distributions		(.28	)		(.36	)		(.41	)		(.26	)		(.29	)		(.27	)		-
Net asset value, end of period		$12.37			$12.18			$13.72			$13.81			$13.77			$11.42			$11.10
Total Return(a):		3.95%			(8.61)%			2.52%			2.26%			23.57%			5.60%			(11.62)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$34			$25			$198,410			$167,988			$149,490			$120,574			$108,378
Average net assets (000)		$29			$113,462			$181,358			$159,618			$135,226			$110,908			$94,827
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		.85%	(c)		.78%			.82%			.81%	(c)		.82%			.84%			.87%	(c)
Expenses before waivers and/or expense reimbursement		.85%	(c)		.78%			.82%			.81%	(c)		.82%			.84%			.87%	(c)
Net investment income (loss)		1.19%	(c)		.96%			2.26%			2.55%	(c)		2.15%			2.51%			3.21%	(c)
Portfolio turnover rate		13%	(d)		22%			66%			23%	(d)		26%			16%			19%	(d)

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of offering.

(c) Annualized.

(d) Not annualized.

(e) Calculated based on 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.

38

Class R Shares
	Six Months Ended January 31, 2017(b)			Year Ended July 31,						Nine Months Ended July 31,			Year Ended October 31,
				2016(b)			2015			2014(b)(f)			2013(b)			2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$12.14			$13.66			$13.75			$13.69			$11.36			$11.02			$11.84
Income (loss) from investment operations:
Net investment income (loss)		.04			.21			.20			.20			.19			.21			.22
Net realized and unrealized gain (loss) on investments		.39			(1.45	)		.04			.04			2.36			.32			(.90	)
Total from investment operations		.43			(1.24	)		.24			.24			2.55			.53			(.68	)
Less Dividends and Distributions:
Dividends from net investment income		(.21	)		(.19	)		(.27	)		(.18	)		(.22	)		(.19	)		(.14	)
Distributions from net realized gains		-			(.09	)		(.06	)		-			-			-			-
Total dividends and distributions		(.21	)		(.28	)		(.33	)		(.18	)		(.22	)		(.19	)		(.14	)
Net asset value, end of period		$12.36			$12.14			$13.66			$13.75			$13.69			$11.36			$11.02
Total Return(a):		3.58%			(9.11)%			1.88%			1.82%			22.83%			5.01%			(5.84)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$331,137			$315,218			$295,376			$251,908			$215,215			$148,857			$108,715
Average net assets (000)		$315,368			$290,783			$273,404			$237,069			$179,681			$125,953			$93,879
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.46%	(d)		1.47%			1.45%			1.42%	(d)		1.44%			1.45%			1.48%
Expenses before waivers and/or expense reimbursement		1.71%	(d)		1.72%			1.70%			1.67%	(d)		1.69%			1.70%			1.73%
Net investment income (loss)		.65%	(d)		1.71%			1.62%			1.97%	(d)		1.53%			1.91%			1.87%
Portfolio turnover rate		13%	(e)		22%			66%			23%	(e)		26%			16%			19%

(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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Calculated based on 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.

Target International Equity Portfolio 39

Financial Highlights (unaudited)(continued)

Class T Shares
	Six Months Ended January 31, 2017(b)			Year Ended July 31,						Nine Months Ended July 31,			Year Ended October 31,
				2016(b)			2015			2014(b)(f)			2013(b)			2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$12.18			$13.71			$13.80			$13.75			$11.41			$11.08			$11.90
Income (loss) from investment operations:
Net investment income (loss)		.07			.27			.29			.25			.25			.26			.30
Net realized and unrealized gain (loss) on investments		.40			(1.46	)		.02			.05			2.37			.32			(.93	)
Total from investment operations		.47			(1.19	)		.31			.30			2.62			.58			(.63	)
Less Dividends and Distributions:
Dividends from net investment income		(.27	)		(.25	)		(.34	)		(.25	)		(.28	)		(.25	)		(.19	)
Distributions from net realized gains		-			(.09	)		(.06	)		-			-			-			-
Total dividends and distributions		(.27	)		(.34	)		(.40	)		(.25	)		(.28	)		(.25	)		(.19	)
Net asset value, end of period		$12.38			$12.18			$13.71			$13.80			$13.75			$11.41			$11.08
Total Return(a):		3.90%			(8.67)%			2.41%			2.22%			23.39%			5.52%			(5.36)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$41,250			$45,148			$56,853			$64,595			$68,194			$65,450			$74,592
Average net assets (000)		$43,009			$48,724			$59,317			$67,125			$65,268			$67,572			$112,082
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.96%	(d)		.97%			.95%			.92%	(d)		.94%			.95%			.98%
Expenses before waivers and/or expense reimbursement		.96%	(d)		.97%			.95%			.92%	(d)		.94%			.95%			.98%
Net investment income (loss)		1.20%	(d)		2.17%			2.06%			2.41%	(d)		2.02%			2.39%			2.47%
Portfolio turnover rate		13%	(e)		22%			66%			23%	(e)		26%			16%			19%

(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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Calculated based on 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.

40

∎   MAIL	∎   TELEPHONE	∎   WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of Trustees has delegated to the Fund’s investment subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website at www.sec.gov.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

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 • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISERS	Lazard Asset Management LLC	30 Rockefeller Plaza 57th Floor New York, NY 10112
	LSV Asset Management	155 North Wacker Drive Suite 4600 Chicago, IL 60606
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Target International Equity Portfolio, Prudential Investments, Attn: Board of Trustees, 655 Broad Street, 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 Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

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

TARGET INTERNATIONAL EQUITY PORTFOLIO

SHARE CLASS	Q	R	T
NASDAQ	TIEQX	TEQRX	TAIEX
CUSIP	875921793	875921827	875921504

TMF158E2    

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential Corporate Bond Fund

SEMIANNUAL REPORT JANUARY 31, 2017

To enroll in e-delivery, go to prudentialfunds.com/edelivery  

Objective: High current income consistent with the preservation of capital

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of January 31, 2017, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at prudentialfunds.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Corporate Bond Fund informative and useful. The report covers performance for the six-month period that ended January 31, 2017.

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.

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Corporate Bond Fund

March 16, 2017

Prudential Corporate Bond Fund 3

Your Fund’s Performance (unaudited)

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

Cumulative Total Returns (Without Sales Charges) as of 1/31/17
	Six Months (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–2.33	7.32	N/A	N/A	5.67 (5/28/15)
Class C	–2.70	6.34	N/A	N/A	4.09 (5/28/15)
Class Q	–2.21	7.40	N/A	N/A	5.81 (5/28/15)
Class R	–2.46	6.86	N/A	N/A	4.95 (5/28/15)
Class Z	–2.21	7.40	14.15	64.28	—
Bloomberg Barclays US Credit Bond Index	–2.72	5.43	18.72	68.41	—
Lipper Corporate Debt BBB-Rated Funds Average	–2.44	6.14	18.90	65.82	—
Average Annual Total Returns (With Sales Charges) as of 12/31/16
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A		2.49	N/A	N/A	0.35 (5/28/15)
Class C		5.42	N/A	N/A	2.41 (5/28/15)
Class Q		7.49	N/A	N/A	3.41 (5/28/15)
Class R		6.95	N/A	N/A	2.91 (5/28/15)
Class Z		7.49	2.73	5.06	—
Bloomberg Barclays US Credit Bond Index		5.63	3.85	5.31	—
Lipper Corporate Debt BBB-Rated Funds Average		5.91	3.83	5.06	—

Source: Prudential Investments LLC and Lipper Inc.

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

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

	Class A	Class C	Class Q	Class R	Class Z
Maximum initial sales charge	4.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more within 12 months of purchase	1% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.25%	1.00%	None	.75% (.50% currently)	None

Benchmark Definitions

Bloomberg Barclays US Credit Bond Index—The Bloomberg Barclays US Credit Bond Index measures the performance of investment-grade corporate debt and agency bonds that are dollar denominated and have a remaining maturity greater than one year. The cumulative total return for the Index measured from the month-end closest to the inception date through 1/31/17 is 4.15% for Class A, C, Q, and R shares. The average annual total return for the Index measured from the month-end closest to the inception date through 12/31/16 is 2.38% for Class A, C, Q, and R shares.

Lipper Corporate Debt BBB-Rated Funds Average—The 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. The cumulative total return for the Average measured from the month-end closest to the inception date through 1/31/17 is 3.74% for Class A, C, Q, and R shares. The average annual total return for the Average measured from the month-end closest to the inception date through 12/31/16 is 2.01% for Class A, C, Q, and R shares.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if it included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.

Prudential Corporate Bond Fund 5

Your Fund’s Performance (continued)

Distributions and  Yields as of 1/31/17
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.16	2.69	1.65
Class C	0.12	2.06	0.97
Class Q	0.18	3.07	2.10
Class R	0.15	2.52	1.18
Class Z	0.18	3.08	1.99

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund’s net expenses (net of any expense waivers or reimbursements).

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses.

Credit Quality expressed as a percentage of total investments as of 1/31/17 (%)
AAA	4.2
AA	6.5
A	28.8
BBB	56.0
BB	3.9
Cash/Cash Equivalents	0.6
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent, and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

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Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on August 1, 2016, at the beginning of the period, and held through the six-month period ended January 31, 2017. 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 Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following 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 balance or the number of Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your

Prudential Corporate Bond Fund 7

Fees and Expenses (continued)

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

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

Prudential Corporate Bond Fund		Beginning  Account Value August 1, 2016		Ending  Account Value January 31, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	976.70		0.80	%	$	3.99
	Hypothetical	$	1,000.00	$	1,021.17		0.80	%	$	4.08
Class C	Actual	$	1,000.00	$	973.00		1.55	%	$	7.71
	Hypothetical	$	1,000.00	$	1,017.39		1.55	%	$	7.88
Class Q	Actual	$	1,000.00	$	977.90		0.55	%	$	2.74
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R	Actual	$	1,000.00	$	975.40		1.05	%	$	5.23
	Hypothetical	$	1,000.00	$	1,019.91		1.05	%	$	5.35
Class Z	Actual	$	1,000.00	$	977.90		0.55	%	$	2.74
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2017, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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The Fund’s annualized expense ratios for the six-month period ended January 31, 2017, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	1.80	0.80
C	2.55	1.55
Q	1.42	0.55
R	2.30	1.05
Z	1.53	0.55

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

Prudential Corporate Bond Fund 9

Portfolio of Investments (unaudited)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    98.3%
COMMERCIAL MORTGAGE-BACKED SECURITIES    2.0%
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3		3.050	%		04/10/49		250	$	246,268
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3		3.058			05/15/49		200		198,271
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $454,318)									444,539
CORPORATE BONDS    95.5%
Agriculture    1.4%
BAT International Finance PLC (United Kingdom), Gtd. Notes, 144A		3.250			06/07/22		305		307,417
Airlines    0.8%
American Airlines 2016-2 Class AA Pass-Through Trust, Pass-Through Certificates		3.200			12/15/29		90		87,412
Southwest Airlines Co., Sr. Unsec’d. Notes		2.650			11/05/20		100		100,723
									188,135
Auto Manufacturers    3.3%
Ford Motor Co., Sr. Unsec’d. Notes		5.291			12/08/46		200		198,549
General Motors Financial Co., Inc., Gtd. Notes		2.400			04/10/18		200		200,766
General Motors Financial Co., Inc., Gtd. Notes		2.400			05/09/19		100		99,722
General Motors Financial Co., Inc., Gtd. Notes		3.200			07/06/21		75		74,645
General Motors Financial Co., Inc., Gtd. Notes		4.000			01/15/25		150		148,098
									721,780
Auto Parts & Equipment    0.5%
ZF North America Capital, Inc. (Germany), Gtd. Notes, 144A		4.500			04/29/22		100		102,625
Banks    18.3%
Bank of America Corp., Sr. Unsec’d. Notes, MTN		3.875			08/01/25		250		252,699
Bank of America Corp., Sr. Unsec’d. Notes, MTN		4.443	(a)		01/20/48		100		99,537
Bank of America Corp., Series L, Sr. Unsec’d. Notes, MTN		2.600			01/15/19		250		252,381
Bank of America Corp., Series V, Jr. Sub. Notes		5.125	(a)		12/31/49		250		250,313
Barclays PLC (United Kingdom), Sr. Unsec’d. Notes		3.650			03/16/25		200		192,578
Citigroup, Inc., Sr. Unsec’d. Notes		3.200			10/21/26		150		142,085
Citigroup, Inc., Sr. Unsec’d. Notes		2.550			04/08/19		550		554,661
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.800			06/09/23		265		264,919

See Notes to Financial Statements.

Prudential Corporate Bond Fund 11

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes, GMTN		3.375	%		05/12/21		80	$	79,679
Goldman Sachs Group, Inc. (The), Sub. Notes		5.150			05/22/45		300		310,326
Goldman Sachs Group, Inc. (The), Series L, Jr. Sub. Notes		5.700	(a)		12/31/49		250		258,037
JPMorgan Chase & Co., Sr. Unsec’d. Notes		2.250			01/23/20		150		150,297
JPMorgan Chase & Co., Sr. Unsec’d. Notes		3.200			06/15/26		390		377,304
JPMorgan Chase & Co., Series 1, Jr. Sub. Notes		7.900	(a)		04/29/49		200		206,000
Morgan Stanley, Sr. Unsec’d. Notes, GMTN		3.875			01/27/26		300		301,866
Morgan Stanley, Series H, Jr. Sub. Notes		5.450	(a)		07/29/49		250		253,750
UBS Group Funding Jersey Ltd. (Switzerland), Gtd. Notes, 144A		4.125			04/15/26		90		90,959
									4,037,391
Biotechnology    1.8%
Baxalta, Inc., Gtd. Notes		2.000			06/22/18		45		45,059
Biogen, Inc., Sr. Unsec’d. Notes		4.050			09/15/25		215		220,518
Celgene Corp., Sr. Unsec’d. Notes		4.625			05/15/44		100		98,062
Gilead Sciences, Inc., Sr. Unsec’d. Notes		2.500			09/01/23		30		29,099
									392,738
Building Materials    0.3%
Johnson Controls International PLC, Sr. Unsec’d. Notes		4.950	(a)		07/02/64		75		72,312
Chemicals    3.4%
Celanese US Holdings LLC, Gtd. Notes		4.625			11/15/22		50		52,949
CF Industries, Inc., Gtd. Notes		5.150			03/15/34		100		91,750
Dow Chemical Co. (The), Sr. Unsec’d. Notes		4.375			11/15/42		175		172,474
Eastman Chemical Co., Sr. Unsec’d. Notes		3.600			08/15/22		49		50,270
LyondellBasell Industries NV, Sr. Unsec’d. Notes		4.625			02/26/55		150		140,462
Mosaic Co. (The), Sr. Unsec’d. Notes		5.625			11/15/43		50		50,061
Solvay Finance America LLC (Belgium), Gtd. Notes, 144A		3.400			12/03/20		200		204,163
									762,129
Commercial Services    0.7%
Equifax, Inc., Sr. Unsec’d. Notes		2.300			06/01/21		25		24,613
Total System Services, Inc., Sr. Unsec’d. Notes		3.800			04/01/21		100		103,165
Total System Services, Inc., Sr. Unsec’d. Notes		4.800			04/01/26		35		37,511
									165,289

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Computers    2.9%
Apple, Inc., Sr. Unsec’d. Notes		4.650	%		02/23/46		100	$	105,248
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Sec’d. Notes, 144A		3.480			06/01/19		160		163,292
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Sec’d. Notes, 144A		4.420			06/15/21		55		57,241
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes		2.850			10/05/18		105		106,353
Seagate HDD Cayman, Gtd. Notes		3.750			11/15/18		200		206,504
									638,638
Diversified Financial Services    0.7%
Discover Financial Services, Sr. Unsec’d. Notes		3.750			03/04/25		100		97,665
Synchrony Financial, Sr. Unsec’d. Notes		3.700			08/04/26		55		53,241
									150,906
Electric    8.9%
Commonwealth Edison Co., First Mortgage		4.700			01/15/44		100		109,547
Consolidated Edison, Inc., Sr. Unsec’d. Notes		2.000			05/15/21		190		185,976
DTE Electric Co., First Mortgage		4.300			04/01/42		75		77,200
DTE Electric Co., General Ref. Mortgage		3.950			06/15/42		75		73,851
Duke Energy Progress LLC, First Mortgage		4.150			12/01/44		200		201,907
Emera US Finance LP (Canada), Gtd. Notes		3.550			06/15/26		40		39,208
Entergy Corp., Sr. Unsec’d. Notes		2.950			09/01/26		100		94,373
Entergy Mississippi, Inc., First Mortgage		2.850			06/01/28		40		37,990
MidAmerican Energy Co., First Mortgage		3.950			08/01/47		20		19,877
PacifiCorp, First Mortgage		3.350			07/01/25		270		273,392
PPL Capital Funding, Inc., Gtd. Notes		4.700			06/01/43		100		100,443
PSEG Power LLC, Gtd. Notes		3.000			06/15/21		60		60,364
Public Service Electric & Gas Co., Sec’d. Notes, MTN		3.650			09/01/42		75		71,653
Puget Energy, Inc., Sr. Sec’d. Notes		3.650			05/15/25		400		392,940
RGS AEGCO Funding Corp., Series F, Sec’d. Notes		9.820			12/07/22		48		48,876
Sierra Pacific Power Co., General Ref. Mortgage		2.600			05/01/26		70		66,693
Westar Energy, Inc., First Mortgage		5.100			07/15/20		100		108,722
									1,963,012
Electronics    0.1%
Fortive Corp., Sr. Unsec’d. Notes, 144A		3.150			06/15/26		20		19,680
Food    0.6%
Kraft Heinz Foods Co., Gtd. Notes		4.375			06/01/46		55		51,418
Kraft Heinz Foods Co., Gtd. Notes		5.000			07/15/35		50		52,424
Kroger Co. (The), Sr. Unsec’d. Notes		2.650			10/15/26		35		32,311
									136,153

See Notes to Financial Statements.

Prudential Corporate Bond Fund 13

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Forest Products & Paper    1.2%
International Paper Co., Sr. Unsec’d. Notes		5.000	%		09/15/35		250	$	266,652
Healthcare-Products    1.0%
Abbott Laboratories, Sr. Unsec’d. Notes		2.900			11/30/21		135		134,407
Baxter International, Inc., Sr. Unsec’d. Notes		3.500			08/15/46		110		93,870
									228,277
Healthcare-Services    4.8%
Aetna, Inc., Sr. Unsec’d. Notes		4.375			06/15/46		50		50,120
Anthem, Inc., Sr. Unsec’d. Notes		4.625			05/15/42		200		199,702
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.600			02/01/25		250		247,287
Quest Diagnostics, Inc., Sr. Unsec’d. Notes		3.500			03/30/25		250		248,294
Tenet Healthcare Corp., Sr. Sec’d. Notes		6.250			11/01/18		300		315,375
									1,060,778
Housewares    0.6%
Newell Brands, Inc., Sr. Unsec’d. Notes		4.000			12/01/24		100		102,073
Newell Brands, Inc., Sr. Unsec’d. Notes		4.200			04/01/26		20		20,717
									122,790
Insurance    6.1%
American International Group, Inc., Sr. Unsec’d. Notes		4.375			01/15/55		150		136,169
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes		3.125			03/15/26		125		123,941
Liberty Mutual Group, Inc., Gtd. Notes, 144A		5.000			06/01/21		500		542,798
Markel Corp., Sr. Unsec’d. Notes		5.350			06/01/21		500		544,418
									1,347,326
Media    5.7%
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes		6.384			10/23/35		180		202,959
Comcast Corp., Gtd. Notes		3.150			03/01/26		90		88,049
Comcast Corp., Gtd. Notes		3.375			08/15/25		325		324,215
Scripps Networks Interactive, Inc., Sr. Unsec’d. Notes		3.500			06/15/22		100		101,790
Scripps Networks Interactive, Inc., Sr. Unsec’d. Notes		3.950			06/15/25		153		154,573
Time Warner, Inc., Gtd. Notes		3.875			01/15/26		200		198,016
Viacom, Inc., Sr. Unsec’d. Notes		4.875			06/15/43		50		43,508
Viacom, Inc., Sr. Unsec’d. Notes		5.250			04/01/44		150		137,428
									1,250,538

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Mining    3.3%
Barrick North America Finance LLC (Canada), Gtd. Notes		5.700	%		05/30/41		50	$	54,542
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes		5.000			09/30/43		50		55,856
Rio Tinto Finance USA Ltd. (United Kingdom), Gtd. Notes(b)		3.750			06/15/25		250		259,262
Southern Copper Corp. (Peru), Sr. Unsec’d. Notes		5.875			04/23/45		250		254,774
Yamana Gold, Inc. (Canada), Gtd. Notes		4.950			07/15/24		100		99,750
									724,184
Miscellaneous Manufacturing    1.1%
Pentair Finance SA (United Kingdom), Gtd. Notes		3.150			09/15/22		100		98,870
Pentair Finance SA (United Kingdom), Gtd. Notes		4.650			09/15/25		105		107,776
Textron, Inc., Sr. Unsec’d. Notes		4.000			03/15/26		45		45,673
									252,319
Office/Business Equipment    1.6%
Xerox Corp., Sr. Unsec’d. Notes		2.800			05/15/20		350		347,098
Oil & Gas    6.7%
Apache Corp., Sr. Unsec’d. Notes		3.250			04/15/22		250		254,773
Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes		6.500			02/15/37		100		116,714
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		5.700			10/15/19		400		432,103
ConocoPhillips Co., Gtd. Notes		4.200			03/15/21		50		52,939
Devon Energy Corp., Sr. Unsec’d. Notes		5.000			06/15/45		5		5,014
Devon Energy Corp., Sr. Unsec’d. Notes		5.600			07/15/41		15		15,895
Exxon Mobil Corp., Sr. Unsec’d. Notes		3.043			03/01/26		250		247,772
Husky Energy, Inc. (Canada), Sr. Unsec’d. Notes		3.950			04/15/22		90		94,087
Noble Energy, Inc., Sr. Unsec’d. Notes		5.050			11/15/44		100		101,770
Shell International Finance BV (Netherlands), Gtd. Notes		4.375			05/11/45		85		86,420
Tesoro Corp., Gtd. Notes, 144A		5.125			12/15/26		80		83,400
									1,490,887
Pharmaceuticals    4.9%
Actavis Funding SCS, Gtd. Notes		3.800			03/15/25		350		349,367
Mead Johnson Nutrition Co., Sr. Unsec’d. Notes		3.000			11/15/20		100		101,154
Mylan NV, Gtd. Notes, 144A		3.000			12/15/18		200		201,603
Pfizer, Inc., Sr. Unsec’d. Notes		4.125			12/15/46		80		80,251
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		2.400			09/23/21		180		174,788

See Notes to Financial Statements.

Prudential Corporate Bond Fund 15

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		3.200	%		09/23/26		100	$	93,895
Teva Pharmaceutical Finance Netherlands III BV (Israel), Gtd. Notes		3.150			10/01/26		30		27,197
Teva Pharmaceutical Finance Netherlands III BV (Israel), Gtd. Notes		4.100			10/01/46		60		50,628
									1,078,883
Pipelines    3.6%
Enterprise Products Operating LLC, Gtd. Notes		4.850			03/15/44		100		101,956
Enterprise Products Operating LLC, Gtd. Notes		4.900			05/15/46		150		154,640
Phillips 66 Partners LP, Sr. Unsec’d. Notes		3.605			02/15/25		350		345,296
Williams Partners LP, Sr. Unsec’d. Notes		4.300			03/04/24		200		205,991
									807,883
Real Estate Investment Trusts (REITs)    1.6%
Crown Castle International Corp., Sr. Unsec’d. Notes		4.875			04/15/22		15		16,126
Digital Realty Trust LP, Gtd. Notes		3.400			10/01/20		50		50,996
Kimco Realty Corp., Sr. Unsec’d. Notes		3.400			11/01/22		75		76,165
Realty Income Corp., Sr. Unsec’d. Notes		4.125			10/15/26		200		205,425
									348,712
Retail    1.1%
CVS Health Corp., Sr. Unsec’d. Notes		5.125			07/20/45		100		109,983
Home Depot, Inc. (The), Sr. Unsec’d. Notes		3.500			09/15/56		25		21,598
Home Depot, Inc. (The), Sr. Unsec’d. Notes		4.250			04/01/46		100		103,176
									234,757
Semiconductors    0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes, 144A		3.875			01/15/27		75		74,428
Software    4.3%
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		2.250			08/15/21		125		122,299
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		2.850			10/15/18		75		76,177
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		3.000			08/15/26		195		183,503
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		3.625			10/15/20		150		155,174
Microsoft Corp., Sr. Unsec’d. Notes		3.950			08/08/56		140		128,500

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Software (cont’d.)
Microsoft Corp., Sr. Unsec’d. Notes		4.500	%		02/06/57		105	$	105,834
Oracle Corp., Sr. Unsec’d. Notes		2.400			09/15/23		75		72,421
Oracle Corp., Sr. Unsec’d. Notes		4.000			07/15/46		115		107,921
									951,829
Telecommunications    3.5%
AT&T, Inc., Sr. Unsec’d. Notes		5.150			03/15/42		230		226,400
Cisco Systems, Inc., Sr. Unsec’d. Notes		2.200			02/28/21		165		164,586
Deutsche Telekom International Finance BV (Germany), Gtd. Notes, 144A		2.225			01/17/20		200		200,177
Verizon Communications, Inc., Sr. Unsec’d. Notes		4.522			09/15/48		200		181,719
									772,882
Transportation    0.4%
FedEx Corp., Gtd. Notes		4.500			02/01/65		100		91,369
TOTAL CORPORATE BONDS (cost $21,106,859)									21,109,797
FOREIGN GOVERNMENT BOND    0.8%
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes (cost $179,874)		4.600			01/23/46		200		180,500
TOTAL LONG-TERM INVESTMENTS (cost $21,741,051)									21,734,836
						Shares
SHORT-TERM INVESTMENTS    2.6%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(c)							305,781		305,781
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $266,607; includes $266,430 of cash collateral for securities on loan)(c)(d)							266,528		266,581
TOTAL SHORT-TERM INVESTMENTS (cost $572,387)(Note 3)									572,362
TOTAL INVESTMENTS    100.9% (cost $22,313,438)(Note 5)									22,307,198
Liabilities in excess of other assets(e)    (0.9)%									(199,277	)
NET ASSETS    100.0%								$	22,107,921

See Notes to Financial Statements.

Prudential Corporate Bond Fund 17

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

The following abbreviations are used in the semiannual report:

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.

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

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

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2017.

(b) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $259,419; cash collateral of $266,430 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(c) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and the Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund.

(d) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.

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

Futures contracts outstanding at January 31, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at January 31, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	4	2 Year U.S. Treasury Notes		Mar. 2017	$	866,969	$	867,188	$	219
	15	5 Year U.S. Treasury Notes		Mar. 2017		1,763,711		1,768,008		4,297
	18	20 Year U.S. Treasury Bonds		Mar. 2017		2,730,023		2,715,187		(14,836	)
										(10,320	)
		Short Positions:
	26	10 Year U.S. Treasury Notes		Mar. 2017		3,244,734		3,236,187		8,547
	15	30 Year U.S. Ultra Treasury Bonds		Mar. 2017		2,410,016		2,410,313		(297	)
										8,250
									$	(2,070	)

Cash of $200,000 has been segregated with Citigroup Global Markets to cover requirements for open futures contracts at January 31, 2017.

Fair Value Measurements:

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

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

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

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

See Notes to Financial Statements.

18

The following is a summary of the inputs used as of January 31, 2017 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Commercial Mortgage-Backed Securities	$	—		$	444,539	$	—
Corporate Bonds		—			21,109,797		—
Foreign Government Bond		—			180,500		—
Affiliated Mutual Funds		572,362			—		—
Other Financial Instruments*
Futures Contracts		(2,070	)		—		—
Total	$	570,292		$	21,734,836	$	—

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2017 were as follows:

Banks	18.3	%
Electric	8.9
Oil & Gas	6.7
Insurance	6.1
Media	5.7
Pharmaceuticals	4.9
Healthcare-Services	4.8
Software	4.3
Pipelines	3.6
Telecommunications	3.5
Chemicals	3.4
Mining	3.3
Auto Manufacturers	3.3
Computers	2.9
Affiliated Mutual Funds	2.6
Commercial Mortgage-Backed Securities	2.0
Biotechnology	1.8
Real Estate Investment Trusts (REITs)	1.6
Office/Business Equipment	1.6
Agriculture	1.4
Forest Products & Paper	1.2	%
Miscellaneous Manufacturing	1.1
Retail	1.1
Healthcare-Products	1.0
Airlines	0.8
Foreign Government Bond	0.8
Commercial Services	0.7
Diversified Financial Services	0.7
Food	0.6
Housewares	0.6
Auto Parts & Equipment	0.5
Transportation	0.4
Semiconductors	0.3
Building Materials	0.3
Electronics	0.1
	100.9
Liabilities in excess of other assets	(0.9	)
	100.0	%

See Notes to Financial Statements.

Prudential Corporate Bond Fund 19

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate contracts risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2017 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Interest rate contracts	Due from/to broker-variation margin futures	$	13,063	*	Due from/to broker-variation margin futures	$	15,133	*

* Includes cumulative appreciation (depreciation) as reported in schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2017 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	14,947

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	29,571

For the six months ended January 31, 2017, the Fund’s average value at trade date for futures long positions was $4,734,138 and for short positions was $5,189,831.

See Notes to Financial Statements.

20

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund entered into financial transactions 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 financial transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial transactions assets and liabilities:

Description	Gross Amounts of Recognized Assets(1)		Collateral Received(2)			Net Amount
Securities on Loan	$	259,419	$	(259,419	)	$	—

(1) Amount represents market value.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

Prudential Corporate Bond Fund 21

Statement of Assets & Liabilities (unaudited)

as of January 31, 2017

Assets
Investments at value, including securities on loan of $259,419:
Unaffiliated investments (cost $21,741,051)	$	21,734,836
Affiliated investments (cost $572,387)		572,362
Deposit with broker for futures		200,000
Receivable for investments sold		952,205
Interest receivable		213,181
Receivable for Fund shares sold		203,691
Due from Manager		12,103
Prepaid expenses		541
Total assets		23,888,919
Liabilities
Payable for investments purchased		1,203,548
Payable to broker for collateral for securities on loan		266,430
Payable for Fund shares reacquired		244,011
Accrued expenses and other liabilities		57,726
Due to broker—variation margin futures		6,790
Distribution fee payable		1,237
Deferred trustees’ fees		996
Affiliated transfer agent fee payable		260
Total liabilities		1,780,998
Net Assets	$	22,107,921
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,009
Paid-in capital in excess of par		23,719,980
		23,721,989
Undistributed net investment income		2,451
Accumulated net realized loss on investment transactions		(1,608,209	)
Net unrealized depreciation on investments		(8,310	)
Net assets, January 31, 2017	$	22,107,921

See Notes to Financial Statements.

22

Class A
Net asset value and redemption price per share, ($1,285,935 ÷ 116,606 shares of beneficial interest issued and outstanding)	$	11.03
Maximum sales charge (4.50% of offering price)		0.52
Maximum offering price to public	$	11.55
Class C
Net asset value, offering price and redemption price per share, ($1,170,209 ÷ 106,354 shares of beneficial interest issued and outstanding)	$	11.00
Class Q
Net asset value, offering price and redemption price per share, ($10,584 ÷ 962 shares of beneficial interest issued and outstanding)	$	11.00
Class R
Net asset value, offering price and redemption price per share, ($10,497 ÷ 954 shares of beneficial interest issued and outstanding)	$	11.00
Class Z
Net asset value, offering price and redemption price per share, ($19,630,696 ÷ 1,784,258 shares of beneficial interest issued and outstanding)	$	11.00

See Notes to Financial Statements.

Prudential Corporate Bond Fund 23

Statement of Operations (unaudited)

Six Months Ended January 31, 2017

Net Investment Income (Loss)
Income
Interest income	$	426,920
Affiliated dividend income		1,891
Income from securities lending, net		86
Total income		428,897
Expenses
Management fee		56,160
Distribution fee—Class A		1,471
Distribution fee—Class C		4,667
Distribution fee—Class R		40
Registration fees		35,000
Custodian and accounting fees		33,000
Audit fee		17,000
Shareholders’ reports		15,000
Transfer agent’s fees and expenses (including affiliated expense of $1,300)		12,000
Legal fees and expenses		11,000
Trustees’ fees		5,000
Loan interest expense		81
Miscellaneous		7,430
Total expenses		197,849
Less: Management fee waiver and/or expense reimbursement		(122,950	)
Distribution fee waiver—Class R		(13	)
Net expenses		74,886
Net investment income (loss)		354,011
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(1))		82,702
Futures transactions		14,947
		97,649
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(25))		(1,049,859	)
Futures		29,571
		(1,020,288	)
Net gain (loss) on investment transactions		(922,639	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(568,628	)

See Notes to Financial Statements.

24

Statement of Changes in Net Assets (unaudited)

	Six Months Ended January 31, 2017			Year Ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	354,011		$	948,488
Net realized gain (loss) on investment transactions		97,649			(628,485	)
Net change in unrealized appreciation (depreciation) on investments		(1,020,288	)		1,637,704
Net increase (decrease) in net assets resulting from operations		(568,628	)		1,957,707
Dividends from net investment income (Note 1)
Class A		(17,335	)		(7,623	)
Class C		(10,225	)		(7,454	)
Class Q		(170	)		(305	)
Class R		(142	)		(255	)
Class Z		(360,084	)		(1,013,549	)
		(387,956	)		(1,029,186	)
Fund share transactions (Note 6)
Net proceeds from shares sold		6,367,109			12,055,486
Net asset value of shares issued in reinvestment of dividends and distributions		376,153			1,008,034
Cost of shares reacquired		(8,584,340	)		(33,365,328	)
Net increase (decrease) in net assets from Fund share transactions		(1,841,078	)		(20,301,808	)
Total increase (decrease)		(2,797,662	)		(19,373,287	)
Net Assets:
Beginning of period		24,905,583			44,278,870
End of period(a)	$	22,107,921		$	24,905,583
(a) Includes undistributed net investment income of:	$	2,451		$	36,396

See Notes to Financial Statements.

Prudential Corporate Bond Fund 25

Notes to Financial Statements (unaudited)

The Target Portfolio Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended, (“1940 Act”). The Trust currently consists of four series: Prudential Corporate Bond Fund (the “Fund”), Prudential Core Bond Fund, Target International Equity Portfolio and Prudential QMA Small-Cap Value Fund. These financial statements relate to Prudential Corporate Bond Fund. The financial statements of the other series are not presented herein.

The Fund’s investment objective is high current income consistent with the preservation of principal.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets that are fair valued at the close of each day (generally, 4:00 PM Eastern time) 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting.

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

Derivative instruments, such as futures or options, 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 where the security principally trades. Securities traded via NASDAQ are valued

26

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.

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 OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price is based on 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. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing recent transaction prices for identical or comparable securities.

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 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.

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 Fund 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.” Subsequent payments, known as “variation margin,” are made or received by the Fund 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 (loss). When the

Prudential Corporate Bond Fund 27

Notes to Financial Statements (unaudited) (continued)

contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as a net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. 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. Financial futures contracts involve elements of risk in excess of the amounts reflected on the Statement of Assets and Liabilities. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities—at the current 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.

28

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, forward currency contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (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 currency transactions.

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “income from securities lending, net”.

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

Prudential Corporate Bond Fund 29

Notes to Financial Statements (unaudited) (continued)

typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, 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 was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis, which may require the use of certain estimates by management that may differ from actual. The Trust’s expenses are allocated to the respective series on the basis of relative net assets except for expenses that are charged directly at the Fund 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 (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Dividends and Distributions: The Fund declares dividends from net investment income daily and payment is made monthly. Distributions from net realized capital and currency gains, if any, are paid annually. Foreign currency losses may reduce the amount of

30

dividends of net investment income. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income (loss), accumulated net gain (loss) and paid-in capital in excess of par, as appropriate.

Taxes: For federal income tax purposes, the Fund is treated as a separate tax paying entity. It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

Estimates: The preparation of 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 has a management agreement with PI on behalf of the Fund. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income (“PFI”) unit. The subadvisory agreement provides that PFI will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PFI is obligated to keep certain books and records of the Fund. PI pays for the services of PFI, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is based on an annual rate of .45% of the Fund’s average daily net assets up to and including $5 billion; and .425% on average daily net assets exceeding $5 billion. The management fee amount waived exceeded the management fee for the six months ended January 31, 2017.

Pl has contractually agreed through November 30, 2017 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to .55% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, Class C, Class Q, Class R and

Prudential Corporate Bond Fund 31

Notes to Financial Statements (unaudited) (continued)

Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q or Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .25%, 1% and .75% of the average daily net assets of the Class A, C and R shares, respectively. PIMS has contractually agreed through November 30, 2017 to limit such fees to .50% of the average daily net assets of the Class R shares.

PIMS has advised the Fund that it has received $13,893 in front-end sales charges resulting from sales of Class A shares during the six months ended January 31, 2017. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to sales persons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended January 31, 2017, it received $99 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

PGIM, Inc., 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 Fund’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.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”) and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from

32

the Core Fund and the Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, (excluding short-term investments and U.S. Treasury securities), for the six months ended January 31, 2017, were $6,584,563 and $6,940,204, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of January 31, 2017 were as follows:

Tax Basis	$	22,367,140
Unrealized Appreciation		195,006
Unrealized Depreciation		(254,948	)
Net Unrealized Depreciation	$	(59,942	)

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

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Fund is 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 taxable years ending before October 31, 2012 (“pre-enactment losses”) may have an increased likelihood to expire unused. No capital gain distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses. As of July 31, 2016, the pre and post-enactment losses were approximately:

Post-Enactment Losses:	$	725,000
Pre-Enactment Losses:
Expiring 2017		958,000

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

Note 6. Capital

The Fund offers Class A, Class C, Class Q, Class R and Class Z shares. Class A shares are sold with a front-end sales charge of up to 4.50%. All investors who purchase Class A

Prudential Corporate Bond Fund 33

Notes to Financial Statements (unaudited) (continued)

shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, including investors who purchase their shares through broker-dealers affiliated with Prudential. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Class C shares are sold with a CDSC of 1% on sales of shares made within 12 months of purchase. A special exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class R shares are available to certain retirement plans, clearing and settlement firms. Class Q, Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

Under certain limited circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest.

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.

As of January 31, 2017, Prudential owned 958 Class A shares, 946 Class C shares, 962 Class Q shares and 954 Class R shares of the Fund. At reporting period end, three shareholders of record held 79% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended January 31, 2017:
Shares sold		71,898		$	807,406
Shares issued in reinvestment of dividends and distributions		1,474			16,455
Shares reacquired		(28,519	)		(316,572	)
Net increase (decrease) in shares outstanding		44,853		$	507,289
Year ended July 31, 2016:
Shares sold		68,884		$	765,352
Shares issued in reinvestment of dividends and distributions		680			7,552
Shares reacquired		(2,301	)		(25,238	)
Net increase (decrease) in shares outstanding before conversion		67,263		$	747,666
Shares issued upon conversion from other share class(es)		(2,069	)		(23,739	)
Net increase (decrease) in shares outstanding		65,194		$	723,927

34

Class C	Shares			Amount
Six months ended January 31, 2017:
Shares sold		43,138		$	482,269
Shares issued in reinvestment of dividends and distributions		825			9,187
Shares reacquired		(3,661	)		(40,709	)
Net increase (decrease) in shares outstanding		40,302		$	450,747
Year ended July 31, 2016:
Shares sold		83,590		$	896,991
Shares issued in reinvestment of dividends and distributions		491			5,458
Shares reacquired		(19,413	)		(209,695	)
Net increase (decrease) in shares outstanding		64,668		$	692,754
Class Q
Six months ended January 31, 2017:
Shares sold		—		$	—
Shares issued in reinvestment of dividends and distributions		15			170
Net increase (decrease) in shares outstanding		15		$	170
Year ended July 31, 2016:
Shares sold		—		$	—
Shares issued in reinvestment of dividends and distributions		28			305
Net increase (decrease) in shares outstanding		28		$	305
Class R
Six months ended January 31, 2017:
Shares sold		—		$	—
Shares issued in reinvestment of dividends and distributions		13			142
Net increase (decrease) in shares outstanding		13		$	142
Year ended July 31, 2016:
Shares sold		—		$	—
Shares issued in reinvestment of dividends and distributions		23			255
Net increase (decrease) in shares outstanding		23		$	255
Class Z
Six months ended January 31, 2017:
Shares sold		453,682		$	5,077,434
Shares issued in reinvestment of dividends and distributions		31,340			350,199
Shares reacquired		(739,942	)		(8,227,059	)
Net increase (decrease) in shares outstanding		(254,920	)	$	(2,799,426	)
Year ended July 31, 2016:
Shares sold		954,492		$	10,393,143
Shares issued in reinvestment of dividends and distributions		92,146			994,464
Shares reacquired		(3,116,010	)		(33,130,395	)
Net increase (decrease) in shares outstanding before conversion		(2,069,372	)		(21,742,788	)
Shares issued upon conversion from other share class(es)		2,076			23,739
Net increase (decrease) in shares outstanding		(2,067,296	)	$	(21,719,049	)

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions.

Prudential Corporate Bond Fund 35

Notes to Financial Statements (unaudited) (continued)

The SCA provides for a commitment of $900 million for the period October 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. The interest rate on borrowings under the SCA is paid monthly and at a per annum rate based upon the higher of zero percent, the effective federal funds rate, or the One-Month LIBOR rate, plus a contractual spread. Prior to October 6, 2016, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .11% of the unused portion of the SCA. The interest rate on borrowings was substantially the same. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund utilized the SCA during the six months ended January 31, 2017. The average daily balance for the 2 days that the Fund had loans outstanding during the period was approximately $818,000, borrowed at a weighted average interest rate of 1.78%. The maximum loan outstanding amount during the period was $1,053,000. At January 31, 2017, the Fund did not have an outstanding loan amount.

Note 8. Recent Accounting Pronouncements and Reporting Updates

In December 2016, the FASB released an Accounting Standards Update (“ASU”) that makes technical changes to various sections of the Accounting Standards Codification (“ASC”), including Topic 820, Fair Value Measurement. The changes to Topic 820 are intended to clarify the difference between a valuation approach and a valuation technique. The changes to ASC 820-10-50-2 require a reporting entity to disclose, for Level 2 and Level 3 fair value measurements, a change in either or both a valuation approach and a valuation technique and the reason(s) for the change. The changes to Topic 820 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. At this time, management is evaluating the implications of the ASU and its impact on the financial statements and disclosures has not yet been determined.

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. Also under the new rules, the SEC will permit open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

36

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			May 28, 2015(b) through July 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$11.46			$10.76			$10.94
Income (loss) from investment operations:
Net investment income (loss)		.15			.29			.04
Net realized and unrealized gain (loss) on investments		(.42	)		.71			(.17	)
Total from investment operations		(.27	)		1.00			(.13	)
Less Dividends and Distribution:
Dividends from net investment income		(.16	)		(.30	)		(.05	)
Net asset value, end of period		$11.03			$11.46			$10.76
Total Return(a):		(2.33)%			9.49%			(1.19)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,286			$822			$71
Average net assets (000)		$1,167			$269			$12
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		.80%	(e)		.94%			.98%	(e)
Expenses before waivers and/or expense reimbursement		1.80%	(e)		1.77%			2.23%	(e)
Net investment income (loss)		2.68%	(e)		2.64%			2.24%	(e)
Portfolio turnover rate		61%	(f)		165%			1,221%	(f)(g)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

(c) Calculated based on average shares outstanding during the period.

(d) Does not include expenses of the underlying fund in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

Prudential Corporate Bond Fund 37

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			May 28, 2015(b) through July 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$11.43			$10.75			$10.94
Income (loss) from investment operations:
Net investment income (loss)		.11			.20			.03
Net realized and unrealized gain (loss) on investments		(.42	)		.70			(.18	)
Total from investment operations		(.31	)		.90			(.15	)
Less Dividends and Distribution:
Dividends from net investment income		(.12	)		(.22	)		(.04	)
Net asset value, end of period		$11.00			$11.43			$10.75
Total Return(a):		(2.70)%			8.51%			(1.41)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,170			$755			$15
Average net assets (000)		$926			$369			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.55%	(e)		1.73%			1.87%	(e)
Expenses before waivers and/or expense reimbursement		2.55%	(e)		2.56%			2.97%	(e)
Net investment income (loss)		1.92%	(e)		1.84%			1.48%	(e)
Portfolio turnover rate		61%	(f)		165%			1,221%	(f)(g)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

(c) Calculated based on average shares outstanding during the period.

(d) Does not include expenses of the underlying fund in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

38

Class Q Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			May 28, 2015(b) through July 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$11.43			$10.75			$10.94
Income (loss) from investment operations:
Net investment income (loss)		.16			.30			.04
Net realized and unrealized gain (loss) on investments		(.41	)		.71			(.18	)
Total from investment operations		(.25	)		1.01			(.14	)
Less Dividends and Distribution:
Dividends from net investment income		(.18	)		(.33	)		(.05	)
Net asset value, end of period		$11.00			$11.43			$10.75
Total Return(a):		(2.21)%			9.57%			(1.25)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$11			$10
Average net assets (000)		$11			$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		.55%	(e)		.79%			.87%	(e)
Expenses before waivers and/or expense reimbursement		1.42%	(e)		1.28%			1.88%	(e)
Net investment income (loss)		2.90%	(e)		2.80%			2.39%	(e)
Portfolio turnover rate		61%	(f)		165%			1,221%	(f)(g)

(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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

(c) Calculated based on average shares outstanding during the period.

(d) Does not include expenses of the underlying fund in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

Prudential Corporate Bond Fund 39

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			May 28, 2015(b) through July 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$11.43			$10.75			$10.94
Income (loss) from investment operations:
Net investment income (loss)		.13			.25			.03
Net realized and unrealized gain (loss) on investments		(.41	)		.70			(.17	)
Total from investment operations		(.28	)		.95			(.14	)
Less Dividends and Distribution:
Dividends from net investment income		(.15	)		(.27	)		(.05	)
Net asset value, end of period		$11.00			$11.43			$10.75
Total Return(a):		(2.46)%			9.04%			(1.32)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10			$11			$10
Average net assets (000)		$11			$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05%	(e)		1.29%			1.36%	(e)
Expenses before waivers and/or expense reimbursement		2.30%	(e)		2.12%			2.77%	(e)
Net investment income (loss)		2.39%	(e)		2.32%			1.91%	(e)
Portfolio turnover rate		61%	(f)		165%			1,221%	(f)(g)

(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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

(c) Calculated based on average shares outstanding during the period.

(d) Does not include expenses of the underlying fund in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

40

Class Z Shares
	Six Months Ended January 31,			Year Ended July 31,						Nine Months Ended July 31,			Year Ended October 31,
	2017(g)			2016(g)			2015(g)(h)			2014(f)			2013			2012			2011
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$11.43			$10.76			$10.69			$10.50			$10.83			$10.68			$10.60
Income (loss) from investment operations:
Net investment income (loss)		.16			.30			.09			.05			.15			.29			.49
Net realized and unrealized gain (loss) on investments		(.41	)		.70			.11			.21			(.26	)		.20			.05
Total from investment operations		(.25	)		1.00			.20			.26			(.11	)		.49			.54
Less Dividends and Distribution:
Dividends from net investment income		(.18	)		(.33	)		(.13	)		(.07	)		(.22	)		(.34	)		(.46	)
Net asset value, end of period		$11.00			$11.43			$10.76			$10.69			$10.50			$10.83			$10.68
Total Return(a):		(2.21)%			9.47%			1.83%			2.47%			(.97)%			4.64%			5.26%
Ratios/Supplemental Data:
Net assets, end of period (000)		$19,631			$23,307			$44,174			$43,879			$42,218			$43,605			$35,281
Average net assets (000)		$22,642			$33,438			$44,354			$42,666			$43,290			$42,171			$34,208
Ratios to average net assets(b):
Expenses after waivers and/or expense reimbursement		.55%	(d)		.82%			.91%			.99%	(d)		.93%			.93%			1.03%
Expenses before waivers and/or expense reimbursement		1.53%	(d)		1.27%			1.10%			.99%	(d)		.93%			.93%			1.03%
Net investment income (loss)		2.88%	(d)		2.79%			.78%			.65%	(d)		1.39%			2.70%			4.65%
Portfolio turnover rate		61%	(e)		165%			1,221%	(c)		936%	(c)(e)		990%	(c)		847%	(c)		670%	(c)

(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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Does not include expenses of the underlying fund in which the Fund invests.

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

(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 on average shares outstanding during the period.

(h) Class T shares were renamed Class Z shares effective May 28, 2015.

See Notes to Financial Statements.

Prudential Corporate Bond Fund 41

∎   MAIL	∎   TELEPHONE	∎   WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of Trustees has delegated to the Fund’s investment subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website at www.sec.gov.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

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 • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Corporate Bond Fund, Prudential Investments, Attn: Board of Trustees, 655 Broad Street, 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 Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

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

PRUDENTIAL CORPORATE BOND FUND

SHARE CLASS	A	C	Q	R	Z
NASDAQ	PCWAX	PCWCX	PCWQX	PCWRX	TGMBX
CUSIP	875921694	875921686	875921678	875921660	875921702

MF229E2

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential QMA Small-Cap Value Fund

SEMIANNUAL REPORT JANUARY 31, 2017

To enroll in e-delivery, go to prudentialfunds.com/edelivery  

Objective: Above-average capital appreciation

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of January 31, 2017, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at prudentialfunds.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential QMA Small-Cap Value Fund informative and useful. The report covers performance for the six-month period that ended January 31, 2017.

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.

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential QMA Small-Cap Value Fund

March 16, 2017

Prudential QMA Small-Cap Value Fund 3

Your Fund’s Performance (unaudited)

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

Cumulative Total Returns (without Sales Charges) as of 1/31/17
	Six Months (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	20.07	44.21	N/A	N/A	32.70 (2/14/14)
Class C	19.65	43.11	N/A	N/A	17.99 (6/19/15)
Class Q	20.34	44.64	N/A	N/A	31.83 (9/25/14)
Class R	19.90	43.77	87.05	115.82	—
Class Z	20.28	44.59	91.86	127.02	—
Russell 2000® Value Index	16.99	40.22	87.82	79.54	—
Russell 2000® Index	12.43	33.53	84.21	95.44	—
Lipper Small-Cap Value Funds Average	14.72	35.45	79.26	89.99	—
Average Annual Total Returns (with Sales Charges) as of 12/31/16
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A		26.24	N/A	N/A	8.49 (2/14/14)
Class C		31.60	N/A	N/A	11.99 (6/19/15)
Class Q		33.99	N/A	N/A	13.34 (9/25/14)
Class R		33.31	14.81	8.26	—
Class Z		33.94	15.38	8.80	—
Russell 2000 Value Index		31.74	15.07	6.26	—
Russell 2000 Index		21.31	14.46	7.07	—
Lipper Small-Cap Value Funds Average		26.78	13.87	6.76	—

Source: Prudential Investments LLC and Lipper Inc.

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

4 Visit our website at prudentialfunds.com

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

	Class A	Class C	Class Q	Class R	Class Z
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more made within 12 months of purchase	1% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	None	.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.
The cumulative total return for the Index measured from the month-end closest to the inception date through 1/31/17 is 31.21% for Class A, 20.12% for Class C, and 32.41% for Class Q shares. The average annual total return for the Index measured from the month-end closest to the inception date through 12/31/16 is 10.03% for Class A, 13.54% for Class C, and 13.65% for Class Q shares.

Russell 2000 Index

The Russell 2000 Index is an unmanaged index of the 2,000 smallest US companies included in the Russell 3000^® Index. It gives an indication of how stock prices of smaller companies have performed. The cumulative total return for the Index measured from the month-end closest to the inception date through 1/31/17 is 25.58% for Class A, 11.13% for Class C, and 27.74% for Class Q shares. The average annual total return for the Index measured from the month-end closest to the inception date through 12/31/16 is 7.98% for Class A, 7.01% for Class C, and 11.30% for Class Q shares.

Prudential QMA Small-Cap Value Fund 5

Your Fund’s Performance (continued)

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 US Diversified Equity 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. The cumulative total return for the Average measured from the month-end closest to the inception date through 1/31/17 is 25.55% for Class A, 15.34% for Class C, and 24.51% for Class Q shares. The average annual total return for the Average measured from the month-end closest to the inception date through 12/31/16 is 8.10% for Class A, 10.08% for Class C, and 10.24% for Class Q shares.

Investors cannot invest directly in an index or average. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.

Five Largest Holdings expressed as a percentage of net assets as of 1/31/17 (%)
Prosperity Bancshares, Inc., Banks	1.3	%
Sanmina Corp., Electronic Equipment, Instruments & Components	1.1
Umpqua Holdings Corp., Banks	1.1
Washington Federal, Inc., Thrifts & Mortgage Finance	1.1
Hope Bancorp, Inc., Banks	1.1

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

Five Largest Industries expressed as a percentage of net assets as of 1/31/17 (%)
Banks	18.6	%
Equity Real Estate Investment Trusts (REITs)	7.5
Insurance	6.7
Thrifts & Mortgage Finance	6.1
Specialty Retail	5.4

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

6 Visit our website at prudentialfunds.com

Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on August 1, 2016, at the beginning of the period, and held through the six-month period ended January 31, 2017. 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 Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following 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 balance or the number of Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your

Prudential QMA Small-Cap Value Fund 7

Fees and Expenses (continued)

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

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

Prudential QMA Small-Cap Value Fund		Beginning  Account Value August 1, 2016		Ending  Account Value January 31, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,200.70		0.97	%	$	5.38
	Hypothetical	$	1,000.00	$	1,020.32		0.97	%	$	4.94
Class C	Actual	$	1,000.00	$	1,196.50		1.72	%	$	9.42
	Hypothetical	$	1,000.00	$	1,016.53		1.72	%	$	8.74
Class Q	Actual	$	1,000.00	$	1,203.40		0.65	%	$	3.61
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R	Actual	$	1,000.00	$	1,199.00		1.22	%	$	6.76
	Hypothetical	$	1,000.00	$	1,019.06		1.22	%	$	6.21
Class Z	Actual	$	1,000.00	$	1,202.80		0.72	%	$	4.00
	Hypothetical	$	1,000.00	$	1,021.58		0.72	%	$	3.67

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2017, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at prudentialfunds.com

The Fund’s annualized expense ratios for the six-month period ended January 31, 2017, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	1.03	0.97
C	1.73	1.72
Q	0.65	0.65
R	1.48	1.22
Z	0.73	0.72

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

Prudential QMA Small-Cap Value Fund 9

Portfolio of Investments (unaudited)

as of January 31, 2017

Description	Shares		Value (Note 1)
LONG-TERM INVESTMENTS    99.3%
COMMON STOCKS    98.7%
Aerospace & Defense    0.4%
Triumph Group, Inc.(a)		158,800	$	4,247,900
Vectrus, Inc.*		33,500		755,090
Wesco Aircraft Holdings, Inc.*		65,400		990,810
				5,993,800
Air Freight & Logistics    1.0%
Atlas Air Worldwide Holdings, Inc.*		297,828		15,710,427
Airlines    1.9%
Allegiant Travel Co.		15,700		2,700,400
Hawaiian Holdings, Inc.*		154,300		7,861,585
SkyWest, Inc.		448,068		15,861,607
Spirit Airlines, Inc.*		82,700		4,469,108
				30,892,700
Auto Components    2.7%
American Axle & Manufacturing Holdings, Inc.*		172,600		3,521,040
Cooper Tire & Rubber Co.		229,008		8,301,540
Cooper-Standard Holding, Inc.*		72,800		7,664,384
Dana, Inc.		590,600		11,894,684
Modine Manufacturing Co.*		129,760		1,764,736
Stoneridge, Inc.*		100,800		1,654,128
Strattec Security Corp.		16,928		521,382
Tenneco, Inc.*		31,300		2,111,185
Tower International, Inc.		270,789		7,094,672
				44,527,751
Banks    18.6%
1st Source Corp.		92,028		4,151,383
Arrow Financial Corp.		26,219		925,531
Banc of California, Inc.(a)		420,000		6,636,000
BancFirst Corp.		18,248		1,721,699
Banco Latinoamericano de Comercio Exterior SA (Panama)		252,611		6,871,019
Bank of Marin Bancorp		45,462		3,055,046
BankUnited, Inc.		5,600		213,920
Berkshire Hills Bancorp, Inc.		340,204		12,043,222
Boston Private Financial Holdings, Inc.		167,796		2,768,634
Bridge Bancorp, Inc.		11,100		401,265
Camden National Corp.		68,126		2,825,866
Cathay General Bancorp(a)		288,200		10,502,008
Century Bancorp, Inc. (Class A Stock)		6,700		404,010

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 11

Portfolio of Investments (unaudited)(continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Banks (cont’d.)
Citizens & Northern Corp.(a)		26,616	$	632,396
CNB Financial Corp.		33,499		785,887
Community Trust Bancorp, Inc.		86,966		4,022,177
ConnectOne Bancorp, Inc.		9,400		232,180
Customers Bancorp, Inc.*(a)		316,330		10,900,732
Enterprise Bancorp, Inc.		3,400		114,274
Enterprise Financial Services Corp.		159,780		6,654,837
Fidelity Southern Corp.(a)		301,093		7,000,412
Financial Institutions, Inc.		113,128		3,727,568
First Bancorp		25,011		732,072
First Business Financial Services, Inc.		16,200		392,526
First Community Bancshares, Inc.		56,834		1,653,869
First Financial Bancorp		258,051		7,109,305
First Financial Corp.		95,859		4,634,783
First Interstate BancSystem, Inc. (Class A Stock)(a)		289,739		11,922,760
First Merchants Corp.		241,907		9,272,295
First NBC Bank Holding Co.*(a)		119,897		479,588
Franklin Financial Network, Inc.*		8,000		308,400
Fulton Financial Corp.		398,200		7,247,240
Great Southern Bancorp, Inc.		77,863		3,897,043
Great Western Bancorp, Inc.		316,200		13,517,550
Hanmi Financial Corp.		227,178		7,530,951
Heartland Financial USA, Inc.		194,750		9,114,300
Heritage Financial Corp.		49,000		1,249,500
Hilltop Holdings, Inc.		61,503		1,683,952
Hope Bancorp, Inc.		840,916		17,583,554
Horizon Bancorp		128,954		3,305,091
IBERIABANK Corp.		108,500		8,913,275
International Bancshares Corp.		312,482		11,593,082
Lakeland Bancorp, Inc.		165,427		3,068,671
MainSource Financial Group, Inc.		101,273		3,327,831
MidWestOne Financial Group, Inc.		22,662		800,195
Old National Bancorp		863,343		15,324,338
Opus Bank		8,200		166,870
Peapack Gladstone Financial Corp.		61,979		1,872,076
Preferred Bank		50,305		2,787,400
Prosperity Bancshares, Inc.		282,258		20,500,398
Renasant Corp.		9,000		358,200
S&T Bancorp, Inc.		110,163		4,144,332
Sandy Spring Bancorp, Inc.		41,508		1,700,583
Sierra Bancorp		42,258		1,130,824
Simmons First National Corp. (Class A Stock)		16,900		1,016,535
Stock Yards Bancorp, Inc.(a)		7,417		332,282

See Notes to Financial Statements.

12

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Banks (cont’d.)
TCF Financial Corp.		34,100	$	591,635
TriCo Bancshares		87,750		3,235,342
Trustmark Corp.		51,335		1,725,883
Umpqua Holdings Corp.		1,011,900		18,527,889
Union Bankshares Corp.		45,601		1,676,293
United Community Banks, Inc.		83,500		2,348,855
Univest Corp. of Pennsylvania		30,288		852,607
WesBanco, Inc.		152,048		6,309,992
West Bancorp. Inc.		47,159		1,075,225
				301,605,458
Biotechnology    0.3%
AMAG Pharmaceuticals, Inc.*		7,500		180,750
PDL BioPharma, Inc.(a)		550,300		1,210,660
United Therapeutics Corp.*		16,400		2,683,532
				4,074,942
Building Products    0.6%
Continental Building Products, Inc.*		80,400		1,869,300
USG Corp.*(a)		230,700		7,057,113
				8,926,413
Capital Markets    2.2%
Arlington Asset Investment Corp. (Class A Stock)(a)		150,696		2,255,919
Greenhill & Co., Inc.		41,100		1,214,505
INTL FCStone, Inc.*		49,900		1,840,312
Moelis & Co.		45,000		1,534,500
OM Asset Management PLC (United Kingdom)		102,200		1,441,020
Piper Jaffray Cos.*		176,883		12,470,252
Stifel Financial Corp.*(a)		222,600		11,203,458
Virtu Financial, Inc.(a)		30,600		537,030
Waddell & Reed Financial, Inc. (Class A Stock)(a)		142,100		2,564,905
				35,061,901
Chemicals    1.7%
A. Schulman, Inc.		79,300		2,735,850
Cabot Corp.		109,800		6,079,626
FutureFuel Corp.		97,500		1,266,525
Koppers Holdings, Inc.*		43,900		1,775,755
Kraton Performance Polymers, Inc.*		38,900		1,044,854
Stepan Co.		148,119		11,569,575
Trinseo SA		59,100		3,826,725
				28,298,910

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 13

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Commercial Services & Supplies    2.4%
ACCO Brands Corp.*		688,841	$	8,782,723
CECO Environmental Corp.		51,600		676,992
Deluxe Corp.		4,000		291,400
Ennis, Inc.		420,956		7,114,156
Essendant, Inc.		50,500		1,054,945
Herman Miller, Inc.		109,300		3,410,160
Knoll, Inc.		96,100		2,509,171
McGrath RentCorp		37,900		1,450,812
Quad/Graphics, Inc.		151,571		3,969,645
Steelcase, Inc. (Class A Stock)		12,400		208,320
Viad Corp.		25,400		1,113,790
VSE Corp.		52,600		1,960,928
West Corp.		275,537		6,687,283
				39,230,325
Communications Equipment    0.2%
Bel Fuse, Inc. (Class B Stock)		29,809		947,926
EchoStar Corp. (Class A Stock)*		43,500		2,215,455
				3,163,381
Construction & Engineering    1.9%
AECOM*		140,300		5,181,279
Aegion Corp.*		430,993		10,024,897
Argan, Inc.		124,300		9,167,125
Chicago Bridge & Iron Co. NV(a)		171,800		5,705,478
				30,078,779
Consumer Finance    1.7%
Encore Capital Group, Inc.*(a)		287,691		8,904,036
Enova International, Inc.*(a)		342,505		4,829,321
Nelnet, Inc. (Class A Stock)		200,153		9,813,502
PRA Group, Inc.*(a)		35,300		1,404,940
Regional Management Corp.*		25,500		637,755
World Acceptance Corp.*(a)		35,000		1,717,450
				27,307,004
Containers & Packaging    0.4%
Graphic Packaging Holding Co.		244,200		3,054,942
Owens-Illinois, Inc.*		173,500		3,279,150
				6,334,092

See Notes to Financial Statements.

14

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Diversified Consumer Services    1.0%
DeVry Education Group, Inc.(a)		366,000	$	12,261,000
K12, Inc.*		193,241		3,851,293
				16,112,293
Diversified Financial Services    0.1%
Marlin Business Services Corp.		50,800		1,165,860
Diversified Telecommunication Services    0.7%
Iridium Communications, Inc.*(a)		1,169,898		11,815,970
Electrical Equipment    0.7%
Generac Holdings, Inc.*		102,700		4,134,702
Regal-Beloit Corp.		108,000		7,840,800
				11,975,502
Electronic Equipment, Instruments & Components    3.8%
Benchmark Electronics, Inc.*		397,946		12,177,148
Jabil Circuit, Inc.		333,700		8,002,126
Sanmina Corp.*		476,874		18,574,242
ScanSource, Inc.*		54,100		2,139,655
TTM Technologies, Inc.*(a)		671,100		9,952,413
Vishay Intertechnology, Inc.(a)		673,300		11,176,780
				62,022,364
Energy Equipment & Services    1.2%
Atwood Oceanics, Inc.*(a)		828,200		10,070,912
Ensco PLC (Class A Stock)		84,400		921,648
McDermott International, Inc.*(a)		729,600		5,909,760
Noble Corp. PLC (United Kingdom)(a)		112,900		762,075
PHI, Inc.*		38,715		613,633
Rowan Cos. PLC (Class A Stock)*(a)		73,600		1,318,912
				19,596,940
Equity Real Estate Investment Trusts (REITs)    7.5%
Ashford Hospitality Prime, Inc.		162,679		2,186,406
Ashford Hospitality Trust, Inc.		1,661,920		12,630,592
Chatham Lodging Trust		118,500		2,386,590
Colony Northstar, Inc. (Class A Stock)(Class A Stock)		498,835		6,943,787
CorEnergy Infrastructure Trust, Inc.		142,415		5,112,699
FelCor Lodging Trust, Inc.		34,900		268,730
First Potomac Realty Trust		167,185		1,711,974
Franklin Street Properties Corp.		444,571		5,668,280

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 15

Portfolio of Investments (unaudited)(continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Government Properties Income Trust		241,900	$	4,658,994
Hersha Hospitality Trust		277,800		5,553,222
Hospitality Properties Trust		241,500		7,517,895
Independence Realty Trust, Inc.		63,700		587,951
InfraREIT, Inc.		216,100		3,561,328
iStar, Inc.*		95,900		1,075,998
LaSalle Hotel Properties		113,800		3,433,346
Lexington Realty Trust		1,353,477		14,509,273
Medical Properties Trust Inc.		409,900		5,226,225
New Sr. Investment Group, Inc.		78,900		789,789
RAIT Financial Trust		336,319		1,163,664
RLJ Lodging Trust		644,600		14,961,166
Select Income REIT		565,228		14,136,352
Washington Prime Group, Inc.		559,900		5,403,035
Xenia Hotels & Resorts, Inc.		169,200		3,104,820
				122,592,116
Food & Staples Retailing    1.8%
Ingles Markets, Inc. (Class A Stock)		186,405		8,434,826
SpartanNash Co.		404,790		15,325,350
United Natural Foods, Inc.*(a)		121,100		5,534,270
				29,294,446
Food Products    2.3%
Darling Ingredients, Inc.*		669,200		8,030,400
Dean Foods Co.		385,700		7,660,002
Fresh Del Monte Produce, Inc.		250,461		14,338,892
Omega Protein Corp.*		38,500		960,575
Sanderson Farms, Inc.(a)		61,400		5,587,400
				36,577,269
Health Care Providers & Services    2.0%
Brookdale Senior Living, Inc.*		368,700		5,519,439
Community Health Systems, Inc.*		36,400		232,960
Kindred Healthcare, Inc.		542,100		3,604,965
LifePoint Health, Inc.*		120,400		7,145,740
Molina Healthcare, Inc.*		61,400		3,482,608
Select Medical Holdings Corp.*		765,485		9,530,288
Triple-S Management Corp. (Puerto Rico) (Class B Stock)*		140,524		2,685,414
				32,201,414

See Notes to Financial Statements.

16

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure    0.5%
BJ’s Restaurants, Inc.*		13,400	$	476,370
Bloomin’ Brands, Inc.		11,600		198,476
DineEquity, Inc.		10,500		720,090
International Game Technology PLC		40,700		1,074,887
Penn National Gaming, Inc.*(a)		233,400		3,216,252
Speedway Motorsports, Inc.		83,790		1,800,647
				7,486,722
Household Durables    1.1%
Beazer Homes USA, Inc.*		119,400		1,702,644
Helen of Troy Ltd.*		99,200		9,255,360
La-Z-Boy, Inc.		70,200		2,007,720
Taylor Morrison Home Corp. (Class A Stock)*		199,300		3,866,420
Tupperware Brands Corp.(a)		10,600		639,816
				17,471,960
Independent Power & Renewable Electricity Producers    0.5%
NRG Yield, Inc. (Class C Stock)		439,400		7,447,830
Insurance    6.7%
Ambac Financial Group, Inc.*		71,500		1,495,780
American Equity Investment Life Holding Co.		554,277		13,080,937
Argo Group International Holdings Ltd.		183,181		11,714,425
Aspen Insurance Holdings Ltd. (Bermuda)		67,411		3,801,980
CNO Financial Group, Inc.		645,800		12,212,078
EMC Insurance Group, Inc.		46,450		1,354,018
Employers Holdings, Inc.		273,098		9,954,422
Enstar Group Ltd.*		8,000		1,549,200
FBL Financial Group, Inc. (Class A Stock)		69,968		4,883,766
First American Financial Corp.		108,974		4,095,243
Hanover Insurance Group, Inc. (The)		40,752		3,420,723
HCI Group, Inc.(a)		44,863		1,855,534
Heritage Insurance Holdings, Inc.		71,400		1,012,452
Independence Holding Co.		10,100		200,990
Maiden Holdings Ltd.		328,105		5,823,864
National General Holdings Corp.		140,200		3,433,498
National Western Life Group, Inc. (Class A Stock)		10,100		2,960,815
Navigators Group, Inc. (The)		19,924		1,118,733
Selective Insurance Group, Inc.		320,967		13,384,324
State Auto Financial Corp.		49,559		1,251,860
United Fire Group, Inc.		119,752		5,652,294
United Insurance Holdings Corp.		231,380		3,162,965
Validus Holdings Ltd.		8,500		484,500
				107,904,401

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 17

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Internet & Direct Marketing Retail
HSN, Inc.		19,400	$	683,850
IT Services    0.3%
Convergys Corp.(a)		111,231		2,760,753
EVERTEC, Inc. (Puerto Rico)		46,800		797,940
Sykes Enterprises, Inc.*		30,200		843,486
				4,402,179
Leisure Products    0.7%
American Outdoor Brands Corp.*(a)		435,100		9,267,630
Sturm Ruger & Co., Inc.(a)		44,500		2,347,375
				11,615,005
Machinery    2.2%
American Railcar Industries, Inc.(a)		23,900		1,064,506
Briggs & Stratton Corp.		61,800		1,338,588
Columbus McKinnon Corp.		79,000		2,171,710
Douglas Dynamics, Inc.		169,601		5,732,514
Global Brass & Copper Holdings, Inc.		193,376		6,410,414
Greenbrier Cos., Inc. (The)(a)		256,900		11,239,375
Meritor, Inc.*		35,000		505,050
NN, Inc.		18,100		350,235
Supreme Industries, Inc. (Class A Stock)		25,600		470,016
TriMas Corp.*		20,300		432,390
Wabash National Corp.(a)		331,697		5,854,452
				35,569,250
Marine    0.1%
Matson, Inc.		47,800		1,704,548
Media    1.5%
Entercom Communications Corp. (Class A Stock)		122,782		1,743,504
Gannett Co., Inc.		294,100		2,829,242
Gray Television, Inc.*		45,000		533,250
Meredith Corp.		86,300		5,290,190
Saga Communications, Inc. (Class A Stock)		7,210		362,663
Sinclair Broadcast Group, Inc. (Class A Stock)		105,100		3,547,125
TEGNA, Inc.		245,400		5,622,114
Time, Inc.		246,600		4,747,050
				24,675,138

See Notes to Financial Statements.

18

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Metals & Mining    0.9%
Handy & Harman Ltd.*		46,093	$	1,299,822
Reliance Steel & Aluminum Co.		27,900		2,222,235
Worthington Industries, Inc.		217,915		10,414,158
				13,936,215
Mortgage Real Estate Investment Trusts (REITs)    3.8%
AG Mortgage Investment Trust, Inc.		302,781		5,304,723
Apollo Commercial Real Estate Finance, Inc.		358,883		6,248,153
ARMOUR Residential REIT, Inc.		207,600		4,363,752
Capstead Mortgage Corp.		537,992		5,740,375
CYS Investments, Inc.		692,809		5,244,564
Dynex Capital, Inc.		566,006		3,780,920
Invesco Mortgage Capital, Inc.		440,226		6,414,093
Ladder Capital Corp.		132,290		1,793,852
MTGE Investment Corp.		303,737		4,829,418
New Residential Investment Corp.		661,178		10,016,847
New York Mortgage Trust, Inc.		154,000		987,140
Orchid Island Capital, Inc.(a)		31,800		376,194
Redwood Trust, Inc.		338,000		5,239,000
Western Asset Mortgage Capital Corp.		196,500		1,982,685
				62,321,716
Multiline Retail    0.5%
Big Lots, Inc.(a)		109,800		5,490,000
Dillard’s, Inc. (Class A Stock)(a)		54,300		3,064,692
				8,554,692
Multi-Utilities    0.3%
NorthWestern Corp.		96,900		5,533,959
Oil, Gas & Consumable Fuels    2.6%
Adams Resources & Energy, Inc.		22,278		863,273
Ardmore Shipping Corp. (Ireland)(a)		86,800		637,980
Delek US Holdings, Inc.		81,533		1,826,339
DHT Holdings, Inc.(a)		959,800		4,501,462
Dorian LPG Ltd.*(a)		143,300		1,620,723
Oasis Petroleum, Inc.*		639,000		9,035,460
Scorpio Tankers, Inc. (Monaco)(a)		1,197,000		4,584,510
Ship Finance International Ltd. (Norway)(a)		428,369		6,425,535
Teekay Tankers Ltd. (Bermuda) (Class A Stock)(a)		374,100		916,545
Western Refining, Inc.		286,900		10,044,369
World Fuel Services Corp.		46,300		2,059,424
				42,515,620

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 19

Portfolio of Investments (unaudited)(continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Paper & Forest Products    2.1%
Boise Cascade Co.*		28,900	$	716,720
Clearwater Paper Corp.*		38,100		2,396,490
Domtar Corp.(a)		147,800		6,457,382
KapStone Paper & Packaging Corp.		457,822		10,978,572
P.H. Glatfelter Co.		102,200		2,494,702
Schweitzer-Mauduit International, Inc.		248,643		11,022,344
				34,066,210
Professional Services    0.9%
Barrett Business Services, Inc.		20,800		1,250,288
CRA International, Inc.		20,891		694,208
ICF International, Inc.*		22,892		1,190,384
ManpowerGroup, Inc.		52,700		5,030,742
Navigant Consulting, Inc.*		77,048		1,903,086
RPX Corp.*		80,029		869,115
TrueBlue, Inc.*		140,500		3,477,375
				14,415,198
Real Estate Management & Development    0.2%
Jones Lang LaSalle, Inc.		35,800		3,688,474
Road & Rail    0.2%
ArcBest Corp.		9,032		285,411
Avis Budget Group, Inc.*		35,400		1,317,588
Roadrunner Transportation Systems, Inc.*		191,000		1,512,720
				3,115,719
Semiconductors & Semiconductor Equipment    0.4%
Amkor Technology, Inc.*		365,961		3,443,693
Photronics, Inc.*		266,200		3,061,300
				6,504,993
Software
Rubicon Project, Inc. (The)*		88,100		746,207
Specialty Retail    5.4%
Aaron’s, Inc.		18,000		556,920
American Eagle Outfitters, Inc.(a)		304,200		4,596,462
Ascena Retail Group, Inc.*(a)		1,074,800		5,169,788
AutoNation, Inc.*		66,300		3,521,856
Caleres, Inc.		151,400		4,655,550
Cato Corp. (The) (Class A Stock)		31,022		787,649

See Notes to Financial Statements.

20

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Chico’s FAS, Inc.		388,600	$	5,242,214
DSW, Inc. (Class A Stock)(a)		346,000		7,321,360
Express, Inc.*		540,700		5,747,641
Finish Line, Inc. (The) (Class A Stock)(a)		321,400		5,528,080
GameStop Corp. (Class A Stock)(a)		126,500		3,097,985
Genesco, Inc.*(a)		112,100		6,748,420
Group 1 Automotive, Inc.(a)		64,500		5,210,955
Michaels Cos., Inc. (The)*		52,000		1,022,840
Office Depot, Inc.		2,265,700		10,082,365
Party City Holdco, Inc.*		54,900		793,305
Penske Automotive Group, Inc.(a)		61,800		3,359,448
Rent-A-Center, Inc.(a)		85,300		764,288
Sally Beauty Holdings, Inc.*		30,600		728,280
Shoe Carnival, Inc.		47,958		1,226,286
Sonic Automotive, Inc. (Class A Stock)(a)		161,200		3,772,080
Tailored Brands Inc.		291,900		6,202,875
Vitamin Shoppe, Inc.*		52,100		1,127,965
Williams-Sonoma, Inc.(a)		10,400		501,38410
				87,765,996
Technology Hardware, Storage & Peripherals    0.5%
NCR Corp.*		168,500		7,248,870
Textiles, Apparel & Luxury Goods    1.2%
Fossil Group, Inc.*(a)		152,700		3,904,539
Iconix Brand Group, Inc.*(a)		492,200		5,064,738
Movado Group, Inc.		94,400		2,562,960
Perry Ellis International, Inc.*		36,200		853,958
Skechers U.S.A., Inc. (Class A Stock)*		118,100		2,966,672
Unifi, Inc.*		24,400		656,116
Vera Bradley, Inc.*(a)		33,700		386,202
Wolverine World Wide, Inc.		146,300		3,436,587
				19,831,772
Thrifts & Mortgage Finance    6.1%
BOFI Holding, Inc.*(a)		14,800		436,600
Dime Community Bancshares, Inc.		374,083		8,005,376
Essent Group Ltd.*		246,400		8,518,048
Federal Agricultural Mortgage Corp. (Class C Stock)		74,262		4,133,423
First Defiance Financial Corp.		86,772		4,204,971
Flagstar Bancorp, Inc.*		77,600		1,999,752
HomeStreet, Inc.*		43,700		1,144,940
MGIC Investment Corp.*		1,472,500		15,682,125
Oritani Financial Corp.		99,082		1,719,073

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 21

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (cont’d.)
PennyMac Financial Services, Inc. (Class A Stock)*		39,915	$	674,564
Provident Financial Services, Inc.		317,620		8,407,401
Radian Group, Inc.		887,766		16,334,894
TrustCo Bank Corp.		116,141		975,584
United Financial Bancorp, Inc.		81,000		1,462,050
Walker & Dunlop, Inc.*		241,121		7,573,611
Washington Federal, Inc.		545,004		17,903,382
				99,175,794
Tobacco    0.6%
Universal Corp.		138,100		9,390,800
Trading Companies & Distributors    2.3%
Air Lease Corp.(a)		165,700		6,028,166
Aircastle Ltd.(a)		629,953		14,047,952
CAI International, Inc.*		266,906		4,307,863
GATX Corp.(a)		108,947		6,299,315
H&E Equipment Services, Inc.		55,100		1,424,886
Rush Enterprises, Inc. (Class A Stock)*		88,700		2,904,925
WESCO International, Inc.*		39,500		2,792,650
				37,805,757
TOTAL COMMON STOCKS (cost $1,321,437,555)				1,600,138,932
UNAFFILIATED EXCHANGE TRADED FUND    0.6%
iShares Russell 2000 Value ETF(a) (cost $8,559,257)		81,339		9,592,308
TOTAL LONG-TERM INVESTMENTS (cost $1,329,996,812)				1,609,731,240
SHORT-TERM INVESTMENTS    16.6%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(b)		14,983,941		14,983,941
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $254,274,211; includes $254,113,144 of cash collateral for securities on loan)(b)(c)		254,252,342		254,303,193
TOTAL SHORT-TERM INVESTMENTS (cost $269,258,152)(Note 3)				269,287,134
TOTAL INVESTMENTS    115.9% (cost $1,599,254,964)(Note 5)				1,879,018,374
Liabilities in excess of other assets    (15.9)%				(257,791,538	)
NET ASSETS    100.0%			$	1,621,226,836

See Notes to Financial Statements.

22

The following abbreviations are used in the semiannual report:

ETF—Exchange Traded Fund

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trusts

* 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 $250,307,788; cash collateral of $254,113,144 (included with liabilities) was received with which the Fund purchased highly liquid short-term investments.

(b) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and the Prudential Institutional Money Market Fund.

(c) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.

Fair Value Measurements:

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

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

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

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

The following is a summary of the inputs used as of January 31, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	5,993,800	$	—	$	—
Air Freight & Logistics		15,710,427		—		—
Airlines		30,892,700		—		—
Auto Components		44,527,751		—		—
Banks		301,605,458		—		—
Biotechnology		4,074,942		—		—
Building Products		8,926,413		—		—
Capital Markets		35,061,901		—		—
Chemicals		28,298,910		—		—
Commercial Services & Supplies		39,230,325		—		—
Communications Equipment		3,163,381		—		—
Construction & Engineering		30,078,779		—		—
Consumer Finance		27,307,004		—		—
Containers & Packaging		6,334,092		—		—
Diversified Consumer Services		16,112,293		—		—

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 23

Portfolio of Investments (unaudited)(continued)

as of January 31, 2017

	Level 1		Level 2		Level 3
Common Stocks (continued)
Diversified Financial Services	$	1,165,860	$	—	$	—
Diversified Telecommunication Services		11,815,970		—		—
Electrical Equipment		11,975,502		—		—
Electronic Equipment, Instruments & Components		62,022,364		—		—
Energy Equipment & Services		19,596,940		—		—
Equity Real Estate Investment Trusts (REITs)		122,592,116		—		—
Food & Staples Retailing		29,294,446		—		—
Food Products		36,577,269		—		—
Health Care Providers & Services		32,201,414		—		—
Hotels, Restaurants & Leisure		7,486,722		—		—
Household Durables		17,471,960		—		—
Independent Power & Renewable Electricity Producers		7,447,830		—		—
Insurance		107,904,401		—		—
Internet & Direct Marketing Retail		683,850		—		—
IT Services		4,402,179		—		—
Leisure Products		11,615,005		—		—
Machinery		35,569,250		—		—
Marine		1,704,548		—		—
Media		24,675,138		—		—
Metals & Mining		13,936,215		—		—
Mortgage Real Estate Investment Trusts (REITs)		62,321,716		—		—
Multiline Retail		8,554,692		—		—
Multi-Utilities		5,533,959		—		—
Oil, Gas & Consumable Fuels		42,515,620		—		—
Paper & Forest Products		34,066,210		—		—
Professional Services		14,415,198		—		—
Real Estate Management & Development		3,688,474		—		—
Road & Rail		3,115,719		—		—
Semiconductors & Semiconductor Equipment		6,504,993		—		—
Software		746,207		—		—
Specialty Retail		87,765,996		—		—
Technology Hardware, Storage & Peripherals		7,248,870		—		—
Textiles, Apparel & Luxury Goods		19,831,772		—		—
Thrifts & Mortgage Finance		99,175,794		—		—
Tobacco		9,390,800		—		—
Trading Companies & Distributors		37,805,757		—		—
Unaffiliated Exchange Traded Fund		9,592,308		—		—
Affiliated Mutual Funds		269,287,134		—		—
Total	$	1,879,018,374	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

See Notes to Financial Statements.

24

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2017 were as follows:

Banks	18.6	%
Affiliated Mutual Funds (including 15.7% of collateral for securities on loan)	16.6
Equity Real Estate Investment Trusts (REITs)	7.5
Insurance	6.7
Thrifts & Mortgage Finance	6.1
Specialty Retail	5.4
Mortgage Real Estate Investment Trusts (REITs)	3.8
Electronic Equipment, Instruments & Components	3.8
Auto Components	2.7
Oil, Gas & Consumable Fuels	2.6
Commercial Services & Supplies	2.4
Trading Companies & Distributors	2.3
Food Products	2.3
Machinery	2.2
Capital Markets	2.2
Paper & Forest Products	2.1
Health Care Providers & Services	2.0
Airlines	1.9
Construction & Engineering	1.9
Food & Staples Retailing	1.8
Chemicals	1.7
Consumer Finance	1.7
Media	1.5
Textiles, Apparel & Luxury Goods	1.2
Energy Equipment & Services	1.2
Household Durables	1.1
Diversified Consumer Services	1.0
Air Freight & Logistics	1.0	%
Professional Services	0.9
Metals & Mining	0.9
Electrical Equipment	0.7
Diversified Telecommunication Services	0.7
Leisure Products	0.7
Unaffiliated Exchange Traded Fund	0.6
Tobacco	0.6
Building Products	0.6
Multiline Retail	0.5
Hotels, Restaurants & Leisure	0.5
Independent Power & Renewable Electricity Producers	0.5
Technology Hardware, Storage & Peripherals	0.5
Semiconductors & Semiconductor Equipment	0.4
Containers & Packaging	0.4
Aerospace & Defense	0.4
Multi-Utilities	0.3
IT Services	0.3
Biotechnology	0.3
Real Estate Management & Development	0.2
Communications Equipment	0.2
Road & Rail	0.2
Marine	0.1
Diversified Financial Services	0.1
	115.9
Liabilities in excess of other assets	(15.9	)
	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund entered into financial transactions 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 financial transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial transaction assets and liabilities:

Description	Gross Amounts of Recognized Assets(1)		Collateral Received(2)			Net Amount
Securities on Loan	$	250,307,788	$	(250,307,788	)	$	—

(1) Amount represents market value.

(2) Collateral amount disclosed is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 25

Statement of Assets & Liabilities (unaudited)

as of January 31, 2017

Assets			��
Investments at value, including securities on loan of $250,307,788:
Unaffiliated investments (cost $1,329,996,812)	$	1,609,731,240
Affiliated investments (cost $269,258,152)		269,287,134
Receivable for investments sold		6,354,096
Receivable for Fund shares sold		3,408,613
Dividends receivable		1,531,779
Prepaid expenses		8,820
Total assets		1,890,321,682
Liabilities
Payable to broker for collateral for securities on loan		254,113,144
Payable for investments purchased		10,644,311
Payable for Fund shares reacquired		2,776,960
Management fee payable		814,683
Accrued expenses		527,264
Distribution fee payable		138,540
Affiliated transfer agent fee payable		77,466
Loan interest payable		1,240
Deferred trustees’ fees		1,238
Total liabilities		269,094,846
Net Assets	$	1,621,226,836
Net assets were comprised of:
Shares of beneficial interest, at par	$	75,705
Paid-in capital in excess of par		1,281,119,937
		1,281,195,642
Distributions in excess of net investment income		(3,019,367	)
Accumulated net realized gain on investment transactions		63,287,151
Net unrealized appreciation on investments		279,763,410
Net assets, January 31, 2017	$	1,621,226,836

See Notes to Financial Statements.

26

Class A
Net asset value and redemption price per share, ($137,651,976 ÷ 6,414,313 shares of beneficial interest issued and outstanding)	$	21.46
Maximum sales charge (5.50% of offering price)		1.25
Maximum offering price to public	$	22.71
Class C
Net asset value, offering price and redemption price per share, ($47,829,823 ÷ 2,220,832 shares of beneficial interest issued and outstanding)	$	21.54
Class Q
Net asset value, offering price and redemption price per share, ($293,766,842 ÷ 13,702,636 shares of beneficial interest issued and outstanding)	$	21.44
Class R
Net asset value, offering price and redemption price per share, ($159,050,010 ÷ 7,493,768 shares of beneficial interest issued and outstanding)	$	21.22
Class Z
Net asset value, offering price and redemption price per share, ($982,928,185 ÷ 45,873,653 shares of beneficial interest issued and outstanding)	$	21.43

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 27

Statement of Operations (unaudited)

Six Months Ended January 31, 2017

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $2,987)	$	17,162,910
Income from securities lending, net (including affiliated income of $140,258)		691,075
Affiliated dividend income		31,560
Total income		17,885,545
Expenses
Management fee		4,448,485
Distribution fee—Class A		188,630
Distribution fee—Class C		197,131
Distribution fee—Class R		601,200
Transfer agent’s fees and expenses (including affiliated expense of $212,000)		486,000
Shareholders’ reports		116,000
Custodian and accounting fees		111,000
Registration fees		44,000
Audit fee		16,000
Trustees’ fees		16,000
Legal fees and expenses		14,000
Commitment fee on syndicated credit agreement		12,000
Insurance expenses		8,000
Loan interest expense		3,421
Miscellaneous		8,140
Total expenses		6,270,007
Less: Management fee waiver and/or expense reimbursement		(61,267	)
Distribution fee waiver—Class A		(31,438	)
Distribution fee waiver—Class R		(200,400	)
Net expenses		5,976,902
Net investment income (loss)		11,908,643
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $(403))		68,310,267
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $28,982)		190,445,386
Net gain (loss) on investment transactions		258,755,653
Net Increase (Decrease) In Net Assets Resulting From Operations	$	270,664,296

See Notes to Financial Statements.

28

Statement of Changes in Net Assets (unaudited)

	Six Months Ended January 31, 2017			Year Ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	11,908,643		$	23,726,513
Net realized gain (loss) on investment transactions		68,310,267			8,321,644
Net change in unrealized appreciation (depreciation) on investments		190,445,386			7,883,566
Net increase (decrease) in net assets resulting from operations		270,664,296			39,931,723
Dividends and Distributions (Note 1)
Dividends from net investment income
Class A		(1,874,765	)		(2,926,298	)
Class C		(358,790	)		(483,294	)
Class Q		(4,591,944	)		(5,241,621	)
Class R		(2,094,395	)		(3,055,711	)
Class Z		(15,379,742	)		(20,380,961	)
		(24,299,636	)		(32,087,885	)
Distributions from net realized gains
Class A		(336,195	)		(36,197,413	)
Class C		(117,214	)		(8,998,775	)
Class Q		(692,119	)		(55,747,928	)
Class R		(438,847	)		(42,286,390	)
Class Z		(2,399,788	)		(224,305,821	)
		(3,984,163	)		(367,536,327	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		225,408,268			430,078,458
Net asset value of shares issued in reinvestment of dividends and distributions		28,084,999			395,531,945
Cost of shares reacquired		(235,248,165	)		(629,072,353	)
Net increase (decrease) in net assets from Fund share transactions		18,245,102			196,538,050
Total increase (decrease)		260,625,599			(163,154,439	)
Net Assets:
Beginning of period		1,360,601,237			1,523,755,676
End of period(a)	$	1,621,226,836		$	1,360,601,237
(a) Includes undistributed net investment income of:	$	—		$	9,547,842

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 29

Notes to Financial Statements(unaudited)

The Target Portfolio Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended, (“1940 Act”). The Trust currently consists of four series: Prudential Corporate Bond Fund, Prudential Core Bond Fund, Target International Equity Portfolio and Prudential QMA Small-Cap Value Fund (the “Fund”). These financial statements relate to Prudential QMA Small-Cap Value Fund. The financial statements of the other series are not presented herein.

The Fund’s investment objective is above average capital appreciation.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Trust and the Fund consistently follow such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets that are fair valued at the close of each day (generally, 4:00 PM Eastern time) 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval and ratification at its next regularly-scheduled quarterly meeting.

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

Common and preferred stocks, exchange-traded funds and derivative instruments such as futures or options 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 where the security principally trades. 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

30

closing price, they are classified as Level 1 in the fair value hierarchy. 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 ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Common and preferred 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. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred 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.

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 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.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities-at the current 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.

Prudential QMA Small-Cap Value Fund 31

Notes to Financial Statements (unaudited)(continued)

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, forward currency contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (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 currency transactions.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, 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 was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

Real Estate Investment Trust (REITs): The Fund invests in 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

32

income, capital gain or return of capital and recorded accordingly. These estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalents thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “securities lending, net”.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis, which may require the use of certain estimates by management that may differ from actual.

Net investment income or loss (other than distribution fees, which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to that share class) and unrealized and realized gains (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.

Taxes: For federal income tax purposes, the Fund is treated as a separate taxpaying entity. It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign interest and dividends are accrued net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Fund expects to pay dividends from net investment income annually and distributions of net realized capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with

Prudential QMA Small-Cap Value Fund 33

Notes to Financial Statements (unaudited)(continued)

federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital in excess of par, as appropriate.

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

Note 2. Agreements

The Trust has entered into a management agreement with PI on behalf of the Fund. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with Quantitative Management Associates, LLC (“QMA”). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Fund. In connection therewith, QMA is obligated to keep certain books and records of the Fund. PI pays for the services of QMA, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is accrued daily and payable monthly at an annual rate of .60% of the Fund’s average daily net assets up to $2 billion and .575% of assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursement was .60% for the six months ended January 31, 2017. The effective management fee rate, net of waivers and/or expense reimbursement, was .59%.

PI entered into a contractual agreement that would waive fees in an amount up to .01% of the Fund’s average daily net assets through November 30, 2017, to the extent that the Fund’s net annual operating expenses and acquired fund fees and expenses (exclusive of taxes, interest, distribution (12b-1) fees and certain extraordinary expenses) exceed .68% of the Fund’s average daily net assets on an annualized basis.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, Class C, Class Q, Class R and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q and Class Z shares of the Fund.

34

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30%, 1%, and .75% of the average daily net assets of the Class A, C and R shares, respectively. PIMS has contractually agreed through November 30, 2017 to reduce such fees to .25% and .50% of the average daily net assets of the Class A and Class R shares, respectively.

PIMS has advised the Fund that it received $60,387 in front-end sales charges resulting from sales of Class A shares during the six months ended January 31, 2017. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended January 31, 2017, it received $194 and $50 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

PI, PIMS and QMA 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 transfer agent of the Fund. Transfer agent fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates where applicable.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”) and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net, respectively.

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, (excluding short-term investments and U.S. Treasury securities), for the six months ended January 31, 2016, were $724,223,251 and $732,614,360, respectively.

Prudential QMA Small-Cap Value Fund 35

Notes to Financial Statements (unaudited)(continued)

Note 5. Distributions and Tax Information

The Fund has a tax year end of October 31st.

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. In order to present distributions in excess of net investment income, accumulated net realized gain on investment transactions 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 distributions in excess of net investment income and accumulated net realized gain on investment transactions. For the tax year ended October 31, 2016, the adjustments were to decrease distributions in excess of net investment income and decrease accumulated net realized gain on investment transactions by $2,052,262 due to the reclassification of distributions and other book to tax differences. Net investment income, net realized gain (loss) on investment transactions and net assets were not affected by this change.

The tax character of distributions paid during the tax year ended October 31, 2016 were $51,248,554 of ordinary income and $348,375,656 of long-term capital gains. The tax character of distributions paid during the tax year ended October 31, 2015 were $30,506,983 of ordinary income and $181,680,298 of long-term capital gains.

As of the latest tax year ended October 31, 2016, the accumulated undistributed earnings on a tax basis was $21,926,948 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2017 were as follows:

Tax Basis	$	1,607,313,230
Unrealized Appreciation		327,705,511
Unrealized Depreciation		(56,000,367	)
Net Unrealized Appreciation	$	271,705,144

The differences between book basis and tax basis were primarily attributable to deferred losses on wash sales and other book to tax differences.

Management has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local 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.

36

Note 6. Capital

The Fund offers Class A, Class C, Class Q, Class R and Class Z shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. All investors who purchase Class A shares in the amount of $1 million or more and sell these shares within 12 months of purchase are not subject to an initial sales charge but are subject to a contingent deferred sales charge (“CDSC”) of 1%, including investors who purchase their shares through broker-dealers affiliated with Prudential. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Class C shares are sold with a CDSC of 1% on sales of shares made within 12 months of purchase. A special exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class R shares are available to certain retirement plans, clearing and settlement firms. Class Q, Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

Under certain limited circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest.

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.

As of January 31, 2017, six shareholders of record held 47% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended January 31, 2017:
Shares sold		620,143		$	12,862,260
Shares issued in reinvestment of dividends and distributions		97,122			2,122,116
Shares reacquired		(712,147	)		(14,060,531	)
Net increase (decrease) in shares outstanding before conversion		5,118			923,845
Shares issued upon conversion from other share class(es)		2,486			46,791
Shares reacquired upon conversion into other share class(es)		(37,506	)		(780,544	)
Net increase (decrease) in shares outstanding		(29,902	)	$	190,092
Year ended July 31, 2016:
Shares sold		741,128		$	14,557,674
Shares issued in reinvestment of dividends and distributions		2,282,974			37,577,751
Shares reacquired†		(2,061,116	)		(37,860,684	)
Net increase (decrease) in shares outstanding before conversion		962,986		$	14,274,741
Shares issued upon conversion from other share class(es)		221			3,893
Shares reacquired upon conversion into other share class(es)		(27,001	)		(568,847	)
Net increase (decrease) in shares outstanding		936,206		$	13,709,787

Prudential QMA Small-Cap Value Fund 37

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended January 31, 2017:
Shares sold		777,777		$	14,930,059
Shares issued in reinvestment of dividends and distributions		20,007			439,154
Shares reacquired		(228,156	)		(4,667,301	)
Net increase (decrease) in shares outstanding before conversion		569,628			10,701,912
Shares reacquired upon conversion into other share class(es)		(13,200	)		(265,029	)
Net increase (decrease) in shares outstanding		556,428		$	10,436,883
Year ended July 31, 2016:
Shares sold		127,743		$	2,219,705
Shares issued in reinvestment of dividends and distributions		506,460			8,386,969
Shares reacquired†		(366,450	)		(6,682,184	)
Net increase (decrease) in shares outstanding before conversion		267,753			3,924,490
Shares reacquired upon conversion into other share class(es)		(4,483	)		(81,931	)
Net increase (decrease) in shares outstanding		263,270		$	3,842,559
Class Q
Six months ended January 31, 2017:
Shares sold		2,120,697		$	43,128,369
Shares issued in reinvestment of dividends and distributions		241,197			5,262,926
Shares reacquired		(1,427,289	)		(28,354,477	)
Net increase (decrease) in shares outstanding		934,605		$	20,036,818
Year ended July 31, 2016:
Shares sold		6,022,597		$	124,733,146
Shares issued in reinvestment of dividends and distributions		3,710,452			60,962,725
Shares reacquired†		(2,298,834	)		(41,757,071	)
Net increase (decrease) in shares outstanding before conversion		7,434,215			143,938,800
Shares issued upon conversion from other share class(es)		527,433			12,392,432
Net increase (decrease) in shares outstanding		7,961,648		$	156,331,232
Class R
Six months ended January 31, 2017:
Shares sold		1,026,267		$	20,562,483
Shares issued in reinvestment of dividends and distributions		117,171			2,533,242
Shares reacquired		(2,129,675	)		(43,370,061	)
Net increase (decrease) in shares outstanding		(986,237	)	$	(20,274,336	)
Year ended July 31, 2016:
Shares sold		2,053,824		$	39,349,205
Shares issued in reinvestment of dividends and distributions		2,781,724			45,342,101
Shares reacquired†		(2,377,876	)		(43,278,167	)
Net increase (decrease) in shares outstanding		2,457,672		$	41,413,139

38

Class Z	Shares			Amount
Six months ended January 31, 2017:
Shares sold		6,478,220		$	133,925,097
Shares issued in reinvestment of dividends and distributions		812,818			17,727,561
Shares reacquired		(7,181,194	)		(144,795,795	)
Net increase (decrease) in shares outstanding before conversion		109,844			6,856,863
Shares issued upon conversion from other share class(es)		48,567			1,004,530
Shares reacquired upon conversion into other share class(es)		(273	)		(5,748	)
Net increase (decrease) in shares outstanding		158,138		$	7,855,645
Year ended July 31, 2016:
Shares sold		13,871,631		$	249,218,728
Shares issued in reinvestment of dividends and distributions		14,815,006			243,262,399
Shares reacquired		(25,215,261	)		(499,494,247	)
Net increase (decrease) in shares outstanding before conversion		3,471,376			(7,013,120	)
Shares issued upon conversion from other share class(es)		31,376			648,773
Shares reacquired upon conversion into other share class(es)		(527,962	)		(12,394,320	)
Net increase (decrease) in shares outstanding		2,974,790		$	(18,758,667	)

† Includes affiliated redemption of 422 shares with a value of $10,354 for Class A shares, 379 shares with a value of $9,291 for Class C shares, 839 shares with a value of $20,642 for Class Q shares, and 206 shares with a value of $5,013 for Class R shares.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. The interest rate on borrowings under the SCA is paid monthly and at a per annum rate based upon the higher of zero percent, the effective federal funds rate, or the One-Month LIBOR rate, plus a contractual spread. Prior to October 6, 2016, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .11% of the unused portion of the SCA. The interest rate on borrowing was substantially the same. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund utilized the SCA during the six months ended January 31, 2017. The balance for the 11 days that the Fund had a loan outstanding during the period was $5,702,909, borrowed at a weighted average interest rate of 1.96%. The maximum loan balance outstanding during the period was $14,650,000. At January 31, 2017, the Fund did not have an outstanding loan amount.

8. Recent Accounting Pronouncements and Reporting Updates

In December 2016, the FASB released an Accounting Standards Update (“ASU”) that makes technical changes to various sections of the Accounting Standards Codification (“ASC”), including Topic 820, Fair Value Measurement. The changes to Topic 820 are

Prudential QMA Small-Cap Value Fund 39

Notes to Financial Statements (unaudited) (continued)

intended to clarify the difference between a valuation approach and a valuation technique. The changes to ASC 820-10-50-2 require a reporting entity to disclose, for Level 2 and Level 3 fair value measurements, a change in either or both a valuation approach and a valuation technique and the reason(s) for the change. The changes to Topic 820 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. At this time, management is evaluating the implications of the ASU and its impact on the financial statements and disclosures has not yet been determined.

On October 13, 2016, the SEC adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. Also under the new rules, the SEC will permit open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

40

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended January 31,			Year Ended July 31,						February 14, 2014(d) through July 31,
	2017			2016			2015			2014(g)
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$18.16			$25.21			$26.70			$26.26
Income (loss) from investment operations:
Net investment income (loss)		.14			.32			.46			.09
Net realized and unrealized gain (loss) on investments		3.51			(.07	)		.78			.35
Total from investment operations		3.65			.25			1.24			.44
Less Dividends and Distributions:
Dividends from net investment income		(.30	)		(.55	)		(.19	)		-
Distributions from net realized gains		(.05	)		(6.75	)		(2.54	)		-
Total dividends and distributions		(.35	)		(7.30	)		(2.73	)		-
Net asset value, end of period		$21.46			$18.16			$25.21			$26.70
Total Return(a):		20.07%			3.98%			4.53%			1.68%
Ratios/Supplemental Data:
Net assets, end of period (000)		$137,652			$116,997			$138,855			$13
Average net assets (000)		$124,728			$121,788			$16,282			$12
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.97%	(e)		.98%			1.14%			.93%	(e)
Expenses before waivers and/or expense reimbursement		1.03%	(e)		1.04%			1.20%			.98%	(e)
Net investment income (loss)		1.45%	(e)		1.67%			1.76%			.74%	(e)
Portfolio turnover rate		50%	(f)		72%			111%			42%	(f)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include expenses of the underlying funds in which the Fund 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.

Prudential QMA Small-Cap Value Fund 41

Financial Highlights (unaudited)(continued)

Class C Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			June 19, 2015(d) through July 31, 2015
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$18.18			$25.19			$26.36
Income (loss) from investment operations:
Net investment income (loss)		.06			.17			.02
Net realized and unrealized gain (loss) on investments		3.52			(.06	)		(1.19	)
Total from investment operations		3.58			.11			(1.17	)
Less Dividends and Distributions:
Dividends from net investment income		(.17	)		(.37	)		-
Distributions from net realized gains		(.05	)		(6.75	)		-
Total dividends and distributions		(.22	)		(7.12	)		-
Net asset value, end of period		$21.54			$18.18			$25.19
Total Return(a):		19.65%			3.19%			(4.44)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$47,830			$30,257			$35,293
Average net assets (000)		$39,105			$30,498			$33,702
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.72%	(e)		1.73%			1.90%	(e)
Expenses before waivers and/or expense reimbursement		1.73%	(e)		1.74%			1.91%	(e)
Net investment income (loss)		.64%	(e)		.92%			.75%	(e)
Portfolio turnover rate		50%	(f)		72%			111%	(f)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

42

Class Q Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			September 25, 2014(d) through July 31, 2015
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$18.15			$25.23			$26.68
Income (loss) from investment operations:
Net investment income (loss)		.18			.36			.36
Net realized and unrealized gain (loss) on investments		3.52			(.05	)		1.01
Total from investment operations		3.70			.31			1.37
Less Dividends and Distributions:
Dividends from net investment income		(.36	)		(.64	)		(.28	)
Distributions from net realized gains		(.05	)		(6.75	)		(2.54	)
Total dividends and distributions		(.41	)		(7.39	)		(2.82	)
Net asset value, end of period		$21.44			$18.15			$25.23
Total Return(a):		20.34%			4.29%			5.04%
Ratios/Supplemental Data:
Net assets, end of period (000)		$293,767			$231,801			$121,283
Average net assets (000)		$255,384			$187,644			$36,516
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.65%	(e)		.66%			.70%	(e)
Expenses before waivers and/or expense reimbursement		.65%	(e)		.66%			.70%	(e)
Net investment income (loss)		1.76%	(e)		1.96%			1.67%	(e)
Portfolio turnover rate		50%	(f)		72%			111%	(f)

(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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 43

Financial Highlights (unaudited)(continued)

Class R Shares
	Six Months Ended January 31,			Year Ended July 31,						Nine Months Ended July 31,			Year Ended October 31,
	2017			2016			2015			2014(f)			2013			2012			2011
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$17.95			$25.00			$26.51			$27.48			$21.21			$20.17			$18.80
Income (loss) from investment operations:
Net investment income (loss)		.12			.26			.26			.11			.20			.19			.11
Net realized and unrealized gain (loss) on investments		3.46			(.07	)		.91			.98			6.87			1.65			1.35
Total from investment operations		3.58			.19			1.17			1.09			7.07			1.84			1.46
Less Dividends and Distributions:
Dividends from net investment income		(.26	)		(.49	)		(.14	)		(.15	)		(.19	)		(.14	)		(.09	)
Distributions from net realized gains		(.05	)		(6.75	)		(2.54	)		(1.91	)		(.61	)		(.66	)		-
Total dividends and distributions		(.31	)		(7.24	)		(2.68	)		(2.06	)		(.80	)		(.80	)		(.09	)
Net asset value, end of period		$21.22			$17.95			$25.00			$26.51			$27.48			$21.21			$20.17
Total Return(a):		19.90%			3.70%			4.29%			4.17%			34.55%			9.51%			7.75%
Ratios/Supplemental Data:
Net assets, end of period (000)		$159,050			$152,186			$150,536			$143,655			$119,047			$84,483			$69,790
Average net assets (000)		$159,013			$145,703			$152,743			$134,383			$99,668			$76,205			$63,352
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.22%	(d)		1.23%			1.22%			1.18%	(d)		1.17%			1.18%			1.21%
Expenses before waivers and/or expense reimbursement		1.48%	(d)		1.49%			1.48%			1.43%	(d)		1.42%			1.43%			1.46%
Net investment income (loss)		1.20%	(d)		1.42%			.99%			.54%	(d)		.83%			.92%			.55%
Portfolio turnover rate		50%	(e)		72%			111%			42%	(e)		40%			37%			44%

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include expenses of the underlying funds in which the Fund 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.

44

Class Z Shares
	Six Months Ended January 31,			Year Ended July 31,						Nine Months Ended July 31,			Year Ended October 31,
	2017			2016			2015(g)			2014(f)			2013			2012			2011
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$18.14			$25.22			$26.73			$27.71			$21.39			$20.33			$18.95
Income (loss) from investment operations:
Net investment income (loss)		.17			.37			.39			.21			.32			.29			.22
Net realized and unrealized gain (loss) on investments		3.52			(.08	)		.92			1.00			6.91			1.67			1.34
Total from investment operations		3.69			.29			1.31			1.21			7.23			1.96			1.56
Less Dividends and Distributions:
Dividends from net investment income		(.35	)		(.62	)		(.28	)		(.28	)		(.30	)		(.24	)		(.18	)
Distributions from net realized gains		(.05	)		(6.75	)		(2.54	)		(1.91	)		(.61	)		(.66	)		-
Total dividends and distributions		(.40	)		(7.37	)		(2.82	)		(2.19	)		(.91	)		(.90	)		(.18	)
Net asset value, end of period		$21.43			$18.14			$25.22			$26.73			$27.71			$21.39			$20.33
Total Return(a):		20.28%			4.20%			4.79%			4.60%			35.16%			10.11%			8.22%
Ratios/Supplemental Data:
Net assets, end of period (000)		$982,928			$829,360			$1,077,790			$1,781,471			$1,622,779			$1,079,475			$890,245
Average net assets (000)		$892,510			$811,529			$1,828,713			$1,782,968			$1,342,995			$1,000,086			$872,587
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.72%	(d)		.73%			.72%			.68%	(d)		.67%			.68%			.71%
Expenses before waivers and/or expense reimbursement		.73%	(d)		.74%			.72%			.68%	(d)		.67%			.68%			.71%
Net investment income (loss)		1.70%	(d)		1.93%			1.48%			1.05%	(d)		1.32%			1.42%			1.06%
Portfolio turnover rate		50%	(e)		72%			111%			42%	(e)		40%			37%			44%

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include expenses of the underlying funds in which the Fund 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) Class T shares were renamed Class Z shares effective June 19, 2015.

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 45

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655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of Trustees has delegated to the Fund’s investment subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website at www.sec.gov.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

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 • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Quantitative Management Associates LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential QMA Small-Cap Value Fund, Prudential Investments, Attn: Board of Trustees, 655 Broad Street, 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 Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

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

PRUDENTIAL QMA SMALL-CAP VALUE FUND

SHARE CLASS	A	C	Q	R	Z
NASDAQ	TSVAX	TRACX	TSVQX	TSVRX	TASVX
CUSIP	875921785	875921710	875921777	875921843	875921306

MF232E2    

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential Core Bond Fund

SEMIANNUAL REPORT JANUARY 31, 2017

To enroll in e-delivery, go to prudentialfunds.com/edelivery  

Objective: Total return

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of January 31, 2017, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at prudentialfunds.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Core Bond Fund informative and useful. The report covers performance for the six-month period that ended January 31, 2017.

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.

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Core Bond Fund

March 16, 2017

Prudential Core Bond Fund 3

Your Fund’s Performance (unaudited)

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

Cumulative Total Returns (Without Sales Charges) as of 1/31/17
	Six Months (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–2.92	2.13	N/A	N/A	2.87 (2/17/15)
Class C	–3.19	1.47	N/A	N/A	1.47 (2/17/15)
Class Q	–2.67	2.52	N/A	N/A	3.54 (2/17/15)
Class R	–3.05	1.88	N/A	N/A	2.41 (2/17/15)
Class Z	–2.70	2.49	9.03	61.61	—
Bloomberg Barclays US Aggregate Bond Index	–2.95	1.45	10.92	53.37	—
Lipper Core Bond Funds Average	–2.38	2.39	11.66	48.29	—
Average Annual Total Returns (With Sales Charges) as of 12/31/16
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A		–1.53	N/A	N/A	–1.04 (2/17/15)
Class C		1.33	N/A	N/A	0.72 (2/17/15)
Class Q		3.39	N/A	N/A	1.71 (2/17/15)
Class R		2.86	N/A	N/A	1.20 (2/17/15)
Class Z		3.26	1.93	4.86	—
Bloomberg Barclays US Aggregate Bond Index		2.65	2.23	4.34	—
Lipper Core Bond Funds Average		3.00	2.41	3.94	—

4 Visit our website at prudentialfunds.com

Source: Prudential Investments LLC and Lipper Inc.

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

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

	Class A	Class C	Class Q	Class R	Class Z
Maximum initial sales charge	4.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more made within 12 months of purchase	1% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees	.25%	1%	None	.75% (.50% currently)	None

Benchmark Definitions

Bloomberg Barclays US Aggregate Bond Index—The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the US Government and its agencies and by corporations with between one and 10 years remaining maturity. It gives a broad indication of how bond prices of short- and intermediate-term bonds have performed. The cumulative total return for the Index measured from the month-end closest to the inception date through 1/31/17 is 2.25% for Class A, C, Q, and R shares. The average annual total return for the Index measured from the month-end closest to the inception date through 12/31/16 is 1.11% for Class A, C, Q, and R shares.

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 10 years. The cumulative total return for the Average measured from the month-end closest to the inception date through 1/31/17 is 1.95% for Class A, C, Q, and R shares. The average annual total return for the Average measured from the month-end closest to the inception date through 12/31/16 is 0.88% for Class A, C, Q, and R shares.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.

Prudential Core Bond Fund 5

Your Fund’s Performance (continued)

Distributions and Yields as of 1/31/17
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.10	1.69	1.63
Class C	0.06	0.98	0.92
Class Q	0.12	2.34	2.24
Class R	0.09	1.48	1.16
Class Z	0.11	1.93	1.87

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund’s net expenses (net of any expense waivers or reimbursements).

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses.

Credit Quality expressed as a percentage of total investments as of 1/31/17 (%)
AAA	55.4
AA	7.3
A	16.9
BBB	18.1
BB	0.5
Not Rated	1.8
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent, and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

6 Visit our website at prudentialfunds.com

Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on August 1, 2016, at the beginning of the period, and held through the six-month period ended January 31, 2017. 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 Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following 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 balance or the number of Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your

Prudential Core Bond Fund 7

Fees and Expenses (continued)

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

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

Prudential Core Bond Fund		Beginning  Account Value August 1, 2016		Ending  Account Value January 31, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	970.80		0.70	%	$	3.48
	Hypothetical	$	1,000.00	$	1,021.68		0.70	%	$	3.57
Class C	Actual	$	1,000.00	$	968.10		1.45	%	$	7.19
	Hypothetical	$	1,000.00	$	1,017.90		1.45	%	$	7.38
Class Q	Actual	$	1,000.00	$	973.30		0.40	%	$	1.99
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04
Class R	Actual	$	1,000.00	$	969.50		0.95	%	$	4.72
	Hypothetical	$	1,000.00	$	1,020.42		0.95	%	$	4.84
Class Z	Actual	$	1,000.00	$	973.00		0.45	%	$	2.24
	Hypothetical	$	1,000.00	$	1,022.94		0.45	%	$	2.29

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2017, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at prudentialfunds.com

The Fund’s annualized expense ratios for the six-month period ended January 31, 2017, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	0.82	0.70
C	1.58	1.45
Q	0.51	0.40
R	1.36	0.95
Z	0.57	0.45

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

Prudential Core Bond Fund 9

Portfolio of Investments (unaudited)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    99.6%
ASSET-BACKED SECURITIES    10.4%
Collateralized Loan Obligations    5.2%
A Voce CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1B, 144A		2.483	%(a)		07/15/26		500	$	498,842
ALM VIII Ltd. (Cayman Islands), Series 2013-8A, Class A1R, 144A		2.513	(a)		10/15/28		250		249,979
Apidos CLO IX (Cayman Islands), Series 2012-9AR, Class AR, 144A		2.323	(a)		07/15/23		199		198,606
ARES CLO Ltd. (Cayman Islands), Series 2012-2A, Class AR, 144A		2.308	(a)		10/12/23		200		199,797
Arrowpoint CLO Ltd. (Cayman Islands), Series 2015-4A, Class A, 144A		2.574	(a)		04/18/27		250		250,421
Atlas Sr. Loan Fund V Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A		2.452	(a)		07/16/26		500		500,548
Avery Point VI CLO Ltd. (Cayman Islands), Series 2015-6A, Class A, 144A		2.331	(a)		08/05/27		250		250,797
Ballyrock CLO Ltd. (Cayman Islands), Series 2016-1A, Class A, 144A		2.406	(a)		10/15/28		250		250,792
Battalion CLO VIII Ltd. (Cayman Islands), Series 2015-8A, Class A1, 144A		2.554	(a)		04/18/27		250		250,020
Battalion CLO X Ltd. (Cayman Islands), Series 2016-10A, Class A1, 144A		2.434	(a)		01/24/29		250		249,261
Benefit Street Partners CLO VII Ltd. (Cayman Islands), Series 2015-VIIA, Class A1A, 144A		2.554	(a)		07/18/27		500		501,556
BlueMountain CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A		2.352	(a)		04/13/27		500		500,286
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		2.173	(a)		04/17/25		250		249,827
Carlyle Global Market Strategies CLO (Cayman Islands), Series 2014-2A, Class AR, 144A^		2.275	(s)		05/15/25		500		499,750
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class AR, 144A		2.480	(a)		01/20/29		250		250,126
Catamaran CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.591	(a)		04/22/27		250		250,246
Flatiron CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		2.423	(a)		01/17/26		250		250,067
Highbridge Loan Management Ltd. (Cayman Islands), Series 6A-2015, Class A, 144A		2.331	(a)		05/05/27		250		249,808
ICG US CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A(b)		2.180	(a)		04/20/26		200		199,680

See Notes to Financial Statements.

Prudential Core Bond Fund 11

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Jackson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A, MTN		2.563	%(a)		04/15/27		250	$	250,224
Jamestown CLO LX Ltd. (Cayman Islands), Series 2016-9A, Class A1B, 144A		2.320	(a)		10/20/28		250		249,745
KVK CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.491	(a)		05/20/27		250		250,423
Limerock CLO III LLC (Cayman Islands), Series 2014-3A, Class A1R, 144A^		2.237	(a)		10/20/26		500		500,000
Madison Park Funding XI Ltd. (Cayman Islands), Series 2013-11A, Class A1A, 144A		2.321	(a)		10/23/25		750		750,518
Mountain View CLO Ltd. (Cayman Islands), Series 2015-9A, Class A1A, 144A, MTN		2.483	(a)		07/15/27		250		249,400
Ocean Trails CLO VI (Cayman Islands), Series 2016-6A, Class A2A, 144A		2.713	(a)		07/15/28		250		251,964
OZLM Funding II Ltd. (Cayman Islands), Series 2012-2A, Class A1R, 144A		2.479	(a)		10/30/27		500		500,034
OZLM XV Ltd. (Cayman Islands), Series 2016-15A, Class A1, 144A		2.406	(a)		01/20/29		750		749,407
Palmer Square CLO (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.329	(a)		01/17/27		500		498,804
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1, 144A		2.411	(a)		05/21/27		500		501,076
Regatta V Funding Ltd. (Cayman Islands), Series 2016-1A, Class A1, 144A		2.374	(a)		12/20/28		250		249,934
Shackleton VI CLO (Cayman Islands), Series 2014-6A, Class A1, 144A		2.503	(a)		07/17/26		250		250,564
Silver Spring CLO Ltd. (Cayman Islands), Series 2014-1A, Class A, 144A		2.473	(a)		10/15/26		248		247,168
Sound Point CLO XII Ltd. (Cayman Islands), Series 2016-2A, Class A, 144A		2.690	(a)		10/20/28		250		251,450
TICP CLO VI Ltd. (Cayman Islands), Series 2016-6A, Class A, 144A		2.434	(a)		01/15/29		500		499,511
Trinitas CLO V Ltd. (Cayman Islands), Series 2016-5A, Class A, 144A		2.738	(a)		10/25/28		500		499,989
Wellfleet CLO Ltd. (Cayman Islands), Series 2016-2A, Class A1, 144A		2.507	(a)		10/20/28		500		502,933
West CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1A, 144A		2.281	(a)		11/07/25		250		250,061
									13,353,614
Non-Residential Mortgage-Backed Securities    4.3%
Americredit Automobile Receivables Trust, Series 2016-4, Class C		2.410			07/08/22		100		99,254

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Non-Residential Mortgage-Backed Securities (cont’d.)
Avis Budget Rental Car Funding AESOP LLC,
Series 2013-1A, Class A, 144A		1.920	%		09/20/19		600	$	596,974
Series 2015-2A, Class A, 144A		2.630			12/20/21		400		397,713
Chase Issuance Trust, Series 2007-C1, Class C1		1.227	(a)		04/15/19		2,600		2,600,305
Citibank Credit Card Issuance Trust, Series 2016-A3, Class A3		1.267	(a)		12/07/23		1,000		1,004,831
Discover Card Execution Note Trust, Series 2017-A1, Class A1		1.252			07/15/24		1,000		1,000,049
Enterprise Fleet Financing LLC,
Series 2016-2, Class A2, 144A		1.740			02/21/22		200		199,771
Series 2017-1, Class A2, 144A^		2.130			07/20/22		800		799,978
Hertz Vehicle Financing LLC,
Series 2016-1A, Class A, 144A		2.320			03/25/20		200		198,494
Series 2016-4A, Class A, 144A		2.650			07/25/22		500		487,570
Onemain Direct Auto Receivables Trust,
Series 2016-1A, Class A, 144A		2.040			01/15/21		59		59,232
Series 2017-1A, Class A, 144A		2.160			10/15/20		1,600		1,599,965
Onemain Financial Issuance Trust, Series 2015-2A, Class A, 144A		2.570			07/18/25		300		299,899
Sierra Timeshare Receivables Funding LLC, Series 2013-3A, Class A, 144A		2.200			10/20/30		138		137,388
SpringCastle America Funding LLC, Series 2016-AA, Class A, 144A		3.050			04/25/29		275		276,668
Springleaf Funding Trust,
Series 2015-AA, Class A, 144A		3.160			11/15/24		345		348,177
Series 2016-AA, Class A, 144A		2.900			11/15/29		800		801,502
									10,907,770
Residential Mortgage-Backed Securities    0.9%
Banc of America Funding Trust, Series 2015-R4, Class 4A1, 144A		3.500	(a)		07/28/36		318		317,731
Credit Suisse Mortgage Trust,
Series 2016-RPL1, Class A1, 144A		3.742	(a)		12/26/46		880		887,052
Series 2016-12R, Class 1A1, 144A^		3.239	(a)		02/28/47		760		760,000
RAAC Trust, Series 2007-SP3, Class A1		1.971	(a)		09/25/47		341		331,827
									2,296,610
TOTAL ASSET-BACKED SECURITIES (cost $26,501,367)									26,557,994

See Notes to Financial Statements.

Prudential Core Bond Fund 13

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES    8.5%
Assurant Commercial Mortgage Trust, Series 2016-1A, Class AS, 144A		3.172	%		05/15/49		300	$	296,172
BBCMS Mortgage Trust, Series 2016-ETC, Class A, 144A		2.937			08/14/36		500		484,369
CD Mortgage Trust, Series 2016-CD1, Class A3		2.459			08/10/49		500		474,138
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2		3.585			12/10/54		2,000		2,037,318
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class A4		2.878			02/10/48		1,100		1,082,317
Series 2016-C3, Class A3		2.896			11/15/49		900		873,237
Commercial Mortgage Trust, Series 2016-COR1, Class A3		2.826			10/10/49		800		772,713
Fannie Mae-Aces,
Series 2015-M7, Class AB2		2.502			12/25/24		1,000		962,142
Series 2016-M11, Class A2		2.369	(a)		07/25/26		1,200		1,142,670
Series 2016-M13, Class A2		2.476	(a)		09/25/26		1,900		1,828,037
Series 2016-M7, Class AB2		2.385			09/25/26		200		185,127
Series 2017-M1, Class A2		2.416	(a)		10/25/26		500		477,614
FHLMC Multifamily Structured Pass-Through Certificates,
Series K033, Class A2		3.060	(a)		07/25/23		500		515,902
Series K036, Class A2		3.527	(a)		10/25/23		1,100		1,163,065
Series K053, Class A2		2.995			12/25/25		350		353,669
GS Mortgage Securities Corp. II, Series 2015-GC30, Class A3		3.119			05/10/50		1,000		998,501
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class A3A1		2.920			02/15/48		1,100		1,085,767
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class A4		2.627			08/15/49		700		667,156
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A2		2.790			02/15/48		850		863,620
Morgan Stanley Capital I Trust,
Series 2016-BNK2, Class A3		2.791			11/15/49		900		871,957
Series 2016-UB11, Class A3		2.531			08/15/49		1,200		1,131,802
UBS-Barclays Commercial Mortgage Trust,
Series 2013-C6, Class A3FL, 144A		1.454			04/10/46		750		754,361
Series 2013-C6, Class A4		3.244			04/10/46		101		103,495
Wells Fargo Commercial Mortgage Trust,
Series 2016-BNK1, Class A2		2.399			08/15/49		1,200		1,128,295
Series 2016-NXS6, Class A3		2.642			11/15/49		1,500		1,427,317
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $22,213,950)									21,680,761

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS    36.6%
Aerospace & Defense
Harris Corp., Sr. Unsec’d. Notes		3.832	%		04/27/25		30	$	30,575
Agriculture
Altria Group, Inc., Gtd. Notes		2.625			09/16/26		65		61,060
Airlines    0.4%
American Airlines 2013-2 Class A Pass-Through Trust, Pass Thru Certificates		4.950			01/15/23		221		235,227
American Airlines 2015-1 Class A Pass-Through Trust, Pass Thru Certificates		3.375			05/01/27		98		95,861
Delta Air Lines 2009-1 Class A Pass-Through Trust, Series A, Pass Thru Certificates		7.750			12/17/19		192		212,766
United Airlines 2016-2 Class AA Pass-Through Trust, Pass Thru Certificates		2.875			10/07/28		400		382,960
									926,814
Auto Manufacturers    2.0%
BMW US Capital LLC (Germany), Gtd. Notes, 144A		2.250			09/15/23		645		619,676
Daimler Finance North America LLC (Germany), Gtd. Notes, 144A		2.250			03/02/20		295		294,118
Ford Motor Co.,
Sr. Unsec’d. Notes		4.346			12/08/26		250		250,716
Sr. Unsec’d. Notes		4.750			01/15/43		100		93,328
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		2.375			01/16/18		1,350		1,356,885
Sr. Unsec’d. Notes, GMTN(c)		4.389			01/08/26		625		629,266
General Motors Financial Co., Inc.,
Gtd. Notes		3.150			01/15/20		550		554,555
Gtd. Notes		3.450			04/10/22		180		179,398
Gtd. Notes		4.000			10/06/26		560		542,616
Gtd. Notes		5.250			03/01/26		375		397,669
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, MTN		2.150			02/26/20		175		173,505
									5,091,732
Banks    8.9%
Bank of America Corp.,
Sr. Unsec’d. Notes		5.750			12/01/17		100		103,350
Sr. Unsec’d. Notes, MTN		3.248			10/21/27		1,010		953,464
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		200		207,206
Sr. Unsec’d. Notes, MTN		4.443			01/20/48		430		428,007

See Notes to Financial Statements.

Prudential Core Bond Fund 15

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)
Sub. Notes, MTN		4.000	%		01/22/25		800	$	798,002
Series L, Sub. Notes, MTN		4.183			11/25/27		250		248,064
Bank of New York Mellon Corp. (The), Sr. Unsecured, MTN		2.200			08/16/23		450		429,858
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		3.200			08/10/21		575		571,730
Sr. Unsec’d. Notes		4.375			01/12/26		200		200,906
Sr. Unsec’d. Notes		4.950			01/10/47		200		200,218
Capital One NA, Sr. Unsec’d. Notes		2.250			09/13/21		250		244,428
Citigroup, Inc.,
Sr. Unsec’d. Notes		3.200			10/21/26		290		274,698
Sr. Unsec’d. Notes		3.400			05/01/26		350		337,829
Sr. Unsec’d. Notes		3.887			01/10/28		670		669,550
Sub. Notes		4.300			11/20/26		85		85,676
Sub. Notes		4.450			09/29/27		840		851,782
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, MTN		1.750			01/29/18		310		310,403
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes		1.875			02/13/18		320		319,011
Dexia Credit Local SA (France),
Govt Liquid Gtd. Notes, 144A		2.250			02/18/20		500		499,160
Govt. Liquid Gtd. Notes, 144A		1.875			09/15/21		250		241,124
Govt. Liquid Gtd. Notes, RegS		1.875			01/29/20		250		246,846
Discover Bank, Sr. Unsec’d. Notes		4.200			08/08/23		250		260,200
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		3.500			01/23/25		75		74,163
Sr. Unsec’d. Notes		3.850			01/26/27		310		309,336
Sr. Unsec’d. Notes, GMTN		7.500			02/15/19		1,250		1,382,217
Sr. Unsec’d. Notes, MTN		4.000			03/03/24		1,365		1,407,222
Sub. Notes		4.250			10/21/25		250		253,149
Sub. Notes		5.150			05/22/45		335		346,531
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		2.950			10/01/26		410		387,717
Sr. Unsec’d. Notes		3.125			01/23/25		315		308,442
Sr. Unsec’d. Notes		3.200			01/25/23		100		100,861
Sr. Unsec’d. Notes		3.200			06/15/26		230		222,513
Sr. Unsec’d. Notes		3.625			05/13/24		875		889,473
Sr. Unsec’d. Notes, MTN		6.300			04/23/19		100		109,135
Sub. Notes		3.625			12/01/27		215		207,026
Sub. Notes		3.875			09/10/24		375		378,143
Sub. Notes		4.250			10/01/27		375		381,432
JPMorgan Chase Bank NA, Sub. Notes		6.000			10/01/17		700		720,638

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
KeyBank NA, Sr. Unsec’d. Notes		2.250	%		03/16/20		305	$	304,467
Morgan Stanley,
Sr. Unsec’d. Notes		4.375			01/22/47		210		207,639
Sr. Unsec’d. Notes, GMTN		3.700			10/23/24		500		503,683
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26		470		472,923
Sr. Unsec’d. Notes, MTN		2.625			11/17/21		420		414,027
Sub. Notes, GMTN		4.350			09/08/26		800		811,718
Series F, Sr. Unsec’d. Notes, MTN		3.875			04/29/24		365		372,714
MUFG Americas Holdings Corp., Sr. Unsec’d. Notes		2.250			02/10/20		335		331,516
National City Corp., Sub. Notes		6.875			05/15/19		780		861,598
Nordea Bank AB (Sweden), Sr. Unsec’d. Notes, 144A, MTN		1.875			09/17/18		200		199,964
North American Development Bank, Sr. Unsec’d. Notes		4.375			02/11/20		100		106,248
Royal Bank of Scotland Group PLC (United Kingdom), Sr. Unsec’d. Notes		3.875			09/12/23		220		213,806
Santander Uk Group Holdings PLC (United Kingdom), Sr. Unsec’d. Notes		3.571			01/10/23		430		431,598
Sumitomo Mitsui Banking Corp. (Japan), Gtd. Notes		2.450			01/16/20		250		249,996
Sumitomo Mitsui Financial Group, Inc. (Japan), Sr. Unsec’d. Notes		2.442			10/19/21		235		230,834
SunTrust Banks, Inc., Sr. Unsec’d. Notes		2.700			01/27/22		350		348,612
Svenska Handelsbanken AB (Sweden), Gtd. Notes, MTN		1.875			09/07/21		465		449,528
UBS Group Funding Jersey Ltd. (Switzerland), Gtd. Notes, 144A		2.950			09/24/20		400		400,276
									22,870,657
Beverages    0.1%
Anheuser-Busch InBev Finance Inc. (Belgium),
Gtd. Notes		4.900			02/01/46		50		53,505
Gtd. Notes		4.700			02/01/36		180		188,427
									241,932
Biotechnology    0.7%
Amgen, Inc., Sr. Unsec’d. Notes		4.663			06/15/51		420		408,244
Celgene Corp.,
Sr. Unsec’d. Notes		2.125			08/15/18		460		462,080
Sr. Unsec’d. Notes		3.250			08/15/22		125		126,372
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes		2.500			09/01/23		220		213,394
Sr. Unsec’d. Notes		3.700			04/01/24		500		513,294
									1,723,384

See Notes to Financial Statements.

Prudential Core Bond Fund 17

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Chemicals    1.2%
Agrium, Inc. (Canada), Sr. Unsec’d. Notes		4.125	%		03/15/35		40	$	37,575
Air Liquide Finance SA (France), Gtd. Notes, 144A		2.250			09/27/23		735		702,928
CF Industries, Inc., Gtd. Notes		6.875			05/01/18		350		368,813
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		4.125			11/15/21		520		550,042
Sr. Unsec’d. Notes		4.250			11/15/20		350		370,545
Eastman Chemical Co., Sr. Unsec’d. Notes		2.700			01/15/20		550		555,869
LYB International Finance BV, Gtd. Notes		4.000			07/15/23		250		261,335
LyondellBasell Industries NV, Sr. Unsec’d. Notes		5.750			04/15/24		310		353,748
									3,200,855
Commercial Services    0.7%
Duke University, Unsec’d. Notes		3.299			10/01/46		110		98,575
Equifax, Inc., Sr. Unsec’d. Notes		3.250			06/01/26		350		338,326
ERAC USA Finance LLC,
Gtd. Notes, 144A		2.700			11/01/23		580		556,073
Gtd. Notes, 144A(b)		4.500			02/15/45		75		71,972
President And Fellows of Harvard College, Unsec’d. Notes		3.300			07/15/56		160		143,462
Total System Services, Inc., Sr. Unsec’d. Notes		4.800			04/01/26		250		267,934
University of Southern California, Unsec’d. Notes		3.028			10/01/39		310		277,804
									1,754,146
Computers    0.6%
Apple, Inc.,
Sr. Unsec’d. Notes		3.450			02/09/45		85		74,565
Sr. Unsec’d. Notes		3.850			08/04/46		525		487,947
Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
Sr. Sec’d. Notes, 144A		3.480			06/01/19		75		76,543
Sr. Sec’d. Notes, 144A		4.420			06/15/21		585		608,833
Hewlett Packard Enterprise Co.,
Sr. Unsec’d. Notes		2.450			10/05/17		305		306,566
Sr. Unsec’d. Notes		2.850			10/05/18		55		55,709
									1,610,163
Containers & Packaging    0.5%
Bemis Co., Inc., Sr. Unsec’d. Notes		6.800			08/01/19		700		773,853
WestRock RKT Co., Gtd. Notes		4.000			03/01/23		540		558,875
									1,332,728

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Diversified Financial Services    0.4%
Jefferies Group, Inc., Sr. Unsec’d. Notes		6.450	%		06/08/27		150	$	165,943
Synchrony Financial,
Sr. Unsec’d. Notes		2.700			02/03/20		600		601,405
Sr. Unsec’d. Notes		3.700			08/04/26		325		314,609
									1,081,957
Diversified Machinery    0.2%
Rockwell Automation, Inc.,
Sr. Unsec’d. Notes		2.050			03/01/20		270		269,275
Sr. Unsec’d. Notes		2.875			03/01/25		115		112,908
Xylem, Inc., Sr. Unsec’d. Notes		3.250			11/01/26		70		68,245
									450,428
Electric    3.4%
Alabama Power Co., Sr. Unsec’d. Notes		2.800			04/01/25		75		72,735
CenterPoint Energy Houston Electric LLC, Gen. Ref. Mtge.		2.400			09/01/26		190		178,366
Comision Federal De Electricidad (Mexico), Sr. Unsec’d. Notes, 144A		4.750			02/23/27		400		385,600
Commonwealth Edison Co., 1st Mortgage		3.700			03/01/45		40		37,904
Consolidated Edison Co. of New York, Inc., Sr. Unsec’d. Notes		4.300			12/01/56		40		40,083
Consumers Energy Co., 1st Mortgage		3.250			08/15/46		155		137,040
Delmarva Power & Light Co., 1st Mortgage		4.150			05/15/45		60		60,861
Dominion Resources, Inc., Sr. Unsec’d. Notes		2.850			08/15/26		55		51,484
DTE Energy Co., Sr. Unsec’d. Notes		2.850			10/01/26		350		325,879
Duke Energy Corp., Sr. Unsec’d. Notes		2.650			09/01/26		145		135,481
Duke Energy Florida LLC,
1st Mortgage		3.200			01/15/27		600		601,153
1st Mortgage		3.400			10/01/46		185		165,511
Duke Energy Progress LLC, 1st Mortgage		3.700			10/15/46		75		71,025
Emera Us Finance LP (Canada),
Gtd. Notes		2.150			06/15/19		350		349,707
Gtd. Notes		3.550			06/15/26		75		73,514
Entergy Corp.,
Sr. Unsec’d. Notes		4.000			07/15/22		260		272,105
Sr. Unsec’d. Notes		5.125			09/15/20		250		270,031
Fortis, Inc. (Canada), Sr. Unsec’d. Notes, 144A		3.055			10/04/26		350		327,151
MidAmerican Energy Co., 1st Mortgage		3.950			08/01/47		225		223,611
Monongahela Power Co., 1st Mortgage, 144A		4.100			04/15/24		851		891,693
Oncor Electric Delivery Co. LLC, Sr. Sec’d. Notes		2.950			04/01/25		60		58,925

See Notes to Financial Statements.

Prudential Core Bond Fund 19

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric (cont’d.)
Pacific Gas & Electric Co., Sr. Unsec’d. Notes		4.000	%		12/01/46		405	$	400,672
PECO Energy Co., 1st Ref. Mort.		4.800			10/15/43		120		135,255
Public Service Electric & Gas Co.,
1st Mortgage, MTN		2.250			09/15/26		370		343,358
Sr. Sec’d. Notes, MTN		5.300			05/01/18		1,300		1,360,151
Southern Power Co., Series D, Sr. Unsec’d. Notes		1.950			12/15/19		430		427,318
Southwestern Electric Power Co., Sr. Unsec’d. Notes		2.750			10/01/26		675		637,428
Union Electric Co., Sr. Sec’d. Notes		3.650			04/15/45		50		47,604
Virginia Electric & Power Co., Series C, Sr. Unsec’d. Notes		4.000			11/15/46		175		172,570
Xcel Energy, Inc., Sr. Unsec’d. Notes		3.350			12/01/26		510		509,526
									8,763,741
Engineering & Construction    0.1%
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		4.250			10/31/26		200		195,660
Food    0.4%
JM Smucker Co. (The), Gtd. Notes		3.000			03/15/22		115		116,369
Kraft Heinz Foods Co.,
Gtd. Notes		3.000			06/01/26		110		102,798
Gtd. Notes		4.375			06/01/46		35		32,721
Gtd. Notes		5.000			07/15/35		75		78,635
Kroger Co. (The),
Sr. Unsec’d. Notes		3.300			01/15/21		285		292,472
Sr. Unsec’d. Notes		3.875			10/15/46		65		58,465
Mondelez International Holdings Netherlands BV, Gtd. Notes, 144A		2.000			10/28/21		500		480,937
									1,162,397
Forest Products & Paper    0.2%
Georgia-Pacific LLC, Sr. Unsec’d. Notes, 144A(b)		3.600			03/01/25		220		223,016
International Paper Co.,
Sr. Unsec’d. Notes		4.400			08/15/47		250		238,911
Sr. Unsec’d. Notes		4.800			06/15/44		170		172,081
									634,008
Gas    0.3%
Sempra Energy, Sr. Unsec’d. Notes		2.400			03/15/20		135		134,966
Southern Co. Gas Capital Corp., Gtd. Notes		2.450			10/01/23		555		533,180
									668,146

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Hand/Machine Tools    0.3%
Stanley Black & Decker, Inc., Sub. Notes		1.622	%		11/17/18		750	$	747,262
Healthcare-Products    0.7%
Abbott Laboratories, Sr. Unsec’d. Notes		2.900			11/30/21		495		492,826
Baxter International, Inc., Sr. Unsec’d. Notes		2.600			08/15/26		170		157,115
Becton, Dickinson and Co., Sr. Unsec’d. Notes		4.685			12/15/44		160		165,284
Medtronic, Inc.,
Gtd. Notes		3.500			03/15/25		140		143,085
Gtd. Notes		4.375			03/15/35		328		343,071
St. Jude Medical, Inc., Sr. Unsec’d. Notes		2.000			09/15/18		395		395,366
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		2.950			09/19/26		105		99,247
									1,795,994
Healthcare-Services    1.5%
Aetna, Inc.,
Sr. Unsec’d. Notes		3.200			06/15/26		120		119,834
Sr. Unsec’d. Notes		3.500			11/15/24		100		101,387
Sr. Unsec’d. Notes		6.750			12/15/37		170		220,814
Anthem, Inc., Sr. Unsec’d. Notes		7.000			02/15/19		310		339,409
Baptist Health South Florida, Inc., Sec’d. Notes		4.342			11/15/41		350		348,556
Cigna Corp., Sr. Unsec’d. Notes		3.250			04/15/25		270		265,413
HCA, Inc., Sr. Sec’d. Notes		3.750			03/15/19		700		712,250
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		4.625			11/15/20		260		278,672
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.200			07/01/55		75		74,029
New York and Presbyterian Hospital (The), Unsec’d. Notes		4.024			08/01/45		40		39,028
Providence St. Joseph Health Obligated Group, Unsec’d. Notes		2.746			10/01/26		40		37,784
Quest Diagnostics, Inc., Sr. Unsec’d. Notes		3.500			03/30/25		190		188,703
Roche Holdings, Inc. (Switzerland), Gtd. Notes, 144A		3.350			09/30/24		410		420,360
RWJ Barnabas Health, Inc., Sr. Unsec’d. Notes		3.949			07/01/46		175		159,384
Unitedhealth Group, Inc., Sr. Unsec’d. Notes		4.200			01/15/47		415		418,755
									3,724,378
Housewares    0.2%
Newell Brands, Inc.,
Sr. Unsec’d. Notes		2.875			12/01/19		240		244,208
Sr. Unsec’d. Notes		4.200			04/01/26		35		36,255
Sr. Unsec’d. Notes		5.500			04/01/46		300		338,898
									619,361

See Notes to Financial Statements.

Prudential Core Bond Fund 21

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Insurance    1.4%
American International Group, Inc.,
Sr. Unsec’d. Notes		3.900	%		04/01/26		410	$	413,387
Sr. Unsec’d. Notes		4.500			07/16/44		260		250,870
Sr. Unsec’d. Notes		4.800			07/10/45		150		152,747
Arch Capital Finance LLC, Gtd. Notes		5.031			12/15/46		95		99,007
Arch Capital Group US, Inc., Gtd. Notes		5.144			11/01/43		100		105,600
Chubb INA Holdings, Inc.,
Gtd. Notes		3.150			03/15/25		95		94,798
Gtd. Notes		4.350			11/03/45		300		313,185
Liberty Mutual Group, Inc., Gtd. Notes, 144A		4.850			08/01/44		300		296,303
Lincoln National Corp., Sr. Unsec’d. Notes		6.300			10/09/37		115		135,404
Markel Corp., Sr. Unsec’d. Notes		3.625			03/30/23		400		402,678
MetLife, Inc., Series D, Sr. Unsec’d. Notes		4.368			09/15/23		80		86,044
New York Life Global Funding, Sec’d. Notes, 144A		1.950			02/11/20		405		403,350
Northwestern Mutual Life Insurance Co. (The), Sub. Notes, 144A		6.063			03/30/40		120		149,041
Principal Financial Group, Inc.,
Gtd. Notes		3.100			11/15/26		105		101,113
Gtd. Notes		4.300			11/15/46		140		139,045
Gtd. Notes		4.350			05/15/43		140		140,553
Progressive Corp. (The), Sr. Unsec’d. Notes		3.700			01/26/45		140		131,495
Teachers Insurance & Annuity Association of America, Sub. Notes, 144A		4.900			09/15/44		120		129,662
TIAA Asset Management Finance Co. LLC, Sr. Unsec’d. Notes, 144A(b)		2.950			11/01/19		150		152,620
									3,696,902
Lodging    0.2%
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.000			03/01/19		250		254,431
Sr. Unsec’d. Notes		3.125			06/15/26		250		237,170
									491,601
Media    1.3%
21st Century Fox America, Inc., Gtd. Notes, 144A		4.750			11/15/46		130		129,122
Charter Communications Operating LLC / Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384			10/23/35		80		90,204
Sr. Sec’d. Notes		6.484			10/23/45		95		107,991
Sr. Sec’d. Notes		6.834			10/23/55		275		323,000
Comcast Corp., Gtd. Notes		2.350			01/15/27		1,350		1,224,813

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media (cont’d.)
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A(b)		3.350	%		09/15/26		195	$	185,661
Myriad International Holdings BV (South Africa), Gtd. Notes, RegS		6.375			07/28/17		200		203,842
Time Warner, Inc.,
Gtd. Notes		3.400			06/15/22		850		856,864
Gtd. Notes		3.800			02/15/27		100		97,538
									3,219,035
Mining    0.2%
Barrick Gold Corp. (Canada), Sr. Unsec’d. Notes		5.250			04/01/42		50		51,921
Barrick North America Finance LLC (Canada), Gtd. Notes		5.750			05/01/43		190		212,399
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes		5.875			04/23/45		90		91,719
Sr. Unsec’d. Notes		6.750			04/16/40		100		109,843
									465,882
Miscellaneous Manufacturing    0.2%
Ingersoll-Rand Luxembourg Finance SA, Gtd. Notes		3.550			11/01/24		170		171,433
Pentair Finance SA (United Kingdom), Gtd. Notes		2.650			12/01/19		420		419,871
									591,304
Multi-National    0.2%
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes		2.125			09/27/21		405		394,774
Office & Business Equipment    0.1%
Xerox Corp., Sr. Unsec’d. Notes		2.750			09/01/20		165		163,024
Oil & Gas    2.3%
Anadarko Finance Co., Gtd. Notes		7.500			05/01/31		100		128,187
Anadarko Petroleum Corp., Sr. Unsec’d. Notes		5.550			03/15/26		175		196,862
Apache Corp.,
Sr. Unsec’d. Notes		3.250			04/15/22		500		509,546
Sr. Unsec’d. Notes		4.750			04/15/43		100		102,303
Sr. Unsec’d. Notes		5.100			09/01/40		175		185,362
BP Capital Markets PLC (United Kingdom), Gtd. Notes		3.017			01/16/27		195		186,690
Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes		6.250			03/15/38		175		203,260
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		6.750			11/15/39		350		393,192

See Notes to Financial Statements.

Prudential Core Bond Fund 23

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Chevron Corp., Sr. Unsec’d. Notes		1.961	%		03/03/20		125	$	125,090
Devon Financing Corp. LLC, Gtd. Notes		7.875			09/30/31		250		320,960
Helmerich & Payne International Drilling Co., Gtd. Notes		4.650			03/15/25		190		197,813
Husky Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.000			04/15/24		150		153,424
Sr. Unsec’d. Notes		6.150			06/15/19		300		327,507
Sr. Unsec’d. Notes		6.800			09/15/37		200		241,822
Kerr-McGee Corp., Gtd. Notes		7.875			09/15/31		250		323,862
Noble Energy, Inc.,
Sr. Unsec’d. Notes		3.900			11/15/24		425		431,042
Sr. Unsec’d. Notes		5.050			11/15/44		150		152,656
Occidental Petroleum Corp., Sr. Unsec’d. Notes		3.000			02/15/27		75		72,328
Petroleos Mexicanos (Mexico),
Gtd. Notes, 144A		5.375			03/13/22		80		81,556
Gtd. Notes		5.500			01/21/21		280		291,144
Gtd. Notes		6.500			06/02/41		90		83,655
Sinopec Group Overseas Development Ltd. (China), Gtd. Notes, 144A		2.500			04/28/20		200		198,786
Statoil ASA (Norway), Gtd. Notes		2.250			11/08/19		800		806,332
Valero Energy Corp., Sr. Unsec’d. Notes		3.400			09/15/26		220		211,193
									5,924,572
Oil & Gas Services    0.2%
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A		4.000			12/21/25		500		522,684
Pharmaceuticals    1.6%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600			05/14/25		105		103,336
Sr. Unsec’d. Notes		4.500			05/14/35		550		541,003
Actavis Funding SCS,
Gtd. Notes		4.750			03/15/45		280		276,123
Gtd. Notes		3.800			03/15/25		230		229,584
Gtd. Notes		4.550			03/15/35		225		221,838
AmerisourceBergen Corp., Sr. Unsec’d. Notes		3.250			03/01/25		55		54,631
Bayer US Finance LLC (Germany), Gtd. Notes, 144A		3.000			10/08/21		150		150,924
Mead Johnson Nutrition Co., Sr. Unsec’d. Notes		4.600			06/01/44		70		67,821
Merck & Co., Inc., Sr. Unsec’d. Notes		3.700			02/10/45		190		179,972
Mylan NV, Gtd. Notes, 144A		3.950			06/15/26		400		378,635
Pfizer, Inc., Sr. Unsec’d. Notes		4.125			12/15/46		465		466,460

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		2.875	%		09/23/23		225	$	214,954
Gtd. Notes		3.200			09/23/26		1,220		1,145,520
Teva Pharmaceutical Finance Netherlands III BV (Israel),
Gtd. Notes		3.150			10/01/26		45		40,795
Gtd. Notes		4.100			10/01/46		15		12,657
									4,084,253
Pipelines    1.7%
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., Gtd. Notes, 144A		4.150			08/15/26		555		537,921
DCP Midstream LLC,
Sr. Unsec’d. Notes, 144A		4.750			09/30/21		50		51,000
Sr. Unsec’d. Notes, 144A		5.350			03/15/20		150		157,500
Enterprise Products Operating LLC, Series N, Gtd. Notes		6.500			01/31/19		420		457,120
Florida Gas Transmission Co. LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/20		600		645,228
Magellan Midstream Partners LP, Sr. Unsec’d. Notes		4.200			03/15/45		275		251,162
MPLX LP,
Gtd. Notes		4.875			06/01/25		200		209,686
Sr. Unsec’d. Notes		4.000			02/15/25		130		128,846
Oneok Partners LP, Gtd. Notes		6.125			02/01/41		300		338,517
Phillips 66 Partners LP,
Sr. Unsec’d. Notes		2.646			02/15/20		225		224,097
Sr. Unsec’d. Notes		3.550			10/01/26		310		301,082
Plains All American Pipeline LP / Paa Finance Corp., Sr. Unsec’d. Notes		4.700			06/15/44		270		242,638
Spectra Energy Partners LP, Sr. Unsec’d. Notes		3.375			10/15/26		140		134,426
Williams Partners LP,
Sr. Unsec’d. Notes		4.000			09/15/25		350		352,243
Sr. Unsec’d. Notes		4.300			03/04/24		325		334,735
									4,366,201
Real Estate Investment Trusts (REITs)    1.1%
Avalonbay Communities, Inc., Sr. Unsec’d. Notes, MTN		2.900			10/15/26		360		342,897
Camden Property Trust, Sr. Unsec’d. Notes		4.625			06/15/21		200		213,638
DDR Corp., Sr. Unsec’d. Notes		4.750			04/15/18		600		615,417
HCP, Inc., Sr. Unsec’d. Notes		4.000			06/01/25		300		301,292
Realty Income Corp., Sr. Unsec’d. Notes		6.750			08/15/19		240		267,984
Select Income REIT, Sr. Unsec’d. Notes		2.850			02/01/18		135		135,475

See Notes to Financial Statements.

Prudential Core Bond Fund 25

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Welltower, Inc., Sr. Unsec’d. Notes		6.125	%		04/15/20		430	$	477,601
Weyerhaeuser Co., Sr. Unsec’d. Notes		4.625			09/15/23		425		452,950
									2,807,254
Retail    0.3%
AutoZone, Inc., Sr. Unsec’d. Notes		3.250			04/15/25		240		234,166
CVS Health Corp.,
Sr. Unsec’d. Notes		5.125			07/20/45		185		203,469
Sr. Unsec’d. Notes		5.300			12/05/43		150		168,113
Home Depot, Inc. (The), Sr. Unsec’d. Notes		3.500			09/15/56		65		56,153
Mcdonald’s Corp., Sr. Unsec’d. Notes, MTN		4.700			12/09/35		30		31,318
									693,219
Semiconductors    0.2%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes, 144A		3.875			01/15/27		480		476,340
Software    0.9%
Electronic Arts, Inc., Sr. Unsec’d. Notes		3.700			03/01/21		200		206,891
Fidelity National Informationvices, Inc., Sr. Unsec’d. Notes		3.000			08/15/26		555		522,278
Fiserv, Inc., Sr. Unsec’d. Notes		3.850			06/01/25		500		511,482
Microsoft Corp.,
Sr. Unsec’d. Notes		2.375			02/12/22		290		289,684
Sr. Unsec’d. Notes		3.125			11/03/25		125		124,781
Sr. Unsec’d. Notes		3.950			08/08/56		405		371,732
Oracle Corp., Sr. Unsec’d. Notes		4.000			07/15/46		350		328,454
									2,355,302
Telecommunications    1.2%
AT&T, Inc.,
Sr. Unsec’d. Notes		3.400			05/15/25		530		506,992
Sr. Unsec’d. Notes		4.500			05/15/35		60		56,409
Sr. Unsec’d. Notes		4.550			03/09/49		200		177,235
Sr. Unsec’d. Notes		4.750			05/15/46		75		68,506
Sr. Unsec’d. Notes		5.250			03/01/37		375		375,847
Sr. Unsec’d. Notes		5.700			03/01/57		310		308,819
Cisco Systems, Inc., Sr. Unsec’d. Notes		1.850			09/20/21		365		356,465
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.500			09/15/20		100		106,738
Sr. Unsec’d. Notes		4.672			03/15/55		1,120		1,002,960
									2,959,971

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Transportation    0.5%
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes		4.450	%		03/15/43		280	$	293,696
Canadian National Railway Co. (Canada), Sr. Unsec’d. Notes		5.550			03/01/19		250		268,398
Canadian Pacific Railway Co. (Canada), Sr. Unsec’d. Notes		7.250			05/15/19		250		278,636
CSX Corp., Sr. Unsec’d. Notes		2.600			11/01/26		420		389,850
Ryder System, Inc., Sr. Unsec’d. Notes, MTN		2.650			03/02/20		110		110,634
									1,341,214
Trucking & Leasing    0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp., Sr. Unsec’d. Notes, 144A(b)		3.050			01/09/20		300		304,338
Water    0.1%
American Water Capital Corp., Sr. Unsec’d. Notes		4.000			12/01/46		145		145,182
TOTAL CORPORATE BONDS (cost $94,954,560)									93,690,430
FOREIGN GOVERNMENT BONDS    1.2%
Belgium Government International Bond (Belgium), Sr. Unsec’d. Notes, 144A		1.125			08/03/19		200		197,187
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes		4.375			07/12/21		200		210,600
Finnvera OYJ (Finland), Gov’t. Gtd. Notes, EMTN, RegS		1.875			09/16/19		200		199,899
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes		7.625			03/29/41		106		147,739
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes, RegS		4.875			05/05/21		250		266,078
Iraq Government AID Bond, Gov’t. Gtd. Notes		2.149			01/18/22		200		199,769
Japan Finance Organization for Municipalities (Japan), Sr. Unsec’d. Notes, 144A, MTN		2.125			10/25/23		200		190,191
Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes, 144A		6.125			03/09/21		260		291,200
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes, MTN		4.750			03/08/44		220		201,850
Panama Government International Bond (Panama), Sr. Unsec’d. Notes		3.750			03/16/25		200		202,000
Poland Government International Bond (Poland), Sr. Unsec’d. Notes		3.000			03/17/23		100		98,500
Province of Alberta (Canada), Sr. Unsec’d. Notes		1.900			12/06/19		200		200,271
Province of Manitoba (Canada), Sr. Unsec’d. Notes		2.125			06/22/26		100		93,178

See Notes to Financial Statements.

Prudential Core Bond Fund 27

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
FOREIGN GOVERNMENT BONDS (Continued)
Province of Quebec (Canada),
Sr. Unsec’d, MTN		7.140	%		02/27/26		100	$	127,835
Sr. Unsec’d. Notes		2.375			01/31/22		70		70,138
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A, MTN		6.125			01/22/44		50		58,998
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		205		199,670
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		7.000			06/05/20		250		269,500
TOTAL FOREIGN GOVERNMENT BONDS (cost $3,245,247)									3,224,603
MUNICIPAL BONDS    0.7%
Alabama
Alabama Economic Settlement Authority, Revenue Bonds, BABs		4.263			09/15/32		40		41,027
California    0.2%
California Educational Facilities Authority, Revenue Bonds, BABs		5.000			06/01/46		130		168,128
City of Los Angeles Department of Airports, Revenue Bonds, BABs		6.582			05/15/39		300		388,530
University of California,
Revenue Bonds		3.931			05/15/45		30		29,850
Revenue Bonds		4.131			05/15/45		30		29,792
									616,300
New Jersey    0.1%
New Jersey Turnpike Authority, Revenue Bonds, BABs		7.102			01/01/41		250		349,465
Pennsylvania    0.1%
Pennsylvania Turnpike Commission,
BABs, Revenue Bonds		6.105			12/01/39		70		88,929
Revenue Bonds, BABs		5.511			12/01/45		150		181,215
									270,144
Texas    0.2%
University of Texas System (The), Revenue Bonds		5.000			08/15/47		305		388,506

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
Washington    0.1%
Central Puget Sound Regional Transit Authority, Revenue Bonds, BABs		5.000	%		11/01/46		165	$	210,517
TOTAL MUNICIPAL BONDS (cost $1,913,527)									1,875,959
RESIDENTIAL MORTGAGE-BACKED SECURITIES    3.4%
Alternative Loan Trust, Series 2003-J3, Class 2A1		6.250			12/25/33		12		12,352
American Home Mortgage Investment Trust, Series 2004-4, Class 5A		3.318	(a)		02/25/45		34		34,408
BCAP LLC Trust, Series 2011-RR4, Class 7A1, 144A		5.250			04/26/37		387		344,065
Bear Stearns ARM Trust, Series 2005-5, Class A2		2.820	(a)		08/25/35		134		133,533
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1		6.500			04/25/33		8		8,555
Fannie Mae Connecticut Avenue Securities,
Series 2016-C02, Class 1M1(d)		2.906	(a)		09/25/28		97		97,795
Series 2016-C04, Class 1M1(d)		2.221	(a)		01/25/29		126		127,303
FHLMC Structured Pass-Through Securities,
Series T-59, Class 1A2		7.000			10/25/43		143		170,160
Series T-75, Class A1		0.811	(a)		12/25/36		187		185,810
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2015-DNA1, Class M1(d)		1.671	(a)		10/25/27		402		402,316
Series 2015-DNA3, Class M1(d)		2.121	(a)		04/25/28		15		14,971
Series 2016-DNA4, Class M2(d)		2.071	(a)		03/25/29		260		260,156
Series 2016-HQA4, Class M2(d)		2.071	(a)		04/25/29		260		260,000
Series 2017-DNA1, Class M1^(d)		1.979	(s)		07/25/29		650		650,000
Government National Mortgage Assoc.,
Series 2000-9, Class FG		1.367	(a)		02/16/30		25		25,620
Series 2000-9, Class FH		1.267	(a)		02/16/30		24		24,531
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1		3.090	(a)		09/25/35		98		101,669
LSTAR Securities Investment Ltd. (Cayman Islands),
Series 2016-3, Class A, 144A		2.771	(a)		09/01/21		244		242,789
Series 2016-6, Class A, 144A		2.771	(a)		11/01/21		265		261,285
Series 2017-1, Class A, 144A^		2.768	(a)		01/01/22		700		692,141
LSTAR Securities Investment Trust (Cayman Islands),
Series 2015-4, Class A1, 144A		2.771	(a)		04/01/20		151		150,543
Series 2015-6, Class A, 144A^		2.771	(a)		05/01/20		480		474,360
Series 2015-8, Class A1, 144A		2.771	(a)		08/01/20		142		142,181
Series 2015-9, Class A1, 144A^		2.771	(a)		10/01/20		494		492,536
Series 2016-1, Class A1, 144A		2.771	(a)		01/01/21		132		130,537
Merrill Lynch Mortgage Investors Trust, Series 2005-2, Class 3A		1.771	(a)		10/25/35		84		79,394

See Notes to Financial Statements.

Prudential Core Bond Fund 29

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Merrill Lynch Mortgage Investors Trust MLMI, Series 2005-A10, Class A		0.981	%(a)		02/25/36		155	$	147,116
Mortgage Repurchase Agreement Financing Trust,
Series 2016-3, Class A1, 144A^		1.763	(a)		11/10/18		320		320,000
Series 2016-4, Class A1, 144A^		1.864	(a)		05/10/19		1,350		1,346,946
Series 2016-5, Class A, 144A		1.933	(a)		06/10/19		200		200,190
Sequoia Mortgage Trust, Series 10, Class 2A1		1.537	(a)		10/20/27		82		77,702
Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A1		1.019	(a)		07/19/35		72		64,933
Structured Asset Securities Mortgage Pass-Through Certificates, Series 2001-21A, Class 1A1		3.013	(a)		01/25/32		13		13,156
Washington Mutual Mortgage Pass-Through Certificates Trust,
Series 2002-AR6, Class A		1.996	(a)		06/25/42		137		131,984
Series 2002-AR9, Class 1A		1.996	(a)		08/25/42		7		6,685
Series 2005-AR13, Class A1A1		1.061	(a)		10/25/45		852		825,237
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $8,641,700)									8,652,959
U.S. GOVERNMENT AGENCY OBLIGATIONS    24.5%
Federal Home Loan Mortgage Corp.		1.500			01/17/20		540		539,214
Federal Home Loan Mortgage Corp.		2.500			01/01/29		931		942,113
Federal Home Loan Mortgage Corp.		2.500			TBA		500		499,922
Federal Home Loan Mortgage Corp.		3.000			TBA		1,000		1,024,271
Federal Home Loan Mortgage Corp.		3.000			07/01/43		836		830,250
Federal Home Loan Mortgage Corp.		3.000			TBA		1,000		988,984
Federal Home Loan Mortgage Corp.		3.500			06/01/42		792		813,407
Federal Home Loan Mortgage Corp.		3.500			09/01/42		1,055		1,083,279
Federal Home Loan Mortgage Corp.		3.500			05/01/45		860		879,287
Federal Home Loan Mortgage Corp.		3.500			04/01/46		493		503,447
Federal Home Loan Mortgage Corp.		3.500			TBA		500		510,674
Federal Home Loan Mortgage Corp.		4.000			12/01/40		336		353,605
Federal Home Loan Mortgage Corp.		4.000			01/01/41		671		706,966
Federal Home Loan Mortgage Corp.		4.000			04/01/42		949		1,000,487
Federal Home Loan Mortgage Corp.		4.000			10/01/45		469		491,877
Federal Home Loan Mortgage Corp.		4.500			06/01/42		301		324,387
Federal Home Loan Mortgage Corp.		4.500			09/01/44		406		436,620
Federal Home Loan Mortgage Corp.		4.500			TBA		500		537,305
Federal Home Loan Mortgage Corp.		5.000			08/01/40		623		682,620
Federal National Mortgage Assoc.		2.500			05/01/30		810		810,434
Federal National Mortgage Assoc.		2.500			TBA		2,000		2,000,000
Federal National Mortgage Assoc.		2.500			09/01/46		495		469,881
Federal National Mortgage Assoc.		2.500			TBA		500		474,082

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		2.625	%(a)		08/01/24		12	$	12,272
Federal National Mortgage Assoc.		3.000			06/01/30		542		556,823
Federal National Mortgage Assoc.		3.000			11/01/36		495		498,921
Federal National Mortgage Assoc.		3.000			10/01/42		482		479,713
Federal National Mortgage Assoc.		3.000			10/01/42		794		789,943
Federal National Mortgage Assoc.		3.000			04/01/43		799		794,508
Federal National Mortgage Assoc.		3.000			06/01/43		1,232		1,225,849
Federal National Mortgage Assoc.		3.000			TBA		3,000		2,963,906
Federal National Mortgage Assoc.		3.000			TBA		1,500		1,538,906
Federal National Mortgage Assoc.		3.500			12/01/29		404		421,246
Federal National Mortgage Assoc.		3.500			10/01/41		351		360,950
Federal National Mortgage Assoc.		3.500			04/01/42		709		728,511
Federal National Mortgage Assoc.		3.500			05/01/42		720		739,118
Federal National Mortgage Assoc.		3.500			10/01/42		1,129		1,159,480
Federal National Mortgage Assoc.		3.500			TBA		4,000		4,087,500
Federal National Mortgage Assoc.		3.500			10/01/45		1,375		1,405,972
Federal National Mortgage Assoc.		3.500			01/01/46		469		479,961
Federal National Mortgage Assoc.		4.000			02/01/41		934		984,476
Federal National Mortgage Assoc.		4.000			TBA		2,000		2,094,141
Federal National Mortgage Assoc.(e)		4.000			TBA		1,000		1,049,063
Federal National Mortgage Assoc.		4.000			09/01/44		597		626,756
Federal National Mortgage Assoc.		4.000			10/01/44		1,550		1,626,575
Federal National Mortgage Assoc.		4.000			12/01/45		476		499,988
Federal National Mortgage Assoc.		4.500			08/01/40		277		298,122
Federal National Mortgage Assoc.		4.500			04/01/41		147		157,933
Federal National Mortgage Assoc.		4.500			08/01/41		421		453,860
Federal National Mortgage Assoc.		4.500			TBA		2,000		2,150,234
Federal National Mortgage Assoc.		5.000			09/01/30		69		75,314
Federal National Mortgage Assoc.		5.000			TBA		1,500		1,634,898
Federal National Mortgage Assoc.		5.388	(a)		12/01/30		1		1,501
Federal National Mortgage Assoc.		5.500			TBA		1,000		1,110,210
Federal National Mortgage Assoc.		5.500			01/01/40		393		435,758
Federal National Mortgage Assoc.		6.000			10/01/36		238		268,874
Federal National Mortgage Assoc.		6.000			07/01/41		250		282,887
Federal National Mortgage Assoc.(h)		6.625			11/15/30		55		76,766
Federal National Mortgage Assoc.(h)		7.125			01/15/30		80		114,695
Government National Mortgage Assoc.		3.000			03/20/43		252		255,559
Government National Mortgage Assoc.		3.000			08/20/43		37		37,522
Government National Mortgage Assoc.		3.000			09/20/43		372		376,679
Government National Mortgage Assoc.		3.000			01/20/44		348		351,981
Government National Mortgage Assoc.		3.000			TBA		3,000		3,019,688
Government National Mortgage Assoc.		3.500			12/20/42		219		227,978
Government National Mortgage Assoc.		3.500			02/20/43		482		502,050

See Notes to Financial Statements.

Prudential Core Bond Fund 31

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		3.500	%		03/20/45		389	$	403,361
Government National Mortgage Assoc.		3.500			04/20/45		984		1,021,166
Government National Mortgage Assoc.		3.500			TBA		2,500		2,590,625
Government National Mortgage Assoc.		4.000			11/15/41		364		384,989
Government National Mortgage Assoc.		4.000			10/20/43		450		476,815
Government National Mortgage Assoc.		4.000			TBA		2,000		2,114,531
Government National Mortgage Assoc.		4.500			10/20/43		233		250,310
Government National Mortgage Assoc.		4.500			01/20/44		270		289,577
Government National Mortgage Assoc.		4.500			04/20/44		399		427,678
Government National Mortgage Assoc.		4.500			03/20/45		272		292,019
Government National Mortgage Assoc.		5.000			10/20/37		20		22,215
Government National Mortgage Assoc.		5.000			04/20/45		147		157,879
Government National Mortgage Assoc.		6.000			12/15/39		322		363,865
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $63,272,440)									62,655,229
U.S. TREASURY OBLIGATIONS    14.3%
U.S. Treasury Bonds		2.500			02/15/45		2,545		2,272,507
U.S. Treasury Bonds		2.875			05/15/43		400		387,391
U.S. Treasury Bonds		2.875			11/15/46		1,015		979,951
U.S. Treasury Bonds		3.000			11/15/44		120		118,739
U.S. Treasury Bonds		3.000			05/15/45		3,430		3,390,476
U.S. Treasury Bonds		4.750			02/15/41		140		182,569
U.S. Treasury Notes(h)		0.750			02/28/18		225		224,596
U.S. Treasury Notes		1.375			04/30/21		160		157,163
U.S. Treasury Notes		1.500			03/31/23		3,650		3,511,413
U.S. Treasury Notes		1.625			04/30/23		4,840		4,686,103
U.S. Treasury Notes		1.875			01/31/22		1,425		1,422,717
U.S. Treasury Notes		2.000			11/15/26		1,095		1,052,270
U.S. Treasury Notes		2.125			09/30/21		15,685		15,847,371
U.S. Treasury Notes(k)		2.125			12/31/22		1,945		1,945,912
U.S. Treasury Notes		8.125			08/15/21		35		44,517
U.S. Treasury Strips Coupon		2.762	(s)		08/15/29		100		70,601
U.S. Treasury Strips Coupon		2.857	(s)		05/15/31		100		66,572
U.S. Treasury Strips Coupon		3.018	(s)		11/15/35		200		113,176
U.S. Treasury Strips Coupon		3.176	(s)		08/15/40		200		95,044
TOTAL U.S. TREASURY OBLIGATIONS (cost $37,200,298)									36,569,088
TOTAL LONG-TERM INVESTMENTS (cost $257,943,089)									254,907,023

See Notes to Financial Statements.

32

Description	Shares		Value (Note 1)
SHORT-TERM INVESTMENTS    12.4%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(f)		31,668,343	$	31,668,343
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $242,344; includes $242,050 of cash collateral for securities on loan)(f)(g)		242,295		242,344
TOTAL SHORT-TERM INVESTMENTS (cost $31,910,687) (Note 3)				31,910,687
TOTAL INVESTMENTS    112.0% (cost $289,853,776) (Note 5)				286,817,710
Liabilities in excess of other assets(t)    (12.0)%				(30,718,135	)
NET ASSETS    100.0%			$	256,099,575

The following abbreviations are used in the semiannual report:

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.

Aces—Alternative Credit Enhancements Securities

AID—Agency for International Development

BABs—Build America Bonds

bps—Basis Points

CAS—Connecticut Avenue Securities

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage Backed Securities Index

EMTN—Euro Medium Term Note

FHLMC—Federal Home Loan Mortgage Corp.

GMTN—Global Medium Term Note

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

RegS—Regulation S. Security was purchased pursuant to Regulation S and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

REITs—Real Estate Investment Trusts

STACR—Structured Agency Credit Risk

Strips—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

USOIS—United States Overnight Index Swap

See Notes to Financial Statements.

Prudential Core Bond Fund 33

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $6,535,711 and 2.6% of net assets.

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

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2017.

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

(c) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement is $236,062; cash collateral of $242,050 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

(d) Represents Connecticut Avenue Security issued by Fannie Mae or a Structured Agency Credit Risk security issued by Freddie Mac.

(e) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $1,000,000 is approximately 0.4% of net assets.

(f) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and the Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund.

(g) Represents security or a portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

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

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

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

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

Futures contracts outstanding at January 31, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at January 31, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	157	2 Year U.S. Treasury Notes		Mar. 2017	$	34,008,719	$	34,037,110	$	28,391
	164	5 Year U.S. Treasury Notes		Mar. 2017		19,237,539		19,330,219		92,680
	15	10 Year U.S. Treasury Notes		Mar. 2017		1,863,937		1,867,031		3,094
	9	30 Year U.S. Ultra Treasury Bonds		Mar. 2017		1,448,375		1,446,187		(2,188	)
										121,977
		Short Position:
	7	20 Year U.S. Treasury Bonds		Mar. 2017		1,052,093		1,055,906		(3,813	)
									$	118,164

Cash of $90,896 and a U.S Treasury Obligation with market value of $390,183 have been segregated with Citigroup Global Markets to cover requirements for open futures contracts at January 31, 2017.

See Notes to Financial Statements.

34

Credit default swap agreements outstanding at January 31, 2017:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on credit indices—Sell Protection(2):
CMBX.NA.6.AA		05/11/63		1.500%		2,000	$	(11,225	)	$	(26,031	)	$	14,806	Morgan Stanley

The Fund 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 contracts rises the more the credit deteriorates. The value of the CDS contracts increases for the protection buyer if the spread increases.

(1) If the Fund 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 Fund 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.

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

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

(4) The fair value of credit default swap agreements on credit indices and asset-backed securities 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.

(5) 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.

See Notes to Financial Statements.

Prudential Core Bond Fund 35

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Interest rate swap agreements outstanding at January 31, 2017:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at January 31, 2017			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
	15,735		09/09/17		0.539%	1 Day USOIS(1)	$	—		$	20,760		$	20,760
	16,205		10/18/17		0.607%	1 Day USOIS(1)		—			19,898			19,898
	10,090		11/09/17		0.626%	1 Day USOIS(1)		—			14,183			14,183
	3,660		05/31/21		1.849%	3 Month LIBOR(2)		—			(11,679	)		(11,679	)
	3,531		05/31/21		1.948%	3 Month LIBOR(2)		—			2,700			2,700
	265		05/31/21		1.994%	3 Month LIBOR(1)		—			(698	)		(698	)
	1,530		05/31/22		2.200%	3 Month LIBOR(1)		(3,118	)		(17,988	)		(14,870	)
	865		05/31/22		2.217%	3 Month LIBOR(1)		—			(10,964	)		(10,964	)
	1,490		11/30/22		1.850%	3 Month LIBOR(1)		—			15,460			15,460
	600		11/30/22		1.982%	3 Month LIBOR(1)		—			1,673			1,673
	100		12/31/22		1.405%	3 Month LIBOR(1)		—			3,726			3,726
	100		12/31/22		1.406%	3 Month LIBOR(1)		—			3,718			3,718
	100		12/31/22		1.409%	3 Month LIBOR(1)		—			3,701			3,701
	100		12/31/22		1.495%	3 Month LIBOR(1)		—			3,208			3,208
	395		05/31/23		1.399%	3 Month LIBOR(1)		(7,190	)		16,606			23,796
	815		08/02/23		—(3)	—(3)		(308	)		869			1,177
	1,138		08/02/23		—(4)	—(4)		41			1,399			1,358
	315		08/03/23		—(5)	—(5)		(148	)		364			512
	3,545		08/15/23		1.406%	3 Month LIBOR(1)		—			157,660			157,660
	730		08/19/23		0.898%	1 Day USOIS(1)		—			37,480			37,480
	1,435		10/27/23		1.073%	1 Day USOIS(1)		—			61,632			61,632
	2,275		11/15/23		2.209%	3 Month LIBOR(1)		—			(4,720	)		(4,720	)
	2,280		11/15/23		2.217%	3 Month LIBOR(1)		—			(5,824	)		(5,824	)
	1,765		01/08/26		2.210%	3 Month LIBOR(1)		—			11,625			11,625
	1,616		08/15/26		2.391%	3 Month LIBOR(2)		—			5,238			5,238
	315		11/15/41		1.869%	3 Month LIBOR(1)		1,201			45,138			43,937
							$	(9,522	)	$	375,165		$	384,687

Cash of $330,000, U.S. Government Agency Obligations with a combine market value of $191,461 and a U.S Treasury Obligation with market value of $159,712 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared interest rate swap contracts at January 31, 2017.

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

(3) The Fund pays the floating rate of 3 Month LIBOR and receives the floating rate of 1 Day USOIS plus 38.25 bps.

(4) The Fund pays the floating rate of 3 Month LIBOR and receives the floating rate of 1 Day USOIS plus 38.50 bps.

(5) The Fund pays the floating rate of 3 Month LIBOR and receives the floating rate of 1 Day USOIS plus 38.375 bps.

See Notes to Financial Statements.

36

Fair Value Measurements:

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

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

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

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

The following is a summary of the inputs used as of January 31, 2017 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	12,353,864		$	999,750
Non-Residential Mortgage-Backed Securities		—		10,107,792			799,978
Residential Mortgage-Backed Securities		—		1,536,610			760,000
Commercial Mortgage-Backed Securities		—		21,680,761			—
Corporate Bonds		—		93,690,430			—
Foreign Government Bonds		—		3,224,603			—
Municipal Bonds		—		1,875,959			—
Residential Mortgage-Backed Securities		—		4,676,976			3,975,983
U.S. Government Agency Obligations		—		62,655,229			—
U.S. Treasury Obligations		—		36,569,088			—
Affiliated Mutual Funds		31,910,687		—			—
Other Financial Instruments*
Futures Contracts		118,164		—			—
OTC Credit Default Swap Agreements		—		(11,225	)		—
Centrally Cleared Interest Rate Swap Agreements		—		384,687			—
Total	$	32,028,851	$	248,744,774		$	6,535,711

During the period, there were no transfers between Level 1 and Level 2 to report.

See Notes to Financial Statements.

Prudential Core Bond Fund 37

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

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

	Asset-Backed Securities Collateralized Loan Obligations			Asset-Backed Securities Non-Residential Mortgage- Backed Securities		Asset-Backed Securities Residential Mortgage- Backed Securities		Residential Mortgage- Backed Securities
Balance as of 07/31/2016	$	—		$	—	$	—	$	1,912,194
Realized gain (loss)		—			—		—		1,174
Change in unrealized appreciation (depreciation)**		(250	)		—		—		19,228
Purchases/Exchanges/Issuances		1,000,000			799,978		760,000		3,242,141
Sales/Paydowns		—			—		—		(1,428,588	)
Accrued discount/premium		—			—		—		2,028
Transfers into Level 3		—			—		—		524,842
Transfers out of Level 3		—			—		—		(297,036	)
Balance as of 01/31/2017	$	999,750		$	799,978	$	760,000	$	3,975,983

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

** Of which, $5,855 was relating to securities held at the reporting period end.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by Board, which contain unobservable inputs as follows:

Level 3 Securities	Fair Value as of January 31, 2017		Valuation Methodology		Unobservable Inputs
Asset-Backed Securities Collateralized Loan Obligations	$	499,750		Market Approach		Single Broker Indicative Quote
Asset-Backed Securities Collateralized Loan Obligations		500,000		Pricing at Cost		Unadjusted Purchase Price
Asset-Backed Securities Non-Residential Mortgage-Backed Securities		799,978		Market Approach		Single Broker Indicative Quote
Asset-Backed Securities Residential Mortgage-Backed Securities		760,000		Market Approach		Single Broker Indicative Quote
Residential Mortgage-Backed Securities		650,000		Pricing at Cost		Unadjusted Purchase Price
Residential Mortgage-Backed Securities		3,325,983		Market Approach		Single Broker Indicative Quote
	$	6,535,711

See Notes to Financial Statements.

38

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

Securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer	Logic
Residential Mortgage-Backed Securities	$	524,842	L2 to L3		Evaluated Bid to Single Broker Indicative Quote
Residential Mortgage-Backed Securities	$	297,036	L3 to L2		Single Broker Indicative Quote to Evaluated bid

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2017 were as follows:

U.S. Government Agency Obligations	24.5	%
U.S. Treasury Obligations	14.3
Affiliated Mutual Funds (including 0.1% of collateral for securities on loan)	12.4
Banks	8.9
Commercial Mortgage-Backed Securities	8.5
Collateralized Loan Obligations	5.2
Residential Mortgage-Backed Securities	4.3
Non-Residential Mortgage-Backed Securities	4.3
Electric	3.4
Oil & Gas	2.3
Auto Manufacturers	2.0
Pipelines	1.7
Pharmaceuticals	1.6
Healthcare-Services	1.5
Insurance	1.4
Media	1.3
Foreign Government Bonds	1.2
Chemicals	1.2
Telecommunications	1.2
Real Estate Investment Trusts (REITs)	1.1
Software	0.9
Municipal Bonds	0.7
Healthcare-Products	0.7
Commercial Services	0.7
Biotechnology	0.7
Computers	0.6
Transportation	0.5	%
Containers & Packaging	0.5
Food	0.4
Diversified Financial Services	0.4
Airlines	0.4
Hand/Machine Tools	0.3
Retail	0.3
Gas	0.3
Forest Products & Paper	0.2
Housewares	0.2
Miscellaneous Manufacturing	0.2
Oil & Gas Services	0.2
Lodging	0.2
Semiconductors	0.2
Mining	0.2
Diversified Machinery	0.2
Multi-National	0.2
Trucking & Leasing	0.1
Beverages	0.1
Engineering & Construction	0.1
Office & Business Equipment	0.1
Water	0.1
	112.0
Liabilities in excess of other assets	(12.0	)
	100.0	%

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk and interest rate risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

See Notes to Financial Statements.

Prudential Core Bond Fund 39

Portfolio of Investments (unaudited) (continued)

as of January 31, 2017

Fair values of derivative instruments as of January 31, 2017 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
Credit contracts	—		—		Premium received for OTC swap agreements	$	26,031
Credit contracts	Unrealized appreciation on OTC swap agreements	$	14,806		—		—
Interest rate contracts	Due from/to broker— variation margin futures		124,165	*	Due from/to broker—variation margin futures		6,001	*
Interest rate contracts	Due from/to broker— variation margin swaps		433,442	*	Due from/to broker—variation margin swaps		48,755	*
Total		$	572,413			$	80,787

* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended January, 31, 2017 are as follows:    

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures			Forward Rate Agreements		Swaps			Total
Credit contracts	$	—		$	—	$	—		$	—	$	12,836		$	12,836
Interest rate contracts		(39,944	)		18,413		(1,237,328	)		2,984		(105,397	)		(1,361,272	)
Total	$	(39,944	)	$	18,413	$	(1,237,328	)	$	2,984	$	(92,561	)	$	(1,348,436	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps		Total
Credit contracts	$	—		$	14,806	$	14,806
Interest rate contracts		(259,778	)		835,113		575,335
Total	$	(259,778	)	$	849,919	$	590,141

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

See Notes to Financial Statements.

40

For the six months ended January 31, 2017, the Fund’s average volume of derivative activities are as follows:

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)		Forward Rate Agreements(2)		Credit Default Swap Agreements— Sell Protection(2)		Interest Rate Swap Agreements(2)		Total Return Swaps Agreements(2)
$	42,066,098	$	2,137,383	$	8,066,667	$	1,333,333	$	42,563,667	$	400,000

(1) Value at Trade Date.

(2) Notional Amount in USD.

The Fund invested in OTC derivatives and entered into other financial transactions 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 and other financial transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial transaction assets and liabilities:

Description	Gross Amounts of Recognized Assets(3)		Collateral Received			Net Amount
Securities on Loan	$	236,062	$	(236,062	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts Available for Offset			Collateral Received		Net Amount
Morgan Stanley	$	14,806		$	(14,806	)	$	—	$	—
Counterparty	Gross Amounts of Recognized Liabilities(2)			Gross Amounts Available for Offset			Collateral Pledged		Net Amount
Morgan Stanley	$	(26,031	)	$	14,806		$	—	$	(11,225	)

(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) Amount represents market value.

See Notes to Financial Statements.

Prudential Core Bond Fund 41

Statement of Assets & Liabilities (unaudited)

as of January 31, 2017

Assets
Investments at value, including securities on loan of $236,062:
Unaffiliated investments (cost $257,943,089)	$	254,907,023
Affiliated investments (cost $31,910,687)		31,910,687
Receivable for investments sold		17,736,537
Receivable for Fund shares sold		7,533,905
Dividends and interest receivable		1,453,336
Deposit with broker for centrally cleared swaps		330,000
Deposit with broker for futures		90,896
Unrealized appreciation on OTC swap agreements		14,806
Prepaid expenses and other assets		827
Total assets		313,978,017
Liabilities
Payable for investments purchased		50,087,588
Payable for Fund shares reacquired		7,421,755
Payable to broker for collateral for securities on loan		242,050
Management fee payable		61,853
Premium received for OTC swap agreements		26,031
Due to broker—variation margin swaps		18,977
Distribution fee payable		11,412
Accrued expenses and other liabilities		3,527
Dividends payable		2,027
Due to broker—variation margin futures		1,798
Deferred trustees’ fees		952
Affiliated transfer agent fee payable		472
Total liabilities		57,878,442
Net Assets	$	256,099,575
Net assets were comprised of:
Shares of beneficial interest, at par	$	26,034
Paid-in capital in excess of par		263,355,838
		263,381,872
Distributions in excess of net investment income		(499,961	)
Accumulated net realized loss on investment transactions		(4,040,189	)
Net unrealized depreciation on investments		(2,742,147	)
Net assets, January 31, 2017	$	256,099,575

See Notes to Financial Statements.

42

Class A
Net asset value, offering price and redemption price per share, ($47,382,612 ÷ 4,817,850 shares of beneficial interest issued and outstanding)	$	9.83
Maximum sales charge (4.50% of offering price)		0.46
Maximum offering price to public	$	10.29
Class C
Net asset value, offering price and redemption price per share, ($3,008,235 ÷ 305,705 shares of beneficial interest issued and outstanding)	$	9.84
Class Q
Net asset value, offering price and redemption price per share, ($120,948,462 ÷ 12,293,298 shares of beneficial interest issued and outstanding)	$	9.84
Class R
Net asset value, offering price and redemption price per share, ($10,245 ÷ 1,042 shares of beneficial interest issued and outstanding)	$	9.83
Class Z
Net asset value and redemption price per share, ($84,750,021 ÷ 8,616,325 shares of beneficial interest issued and outstanding)	$	9.84

See Notes to Financial Statements.

Prudential Core Bond Fund 43

Statement of Operations (unaudited)

Six Months Ended January 31, 2017

Net Investment Income (Loss)
Income
Interest income	$	1,947,386
Affiliated dividend income		124,066
Income from securities lending, net (including affiliated income of $66)		234
Total income		2,071,686
Expenses
Management fee		330,290
Distribution fee—Class A		37,463
Distribution fee—Class C		14,048
Distribution fee—Class R		40
Custodian and accounting fees		57,000
Registration fees		44,000
Transfer agent’s fees and expenses (including affiliated expense of $1,200)		32,000
Audit fee		31,000
Shareholders’ reports		18,000
Legal fees and expenses		10,000
Trustees’ fees		6,000
Miscellaneous		6,089
Total expenses		585,930
Less: Management fee waiver and/or expense reimbursement		(111,804	)
Distribution fee waiver—Class R		(13	)
Net expenses		474,113
Net investment income (loss)		1,597,573
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(828,037	)
Futures transactions		(1,237,328	)
Options written transactions		18,413
Forward rate agreement transactions		2,984
Swap agreements transactions		(92,561	)
Foreign currency transactions		6,839
		(2,129,690	)
Net change in unrealized appreciation (depreciation) on:
Investments and other assets		(4,858,708	)
Futures		(259,778	)
Swap agreements		849,919
		(4,268,567	)
Net gain (loss) on investment and foreign currency transactions		(6,398,257	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(4,800,684	)

See Notes to Financial Statements.

44

Statement of Changes in Net Assets (unaudited)

	Six Months Ended January 31, 2017			Year Ended July 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,597,573		$	2,084,577
Net realized gain (loss) on investment and foreign currency transactions		(2,129,690	)		1,030,840
Net change in unrealized appreciation (depreciation) on investments		(4,268,567	)		2,846,143
Net increase (decrease) in net assets resulting from operations		(4,800,684	)		5,961,560
Dividends from net investment income (Note 1)
Class A		(307,699	)		(61,731	)
Class C		(17,816	)		(12,300	)
Class Q		(110,174	)		(236	)
Class R		(92	)		(192	)
Class Z		(1,655,107	)		(2,176,455	)
		(2,090,888	)		(2,250,914	)
Tax return of capital distributions
Class A		—			(8,869	)
Class C		—			(1,767	)
Class Q		—			(34	)
Class R		—			(28	)
Class Z		—			(312,700	)
		—			(323,398	)
Fund share transactions (Note 6)
Net proceeds from shares sold		186,537,685			36,654,523
Net asset value of shares issued in reinvestment of dividends and distributions		2,070,640			2,524,586
Cost of shares reacquired		(42,280,673	)		(29,913,657	)
Net increase (decrease) in net assets from Fund share transactions		146,327,652			9,265,452
Total increase (decrease)		139,436,080			12,652,700
Net Assets:
Beginning of period		116,663,495			104,010,795
End of period	$	256,099,575		$	116,663,495

See Notes to Financial Statements.

Prudential Core Bond Fund 45

Notes to Financial Statements (unaudited)

The Target Portfolio Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended, (“1940 Act”). The Trust currently consists of four series: Prudential Corporate Bond Fund, Prudential Core Bond Fund, Target International Equity Portfolio and Prudential QMA Small-Cap Value Fund. These financial statements relate to Prudential Core Bond Fund (the “Fund”).The financial statements of the other series are not presented herein.

The Fund’s investment objective is total return.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets that are fair valued at the close of each day (generally, 4:00 PM Eastern time) 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting.

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

Derivative instruments, such as futures or options, 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 where the security principally trades. 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.

46

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 OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price is based on 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. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing recent transaction prices for identical or comparable securities.

OTC 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.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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 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.

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted

Prudential Core Bond Fund 47

Notes to Financial Statements (unaudited) (continued)

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

CAS and STACR: The Fund purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the funds. These are insurance-like products that are called CAS by Fannie Mae and STACR securities by Freddie Mac. Payments on the securities are based primarily on the performance of a reference pool of underlying mortgages. With such securities, the Fund could lose some or all of their principal if the underlying mortgages experience credit defaults.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities—at the current 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.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

48

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, forward currency contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (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 currency transactions.

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 Fund 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.” Subsequent payments, known as “variation margin,” are made or received by the Fund 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 (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as a net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. 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. Financial futures contracts involve elements of risk in excess of the amounts reflected on the Statement of Assets and Liabilities. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Options: The Fund may purchase and write 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 or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’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 Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund 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 Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an

Prudential Core Bond Fund 49

Notes to Financial Statements (unaudited) (continued)

adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. OTC options also involve 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 Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When a Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.

Forward Rate Agreements: Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

Swap Agreements: The Fund may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC traded”) or through a central clearing facility, such as a registered commodities exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on

50

investments. Centrally cleared swaps pay or receive an amount, known as “variation margin”, based on daily changes in the valuation of the swap contract. Payments received or paid by the Fund are recorded as realized gains (losses) upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

Interest Rate Swaps: Interest rate swaps represent agreements between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund may be subject to interest rate risk exposure in the normal course of pursuing their investment objectives. The Fund may use interest rate swaps to either maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments using interest rate swap contracts. The Fund’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 (“CDS”): 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. The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter 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. The Fund’s maximum risk of loss from counterparty credit risk for purchased credit default swaps is the inability of the counterparty to honor the contract up to the notional value based on a credit event.

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

The maximum amount of the payment that the Fund as a seller of protection could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default

Prudential Core Bond Fund 51

Notes to Financial Statements (unaudited) (continued)

swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

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

Total Return Swaps: In a total return swap, one party would receive payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pay a fixed amount. The Fund is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Fund entered into total return swaps to manage its exposure to a security or an index. The Fund’s maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, 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 was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

52

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign 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 Fund 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 OTC 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 January 31, 2017, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward rate agreements, written options, 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.

Prudential Core Bond Fund 53

Notes to Financial Statements (unaudited) (continued)

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “income from securities lending, net”.

Dollar Rolls: The Fund entered into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enters into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls.

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 or economic instability or the level of governmental supervision and regulation of foreign securities markets.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on

54

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

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

Dividends and Distributions: The Fund declares dividends from net investment income daily and payment is made monthly. Distributions from net realized capital and currency gains, if any, are paid annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital in excess of par, as appropriate.

Taxes: For federal income tax purposes, the Fund is treated as a separate taxpaying entity. It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains are recorded, net of reclaimable amounts, at the time the related income is earned.

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

Note 2. Agreements

The Trust has entered into management agreement with PI on behalf of the Fund. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income (“PFI”) unit. The subadvisory agreement provides that PFI will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PFI is obligated to keep certain books and records of the Fund. PI pays for the services of PFI, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

Prudential Core Bond Fund 55

Notes to Financial Statements (unaudited) (continued)

The management fee paid to PI is accrued daily and payable monthly at an annual rate of .35% of the Fund’s average daily net assets up to $10 billion and .34% of such assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was .35% for the six months ended January 31, 2017. The effective management fee rate, net of waivers and/or expense reimbursement, was .23%.

PI has contractually agreed through November 30, 2017 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to .45% of the Fund’s average daily net assets. In addition, PI has contractually agreed through November 30, 2017 to limit net annual operating expenses (exclusive of distribution and service (12b-1) fees, transfer agency expenses (including sub-transfer agency and networking fees), taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to .40% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, Class C, Class Q, Class R and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q or Class Z shares of the Fund.

Pursuant to the Fund’s Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .25%, 1% and .75% of the average daily net assets of the Class A, C and R shares. PIMS has contractually agreed through November 30, 2017 to limit such fees to .50% of the average daily net assets of the Class R shares.

PIMS has advised the Fund that it has received $204,501 in front-end sales charges resulting from sales of Class A shares, during the six months ended January 31, 2017. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to sales persons and incurred other distribution costs.

56

PIMS has advised the Fund that for the period ended January 31, 2017, it received $600 and $3,359 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

PI, PGIM, Inc. 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 Fund’s transfer agent. Transfer agent fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates where applicable.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”) and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from the Core Fund and the Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Note 4. Portfolio Securities

The cost of purchases and the proceeds from sales of portfolio securities, (excluding short-term investments and U.S. Treasury securities), for the six months ended January 31, 2017, were $359,796,746 and $228,266,334 respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of January 31, 2017 were as follows:

Tax Basis	$	290,456,847
Unrealized Appreciation		143,271
Unrealized Depreciation		(3,782,408	)
Net Unrealized Depreciation	$	(3,639,137	)

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

Prudential Core Bond Fund 57

Notes to Financial Statements (unaudited) (continued)

For federal income purposes, the Fund had a capital loss carryforward as of the tax period ended July 31, 2016 of approximately $944,000 which can be carried forward for an unlimited period. The Fund utilized approximately $1,012,000 of its capital loss carryforward to offset net taxable capital gains realized in the fiscal period ended July 31, 2016. No capital gain distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

Note 6. Capital

The Fund offers Class A, Class C, Class Q, Class R and Class Z shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase Class A shares in the amount of $1 million or more and sell these shares within 12 months of purchase are not subject to an initial sales charge but are subject to a contingent deferred sales charge (“CDSC”) of 1%, including investors who purchase their shares through broker-dealers affiliated with Prudential. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Class C shares are sold with a CDSC of 1% on sales of shares made within 12 months of purchase. A special exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class R shares are available to certain retirement plans, clearing and settlement firms. Class Q, Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

Under certain limited circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest.

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.

As of January 31, 2017, Prudential owned 1,129 Class C shares, 1,130 Class Q shares and 1,131 Class R shares of the Fund. At reporting period end, four shareholders of record held 94% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

58

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended January 31, 2017:
Shares sold		3,312,217		$	33,045,086
Shares issued in reinvestment of dividends and distributions		30,875			307,124
Shares reacquired		(230,624	)		(2,300,179	)
Net increase (decrease) in shares outstanding		3,112,468		$	31,052,031
Year ended July 31, 2016:
Shares sold		1,810,605		$	18,240,194
Shares issued in reinvestment of dividends and distributions		6,927			69,594
Shares reacquired†		(132,661	)		(1,303,455	)
Net increase (decrease) in shares outstanding		1,684,871		$	17,006,333
Class C
Six months ended January 31, 2017:
Shares sold		146,458		$	1,479,967
Shares issued in reinvestment of dividends and distributions		1,735			17,314
Shares reacquired		(60,032	)		(598,901	)
Net increase (decrease) in shares outstanding		88,161		$	898,380
Year ended July 31, 2016:
Shares sold		222,926		$	2,217,684
Shares issued in reinvestment of dividends and distributions		1,310			13,143
Shares reacquired		(13,076	)		(129,464	)
Net increase (decrease) in shares outstanding		211,160		$	2,101,363
Class Q
Six months ended January 31, 2017:
Shares sold		819,853		$	8,065,923
Shares issued in reinvestment of dividends and distributions		11,197			110,178
Shares reacquired		(94,728	)		(931,111	)
Net increase (decrease) in shares outstanding before conversion		736,322			7,244,990
Shares reacquired upon conversion into other share class(es)		11,555,936			114,403,764
Net increase (decrease) in shares outstanding		12,292,258		$	121,648,754
Year ended July 31, 2016:
Shares issued in reinvestment of dividends and distributions		27.2		$	270
Net increase (decrease) in shares outstanding before conversion		27.2		$	270
Class R
Six months ended January 31, 2017:
Shares issued in reinvestment of dividends and distributions		9		$	92
Net increase (decrease) in shares outstanding		9		$	92
Year ended July 31, 2016:
Shares issued in reinvestment of dividends and distributions		23		$	220
Net increase (decrease) in shares outstanding		23		$	220

Prudential Core Bond Fund 59

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended January 31, 2017:
Shares sold		14,408,694		$	143,946,709
Shares issued in reinvestment of dividends and distributions		164,233			1,635,932
Shares reacquired		(3,880,187	)		(38,450,482	)
Net increase (decrease) in shares outstanding before conversion		10,692,740			107,132,159
Shares reacquired upon conversion into other share class(es)		(11,555,936	)		(114,403,764	)
Net increase (decrease) in shares outstanding		(863,196	)	$	(7,271,605	)
Year ended July 31, 2016:
Shares sold		1,614,599		$	16,196,645
Shares issued in reinvestment of dividends and distributions		245,827			2,441,359
Shares reacquired		(2,878,907	)		(28,480,738	)
Net increase (decrease) in shares outstanding		(1,018,481	)	$	(9,842,734	)

† Includes affiliated redemption of 1,018 shares with a value of $9,952 for Class A shares.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), are 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 October 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. The interest rate on borrowings under the SCA is paid monthly and at a per annum rate based upon the higher of zero percent, the effective federal funds rate, or the One-Month LIBOR rate, plus a contractual spread. Prior to October 6, 2016, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .11% of the unused portion of the SCA. The interest rate on borrowings was substantially the same. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund did not utilize the SCA during the six months ended January 31, 2017.

Note 8. Recent Accounting Pronouncements and Reporting Updates

In December 2016, the FASB released an Accounting Standards Update (“ASU”) that makes technical changes to various sections of the Accounting Standards Codification (“ASC”), including Topic 820, Fair Value Measurement. The changes to Topic 820 are intended to clarify the difference between a valuation approach and a valuation technique. The changes to ASC 820-10-50-2 require a reporting entity to disclose, for Level 2 and Level 3 fair value measurements, a change in either or both a valuation approach and a valuation technique and the reason(s) for the change. The changes to Topic 820 are

60

effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. At this time, management is evaluating the implications of the ASU and its impact on the financial statements and disclosures has not yet been determined.

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. Also under the new rules, the SEC will permit open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

Prudential Core Bond Fund 61

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			February 17, 2015(g) through July 31, 2015
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$10.22			$9.88			$9.99
Income (loss) from investment operations:
Net investment income (loss)		.08			.18			.09
Net realized and unrealized gain (loss) on investments		(.37	)		.39			(.09	)
Total from investment operations		(.29	)		.57			-
Less Dividends and Distributions:
Dividends from net investment income		(.10	)		(.20	)		(.11	)
Tax return of capital distributions		-			(.03	)		-
Total dividends and distributions		(.10	)		(.23	)		(.11	)
Net asset value, end of period		$9.83			$10.22			$9.88
Total Return(a):		(2.82	)%		5.91%			(.05	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$47,383			$17,437			$203
Average net assets (000)		$29,726			$3,049			$78
Ratios to average net assets(c)(d):
Expense after waivers and/or expense reimbursement		.70%	(e)		.70%			.70%	(e)
Expense before waivers and/or expense reimbursement		.82%	(e)		.90%			1.16%	(e)
Net investment income (loss)		1.53%	(e)		1.74%			1.97%	(e)
Portfolio turnover rate(h)		168%	(f)		224%			535%	(f)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Calculated based on average shares outstanding during the period.

(c) Does not include expenses of the underlying portfolios in which the Fund invests.

(d) The distributor of the Fund had contractually agreed to limit its distribution and service (12b-1) fees to .25% of the average daily net assets through March 8, 2015. Effective March 9, 2015, the contractual distribution and service (12b-1) fees were reduced from .30% to .25% of the average daily net assets.

(e) Annualized.

(f) Not annualized.

(g) Commencement of operations.

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

See Notes to Financial Statements.

62

Class C Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			February 17, 2015(f) through July 31, 2015
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$10.23			$9.89			$9.99
Income (loss) from investment operations:
Net investment income (loss)		.04			.11			.05
Net realized and unrealized gain (loss) on investments		(.37	)		.39			(.08	)
Total from investment operations		(.33	)		.50			(.03	)
Less Dividends and Distributions:
Dividends from net investment income		(.06	)		(.14	)		(.07	)
Tax return of capital distributions		-			(.02	)		-
Total dividends and distributions		(.06	)		(.16	)		(.07	)
Net asset value, end of period		$9.84			$10.23			$9.89
Total Return(a):		(3.19)%			5.13%			(.30)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,008			$2,226			$63
Average net assets (000)		$2,787			$880			$16
Ratios to average net assets(c):
Expense after waivers and/or expense reimbursement		1.45%	(d)		1.45%			1.45%	(d)
Expense before waivers and/or expense reimbursement		1.58%	(d)		1.69%			1.82%	(d)
Net investment income (loss)		.73%	(d)		1.08%			1.03%	(d)
Portfolio turnover rate(g)		168%	(e)		224%			535%	(e)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Calculated based on average shares outstanding during the period.

(c) Does not include expenses of the underlying portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

(f) Commencement of operations.

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

See Notes to Financial Statements.

Prudential Core Bond Fund 63

Financial Highlights (unaudited) (continued)

Class Q Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			February 17, 2015(f) through July 31, 2015
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$10.23			$9.88			$9.99
Income (loss) from investment operations:
Net investment income (loss)		.10			.21			.09
Net realized and unrealized gain (loss) on investments		(.37	)		.40			(.08	)
Total from investment operations		(.27	)		.61			.01
Less Dividends and Distributions:
Dividends from net investment income		(.12	)		(.23	)		(.12	)
Tax return of capital distributions		-			(.03	)		-
Total dividends and distributions		(.12	)		(.26	)		(.12	)
Net asset value, end of period		$9.84			$10.23			$9.88
Total Return(a):		(2.67)%			6.32%			.06%
Ratios/Supplemental Data:
Net assets, end of period (000)		$120,948			$11			$10
Average net assets (000)		$8,262			$10			$10
Ratios to average net assets(c):
Expense after waivers and/or expense reimbursement		.40%	(d)		.45%			.45%	(d)
Expense before waivers and/or expense reimbursement		.51%	(d)		.67%			.75%	(d)
Net investment income (loss)		2.07%	(d)		2.15%			2.05%	(d)
Portfolio turnover rate(g)		168%	(e)		224%			535%	(e)

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Calculated based on average shares outstanding during the period.

(c) Does not include expenses of the underlying portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

(f) Commencement of operations.

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

See Notes to Financial Statements.

64

Class R Shares
	Six Months Ended January 31, 2017			Year Ended July 31, 2016			February 17, 2015(f) through July 31, 2015
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$10.23			$9.88			$9.99
Income (loss) from investment operations:
Net investment income (loss)		.06			.16			.07
Net realized and unrealized gain (loss) on investments		(.37	)		.41			(.09	)
Total from investment operations		(.31	)		.57			(.02	)
Less Dividends and Distributions:
Dividends from net investment income		(.09	)		(.19	)		(.09	)
Tax return of capital distributions		-			(.03	)		-
Total dividends and distributions		(.09	)		(.22	)		(.09	)
Net assets, end of period (000)		$9.83			$10.23			$9.88
Total Return(a):		(3.05)%			5.81%			(.16)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10			$11			$10
Average net assets (000)		$10			$10			$10
Ratios to average net assets(c):
Expense after waivers and/or expense reimbursement		.95%	(d)		.95%			.95%	(d)
Expense before waivers and/or expense reimbursement		1.36%	(d)		1.52%			1.64%	(d)
Net investment income (loss)		1.22%	(d)		1.66%			1.56%	(d)
Portfolio turnover rate(g)		168%	(e)		224%			535%	(e)

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Calculated based on average shares outstanding during the period.

(c) Does not include expenses of the underlying portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

(f) Commencement of operations.

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

See Notes to Financial Statements.

Prudential Core Bond Fund 65

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended January 31,			Year Ended July 31,						Nine Months Ended July 31,			Year Ended October 31,
	2017(e)			2016(e)			2015(e)(g)			2014(d)			2013			2012			2011
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$10.23			$9.88			$10.13			$10.30			$10.85			$10.50			$10.96
Income (loss) from investment operations:
Net investment income (loss)		.09			.21			.19			.17			.25			.27			.27
Net realized and unrealized gain (loss) on investments		(.37	)		.40			(.19	)		(.07	)		(.40	)		.56			-	(b)
Total from investment operations		(.28	)		.61			-			.10			(.15	)		.83			.27
Less Dividends and Distributions:
Dividends from net investment income		(.11	)		(.23	)		(.25	)		(.21	)		(.22	)		(.42	)		(.36	)
Tax return of capital distributions		-			(.03	)		-			-			-			-			-
Distributions from net realized gains		-			-			-			(.06	)		(.18	)		(.06	)		(.37	)
Total dividends and distributions		(.11	)		(.26	)		(.25	)		(.27	)		(.40	)		(.48	)		(.73	)
Net asset value, end of period		$9.84			$10.23			$9.88			$10.13			$10.30			$10.85			$10.50
Total Return(a):		(2.70)%			6.32%			(.02)%			1.01%			(1.41)%			8.13%			2.70%
Ratios/Supplemental Data:
Net assets, end of period (000)		$84,750			$96,978			$103,725			$124,058			$131,981			$169,193			$182,371
Average net assets (000)		$146,413			$93,861			$114,825			$127,349			$149,452			$177,149			$210,348
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.45%	(h)		.45%			.61%			.77%	(h)		.71%			.66%			.66%
Expenses before waivers and/or expense reimbursement		.57%	(h)		.75%			.78%			.77%	(h)		.71%			.66%			.66%
Net investment income (loss)		1.72%	(h)		2.15%			1.88%			2.22%	(h)		2.33%			2.50%			2.61%
Portfolio turnover rate(f)		168%	(i)		224%			535%			234%	(i)		193%			175%			392%

(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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Less than $0.005 per share.

(c) Does not include expenses of the underlying portfolios in which the Fund invests.

(d) 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.

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

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

(g) Class T shares were renamed Class Z shares effective February 17, 2015.

(h) Annualized.

(i) Not annualized.

See Notes to Financial Statements.

66

∎   MAIL	∎   TELEPHONE	∎   WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of Trustees has delegated to the Fund’s investment subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website at www.sec.gov.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

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 • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Core Bond Fund, Prudential Investments, Attn: Board of Trustees, 655 Broad Street, 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 Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

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

PRUDENTIAL CORE BOND FUND

SHARE CLASS	A	C	Q	R	Z
NASDAQ	TPCAX	TPCCX	TPCQX	TPCRX	TAIBX
CUSIP	875921769	875921751	875921744	875921736	875921801

MF226E2

Item 2 –	Code of Ethics – Not required, as this is not an annual filing.
Item 3 –	Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 –	Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 –	Audit Committee of Listed Registrants – Not applicable.
Item 6 –	Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.
Item 10 –	Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11 –	Controls and Procedures

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

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

Item 12 – Exhibits

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

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

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

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

SIGNATURES

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

Registrant:	The Target Portfolio Trust
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	March 22, 2017

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:	March 22, 2017
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	March 22, 2017