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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-07064
Exact name of registrant as specified in charter:	The Target Portfolio Trust
Address of principal executive offices:	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:	7/31/2017
Date of reporting period:	7/31/2017

Item 1 – Reports to Stockholders

     TARGET INTERNATIONAL EQUITY PORTFOLIO

ANNUAL REPORT

JULY 31, 2017

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

Objective: Capital appreciation

*** Your Proxy Vote is Critical ***

For shareholders of record on August 14^th 2017, you may have received a very important package regarding a Special Shareholder Meeting scheduled for October 30, 2017. The package includes:

• A description of the proxy proposals

• Several voting options that enable you to vote on these issues quickly and easily

PLEASE

• Read the information carefully!

• Vote your proxy immediately—doing so will enable us to hold the shareholder meeting on time and save the expense of additional solicitation costs if not enough shareholders vote.

The proxy statement is also available online at WWW.PGIMINVESTMENTS.COM/FUNDCHANGES.

Prudential has retained a proxy solicitor D.F. King & Co., Inc. to assist in the solicitation of proxies, primarily by contacting shareholders by telephone.

If you have any proxy-related questions please call the DF King toll-free information line at 1-866-828-6951.

Thank you in advance for your vote!

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.

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 annual report for the Target International Equity Portfolio informative and useful. The report covers performance for the 12-month period ended July 31, 2017.

Effective April 3, 2017, Prudential Investments became known as PGIM^® Investments. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded

from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and its management and operation will not change.

Major global events during the reporting period included the US presidential election and domestic issues related to the new administration’s policy initiatives. The US economy experienced weak growth during the first quarter of 2017, although stronger growth took place in the second quarter. Britain began its formal legal process to leave the European Union, and recent parliamentary elections in Britain resulted in unseating the majority party. Overall, global economic growth picked up slightly.

Equities in the US reached new highs, and international equities gained significantly. European stocks posted impressive results. Asian markets were solid, and emerging markets outperformed most regions.

In mid-June, the Federal Reserve raised its Federal Funds rate by 0.25% for the second time in 2017. Fixed income markets were mixed, as rising interest rates affected bond markets. High yield and emerging markets bonds were among the top performers.

Given the uncertainty in today’s investment environment, we believe that active professional portfolio management offers a potential advantage. Active managers often have the knowledge and flexibility to find the best investment opportunities in the most challenging markets.

Even so, it’s best if investment decisions are based on your long-term goals rather than on short-term market and economic developments. We also encourage you to work with an experienced financial advisor who can help you set goals, determine your tolerance for risk, and build a diversified plan that’s right for you and make adjustments when necessary.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. We’re part of PGIM, a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds

Sincerely,

Stuart S. Parker, President

Target International Equity Portfolio

September 15, 2017

Target International Equity Portfolio 3

Your Portfolio’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.pgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 7/31/17
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class Q	18.57	8.46	N/A	4.30 (3/1/11)
Class R	17.82	7.83	0.71	—
Class Z*	18.42	8.36	1.21	—
MSCI EAFE ND Index	17.77	9.06	1.46	—
Lipper Customized Blend Funds Average**	18.23	8.73	1.46	—
Lipper International Multi-Cap Value Funds Average*	20.49	8.39	0.63	—

*Prior to April 13, 2017, Class Z shares were known as Class T shares.

**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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Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Target International Equity Portfolio (Class Z) with a similar investment in the Morgan Stanley Capital International Europe, Australasia, Far East Net Dividend Index (MSCI EAFE ND Index) by portraying the initial account values at the beginning of the 10-year period (July 31, 2007) and the account values at the end of the current fiscal year (July 31, 2017), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for Class Q and Class R shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

Source: PGIM Investments LLC and Lipper Inc.

Target International Equity Portfolio 5

Your Portfolio’s Performance (continued)

The Since Inception returns for the Index and the Lipper Averages are measured from the closest month-end to the Fund’s inception date. Inception returns are provided for any share class with less than 10 fiscal 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 Z
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 average annual total returns for the Index measured from the month-end closest to the inception date through 7/31/17 is 4.61% 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 average annual total returns for the Average measured from the month-end closest to the inception date through 7/31/17 is 4.35% 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 average annual total returns for the Average measured from the month-end closest to the inception date through 7/31/17 is 3.52% for Class Q 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 Averages reflect the deduction of operating expenses, but not sales charges or taxes.

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Strategy and Performance Overview

How did the Fund perform?

The Target International Equity Portfolio’s Class Z shares returned 18.42% for the 12 months ended July 31, 2017. This compares with the 17.77% return of the MSCI EAFE ND Index (the Index), and the 20.49% return of the Lipper International Multi-Cap Value Funds Average.

What were market conditions?

• A stronger euro and yen, stabilizing energy prices, and a rebound in emerging markets were key influences on the global economic landscape in the period.

• At the start of the reporting period, and for 2016, energy and materials drove returns; the financials sector was also a strong contributor in the fourth quarter of 2016. Both energy and materials returned over 25% for the year, as these sectors rebounded strongly off their bottom following Janet Yellen’s testimony before Congress where she said that economic risks had intensified, and that rate increases would be more gradual. At that point, the US dollar topped off near term, and the prices of oil and gold partially recovered from the drubbing they had taken over the previous few years. Later in the fourth quarter, and specifically after the election, financials dominated, as prospects of higher interest rates and better margins boosted the outlook for both banks and insurance companies. The three sectors delivered the strongest positive returns in the fourth quarter, and were the leading contributors to positive performance for the year.

• Markets began 2017 aided by a stronger euro and yen versus the dollar—most likely due to investors’ expectations for tapering by central banks in Europe and Japan—given new signs of growth. In January, for the first time in almost four years, none of the eurozone’s 19 members experienced deflation. Further, eurozone factory activity rose to a six-year high, while the jobless rate fell to an eight-year low. Additionally, Japan’s long-stagnant economy delivered its fourth consecutive quarter of growth. The European Central Bank (ECB) and the Bank of Japan (BOJ) left their stimulus programs unchanged.

• During the first quarter of 2017, international investors started to favor technology and consumer-related sectors in the wake of the US elections, thus benefiting growth fund managers. Emerging markets notably outperformed developed markets, as the likelihood of the trade sanctions initially advocated by President Trump during his campaign were perceived to be considerably less likely. Contrary to 2016, within emerging markets, exposures to China and India helped, while oil-producing countries faced headwinds, as the price of oil stabilized.

• Europe’s slow-but-steady recovery continued toward the end of the reporting period, with a number of economic indicators showing strong improvement. Many investors, wary about the inconsistency of Europe’s performance over the past several years, appeared convinced that current economic growth has become sustainable. This sentiment was supported by ECB policy, which signaled confidence but remained accommodative and stimulative. Election results in France also brought a measure of elation to Europe, though the UK election raised uncertainty about government stability as well as ongoing Brexit negotiations.

Target International Equity Portfolio 7

Strategy and Performance Overview (continued)

• Overall, international stocks finished on top, as emerging markets stocks rallied against developed markets and large-cap US stocks.

What worked?

• The Fund’s overall stock selection and allocation effects were positive during the period. Several sectors, such as industrials, real estate and energy, contributed to solid relative performance. Additionally, maintaining underweight exposure to weak-performing groups such as real estate, health care and consumer staples sectors was beneficial.

• The Fund’s regional exposures contributed to results relative to the Index. Exposure to the Pacific Rim and to Western Europe were also beneficial during the period.

• Within LSV Asset Management’s portion of the Fund, stock selection and allocation effects contributed to relative results during the period as positive results were earned in eight of the Index’s eleven sectors. Major contributors came from the industrials and financials sectors. From a country perspective, stock selection benefited most from names held in the Pacific Rim and Western Europe.

What didn’t work?

• From a sector perspective, results were weakest in the consumer discretionary and telecommunications groups. A small cash position also detracted from relative results.

• Lazard Asset Management’s portion of the Fund struggled during the period due to negative stock selection and allocation effects. Regarding allocation, this subadviser maintained an underweight position in two of the Index’s best performing groups: financials and materials.

• Regarding Lazard’s stock selection, results were weak in a majority of sectors. The industrials, financials and health care groups saw the biggest declines.

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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 held through the six-month period ended July 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 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 paid over the period and the impact of these fees on your ending account value, as these additional

Target International Equity Portfolio 9

Fees and Expenses (continued)

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 February 1, 2017		Ending  Account Value July 31, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class Q	Actual	$	1,000.00	$	1,140.70		0.83	%	$	4.41
	Hypothetical	$	1,000.00	$	1,020.68		0.83	%	$	4.16
Class R	Actual	$	1,000.00	$	1,137.50		1.43	%	$	7.58
	Hypothetical	$	1,000.00	$	1,017.70		1.43	%	$	7.15
Class Z	Actual	$	1,000.00	$	1,139.70		0.93	%	$	4.93
	Hypothetical	$	1,000.00	$	1,020.18		0.93	%	$	4.66

*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 181 days in the six-month period ended July 31, 2017, and divided by the 365 days in the Fund’s fiscal year ended 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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Schedule of Investments

as of July 31, 2017

Description	Shares		Value
LONG-TERM INVESTMENTS    98.1%
COMMON STOCKS
Australia    5.2%
Arrium Ltd.*^		783,800	$	63
Asaleo Care Ltd.		385,000		409,881
Ausdrill Ltd.		101,200		157,512
Australia & New Zealand Banking Group Ltd.		38,100		903,319
Bank of Queensland Ltd.		100,769		971,352
Bendigo & Adelaide Bank Ltd.		77,000		684,905
BHP Billiton PLC		184,761		3,368,936
Caltex Australia Ltd.		104,851		2,612,968
CSR Ltd.		247,500		776,587
Downer EDI Ltd.		174,800		889,746
Fortescue Metals Group Ltd.		195,100		896,721
Harvey Norman Holdings Ltd.(a)		183,200		640,567
LendLease Group		103,900		1,401,427
Metcash Ltd.		470,100		985,631
Mineral Resources Ltd.		69,900		687,288
Myer Holdings Ltd.(a)		598,900		363,739
National Australia Bank Ltd.		35,768		857,459
Qantas Airways Ltd.		296,649		1,260,780
Seven Group Holdings Ltd.		4,600		44,024
Seven West Media Ltd.		535,500		346,946
Wesfarmers Ltd.		36,700		1,195,892
				19,455,743
Austria    0.9%
OMV AG		40,400		2,288,538
voestalpine AG		24,500		1,241,752
				3,530,290
Belgium    1.2%
AGFA-Gevaert NV*		121,300		565,564
Anheuser-Busch InBev SA/NV		23,220		2,801,079
KBC Group NV		14,244		1,177,605
				4,544,248
Brazil    0.4%
BB Seguridade Participacoes SA		164,900		1,449,455
Canada    1.7%
Canadian National Railway Co.		24,040		1,899,676
National Bank of Canada		42,400		1,909,573

See Notes to Financial Statements.

Target International Equity Portfolio 11

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Canada (cont’d.)
Suncor Energy, Inc.		79,530	$	2,594,333
				6,403,582
China    0.3%
China Resources Cement Holdings Ltd.		946,000		562,742
CITIC Telecom International Holdings Ltd.		1,598,600		486,685
				1,049,427
Denmark    1.8%
A.P. Moller-Maersk A/S (Class B Stock)		999		2,180,658
Carlsberg A/S (Class B Stock)		16,450		1,827,581
Danske Bank A/S		46,600		1,887,192
Dfds A/S		14,300		815,597
				6,711,028
Finland    1.3%
Sampo Oyj (Class A Stock)		41,020		2,243,442
Tieto Oyj		16,100		510,756
UPM-Kymmene Oyj		77,400		2,107,062
				4,861,260
France    11.3%
Air Liquide SA		19,943		2,445,277
Airbus SE		14,229		1,188,924
Arkema SA		7,500		853,763
Atos SE		12,700		1,930,846
AXA SA		34,900		1,030,715
BNP Paribas SA		19,400		1,503,411
Capgemini SE		29,369		3,197,378
Carrefour SA		62,400		1,498,852
Cie Generale des Etablissements Michelin		33,052		4,476,420
CNP Assurances		44,800		1,081,543
Credit Agricole SA		75,300		1,321,688
Electricite de France SA		61,400		623,247
Engie SA		71,900		1,158,032
Orange SA		118,100		1,987,248
Renault SA		12,000		1,081,099
Sanofi		44,700		4,259,405
SCOR SE		26,000		1,096,568
Societe Generale SA		25,100		1,471,727
Sopra Steria Group		4,700		812,792
TOTAL SA		48,500		2,466,396

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
Valeo SA		56,332	$	3,900,334
Vinci SA		38,036		3,405,974
				42,791,639
Germany    7.8%
Allianz SE		11,100		2,366,046
Aurubis AG(a)		10,100		899,129
BASF SE		15,800		1,504,155
Bayer AG		13,600		1,722,586
Bayerische Motoren Werke AG		18,800		1,727,328
Daimler AG		30,700		2,150,982
Deutsche Bank AG		45,100		803,123
Deutsche Lufthansa AG		50,300		1,080,190
Deutsche Post AG		80,603		3,126,786
Evonik Industries AG		28,900		984,261
Hannover Rueck SE		6,900		870,906
METRO AG		45,200		507,928
Metro Wholesale & Food Specialist AG*		45,200		913,107
Muenchener Rueckversicherungs-Gesellschaft AG		8,700		1,868,749
Rheinmetall AG		15,300		1,526,781
SAP SE		35,382		3,746,419
Siemens AG		11,100		1,506,283
STADA Arzneimittel AG(a)		2,700		210,220
Uniper SE		48,500		999,532
Volkswagen AG		7,300		1,147,890
				29,662,401
Hong Kong    2.2%
Cheung Kong Property Holdings Ltd.		58,900		476,314
Kingboard Chemical Holdings Ltd.		240,500		1,082,762
Lee & Man Paper Manufacturing Ltd.		1,351,600		1,439,389
Skyworth Digital Holdings Ltd.		1,483,300		794,714
Tongda Group Holdings Ltd.(a)		2,621,800		760,534
WH Group Ltd., 144A		1,975,000		1,851,844
Wheelock & Co. Ltd.		113,000		851,511
Yue Yuen Industrial Holdings Ltd.		249,300		1,029,276
				8,286,344
Ireland    0.9%
Ryanair Holdings PLC, ADR*		17,376		1,969,222
Smurfit Kappa Group PLC		49,900		1,484,072
				3,453,294

See Notes to Financial Statements.

Target International Equity Portfolio 13

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Israel    0.4%
Bank Hapoalim BM		110,800	$	767,490
Teva Pharmaceutical Industries Ltd.		20,600		664,771
				1,432,261
Italy    1.8%
Astaldi SpA		57,600		382,602
Enel SpA		495,000		2,823,620
Leonardo SpA		23,800		414,745
Mediobanca SpA		96,700		1,008,927
UniCredit SpA*		116,925		2,298,029
				6,927,923
Japan    21.1%
ABC-Mart, Inc.		13,800		786,890
Aoyama Trading Co. Ltd.		13,700		477,544
Asahi Kasei Corp.		107,000		1,221,934
Astellas Pharma, Inc.		90,700		1,155,113
cocokara fine, Inc.		16,600		867,464
Concordia Financial Group Ltd.		148,000		746,319
Daiwa House Industry Co. Ltd.		122,380		4,268,786
Don Quijote Holdings Co. Ltd.		79,500		2,887,347
Dowa Holdings Co. Ltd.		106,000		855,776
Enplas Corp.		14,300		588,498
Fujikura Ltd.		234,900		1,977,685
Fuyo General Lease Co. Ltd.		18,600		1,090,452
Heiwa Corp.		43,400		954,775
Hoshizaki Corp.		11,700		1,132,520
Isuzu Motors Ltd.		257,200		3,526,778
Japan Airlines Co. Ltd.		29,800		962,821
Kaneka Corp.		80,000		641,053
Kao Corp.		24,560		1,495,324
KDDI Corp.		161,900		4,289,861
Keihin Corp.		43,200		621,602
Keiyo Bank Ltd. (The)		128,000		541,551
KYORIN Holdings, Inc.		32,700		698,032
Kyowa Exeo Corp.		47,500		810,986
Lintec Corp.		34,900		847,253
Makita Corp.		56,000		2,190,469
Marubeni Corp.		150,500		997,285
Matsumotokiyoshi Holdings Co. Ltd.		17,100		1,054,484
Mazda Motor Corp.		49,200		739,614
Medipal Holdings Corp.		14,700		269,002

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Mitsubishi Gas Chemical Co., Inc.		37,700	$	869,799
Mitsubishi UFJ Financial Group, Inc.		271,300		1,721,158
Mixi, Inc.		19,300		1,060,721
Mizuho Financial Group, Inc.		681,100		1,211,252
NEC Corp.		248,000		674,174
Nichi-iko Pharmaceutical Co. Ltd.(a)		28,200		432,009
Nippon Telegraph & Telephone Corp.		80,200		3,924,844
Nishi-Nippon Financial Holdings, Inc.		66,740		750,895
Nissan Motor Co. Ltd.		194,800		1,934,221
Nisshinbo Holdings, Inc.		65,300		661,268
NTT DOCOMO, Inc.		40,300		935,846
Resona Holdings, Inc.		367,400		1,892,720
Sankyu, Inc.		90,000		677,866
Sawai Pharmaceutical Co. Ltd.		7,200		405,804
Seino Holdings Co. Ltd.		66,300		892,721
Seven & i Holdings Co. Ltd.		32,500		1,309,902
Shimachu Co. Ltd.		27,300		683,149
Shinko Electric Industries Co. Ltd.		62,000		451,110
Ship Healthcare Holdings, Inc.		22,200		681,324
Shizuoka Gas Co. Ltd.		17,100		129,339
SKY Perfect JSAT Holdings, Inc.		166,600		747,872
Sony Corp.		75,000		3,081,323
Sumitomo Heavy Industries Ltd.		134,000		976,917
Sumitomo Mitsui Financial Group, Inc.		106,300		4,101,671
Sumitomo Osaka Cement Co. Ltd.		202,200		946,461
T-Gaia Corp.		26,700		534,343
Toagosei Co. Ltd.		61,700		744,228
Toho Holdings Co. Ltd.		31,400		620,737
Tokai Rika Co. Ltd.		53,600		984,225
Towa Pharmaceutical Co. Ltd.		9,000		434,719
Toyo Tire & Rubber Co. Ltd.		36,200		743,061
Toyoda Gosei Co. Ltd.		34,100		804,574
Toyota Motor Corp.		15,964		899,729
Tsubakimoto Chain Co.		83,800		710,996
Ube Industries Ltd.		482,000		1,305,677
United Arrows Ltd.		28,800		872,879
Yamaha Corp.		7,400		261,688
Yokohama Rubber Co. Ltd. (The)		50,750		1,021,988
				79,790,428
Liechtenstein    0.1%
VP Bank AG		1,895		238,663

See Notes to Financial Statements.

Target International Equity Portfolio 15

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Luxembourg    0.3%
RTL Group SA		1,656	$	128,830
Tenaris SA		63,676		1,007,510
				1,136,340
Netherlands    3.7%
Aegon NV		106,800		598,660
ING Groep NV		93,600		1,748,801
Koninklijke Ahold Delhaize NV		36,600		748,616
Koninklijke KPN NV		356,286		1,292,013
Koninklijke Philips NV		22,000		840,750
NN Group NV		25,600		1,037,664
Royal Dutch Shell PLC (Class A Stock)(XLON)		130,250		3,678,446
Royal Dutch Shell PLC (Class B Stock)		40,100		1,142,358
Wolters Kluwer NV		63,489		2,823,564
				13,910,872
New Zealand    0.5%
Air New Zealand Ltd.		501,100		1,261,553
Fletcher Building Ltd.		126,700		760,573
				2,022,126
Norway    2.2%
DNB ASA		97,000		1,905,515
Marine Harvest ASA*		37,000		689,809
Salmar ASA		1,500		38,998
Statoil ASA		127,647		2,399,008
Telenor ASA		115,209		2,299,981
Yara International ASA		22,900		910,188
				8,243,499
Portugal    0.3%
EDP - Energias de Portugal SA		316,500		1,123,712
Singapore    1.6%
DBS Group Holdings Ltd.		244,200		3,895,876
NetLink NBN Trust*		1,749,900		1,052,406
United Overseas Bank Ltd.		69,400		1,228,075
				6,176,357
South Africa    0.2%
Mondi PLC		28,300		745,406

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Spain    2.1%
Banco Bilbao Vizcaya Argentaria SA		93,500	$	845,956
Banco Santander SA		128,417		874,282
Distribuidora Internacional de Alimentacion SA		162,500		1,094,518
Gas Natural SDG SA		46,500		1,088,284
Iberdrola SA		158,100		1,246,288
Red Electrica Corp. SA		64,402		1,379,705
Repsol SA		88,500		1,482,184
				8,011,217
Sweden    2.8%
Assa Abloy AB (Class B Stock)		133,645		2,863,071
Boliden AB		39,200		1,230,646
JM AB		21,500		754,631
Nordea Bank AB		293,503		3,703,387
SAS AB*		285,948		683,496
Swedbank AB (Class A Stock)		27,400		714,520
Telia Co. AB		164,900		775,172
				10,724,923
Switzerland    6.5%
Aryzta AG*		19,800		636,272
Autoneum Holding AG		2,600		624,777
Baloise Holding AG		10,200		1,638,794
Cembra Money Bank AG*		4,200		376,762
Credit Suisse Group AG*		75,100		1,154,414
Ferguson PLC		47,069		2,810,392
Georg Fischer AG		1,280		1,455,798
Helvetia Holding AG		1,700		950,173
Julius Baer Group Ltd.*		26,408		1,494,878
Novartis AG		52,419		4,464,934
Roche Holding AG		9,300		2,354,474
Swiss Life Holding AG*		7,100		2,591,164
Swiss Re AG		24,500		2,362,101
UBS Group AG*		104,300		1,813,826
				24,728,759
Taiwan    0.6%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		57,100		2,053,316
Turkey    0.3%
Turkiye Garanti Bankasi AS		368,220		1,102,704

See Notes to Financial Statements.

Target International Equity Portfolio 17

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom    16.0%
3i Group PLC		155,800	$	1,923,372
Amec Foster Wheeler PLC		27,600		161,899
Aviva PLC		159,700		1,135,152
BAE Systems PLC		274,300		2,176,249
Barclays PLC		229,000		614,007
Barratt Developments PLC		125,500		1,019,274
Beazley PLC		124,500		841,383
Bellway PLC		37,800		1,591,709
Berkeley Group Holdings PLC		21,600		996,158
Bovis Homes Group PLC		69,200		923,835
BP PLC		398,300		2,339,516
British American Tobacco PLC		63,566		3,954,171
BT Group PLC		487,000		2,015,353
Carillion PLC(a)		188,500		141,151
Centrica PLC		319,200		836,199
ConvaTec Group PLC, 144A*		375,332		1,538,295
Debenhams PLC		308,200		174,862
Diageo PLC		70,439		2,274,966
easyJet PLC		44,500		725,812
GKN PLC		238,100		1,010,106
GlaxoSmithKline PLC		173,900		3,461,824
Go-Ahead Group PLC		24,800		587,698
Howden Joinery Group PLC		188,629		1,057,993
Inchcape PLC		61,900		656,164
Informa PLC		164,531		1,509,051
Intermediate Capital Group PLC		53,400		638,505
International Consolidated Airlines Group SA		124,600		950,259
J Sainsbury PLC		569,000		1,838,418
Kingfisher PLC		296,800		1,151,809
Legal & General Group PLC		284,500		1,007,335
Lloyds Banking Group PLC		1,253,300		1,083,526
Man Group PLC		366,600		773,940
Marks & Spencer Group PLC		245,300		1,042,554
Marston’s PLC		87,720		134,301
Meggitt PLC		116,500		773,241
Old Mutual PLC		318,612		826,379
Paragon Group of Cos. PLC (The)		142,700		814,860
Provident Financial PLC		10,448		284,425
Prudential PLC		208,885		5,096,900
Redrow PLC		149,800		1,170,595
RELX PLC		133,766		2,913,596
Rio Tinto Ltd.		20,100		1,059,582

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Royal Mail PLC		124,900	$	664,140
SSE PLC		70,600		1,284,807
Unilever PLC		53,072		3,026,843
Vesuvius PLC		48,900		350,483
				60,552,697
United States     2.6%
Aon PLC		23,170		3,201,399
Boart Longyear Ltd.*		56,600		2,399
Medtronic PLC		34,690		2,912,919
Shire PLC		67,511		3,774,029
				9,890,746
TOTAL LONG-TERM INVESTMENTS (cost $304,506,767)				371,010,660
SHORT-TERM INVESTMENTS     2.0%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		3,884,787		3,884,787
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $3,727,483; includes $3,724,229 of cash collateral for securities on loan)(b)(w)		3,727,262		3,727,634
TOTAL SHORT-TERM INVESTMENTS (cost $7,612,270)				7,612,421
TOTAL INVESTMENTS    100.1% (cost $312,119,037)				378,623,081
Liabilities in excess of other assets    (0.1)%				(391,628	)
NET ASSETS    100.0%			$	378,231,453

The following abbreviations are used in the annual 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 $63 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 $3,353,719; cash collateral of $3,724,229 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

See Notes to Financial Statements.

Target International Equity Portfolio 19

Schedule of Investments (continued)

as of July 31, 2017

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—unadjusted 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 July 31, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	—	$	19,455,680	$	63
Austria		—		3,530,290		—
Belgium		—		4,544,248		—
Brazil		1,449,455		—		—
Canada		6,403,582		—		—
China		—		1,049,427		—
Denmark		—		6,711,028		—
Finland		—		4,861,260		—
France		—		42,791,639		—
Germany		913,107		28,749,294		—
Hong Kong		—		8,286,344		—
Ireland		1,969,222		1,484,072		—
Israel		—		1,432,261		—
Italy		—		6,927,923		—
Japan		—		79,790,428		—
Liechtenstein		—		238,663		—
Luxembourg		—		1,136,340		—
Netherlands		—		13,910,872		—
New Zealand		—		2,022,126		—
Norway		—		8,243,499		—
Portugal		—		1,123,712		—
Singapore		1,052,406		5,123,951		—
South Africa		—		745,406		—
Spain		—		8,011,217		—
Sweden		—		10,724,923		—
Switzerland		—		24,728,759		—
Taiwan		2,053,316		—		—
Turkey		—		1,102,704		—
United Kingdom		—		60,552,697		—

See Notes to Financial Statements.

20

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
United States	$	6,114,318	$	3,776,428	$	—
Affiliated Mutual Funds		7,612,421		—		—
Total	$	27,567,827	$	351,055,191	$	63

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	$	5,609,055		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 July 31, 2017 were as follows (unaudited):

Banks	12.0	%
Insurance	8.8
Oil, Gas & Consumable Fuels	5.6
Pharmaceuticals	5.4
Auto Components	3.8
Diversified Telecommunication Services	3.7
Automobiles	3.5
Chemicals	3.3
Food & Staples Retailing	3.0
Metals & Mining	2.7
Household Durables	2.7
Airlines	2.4
Capital Markets	2.3
Electric Utilities	2.2
Affiliated Mutual Funds (including 1.0% of collateral for securities on loan)	2.0
Real Estate Management & Development	1.9
Beverages	1.8
Machinery	1.8
IT Services	1.7
Professional Services	1.5
Wireless Telecommunication Services	1.4
Multiline Retail	1.4
Specialty Retail	1.3
Personal Products	1.3
Trading Companies & Distributors	1.3
Construction & Engineering	1.3
Aerospace & Defense	1.2
Industrial Conglomerates	1.2
Health Care Equipment & Supplies	1.2
Paper & Forest Products	1.1
Road & Rail	1.1
Tobacco	1.0
Air Freight & Logistics	1.0
Biotechnology	1.0	%
Software	1.0
Food Products	0.8
Construction Materials	0.8
Marine	0.8
Building Products	0.8
Media	0.7
Semiconductors & Semiconductor Equipment	0.7
Electronic Equipment, Instruments & Components	0.6
Multi-Utilities	0.5
Electrical Equipment	0.5
Health Care Providers & Services	0.4
Containers & Packaging	0.4
Gas Utilities	0.3
Leisure Products	0.3
Energy Equipment & Services	0.3
Diversified Financial Services	0.3
Internet Software & Services	0.3
Textiles, Apparel & Luxury Goods	0.3
Independent Power & Renewable Electricity Producers	0.3
Commercial Services & Supplies	0.2
Thrifts & Mortgage Finance	0.2
Technology Hardware, Storage & Peripherals	0.2
Consumer Finance	0.2
Distributors	0.2
Health Care Technology	0.1
Hotels, Restaurants & Leisure	0.0	*
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

Target International Equity Portfolio 21

Schedule of Investments (continued)

as of July 31, 2017

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Amounts of Recognized Assets(1)		Collateral Received(2)			Net Amount
Securities on Loan	$	3,353,719	$	(3,353,719	)	$	—

(1) Amount represents market value.

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

See Notes to Financial Statements.

22

This Page Intentionally Left Blank

Statement of Assets & Liabilities

as of July 31, 2017

Assets
Investments at value, including securities on loan of $3,353,719:
Unaffiliated investments (cost $304,506,767)	$	371,010,660
Affiliated investments (cost $7,612,270)		7,612,421
Cash		405
Foreign currency, at value (cost $2,842,739)		2,879,635
Tax reclaim receivable		1,805,576
Receivable for investments sold		911,298
Receivable for Trust shares sold		310,827
Dividends receivable		170,396
Total assets		384,701,218
Liabilities
Payable to broker for collateral for securities on loan		3,724,229
Payable for investments purchased		1,386,585
Payable for Trust shares reacquired		387,153
Loan payable		349,000
Management fee payable		222,665
Accrued expenses and other liabilities		186,326
Distribution fee payable		140,548
Affiliated transfer agent fee payable		72,779
Deferred trustees’ fees		480
Total liabilities		6,469,765
Net Assets	$	378,231,453
Net assets were comprised of:
Shares of beneficial interest, at par	$	26,900
Paid-in capital in excess of par		313,305,299
		313,332,199
Undistributed net investment income		4,145,800
Accumulated net realized loss on investment and foreign currency transactions		(5,810,650	)
Net unrealized appreciation on investments		66,564,104
Net assets, July 31, 2017	$	378,231,453

See Notes to Financial Statements.

24

Class Q
Net asset value, offering price and redemption price per share, ($84,957 ÷ 6,020 shares of beneficial interest issued and outstanding)	$	14.11
Class R
Net asset value, offering price and redemption price per share, ($334,497,231 ÷ 23,799,760 shares of beneficial interest issued and outstanding)	$	14.05
Class Z
Net asset value, offering price and redemption price per share, ($43,649,265 ÷ 3,094,022 shares of beneficial interest issued and outstanding)	$	14.11

See Notes to Financial Statements.

Target International Equity Portfolio 25

Statement of Operations

Year Ended July 31, 2017

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $1,237,103)	$	12,028,884
Affiliated dividend income		58,947
Income from securities lending, net (including affiliated income of $1,940)		49,268
Total income		12,137,099
Expenses
Management fee		2,568,464
Distribution fee—Class R		2,430,971
Transfer agent’s fees and expenses (including affiliated expense of $418,200)		397,000
Custodian and accounting fees		266,000
Shareholders’ reports		56,000
Registration fees		54,000
Audit fee		35,000
Legal fees and expenses		22,000
Trustees’ fees		15,000
Commitment fee on syndicated credit agreement		7,000
Loan interest expense		5,986
Miscellaneous		66,638
Total expenses		5,924,059
Less: Distribution fee waiver—Class R		(810,324	)
Net expenses		5,113,735
Net investment income (loss)		7,023,364
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $116)		2,261,724
Foreign currency transactions		(113,655	)
		2,148,069
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $151)		52,341,269
Foreign currencies		60,656
		52,401,925
Net gain (loss) on investment and foreign currency transactions		54,549,994
Net Increase (Decrease) In Net Assets Resulting From Operations	$	61,573,358

See Notes to Financial Statements.

26

Statement of Changes in Net Assets

	Year Ended July 31,
	2017			2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	7,023,364		$	7,127,935
Net realized gain (loss) on investment and foreign currency transactions		2,148,069			(59,028,673	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		52,401,925			(20,584,482	)
Net increase (decrease) in net assets resulting from operations		61,573,358			(72,485,220	)
Dividends and Distributions
Dividends from net investment income
Class Q		(680	)		(4,810,734	)
Class R		(5,313,374	)		(4,528,812	)
Class Z		(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 Z		—			(341,086	)
		—			(3,874,809	)
Trust share transactions
Net proceeds from shares sold		53,429,209			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		(97,155,387	)		(270,711,984	)
Net increase (decrease) in net assets from Trust share transactions		(37,510,863	)		(103,525,978	)
Total increase (decrease)		17,840,490			(190,247,625	)
Net Assets:
Beginning of year		360,390,963			550,638,588
End of year(a)	$	378,231,453		$	360,390,963
(a) Includes undistributed net investment income of:	$	4,145,800		$	3,130,705

See Notes to Financial Statements.

Target International Equity Portfolio 27

Notes to Financial Statements

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust 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 Target International Equity Portfolio (the “Portfolio”). The financial statements of the other series are not presented herein. The Portfolio is diversified.

The investment objective of the Portfolio is capital appreciation.

Effective April 13, 2017, the Class T shares were renamed to Class Z.

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 and liabilities 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 PGIM Investments LLC (“PGIM Investments” or “the Manager”) (formerly known as Prudential Investments LLC). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. 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 Schedule 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

28

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. 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.

Foreign equities traded on foreign securities exchanges are generally 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 stock valuation policies 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 unaffiliated mutual funds to calculate their net asset values.

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Portfolio 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

Target International Equity Portfolio 29

Notes to Financial Statements (continued)

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 Portfolio has valued the investment. Therefore, the Portfolio 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 Portfolio’s Subadviser under the guidelines adopted by the Trustees of the Portfolio. However, the liquidity of the Portfolio’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 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 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 Portfolio are presented at the foreign exchange rates and market values at the close of the period, the Portfolio 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 Portfolio 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.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, forward currency contracts, 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 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 currencies.

30

Master Netting Arrangements: The Trust, on behalf of 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. A master netting arrangement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolio to cover the Portfolio’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to 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.

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 Portfolio securities identical to the loaned securities. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral. The Portfolio recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned 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”.

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 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 debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an

Target International Equity Portfolio 31

Notes to Financial Statements (continued)

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: 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 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, if any, 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 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 the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, 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.

2. Agreements

The Trust, on behalf of the Portfolio, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services. PGIM Investments has entered into a subadvisory agreements with each of LSV Asset Management (“LSV”) and Lazard Asset Management LLC, each a Subadviser and together, the Subadvisers. The subadvisory agreements provide that the Subadvisers furnish investment advisory services in connection with the management of the Portfolio. In connection therewith, the Subadvisers are obligated to keep certain books and records of the Portfolio. Pursuant to the advisory agreement, PGIM Investments pays 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.

32

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

The Trust, on behalf of 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 Z 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 Z 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 .75% of the average daily net assets of the Class R shares. PIMS has contractually agreed through November 30, 2018 to limit such fees to .50% of the average daily net assets of the Class R shares.

PGIM Investments and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

3. Other Transactions with Affiliate

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Portfolio’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations 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. For the period ended July 31, 2017 no such transactions were entered into by the Portfolio.

The Portfolio invests 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 the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended July 31, 2017, PGIM, Inc. was compensated $1,758 by PGIM Investments for managing the Portfolio’s securities lending cash collateral as subadviser to the Money Market Fund. 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.

Target International Equity Portfolio 33

Notes to Financial Statements (continued)

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for the year ended July 31, 2017, were $86,783,788 and $116,349,174, respectively.

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 undistributed net investment income, accumulated net realized loss on investment and foreign currency 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 undistributed net investment income, accumulated net realized loss on investment and foreign currency transactions and paid-in capital in excess of par. For the tax year ended October 31, 2016, the adjustments were to increase undistributed net investment income by $213,736, decrease accumulated net realized loss on investment and foreign currency transactions by $48,866,383 and decrease paid-in capital in excess of par by $49,080,119 due to reclassification of distributions, differences in tax treatment of investments in passive foreign investment companies, certain transactions involving foreign currencies and other book to tax differences. Net investment income, net realized gain (loss) on investment and foreign currency 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 July 31, 2017 were as follows:

Tax Basis	Appreciation	Depreciation	Net Unrealized Appreciation
$313,459,846	$79,051,183	$(13,887,948)	$65,163,235

34

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

For federal income tax purposes, the Portfolio had a capital loss carryforward of approximately $8,065,000 as of October 31, 2016 which can be carried forward for an unlimited period. No future capital gains 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.

6. Capital

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

As of July 31, 2017, Prudential owned 882 Class Q shares of the Portfolio.

At reporting period end, two shareholders of record held 97% of the Portfolio’s outstanding shares on behalf of multiple beneficial owners, of which 88% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class Q	Shares			Amount
Year ended July 31, 2017:
Shares sold		5,089		$	66,463
Shares issued in reinvestment of dividends and distributions		56			680
Shares reacquired		(1,147	)		(13,885	)
Net increase (decrease) in shares outstanding		3,998		$	53,258
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	)

Target International Equity Portfolio 35

Notes to Financial Statements (continued)

Class R	Shares			Amount
Year ended July 31, 2017:
Shares sold		4,100,652		$	50,085,216
Shares issued in reinvestment of dividends and distributions		438,397			5,313,374
Shares reacquired		(6,714,791	)		(85,235,902	)
Net increase (decrease) in shares outstanding		(2,175,742	)	$	(29,837,312	)
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
Class Z
Year ended July 31, 2017:
Shares sold		258,566		$	3,277,530
Shares issued in reinvestment of dividends and distributions		74,300			901,261
Shares reacquired		(946,213	)		(11,905,600	)
Net increase (decrease) in shares outstanding		(613,347	)	$	(7,726,809	)
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.

7. Borrowings

The Trust, on behalf of the Portfolio, 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 Portfolio’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

Other affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result

36

in large scale asset flows into and out of the portfolios. Consequently, the portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Portfolio utilized the SCA during the year ended July 31, 2017. The average daily balance for the 136 days that the Portfolio had loans outstanding during the period was $737,853 borrowed at a weighted average interest rate of 2.15%. The maximum loan balance outstanding during the period was $6,056,000. At July 31, 2017, the Portfolio had an outstanding loan balance of $349,000.

8. Recent Accounting Pronouncements and Reporting Updates

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 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.

9. Other

At the Trust’s Board meeting in March, 2017, the Board of Trustees approved a change in the methodology of allocating certain expenses, like Transfer Agent fees (including sub-transfer agent and networking fees) and Blue Sky fees. PGIM Investments implemented the changes effective August 1, 2017.

Expected on or about December 15, 2017 and pending shareholder approval, the Portfolio will merge into the Prudential Jennison International Opportunities Fund, a series of the Prudential World Fund, Inc.

At a meeting held on June 7, 2017, the Board of Trustees of the Portfolio approved a plan of reorganization whereby the Target International Equity Portfolio would be acquired by the Prudential Jennison International Opportunities Fund.

The reorganization is currently pending shareholder approval. A special meeting of shareholders of the Target International Equity Fund will be held on or about October 30, 2017 where shareholders of the Portfolio will be asked to approve or disapprove the plan of reorganization. It is expected that the reorganization, if approved, will be completed in the fourth quarter of 2017.

Target International Equity Portfolio 37

Financial Highlights

Class Q Shares
	Year Ended July 31,									Nine Months Ended July 31,			Year Ended October 31,
	2017(b)			2016(b)			2015			2014(b)(f)			2013(b)			2012(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$12.18			$13.72			$13.81			$13.77			$11.42			$11.10
Income (loss) from investment operations:
Net investment income (loss)		.35			.12			.29			.26			.27			.27
Net realized and unrealized gain (loss) on investments		1.86			(1.30	)		.03			.04			2.37			.32
Total from investment operations		2.21			(1.18	)		.32			.30			2.64			.59
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		$14.11			$12.18			$13.72			$13.81			$13.77			$11.42
Total Return(a):		18.57%			(8.61)%			2.52%			2.26%			23.57%			5.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$85			$25			$198,410			$167,988			$149,490			$120,574
Average net assets (000)		$40			$113,462			$181,358			$159,618			$135,226			$110,908
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.83%			.78%			.82%			.81%	(d)		.82%			.84%
Expenses before waivers and/or expense reimbursement		.83%			.78%			.82%			.81%	(d)		.82%			.84%
Net investment income (loss)		2.73%			.96%			2.26%			2.55%	(d)		2.15%			2.51%
Portfolio turnover rate		24%			22%			66%			23%	(e)		26%			16%

(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 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.

38

Class R Shares
	Year Ended July 31,									Nine Months Ended July 31,			Year Ended October 31,
	2017(b)			2016(b)			2015			2014(b)(f)			2013(b)			2012(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$12.14			$13.66			$13.75			$13.69			$11.36			$11.02
Income (loss) from investment operations:
Net investment income (loss)		.24			.21			.20			.20			.19			.21
Net realized and unrealized gain (loss) on investments		1.88			(1.45	)		.04			.04			2.36			.32
Total from investment operations		2.12			(1.24	)		.24			.24			2.55			.53
Less Dividends and Distributions:
Dividends from net investment income		(.21	)		(.19	)		(.27	)		(.18	)		(.22	)		(.19	)
Distributions from net realized gains		-			(.09	)		(.06	)		-			-			-
Total dividends and distributions		(.21	)		(.28	)		(.33	)		(.18	)		(.22	)		(.19	)
Net asset value, end of period		$14.05			$12.14			$13.66			$13.75			$13.69			$11.36
Total Return(a):		17.74%			(9.11)%			1.88%			1.82%			22.83%			5.01%
Ratios/Supplemental Data:
Net assets, end of period (000)		$334,497			$315,218			$295,376			$251,908			$215,215			$148,857
Average net assets (000)		$324,129			$290,783			$273,404			$237,069			$179,681			$125,953
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.45%			1.47%			1.45%			1.42%	(d)		1.44%			1.45%
Expenses before waivers and/or expense reimbursement		1.70%			1.72%			1.70%			1.67%	(d)		1.69%			1.70%
Net investment income (loss)		1.86%			1.71%			1.62%			1.97%	(d)		1.53%			1.91%
Portfolio turnover rate		24%			22%			66%			23%	(e)		26%			16%

(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 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 (continued)

Class Z Shares
	Year Ended July 31,									Nine Months Ended July 31,			Year Ended October 31,
	2017(b)			2016(b)			2015			2014(b)(f)			2013(b)			2012(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$12.18			$13.71			$13.80			$13.75			$11.41			$11.08
Income (loss) from investment operations:
Net investment income (loss)		.30			.27			.29			.25			.25			.26
Net realized and unrealized gain (loss) on investments		1.90			(1.46	)		.02			.05			2.37			.32
Total from investment operations		2.20			(1.19	)		.31			.30			2.62			.58
Less Dividends and Distributions:
Dividends from net investment income		(.27	)		(.25	)		(.34	)		(.25	)		(.28	)		(.25	)
Distributions from net realized gains		-			(.09	)		(.06	)		-			-			-
Total dividends and distributions		(.27	)		(.34	)		(.40	)		(.25	)		(.28	)		(.25	)
Net asset value, end of period		$14.11			$12.18			$13.71			$13.80			$13.75			$11.41
Total Return(a):		18.42%			(8.67)%			2.41%			2.22%			23.39%			5.52%
Ratios/Supplemental Data:
Net assets, end of period (000)		$43,649			$45,148			$56,853			$64,595			$68,194			$65,450
Average net assets (000)		$42,754			$48,724			$59,317			$67,125			$65,268			$67,572
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.95%			.97%			.95%			.92%	(d)		.94%			.95%
Expenses before waivers and/or expense reimbursement		.95%			.97%			.95%			.92%	(d)		.94%			.95%
Net investment income (loss)		2.34%			2.17%			2.06%			2.41%	(d)		2.02%			2.39%
Portfolio turnover rate		24%			22%			66%			23%	(e)		26%			16%

(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 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

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

The Target Portfolio Trust:

We have audited the accompanying statement of assets and liabilities of Target International Equity Portfolio (the “Fund”), a series of Target Portfolio Trust, including the schedule of investments, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods ended in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of July 31, 2017, and the results of its operations, changes in its net assets, and the financial highlights for the periods described in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

As described in note 9 to the financial statements, the Portfolio is expected to be merged into an affiliated fund in December of 2017.

New York, New York

September 18, 2017

Target International Equity Portfolio 41

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS

(Unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Ellen S. Alberding (59) Board Member Portfolios Overseen: 87	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (since 2011); Trustee, Skills for America’s Future (national initiative to connect employers to community colleges) (since 2011); Trustee, National Park Foundation (charitable foundation for national park system) (since 2009); Trustee, Economic Club of Chicago (since 2009).	None.
Kevin J. Bannon (65) Board Member Portfolios Overseen: 87	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).
Linda W. Bynoe (65) Board Member Portfolios Overseen: 87	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Simon Property Group, Inc. (retail real estate) (May 2003-May 2012); Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).

Target International Equity Portfolio

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Barry H. Evans (56)± Board Member Portfolios Overseen: 87	Retired; Formerly President (2005–2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer–Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (2011-present); Director, Manulife Asset Management Limited (2015-present); Formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); Formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016)
Keith F. Hartstein (60) Board Member & Independent Chair Portfolios Overseen: 87	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.
Laurie Simon Hodrick (55)± Board Member Portfolios Overseen: 87	A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (since 1996); Visiting Professor of Law and Rock Center for Corporate Governance Fellow, Stanford Law School (since 2015); Visiting Fellow, Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); Formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008); Formerly Director/Trustee, Merrill Lynch Investment Managers Funds (1999-2006)	Independent Director, Corporate Capital Trust (since April 2017) (a business development company)
Michael S. Hyland, CFA (71) Board Member Portfolios Overseen: 87	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.

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Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Richard A. Redeker (74) Board Member & Independent Vice Chair Portfolios Overseen: 87	Retired Mutual Fund Senior Executive (47 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.
Stephen G. Stoneburn (74) Board Member Portfolios Overseen: 87	Chairman (since July 2011), President and Chief Executive Officer (since June 1996) of Frontline Medical Communications (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc. (1975-1989).	None.

± Mr. Evans and Ms. Hodrick joined the Board effective as of September 1, 2017.

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Stuart S. Parker (54) Board Member & President Portfolios Overseen: 87	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.

Target International Equity Portfolio

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Scott E. Benjamin (44) Board Member & Vice President Portfolios Overseen: 87	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President of Product Development and Product Management, Prudential Investments (2003-2006).	None.
Grace C. Torres* (58) Board Member Portfolios Overseen: 86	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the Prudential Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since July 2015) of Sun Bancorp, Inc. N.A. and Sun National Bank

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

⁽¹⁾  The year that each individual joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; Richard A. Redeker, 2003; Stephen G. Stoneburn, 1999; Grace C. Torres, 2014; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009.

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (62) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since 2012
Chad A. Earnst (42) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the Prudential Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., Prudential Global Short Duration High Yield Income Fund, Inc., Prudential Short Duration High Yield Fund, Inc. and Prudential Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since 2014
Deborah A. Docs (59) Secretary	Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of PGIM Investments LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2004
Jonathan D. Shain (59) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2005
Claudia DiGiacomo (42) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since 2005

Target International Equity Portfolio

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French (54) Assistant Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since 2006
Charles H. Smith (44) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007–December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998—January 2007).	Since 2016
M. Sadiq Peshimam (53) Treasurer and Principal Financial and Accounting Officer	Vice President (since 2005) of PGIM Investments LLC; formerly Assistant Treasurer of funds in the Prudential Mutual Fund Complex (2006-2014).	Since 2006
Peter Parrella (59) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since 2007
Lana Lomuti (50) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since 2014
Linda McMullin (56) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since 2014
Kelly A. Coyne (49) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since 2015

^(a)  Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

• Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

• Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

• There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

• “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

• “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the Prudential Mutual Funds, The Prudential Variable Contract Accounts, Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreements

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of the Target International Equity Portfolio (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreements with each of LSV Asset Management (“LSV”) and Lazard Asset Management LLC (“Lazard”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees,² met on June 6-8, 2017 and approved the renewal of the management agreement through July 31, 2018, and approved the renewal of the subadvisory agreements pending shareholder approval of a proposed reorganization of the Fund, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and each of LSV and Lazard. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadvisers, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board

¹  Target International Equity Portfolio is a series of The Target Portfolio Trust.

²  Barry H. Evans and Laurie Simon Hodrick joined the Board effective as of September 1, 2017. Neither Mr. Evans nor Ms. Hodrick participated in the consideration of the approval of the Fund’s advisory agreements.

Target International Equity Portfolio

Approval of Advisory Agreements (continued)

considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 6-8, 2017.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and each of LSV and Lazard, which serve as the Fund’s subadvisers pursuant to the terms of subadvisory agreements with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, LSV and Lazard. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by LSV and Lazard, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, LSV and Lazard, and also considered the qualifications, backgrounds and responsibilities of the LSV and Lazard portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, LSV’s and Lazard’s organizational structures, senior management, investment operations, and other relevant information pertaining to each of PGIM Investments, LSV and Lazard.

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The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to each of PGIM Investments, LSV and Lazard.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by LSV and Lazard, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, LSV and Lazard under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments in relation to the services rendered was not unreasonable.

The Board noted that the Fund’s subadvisers were not affiliated with PGIM Investments, and concluded that the level of profitability of a subadviser not affiliated with PGIM Investments may not be as significant as PGIM Investments profitability given the arm’s length nature of the process by which the subadvisory fee rates were negotiated by PGIM Investments and the unaffiliated subadvisers, as well as the fact that PGIM Investments compensates each subadviser out of its management fee.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board considered information provided by PGIM Investments regarding the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale, if any, may be shared with the Fund in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

The Board considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

Target International Equity Portfolio

Approval of Advisory Agreements (continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments, LSV and Lazard

The Board considered potential ancillary benefits that might be received by PGIM Investments, LSV and Lazard and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by LSV and Lazard included their ability to use soft dollar credits, brokerage commissions received by affiliates of LSV and Lazard, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, LSV and Lazard were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2016.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2016. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The Peer Universe, which was used to consider performance, is a custom blend of the Lipper International Multi-Cap Core Funds and International Large-Cap Core Funds Performance Universes³. The mutual funds included in the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent

³  Although the Fund is classified in the Lipper International Multi-Cap Value Funds Performance Universe, the custom blend was utilized for performance comparisons, because PGIM Investments believes that the funds included in this custom blend provide a more appropriate basis for fund performance comparisons.

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provider of mutual fund data. To the extent that PGIM Investments deemed appropriate, and for reasons addressed in detail with the Board, PGIM Investments may have provided

supplemental data compiled by Broadridge for the Board’s consideration. The comparisons placed the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	2nd Quartile	3rd Quartile	2nd Quartile
Actual Management Fees: 2nd Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the Fund outperformed its benchmark index over the three-, five- and ten-year periods.

• The Board noted that based on a recommendation by PGIM Investments, it had approved seeking shareholder approval for a reorganization (merger) of the Fund with the Prudential Jennison International Opportunities Fund.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the management agreement, and to renew the subadvisory agreements, pending shareholder approval and completion of the proposed reorganization of the Fund, which was anticipated for the fourth quarter of 2017.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

Target International Equity Portfolio

∎   MAIL	∎   TELEPHONE	∎   WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.pgiminvestments.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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • 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 • 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	PGIM 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.pgiminvestments.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.pgiminvestments.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, PGIM 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

TARGET INTERNATIONAL EQUITY PORTFOLIO

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

TMF158E    

     PRUDENTIAL CORPORATE BOND FUND

ANNUAL REPORT

JULY 31, 2017

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Objective: High current income consistent with the preservation of capital

Highlights

• Security selection in investment-grade corporate bonds was the largest contributor to performance, highlighted by the Fund’s positioning in the banking, upstream (production & exploration) energy, and metals & mining sectors.

• Security selection in emerging markets added to performance as well, but was offset by an underweight to the sector.

• The Fund’s positioning in the electric & water, retailers & restaurants, and telecommunications sectors detracted from performance.

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.

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.

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Letter from the President

Dear Shareholder:

We hope you find the annual report for the Prudential Corporate Bond Fund informative and useful. The report covers performance for the 12-month period ended July 31, 2017.

Effective April 3, 2017, Prudential Investments became known as PGIM^® Investments. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and its management and operation will not change.

Major global events during the reporting period included the US presidential election and domestic issues related to the new administration’s policy initiatives. The US economy experienced weak growth during the first quarter of 2017, although stronger growth took place in the second quarter. Britain began its formal legal process to leave the European Union, and recent parliamentary elections in Britain resulted in unseating the majority party. Overall, global economic growth picked up slightly.

Equities in the US reached new highs, and international equities gained significantly. European stocks posted impressive results. Asian markets were solid, and emerging markets outperformed most regions.

In mid-June, the Federal Reserve raised its Federal Funds rate by 0.25% for the second time in 2017. Fixed income markets were mixed, as rising interest rates affected bond markets. High yield and emerging markets bonds were among the top performers.

Given the uncertainty in today’s investment environment, we believe that active professional portfolio management offers a potential advantage. Active managers often have the knowledge and flexibility to find the best investment opportunities in the most challenging markets.

Even so, it’s best if investment decisions are based on your long-term goals rather than on short-term market and economic developments. We also encourage you to work with an experienced financial advisor who can help you set goals, determine your tolerance for risk, and build a diversified plan that’s right for you and make adjustments when necessary.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. We’re part of PGIM, a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Corporate Bond Fund

September 15, 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.pgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 7/31/17 (with sales charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	–2.81		N/A		N/A		2.33 (5/28/15)
Class C	0.02		N/A		N/A		3.62 (5/28/15)
Class Q	2.02		N/A		N/A		4.64 (5/28/15)
Class R	1.51		N/A		N/A		4.13 (5/28/15)
Class Z	2.02		3.02		5.39		—
Bloomberg Barclays US Credit Bond Index	1.26		3.27		5.65		—
Lipper Corporate Debt BBB-Rated Funds Average	1.66		3.26		5.36		—
	Average Annual Total Returns as of 7/31/17 (without sales charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	1.77		N/A		N/A		4.52 (5/28/15)
Class C	1.01		N/A		N/A		3.62 (5/28/15)
Class Q	2.02		N/A		N/A		4.64 (5/28/15)
Class R	1.51		N/A		N/A		4.13 (5/28/15)
Class Z	2.02		3.02		5.39		—
Bloomberg Barclays US Credit Bond Index	1.26		3.27		5.65		—
Lipper Corporate Debt BBB-Rated Funds Average	1.66		3.26		5.36		—

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Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Prudential Corporate Bond Fund (Class Z) with a similar investment in the Bloomberg Barclays US Credit Bond Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2007) and the account values at the end of the current fiscal year (July 31, 2017), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for Class A, Class C, Class Q, and Class R shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

Source: PGIM Investments LLC and Lipper Inc.

The Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the Fund’s inception date. Inception returns are provided for any share class with less than 10 fiscal years of returns.

Prudential Corporate Bond Fund 5

Your Fund’s Performance (continued)

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 average annual total return for the Index measured from the month-end closest to the inception date through 7/31/17 is 3.80% 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 average annual total return for the Average measured from the month-end closest to the inception date through 7/31/17 is 3.52% 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.

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Distributions and  Yields as of 7/31/17
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.33	2.45	1.19
Class C	0.25	1.82	0.51
Class Q	0.36	2.80	1.58
Class R	0.31	2.30	0.75
Class Z	0.36	2.81	1.49

*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 7/31/17 (%)
AAA	4.1
AA	5.8
A	34.0
BBB	52.4
BB	2.0
Cash/Cash Equivalents	1.9
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 Investor Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both 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.

Prudential Corporate Bond Fund 7

Strategy and Performance Overview

How did the Fund perform?

The Prudential Corporate Bond Fund’s Class Z shares returned 2.02% for the 12-month reporting period that ended July 31, 2017, outperforming the 1.26% gain of the Bloomberg Barclays US Credit Bond Index (the Index) and the 1.66% gain of the Lipper Corporate Debt BBB-Rated Funds Average.

What were market conditions?

• During the reporting period, the market experienced several significant events, including the aftermath of the UK’s surprise vote to leave the European Union (commonly known as “Brexit”), the surprise victory of Donald Trump in the US Presidential election, the impact of ongoing bond-buying programs by the European Central Bank (ECB) and the Bank of England (BOE), two Federal Reserve (Fed) rate hikes, and the expected details about the Fed’s long-expected balance sheet runoff. As the period ended, speculation increased about who would head the Fed after Janet Yellen’s term expires in early 2018. Would it be a dove intent on boosting the Trump growth agenda? Or, would it be a more rules-based chairperson intent on reaching the Fed’s “dots”? (“Dots” refer to projections made by the members of the Fed’s Open Market Committee about where they think interest rates should be at a particular point in the future.)

• US economic growth, which had weakened earlier in the period, rebounded to a 2.6% pace during the second quarter of 2017 against a backdrop of continued above-trend growth in the rest of the G3. (The G3, or Group of Three, refers to the US, Japan and the European Union.) US inflation, however, was generally weaker than expected, continuing to undershoot G3 central bank targets.

• Overall, the underlying momentum in the US economy has remained solid since early 2016. Real final private sector demand in the US has been notably robust, growing at an annualized rate of between 2.6% and 3.3% in each of the last five calendar quarters and averaging 2.8% in first half of 2017. (Real final demand is the total demand for final goods and services, adjusted for inflation, in an economy.) Consumer spending has been particularly strong, but investment spending, too, has picked up as headwinds from the collapse in energy prices and the strengthening US dollar have faded.

• US companies continued to hire at a strong pace, with monthly job gains averaging 184,000 in the year to date through July 31, 2017, which is little changed from 2016’s average of 187,000 jobs and well above the estimated 75,000 to 100,000 jobs needed to keep the unemployment rate unchanged. Indeed, the unemployment rate gradually ticked lower during the reporting period, inching down to 4.3% in July. Importantly, job gains were widespread across industries. Even the retail sector, which shed jobs every month from February through May, saw stable employment in the last two months of the period.

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• Lean business inventories, solid core durable goods orders, and ongoing strong job gains suggest that real US GDP growth is on track to maintain its second-quarter momentum into the third quarter.

• US corporate bonds delivered a total return of 1.26%, with an excess return versus US Treasuries of 435 basis points. (A basis point is 1/100 of a percent.) Within the Index, financials outpaced industrials and utilities. Metals & mining, energy, and life insurance were amongst the strongest sectors, while tobacco, retailers & restaurants, and telecommunication services were amongst the largest underperforming sectors.

• As the period ended, credit fundamentals remained favorable, with most industries enjoying record profit margins and generating significant cashflow before share buybacks and dividends. Companies remained active in mergers and acquisitions, although the number of deals toward the end of the period dropped from record levels and leverage (debt) metrics appear to have stabilized.

• New issuance, already at record levels, pushed higher as companies sought to lock in low rates prior to anticipated Federal reserve interest rate hikes and to finance mergers and acquisitions, share buybacks and dividends. Most issues were oversubscribed, with minimal concessions, if any. Tenders for higher coupon debt also rose as companies moved to reduce interest expense ahead of potential US corporate tax reform that would eliminate or limit interest deductibility.

What worked?

• Security selection in investment-grade corporate bonds was the largest contributor to performance, highlighted by the Fund’s positioning in the banking, upstream energy (exploration and production) and metals and mining sectors.

• Security selection in emerging markets added to performance as well.

• In individual security selection, the Fund benefited from its overweights relative to the Index in Goldman Sachs (banking), Grupo Mexico (metals & mining) and Phillips 66 (downstream energy: refining and processing).

• An overweight to investment-grade corporates was also a large contributor to performance over the one-year period. An overweight in commercial mortgage-backed securities (CMBS) also added value.

What didn’t work?

• Underweights in emerging markets and municipals hurt performance over the one-year period.

• Within corporates, the Fund’s positioning in the electric & water, retailers & restaurants, and telecommunications sectors detracted from performance.

Prudential Corporate Bond Fund 9

Strategy and Performance Overview (continued)

• In individual security selection, the Fund’s overweights in Berkshire Hathaway (property & casualty insurance), Duke Energy (electric & water), and Citigroup (banking) limited results.

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

• The Fund’s investment strategy does not heavily rely on derivative strategies, although it does employ Treasury futures on a limited basis. Treasury futures are used to manage the Fund’s interest rate risk, which is more efficient than managing interest rate risk through the purchases and sales of cash corporate bonds. This derivative strategy did not have a material impact on the Fund’s performance.

Current outlook

• With second quarter earnings season well underway, PGIM Fixed Income maintains a favorable outlook on the investment-grade corporate bond market heading into August. Though central banks have shifted towards a more hawkish bias, investment-grade corporates generally remain supported by global monetary policies, especially the ECB bond purchase program. Credit fundamentals appear to have peaked but they remain strong, and corporate liquidity is robust. Though little progress on the new administration’s tax reform has been made, and the new administration has failed to repeal and replace the Affordable Care Act, spreads (yield differentials versus comparable-maturity Treasuries) have continued to grind tighter amid strong demand and record low volatility. Despite high expectations, companies have reported better-than-expected second quarter earnings driven by improved global growth and a weaker US dollar.

• Although it’s a generally favorable environment for corporates, near term risks in the market remain. While the Trump administration seems to favor business-friendly policies and reduced regulation, changes in tax policy, including loss of interest deductibility and protectionist trade policies, bear watching. Additionally, uncertainty regarding the impact of Brexit, unwinding of the Fed’s balance sheet and tapering of the ECB’s bond purchase program may induce volatility.

• PGIM Fixed Income continues to favor US financials over industrial issues, especially US money center banks, given their strong capital requirements and generally solid earnings. Within Industrials, the focus is on companies where an “event” has passed, as higher quality corporates continue to lever up and consolidation remains a concern. Furthermore, PGIM Fixed Income is focusing on US-centric issuers over multinationals or exporters that are vulnerable to potential protectionist trade policies. PGIM Fixed Income remains overweight BBB-rated, long-maturity credits due to a steep spread curve and possibly higher pension funding, which could lead to increased demand and potentially flatten the spread curve. (The corporate spread curve depicts the difference between the

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spreads of long- and short-maturity corporate bonds versus US Treasuries of comparable maturity.) The main near-term risks in the market remain the policies of the new US administration, the impact of the tightening Fed, and political instability abroad.

Prudential Corporate Bond Fund 11

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 held through the six-month period ended July 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 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 paid over the

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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 February 1, 2017		Ending  Account Value July 31, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,042.00		0.80	%	$	4.05
	Hypothetical	$	1,000.00	$	1,020.83		0.80	%	$	4.01
Class C	Actual	$	1,000.00	$	1,038.20		1.55	%	$	7.83
	Hypothetical	$	1,000.00	$	1,017.11		1.55	%	$	7.75
Class Q	Actual	$	1,000.00	$	1,043.30		0.55	%	$	2.79
	Hypothetical	$	1,000.00	$	1,022.07		0.55	%	$	2.76
Class R	Actual	$	1,000.00	$	1,040.70		1.05	%	$	5.31
	Hypothetical	$	1,000.00	$	1,019.59		1.05	%	$	5.26
Class Z	Actual	$	1,000.00	$	1,043.30		0.55	%	$	2.79
	Hypothetical	$	1,000.00	$	1,022.07		0.55	%	$	2.76

*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 181 days in the six-month period ended July 31, 2017, and divided by 365 days. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

Prudential Corporate Bond Fund 13

Schedule of Investments

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    97.1%
COMMERCIAL MORTGAGE-BACKED SECURITIES    2.9%
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3		3.050	%		04/10/49		250	$	250,408
Deutsche Bank Commercial Mortgage Trust, Series 2017-C6, Class A3		3.269			06/10/50		100		102,518
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A4		3.224			07/15/50		100		101,394
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3		3.058			05/15/49		200		200,517
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $658,191)									654,837
CORPORATE BONDS    93.3%
Aerospace & Defense    1.0%
United Technologies Corp., Sr. Unsec’d. Notes		1.900			05/04/20		230		230,813
Agriculture    1.8%
BAT International Finance PLC (United Kingdom), Gtd. Notes, 144A		3.250			06/07/22		305		312,846
Philip Morris International, Inc., Sr. Unsec’d. Notes		2.000			02/21/20		100		100,483
									413,329
Airlines    1.4%
American Airlines 2016-2 Class AA Pass-Through Trust, Pass-Through Certificates		3.200			12/15/29		88		87,572
Delta Air Lines, Inc., Sr. Unsec’d. Notes		2.875			03/13/20		130		132,378
Southwest Airlines Co., Sr. Unsec’d. Notes		2.650			11/05/20		100		101,494
									321,444
Auto Manufacturers    4.4%
BMW US Capital LLC (Germany), Gtd. Notes, 144A		2.150			04/06/20		75		75,613
Ford Motor Co., Sr. Unsec’d. Notes		5.291			12/08/46		200		206,212
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		2.979			08/03/22		200		200,120
General Motors Financial Co., Inc., Gtd. Notes		2.400			04/10/18		200		200,881
Gtd. Notes		2.400			05/09/19		100		100,388
Gtd. Notes		4.000			01/15/25		150		151,638
Gtd. Notes		3.200			07/06/21		75		76,145
									1,010,997
Auto Parts & Equipment    0.5%
ZF North America Capital, Inc. (Germany), Gtd. Notes, 144A		4.500			04/29/22		100		105,000

See Notes to Financial Statements.

Prudential Corporate Bond Fund 15

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks    19.1%
Bank of America Corp., Sr. Unsec’d. Notes, MTN		3.875	%		08/01/25		250	$	260,525
Sr. Unsec’d. Notes, MTN		4.443	(c)		01/20/48		100		106,316
Series L, Sr. Unsec’d. Notes, MTN		2.600			01/15/19		250		252,559
Series V, Jr. Sub. Notes		5.125	(c)		12/29/49		250		254,970
Barclays PLC (United Kingdom), Sr. Unsec’d. Notes		3.650			03/16/25		200		200,403
Citigroup, Inc., Sr. Unsec’d. Notes		2.550			04/08/19		550		555,714
Sr. Unsec’d. Notes		3.200			10/21/26		150		146,473
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.800			06/09/23		265		276,159
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes, GMTN		3.375			05/12/21		80		81,365
Goldman Sachs Group, Inc. (The), Sub. Notes		5.150			05/22/45		300		338,977
Series L, Jr. Sub. Notes		5.700	(c)		12/29/49		250		261,120
JPMorgan Chase & Co., Sr. Unsec’d. Notes		2.250			01/23/20		150		151,086
Sr. Unsec’d. Notes		3.200			06/15/26		390		387,536
Sr. Unsec’d. Notes		3.882	(c)		07/24/38		95		94,876
Sr. Unsec’d. Notes		4.032	(c)		07/24/48		25		25,104
Series 1, Jr. Sub. Notes		7.900	(c)		12/29/49		200		207,500
Morgan Stanley, Sr. Unsec’d. Notes		3.971	(c)		07/22/38		85		84,832
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26		300		310,180
Series H, Jr. Sub. Notes		5.450	(c)		07/29/49		250		258,750
UBS Group Funding AG (Switzerland), Gtd. Notes, 144A		4.125			04/15/26		90		95,323
									4,349,768
Biotechnology    2.5%
Amgen, Inc., Sr. Unsec’d. Notes		2.650			05/11/22		160		161,822
Baxalta, Inc., Gtd. Notes		2.000			06/22/18		45		45,092
Biogen, Inc., Sr. Unsec’d. Notes		4.050			09/15/25		215		230,078
Celgene Corp., Sr. Unsec’d. Notes		4.625			05/15/44		100		107,660
Gilead Sciences, Inc., Sr. Unsec’d. Notes		2.500			09/01/23		30		29,846
									574,498
Building Materials    0.3%
Johnson Controls International PLC, Sr. Unsec’d. Notes		4.950			07/02/64		75		80,809
Chemicals    3.4%
Celanese US Holdings LLC, Gtd. Notes		4.625			11/15/22		50		54,364
CF Industries, Inc., Gtd. Notes		5.375			03/15/44		90		81,000

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d)
Dow Chemical Co. (The), Sr. Unsec’d. Notes		4.375	%		11/15/42		175	$	179,320
Eastman Chemical Co., Sr. Unsec’d. Notes		3.600			08/15/22		49		51,093
LyondellBasell Industries NV, Sr. Unsec’d. Notes		4.625			02/26/55		150		151,931
Mosaic Co. (The), Sr. Unsec’d. Notes		5.625			11/15/43		20		20,553
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes		2.250			05/15/20		235		236,401
									774,662
Commercial Services    0.6%
Equifax, Inc., Sr. Unsec’d. Notes		2.300			06/01/21		25		24,874
Total System Services, Inc., Sr. Unsec’d. Notes		3.800			04/01/21		100		104,281
									129,155
Computers    2.8%
Apple, Inc., Sr. Unsec’d. Notes		4.650			02/23/46		100		112,370
Dell International LLC/EMC Corp., Sr. Sec’d. Notes, 144A		3.480			06/01/19		160		163,793
Sr. Sec’d. Notes, 144A		4.420			06/15/21		55		58,046
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes		2.850			10/05/18		105		106,265
Seagate HDD Cayman, Gtd. Notes		3.750			11/15/18		200		203,300
									643,774
Diversified Financial Services    0.4%
Discover Financial Services, Sr. Unsec’d. Notes		3.750			03/04/25		100		100,429
Electric    10.3%
Commonwealth Edison Co., First Mortgage		4.700			01/15/44		100		114,324
Consolidated Edison, Inc., Sr. Unsec’d. Notes		2.000			05/15/21		190		188,445
Dominion Energy, Inc., Jr. Sub. Notes		2.579			07/01/20		135		136,270
DTE Electric Co., General Ref. Mortgage		3.950			06/15/42		75		76,194
Duke Energy Progress LLC, First Mortgage		4.150			12/01/44		200		210,389
Emera US Finance LP (Canada), Gtd. Notes		3.550			06/15/26		40		40,567
Entergy Corp., Sr. Unsec’d. Notes		2.950			09/01/26		100		97,134
Entergy Mississippi, Inc., First Mortgage		2.850			06/01/28		40		38,723
Eversource Energy, Series K, Sr. Unsec’d. Notes		2.750			03/15/22		95		95,981
FirstEnergy Corp., Series B, Sr. Unsec’d. Notes		3.900			07/15/27		75		75,595
MidAmerican Energy Co., First Mortgage		3.950			08/01/47		20		20,696
Pacific Gas & Electric Co., Sr. Unsec’d. Notes		4.000			12/01/46		25		25,833
PacifiCorp, First Mortgage		3.350			07/01/25		270		277,119
PPL Capital Funding, Inc., Gtd. Notes		4.700			06/01/43		100		106,881
PSEG Power LLC, Gtd. Notes		3.000			06/15/21		60		61,127
Public Service Electric & Gas Co., Sec’d. Notes, MTN		3.650			09/01/42		75		73,918

See Notes to Financial Statements.

Prudential Corporate Bond Fund 17

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Puget Energy, Inc., Sr. Sec’d. Notes		3.650	%		05/15/25		400	$	400,445
RGS AEGCO Funding Corp., Series F, Sec’d. Notes		9.820			12/07/22		48		53,288
San Diego Gas & Electric Co., First Mortgage		4.300			04/01/42		75		80,236
Sierra Pacific Power Co., General Ref. Mortgage		2.600			05/01/26		70		68,004
Westar Energy, Inc., First Mortgage		5.100			07/15/20		100		108,078
									2,349,247
Foods    0.9%
Kraft Heinz Foods Co., Gtd. Notes		4.375			06/01/46		55		53,441
Gtd. Notes		5.000			07/15/35		50		54,119
Kroger Co. (The), Sr. Unsec’d. Notes		2.650			10/15/26		35		32,458
Sr. Unsec’d. Notes		2.800			08/01/22		10		10,072
Sysco Corp., Gtd. Notes		3.250			07/15/27		45		44,954
									195,044
Forest Products & Paper    1.2%
International Paper Co., Sr. Unsec’d. Notes		5.000			09/15/35		250		276,132
Healthcare-Products    1.4%
Abbott Laboratories, Sr. Unsec’d. Notes		2.900			11/30/21		135		137,386
Baxter International, Inc., Sr. Unsec’d. Notes		3.500			08/15/46		110		99,140
Becton, Dickinson & Co., Sr. Unsec’d. Notes		2.404			06/05/20		75		75,464
									311,990
Healthcare-Services    3.2%
Anthem, Inc., Sr. Unsec’d. Notes		4.625			05/15/42		200		215,425
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.600			02/01/25		250		255,382
Quest Diagnostics, Inc., Sr. Unsec’d. Notes		3.500			03/30/25		250		254,937
									725,744
Household Products/Wares    0.9%
Reckitt Benckiser Treasury Services PLC (United Kingdom), Gtd. Notes, 144A		2.375			06/24/22		200		199,469
Housewares    0.6%
Newell Brands, Inc., Sr. Unsec’d. Notes		4.000			12/01/24		100		105,401
Sr. Unsec’d. Notes		4.200			04/01/26		20		21,396
									126,797

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance    6.0%
American International Group, Inc., Sr. Unsec’d. Notes		4.375	%		01/15/55		150	$	147,111
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes		3.125			03/15/26		125		127,381
Liberty Mutual Group, Inc., Gtd. Notes, 144A		5.000			06/01/21		500		544,672
Markel Corp., Sr. Unsec’d. Notes		5.350			06/01/21		500		548,268
									1,367,432
Media    4.9%
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes		6.384			10/23/35		180		210,587
Comcast Corp., Gtd. Notes		3.150			03/01/26		90		91,100
Gtd. Notes		3.375			08/15/25		325		335,905
Scripps Networks Interactive, Inc., Sr. Unsec’d. Notes		3.500			06/15/22		100		102,303
Sr. Unsec’d. Notes		3.950			06/15/25		28		28,517
Time Warner, Inc., Gtd. Notes		3.875			01/15/26		200		203,742
Viacom, Inc., Sr. Unsec’d. Notes		5.250			04/01/44		150		149,437
									1,121,591
Mining    1.0%
Barrick North America Finance LLC (Canada), Gtd. Notes		5.700			05/30/41		50		59,810
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes		5.000			09/30/43		50		58,910
Yamana Gold, Inc. (Canada), Gtd. Notes		4.950			07/15/24		100		101,338
									220,058
Miscellaneous Manufacturing    0.2%
Textron, Inc., Sr. Unsec’d. Notes		4.000			03/15/26		45		47,076
Office/Business Equipment    0.8%
Xerox Corp., Sr. Unsec’d. Notes, 144A		4.070			03/17/22		175		179,974
Oil & Gas    4.8%
Apache Corp., Sr. Unsec’d. Notes		3.250			04/15/22		250		255,086
BP Capital Markets PLC (United Kingdom), Gtd. Notes		3.588			04/14/27		100		102,950
Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes		6.500			02/15/37		100		119,806
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		5.700			10/15/19		240		253,176
ConocoPhillips Co., Gtd. Notes		4.200			03/15/21		50		53,474
Devon Energy Corp., Sr. Unsec’d. Notes		5.000			06/15/45		5		5,091
Sr. Unsec’d. Notes		5.600			07/15/41		15		16,316

See Notes to Financial Statements.

Prudential Corporate Bond Fund 19

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d)
Husky Energy, Inc. (Canada), Sr. Unsec’d. Notes		3.950	%		04/15/22		90	$	94,435
Noble Energy, Inc., Sr. Unsec’d. Notes		5.050			11/15/44		100		103,503
Shell International Finance BV (Netherlands), Gtd. Notes		4.375			05/11/45		85		90,140
									1,093,977
Pharmaceuticals    4.9%
Actavis Funding SCS, Gtd. Notes		3.800			03/15/25		350		363,835
Mead Johnson Nutrition Co. (United Kingdom), Gtd. Notes		3.000			11/15/20		100		103,046
Mylan NV, Gtd. Notes		3.000			12/15/18		200		202,816
Pfizer, Inc., Sr. Unsec’d. Notes		4.125			12/15/46		80		85,148
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		2.400			09/23/21		180		179,438
Gtd. Notes		3.200			09/23/26		100		98,750
Teva Pharmaceutical Finance Netherlands III BV (Israel), Gtd. Notes		3.150			10/01/26		30		28,707
Gtd. Notes		4.100			10/01/46		60		54,566
									1,116,306
Pipelines    3.6%
Enterprise Products Operating LLC, Gtd. Notes		4.850			03/15/44		100		106,939
Gtd. Notes		4.900			05/15/46		150		162,318
Phillips 66 Partners LP, Sr. Unsec’d. Notes(a)		3.605			02/15/25		350		350,275
Williams Partners LP, Sr. Unsec’d. Notes		4.300			03/04/24		200		210,735
									830,267
Real Estate Investment Trusts (REITs)    2.9%
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes		3.650			06/15/24		75		74,140
Digital Realty Trust LP, Gtd. Notes		3.400			10/01/20		50		51,545
Kimco Realty Corp., Sr. Unsec’d. Notes		3.400			11/01/22		75		77,186
Realty Income Corp., Sr. Unsec’d. Notes		4.125			10/15/26		200		207,943
Welltower, Inc., Sr. Unsec’d. Notes		4.500			01/15/24		230		248,062
									658,876
Retail    1.1%
CVS Health Corp., Sr. Unsec’d. Notes		5.125			07/20/45		100		114,757
Home Depot, Inc. (The), Sr. Unsec’d. Notes		3.500			09/15/56		25		22,851
Sr. Unsec’d. Notes		4.250			04/01/46		100		106,634
									244,242

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Semiconductors    0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes, 144A		3.875	%		01/15/27		75	$	76,978
Software    3.2%
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		2.250			08/15/21		125		124,129
Sr. Unsec’d. Notes		2.850			10/15/18		75		75,839
Sr. Unsec’d. Notes		3.625			10/15/20		84		87,851
Microsoft Corp., Sr. Unsec’d. Notes		3.950			08/08/56		140		141,341
Sr. Unsec’d. Notes		4.500			02/06/57		105		116,554
Oracle Corp., Sr. Unsec’d. Notes		2.400			09/15/23		75		74,596
Sr. Unsec’d. Notes		4.000			07/15/46		115		116,793
									737,103
Telecommunications    2.0%
AT&T, Inc., Sr. Unsec’d. Notes		5.150			03/15/42		230		232,862
Sr. Unsec’d. Notes		5.300			08/14/58		30		30,007
Verizon Communications, Inc., Sr. Unsec’d. Notes		5.012			04/15/49		190		189,350
									452,219
Textiles    0.5%
Cintas Corp. No. 2, Gtd. Notes		3.700			04/01/27		100		104,579
Transportation    0.4%
FedEx Corp., Gtd. Notes		4.500			02/01/65		100		97,458
TOTAL CORPORATE BONDS (cost $20,735,478)									21,267,237
FOREIGN GOVERNMENT BOND    0.9%
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes (cost $180,025)		4.600			01/23/46		200		198,000
U.S. TREASURY OBLIGATION    0.0%
U.S. Treasury Notes (cost $5,050)		2.375			05/15/27		5		5,036
TOTAL LONG-TERM INVESTMENTS (cost $21,578,744)									22,125,110

See Notes to Financial Statements.

Prudential Corporate Bond Fund 21

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
SHORT-TERM INVESTMENTS    4.2%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		596,508	$	596,508
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $362,372; includes $362,022 of cash collateral for securities on loan)(b)(w)		362,269		362,305
TOTAL SHORT-TERM INVESTMENTS (cost $958,880)				958,813
TOTAL INVESTMENTS    101.3% (cost $22,537,624)				23,083,923
Liabilities in excess of other assets(z)    (1.3)%				(295,942	)
NET ASSETS    100.0%			$	22,787,981

The following abbreviations are used in the annual 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) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $354,060; cash collateral of $362,022 (included with liabilities) was received with which the Fund purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

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

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

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

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

See Notes to Financial Statements.

22

Futures contracts outstanding at July 31, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at July 31, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	6	2 Year U.S. Treasury Notes		Sep. 2017	$	1,297,453	$	1,298,063	$	610
	16	5 Year U.S. Treasury Notes		Sep. 2017		1,890,305		1,890,375		70
	13	20 Year U.S. Treasury Bonds		Sep. 2017		1,983,258		1,988,594		5,336
										6,016
		Short Positions:
	15	10 Year U.S. Treasury Notes		Sep. 2017		1,892,133		1,888,360		3,773
	10	30 Year U.S. Ultra Treasury Bonds		Sep. 2017		1,636,703		1,645,000		(8,297	)
										(4,524	)
									$	1,492

Cash of $200,000 has been segregated with Citigroup Global Markets to cover requirements for open futures contracts at July 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—unadjusted 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.

Prudential Corporate Bond Fund 23

Schedule of Investments (continued)

as of July 31, 2017

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

	Level 1		Level 2		Level 3
Investments in Securities
Commercial Mortgage-Backed Securities	$	—	$	654,837	$	—
Corporate Bonds		—		21,267,237		—
Foreign Government Bond		—		198,000		—
U.S. Treasury Obligation		—		5,036		—
Affiliated Mutual Funds		958,813		—		—
Other Financial Instruments*
Futures Contracts		1,492		—		—
Total	$	960,305	$	22,125,110	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule 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 July 31, 2017 were as follows (unaudited):

Banks	19.1	%
Electric	10.3
Insurance	6.0
Media	4.9
Pharmaceuticals	4.9
Oil & Gas	4.8
Auto Manufacturers	4.4
Affiliated Mutual Funds (including 1.6% of collateral for securities on loan)	4.2
Pipelines	3.6
Chemicals	3.4
Software	3.2
Healthcare-Services	3.2
Real Estate Investment Trusts (REITs)	2.9
Commercial Mortgage-Backed Securities	2.9
Computers	2.8
Biotechnology	2.5
Telecommunications	2.0
Agriculture	1.8
Airlines	1.4
Healthcare-Products	1.4
Forest Products & Paper	1.2
Retail	1.1	%
Aerospace & Defense	1.0
Mining	1.0
Household Products/Wares	0.9
Foreign Government Bond	0.9
Foods	0.9
Office/Business Equipment	0.8
Commercial Services	0.6
Housewares	0.6
Auto Parts & Equipment	0.5
Textiles	0.5
Diversified Financial Services	0.4
Transportation	0.4
Building Materials	0.3
Semiconductors	0.3
Miscellaneous Manufacturing	0.2
U.S. Treasury Obligation	0.0	*
	101.3
Liabilities in excess of other assets	(1.3	)
	100.0	%

Less than +/- 0.05%

See Notes to Financial Statements.

24

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 July 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
Interest rate contracts	Due from/to broker— variation margin futures	$	9,789	*	Due from/to broker— variation margin futures	$	8,297	*

* 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 year ended July, 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	$	(24,107	)

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	$	33,133

For the year ended July 31, 2017, the Fund’s average value at trade date for futures long positions was $5,105,920 and for short positions was $4,935,711.

See Notes to Financial Statements.

Prudential Corporate Bond Fund 25

Schedule of Investments (continued)

as of July 31, 2017

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

The Fund entered into financial instruments/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 instrument/transaction assets and liabilities:

Description	Gross Amounts of Recognized Assets(1)		Collateral Received(2)			Net Amount
Securities on Loan	$	354,060	$	(354,060	)	$	—

(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.

26

This Page Intentionally Left Blank

Statement of Assets & Liabilities

as of July 31, 2017

Assets
Investments at value, including securities on loan of $354,060:
Unaffiliated investments (cost $21,578,744)	$	22,125,110
Affiliated investments (cost $958,880)		958,813
Deposit with broker for futures		200,000
Receivable for investments sold		316,874
Interest receivable		197,859
Receivable for Fund shares sold		53,536
Due from manager		16,668
Total assets		23,868,860
Liabilities
Payable for investments purchased		551,782
Payable to broker for collateral for securities on loan		362,022
Accrued expenses and other liabilities		89,276
Payable for Fund shares reacquired		72,428
Dividends payable		1,732
Distribution fee payable		1,307
Due to broker—variation margin futures		1,191
Affiliated transfer agent fee payable		642
Deferred trustees’ fees		499
Total liabilities		1,080,879
Net Assets	$	22,787,981
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,018
Paid-in capital in excess of par		22,861,845
		22,863,863
Undistributed net investment income		65,542
Accumulated net realized loss on investment and foreign currency transactions		(689,215	)
Net unrealized appreciation on investments and foreign currencies		547,791
Net assets, July 31, 2017	$	22,787,981

See Notes to Financial Statements.

28

Class A
Net asset value and redemption price per share, ($1,801,996 ÷ 159,215 shares of beneficial interest issued and outstanding)	$	11.32
Maximum sales charge (4.50% of offering price)		0.53
Maximum offering price to public	$	11.85
Class C
Net asset value, offering price and redemption price per share, ($1,095,436 ÷ 96,995 shares of beneficial interest issued and outstanding)	$	11.29
Class Q
Net asset value, offering price and redemption price per share, ($11,041 ÷ 978 shares of beneficial interest issued and outstanding)	$	11.29
Class R
Net asset value, offering price and redemption price per share, ($10,923 ÷ 967.5 shares of beneficial interest issued and outstanding)	$	11.29
Class Z
Net asset value, offering price and redemption price per share, ($19,868,585 ÷ 1,759,563 shares of beneficial interest issued and outstanding)	$	11.29

See Notes to Financial Statements.

Prudential Corporate Bond Fund 29

Statement of Operations

Year Ended July 31, 2017

Net Investment Income (Loss)
Income
Interest income	$	850,315
Affiliated dividend income		3,480
Income from securities lending, net (including affiliated income of $139)		233
Total income		854,028
Expenses
Management fee		105,854
Distribution fee—Class A		3,347
Distribution fee—Class C		10,144
Distribution fee—Class R		80
Registration fees		79,000
Custodian and accounting fees		66,000
Audit fee		36,000
Shareholders’ reports		33,000
Transfer agent’s fees and expenses (including affiliated expense of $3,100)		23,000
Legal fees and expenses		21,000
Trustees’ fees		9,000
Loan interest expense		81
Miscellaneous		13,146
Total expenses		399,652
Less: Management fee waiver and/or expense reimbursement		(256,623	)
Distribution fee waiver—Class R		(26	)
Net expenses		143,003
Net investment income (loss)		711,025
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(32))		147,933
Futures transactions		(24,107	)
Foreign currency transactions		7
		123,833
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(67))		(497,320	)
Futures		33,133
		(464,187	)
Net gain (loss) on investment and foreign currency transactions		(340,354	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	370,671

See Notes to Financial Statements.

30

Statement of Changes in Net Assets

	Year Ended July 31,
	2017			2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	711,025		$	948,488
Net realized gain (loss) on investment and foreign currency transactions		123,833			(628,485	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(464,187	)		1,637,704
Net increase (decrease) in net assets resulting from operations		370,671			1,957,707
Dividends from net investment income
Class A		(40,323	)		(7,623	)
Class C		(22,930	)		(7,454	)
Class Q		(348	)		(305	)
Class R		(291	)		(255	)
Class Z		(683,524	)		(1,013,549	)
		(747,416	)		(1,029,186	)
Fund share transactions
Net proceeds from shares sold		8,985,915			12,055,486
Net asset value of shares issued in reinvestment of dividends and distributions		723,795			1,008,034
Cost of shares reacquired		(11,450,567	)		(33,365,328	)
Net increase (decrease) in net assets from Fund share transactions		(1,740,857	)		(20,301,808	)
Total increase (decrease)		(2,117,602	)		(19,373,287	)
Net Assets:
Beginning of year		24,905,583			44,278,870
End of year(a)	$	22,787,981		$	24,905,583
(a) Includes undistributed net investment income of:	$	65,542		$	36,396

See Notes to Financial Statements.

Prudential Corporate Bond Fund 31

Notes to Financial Statements

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust 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 Corporate Bond Fund (the “Fund”). The financial statements of the other series are not presented herein. The Fund is a diversified fund.

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

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 and liabilities 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 PGIM Investments LLC (“PGIM Investments” or “the Manager”) (formerly known as Prudential Investments LLC). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. 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 each Portfolio’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule 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

32

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.

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 Fund utilizes 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 are 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. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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 unaffiliated 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 securities are valued pursuant to the valuation procedures noted above. Illiquid securities

Prudential Corporate Bond Fund 33

Notes to Financial Statements (continued)

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 Directors of the Fund. However, the liquidity of the 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 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.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, forward currency contracts, 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 currencies.

34

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 unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as 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, value of equities 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. Since futures contracts are exchange-traded, 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.

Master Netting Arrangements: The Trust, on behalf of 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, forward rate agreements, 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 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

Prudential Corporate Bond Fund 35

Notes to Financial Statements (continued)

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 their obligations may be affected by the economic or political developments in a specific industry, region or country.

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 an 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: 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, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

36

Dividends and Distributions: The Fund expects to pay dividends from net investment income monthly and distributions from net realized capital 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 the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, 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.

2. Agreements

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

The management fee paid to PGIM Investments 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 effective management fee rate before any waivers and/or expense reimbursements was .45% for the year ended July 31, 2017. The management fee waiver and/or expense reimbursement exceeded the management fee for the year ended July 31, 2017.

PGIM Investments has contractually agreed through November 30, 2018 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 37

Notes to Financial Statements (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, 2018 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 $23,784 in front-end sales charges resulting from sales of Class A shares during the year ended July 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 year ended July 31, 2017, it received $270 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

PGIM Investments, PGIM, Inc. and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s 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. For the year ended July 31, 2017 no such transactions were entered into by the Fund.

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 the Prudential Investment

38

Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended July 31, 2017, PGIM, Inc. was compensated $146 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. 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.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for the year ended July 31, 2017, were $20,505,183 and $21,366,601, respectively.

5. Distributions and Tax Information

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 undistributed net investment income, accumulated net realized loss on investment and foreign currency 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 undistributed net investment income, accumulated net realized loss on investment and foreign currency transactions and paid-in capital in excess of par. For the tax year ended July 31, 2017, the adjustments were to increase undistributed net investment income by $65,537, decrease accumulated net realized loss on investment and foreign currency transactions by $892,810 and decrease paid-in capital in excess of par by $958,347 due to differences in the tax treatment of premium amortization and the expiration of a capital loss carryforward. Net investment income, net realized gain (loss) on investment and foreign currency transactions and net assets were not affected by this change.

The tax character of distributions paid during the tax year ended July 31, 2017 was $747,416 of ordinary income. The tax character of distributions paid during the tax period ended July 31, 2016 was $693,091 of ordinary income.

As of July 31, 2017, the accumulated undistributed earnings on a tax basis was $67,773 of ordinary income.

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

Tax Basis	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation
$22,615,431	$538,697	$(70,205)	$468,492

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

Prudential Corporate Bond Fund 39

Notes to Financial Statements (continued)

For federal income tax purposes, the Fund had a capital loss carryforward as of July 31, 2017 of approximately $610,000 which can be carried forward for an unlimited period. The fund had a capital loss carryforward of approximately $958,000 which has expired unused during the fiscal year ended July 31, 2017. The Fund utilized approximately $116,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended July 31, 2017. No capital gains 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.

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%. Investors who purchase $1 million or more of Class A shares and redeem those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, but are not subject to an initial sales charge. 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 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 July 31, 2017, Prudential owned 973 Class A shares, 957 Class C shares, 978 Class Q shares and 967 Class R shares of the Fund.

At reporting period end, three shareholders of record held 78% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

40

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended July 31, 2017:
Shares sold		130,815		$	1,463,656
Shares issued in reinvestment of dividends and distributions		3,414			38,209
Shares reacquired		(43,180	)		(479,305	)
Net increase (decrease) in shares outstanding before conversion		91,049			1,022,560
Shares reacquired upon conversion into other share class(es)		(3,587	)		(39,847	)
Net increase (decrease) in shares outstanding		87,462		$	982,713
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 reacquired upon conversion into other share class(es)		(2,069	)		(23,739	)
Net increase (decrease) in shares outstanding		65,194		$	723,927
Class C
Year ended July 31, 2017:
Shares sold		61,586		$	685,900
Shares issued in reinvestment of dividends and distributions		1,868			20,845
Shares reacquired		(32,511	)		(359,336	)
Net increase (decrease) in shares outstanding		30,943		$	347,409
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
Year ended July 31, 2017:
Shares sold		—		$	—
Shares issued in reinvestment of dividends and distributions		31			348
Net increase (decrease) in shares outstanding		31		$	348
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
Year ended July 31, 2017:
Shares sold		—		$	—
Shares issued in reinvestment of dividends and distributions		26			291
Net increase (decrease) in shares outstanding		26		$	291
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

Prudential Corporate Bond Fund 41

Notes to Financial Statements (continued)

Class Z	Shares			Amount
Year ended July 31, 2017:
Shares sold		611,442		$	6,836,359
Shares issued in reinvestment of dividends and distributions		59,423			664,102
Shares reacquired		(954,080	)		(10,611,926	)
Net increase (decrease) in shares outstanding before conversion		(283,215	)		(3,111,465	)
Shares issued upon conversion from other share class(es)		3,600			39,847
Net increase (decrease) in shares outstanding		(279,615	)	$	(3,071,618	)
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	)

7. Borrowings

The Trust, on behalf of 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 Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

Other affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of the portfolios. Consequently, the portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Fund utilized the SCA during the year ended July 31, 2017. The average daily balance for the 2 days that the Fund had loans outstanding during the period was $818,000,

42

borrowed at a weighted average interest rate of 1.78%. The maximum loan balance outstanding during the period was $1,053,000. At July 31, 2017, the Fund did not have an outstanding loan balance.

8. Recent Accounting Pronouncements and Reporting Updates

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 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.

9. Other

At the Trust’s Board meeting in March 2017, the Board of Trustees approved a change in the methodology of allocating certain expenses, like Transfer Agent fees (including sub-transfer agent and networking fees) and Blue Sky fees. PGIM Investments implemented the changes effective August 1, 2017.

Prudential Corporate Bond Fund 43

Financial Highlights

Class A Shares
	Year Ended July 31,						May 28, 2015(b) through July 31,
	2017			2016			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)		.32			.29			.04
Net realized and unrealized gain (loss) on investments		(.13	)		.71			(.17	)
Total from investment operations		.19			1.00			(.13	)
Less dividends from net investment income		(.33	)		(.30	)		(.05	)
Net asset value, end of period		$11.32			$11.46			$10.76
Total Return(a):		1.77%			9.49%			(1.19)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,802			$822			$71
Average net assets (000)		$1,339			$269			$12
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		.80%			.94%			.98%	(e)
Expenses before waivers and/or expense reimbursement		1.92%			1.77%			2.23%	(e)
Net investment income (loss)		2.88%			2.64%			2.24%	(e)
Portfolio turnover rate		90%			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 upon 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.

44

Class C Shares
	Year Ended July 31,						May 28, 2015(b) through July 31,
	2017			2016			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)		.24			.20			.03
Net realized and unrealized gain (loss) on investments		(.13	)		.70			(.18	)
Total from investment operations		.11			.90			(.15	)
Less dividends from net investment income		(.25	)		(.22	)		(.04	)
Net asset value, end of period		$11.29			$11.43			$10.75
Total Return(a):		1.01%			8.51%			(1.41)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,095			$755			$15
Average net assets (000)		$1,014			$369			$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.55%			1.73%			1.87%	(e)
Expenses before waivers and/or expense reimbursement		2.66%			2.56%			2.97%	(e)
Net investment income (loss)		2.12%			1.84%			1.48%	(e)
Portfolio turnover rate		90%			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 upon 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 45

Financial Highlights (continued)

Class Q Shares
	Year Ended July 31,						May 28, 2015(b) through July 31,
	2017			2016			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)		.35			.30			.04
Net realized and unrealized gain (loss) on investments		(.13	)		.71			(.18	)
Total from investment operations		.22			1.01			(.14	)
Less dividends from net investment income		(.36	)		(.33	)		(.05	)
Net asset value, end of period		$11.29			$11.43			$10.75
Total Return(a):		2.02%			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%			.79%			.87%	(e)
Expenses before waivers and/or expense reimbursement		1.53%			1.28%			1.88%	(e)
Net investment income (loss)		3.10%			2.80%			2.39%	(e)
Portfolio turnover rate		90%			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 upon 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.

46

Class R Shares
	Year Ended July 31,						May 28, 2015(b) through July 31,
	2017			2016			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)		.29			.25			.03
Net realized and unrealized gain (loss) on investments		(.12	)		.70			(.17	)
Total from investment operations		.17			.95			(.14	)
Less dividends from net investment income		(.31	)		(.27	)		(.05	)
Net asset value, end of period		$11.29			$11.43			$10.75
Total Return(a):		1.51%			9.04%			(1.32)%
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		1.05%			1.29%			1.36%	(e)
Expenses before waivers and/or expense reimbursement		2.42%			2.12%			2.77%	(e)
Net investment income (loss)		2.59%			2.32%			1.91%	(e)
Portfolio turnover rate		90%			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 upon 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 47

Financial Highlights (continued)

Class Z Shares
	Year Ended July 31,									Nine Months Ended July 31,			Year Ended October 31,
	2017(g)			2016(g)			2015(g)(h)			2014(f)			2013			2012
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$11.43			$10.76			$10.69			$10.50			$10.83			$10.68
Income (loss) from investment operations:
Net investment income (loss)		.34			.30			.09			.05			.15			.29
Net realized and unrealized gain (loss) on investments		(.12	)		.70			.11			.21			(.26	)		.20
Total from investment operations		.22			1.00			.20			.26			(.11	)		.49
Less dividends from net investment income		(.36	)		(.33	)		(.13	)		(.07	)		(.22	)		(.34	)
Net asset value, end of period		$11.29			$11.43			$10.76			$10.69			$10.50			$10.83
Total Return(a):		2.02%			9.47%			1.83%			2.47%			(.97)%			4.64%
Ratios/Supplemental Data:
Net assets, end of period (000)		$19,869			$23,307			$44,174			$43,879			$42,218			$43,605
Average net assets (000)		$21,149			$33,438			$44,354			$42,666			$43,290			$42,171
Ratios to average net assets(b):
Expenses after waivers and/or expense reimbursement		.55%			.82%			.91%			.99%	(d)		.93%			.93%
Expenses before waivers and/or expense reimbursement		1.64%			1.27%			1.10%			.99%	(d)		.93%			.93%
Net investment income (loss)		3.07%			2.79%			.78%			.65%	(d)		1.39%			2.70%
Portfolio turnover rate		90%			165%			1,221%	(c)		936%	(c)(e)		990%	(c)		847%	(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 upon average shares outstanding during the period.

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

See Notes to Financial Statements.

48

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

The Target Portfolio Trust:

We have audited the accompanying statement of assets and liabilities of Prudential Corporate Bond Fund, a series of Target Portfolio Trust (the “Fund”), including the schedule of investments, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, for the nine-month period ended July 31, 2014 and for each of the years in the two-year period ended October 31, 2013. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of July 31, 2017, and the results of its operations, changes in its net assets, and the financial highlights for the periods described in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

New York, New York

September 18, 2017

Prudential Corporate Bond Fund 49

Federal Income Tax Information (unaudited)

For the tax year ended July 31, 2017, the Fund reports 83.36% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2018, you will be advised on IRS Form 1099-DIV or substitute Form 1099-DIV, as to the Federal tax status of the distributions received by you in calendar year 2017.

50

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS

(Unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Ellen S. Alberding (59) Board Member Portfolios Overseen: 87	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (since 2011); Trustee, Skills for America’s Future (national initiative to connect employers to community colleges) (since 2011); Trustee, National Park Foundation (charitable foundation for national park system) (since 2009); Trustee, Economic Club of Chicago (since 2009).	None.
Kevin J. Bannon (65) Board Member Portfolios Overseen: 87	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).
Linda W. Bynoe (65) Board Member Portfolios Overseen: 87	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Simon Property Group, Inc. (retail real estate) (May 2003-May 2012); Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).

Prudential Corporate Bond Fund

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Barry H. Evans (56)± Board Member Portfolios Overseen: 87	Retired; Formerly President (2005–2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (2011- present); Director, Manulife Asset Management Limited (2015-present); Formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); Formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016)
Keith F. Hartstein (60) Board Member & Independent Chair Portfolios Overseen: 87	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.
Laurie Simon Hodrick (55)± Board Member Portfolios Overseen: 87	A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (since 1996); Visiting Professor of Law and Rock Center for Corporate Governance Fellow, Stanford Law School (since 2015); Visiting Fellow, Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); Formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008); Formerly Director/Trustee, Merrill Lynch Investment Managers Funds (1999-2006)	Independent Director, Corporate Capital Trust (since April 2017) (a business development company)
Michael S. Hyland, CFA (71) Board Member Portfolios Overseen: 87	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.

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Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Richard A. Redeker (74) Board Member & Independent Vice Chair Portfolios Overseen: 87	Retired Mutual Fund Senior Executive (47 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.
Stephen G. Stoneburn (74) Board Member Portfolios Overseen: 87	Chairman (since July 2011), President and Chief Executive Officer (since June 1996) of Frontline Medical Communications (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc. (1975-1989).	None.

± Mr. Evans and Ms. Hodrick joined the Board effective as of September 1, 2017.

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Stuart S. Parker (54) Board Member & President Portfolios Overseen: 87	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.

Prudential Corporate Bond Fund

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Scott E. Benjamin (44) Board Member & Vice President Portfolios Overseen: 87	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President of Product Development and Product Management, Prudential Investments (2003-2006).	None.
Grace C. Torres* (58) Board Member Portfolios Overseen: 86	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the Prudential Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since July 2015) of Sun Bancorp, Inc. N.A. and Sun National Bank

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

⁽¹⁾  The year that each individual joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; Richard A. Redeker, 2003; Stephen G. Stoneburn, 1999; Grace C. Torres, 2014; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009.

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (62) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since 2012
Chad A. Earnst (42) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the Prudential Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., Prudential Global Short Duration High Yield Income Fund, Inc., Prudential Short Duration High Yield Fund, Inc. and Prudential Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since 2014
Deborah A. Docs (59) Secretary	Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of PGIM Investments LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2004
Jonathan D. Shain (59) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2005
Claudia DiGiacomo (42) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since 2005

Prudential Corporate Bond Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French (54) Assistant Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since 2006
Charles H. Smith (44) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007–December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998—January 2007).	Since 2016
M. Sadiq Peshimam (53) Treasurer and Principal Financial and Accounting Officer	Vice President (since 2005) of PGIM Investments LLC; formerly Assistant Treasurer of funds in the Prudential Mutual Fund Complex (2006-2014).	Since 2006
Peter Parrella (59) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since 2007
Lana Lomuti (50) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since 2014
Linda McMullin (56) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since 2014
Kelly A. Coyne (49) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since 2015

^(a)  Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

• Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

• Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

• There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

• “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

• “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the Prudential Mutual Funds, The Prudential Variable Contract Accounts, Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreement

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of the Prudential Corporate Bond Fund (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit. In considering the renewal of the agreements, the Board, including all of the Independent Trustees,² met on June 6-8, 2017 and approved the renewal of the agreements through July 31, 2018, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM, Inc. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board

¹  Prudential Corporate Bond Fund is a series of The Target Portfolio Trust.

²  Barry H. Evans and Laurie Simon Hodrick joined the Board effective as of September 1, 2017. Neither Mr. Evans nor Ms. Hodrick participated in the consideration of the approval of the Fund’s advisory agreements.

Prudential Corporate Bond Fund

Approval of Advisory Agreement (continued)

considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 6-8, 2017.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality, and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Fixed Income. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM Fixed Income’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and PGIM Fixed Income. The Board also noted that it received favorable compliance

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reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and PGIM Fixed Income. The Board noted that PGIM Fixed Income is affiliated with PGIM Investments.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Fixed Income under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. The Board noted that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2016 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. The Board further noted that the subadviser is affiliated with PGIM Investments and that its profitability is reflected in PGIM Investments profitability report. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase, but that at its current level of assets the Fund does not realize the effect of those rate reductions. The Board took note that the Fund’s fee structure currently results in benefits to Fund shareholders whether or not PGIM Investments realizes any economies of scale. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management

Prudential Corporate Bond Fund

Approval of Advisory Agreement (continued)

fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and PGIM Fixed Income

The Board considered potential ancillary benefits that might be received by PGIM Investments and PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income included those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2016.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2016. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe (the Lipper BBB-Rated Corporate Debt Funds Performance Universe), which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. The comparisons placed the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	4th Quartile	2nd Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 3rd Quartile

• The Board noted that the Fund outperformed its benchmark index for the one-, three-, and ten-year periods.

• The Board noted that during the second quarter of 2015, the Fund implemented new investment policies and investment strategies, and appointed a new subadviser to replace the Fund’s former subadvisers. As a result, the Fund’s past performance prior to that date did not reflect the current management of the Fund.

• The Board and PGIM Investments agreed to continue the Fund’s existing expense cap, which caps the Fund’s annual operating expenses at 0.55% (excluding 12b-1 fees and certain other expenses), through November 30, 2017.

• The Board noted information provided by PGIM Investments indicating that if the Fund’s current expense cap, which was implemented on May 1, 2016, had been in effect for the full fiscal year, the Fund’s net total expenses would have ranked in the first quartile in its Peer Group.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

Prudential Corporate Bond Fund

∎   MAIL	∎   TELEPHONE	∎   WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.pgiminvestments.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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • 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 • 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	PGIM 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.pgiminvestments.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.pgiminvestments.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, PGIM 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PRUDENTIAL CORPORATE BOND FUND

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

MF229E

PRUDENTIAL QMA SMALL-CAP VALUE FUND

ANNUAL REPORT

JULY 31, 2017

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Objective: Above-average capital appreciation

Highlights

• For the twelve months ended July 31, 2017, the Prudential QMA Small-Cap Value Fund’s Class Z shares outperformed the Russell 2000 Value Index (the Index) and the Lipper Small-Cap Value Funds Average.

• The Fund benefited from an overweight in the outperforming financials sector and underweights in the underperforming real estate, energy, and utilities sectors. Furthermore, the Fund had good security selection in the financials, real estate, and energy sectors.

• The Fund had unfavorable security selection in the consumer discretionary and health care sectors.

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.

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.

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Letter from the President

Dear Shareholder:

We hope you find the annual report for the Prudential QMA Small-Cap Value Fund informative and useful. The report covers performance for the 12-month period ended July 31, 2017.

Effective April 3, 2017, Prudential Investments became known as PGIM^® Investments. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and its management and operation will not change.

Major global events during the reporting period included the US presidential election and domestic issues related to the new administration’s policy initiatives. The US economy experienced weak growth during the first quarter of 2017, although stronger growth took place in the second quarter. Britain began its formal legal process to leave the European Union, and recent parliamentary elections in Britain resulted in unseating the majority party. Overall, global economic growth picked up slightly.

Equities in the US reached new highs, and international equities gained significantly. European stocks posted impressive results. Asian markets were solid, and emerging markets outperformed most regions.

In mid-June, the Federal Reserve raised its Federal Funds rate by 0.25% for the second time in 2017. Fixed income markets were mixed, as rising interest rates affected bond markets. High yield and emerging markets bonds were among the top performers.

Given the uncertainty in today’s investment environment, we believe that active professional portfolio management offers a potential advantage. Active managers often have the knowledge and flexibility to find the best investment opportunities in the most challenging markets.

Even so, it’s best if investment decisions are based on your long-term goals rather than on short-term market and economic developments. We also encourage you to work with an experienced financial advisor who can help you set goals, determine your tolerance for risk, and build a diversified plan that’s right for you and make adjustments when necessary.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. We’re part of PGIM, a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential QMA Small-Cap Value Fund

September 15, 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.pgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 7/31/17 (with sales charges)
	One Year (%)		Five Years (%)		Ten Years (%)		Since Inception (%)
Class A		12.73		N/A		N/A		6.56 (2/14/14)
Class C		17.43		N/A		N/A		7.60 (6/19/15)
Class Q		19.77		N/A		N/A		10.00 (9/25/14)
Class R		19.00		13.45		7.91		—
Class Z		19.66		14.02		8.46		—
Russell 2000 Value Index		19.21		13.76		6.94		—
Russell 2000 Index		18.45		14.19		7.76		—
Lipper Small-Cap Value Funds Average		16.21		12.55		6.48		—
	Average Annual Total Returns as of 7/31/17 (without sales charges)
	One Year (%)		Five Years (%)		Ten Years (%)		Since Inception (%)
Class A		19.29		N/A		N/A		8.31 (2/14/14)
Class C		18.43		N/A		N/A		7.60 (6/19/15)
Class Q		19.77		N/A		N/A		10.00 (9/25/14)
Class R		19.00		13.45		7.91		—
Class Z		19.66		14.02		8.46		—
Russell 2000 Value Index		19.21		13.76		6.94		—
Russell 2000 Index		18.45		14.19		7.76		—
Lipper Small-Cap Value Funds Average		16.21		12.55		6.48		—

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Growth of a $10,000 Investment

Source: PGIM Investments LLC and Lipper Inc.

The Since Inception returns for the Indexes and the Lipper Average are measured from the closest month-end to the Fund’s inception date. Inception returns are provided for any share class with less than 10 fiscal years of returns.

The graph compares a $10,000 investment in the Prudential QMA Small-Cap Value Fund (Class Z) with a similar investment in the Russell 2000 Value Index and the Russell 2000 Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2007) and the account values at the end of the current fiscal period (July 31, 2017), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for Class A, Class C, Class Q, and Class R shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

Prudential QMA Small-Cap Value Fund 5

Your Fund’s Performance (continued)

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)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% 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)	1.00%	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 rates.
The average annual total return for the Index measured from the month-end closest to the inception date through 7/31/17 is 8.65% for Class A, 10.19% for Class C, and 11.15% 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 average annual total return for the Index measured from the month-end closest to the inception date through 7/31/17 is 8.33% for Class A, 7.86% for Class C, and 11.05% for Class Q shares.

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 rate, compared to the S&P SmallCap 600 Index. The average annual total return for the Average measured from the month-end closest to the inception date through 7/31/17 is 6.56% for Class A, 7.30% for Class C, and 8.00% for Class Q shares.

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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 7/31/17 (%)
Washington Federal, Inc., Thrifts & Mortgage Finance	1.1
MGIC Investment Corp., Thrifts & Mortgage Finance	1.1
Umpqua Holdings Corp., Banks	1.1
Cathay General Bancorp, Banks	1.0
SkyWest, Inc., Airlines	1.0

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

Five Largest Industries expressed as a percentage of net assets as of 7/31/17 (%)
Banks	15.9
Equity Real Estate Investment Trusts (REITs)	8.9
Thrifts & Mortgage Finance	6.9
Specialty Retail	5.9
Insurance	4.6

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

Prudential QMA Small-Cap Value Fund 7

Strategy and Performance Overview

How did the Fund perform?

The Prudential QMA Small-Cap Value Fund’s Class Z shares gained 19.66% for the twelve months ended July 31, 2017, outperforming the Index, which gained 19.21%, and the 16.21% gain of the Lipper Small-Cap Value Funds Average.

What were market conditions?

• Stocks, especially small-cap stocks, turned in strong performance during the reporting period. As a result of some turbulence in November just after the US presidential election, stocks initially plummeted but quickly reversed course and maintained gains through the reporting period on strong earnings and positive investor sentiment.

• Headline macro-events included fiercely contested disputes in the US Congress over the Trump administration’s policy initiatives, especially on health care and tax reform. Investors shrugged off the political impasse, as stocks sailed smoothly to new highs. However, the extended low-volatility environment had some investors worried over concerns that a sense of complacency may have taken hold.

• Solid economic fundamentals in the US included moderate GDP expansion, robust employment, and accelerating corporate profit growth. Inflation remained benign. The Federal Reserve raised the federal funds target rate to 1.00%-1.25%.

• Overall, sector performance in the Index was mixed, but six sectors experienced double-digit returns. The top performer was information technology, which posted a 36.38% return. Financials rose by 29.55%. Industrials jumped to a 26.17% gain. Materials also experienced a double-digit return of 19.38%. Health care rose by 18.84%. Utilities rose by 12.01%. Consumer discretionary experienced a 9.26% gain. Real estate rose by 2.54%. On the negative side, consumer staples gave up 0.10%. Energy returned –0.69%. Telecommunications services was the laggard with a –11.63% loss.

What worked?

• The Fund benefited from an overweight in the outperforming financials sector and underweights in the underperforming real estate, energy, and utilities sectors. Furthermore, the Fund had good security selection in the financials, real estate, and energy sectors.

• Within the financials sector, the Fund added value from (1) solid selection among mortgage finance, consumer finance, and insurance stocks, (2) the timely sales of bank positions, and (3) an overweight in the strong performing investment banking & brokerage industry.

• At the security level in financials, the performance standouts were Walker & Dunlop, Inc. and American Equity Investment Life Holding Company. Walker & Dunlop, a commercial real estate lender, had strong operating results, driven by growth in transaction volume and margin improvement on a more profitable loan origination mix.

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The stock price of American Equity recovered strongly as investors became less concerned that the company’s indexed annuity sales could be impacted by the US Department of Labor’s new fiduciary rules.

• In the real estate sector, underweights in the poor-performing retail and health care REITs industries helped relative performance.

• In the energy sector, the timely sales of oil & gas equipment & services holdings contributed significantly to performance.

• Among other top performing holdings, the Fund benefited from positions in Amkor Technology, Inc., CAI International, Inc., and Adtalem Global Education Inc. Amkor Technology is one of the world’s largest providers of outsourced semiconductor packaging and testing services. CAI International is one of the world’s leading intermodal freight container leasing and management companies. Adtalem Global Education is a global education provider.

What didn’t work?

• The Fund had unfavorable security selection in the consumer discretionary and health care sectors.

• In the consumer discretionary sector, poor security selection among retailers detracted significantly from performance, mainly from the untimely purchases of low-valued apparel retailers. Many apparel retailers are experiencing weak store traffic and changing shopping patterns, which are hurting their operating results. Some of these retailers are addressing this difficult environment with cost-cutting initiatives and expansion of their omnichannel capabilities.

• Ascena Retail Group, Inc. and Fossil Group, Inc. were the leading detractors at the security level within the consumer discretionary sector. Ascena Retail Group is a national specialty retailer offering apparel, shoes, and accessories for women. Fossil Group, a fashion accessories company, is challenged from weak demand for traditional watches while it grows its wearables business and executes on its cost structure reduction initiatives.

• In the health care sector, an overweight in the underperforming health care facilities industry and no exposure to the strong performing, expensively valued biotechnology stocks weighed on performance. The most significant underperforming holding here was Brookdale Senior Living Inc., a leading operator of senior living communities throughout the US. The increase in senior housing construction growth, which resulted in more supply, had negatively affected occupancy rates for some senior housing operators.

• Among other underperforming holdings, the Fund was not helped from positions in property owner Select Income REIT and oil & gas driller Atwood Oceanics, Inc.

Prudential QMA Small-Cap Value Fund 9

Strategy and Performance Overview (continued)

The percentage points shown in the tables identify each security’s positive or negative contribution to the Fund’s return, which is the sum of all contributions by individual holdings.

Top Contributors (%)		Top Detractors (%)
Amkor Technology, Inc.	0.50	Ascena Retail Group, Inc.	–0.43
Walker & Dunlop, Inc.	0.27	Brookdale Senior Living Inc.	–0.26
CAI International, Inc.	0.23	Select Income REIT	–0.25
American Equity Investment Life Holding Company	0.23	Atwood Oceanics, Inc.	–0.24
Adtalem Global Education Inc.	0.22	Fossil Group, Inc.	–0.23

Current outlook

• QMA continues to view the Fund as well positioned in small-cap stocks that are attractively valued. The spread in valuations between the most expensive and least expensive groups of stocks in the market continues to be wide relative to its history, suggesting an opportunity for a payoff to value stocks. The Fund also continues to trade at a discount to the Russell 2000 Value Index on a variety of valuation metrics. QMA believes this discount represents a real opportunity for strong future relative performance.

• Although the “average” stock does not appear cheap now, QMA’s quantitative model continues to find attractively valued small-cap companies within the US stock market. From a sector perspective, relative to the benchmark (the Russell 2000 Value Index), the Fund currently has large overweights in the consumer discretionary and financials sectors, and large underweights in the utilities and information technology sectors.

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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 held through the six-month period ended July 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 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 paid over the

Prudential QMA Small-Cap Value Fund 11

Fees and Expenses (continued)

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 February 1, 2017		Ending  Account Value July 31, 2017		Annualized Expense Ratio Based on the Six-Month��Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	993.50		0.96	%	$	4.75
	Hypothetical	$	1,000.00	$	1,020.03		0.96	%	$	4.81
Class C	Actual	$	1,000.00	$	989.80		1.71	%	$	8.44
	Hypothetical	$	1,000.00	$	1,016.31		1.71	%	$	8.55
Class Q	Actual	$	1,000.00	$	995.30		0.62	%	$	3.07
	Hypothetical	$	1,000.00	$	1,021.72		0.62	%	$	3.11
Class R	Actual	$	1,000.00	$	992.50		1.21	%	$	5.98
	Hypothetical	$	1,000.00	$	1,018.79		1.21	%	$	6.06
Class Z	Actual	$	1,000.00	$	994.90		0.71	%	$	3.51
	Hypothetical	$	1,000.00	$	1,021.27		0.71	%	$	3.56

*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 181 days in the six-month period ended July 31, 2017, and divided by the 365 days in the Fund’s fiscal year ended 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.

12 Visit our website at pgiminvestments.com

Schedule of Investments

as of July 31, 2017

Description	Shares		Value
LONG-TERM INVESTMENTS    99.5%
COMMON STOCKS    98.9%
Aerospace & Defense    0.8%
Moog, Inc. (Class A Stock)*		26,400	$	1,962,048
Triumph Group, Inc.(a)		226,900		5,808,640
Vectrus, Inc.*		158,800		5,400,788
				13,171,476
Air Freight & Logistics    0.7%
Atlas Air Worldwide Holdings, Inc.*		191,728		11,388,643
Airlines    1.4%
Allegiant Travel Co.		4,900		633,325
Hawaiian Holdings, Inc.*		37,100		1,535,940
SkyWest, Inc.		436,768		15,942,032
Spirit Airlines, Inc.*		114,100		4,432,785
				22,544,082
Auto Components    3.1%
American Axle & Manufacturing Holdings, Inc.*(a)		402,600		5,934,324
Cooper-Standard Holdings, Inc.*		99,300		10,154,418
Dana, Inc.		596,800		14,156,096
Stoneridge, Inc.*		158,700		2,421,762
Superior Industries International, Inc.		75,400		1,474,070
Tenneco, Inc.(a)		128,800		7,122,640
Tower International, Inc.		322,289		7,960,538
				49,223,848
Banks    15.9%
Arrow Financial Corp.		37,119		1,210,079
Associated Banc-Corp.		17,500		419,125
Banc of California, Inc.(a)		237,200		4,874,460
Banco Latinoamericano de Comercio Exterior SA (Panama)		239,611		6,304,165
Bank of Marin Bancorp		46,662		3,110,022
Berkshire Hills Bancorp, Inc.		368,604		13,693,639
Bridge Bancorp, Inc.		38,500		1,251,250
Camden National Corp.		94,326		3,961,692
Cathay General Bancorp		442,000		16,552,900
Century Bancorp, Inc. (Class A Stock)		6,900		460,230
Chemical Financial Corp.(a)		70,400		3,392,576
Citizens & Northern Corp.(a)		29,016		669,689
City Holding Co.(a)		2,600		170,638
CNB Financial Corp.		38,399		1,012,198
Community Trust Bancorp, Inc.		106,966		4,620,931

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 13

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Customers Bancorp, Inc.*		347,630	$	10,376,756
Enterprise Financial Services Corp.		225,380		8,913,779
FB Financial Corp.*		6,000		206,220
Fidelity Southern Corp.		307,893		6,484,227
Financial Institutions, Inc.		159,528		4,690,123
First Business Financial Services, Inc.		19,000		403,940
First Commonwealth Financial Corp.		132,100		1,721,263
First Community Bancshares, Inc.		60,634		1,650,457
First Financial Bancorp(a)		152,751		3,910,426
First Financial Corp.		106,859		4,920,857
First Interstate BancSystem, Inc. (Class A Stock)		5,500		201,025
First Merchants Corp.		32,607		1,318,627
FNB Corp.		139,800		1,915,260
Franklin Financial Network, Inc.*		12,600		435,330
Great Southern Bancorp, Inc.		92,663		4,813,843
Great Western Bancorp, Inc.		260,800		10,173,808
Hanmi Financial Corp.		198,378		5,683,530
Heartland Financial USA, Inc.		216,950		10,218,345
Hilltop Holdings, Inc.		253,603		6,347,683
Hope Bancorp, Inc.		804,016		14,174,802
Horizon Bancorp		85,054		2,242,874
IBERIABANK Corp.		157,100		12,701,535
International Bancshares Corp.		394,982		13,982,363
Lakeland Bancorp, Inc.		105,927		2,049,687
MainSource Financial Group, Inc.		18,673		652,435
MidWestOne Financial Group, Inc.		10,362		356,660
OFG Bancorp (Puerto Rico)		44,700		449,235
Old National Bancorp		634,343		10,339,791
Opus Bank(a)		8,200		195,160
PacWest Bancorp		10,300		494,606
Peapack Gladstone Financial Corp.		52,779		1,650,399
Prosperity Bancshares, Inc.(a)		67,958		4,356,108
S&T Bancorp, Inc.		170,063		6,441,986
Sandy Spring Bancorp, Inc.		6,100		244,244
Simmons First National Corp. (Class A Stock)		27,700		1,511,035
TCF Financial Corp.		112,900		1,779,304
TriCo Bancshares		111,450		4,112,505
Trustmark Corp.		9,500		303,620
Umpqua Holdings Corp.		906,700		16,810,218
United Community Banks, Inc.		64,400		1,787,744
Valley National Bancorp(a)		89,000		1,057,320
WesBanco, Inc.		174,648		6,676,793

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
West Bancorporation, Inc.		51,759	$	1,190,457
Western Alliance Bancorp*		12,900		649,902
				252,299,876
Biotechnology    0.4%
AMAG Pharmaceuticals, Inc.*		114,000		2,240,100
PDL BioPharma, Inc.*		550,300		1,249,181
United Therapeutics Corp.*(a)		16,400		2,105,760
				5,595,041
Building Products    0.3%
Caesarstone Ltd. (Israel)*		23,600		828,360
Continental Building Products, Inc.*		153,300		3,372,600
Ply Gem Holdings, Inc.*		26,800		469,000
				4,669,960
Capital Markets    2.2%
Arlington Asset Investment Corp. (Class A Stock)		111,196		1,434,429
Artisan Partners Asset Management, Inc. (Class A Stock)(a)		8,900		295,925
Greenhill & Co., Inc.(a)		11,700		216,450
INTL FCStone, Inc.*		127,200		4,977,336
Moelis & Co. (Class A Stock)		67,500		2,760,750
OM Asset Management PLC		256,100		3,859,427
Piper Jaffray Cos.		133,683		8,341,819
Stifel Financial Corp.*(a)		172,300		8,761,455
Waddell & Reed Financial, Inc. (Class A Stock)(a)		213,400		4,410,978
				35,058,569
Chemicals    1.8%
A. Schulman, Inc.		79,800		2,098,740
Cabot Corp.		12,100		657,393
FutureFuel Corp.		179,900		2,619,344
Innophos Holdings, Inc.		64,300		2,685,811
Koppers Holdings, Inc.*		93,600		3,397,680
Rayonier Advanced Materials, Inc.		19,200		286,272
Stepan Co.		115,219		9,467,545
Trinseo SA		106,100		7,458,830
				28,671,615
Commercial Services & Supplies    3.0%
ACCO Brands Corp.*		688,841		8,024,997
CECO Environmental Corp.		81,600		788,256

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 15

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies (cont’d.)		��
Deluxe Corp.(a)		11,600	$	837,520
Ennis, Inc.		420,956		8,103,403
Essendant, Inc.		217,600		2,715,648
Herman Miller, Inc.		339,000		11,415,825
Knoll, Inc.		39,100		756,976
McGrath RentCorp		72,500		2,575,925
Pitney Bowes, Inc.		164,100		2,582,934
Quad/Graphics, Inc.		244,071		5,481,835
Steelcase, Inc. (Class A Stock)		33,100		451,815
Viad Corp.		42,100		2,254,455
VSE Corp.		43,700		2,265,845
				48,255,434
Construction & Engineering    1.7%
AECOM*(a)		181,500		5,789,850
Aegion Corp.*		231,893		5,551,519
Argan, Inc.		193,900		12,496,855
Chicago Bridge & Iron Co. NV(a)		141,700		2,655,458
				26,493,682
Consumer Finance    1.9%
Encore Capital Group, Inc.*(a)		218,291		8,753,469
Enova International, Inc.*		378,205		5,483,972
Nelnet, Inc. (Class A Stock)		204,553		10,041,507
Regional Management Corp.*		72,100		1,729,679
World Acceptance Corp.*(a)		53,700		4,058,109
				30,066,736
Containers & Packaging    0.6%
Bemis Co., Inc.		61,500		2,605,755
Graphic Packaging Holding Co.		64,600		852,074
Owens-Illinois, Inc.*		244,700		5,848,330
Silgan Holdings, Inc.		17,100		518,130
				9,824,289
Diversified Consumer Services    0.2%
Adtalem Global Education, Inc.(a)		86,000		2,795,000
American Public Education, Inc.*		11,600		247,080
				3,042,080
Diversified Financial Services    0.1%
Marlin Business Services Corp.		51,400		1,336,400

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services    0.7%
Iridium Communications, Inc.*(a)		1,152,998	$	11,472,330
Electrical Equipment    0.6%
Generac Holdings, Inc.*		79,500		2,859,615
Regal Beloit Corp.		78,700		6,559,645
				9,419,260
Electronic Equipment, Instruments & Components    3.7%
Anixter International, Inc.*		27,800		2,189,250
Bel Fuse, Inc. (Class B Stock)		30,309		765,302
Benchmark Electronics, Inc.*		123,446		4,153,958
Methode Electronics, Inc.		50,800		2,019,300
Sanmina Corp.*		443,974		15,916,468
ScanSource, Inc.*		166,600		6,597,360
Tech Data Corp.*		125,800		12,881,920
TTM Technologies, Inc.*(a)		817,300		14,204,674
				58,728,232
Energy Equipment & Services    1.3%
Atwood Oceanics, Inc.*		828,200		6,509,652
Diamond Offshore Drilling, Inc.*(a)		484,600		6,018,732
Ensco PLC (Class A Stock)		84,400		446,476
Exterran Corp.*		16,100		445,809
McDermott International, Inc.*(a)		761,500		5,155,355
Rowan Cos. PLC (Class A Stock)*(a)		229,700		2,680,599
				21,256,623
Equity Real Estate Investment Trusts (REITs)    8.9%
Ashford Hospitality Prime, Inc.		326,879		3,386,467
Ashford Hospitality Trust, Inc.(a)		1,676,220		10,543,424
Brixmor Property Group, Inc.		287,000		5,622,330
Care Capital Properties, Inc.		74,800		1,811,656
CBL & Associates Properties, Inc.(a)		179,900		1,581,321
Chatham Lodging Trust(a)		351,900		7,277,292
CorEnergy Infrastructure Trust, Inc.		180,815		6,438,822
DDR Corp.		634,500		6,465,555
First Potomac Realty Trust		140,085		1,559,146
Government Properties Income Trust(a)		140,200		2,485,746
Hersha Hospitality Trust(a)		451,100		8,462,636
Hospitality Properties Trust(a)		212,800		6,183,968
InfraREIT, Inc.		361,300		8,125,637
iStar, Inc.*(a)		95,900		1,146,005

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 17

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Lexington Realty Trust		1,256,277	$	12,788,900
New Senior Investment Group, Inc.		352,700		3,664,553
RAIT Financial Trust(a)		336,319		672,638
Ramco-Gershenson Properties Trust		125,600		1,769,704
RLJ Lodging Trust		426,600		9,026,856
Select Income REIT		597,628		14,026,329
Spirit Realty Capital, Inc.		801,200		6,353,516
Washington Prime Group, Inc.(a)		713,600		6,436,672
Xenia Hotels & Resorts, Inc.		717,400		14,577,568
				140,406,741
Food & Staples Retailing    1.2%
Ingles Markets, Inc. (Class A Stock)		186,605		5,504,847
SpartanNash Co.		362,590		10,058,247
United Natural Foods, Inc.*(a)		97,500		3,756,675
				19,319,769
Food Products    1.6%
Darling Ingredients, Inc.*		321,500		5,230,805
Fresh Del Monte Produce, Inc.		194,661		10,019,202
Omega Protein Corp.		111,300		1,780,800
Sanderson Farms, Inc.(a)		61,400		8,028,050
				25,058,857
Gas Utilities    0.2%
National Fuel Gas Co.(a)		59,800		3,540,758
Health Care Providers & Services     1.9%
Brookdale Senior Living, Inc.*		368,800		5,236,960
HealthSouth Corp.		239,100		10,176,096
Kindred Healthcare, Inc.		611,600		5,473,820
LifePoint Health, Inc.*(a)		79,200		4,704,480
Select Medical Holdings Corp.*		306,385		4,963,437
				30,554,793
Hotels, Restaurants & Leisure    1.0%
Bloomin’ Brands, Inc.(a)		343,600		5,988,948
Brinker International, Inc.		39,800		1,411,706
Fiesta Restaurant Group, Inc.*(a)		34,600		581,280
Penn National Gaming, Inc.*		252,600		5,092,416
Speedway Motorsports, Inc.		91,990		1,955,707
				15,030,057

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables    3.2%
Helen of Troy Ltd.*		111,700	$	11,253,775
KB Home(a)		608,100		13,937,652
La-Z-Boy, Inc.		64,000		2,163,200
MDC Holdings, Inc.		295,800		10,142,982
Taylor Morrison Home Corp. (Class A Stock)*		550,900		12,461,358
				49,958,967
Independent Power & Renewable Electricity Producers    0.8%
NRG Yield, Inc. (Class C Stock)		718,000		13,354,800
Insurance    4.6%
Ambac Financial Group, Inc.*		71,500		1,460,745
American Equity Investment Life Holding Co.(a)		497,177		13,314,400
Argo Group International Holdings Ltd.		178,481		10,699,936
CNO Financial Group, Inc.		645,800		14,775,904
EMC Insurance Group, Inc.		52,850		1,463,945
Employers Holdings, Inc.		277,698		12,038,208
Enstar Group Ltd. (Bermuda)*		8,900		1,803,140
FBL Financial Group, Inc. (Class A Stock)		83,468		5,667,477
Heritage Insurance Holdings, Inc.(a)		100,100		1,262,261
Independence Holding Co.		4,200		93,240
National General Holdings Corp.		93,500		1,983,135
National Western Life Group, Inc. (Class A Stock)		13,400		4,510,306
Selective Insurance Group, Inc.		53,567		2,713,169
United Insurance Holdings Corp.(a)		39,280		626,909
				72,412,775
IT Services    1.0%
Convergys Corp.		101,731		2,438,492
CSRA, Inc.		178,800		5,830,668
EVERTEC, Inc. (Puerto Rico)		97,700		1,743,945
Travelport Worldwide Ltd.		410,100		5,864,430
				15,877,535
Leisure Products    0.0%
Malibu Boats, Inc. (Class A Stock)*(a)		11,200		320,432
Machinery    2.2%
Columbus McKinnon Corp.		62,500		1,612,500
Douglas Dynamics, Inc.		24,001		763,232
Global Brass & Copper Holdings, Inc.		206,876		6,630,376
Greenbrier Cos., Inc. (The)(a)		257,700		11,596,500

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 19

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont’d.)
Meritor, Inc.*		102,500	$	1,771,200
TriMas Corp.*		73,700		1,794,595
Wabash National Corp.(a)		572,297		10,919,426
				35,087,829
Marine    0.2%
Costamare, Inc. (Monaco)(a)		326,900		2,101,967
Matson, Inc.		50,200		1,415,640
				3,517,607
Media    1.5%
Entercom Communications Corp. (Class A Stock)(a)		102,682		1,011,418
Gannett Co., Inc.(a)		691,500		6,202,755
Gray Television, Inc.*		167,100		2,489,790
Meredith Corp.(a)		170,300		10,124,335
Saga Communications, Inc. (Class A Stock)		8,310		322,843
Time, Inc.		306,600		4,307,730
				24,458,871
Metals & Mining    1.8%
Handy & Harman Ltd.*		46,093		1,525,678
Kaiser Aluminum Corp.		23,000		2,237,670
Reliance Steel & Aluminum Co.		40,900		2,959,524
Schnitzer Steel Industries, Inc. (Class A Stock)		189,700		4,894,260
SunCoke Energy, Inc.*		51,800		463,610
Tahoe Resources, Inc.		676,200		3,698,814
Worthington Industries, Inc.		236,415		11,979,148
				27,758,704
Mortgage Real Estate Investment Trusts (REITs)    4.1%
AG Mortgage Investment Trust, Inc.		329,181		6,060,222
Anworth Mortgage Asset Corp.		75,700		455,714
Apollo Commercial Real Estate Finance, Inc.(a)		276,483		4,984,989
ARMOUR Residential REIT, Inc.		257,100		6,494,346
Capstead Mortgage Corp.		610,092		5,966,700
Cherry Hill Mortgage Investment Corp.		14,900		285,931
CYS Investments, Inc.		832,609		7,085,503
Dynex Capital, Inc.		680,806		4,704,370
Ellington Residential Mortgage REIT		13,200		195,756
Invesco Mortgage Capital, Inc.		512,726		8,526,633
Ladder Capital Corp.		132,290		1,740,936
MTGE Investment Corp.		371,737		6,914,308

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
New York Mortgage Trust, Inc.(a)		154,000	$	973,280
Redwood Trust, Inc.		418,100		7,220,587
Western Asset Mortgage Capital Corp.		396,600		4,120,674
				65,729,949
Multi-Utilities    0.0%
NorthWestern Corp.(a)		12,000		693,480
Multiline Retail    0.3%
Big Lots, Inc.(a)		97,900		4,862,693
Oil, Gas & Consumable Fuels    2.3%
Adams Resources & Energy, Inc.		19,378		736,170
Carrizo Oil & Gas, Inc.*(a)		370,500		5,839,080
DHT Holdings, Inc.		959,800		3,992,768
Gulfport Energy Corp.*		441,600		5,572,992
Halcon Resources Corp.*		90,600		594,336
Laredo Petroleum, Inc.*(a)		291,900		3,783,024
Newfield Exploration Co.*(a)		221,600		6,366,568
REX American Resources Corp.*		19,700		1,969,606
Scorpio Tankers, Inc. (Monaco)(a)		369,800		1,371,958
Ship Finance International Ltd. (Norway)(a)		452,669		6,156,299
Teekay Tankers Ltd. (Bermuda) (Class A Stock)(a)		374,100		673,380
				37,056,181
Paper & Forest Products    1.4%
Clearwater Paper Corp.*		47,500		2,334,625
Domtar Corp.		103,400		4,038,804
Louisiana-Pacific Corp.*		168,700		4,236,057
P.H. Glatfelter Co.		156,300		3,199,461
Schweitzer-Mauduit International, Inc.		204,343		7,850,858
				21,659,805
Pharmaceuticals    0.0%
Lannett Co., Inc.*(a)		18,300		372,405
Professional Services    0.9%
Barrett Business Services, Inc.		27,200		1,496,816
FTI Consulting, Inc.*		64,300		2,109,683
Huron Consulting Group, Inc.*		34,600		1,228,300
ICF International, Inc.*		22,400		1,013,600
Navigant Consulting, Inc.*		10,700		181,151

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 21

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services (cont’d.)
TrueBlue, Inc.*		324,500	$	8,290,975
				14,320,525
Real Estate Management & Development    0.5%
HFF, Inc. (Class A Stock)(a)		43,600		1,600,992
Jones Lang LaSalle, Inc.		47,500		6,042,950
				7,643,942
Road & Rail    0.3%
ArcBest Corp.		13,700		380,860
Roadrunner Transportation Systems, Inc.*		191,000		1,333,180
Ryder System, Inc.		34,600		2,517,496
				4,231,536
Semiconductors & Semiconductor Equipment    1.0%
Amkor Technology, Inc.*(a)		626,761		6,499,512
Cirrus Logic, Inc.*		158,600		9,744,384
				16,243,896
Specialty Retail    5.9%
Aaron’s, Inc.(a)		224,600		10,394,488
American Eagle Outfitters, Inc.		304,200		3,601,728
Asbury Automotive Group, Inc.*		54,400		2,937,600
Ascena Retail Group, Inc.*(a)		1,074,800		2,515,032
Big 5 Sporting Goods Corp.(a)		150,900		1,622,175
Caleres, Inc.		201,300		5,491,464
Cato Corp. (The) (Class A Stock)(a)		68,522		1,165,559
Chico’s FAS, Inc.(a)		414,200		3,789,930
Children’s Place, Inc. (The)(a)		46,700		4,933,855
DSW, Inc. (Class A Stock)		392,600		7,082,504
Express, Inc.*		717,600		4,348,656
Finish Line, Inc. (The) (Class A Stock)(a)		380,300		5,232,928
Francesca’s Holdings Corp.*		132,800		1,292,144
Genesco, Inc.*		131,900		4,233,990
Group 1 Automotive, Inc.(a)		99,100		5,901,405
Haverty Furniture Cos., Inc.		41,500		923,375
Office Depot, Inc.		1,833,200		10,760,884
Party City Holdco, Inc.*(a)		54,900		765,855
Pier 1 Imports, Inc.(a)		266,800		1,229,948
Select Comfort Corp.*(a)		69,000		2,332,890
Shoe Carnival, Inc.		132,658		2,422,335
Sonic Automotive, Inc. (Class A Stock)(a)		261,100		4,738,965

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Tailored Brands, Inc.(a)		201,300	$	2,524,302
Tilly’s, Inc. (Class A Stock)		98,000		978,040
Vitamin Shoppe, Inc.*		82,900		911,900
Zumiez, Inc.*		165,800		2,105,660
				94,237,612
Technology Hardware, Storage & Peripherals    0.1%
NCR Corp.*		18,500		700,225
Textiles, Apparel & Luxury Goods    1.8%
Deckers Outdoor Corp.*		36,200		2,347,932
Fossil Group, Inc.*		284,600		3,201,750
Iconix Brand Group, Inc.*(a)		504,100		3,362,347
Movado Group, Inc.		153,900		3,785,940
Oxford Industries, Inc.		29,700		1,874,961
Perry Ellis International, Inc.*		110,600		2,172,184
Unifi, Inc.*		60,900		1,995,084
Wolverine World Wide, Inc.(a)		336,500		9,489,300
				28,229,498
Thrifts & Mortgage Finance    6.9%
Dime Community Bancshares, Inc.		423,283		8,804,287
Essent Group Ltd.*		153,000		5,878,260
Federal Agricultural Mortgage Corp. (Class C Stock)		109,162		7,484,147
First Defiance Financial Corp.		102,672		5,313,276
Flagstar Bancorp, Inc.*		77,600		2,526,656
HomeStreet, Inc.*		43,700		1,147,125
MGIC Investment Corp.*		1,472,500		17,184,075
Oritani Financial Corp.		205,182		3,406,021
PennyMac Financial Services, Inc. (Class A Stock)*		39,915		694,521
Provident Financial Services, Inc.		305,420		8,099,738
Radian Group, Inc.		879,166		15,315,072
TrustCo Bank Corp.		116,141		963,970
United Financial Bancorp, Inc.		204,700		3,703,023
Walker & Dunlop, Inc.*		215,921		10,850,030
Washington Federal, Inc.(a)		523,504		17,511,209
				108,881,410
Tobacco    0.5%
Universal Corp.		119,200		7,622,840

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 23

Schedule of Investments (continued)

as of July 31, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors    2.4%
Air Lease Corp.(a)		48,300	$	1,911,714
Aircastle Ltd.		629,553		14,819,678
CAI International, Inc.*		187,306		4,913,036
GATX Corp.		163,747		10,124,477
H&E Equipment Services, Inc.		94,900		2,141,893
Rush Enterprises, Inc. (Class A Stock)*		56,100		2,419,593
WESCO International, Inc.*		24,400		1,250,500
				37,580,891
TOTAL COMMON STOCKS (cost $1,396,037,348)				1,569,243,559
UNAFFILIATED EXCHANGE TRADED FUND    0.6%
iShares Russell 2000 Value ETF (cost $8,882,276)		78,739		9,377,815
TOTAL LONG-TERM INVESTMENTS (cost $1,404,919,624)				1,578,621,374
SHORT-TERM INVESTMENTS    9.7%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		7,537,319		7,537,319
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $146,625,419; includes $146,468,482 of cash collateral for securities on loan)(b)(w)		146,616,020		146,630,682
TOTAL SHORT-TERM INVESTMENTS (cost $154,162,738)				154,168,001
TOTAL INVESTMENTS    109.2% (cost $1,559,082,362)				1,732,789,375
Liabilities in excess of other assets    (9.2)%				(146,025,779	)
NET ASSETS    100.0%			$	1,586,763,596

The following abbreviations are used in the annual 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 $142,846,175; cash collateral of $146,468,482 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(w) PGIM 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.

See Notes to Financial Statements.

24

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—unadjusted 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 July 31, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	13,171,476	$	—	$	—
Air Freight & Logistics		11,388,643		—		—
Airlines		22,544,082		—		—
Auto Components		49,223,848		—		—
Banks		252,299,876		—		—
Biotechnology		5,595,041		—		—
Building Products		4,669,960		—		—
Capital Markets		35,058,569		—		—
Chemicals		28,671,615		—		—
Commercial Services & Supplies		48,255,434		—		—
Construction & Engineering		26,493,682		—		—
Consumer Finance		30,066,736		—		—
Containers & Packaging		9,824,289		—		—
Diversified Consumer Services		3,042,080		—		—
Diversified Financial Services		1,336,400		—		—
Diversified Telecommunication Services		11,472,330		—		—
Electrical Equipment		9,419,260		—		—
Electronic Equipment, Instruments & Components		58,728,232		—		—
Energy Equipment & Services		21,256,623		—		—
Equity Real Estate Investment Trusts (REITs)		140,406,741		—		—
Food & Staples Retailing		19,319,769		—		—
Food Products		25,058,857		—		—
Gas Utilities		3,540,758		—		—
Health Care Providers & Services		30,554,793		—		—
Hotels, Restaurants & Leisure		15,030,057		—		—
Household Durables		49,958,967		—		—
Independent Power & Renewable Electricity Producers		13,354,800		—		—

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 25

Schedule of Investments (continued)

as of July 31, 2017

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Insurance		72,412,775		—		—
IT Services		15,877,535		—		—
Leisure Products		320,432		—		—
Machinery		35,087,829		—		—
Marine		3,517,607		—		—
Media		24,458,871		—		—
Metals & Mining		27,758,704		—		—
Mortgage Real Estate Investment Trusts (REITs)		65,729,949		—		—
Multi-Utilities		693,480		—		—
Multiline Retail		4,862,693		—		—
Oil, Gas & Consumable Fuels		37,056,181		—		—
Paper & Forest Products		21,659,805		—		—
Pharmaceuticals		372,405		—		—
Professional Services		14,320,525		—		—
Real Estate Management & Development		7,643,942		—		—
Road & Rail		4,231,536		—		—
Semiconductors & Semiconductor Equipment		16,243,896		—		—
Specialty Retail		94,237,612		—		—
Technology Hardware, Storage & Peripherals		700,225		—		—
Textiles, Apparel & Luxury Goods		28,229,498		—		—
Thrifts & Mortgage Finance		108,881,410		—		—
Tobacco		7,622,840		—		—
Trading Companies & Distributors		37,580,891		—		—
Unaffiliated Exchange Traded Fund		9,377,815		—		—
Affiliated Mutual Funds		154,168,001		—		—
Total	$	1,732,789,375	$	—	$	—

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 July 31, 2017 were as follows (unaudited):

Banks	15.9	%
Affiliated Mutual Funds (including 9.2% of collateral for securities on loan)	9.7
Equity Real Estate Investment Trusts (REITs)	8.9
Thrifts & Mortgage Finance	6.9
Specialty Retail	5.9
Insurance	4.6
Mortgage Real Estate Investment Trusts (REITs)	4.1
Electronic Equipment, Instruments & Components	3.7
Household Durables	3.2	%
Auto Components	3.1
Commercial Services & Supplies	3.0
Trading Companies & Distributors	2.4
Oil, Gas & Consumable Fuels	2.3
Machinery	2.2
Capital Markets	2.2
Health Care Providers & Services	1.9
Consumer Finance	1.9

See Notes to Financial Statements.

26

Industry Classification (cont’d.)

Chemicals	1.8	%
Textiles, Apparel & Luxury Goods	1.8
Metals & Mining	1.8
Construction & Engineering	1.7
Food Products	1.6
Media	1.5
Airlines	1.4
Paper & Forest Products	1.4
Energy Equipment & Services	1.3
Food & Staples Retailing	1.2
Semiconductors & Semiconductor Equipment	1.0
IT Services	1.0
Hotels, Restaurants & Leisure	1.0
Professional Services	0.9
Independent Power & Renewable Electricity Producers	0.8
Aerospace & Defense	0.8
Diversified Telecommunication Services	0.7
Air Freight & Logistics	0.7
Containers & Packaging	0.6
Electrical Equipment	0.6	%
Unaffiliated Exchange Traded Fund	0.6
Real Estate Management & Development	0.5
Tobacco	0.5
Biotechnology	0.4
Multiline Retail	0.3
Building Products	0.3
Road & Rail	0.3
Gas Utilities	0.2
Marine	0.2
Diversified Consumer Services	0.2
Diversified Financial Services	0.1
Technology Hardware, Storage & Peripherals	0.1
Multi-Utilities	0.0	*
Pharmaceuticals	0.0	*
Leisure Products	0.0	*
	109.2
Liabilities in excess of other assets	(9.2	)
	100.0	%

* Less than +/- 0.05%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Amounts of Recognized Assets(1)		Collateral Received(2)			Net Amount
Securities on Loan	$	142,846,175	$	(142,846,175	)	$	—

(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 QMA Small-Cap Value Fund 27

Statement of Assets & Liabilities

as of July 31, 2017

Assets
Investments at value, including securities on loan of $142,846,175:
Unaffiliated investments (cost $1,404,919,624)	$	1,578,621,374
Affiliated investments (cost $154,162,738)		154,168,001
Cash		34,417
Receivable for investments sold		1,453,072
Dividends and interest receivable		1,391,897
Receivable for Fund shares sold		1,307,215
Total assets		1,736,975,976
Liabilities
Payable to broker for collateral for securities on loan		146,468,482
Payable for Fund shares reacquired		2,201,555
Management fee payable		797,441
Accrued expenses and other liabilities		530,895
Distribution fee payable		131,352
Affiliated transfer agent fee payable		82,342
Deferred trustees’ fees		313
Total liabilities		150,212,380
Net Assets	$	1,586,763,596
Net assets were comprised of:
Shares of beneficial interest, at par	$	74,513
Paid-in capital in excess of par		1,256,536,361
		1,256,610,874
Undistributed net investment income		9,003,992
Accumulated net realized gain on investment transactions		147,441,717
Net unrealized appreciation on investments		173,707,013
Net assets, July 31, 2017	$	1,586,763,596

See Notes to Financial Statements.

28

Class A
Net asset value and redemption price per share, ($132,512,016 ÷ 6,214,067 shares of beneficial interest issued and outstanding)	$	21.32
Maximum sales charge (5.50% of offering price)		1.24
Maximum offering price to public	$	22.56
Class C
Net asset value, offering price and redemption price per share, ($40,476,101 ÷ 1,898,373 shares of beneficial interest issued and outstanding)	$	21.32
Class Q
Net asset value, offering price and redemption price per share, ($268,695,408 ÷ 12,592,236 shares of beneficial interest issued and outstanding)	$	21.34
Class R
Net asset value, offering price and redemption price per share, ($164,018,807 ÷ 7,786,756 shares of beneficial interest issued and outstanding)	$	21.06
Class Z
Net asset value, offering price and redemption price per share ($981,061,264 ÷ 46,021,591 shares of beneficial interest issued and outstanding)	$	21.32

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 29

Statement of Operations

Year Ended July 31, 2017

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $13,956)	$	32,808,170
Income from securities lending, net (including affiliated income of $200,972)		1,240,276
Affiliated dividend income		65,912
Total income		34,114,358
Expenses
Management fee		9,212,218
Distribution fee—Class A		389,706
Distribution fee—Class C		417,446
Distribution fee—Class R		1,194,299
Transfer agent’s fees and expenses (including affiliated expense of $449,700)		1,075,000
Custodian and accounting fees		237,000
Registration fees		75,000
Shareholders’ reports		70,000
Trustees’ fees		31,000
Audit fee		31,000
Legal fees and expenses		28,000
Commitment fee on syndicated credit agreement		18,000
Insurance expenses		16,000
Loan interest expense		12,504
Miscellaneous		17,657
Total expenses		12,824,830
Less: Management fee waiver and/or expense reimbursement		(127,161	)
Less: Distribution fee waiver—Class A		(64,951	)
Less: Distribution fee waiver—Class R		(398,100	)
Net expenses		12,234,618
Net investment income (loss)		21,879,740
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of ($2,521))		154,517,095
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $5,263)		84,388,989
Net gain (loss) on investment transactions		238,906,084
Net Increase (Decrease) In Net Assets Resulting From Operations	$	260,785,824

See Notes to Financial Statements.

30

Statement of Changes in Net Assets

	Year Ended July 31,
	2017			2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	21,879,740		$	23,726,513
Net realized gain (loss) on investment transactions		154,517,095			8,321,644
Net change in unrealized appreciation (depreciation) on investments		84,388,989			7,883,566
Net increase (decrease) in net assets resulting from operations		260,785,824			39,931,723
Dividends and Distributions
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)
Net proceeds from shares sold		447,840,846			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		(482,265,511	)		(629,072,353	)
Net increase (decrease) in net assets from Fund share transactions		(6,339,666	)		196,538,050
Total increase (decrease)		226,162,359			(163,154,439	)
Net Assets:
Beginning of year		1,360,601,237			1,523,755,676
End of year(a)	$	1,586,763,596		$	1,360,601,237
(a) Includes undistributed net investment income of:	$	9,003,992		$	9,371,626

See Notes to Financial Statements.

Prudential QMA Small-Cap Value Fund 31

Notes to Financial Statements

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust 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 QMA Small-Cap Value Fund (the “Fund”). The financial statements of the other series are not presented herein.

The investment objective of the Fund is above average capital appreciation.

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 and liabilities 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 PGIM Investments LLC (“PGIM Investments” or “the Manager”) (formerly known as Prudential Investments LLC). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. 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 Schedule 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

32

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.

Foreign equities traded on foreign securities exchanges are generally 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 stock valuation policies 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 unaffiliated 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 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

Prudential QMA Small-Cap Value Fund 33

Notes to Financial Statements (continued)

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 Fund. However, the liquidity of the 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 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.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, forward currency contracts, 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 currencies.

34

Master Netting Arrangements: The Trust, on behalf of 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.

Securities Lending: The Fund may lend its portfolio securities to one or more 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—Counterparty Risk: For the one year period beginning July 25, 2017 through July 24, 2018, the Fund entered into an exclusive securities lending arrangement with a single counterparty (ie the borrower) as the sole counterparty to the Fund’s portfolio for its securities lending activity. If the borrower defaults, the loaned securities may fail to be returned to the Fund. However, this risk is mitigated since the market value of the securities on loan are fully collateralized. Furthermore, the Fund’s securities lending agent indemnified the Fund against default by the borrower.

Equity Real Estate Investment Trusts (REITs): The Fund invests in Equity REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from Equity REITs during the

Prudential QMA Small-Cap Value Fund 35

Notes to Financial Statements (continued)

period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material these estimates are adjusted periodically when the actual source of distributions is disclosed by the Equity REITs.

Concentration of Risk for REITs: Real estate securities are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called “subprime” mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

In addition, investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

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 an 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.

36

Taxes: 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, if any, are recorded, 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 and distributions from net realized capital 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 the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, 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.

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PGIM Investments 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. PGIM Investments 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 PGIM Investments 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 the Fund’s average daily net assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursement was .60% for the year ended July 31, 2017. The effective management fee rate, net of waivers and/or expense reimbursement, was .59%.

PGIM 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, 2018, to the extent that 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.

Prudential QMA Small-Cap Value Fund 37

Notes to Financial Statements (continued)

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 “Class A, C and R 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.

Pursuant to the Class A, C and R 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, 2018 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 $173,154 in front-end sales charges resulting from sales of Class A shares during the year ended July 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 year ended July 31, 2017, it received $208 and $971 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

PGIM, Inc., PGIM Investments, PIMS and QMA are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s 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. For the period ended July 31, 2017 no such transactions were entered into by the Fund.

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

38

Institutional Money Market Fund (the “Money Market Fund”), each a series of the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended July 31, 2017, PGIM, Inc. was compensated $172,113 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. 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.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for the year ended July 31, 2017, were $1,448,250,159 and $1,472,822,493 respectively.

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 undistributed 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 undistributed net investment income and accumulated net realized gain on investment transactions. For the tax year ended October 31, 2016, the adjustments were to increase undistributed net investment income and decrease accumulated net realized gain on investment transactions by $2,052,262 due to 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 July 31, 2017 were as follows:

Tax Basis	Appreciation	Depreciation	Net Unrealized Appreciation
$1,567,140,628	$254,424,430	$(88,775,683)	$165,648,747

Prudential QMA Small-Cap Value Fund 39

Notes to Financial Statements (continued)

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.

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%. Investors who purchase $1 million or more of Class A shares and redeem those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, but are not subject to an initial sales charge. 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.

At reporting period end, four shareholders of record held 47% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 9% were held by an affiliate of Prudential.

40

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended July 31, 2017:
Shares sold		1,045,987		$	21,956,239
Shares issued in reinvestment of dividends and distributions		97,123			2,122,116
Shares reacquired		(1,355,866	)		(27,710,814	)
Net increase (decrease) in shares outstanding before conversion		(212,756	)		(3,632,459	)
Shares issued upon conversion from other share class(es)		102,329			2,130,933
Shares reacquired upon conversion into other share class(es)		(119,721	)		(2,567,682	)
Net increase (decrease) in shares outstanding		(230,148	)	$	(4,069,208	)
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
Class C
Year ended July 31, 2017:
Shares sold		923,353		$	18,051,418
Shares issued in reinvestment of dividends and distributions		20,007			439,154
Shares reacquired		(563,729	)		(11,832,910	)
Net increase (decrease) in shares outstanding before conversion		379,631			6,657,662
Shares reacquired upon conversion into other share class(es)		(145,662	)		(3,049,402	)
Net increase (decrease) in shares outstanding		233,969		$	3,608,260
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

Prudential QMA Small-Cap Value Fund 41

Notes to Financial Statements (continued)

Class Q	Shares			Amount
Year ended July 31, 2017:
Shares sold		3,800,437		$	78,935,339
Shares issued in reinvestment of dividends and distributions		241,197			5,262,925
Shares reacquired		(4,219,698	)		(88,384,325	)
Net increase (decrease) in shares outstanding before conversion		(178,064	)		(4,186,061	)
Shares issued upon conversion from other share class(es)		2,269			48,884
Net increase (decrease) in shares outstanding		(175,795	)	$	(4,137,177	)
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
Year ended July 31, 2017:
Shares sold		2,303,406		$	47,413,620
Shares issued in reinvestment of dividends and distributions		117,171			2,533,242
Shares reacquired		(3,113,826	)		(64,071,727	)
Net increase (decrease) in shares outstanding		(693,249	)	$	(14,124,865	)
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

42

Class Z	Shares			Amount
Year ended July 31, 2017:
Shares sold		13,360,300		$	281,484,230
Shares issued in reinvestment of dividends and distributions		812,818			17,727,562
Shares reacquired		(14,028,222	)		(290,265,735	)
Net increase (decrease) in shares outstanding before conversion		144,896			8,946,057
Shares issued upon conversion from other share class(es)		162,008			3,454,904
Shares reacquired upon conversion into other share class(es)		(828	)		(17,637	)
Net increase (decrease) in shares outstanding		306,076		$	12,383,324
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.

7. Borrowings

The Trust, on behalf of 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 Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

Other affiliated registered investment companies that are parties to the SCA include

portfolios that are subject to a predetermined mathematical formula used to manage

certain benefit guarantees offered under variable annuity contracts. The formula may

result in large scale asset flows into and out of the portfolios. Consequently, the

portfolios may be more likely to utilize the SCA for purposes of funding redemptions.

It may be possible for those portfolios to fully exhaust the committed amount of the

SCA, thereby requiring the Manager to allocate available funding per a Board-approved

methodology designed to treat the Funds in the SCA equitably.

The Fund utilized the SCA during the year ended July 31, 2017. The average daily balance for the 32 days that the Fund had loans outstanding during the period was $6,485,625,

Prudential QMA Small-Cap Value Fund 43

Notes to Financial Statements (continued)

borrowed at a weighted average interest rate of 2.17%. The maximum loan balance outstanding during the period was $31,671,000. At July 31, 2017, the Fund did not have an outstanding loan balance.

8. Recent Accounting Pronouncements and Reporting Updates

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 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.

9. Other

At the Trust’s Board meeting in March 2017, the Board of Trustees approved a change in the methodology of allocating certain expenses, like Transfer Agent fees (including sub-transfer agent and networking fees) and Blue Sky fees. PGIM Investments implemented the changes effective August 1, 2017.

44

Financial Highlights

Class A Shares
	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)		.26			.32			.46			.09
Net realized and unrealized gain (loss) on investments		3.25			(.07	)		.78			.35
Total from investment operations		3.51			.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		$21.32			$18.16			$25.21			$26.70
Total Return(a):		19.29%			3.98%			4.53%			1.68%
Ratios/Supplemental Data:
Net assets, end of period (000)		$132,512			$116,997			$138,855			$13
Average net assets (000)		$129,902			$121,788			$16,282			$12
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.96%			.98%			1.14%			.93%	(e)
Expenses before waivers and/or expense reimbursement		1.02%			1.04%			1.20%			.98%	(e)
Net investment income (loss)		1.27%			1.67%			1.76%			.74%	(e)
Portfolio turnover rate		95%			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 45

Financial Highlights (continued)

Class C Shares
	Year Ended July 31,						June 19, 2015(d) through July 31,
	2017			2016			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)		.10			.17			.02
Net realized and unrealized gain (loss) on investments		3.26			(.06	)		(1.19	)
Total from investment operations		3.36			.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		$21.32			$18.18			$25.19
Total Return(a):		18.43%			3.19%			(4.44)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$40,476			$30,257			$35,293
Average net assets (000)		$41,745			$30,498			$33,702
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.71%			1.73%			1.90%	(e)
Expenses before waivers and/or expense reimbursement		1.72%			1.74%			1.91%	(e)
Net investment income (loss)		.49%			.92%			.75%	(e)
Portfolio turnover rate		95%			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.

46

Class Q Shares
	Year Ended July 31,						September 25, 2014(d) through July 31,
	2017			2016			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)		.32			.36			.36
Net realized and unrealized gain (loss) on investments		3.28			(.05	)		1.01
Total from investment operations		3.60			.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		$21.34			$18.15			$25.23
Total Return(a):		19.77%			4.29%			5.04%
Ratios/Supplemental Data:
Net assets, end of period (000)		$268,695			$231,801			$121,283
Average net assets (000)		$263,763			$187,644			$36,516
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.64%			.66%			.70%	(e)
Expenses before waivers and/or expense reimbursement		.64%			.66%			.70%	(e)
Net investment income (loss)		1.58%			1.96%			1.67%	(e)
Portfolio turnover rate		95%			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 47

Financial Highlights (continued)

Class R Shares
	Year Ended July 31,									Nine Months Ended July 31,			Year Ended October 31,
	2017			2016			2015			2014(f)			2013			2012
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$17.95			$25.00			$26.51			$27.48			$21.21			$20.17
Income (loss) from investment operations:
Net investment income (loss)		.21			.26			.26			.11			.20			.19
Net realized and unrealized gain (loss) on investments		3.21			(.07	)		.91			.98			6.87			1.65
Total from investment operations		3.42			.19			1.17			1.09			7.07			1.84
Less Dividends and Distributions:
Dividends from net investment income		(.26	)		(.49	)		(.14	)		(.15	)		(.19	)		(.14	)
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	)
Net asset value, end of period		$21.06			$17.95			$25.00			$26.51			$27.48			$21.21
Total Return(a):		19.00%			3.70%			4.29%			4.17%			34.55%			9.51%
Ratios/Supplemental Data:
Net assets, end of period (000)		$164,019			$152,186			$150,536			$143,655			$119,047			$84,483
Average net assets (000)		$159,240			$145,703			$152,743			$134,383			$99,668			$76,205
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.21%			1.23%			1.22%			1.18%	(d)		1.17%			1.18%
Expenses before waivers and/or expense reimbursement		1.47%			1.49%			1.48%			1.43%	(d)		1.42%			1.43%
Net investment income (loss)		1.03%			1.42%			.99%			.54%	(d)		.83%			.92%
Portfolio turnover rate		95%			72%			111%			42%	(e)		40%			37%

(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.

48

Class Z Shares
	Year Ended July 31,									Nine Months Ended July 31,			Year Ended October 31,
	2017			2016			2015(g)			2014(f)			2013			2012
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$18.14			$25.22			$26.73			$27.71			$21.39			$20.33
Income (loss) from investment operations:
Net investment income (loss)		.31			.37			.39			.21			.32			.29
Net realized and unrealized gain (loss) on investments		3.27			(.08	)		.92			1.00			6.91			1.67
Total from investment operations		3.58			.29			1.31			1.21			7.23			1.96
Less Dividends and Distributions:
Dividends from net investment income		(.35	)		(.62	)		(.28	)		(.28	)		(.30	)		(.24	)
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	)
Net asset value, end of period		$21.32			$18.14			$25.22			$26.73			$27.71			$21.39
Total Return(a):		19.66%			4.20%			4.79%			4.60%			35.16%			10.11%
Ratios/Supplemental Data:
Net assets, end of period (000)		$981,061			$829,360			$1,077,790			$1,781,471			$1,622,779			$1,079,475
Average net assets (000)		$940,720			$811,529			$1,828,713			$1,782,968			$1,342,995			$1,000,086
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.71%			.73%			.72%			.68%	(d)		.67%			.68%
Expenses before waivers and/or expense reimbursement		.72%			.74%			.72%			.68%	(d)		.67%			.68%
Net investment income (loss)		1.51%			1.93%			1.48%			1.05%	(d)		1.32%			1.42%
Portfolio turnover rate		95%			72%			111%			42%	(e)		40%			37%

(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 49

Report of Independent Registered Public

Accounting Firm

The Board of Trustees and Shareholders

The Target Portfolio Trust:

We have audited the accompanying statement of assets and liabilities of Prudential QMA Small-Cap Value Fund (the “Fund”), a series of Target Portfolio Trust, including the portfolio of investments, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods ended in the five -year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of July 31, 2017, and the results of its operations, changes in its net assets, and the financial highlights for the periods described in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

New York, New York

September 18, 2017

50

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS

(Unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Ellen S. Alberding (59) Board Member Portfolios Overseen: 87	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (since 2011); Trustee, Skills for America’s Future (national initiative to connect employers to community colleges) (since 2011); Trustee, National Park Foundation (charitable foundation for national park system) (since 2009); Trustee, Economic Club of Chicago (since 2009).	None.
Kevin J. Bannon (65) Board Member Portfolios Overseen: 87	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).
Linda W. Bynoe (65) Board Member Portfolios Overseen: 87	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Simon Property Group, Inc. (retail real estate) (May 2003-May 2012); Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).

Prudential QMA Small-Cap Value Fund

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Barry H. Evans (56)± Board Member Portfolios Overseen: 87	Retired; Formerly President (2005–2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer–Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (2011-present); Director, Manulife Asset Management Limited (2015-present); Formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); Formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016)
Keith F. Hartstein (60) Board Member & Independent Chair Portfolios Overseen: 87	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.
Laurie Simon Hodrick (55)± Board Member Portfolios Overseen: 87	A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (since 1996); Visiting Professor of Law and Rock Center for Corporate Governance Fellow, Stanford Law School (since 2015); Visiting Fellow, Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); Formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008); Formerly Director/Trustee, Merrill Lynch Investment Managers Funds (1999-2006)	Independent Director, Corporate Capital Trust (since April 2017) (a business development company)
Michael S. Hyland, CFA (71) Board Member Portfolios Overseen: 87	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.

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Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Richard A. Redeker (74) Board Member & Independent Vice Chair Portfolios Overseen: 87	Retired Mutual Fund Senior Executive (47 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.
Stephen G. Stoneburn (74) Board Member Portfolios Overseen: 87	Chairman (since July 2011), President and Chief Executive Officer (since June 1996) of Frontline Medical Communications (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc. (1975-1989).	None.

± Mr. Evans and Ms. Hodrick joined the Board effective as of September 1, 2017.

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Stuart S. Parker (54) Board Member & President Portfolios Overseen: 87	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.

Prudential QMA Small-Cap Value Fund

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Scott E. Benjamin (44) Board Member & Vice President Portfolios Overseen: 87	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President of Product Development and Product Management, Prudential Investments (2003-2006).	None.
Grace C. Torres* (58) Board Member Portfolios Overseen: 86	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the Prudential Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since July 2015) of Sun Bancorp, Inc. N.A. and Sun National Bank

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

⁽¹⁾  The year that each individual joined the Board is as follows: Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; Richard A. Redeker, 2003; Stephen G. Stoneburn, 1999; Grace C. Torres, 2014; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009.

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (62) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since 2012
Chad A. Earnst (42) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the Prudential Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., Prudential Global Short Duration High Yield Income Fund, Inc., Prudential Short Duration High Yield Fund, Inc. and Prudential Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since 2014
Deborah A. Docs (59) Secretary	Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of PGIM Investments LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2004
Jonathan D. Shain (59) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2005
Claudia DiGiacomo (42) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since 2005

Prudential QMA Small-Cap Value Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French (54) Assistant Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since 2006
Charles H. Smith (44) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007–December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998—January 2007).	Since 2016
M. Sadiq Peshimam (53) Treasurer and Principal Financial and Accounting Officer	Vice President (since 2005) of PGIM Investments LLC; formerly Assistant Treasurer of funds in the Prudential Mutual Fund Complex (2006-2014).	Since 2006
Peter Parrella (59) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since 2007
Lana Lomuti (50) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since 2014
Linda McMullin (56) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since 2014
Kelly A. Coyne (49) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since 2015

^(a)  Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

• Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

• Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

• There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

• “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

• “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the Prudential Mutual Funds, The Prudential Variable Contract Accounts, Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreement

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of Prudential QMA Small-Cap Value Fund (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Quantitative Management Associates LLC (“QMA”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees,² met on June 6-8, 2017 and approved the renewal of the agreements through July 31, 2018, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and QMA. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board

¹  Prudential QMA Small-Cap Value Fund is a series of The Target Portfolio Trust.

²  Barry H. Evans and Laurie Simon Hodrick joined the Board effective as of September 1, 2017. Neither Mr. Evans nor Ms. Hodrick participated in the consideration of the approval of the Fund’s advisory agreements.

Prudential QMA Small-Cap Value Fund

Approval of Advisory Agreement (continued)

meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 6-8, 2017.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and QMA, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and QMA. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by QMA, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and QMA, and also considered the qualifications, backgrounds and responsibilities of the QMA portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and QMA’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and QMA. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”)

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as to each of PGIM Investments and QMA. The Board noted that QMA is affiliated with PGIM Investments.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by QMA, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and QMA under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. The Board further noted that the subadviser is affiliated with PGIM Investments and that its profitability is reflected in PGIM Investments’ profitability report. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase, but that at its current level of assets the Fund does not realize the effect of those rate reductions. The Board took note that the Fund’s fee structure currently results in benefits to Fund shareholders whether or not PGIM Investments realizes any economies of scale. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

Prudential QMA Small-Cap Value Fund

Approval of Advisory Agreement (continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and QMA

The Board considered potential ancillary benefits that might be received by PGIM Investments and QMA and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by QMA included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and QMA were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2016.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2016. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe (the Lipper Small-Cap Value Funds Performance Universe), which was used to evaluate performance, and the Peer Group, which was used to evaluate fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. The comparisons placed the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	2nd Quartile	1st Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund outperformed its benchmark index over all periods.

• The Board and PGIM Investments agreed to continue the Fund’s existing waiver of up to 0.01% to the extent that the Fund’s annual operating expenses (exclusive of 12b-1 fees and certain other fees and expenses) exceed 0.68% through November 30, 2017.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that approval of the agreement was in the best interests of the Fund and its shareholders.

Prudential QMA Small-Cap Value Fund

∎   MAIL	∎   TELEPHONE	∎   WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.pgiminvestments.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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • 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 • 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	PGIM 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.pgiminvestments.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.pgiminvestments.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, PGIM 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

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

MF232E    

     PRUDENTIAL CORE BOND FUND

ANNUAL REPORT

JULY 31, 2017

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

Objective: Total return

Highlights

• Sector allocation was a strong contributor to the Fund’s relative performance, highlighted by overweight positions in investment-grade corporate bonds, commercial mortgage-backed securities, and asset-backed securities.

• Security selection among non-agency mortgage-backed securities, collateralized loan obligations, investment-grade corporate bonds, asset-backed securities, US Treasuries, and emerging markets debt added to returns.

• An underweight position at the sector level in emerging markets debt was a modest detractor during the reporting period.

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.

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.

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Letter from the President

Dear Shareholder:

We hope you find the annual report for the Prudential Core Bond Fund informative and useful. The report covers performance for the 12-month period ended July 31, 2017.

Effective April 3, 2017, Prudential Investments became known as PGIM^® Investments. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and its management and operation will not change.

Major global events during the reporting period included the US presidential election and domestic issues related to the new administration’s policy initiatives. The US economy experienced weak growth during the first quarter of 2017, although stronger growth took place in the second quarter. Britain began its formal legal process to leave the European Union, and recent parliamentary elections in Britain resulted in unseating the majority party. Overall, global economic growth picked up slightly.

Equities in the US reached new highs, and international equities gained significantly. European stocks posted impressive results. Asian markets were solid, and emerging markets outperformed most regions.

In mid-June, the Federal Reserve raised its Federal Funds rate by 0.25% for the second time in 2017. Fixed income markets were mixed, as rising interest rates affected bond markets. High yield and emerging markets bonds were among the top performers.

Given the uncertainty in today’s investment environment, we believe that active professional portfolio management offers a potential advantage. Active managers often have the knowledge and flexibility to find the best investment opportunities in the most challenging markets.

Even so, it’s best if investment decisions are based on your long-term goals rather than on short-term market and economic developments. We also encourage you to work with an experienced financial advisor who can help you set goals, determine your tolerance for risk, and build a diversified plan that’s right for you and make adjustments when necessary.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. We’re part of PGIM, a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Core Bond Fund

September 15, 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.pgiminvestments.com or by calling (800) 225-1852.

	Average Annual Total Returns as of 7/31/17 (with sales charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	–4.72		N/A		N/A		0.39 (2/17/15)
Class C	–1.95		N/A		N/A		1.53 (2/17/15)
Class Q	0.07		N/A		N/A		2.58 (2/17/15)
Class R	–0.48		N/A		N/A		2.06 (2/17/15)
Class Z	0.02		1.38		4.97		—
Bloomberg Barclays US Aggregate Bond Index	–0.51		2.02		4.44		—
Lipper Core Bond Funds Average	0.12		2.07		4.13		—
	Average Annual Total Returns as of 7/31/17 (without sales charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	–0.23		N/A		N/A		2.29 (2/17/15)
Class C	–0.98		N/A		N/A		1.53 (2/17/15)
Class Q	0.07		N/A		N/A		2.58 (2/17/15)
Class R	–0.48		N/A		N/A		2.06 (2/17/15)
Class Z	0.02		1.38		4.97		—
Bloomberg Barclays US Aggregate Bond Index	–0.51		2.02		4.44		—
Lipper Core Bond Funds Average	0.12		2.07		4.13		—

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Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Prudential Core Bond Fund (Class Z) with a similar investment in the Bloomberg Barclays US Aggregate Bond Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2007) and the account values at the end of the current fiscal period (July 31, 2017), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for Class A, Class C, Class Q, and Class R shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

Source: PGIM Investments LLC and Lipper Inc.

The Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the Fund’s inception date. Inception returns are provided for any share class with less than 10 fiscal years of returns.

Prudential Core Bond Fund 5

Your Fund’s Performance (continued)

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 unmanaged and represents securities that are SEC-registered, taxable, and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The average annual total return for the Index measured from the month-end closest to the inception date through 7/31/17 is 1.97% 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 average annual total return for the Average measured from the month-end closest to the inception date through 7/31/17 is 1.87% 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.

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Distributions and Yields as of 7/31/17
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.21	1.86	1.46
Class C	0.14	1.21	0.79
Class Q	0.24	2.25	2.00
Class R	0.19	1.68	1.02
Class Z	0.24	2.20	1.78

*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 7/31/17 (%)
AAA	59.1
AA	6.5
A	15.2
BBB	14.4
BB	0.3
Not Rated	3.0
Cash/Equivalents	1.5
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. Moody’s Investor Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both 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.

Prudential Core Bond Fund 7

Strategy and Performance Overview

How did the Fund perform?

The Prudential Core Bond Fund’s Class Z shares returned 0.02% for the 12-month reporting period that ended July 31, 2017, outperforming the -0.51% decline of the Bloomberg Barclays US Aggregate Bond Index (the Index) and underperforming the 0.12% gain of the Lipper Core Bond Funds Average.

What were market conditions?

• During the reporting period, the market experienced several significant events, including the aftermath of the UK’s surprise vote to leave the European Union (commonly known as “Brexit”), the surprise victory of Donald Trump in the US Presidential election, the impact of ongoing bond-buying programs by the European Central Bank and the Bank of England, two Federal Reserve (Fed) rate hikes, and the wait for details about the Fed’s long-expected balance sheet runoff. As the period ended, speculation increased about who would head the Fed after Janet Yellen’s term expires in early 2018. Would it be a dove intent on boosting the Trump growth agenda? Or, would it be a more rules-based chairperson intent on reaching the Fed’s “dots?” (“Dots” refer to projections made by the members of the Fed’s Open Market Committee about where they think interest rates should be at a particular point in the future.)

• US economic growth, which had weakened earlier in the period, rebounded to a 2.6% pace during the second quarter of 2017 against a backdrop of continued above-trend growth in the rest of the G3. (The G3, or Group of Three, refers to the US, Japan and the European Union.) US inflation, however, was generally weaker than expected, continuing to undershoot G3 central bank targets.

• Overall, the underlying momentum in the US economy has remained solid since early 2016. Real final private sector demand has been notably robust, growing at an annualized rate of between 2.6% and 3.3% in each of the last five calendar quarters and averaging 2.8% in first half of 2017. (Real final demand is the total demand for final goods and services, adjusted for inflation, in an economy.) Consumer spending has been particularly strong, but investment spending, too, has picked up as headwinds from the collapse in energy prices and the strengthening US dollar have faded.

• US companies continued to hire at a strong pace, with monthly job gains averaging 184,000 in the year to date through July 31, 2017, which is little changed from 2016’s average of 187,000 jobs and well above the estimated 75,000 to 100,000 jobs needed to keep the unemployment rate unchanged. Indeed, the unemployment rate gradually ticked lower during the reporting period, inching down to 4.3% in July. Importantly, job gains were widespread across industries. Even the retail sector, which shed jobs every month from February through May, saw stable employment in the last two months of the period.

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• Lean business inventories, solid core durable goods orders, and ongoing strong job gains suggest real US GDP growth is on track to maintain its second-quarter momentum into the third quarter.

• The US fixed income markets, as represented by the Index, struggled during the reporting period, posting a negative return of –0.51%. Lower-quality bonds outperformed, with BBB-rated bonds returning 2.9% for the period.

• US corporate bonds delivered a total return of 1.55%, with an excess return versus US Treasuries of 474 basis points. (A basis point is 1/100 of a percent.) Within the Index, financials outpaced industrials and utilities. Metals & mining, energy, and life insurance were amongst the strongest sectors, while tobacco, retailers & restaurants, and telecommunication services were amongst the weakest underperforming sectors.

• Agency mortgage-backed securities outperformed Treasuries during the period, delivering a 0.19% total return and an excess return of 14 basis points over similar-maturity US Treasury securities. The period began with strong demand for mortgage-backed securities, including outsized buying by banks and non-US investors, and continued Fed reinvesting which helped tighten spreads (yield differentials versus comparable-maturity Treasuries) back to 2015 year-end levels. Mortgage-backed securities prepayments rose early in the period in response to low mortgage rates late in second quarter of 2016. Toward the end of the period, mortgage-backed securities spreads tightened, net supply increased, and outright buyers seemed willing to wait for better entry points to add mortgage-backed securities exposure. The 30-year mortgage rate ended the period at approximately 4%.

• Structured products performed very well with notable spread tightening in asset-backed securities (ABS), non-agency mortgage-backed securities, and commercial mortgage-backed securities (CMBS).

What worked?

• Sector allocation was a strong contributor to the Fund’s relative performance, highlighted by overweight positions in investment-grade corporate bonds, CMBS, and ABS.

• Security selection among non-agency mortgage-backed securities, collateralized loan obligations (CLOs), investment-grade corporate bonds, ABS, US Treasuries, and emerging markets debt added to returns.

• Within corporate bonds, positioning in the upstream energy, foreign non-corporate, and banking sectors was positive.

• In individual security selection, the Fund benefited from overweights to issuers in the upstream energy sector, including Anadarko Petroleum, Devon Energy, and Apache Corporation. Overweights in Citigroup (banking), Hungary (foreign non-corporate), and General Motors (automotive) were also positive.

Prudential Core Bond Fund 9

Strategy and Performance Overview (continued)

• The Fund’s tactical duration positioning added to performance during the period. Duration measures the sensitivity of the price (the value of principal) of a bond to a change in interest rates. The longer the duration, the greater the potential risk or reward when interest rates move. The Fund’s active duration positioning ranged from -0.4 years short to +0.2 years long versus the Index, ending the period toward the middle of the range at a neutral position relative to the Index.

What didn’t work?

• An underweight position at the sector level in emerging markets debt was a modest detractor during the reporting period.

• Security selection in mortgage-backed securities also limited relative results.

• The Fund’s positioning in the electric & water, chemicals, and railroads sectors detracted from performance.

• In individual security selection, the Fund’s overweight positions in HCA Healthcare (health care & pharmaceutical) and Public Service Enterprise Group (electric & water) detracted from returns. Avoiding HSBC (banking) and Valepar (metals & mining) was also negative for performance.

• The Fund’s yield curve flattening positioning hurt performance during the period.

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

• Derivatives were used in the Fund during the reporting period to manage interest rate and credit risk in the US and global markets.

• The Fund’s exposure to derivatives had a negligible impact on performance during the period.

Current outlook

• PGIM Fixed Income maintains a positive view of fundamentals in the credit sectors of the fixed income market and the Fund is overweight in spread sectors, including investment-grade corporate bonds, and in structured products, such as CLOs, CMBS and ABS.

• Within investment-grade corporate bonds, the Fund continues to have a longer duration emphasis, with an overweight in financials. PGIM Fixed Income favors US financials over industrial issues, especially US money center banks given their strong capital requirements and generally solid earnings. Among industrials, the Fund’s focus is on names where an “event” has passed, as companies that issue higher-quality corporate bonds continue to add debt and consolidation remains a concern. Furthermore, PGIM Fixed Income is focusing on US-centric issuers rather than multinationals or exporters

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that are vulnerable to potential protectionist trade policies. The Fund remains overweight in BBB-rated, long-maturity credits due to a steep corporate spread curve and possibly higher pension funding, which could lead to increased demand and the potential flattening of the corporate spread curve. (The corporate spread curve depicts the difference between the spreads of long- and short-maturity corporate bonds versus US Treasuries of comparable maturity.) The main near-term risks in the corporate bond market are the policies of the US Administration, the impact of the tightening Fed, and political instability both inside and outside the US.

• Although structured products are noteworthy for favorable supply technicals and a benign fundamental backdrop, PGIM Fixed Income believes securities with lower credit enhancement remain vulnerable to spread volatility. PGIM Fixed Income remains very positive on assets at the top of the capital structure.

• Within ABS, PGIM Fixed Income continues to like select issuers in the consumer loan, subprime auto, and refinance private student loan sectors. Also favored are high-quality roll-down plays in five- to seven-year revolver prime auto and bank credit card loans. (In a roll-down play, an investor seeks to enhance returns by investing on the steepest part of the yield curve where yields can change the most over a period of time.)

• In CMBS, PGIM Fixed Income continues to find value in high-quality securities of new issue conduit deals. (Conduit deals are collateralized by a pool of approximately 50 to 100 fixed-rate commercial mortgage loans that are fairly well diversified by loan size, geographic location, and property type.)

• The Fund maintains an underweight in government-related sectors, including Treasuries, agency securities, and agency mortgage-backed securities, as PGIM Fixed Income finds more compelling value in the sectors previously mentioned.

Prudential Core Bond Fund 11

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 held through the six-month period ended July 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 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 paid over the

12 Visit our website at pgiminvestments.com

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 February 1, 2017		Ending  Account Value July 31, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,027.70		0.70	%	$	3.52
	Hypothetical	$	1,000.00	$	1,021.32		0.70	%	$	3.51
Class C	Actual	$	1,000.00	$	1,022.90		1.45	%	$	7.27
	Hypothetical	$	1,000.00	$	1,017.60		1.45	%	$	7.25
Class Q	Actual	$	1,000.00	$	1,028.20		0.40	%	$	2.01
	Hypothetical	$	1,000.00	$	1,022.81		0.40	%	$	2.01
Class R	Actual	$	1,000.00	$	1,026.50		0.95	%	$	4.77
	Hypothetical	$	1,000.00	$	1,020.08		0.95	%	$	4.76
Class Z	Actual	$	1,000.00	$	1,028.00		0.45	%	$	2.26
	Hypothetical	$	1,000.00	$	1,022.56		0.45	%	$	2.26

*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 181 days in the six-month period ended July 31, 2017, and divided by 365 days. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

Prudential Core Bond Fund 13

Schedule of Investments

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    97.6%
ASSET-BACKED SECURITIES    13.5%
Automobiles    2.2%
Americredit Automobile Receivables Trust, Series 2016-4, Class C		2.410	%		07/08/22		100	$	99,849
Avis Budget Rental Car Funding AESOP LLC,
Series 2013-1A, Class A, 144A		1.920			09/20/19		600		599,790
Series 2015-2A, Class A, 144A		2.630			12/20/21		300		301,565
Series 2016-1A, Class A, 144A		2.990			06/20/22		900		907,682
Enterprise Fleet Financing LLC,
Series 2016-2, Class A2, 144A		1.740			02/22/22		179		179,242
Series 2017-1, Class A2, 144A		2.130			07/20/22		800		803,193
Series 2017-2, Class A2, 144A		1.970			01/20/23		600		599,908
Ford Credit Auto Owner Trust, Series 2017-1, Class A, 144A		2.620			08/15/28		1,500		1,520,493
Hertz Vehicle Financing LLC,
Series 2016-1A, Class A, 144A		2.320			03/25/20		200		199,767
Series 2016-4A, Class A, 144A		2.650			07/25/22		500		492,645
Onemain Direct Auto Receivables Trust,
Series 2016-1A, Class A, 144A		2.040			01/15/21		32		31,978
Series 2017-1A, Class A, 144A		2.160			10/15/20		1,600		1,598,923
									7,335,035
Collateralized Loan Obligations    7.8%
A Voce CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.464	(c)		07/15/26		500		500,111
ALM VIII Ltd. (Cayman Islands), Series 2013-8A, Class A1R, 144A		2.794	(c)		10/15/28		250		252,034
ALM XII Ltd. (Cayman Islands), Series 2015-12A, Class A1R, 144A		2.354	(c)		04/16/27		400		400,216
Anchorage Capital CLO 6 Ltd. (Cayman Islands), Series 2015-6A, Class AR, 144A		2.574	(c)		07/15/30		750		750,000
Atlas Sr. Loan Fund Ltd. (Cayman Islands), Series 2017-8A, Class A, 144A		2.607	(c)		01/16/30		250		249,998
Atlas Sr. Loan Fund V Ltd. (Cayman Islands), Series 2014-1A, Class AR2, 144A		2.564	(c)		07/16/29		750		750,540
Avery Point V CLO Ltd. (Cayman Islands), Series 2014-5A, Class A, 144A		2.764	(c)		07/17/26		250		250,387
Avery Point VI CLO Ltd. (Cayman Islands), Series 2015-6A, Class A, 144A		2.621	(c)		08/05/27		250		251,154
Ballyrock CLO Ltd. (Cayman Islands), Series 2016-1A, Class A, 144A		2.894	(c)		10/15/28		250		254,237
Battalion CLO Ltd. (Cayman Islands), Series 2015-8A, Class A1R, 144A		2.644	(c)		07/18/30		250		250,200

See Notes to Financial Statements.

Prudential Core Bond Fund 15

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Battalion CLO X Ltd. (Cayman Islands), Series 2016-10A, Class A1, 144A		2.863	%(c)		01/24/29		250	$	250,412
Benefit Street Partners CLO V Ltd. (Cayman Islands), Series 2014-VA, Class AR, 144A		2.507	(c)		10/20/26		500		501,668
Benefit Street Partners CLO VII Ltd. (Cayman Islands), Series 2015-VIIA, Class A1A, 144A		2.834	(c)		07/18/27		500		502,498
BlueMountain CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A		2.634	(c)		04/13/27		500		500,267
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		2.454	(c)		04/17/25		241		241,258
Canyon Capital CLO Ltd. (Cayman Islands), Series 2015-1A, Class AS, 144A		2.408	(c)		04/15/29		750		750,166
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class AR, 144A		2.757	(c)		01/20/29		250		252,723
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2014-2A, Class AR, 144A		2.432	(c)		05/15/25		500		499,875
Series 2014-3A, Class A1AR, 144A		2.467	(c)		07/27/26		500		500,631
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-1A, Class A1B, 144A		2.391	(c)		04/20/31		750		749,805
Catamaran CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.863	(c)		04/22/27		250		250,385
Eaton Vance CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A		2.504	(c)		07/15/26		250		250,463
Elevation CLO Ltd. (Cayman Islands), Series 2014-3A, Class AR, 144A		2.484	(c)		10/15/26		500		499,585
Series 2015-4A, Class A, 144A		2.854	(c)		04/18/27		250		250,554
Series 2017-6A, Class A1, 144A		2.553	(c)		07/15/29		250		250,000
Flagship CLO Ltd. (Cayman Islands), Series 2014-8A, Class AR, 144A		2.554	(c)		01/16/26		250		250,127
Galaxy XVIII CLO Ltd. (Cayman Islands), Series 2014-18A, Class AR, 144A		2.474	(c)		10/15/26		500		500,247
Highbridge Loan Management Ltd. (Cayman Islands), Series 6A-2015, Class A, 144A		2.621	(c)		05/05/27		250		250,399
ICG U.S. CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A		2.457	(c)		04/20/26		200		199,738
Jackson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A, MTN		2.844	(c)		04/15/27		250		250,373
Jamestown CLO LX Ltd. (Cayman Islands), Series 2016-9A, Class A1B, 144A		2.807	(c)		10/20/28		250		252,058
KVK CLO Ltd. (Cayman Islands),
Series 2014-1A, Class A1R, 144A		2.482	(c)		05/15/26		500		500,114
Series 2014-3A, Class AR, 144A		2.504	(c)		10/15/26		750		750,375

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Limerock CLO III LLC (Cayman Islands), Series 2014-3A, Class A1R, 144A		2.507	%(c)		10/20/26		500	$	500,255
Madison Park Funding XI Ltd. (Cayman Islands), Series 2013-11A, Class A1A, 144A		2.593	(c)		10/23/25		750		750,245
Magnetite XI Ltd. (Cayman Islands), Series 2014-11A, Class A1R, 144A		2.424	(c)		01/18/27		500		500,875
Mountain View CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A		2.544	(c)		10/15/26		250		250,122
Mountain View CLO Ltd. (Cayman Islands), Series 2015-9A, Class A1A, 144A, MTN		2.764	(c)		07/15/27		250		250,395
Ocean Trails CLO VI (Cayman Islands), Series 2016-6A, Class A2A, 144A		2.994	(c)		07/15/28		250		251,771
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 144A		2.561	(c)		07/15/30		250		249,656
OZLM Funding II Ltd. (Cayman Islands), Series 2012-2A, Class A1R, 144A		2.610	(c)		10/30/27		500		501,599
OZLM XV Ltd. (Cayman Islands), Series 2016-15A, Class A1, 144A		2.617	(c)		01/20/29		750		758,642
Palmer Square CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.674	(c)		01/17/27		500		499,818
Series 2015-1A, Class A1R, 144A		2.472	(c)		05/21/29		500		499,987
Series 2015-2A, Class A1AR, 144A		2.577	(c)		07/20/30		500		499,747
Regatta IV Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.334	(c)		07/25/26		500		500,257
Regatta VIII Funding Ltd. (Cayman Islands), Series 2016-1A, Class A1, 144A		2.794	(c)		12/20/28		250		250,351
Silvermore CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.632	(c)		05/15/26		496		495,604
Sound Point CLO XII Ltd. (Cayman Islands), Series 2016-2A, Class A, 144A		2.967	(c)		10/20/28		250		252,781
Sound Point CLO XVI Ltd. (Cayman Islands), Series 2017-2A, Class A, 144A		2.567	(c)		07/25/30		500		501,464
TICP CLO VI Ltd. (Cayman Islands), Series 2016-6A, Class A, 144A		2.854	(c)		01/15/29		500		504,969
TICP CLO VII Ltd. (Cayman Islands), Series 2017-7A, Class AS, 144A		—	(p)		07/15/29		250		250,115
Trinitas CLO V Ltd. (Cayman Islands), Series 2016-5A, Class A, 144A		3.014	(c)		10/25/28		500		502,196
Trinitas CLO VI Ltd. (Cayman Islands), Series 2017-6a, Class A, 144A		2.655	(c)		07/25/29		500		500,278
UCG U.S. CLO Ltd. (Cayman Islands), Series 2017-2A, Class A1, 144A^		2.591	(s)		10/23/29		500		500,000

See Notes to Financial Statements.

Prudential Core Bond Fund 17

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Voya CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1, 144A		2.734	%(c)		07/25/26		750	$	751,185
Washington Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.527	(c)		04/20/26		1,000		999,763
Wellfleet CLO Ltd. (Cayman Islands),
Series 2016-2A, Class A1, 144A		2.957	(c)		10/20/28		500		503,027
Series 2017-1A, Class A1, 144A		2.431	(c)		04/20/29		250		250,031
Zais CLO 6 Ltd. (Cayman Islands), Series 2017-1a, Class A1, 144A		2.572	(c)		07/15/29		250		250,076
									25,637,807
Consumer Loans    0.9%
Onemain Financial Issuance Trust, Series 2015-2A, Class A, 144A		2.570			07/18/25		802		802,703
SpringCastle America Funding LLC, Series 2016-AA, Class A, 144A		3.050			04/25/29		232		233,816
Springleaf Funding Trust, Series 2015-AA, Class A, 144A		3.160			11/15/24		345		347,914
Series 2016-AA, Class A, 144A		2.900			11/15/29		800		808,217
Series 2017-AA, Class A, 144A		2.680			07/15/30		700		704,009
									2,896,659
Credit Cards    1.8%
American Express Credit Account Master Trust,
Series 2017-2, Class A		1.609	(c)		09/16/24		1,100		1,107,832
Series 2017-5, Class A^		1.632	(c)		02/18/25		500		500,000
Chase Issuance Trust, Series 2017-A2, Class A		1.626	(c)		03/15/24		500		501,676
Citibank Credit Card Issuance Trust,
Series 2016-A3, Class A3		1.713	(c)		12/07/23		800		807,499
Series 2017-A5, Class A5		1.847	(c)		04/22/26		800		806,175
Discover Card Execution Note Trust, Series 2017-A1, Class A1		1.716	(c)		07/15/24		900		906,820
Series 2017-A4, Class A4		2.530			10/15/26		800		799,463
Series 2017-A5, Class A5		1.829	(c)		12/15/26		400		402,122
									5,831,587
Equipment    0.2%
MMAF Equipment Finance LLC, Series 2017-AA, Class A4, 144A		2.410			08/16/24		800		803,681

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Other    0.0%
Sierra Timeshare Receivables Funding LLC, Series 2013-3A, Class A, 144A		2.200	%		10/20/30		111	$	110,595
Residential Mortgage-Backed Securities    0.6%
Credit Suisse Mortgage Trust,
Series 2016-RPL1, Class A1, 144A		4.201	(c)		12/26/46		787		790,726
Series 2017-6R, Class 1A1^		2.722			03/06/47		675		675,000
RAAC Trust, Series 2007-SP3, Class A1		2.432	(c)		09/25/47		308		305,894
VOLT LVII LLC, Series 2017-NPL4, Class A1, 144A		3.375			04/25/47		139		139,490
VOLT LX LLC, Series 2017-NPL7, Class A1, 144A		3.250			04/25/59		164		165,012
									2,076,122
TOTAL ASSET-BACKED SECURITIES (cost $44,519,827)									44,691,486
COMMERCIAL MORTGAGE-BACKED SECURITIES    11.2%
Assurant Commercial Mortgage Trust, Series 2016-1A, Class AS, 144A		3.172			05/15/49		300		299,283
BBCMS Mortgage Trust, Series 2016-ETC, Class A, 144A		2.937			08/14/36		500		490,285
CD Mortgage Trust, Series 2016-CD1, Class A3		2.459			08/10/49		500		481,307
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2		3.585			12/10/54		2,000		2,062,137
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class A4		2.878			02/10/48		1,100		1,093,741
Series 2016-C3, Class A3		2.896			11/15/49		900		888,005
Commercial Mortgage Trust, Series 2016-COR1, Class A3		2.826			10/10/49		800		785,579
CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3		3.127			06/15/50		1,200		1,202,012
Fannie Mae-ACES,
Series 2015-M7, Class AB2		2.502			12/25/24		491		479,211
Series 2016-M7, Class AB2		2.385			09/25/26		200		194,686
Series 2016-M11, Class A2		2.369	(c)		07/25/26		1,200		1,157,009
Series 2016-M13, Class A2		2.477	(c)		09/25/26		1,900		1,849,915
Series 2017-M1, Class A2		2.417	(c)		10/25/26		500		483,926
Series 2017-M4, Class A2		2.597	(c)		12/25/26		2,500		2,449,118
Series 2017-M8, Class A2		3.061	(c)		05/25/27		1,900		1,927,837
FHLMC Multifamily Structured Pass-Through Certificates,
Series K036, Class A2		3.527	(c)		10/25/23		1,100		1,168,689
Series K053, Class A2		2.995			12/25/25		350		358,375

See Notes to Financial Statements.

Prudential Core Bond Fund 19

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates,
Series K057, Class AM		2.624	%		08/25/26		1,650	$	1,616,737
GS Mortgage Securities Corp. II, Series 2015-GC30, Class A3		3.119			05/10/50		1,000		1,012,080
GS Mortgage Securities Trust, Series 2015-GC34, Class A3		3.244			10/10/48		2,000		2,034,584
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class A3A1		2.920			02/15/48		1,100		1,100,723
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class ASB		3.241			09/15/50		575		592,636
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4		3.414			03/15/50		1,400		1,443,540
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class A4		2.627			08/15/49		700		679,413
Ladder Capital Mortgage Trust, Series 2017-LC26, Class A3, 144A		3.289			07/12/50		1,600		1,604,982
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A2		2.790			02/15/48		850		861,026
Morgan Stanley Capital I Trust,
Series 2016-BNK2, Class A3		2.791			11/15/49		900		881,344
Series 2016-UB11, Class A3		2.531			08/15/49		1,200		1,151,819
UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB^		3.264			08/15/50		800		823,976
UBS-Barclays Commercial Mortgage Trust,
Series 2013-C6, Class A3FL, 144A		1.784	(c)		04/10/46		750		753,886
Series 2013-C6, Class A4		3.244			04/10/46		101		103,871
Wells Fargo Commercial Mortgage Trust,
Series 2016-BNK1, Class A2		2.399			08/15/49		1,200		1,143,007
Series 2016-NXS6, Class A3		2.642			11/15/49		1,500		1,454,089
Series 2017-C38, Class A4		3.190			07/15/50		1,000		1,007,937
Series 2017-RB1, Class A4		3.374			03/15/50		1,400		1,432,678
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $37,272,514)									37,069,443
CORPORATE BONDS    30.5%
Aerospace & Defense    0.1%
Embraer Netherlands Finance BV (Brazil), Gtd. Notes		5.050			06/15/25		150		156,887
Harris Corp., Sr. Unsec’d. Notes		3.832			04/27/25		30		31,204
									188,091

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Agriculture    0.0%
Altria Group, Inc., Gtd. Notes		2.850	%		08/09/22		100	$	102,031
Airlines    0.4%
American Airlines 2013-2 Class A Pass-Through Trust, Pass-Thru Certificates		4.950			07/15/24		212		227,126
American Airlines 2015-1 Class A Pass-Through Trust, Pass-Thru Certificates		3.375			11/01/28		95		95,624
Delta Air Lines 2009-1 Class A Pass-Through Trust, Series A, Pass-Thru Certificates		7.750			06/17/21		171		188,124
Delta Air Lines, Inc., Sr. Unsec’d. Notes		2.875			03/13/20		285		290,213
United Airlines 2016-2 Class AA Pass-Through Trust, Pass-Thru Certificates		2.875			04/07/30		400		393,940
									1,195,027
Auto Manufacturers    1.5%
BMW US Capital LLC (Germany), Gtd. Notes, 144A		2.250			09/15/23		645		630,470
Daimler Finance North America LLC (Germany), Gtd. Notes, 144A		2.250			03/02/20		295		296,253
Ford Motor Co.,
Sr. Unsec’d. Notes		4.346			12/08/26		250		258,534
Sr. Unsec’d. Notes		4.750			01/15/43		100		96,876
Sr. Unsec’d. Notes		5.291			12/08/46		300		309,318
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		2.375			01/16/18		1,350		1,353,738
General Motors Financial Co., Inc.,
Gtd. Notes		3.150			01/15/20		550		562,281
Gtd. Notes		3.450			04/10/22		180		183,503
Gtd. Notes		4.350			01/17/27		560		570,689
Gtd. Notes		5.250			03/01/26		375		406,520
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, MTN		2.150			02/26/20		175		174,774
									4,842,956
Banks    7.9%
Bank of America Corp.,
Series L, Sub. Notes, MTN		4.183			11/25/27		250		258,175
Sr. Unsec’d. Notes		5.750			12/01/17		100		101,377
Sr. Unsec’d. Notes, GMTN		3.593	(c)		07/21/28		590		591,513
Sr. Unsec’d. Notes, MTN		3.248			10/21/27		1,010		983,548
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		200		212,931
Sr. Unsec’d. Notes, MTN		4.443	(c)		01/20/48		430		457,159
Sub. Notes, MTN		4.000			01/22/25		800		824,241

See Notes to Financial Statements.

Prudential Core Bond Fund 21

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of New York Mellon Corp. (The), Sr. Unsec’d. Notes, MTN		2.200	%		08/16/23		450	$	439,866
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		3.200			08/10/21		345		351,368
Sr. Unsec’d. Notes		3.684			01/10/23		230		236,206
Sr. Unsec’d. Notes		4.375			01/12/26		200		209,398
Sr. Unsec’d. Notes		4.950			01/10/47		200		219,046
BNP Paribas SA (France), Sr. Unsec’d. Notes, 144A, MTN		2.950			05/23/22		435		440,886
BPCE SA (France), Gtd. Notes, 144A, MTN		3.000			05/22/22		250		252,713
Capital One NA, Sr. Unsec’d. Notes		2.250			09/13/21		250		247,246
Citigroup, Inc.,
Sr. Unsec’d. Notes		3.200			10/21/26		290		283,182
Sr. Unsec’d. Notes		3.400			05/01/26		350		349,122
Sr. Unsec’d. Notes		3.668	(c)		07/24/28		180		180,829
Sr. Unsec’d. Notes		3.887	(c)		01/10/28		670		686,252
Sr. Unsec’d. Notes		4.281	(c)		04/24/48		220		226,600
Sub. Notes		4.300			11/20/26		85		88,328
Sub. Notes		4.450			09/29/27		840		883,987
Sub. Notes		4.750			05/18/46		10		10,614
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, MTN		1.750			01/29/18		310		310,257
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes		1.875			02/13/18		320		320,057
Dexia Credit Local SA (France),
Gov’t. Liquid Gtd. Notes		1.875			01/29/20		250		248,903
Gov’t. Liquid Gtd. Notes, 144A		1.875			09/15/21		250		244,973
Gov’t. Liquid Gtd. Notes, 144A		2.250			02/18/20		500		502,190
Discover Bank, Sr. Unsec’d. Notes		4.200			08/08/23		250		265,996
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		3.500			01/23/25		75		76,172
Sr. Unsec’d. Notes		3.850			01/26/27		475		484,666
Sr. Unsec’d. Notes, GMTN		7.500			02/15/19		1,250		1,354,797
Sr. Unsec’d. Notes, MTN		4.000			03/03/24		1,365		1,434,466
Sub. Notes		4.250			10/21/25		250		260,165
Sub. Notes		5.150			05/22/45		335		378,525
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		2.950			10/01/26		410		400,505
Sr. Unsec’d. Notes		3.125			01/23/25		315		315,180
Sr. Unsec’d. Notes		3.200			01/25/23		100		102,712
Sr. Unsec’d. Notes		3.200			06/15/26		230		228,547
Sr. Unsec’d. Notes		3.540	(c)		05/01/28		225		226,466
Sr. Unsec’d. Notes		3.625			05/13/24		875		908,384

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
JPMorgan Chase & Co., (cont’d.)
Sr. Unsec’d. Notes		3.882	%(c)		07/24/38		420	$	419,450
Sr. Unsec’d. Notes, MTN		6.300			04/23/19		100		107,524
Sub. Notes		3.875			09/10/24		375		388,975
Sub. Notes		4.250			10/01/27		375		396,073
JPMorgan Chase Bank NA, Sub. Notes		6.000			10/01/17		700		705,185
KeyBank NA, Sr. Unsec’d. Notes		2.250			03/16/20		305		307,110
Morgan Stanley,
Series F, Sr. Unsec’d. Notes, MTN		3.875			04/29/24		365		380,947
Sr. Unsec’d. Notes		3.971	(c)		07/22/38		375		374,258
Sr. Unsec’d. Notes		4.375			01/22/47		210		220,008
Sr. Unsec’d. Notes, GMTN		3.700			10/23/24		500		517,454
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26		470		485,948
Sr. Unsec’d. Notes, MTN		2.625			11/17/21		420		421,505
Sub. Notes, GMTN		4.350			09/08/26		800		839,461
MUFG Americas Holdings Corp., Sr. Unsec’d. Notes		2.250			02/10/20		335		336,425
National City Corp., Sub. Notes		6.875			05/15/19		780		846,994
Nordea Bank AB (Sweden), Sr. Unsec’d. Notes, 144A, MTN (original cost $199,444; purchased 09/09/15)(f)		1.875			09/17/18		200		200,340
North American Development Bank (Supranational Bank), Sr. Unsec’d. Notes		4.375			02/11/20		100		105,689
Royal Bank of Scotland Group PLC (United Kingdom), Sr. Unsec’d. Notes		3.875			09/12/23		220		225,591
Santander UK Group Holdings PLC (United Kingdom), Sr. Unsec’d. Notes		3.571			01/10/23		430		440,494
Sumitomo Mitsui Banking Corp. (Japan), Gtd. Notes		2.450			01/16/20		250		252,124
Sumitomo Mitsui Financial Group, Inc. (Japan), Sr. Unsec’d. Notes		2.442			10/19/21		235		234,506
SunTrust Banks, Inc., Sr. Unsec’d. Notes		2.700			01/27/22		350		352,482
Svenska Handelsbanken AB (Sweden), Gtd. Notes, MTN		1.875			09/07/21		465		458,471
UBS Group Funding Switzerland AG (Switzerland), Gtd. Notes, 144A		3.000			04/15/21		345		351,575
									25,966,137
Beverages    0.1%
Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes		4.700			02/01/36		180		199,000
Gtd. Notes		4.900			02/01/46		50		56,154
									255,154

See Notes to Financial Statements.

Prudential Core Bond Fund 23

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Biotechnology    0.5%
Amgen, Inc., Sr. Unsec’d. Notes		4.663	%		06/15/51		420	$	456,100
Celgene Corp.,
Sr. Unsec’d. Notes		2.125			08/15/18		460		462,092
Sr. Unsec’d. Notes		3.250			08/15/22		125		129,205
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes		2.500			09/01/23		220		218,869
Sr. Unsec’d. Notes		3.700			04/01/24		500		528,470
									1,794,736
Chemicals    1.1%
Agrium, Inc. (Canada), Sr. Unsec’d. Notes		4.125			03/15/35		40		39,861
Air Liquide Finance SA (France), Gtd. Notes, 144A		2.250			09/27/23		735		715,412
CF Industries, Inc., Gtd. Notes		6.875			05/01/18		350		362,477
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		4.125			11/15/21		520		558,485
Sr. Unsec’d. Notes		4.250			11/15/20		350		371,960
Eastman Chemical Co.,
Sr. Unsec’d. Notes		2.700			01/15/20		550		556,912
Sr. Unsec’d. Notes		4.650			10/15/44		290		307,350
LYB International Finance BV, Gtd. Notes		4.000			07/15/23		250		266,888
LyondellBasell Industries NV, Sr. Unsec’d. Notes		5.750			04/15/24		310		357,505
									3,536,850
Commercial Services    0.5%
Equifax, Inc., Sr. Unsec’d. Notes		3.300			12/15/22		350		360,148
ERAC USA Finance LLC,
Gtd. Notes, 144A		2.700			11/01/23		580		571,116
Gtd. Notes, 144A		4.500			02/15/45		75		74,622
President & Fellows of Harvard College, Unsec’d. Notes		3.300			07/15/56		160		152,308
Total System Services, Inc., Sr. Unsec’d. Notes		4.800			04/01/26		250		274,282
University of Southern California, Unsec’d. Notes		3.028			10/01/39		310		289,724
									1,722,200
Computers    0.4%
Apple, Inc.,
Sr. Unsec’d. Notes		3.450			02/09/45		85		79,861
Sr. Unsec’d. Notes		3.850			08/04/46		525		523,450
Dell International LLC/EMC Corp.,
Sr. Sec’d. Notes, 144A		3.480			06/01/19		75		76,778
Sr. Sec’d. Notes, 144A		4.420			06/15/21		585		617,397

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers (cont’d.)
Hewlett Packard Enterprise Co.,
Sr. Unsec’d. Notes		2.450	%		10/05/17		95	$	95,164
Sr. Unsec’d. Notes		2.850			10/05/18		55		55,663
									1,448,313
Containers & Packaging    0.4%
Bemis Co., Inc., Sr. Unsec’d. Notes		6.800			08/01/19		700		765,416
WestRock RKT Co., Gtd. Notes		4.000			03/01/23		540		569,952
									1,335,368
Diversified Financial Services    0.2%
Jefferies Group LLC, Sr. Unsec’d. Notes		6.450			06/08/27		150		173,144
Synchrony Financial, Sr. Unsec’d. Notes		2.700			02/03/20		470		474,031
									647,175
Diversified Machinery    0.1%
Rockwell Automation, Inc.,
Sr. Unsec’d. Notes		2.050			03/01/20		270		270,599
Sr. Unsec’d. Notes		2.875			03/01/25		115		114,540
Xylem, Inc., Sr. Unsec’d. Notes		3.250			11/01/26		70		70,309
									455,448
Electric    2.7%
Alabama Power Co., Sr. Unsec’d. Notes		2.800			04/01/25		75		73,820
CenterPoint Energy Houston Electric LLC, Gen. Ref. Mtge.		2.400			09/01/26		190		181,587
Commonwealth Edison Co., 1st Mortgage		3.700			03/01/45		40		39,176
Consolidated Edison Co. of New York, Inc., Sr. Unsec’d. Notes		4.300			12/01/56		40		42,332
Consumers Energy Co., 1st Mortgage		3.250			08/15/46		155		142,274
Delmarva Power & Light Co., 1st Mortgage		4.150			05/15/45		60		63,106
Dominion Energy, Inc., Sr. Unsec’d. Notes		2.850			08/15/26		55		53,103
DTE Energy Co., Sr. Unsec’d. Notes		2.850			10/01/26		350		335,396
Duke Energy Corp., Sr. Unsec’d. Notes		2.650			09/01/26		145		140,296
Duke Energy Florida LLC,
1st Mortgage		3.200			01/15/27		600		611,101
1st Mortgage		3.400			10/01/46		185		173,522
Duke Energy Progress LLC, 1st Mortgage		3.700			10/15/46		75		74,324
Emera US Finance LP (Canada),
Gtd. Notes		2.150			06/15/19		350		350,766
Gtd. Notes		3.550			06/15/26		75		76,063

See Notes to Financial Statements.

Prudential Core Bond Fund 25

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Entergy Corp.,
Sr. Unsec’d. Notes		4.000	%		07/15/22		260	$	276,046
Sr. Unsec’d. Notes		5.125			09/15/20		250		270,063
Fortis, Inc. (Canada), Sr. Unsec’d. Notes		3.055			10/04/26		350		339,877
MidAmerican Energy Co., 1st Mortgage		3.950			08/01/47		225		232,835
Monongahela Power Co., 1st Mortgage, 144A		4.100			04/15/24		851		907,173
Oncor Electric Delivery Co. LLC, Sr. Sec’d. Notes		2.950			04/01/25		60		60,011
Pacific Gas & Electric Co., Sr. Unsec’d. Notes		4.000			12/01/46		405		418,488
PECO Energy Co., 1st Ref. Mortgage		4.800			10/15/43		120		136,943
Public Service Electric & Gas Co.,
1st Mortgage, MTN		2.250			09/15/26		370		349,518
Sr. Sec’d. Notes, MTN		5.300			05/01/18		1,300		1,335,775
Southern Power Co., Series D, Sr. Unsec’d. Notes		1.950			12/15/19		430		428,283
Southwestern Electric Power Co., Sr. Unsec’d. Notes		2.750			10/01/26		675		654,541
Union Electric Co., Sr. Sec’d. Notes		3.650			04/15/45		50		49,289
Virginia Electric & Power Co.,
Series A, Sr. Unsec’d. Notes		3.500			03/15/27		535		552,738
Series C, Sr. Unsec’d. Notes		4.000			11/15/46		175		180,058
Xcel Energy, Inc., Sr. Unsec’d. Notes		3.350			12/01/26		510		518,788
									9,067,292
Engineering & Construction    0.1%
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		4.250			10/31/26		200		205,750
Foods    0.5%
Ahold Finance USA LLC (Netherlands), Gtd. Notes		6.875			05/01/29		280		352,640
JM Smucker Co. (The), Gtd. Notes		3.000			03/15/22		115		117,405
Kraft Heinz Foods Co.,
Gtd. Notes		3.000			06/01/26		110		105,941
Gtd. Notes		4.375			06/01/46		35		34,008
Gtd. Notes		5.000			07/15/35		75		81,179
Kroger Co. (The),
Sr. Unsec’d. Notes		3.300			01/15/21		285		293,362
Sr. Unsec’d. Notes		3.875			10/15/46		65		57,425
Mondelez International Holdings Netherlands BV, Gtd. Notes, 144A		2.000			10/28/21		500		489,960
									1,531,920
Forest Products & Paper    0.3%
Georgia-Pacific LLC, Sr. Unsec’d. Notes, 144A		3.600			03/01/25		220		228,294
International Paper Co.,
Sr. Unsec’d. Notes		4.350			08/15/48		250		249,750
Sr. Unsec’d. Notes		4.400			08/15/47		180		180,964
Sr. Unsec’d. Notes		4.800			06/15/44		170		181,528
									840,536

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Gas    0.2%
Sempra Energy, Sr. Unsec’d. Notes		2.400	%		03/15/20		135	$	136,453
Southern Co. Gas Capital Corp., Gtd. Notes		2.450			10/01/23		555		539,453
									675,906
Hand/Machine Tools    0.2%
Stanley Black & Decker, Inc., Sub. Notes		1.622			11/17/18		750		749,480
Healthcare - Products    0.6%
Abbott Laboratories,
Sr. Unsec’d. Notes		2.000			09/15/18		395		396,257
Sr. Unsec’d. Notes		2.900			11/30/21		495		503,750
Baxter International, Inc., Sr. Unsec’d. Notes		2.600			08/15/26		170		162,593
Becton, Dickinson and Co., Sr. Unsec’d. Notes		4.685			12/15/44		160		168,871
Medtronic, Inc.,
Gtd. Notes		3.500			03/15/25		140		146,765
Gtd. Notes		4.375			03/15/35		328		363,294
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		2.950			09/19/26		105		102,996
									1,844,526
Healthcare - Services    1.2%
Aetna, Inc.,
Sr. Unsec’d. Notes		3.500			11/15/24		100		103,856
Sr. Unsec’d. Notes		6.750			12/15/37		170		237,219
Anthem, Inc., Sr. Unsec’d. Notes		7.000			02/15/19		310		333,117
Baptist Health South Florida, Inc., Sec’d. Notes		4.342			11/15/41		350		365,985
Cigna Corp., Sr. Unsec’d. Notes		3.250			04/15/25		270		272,805
HCA, Inc., Sr. Sec’d. Notes		3.750			03/15/19		700		715,750
Humana, Inc., Sr. Unsec’d. Notes		3.950			03/15/27		85		89,207
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		4.625			11/15/20		260		277,791
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.200			07/01/55		75		76,565
New York and Presbyterian Hospital (The), Unsec’d. Notes		4.024			08/01/45		40		40,419
Providence St. Joseph Health Obligated Group, Unsec’d. Notes		2.746			10/01/26		40		38,353
Quest Diagnostics, Inc., Sr. Unsec’d. Notes		3.500			03/30/25		190		193,752
Roche Holdings, Inc. (Switzerland), Gtd. Notes, 144A		3.350			09/30/24		410		427,715
RWJ Barnabas Health, Inc., Sr. Unsec’d. Notes		3.949			07/01/46		175		169,926
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.375			04/15/27		295		303,902
Sr. Unsec’d. Notes		4.200			01/15/47		415		443,078
									4,089,440

See Notes to Financial Statements.

Prudential Core Bond Fund 27

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Household Products/Wares    0.3%
Reckitt Benckiser Treasury Services PLC (United Kingdom), Gtd. Notes, 144A		3.000	%		06/26/27		905	$	898,427
Housewares    0.2%
Newell Brands, Inc.,
Sr. Unsec’d. Notes		2.875			12/01/19		240		244,948
Sr. Unsec’d. Notes		4.200			04/01/26		35		37,443
Sr. Unsec’d. Notes		5.500			04/01/46		300		360,678
									643,069
Insurance    1.2%
American International Group, Inc.,
Sr. Unsec’d. Notes		3.900			04/01/26		410		425,580
Sr. Unsec’d. Notes		4.500			07/16/44		260		268,983
Sr. Unsec’d. Notes		4.800			07/10/45		150		162,264
Arch Capital Finance LLC, Gtd. Notes		5.031			12/15/46		95		105,789
Arch Capital Group US, Inc., Gtd. Notes		5.144			11/01/43		100		113,158
Chubb INA Holdings, Inc.,
Gtd. Notes		3.150			03/15/25		95		96,658
Gtd. Notes		4.350			11/03/45		300		329,927
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.850			08/01/44		300		325,797
Gtd. Notes, 144A		6.500			05/01/42		150		194,953
Lincoln National Corp., Sr. Unsec’d. Notes		6.300			10/09/37		115		143,264
Markel Corp., Sr. Unsec’d. Notes		3.625			03/30/23		400		414,267
MetLife, Inc., Series D, Sr. Unsec’d. Notes		4.368			09/15/23		80		88,020
New York Life Global Funding, Sec’d. Notes, 144A		1.950			02/11/20		225		225,253
Northwestern Mutual Life Insurance Co. (The), Sub. Notes, 144A		6.063			03/30/40		120		156,171
Nuveen Finance LLC, Sr. Unsec’d. Notes, 144A		2.950			11/01/19		150		152,630
Principal Financial Group, Inc.,
Gtd. Notes		3.100			11/15/26		105		104,671
Gtd. Notes		4.300			11/15/46		140		145,417
Gtd. Notes		4.350			05/15/43		140		147,361
Progressive Corp. (The), Sr. Unsec’d. Notes		3.700			01/26/45		140		136,165
Teachers Insurance & Annuity Association of America, Sub. Notes, 144A		4.900			09/15/44		120		133,669
									3,869,997
Lodging    0.1%
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.000			03/01/19		250		253,919
Sr. Unsec’d. Notes		3.125			06/15/26		250		247,765
									501,684

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media    1.3%
21st Century Fox America, Inc., Gtd. Notes		4.750	%		11/15/46		130	$	138,732
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384			10/23/35		80		93,594
Sr. Sec’d. Notes		6.484			10/23/45		95		111,986
Sr. Sec’d. Notes		6.834			10/23/55		275		327,559
Comcast Corp., Gtd. Notes		2.350			01/15/27		1,350		1,271,580
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A		3.150			08/15/24		800		800,942
Sr. Unsec’d. Notes, 144A		3.350			09/15/26		195		192,236
Grupo Televisa SAB (Mexico), Sr. Unsec’d. Notes		5.000			05/13/45		200		198,718
Time Warner Cable LLC, Sr. Sec’d. Notes		5.500			09/01/41		150		161,360
Time Warner, Inc.,
Gtd. Notes		3.400			06/15/22		850		879,201
Gtd. Notes		3.800			02/15/27		100		101,101
									4,277,009
Mining    0.2%
Barrick Gold Corp. (Canada), Sr. Unsec’d. Notes		5.250			04/01/42		50		57,324
Barrick North America Finance LLC (Canada), Gtd. Notes		5.750			05/01/43		190		231,776
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes		5.875			04/23/45		90		99,078
Sr. Unsec’d. Notes		6.750			04/16/40		100		118,103
									506,281
Miscellaneous Manufacturing    0.2%
Ingersoll-Rand Luxembourg Finance SA, Gtd. Notes		3.550			11/01/24		170		175,113
Pentair Finance SA (United Kingdom), Gtd. Notes		2.650			12/01/19		420		423,448
									598,561
Multi-National    0.2%
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes		2.125			09/27/21		745		740,701
Office & Business Equipment    0.0%
Xerox Corp., Sr. Unsec’d. Notes		2.750			09/01/20		137		137,476

See Notes to Financial Statements.

Prudential Core Bond Fund 29

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas    2.1%
Anadarko Finance Co., Gtd. Notes		7.500	%		05/01/31		100	$	125,421
Apache Corp.,
Sr. Unsec’d. Notes		3.250			04/15/22		500		510,173
Sr. Unsec’d. Notes		4.750			04/15/43		100		101,716
Sr. Unsec’d. Notes		5.100			09/01/40		175		183,829
Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes		6.250			03/15/38		175		207,931
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		6.750			11/15/39		350		377,957
Chevron Corp., Sr. Unsec’d. Notes		1.961			03/03/20		125		125,547
Devon Financing Co. LLC, Gtd. Notes		7.875			09/30/31		250		327,003
Helmerich & Payne International Drilling Co., Gtd. Notes		4.650			03/15/25		190		201,793
Husky Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.000			04/15/24		150		153,038
Sr. Unsec’d. Notes		6.150			06/15/19		300		321,273
Sr. Unsec’d. Notes		6.800			09/15/37		200		246,471
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsec’d. Notes, 144A		3.875			04/19/22		200		199,000
Kerr-McGee Corp., Gtd. Notes		7.875			09/15/31		250		326,642
Noble Energy, Inc.,
Sr. Unsec’d. Notes		3.900			11/15/24		425		436,967
Sr. Unsec’d. Notes		5.050			11/15/44		150		155,254
Petroleos Mexicanos (Mexico),
Gtd. Notes, 144A		5.375			03/13/22		80		85,240
Gtd. Notes		5.500			01/21/21		480		514,560
Gtd. Notes		6.500			06/02/41		90		92,475
Gtd. Notes, 144A, MTN		6.750			09/21/47		470		494,440
Gtd. Notes, MTN		6.875			08/04/26		390		441,051
Raizen Fuels Finance SA (Brazil), Gtd. Notes, 144A		5.300			01/20/27		220		226,050
Sinopec Group Overseas Development Ltd. (China), Gtd. Notes, 144A		2.500			04/28/20		200		201,100
Statoil ASA (Norway), Gtd. Notes		2.250			11/08/19		800		807,959
Valero Energy Corp., Sr. Unsec’d. Notes		3.400			09/15/26		220		218,132
									7,081,022
Oil & Gas Services    0.2%
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A		4.000			12/21/25		500		529,315
Pharmaceuticals    1.3%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600			05/14/25		105		108,213
Sr. Unsec’d. Notes		4.500			05/14/35		550		586,204

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Allergan Funding SCS,
Gtd. Notes		4.550	%		03/15/35		225	$	241,157
Gtd. Notes		4.750			03/15/45		129		140,557
AmerisourceBergen Corp., Sr. Unsec’d. Notes		3.250			03/01/25		55		56,124
Bayer US Finance LLC (Germany), Gtd. Notes, 144A		3.000			10/08/21		150		153,721
Express Scripts Holding Co.,
Gtd. Notes		3.400			03/01/27		325		319,493
Gtd. Notes		4.500			02/25/26		700		748,203
Mead Johnson Nutrition Co. (United Kingdom), Gtd. Notes		4.600			06/01/44		70		77,492
Mylan NV, Gtd. Notes(a)		3.950			06/15/26		400		407,984
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		2.875			09/23/23		225		224,579
Gtd. Notes		3.200			09/23/26		1,220		1,204,748
Teva Pharmaceutical Finance Netherlands III BV (Israel),
Gtd. Notes		3.150			10/01/26		45		43,060
Gtd. Notes		4.100			10/01/46		15		13,641
									4,325,176
Pipelines    1.4%
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., Gtd. Notes, 144A		4.150			08/15/26		555		553,219
DCP Midstream Operating LP,
Gtd. Notes, 144A		4.750			09/30/21		50		51,375
Gtd. Notes, 144A		5.350			03/15/20		150		157,500
Enterprise Products Operating LLC, Series N, Gtd. Notes		6.500			01/31/19		420		447,642
Florida Gas Transmission Co. LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/20		600		650,160
Magellan Midstream Partners LP, Sr. Unsec’d. Notes		4.200			03/15/45		275		259,832
MPLX LP,
Sr. Unsec’d. Notes		4.000			02/15/25		130		131,951
Sr. Unsec’d. Notes		4.875			06/01/25		200		214,001
Sr. Unsec’d. Notes		5.200			03/01/47		5		5,166
ONEOK Partners LP, Gtd. Notes		6.125			02/01/41		300		342,376
Oneok, Inc., Gtd. Notes		4.950			07/13/47		85		85,245
Phillips 66 Partners LP,
Sr. Unsec’d. Notes		2.646			02/15/20		225		226,129
Sr. Unsec’d. Notes		3.550			10/01/26		310		305,388
Plains All American Pipeline LP/PAA Finance Corp., Sr. Unsec’d. Notes		4.700			06/15/44		270		246,742
Spectra Energy Partners LP, Sr. Unsec’d. Notes		3.375			10/15/26		140		139,033

See Notes to Financial Statements.

Prudential Core Bond Fund 31

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Williams Partners LP,
Sr. Unsec’d. Notes		4.000	%		09/15/25		350	$	359,449
Sr. Unsec’d. Notes		4.300			03/04/24		325		342,444
									4,517,652
Real Estate Investment Trusts (REITs)    0.6%
Camden Property Trust, Sr. Unsec’d. Notes		4.625			06/15/21		200		213,938
HCP, Inc., Sr. Unsec’d. Notes		4.000			06/01/25		300		311,046
Realty Income Corp., Sr. Unsec’d. Notes		6.750			08/15/19		240		262,173
Select Income REIT, Sr. Unsec’d. Notes		2.850			02/01/18		135		135,522
Welltower, Inc., Sr. Unsec’d. Notes		6.125			04/15/20		430		474,300
Weyerhaeuser Co., Sr. Unsec’d. Notes		4.625			09/15/23		425		462,344
									1,859,323
Retail    0.1%
CVS Health Corp.,
Sr. Unsec’d. Notes		5.125			07/20/45		185		212,300
Sr. Unsec’d. Notes		5.300			12/05/43		150		175,133
Home Depot, Inc. (The), Sr. Unsec’d. Notes		3.500			09/15/56		65		59,414
McDonald’s Corp., Sr. Unsec’d. Notes, MTN		4.700			12/09/35		30		33,269
									480,116
Semiconductors    0.1%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes, 144A		3.875			01/15/27		480		492,660
Software    0.7%
Electronic Arts, Inc., Sr. Unsec’d. Notes		3.700			03/01/21		200		209,128
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		3.000			08/15/26		555		543,797
Fiserv, Inc., Sr. Unsec’d. Notes		3.850			06/01/25		500		525,220
Microsoft Corp.,
Sr. Unsec’d. Notes		2.375			02/12/22		290		293,213
Sr. Unsec’d. Notes		3.125			11/03/25		125		128,474
Sr. Unsec’d. Notes		3.950			08/08/56		405		408,880
Oracle Corp., Sr. Unsec’d. Notes		4.000			07/15/46		350		355,455
									2,464,167
Telecommunications    0.4%
AT&T, Inc.,
Sr. Unsec’d. Notes		4.900			08/14/37		150		149,222
Sr. Unsec’d. Notes		5.300			08/14/58		170		170,042

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
AT&T, Inc., (cont’d.)
Sr. Unsec’d. Notes		3.400	%		05/15/25		530	$	522,106
Sr. Unsec’d. Notes		4.500			05/15/35		60		58,432
Sr. Unsec’d. Notes		5.250			03/01/37		445		465,771
Verizon Communications, Inc., Sr. Unsec’d. Notes		4.500			09/15/20		100		106,921
									1,472,494
Textiles    0.4%
Cintas Corp. No. 2,
Gtd. Notes		2.900			04/01/22		385		392,216
Gtd. Notes		3.700			04/01/27		815		852,316
									1,244,532
Transportation    0.4%
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes		4.450			03/15/43		280		305,295
Canadian National Railway Co. (Canada), Sr. Unsec’d. Notes		5.550			03/01/19		250		264,914
Canadian Pacific Railway Co. (Canada), Sr. Unsec’d. Notes		7.250			05/15/19		250		272,155
CSX Corp., Sr. Unsec’d. Notes		2.600			11/01/26		420		406,948
Ryder System, Inc., Sr. Unsec’d. Notes, MTN		2.650			03/02/20		110		111,478
									1,360,790
Trucking & Leasing    0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp., Sr. Unsec’d. Notes, 144A		3.050			01/09/20		300		306,821
Water    0.0%
American Water Capital Corp., Sr. Unsec’d. Notes		4.000			12/01/46		145		148,694
TOTAL CORPORATE BONDS (cost $99,608,990)									100,950,303
FOREIGN GOVERNMENT BONDS    1.9%
Belgium Government International Bond (Belgium), Sr. Unsec’d. Notes, 144A, EMTN		1.125			08/03/19		200		197,995
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes		4.375			07/12/21		200		213,300
Finnvera OYJ (Finland), Gov’t. Gtd. Notes, EMTN		1.875			09/16/19		200		200,132
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes(a)		7.625			03/29/41		106		160,797

See Notes to Financial Statements.

Prudential Core Bond Fund 33

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
FOREIGN GOVERNMENT BONDS (Continued)
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		4.875	%		05/05/21		250	$	268,694
Sr. Unsec’d. Notes, MTN		3.750			04/25/22		200		206,758
Iraq Government AID Bond, Gov’t. Gtd. Notes		2.149			01/18/22		200		201,507
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes		2.125			06/01/20		200		200,668
Gov’t. Gtd. Notes		2.125			07/21/20		400		401,400
Gov’t. Gtd. Notes		2.250			02/24/20		200		201,325
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN		2.125			10/25/23		200		194,391
Sr. Unsec’d. Notes, 144A, MTN		2.625			04/20/22		400		402,204
Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes, 144A		6.125			03/09/21		260		292,890
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes, MTN		4.750			03/08/44		220		222,640
Panama Government International Bond (Panama), Sr. Unsec’d. Notes		3.750			03/16/25		200		208,000
Poland Government International Bond (Poland), Sr. Unsec’d. Notes		3.000			03/17/23		100		101,700
Province of Alberta (Canada), Unsec’d. Notes		2.200			07/26/22		285		284,636
Province of Manitoba (Canada), Sr. Unsec’d. Notes		2.125			06/22/26		100		95,052
Province of Ontario (Canada),
Sr. Unsec’d. Notes		2.250			05/18/22		165		165,432
Sr. Unsec’d. Notes		2.400			02/08/22		125		126,318
Sr. Unsec’d. Notes		4.400			04/14/20		120		128,008
Province of Quebec (Canada),
Sr. Unsec’d. Notes		2.750			04/12/27		620		619,311
Unsec’d. Notes, MTN		7.140			02/27/26		100		128,365
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		205		201,851
Tokyo Metropolitan Government (Japan), Sr. Unsec’d. Notes, 144A		2.500			06/08/22		400		401,691
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		7.000			06/05/20		250		274,587
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		5.100			06/18/50		150		154,875
TOTAL FOREIGN GOVERNMENT BONDS (cost $6,168,694)									6,254,527

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS    0.6%
Alabama    0.0%
Alabama Economic Settlement Authority, Revenue Bonds, BABs		4.263	%		09/15/32		40	$	42,407
California    0.2%
California Educational Facilities Authority, Revenue Bonds, BABs		5.000			06/01/46		130		175,942
City of Los Angeles Department of Airports, Revenue Bonds, BABs		6.582			05/15/39		300		390,879
University of California,
Revenue Bonds		3.931			05/15/45		30		30,924
Revenue Bonds		4.131			05/15/45		30		31,033
									628,778
New Jersey    0.1%
New Jersey Turnpike Authority, Revenue Bonds, BABs		7.102			01/01/41		250		365,520
Pennsylvania    0.1%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs		5.511			12/01/45		150		192,975
Revenue Bonds, BABs		6.105			12/01/39		70		92,877
									285,852
Texas    0.1%
University of Texas System (The), Revenue Bonds		5.000			08/15/47		305		404,875
Washington    0.1%
Central Puget Sound Regional Transit Authority, Revenue Bonds, BABs		5.000			11/01/46		165		218,859
TOTAL MUNICIPAL BONDS (cost $1,908,474)									1,946,291
RESIDENTIAL MORTGAGE-BACKED SECURITIES    4.2%
Alternative Loan Trust, Series 2003-J3, Class 2A1		6.250			12/25/33		8		8,549
American Home Mortgage Investment Trust, Series 2004-4, Class 5A		3.448	(c)		02/25/45		26		25,827
Banc of America Funding Trust, Series 2015-R4, Class 4A1, 144A		3.500	(c)		01/27/30		271		270,467
Bayview Opportunity Master Fund IIIb Trust, Series 2017-CRT2, Class M, 144A		3.233	(c)		11/25/27		180		179,455
Bayview Opportunity Master Fund IVb Trust, Series 2017-CRT1, Class M, 144A		3.372	(c)		10/25/28		289		289,424
BCAP LLC Trust, Series 2011-RR4, Class 7A1, 144A		5.250			04/26/37		345		305,986

See Notes to Financial Statements.

Prudential Core Bond Fund 35

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bear Stearns ARM Trust, Series 2005-5, Class A2		2.820	%(c)		08/25/35		122	$	121,033
CIM Trust,
Series 2017-2, Class A1, 144A		3.227	(c)		12/25/57		480		479,808
Series 2017-3, Class A		3.227	(c)		01/25/57		1,072		1,087,397
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1		6.500			04/25/33		8		7,734
Credit Suisse Mortgage Trust, Series 2017-3R		3.051	(c)		02/27/47		488		486,094
Fannie Mae Connecticut Avenue Securities,
Series 2016-C02, Class 1M1		3.382	(c)		09/25/28		72		72,672
Series 2016-C04, Class 1M1		2.682	(c)		01/25/29		122		124,061
FHLMC Structured Pass-Through Securities,
Series T-59, Class 1A2		7.000			10/25/43		136		162,938
Series T-75, Class A1		1.272	(c)		12/25/36		145		144,445
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2015-DNA1, Class M1		2.132	(c)		10/25/27		250		250,820
Series 2016-DNA4, Class M2		2.532	(c)		03/25/29		260		264,250
Series 2016-HQA4, Class M2		2.532	(c)		04/25/29		260		262,838
Series 2017-DNA1, Class M1		2.432	(c)		07/25/29		632		640,846
Government National Mortgage Assoc.,
Series 2000-9, Class FG		1.826	(c)		02/16/30		23		23,001
Series 2000-9, Class FH		1.726	(c)		02/16/30		19		19,499
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1		3.124	(c)		09/25/35		86		87,189
LSTAR Securities Investment Ltd. (Cayman Islands), Series 2016-3, Class A, 144A		3.227	(c)		09/01/21		190		189,799
LSTAR Securities Investment Ltd., Series 2017-3, Class A1, 144A		3.227	(c)		04/01/22		620		621,412
LSTAR Securities Investment Ltd. (Cayman Islands), Series 2017-4, Class A, 144A		3.227	(c)		05/01/22		2,269		2,253,567
LSTAR Securities Investment Ltd., Series 2017-5, Class A, 144A		3.227	(c)		05/01/22		2,119		2,105,412
Merrill Lynch Mortgage Investors Trust, Series 2005-2, Class 3A		2.227	(c)		10/25/35		76		72,606
Merrill Lynch Mortgage Investors Trust MLMI, Series 2005-A10, Class A		1.442	(c)		02/25/36		141		135,226
Mortgage Repurchase Agreement Financing Trust,
Series 2016-4, Class A1, 144A^		2.424	(c)		05/10/19		1,350		1,350,000
Series 2016-5, Class A, 144A		2.394	(c)		06/10/19		200		199,685
Series 2017-1, Class A2, 144A		2.074	(c)		07/10/19		560		560,184
Sequoia Mortgage Trust, Series 10, Class 2A1		1.988	(c)		10/20/27		70		66,326
Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A1		1.478	(c)		07/19/35		67		63,543

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Washington Mutual Mortgage Pass-Through Certificates Trust,
Series 2002-AR6, Class A		2.176	%(c)		06/25/42		119	$	114,235
Series 2002-AR9, Class 1A		2.176	(c)		08/25/42		7		6,575
Series 2005-AR13, Class A1A1		1.522	(c)		10/25/45		781		775,185
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $13,758,558)									13,828,088
U.S. GOVERNMENT AGENCY OBLIGATIONS    23.0%
Federal Home Loan Mortgage Corp.		2.500			01/01/29		843		854,915
Federal Home Loan Mortgage Corp.		3.000			07/01/43		793		798,136
Federal Home Loan Mortgage Corp.		3.000			12/01/46		1,498		1,502,397
Federal Home Loan Mortgage Corp.		3.500			06/01/42		741		766,894
Federal Home Loan Mortgage Corp.		3.500			09/01/42		985		1,019,909
Federal Home Loan Mortgage Corp.		3.500			05/01/45		805		829,647
Federal Home Loan Mortgage Corp.		3.500			TBA		500		515,117
Federal Home Loan Mortgage Corp.		4.000			12/01/40		321		339,404
Federal Home Loan Mortgage Corp.		4.000			01/01/41		588		621,280
Federal Home Loan Mortgage Corp.		4.000			04/01/42		914		966,893
Federal Home Loan Mortgage Corp.		4.000			10/01/45		434		457,379
Federal Home Loan Mortgage Corp.		4.000			08/01/46		500		526,591
Federal Home Loan Mortgage Corp.		4.000			TBA		750		789,961
Federal Home Loan Mortgage Corp.		4.500			06/01/42		270		291,106
Federal Home Loan Mortgage Corp.		4.500			09/01/44		368		394,669
Federal Home Loan Mortgage Corp.		5.000			08/01/40		552		607,418
Federal Home Loan Mortgage Corp., MTN		1.500			01/17/20		360		360,094
Federal National Mortgage Assoc.		2.500			05/01/30		733		741,213
Federal National Mortgage Assoc.		2.500			09/01/46		489		473,173
Federal National Mortgage Assoc.		2.500			10/01/46		482		465,784
Federal National Mortgage Assoc.		2.625	(c)		08/01/24		11		11,332
Federal National Mortgage Assoc.		3.000			06/01/30		517		532,300
Federal National Mortgage Assoc.		3.000			11/01/36		470		479,782
Federal National Mortgage Assoc.		3.000			10/01/42		462		464,905
Federal National Mortgage Assoc.		3.000			10/01/42		750		755,246
Federal National Mortgage Assoc.		3.000			02/01/43		466		469,257
Federal National Mortgage Assoc.		3.000			04/01/43		772		776,986
Federal National Mortgage Assoc.		3.000			06/01/43		1,183		1,190,937
Federal National Mortgage Assoc.		3.000			TBA		250		250,391
Federal National Mortgage Assoc.		3.000			TBA		4,500		4,628,848
Federal National Mortgage Assoc.		3.500			12/01/29		356		371,375
Federal National Mortgage Assoc.		3.500			08/01/31		918		958,781
Federal National Mortgage Assoc.		3.500			10/01/41		324		335,295
Federal National Mortgage Assoc.		3.500			04/01/42		654		675,916

See Notes to Financial Statements.

Prudential Core Bond Fund 37

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
Federal National Mortgage Assoc.		3.500	%		05/01/42		666	$	688,600
Federal National Mortgage Assoc.		3.500			06/01/42		1,447		1,496,574
Federal National Mortgage Assoc.		3.500			10/01/42		1,061		1,096,304
Federal National Mortgage Assoc.		3.500			10/01/42		791		818,375
Federal National Mortgage Assoc.		3.500			06/01/45		1,477		1,521,987
Federal National Mortgage Assoc.		3.500			09/01/45		985		1,014,311
Federal National Mortgage Assoc.		3.500			10/01/45		1,299		1,338,661
Federal National Mortgage Assoc.		3.500			01/01/46		451		465,004
Federal National Mortgage Assoc.		3.500			TBA		2,500		2,573,828
Federal National Mortgage Assoc.		4.000			02/01/41		871		920,674
Federal National Mortgage Assoc.		4.000			12/01/41		753		795,140
Federal National Mortgage Assoc.		4.000			09/01/44		534		562,446
Federal National Mortgage Assoc.		4.000			10/01/44		1,356		1,428,485
Federal National Mortgage Assoc.		4.000			12/01/45		447		470,285
Federal National Mortgage Assoc.(t)		4.000			TBA		750		789,580
Federal National Mortgage Assoc.		4.000			TBA		2,500		2,628,027
Federal National Mortgage Assoc.		4.500			08/01/40		248		268,557
Federal National Mortgage Assoc.		4.500			04/01/41		132		143,026
Federal National Mortgage Assoc.		4.500			08/01/41		383		414,580
Federal National Mortgage Assoc.		4.500			08/01/41		1,002		1,082,024
Federal National Mortgage Assoc.		4.500			08/01/44		747		803,663
Federal National Mortgage Assoc.		4.500			01/01/45		499		536,888
Federal National Mortgage Assoc.		4.500			TBA		1,500		1,610,273
Federal National Mortgage Assoc.		5.000			09/01/30		63		68,948
Federal National Mortgage Assoc.		5.000			03/01/42		899		985,046
Federal National Mortgage Assoc.		5.000			TBA		500		546,602
Federal National Mortgage Assoc.		5.451	(c)		12/01/30		1		1,340
Federal National Mortgage Assoc.		5.500			07/01/30		500		552,671
Federal National Mortgage Assoc.		5.500			04/01/31		500		552,670
Federal National Mortgage Assoc.		5.500			01/01/40		369		411,648
Federal National Mortgage Assoc.		6.000			10/01/36		204		232,145
Federal National Mortgage Assoc.		6.000			07/01/41		217		245,173
Federal National Mortgage Assoc.(hh)		6.625			11/15/30		55		78,577
Federal National Mortgage Assoc.(hh)		7.125			01/15/30		80		116,888
Government National Mortgage Assoc.		3.000			03/20/43		951		968,484
Government National Mortgage Assoc.		3.000			08/20/43		183		186,479
Government National Mortgage Assoc.		3.000			09/20/43		345		351,606
Government National Mortgage Assoc.		3.000			01/20/44		322		328,175
Government National Mortgage Assoc.		3.000			08/15/45		514		521,439
Government National Mortgage Assoc.		3.000			07/20/46		990		1,005,105
Government National Mortgage Assoc.		3.000			10/20/46		488		495,152
Government National Mortgage Assoc.		3.000			03/20/47		2,717		2,758,858
Government National Mortgage Assoc.		3.500			01/15/42		233		242,260
Government National Mortgage Assoc.		3.500			12/20/42		670		699,225

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
Government National Mortgage Assoc.		3.500	%		01/20/43		980	$	1,022,406
Government National Mortgage Assoc.		3.500			02/20/43		441		459,922
Government National Mortgage Assoc.		3.500			03/20/45		349		362,763
Government National Mortgage Assoc.		3.500			04/20/45		1,464		1,523,135
Government National Mortgage Assoc.		3.500			TBA		3,000		3,117,187
Government National Mortgage Assoc.		4.000			12/20/40		597		633,493
Government National Mortgage Assoc.		4.000			06/20/41		236		249,920
Government National Mortgage Assoc.		4.000			11/15/41		335		353,370
Government National Mortgage Assoc.		4.000			12/20/42		471		498,072
Government National Mortgage Assoc.		4.000			04/20/43		361		381,981
Government National Mortgage Assoc.		4.000			10/20/43		396		419,812
Government National Mortgage Assoc.		4.000			09/20/44		480		507,699
Government National Mortgage Assoc.		4.000			10/20/45		477		502,132
Government National Mortgage Assoc.(t)		4.000			TBA		1,000		1,052,812
Government National Mortgage Assoc.		4.000			TBA		1,000		1,051,445
Government National Mortgage Assoc.		4.500			10/20/43		201		213,568
Government National Mortgage Assoc.		4.500			01/20/44		238		252,969
Government National Mortgage Assoc.		4.500			04/20/44		838		891,287
Government National Mortgage Assoc.		4.500			03/20/45		227		240,886
Government National Mortgage Assoc.		4.500			07/20/46		555		590,566
Government National Mortgage Assoc.		4.500			08/20/46		478		507,803
Government National Mortgage Assoc.		4.500			11/20/46		471		501,262
Government National Mortgage Assoc.		5.000			10/20/37		17		19,078
Government National Mortgage Assoc.		5.000			04/20/45		125		135,016
Government National Mortgage Assoc.		6.000			12/15/39		279		314,510
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $76,020,380)									75,842,208
U.S. TREASURY OBLIGATIONS    12.7%
U.S. Treasury Bonds(hh)		2.875			05/15/43		400		399,875
U.S. Treasury Bonds		3.000			11/15/44		180		183,846
U.S. Treasury Bonds		3.000			05/15/45		3,430		3,498,868
U.S. Treasury Bonds		3.000			02/15/47		975		993,739
U.S. Treasury Bonds		4.250			11/15/40		3,835		4,782,513
U.S. Treasury Bonds		4.750			02/15/41		140		187,048
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			04/15/22		3,965		3,988,635
U.S. Treasury Inflation Indexed Bonds, TIPS		0.375			01/15/27		3,160		3,159,310
U.S. Treasury Notes(hh)		0.750			02/28/18		225		224,437
U.S. Treasury Notes		1.375			04/30/21		160		158,306
U.S. Treasury Notes		1.500			07/15/20		320		319,963
U.S. Treasury Notes		1.500			03/31/23		3,650		3,562,885
U.S. Treasury Notes		1.625			04/30/23		4,050		3,976,594
U.S. Treasury Notes		1.875			04/30/22		175		175,431
U.S. Treasury Notes		1.875			07/31/22		1,070		1,072,131
U.S. Treasury Notes		2.125			06/30/21		25		25,413

See Notes to Financial Statements.

Prudential Core Bond Fund 39

Schedule of Investments (continued)

as of July 31, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. Treasury Notes		2.125	%		09/30/21		1,455	$	1,477,848
U.S. Treasury Notes(k)		2.125			12/31/22		1,945		1,965,969
U.S. Treasury Notes		2.125			05/15/25		9,295		9,258,331
U.S. Treasury Notes		2.375			05/15/27		180		181,287
U.S. Treasury Notes		8.125			08/15/21		35		43,739
U.S. Treasury Strips Coupon		2.570	(s)		02/15/31		3,000		2,105,574
U.S. Treasury Strips Coupon		2.760	(s)		08/15/29		100		73,550
U.S. Treasury Strips Coupon		2.857	(s)		05/15/31		100		69,472
U.S. Treasury Strips Coupon		3.019	(s)		11/15/35		200		119,820
U.S. Treasury Strips Coupon		3.177	(s)		08/15/40		200		100,841
TOTAL U.S. TREASURY OBLIGATIONS (cost $42,344,771)									42,105,425
TOTAL LONG-TERM INVESTMENTS (cost $321,602,208)									322,687,771
						Shares
SHORT-TERM INVESTMENTS    9.4%
AFFILIATED MUTUAL FUNDS    9.4%
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)							30,387,632		30,387,632
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $567,416; includes $566,641 of cash collateral for securities on loan)(b)(w)							567,359		567,416
TOTAL AFFILIATED MUTUAL FUNDS (cost $30,955,048)									30,955,048
						Notional Amount (000)#
OPTIONS PURCHASED*    0.0%
Call Options
10 Year U.S. Treasury Notes Futures
expiring 08/25/17, Strike Price $125.50							92		66,125
expiring 08/25/17, Strike Price $128.50							92		1,437
TOTAL OPTIONS PURCHASED (cost $66,447)									67,562
TOTAL SHORT-TERM INVESTMENTS (cost $31,021,495)									31,022,610
TOTAL INVESTMENTS BEFORE OPTION WRITTEN    107.0% (cost $352,623,703)									353,710,381

See Notes to Financial Statements.

40

Description	Notional Amount (000)#		Value
OPTIONS WRITTEN*    (0.0)%
Call Option
10 Year U.S. Treasury Notes Futures expiring 08/25/17, Strike Price $127.00 (premiums received $33,647)		184	$	(23,000	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    107.0% (cost $352,590,056)				353,687,381
Liabilities in excess of other assets(z)    (7.0)%				(23,058,782	)
NET ASSETS    100.0%			$	330,628,599

The following abbreviations are used in the annual 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

BABs—Build America Bonds

bps—Basis Points

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

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

REITS—Real Estate Investment Trusts

STRIPS—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

TIPS—Treasury Inflation-Protected Securities

USOIS—United States Overnight Index Swap

* Non-income producing security.

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $3,848,976 and 1.2% 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 $554,032; cash collateral of $566,641 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

(f) Indicates a restricted security; the aggregate original cost of the restricted securities is $199,444. The aggregate value of $200,340 is approximately 0.1% of net assets.

(hh) 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.

(p) Interest rate not available as of July 31, 2017.

See Notes to Financial Statements.

Prudential Core Bond Fund 41

Schedule of Investments (continued)

as of July 31, 2017

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

(t) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $1,750,000 is approximately 0.5% of net assets.

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

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

Futures contracts outstanding at July 31, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at July 31, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	182	2 Year U.S. Treasury Notes		Sep. 2017	$	39,314,952	$	39,374,563	$	59,611
	458	5 Year U.S. Treasury Notes		Sep. 2017		54,087,891		54,111,984		24,093
	24	10 Year U.S. Ultra Treasury Notes		Sep. 2017		3,231,484		3,241,125		9,641
	77	30 Year U.S. Ultra Treasury Bonds		Sep. 2017		12,640,320		12,666,500		26,180
										119,525
		Short Positions:
	197	10 Year U.S. Treasury Notes		Sep. 2017		24,757,417		24,800,453		(43,036	)
	61	20 Year U.S. Treasury Bonds		Sep. 2017		9,369,508		9,331,094		38,414
										(4,622	)
									$	114,903

Cash of $4,047 and a security with a market value of $555,930 have been segregated with Citigroup Global Markets to cover requirements for open futures contracts at July 31, 2017.

Credit default swap agreements outstanding at July 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 swap on credit indices—Sell Protection(2):
CMBX.NA.6.AA		05/11/63		1.500%		2,000	$	7,122	$	(26,031	)	$	33,153	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 contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

See Notes to Financial Statements.

42

(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 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.

Interest rate swap agreements outstanding at July 31, 2017:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate			Value at Trade Date			Value at July 31, 2017			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
	15,735		09/09/17		0.539%		1 Day USOIS(1)		$	—		$	37,009		$	37,009
	16,205		10/18/17		0.607%		1 Day USOIS(1)			—			39,844			39,844
	10,090		11/09/17		0.626%		1 Day USOIS(1)			—			27,563			27,563
	15,900		06/30/19		1.487%		1 Day USOIS(1)			(6,038	)		(27,021	)		(20,983	)
	3,010		06/30/19		1.502%		1 Day USOIS(1)			(1,835	)		(5,940	)		(4,105	)
	130		05/31/21		1.849%		3 Month LIBOR(1)			582			(425	)		(1,007	)
	1,120		08/31/21		2.015%		3 Month LIBOR(1)			(3,197	)		(9,006	)		(5,809	)
	5,475		07/17/22		—(3)		—	(3)		334			277			(57	)
	395		05/31/23		1.399%		3 Month LIBOR(1)			(7,190	)		12,447			19,637
	3,545		08/15/23		1.406%		3 Month LIBOR(1)			—			104,540			104,540
	1,690		08/15/23		1.459%		3 Month LIBOR(1)			81,189			47,581			(33,608	)
	1,600		11/15/23		2.209%		3 Month LIBOR(1)			—			(22,493	)		(22,493	)
	1,215		02/15/24		2.115%		3 Month LIBOR(1)			3,113			(7,243	)		(10,356	)

See Notes to Financial Statements.

Prudential Core Bond Fund 43

Schedule of Investments (continued)

as of July 31, 2017

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at July 31, 2017			Unrealized Appreciation (Depreciation)
	2,571		02/15/24		2.151%	3 Month LIBOR(1)	$	(2,558	)	$	(21,113	)	$	(18,555	)
	3,080		02/15/24		2.167%	3 Month LIBOR(1)		(17,091	)		(27,007	)		(9,916	)
	1,580		02/15/24		2.183%	3 Month LIBOR(1)		(3,010	)		(16,200	)		(13,190	)
	1,765		01/08/26		2.210%	3 Month LIBOR(1)		—			(8,117	)		(8,117	)
	1,447		02/15/27		1.824%	1 Day USOIS(1)		19,731			12,562			(7,169	)
	390		02/15/27		1.899%	1 Day USOIS(1)		495			845			350
	395		02/15/27		1.965%	1 Day USOIS(1)		—			(1,403	)		(1,403	)
	920		02/15/27		2.068%	1 Day USOIS(1)		(543	)		(11,491	)		(10,948	)
	1,875		02/15/36		2.338%	3 Month LIBOR(2)		(11,942	)		(46,111	)		(34,169	)
							$	52,040		$	79,098		$	27,058

Cash of $151,000 and securities with a combined market value of $564,999 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared interest rate swap contracts at July 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 28 bps.

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—unadjusted 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 July 31, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Automobiles	$	—	$	7,335,035	$	—
Collateralized Loan Obligations		—		25,137,807		500,000
Consumer Loans		—		2,896,659		—
Credit Cards		—		5,331,587		500,000
Equipment		—		803,681		—
Other		—		110,595		—
Residential Mortgage-Backed Securities		—		1,401,122		675,000

See Notes to Financial Statements.

44

	Level 1			Level 2		Level 3
Investments in Securities (continued)
Commercial Mortgage-Backed Securities	$	—		$	36,245,467	$	823,976
Corporate Bonds		—			100,950,303		—
Foreign Government Bonds		—			6,254,527		—
Municipal Bonds		—			1,946,291		—
Residential Mortgage-Backed Securities		—			12,478,088		1,350,000
U.S. Government Agency Obligations		—			75,842,208		—
U.S. Treasury Obligations		—			42,105,425		—
Affiliated Mutual Funds		30,955,048			—		—
Options Purchased		67,562			—		—
Options Written		(23,000	)		—		—
Other Financial Instruments*
Futures Contracts		114,903			—		—
OTC Credit Default Swap Agreement		—			7,122		—
Centrally Cleared Interest Rate Swap Agreements		—			27,058		—
Total	$	31,114,513		$	318,872,975	$	3,848,976

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

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 Credit Cards		Asset- Backed Securities Residential Mortgage- Backed Securities			Commercial Mortgage- Backed Securities		Residential Mortgage- Backed Securities
Balance as of 07/31/2016	$	—	$	—	$	1,912,194		$	—	$	—
Realized gain (loss)		—		—		7,002			—		—
Change in unrealized appreciation (depreciation)		—		—		19,027			—		—
Purchases/Exchanges/Issuances		500,000		500,000		675,000			823,976		1,350,000
Sales/Paydowns		—		—		(1,940,717	)		—		—
Accrued discount/premium		—		—		2,494			—		—
Transfers into Level 3		—		—		—			—		—
Transfers out of Level 3		—		—		—			—		—
Balance as of 07/31/2017	$	500,000	$	500,000	$	675,000		$	823,976	$	1,350,000

* Other financial instruments are derivative instruments not reflected in the Schedule 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.

See Notes to Financial Statements.

Prudential Core Bond Fund 45

Schedule of Investments (continued)

as of July 31, 2017

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 July 31, 2017		Valuation Methodology		Unobservable Input
Asset-Backed Securities Collateralized Loan Obligations	$	500,000		Pricing at Cost		Unadjusted Purchase Price
Asset-Backed Securities Credit Cards		500,000		Market Approach		Single Broker Indicative Quote
Asset-Backed Securities Residential Mortgage-Backed Securities		675,000		Market Approach		Single Broker Indicative Quote
Commercial Mortgage-Backed Securities		823,976		Pricing at Cost		Unadjusted Purchase Price
Residential Mortgage-Backed Securities		1,350,000		Market Approach		Single Broker Indicative Quote
	$	3,848,976

Industry Classification:

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

U.S. Government Agency Obligations	23.0	%
U.S. Treasury Obligations	12.7
Commercial Mortgage-Backed Securities	11.2
Affiliated Mutual Funds (including 0.2% of collateral for securities on loan)	9.4
Banks	7.9
Collateralized Loan Obligations	7.8
Residential Mortgage-Backed Securities	4.8
Electric	2.7
Automobiles	2.2
Oil & Gas	2.1
Foreign Government Bonds	1.9
Credit Cards	1.8
Auto Manufacturers	1.5
Pipelines	1.4
Pharmaceuticals	1.3
Media	1.3
Healthcare-Services	1.2
Insurance	1.2
Chemicals	1.1
Consumer Loans	0.9
Software	0.7
Municipal Bonds	0.6
Real Estate Investment Trusts (REITs)	0.6
Healthcare-Products	0.6
Biotechnology	0.5
Commercial Services	0.5
Foods	0.5
Telecommunications	0.4
Computers	0.4
Transportation	0.4
Containers & Packaging	0.4
Textiles	0.4	%
Airlines	0.4
Household Products/Wares	0.3
Forest Products & Paper	0.3
Equipment	0.2
Hand/Machine Tools	0.2
Multi-National	0.2
Gas	0.2
Diversified Financial Services	0.2
Housewares	0.2
Miscellaneous Manufacturing	0.2
Oil & Gas Services	0.2
Mining	0.2
Lodging	0.1
Semiconductors	0.1
Retail	0.1
Diversified Machinery	0.1
Trucking & Leasing	0.1
Beverages	0.1
Engineering & Construction	0.1
Aerospace & Defense	0.1
Water	0.0	*
Office & Business Equipment	0.0	*
Other	0.0	*
Agriculture	0.0	*
Options Purchased	0.0	*
	107.0
Options Written	(0.0	)*
Liabilities in excess of other assets	(7.0	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

46

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 types of risk associated with these derivative instruments are credit contracts risk and 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 July 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
Credit contracts	—	$	—		Premiums received for OTC swap agreements	$	26,031
Credit contracts	Unrealized appreciation on OTC swap agreements		33,153		—		—
Interest rate contracts	Due from/to broker— variation margin futures		157,939	*	Due from/to broker— variation margin futures		43,036	*
Interest rate contracts	Due from/to broker— variation margin swaps		228,943	*	Due from/to broker— variation margin swaps		201,885	*
Interest rate contracts	Unaffiliated investments		67,562		Options written outstanding, at value		23,000
Total		$	487,597			$	293,952

* 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.

See Notes to Financial Statements.

Prudential Core Bond Fund 47

Schedule of Investments (continued)

as of July 31, 2017

The effects of derivative instruments on the Statement of Operations for the year ended July 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	$	—		$	—	$	—		$	—	$	27,915		$	27,915
Interest rate contracts		(174,371	)		50,182		(438,981	)		9,854		(75,037	)		(628,353	)
Total	$	(174,371	)	$	50,182	$	(438,981	)	$	9,854	$	(47,122	)	$	(600,438	)

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)		Options Written		Futures			Swaps		Total
Credit contracts	$	—	$	—	$	—		$	33,153	$	33,153
Interest rate contracts		1,115		10,647		(263,039	)		477,484		226,207
Total	$	1,115	$	10,647	$	(263,039	)	$	510,637	$	259,360

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended July 31, 2017, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(3)		Futures Contracts—Long Positions(2)		Futures Contracts—Short Positions(2)		Credit Default Swap Agreements—Sell Protection(3)
$	30,807	$	59,800	$	60,071,657	$	11,486,970	$	1,600,000

Forward Rate Agreements(3)		Inflation Rate Swap Agreements(3)		Interest Rate Swap Agreements(3)		Total Return Swap Agreements(3)
	4,840,000	$	230,000	$	55,954,800	$	240,000

(1) Cost

(2) Value at Trade Date.

(3) Notional Amount in USD.

See Notes to Financial Statements.

48

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Amounts of Recognized Assets(3)		Collateral Received(4)			Net Amount
Securities on Loan	$	554,032	$	(554,032	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross amounts of recognized assets(1)			Gross amounts available for offset			Collateral Received(4)		Net Amount
Morgan Stanley	$	33,153		$	(26,031	)	$	—	$	7,122
Counterparty	Gross amounts of recognized liabilities(2)			Gross amounts available for offset			Collateral Pledged(4)		Net Amount
Morgan Stanley	$	(26,031	)	$	26,031		$	—	$	—

(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.

(4) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

Prudential Core Bond Fund 49

Statement of Assets & Liabilities

as of July 31, 2017

Assets
Investments at value, including securities on loan of $554,032:
Unaffiliated investments (cost $321,668,655)	$	322,755,333
Affiliated investments (cost $30,955,048)		30,955,048
Deposit with broker for futures		4,047
Deposit with broker for centrally cleared swaps		151,000
Receivable for investments sold		16,742,924
Receivable for Fund shares sold		2,189,315
Interest receivable		1,580,328
Unrealized appreciation on OTC swap agreements		33,153
Due from broker—variation margin swaps		11,314
Due from broker—variation margin futures		7,453
Total assets		374,429,915
Liabilities
Payable for investments purchased		42,321,031
Payable for Fund shares reacquired		669,746
Payable to broker for collateral for securities on loan		566,641
Accrued expenses and other liabilities		164,148
Premium received for OTC swap agreements		26,031
Options written outstanding, at value (premiums received $33,647)		23,000
Distribution fee payable		12,092
Management fee payable		9,598
Payable to custodian		6,241
Dividends payable		1,784
Affiliated transfer agent fee payable		524
Deferred trustees’ fees		480
Total liabilities		43,801,316
Net Assets	$	330,628,599
Net assets were comprised of:
Shares of beneficial interest, at par	$	33,090
Paid-in capital in excess of par		333,466,432
		333,499,522
Undistributed net investment income		6,755
Accumulated net realized loss on investment transactions		(3,926,379	)
Net unrealized appreciation on investments and foreign currencies		1,048,701
Net assets, July 31, 2017	$	330,628,599

See Notes to Financial Statements.

50

Class A
Net asset value and redemption price per share,
($43,489,310 ÷ 4,353,663 shares of beneficial interest issued and outstanding)	$	9.99
Maximum sales charge (4.50% of offering price)		0.47
Maximum offering price to public	$	10.46
Class C
Net asset value, offering price and redemption price per share,
($3,486,185 ÷ 348,806 shares of beneficial interest issued and outstanding)	$	9.99
Class Q
Net asset value, offering price and redemption price per share,
($201,345,187 ÷ 20,149,272 shares of beneficial interest issued and outstanding)	$	9.99
Class R
Net asset value, offering price and redemption price per share
($10,510 ÷ 1,052 shares of beneficial interest issued and outstanding)	$	9.99
Class Z
Net asset value, offering price and redemption price per share,
($82,297,407 ÷ 8,237,648 shares of beneficial interest issued and outstanding)	$	9.99

See Notes to Financial Statements.

Prudential Core Bond Fund 51

Statement of Operations

Year Ended July 31, 2017

Net Investment Income (Loss)
Income
Interest income	$	5,541,286
Affiliated dividend income		315,297
Income from securities lending, net (including affiliated income of $334)		555
Total income		5,857,138
Expenses
Management fee		833,660
Distribution fee—Class A		95,328
Distribution fee—Class C		30,095
Distribution fee—Class R		78
Custodian and accounting fees		149,000
Transfer agent’s fees and expenses (including affiliated expense of $2,700)		134,000
Registration fees		129,000
Audit fee		62,000
Shareholders’ reports		44,000
Legal fees and expenses		21,000
Trustees’ fees		13,000
Miscellaneous		16,751
Total expenses		1,527,912
Less: Management fee waiver and/or expense reimbursement		(372,418	)
Distribution fee waiver—Class R		(26	)
Net expenses		1,155,468
Net investment income (loss)		4,701,670
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $72)		(617,812	)
Futures transactions		(438,981	)
Options written transactions		50,182
Forward rate agreements transactions		9,854
Swap agreements transactions		(47,122	)
Foreign currency transactions		1,421
		(1,042,458	)
Net change in unrealized appreciation (depreciation) on:
Investments		(735,966	)
Futures		(263,039	)
Options written		10,647
Swap agreements		510,637
Foreign currencies		2
		(477,719	)
Net gain (loss) on investment and foreign currency transactions		(1,520,177	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,181,493

See Notes to Financial Statements.

52

Statement of Changes in Net Assets

	Year Ended July 31,
	2017			2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,701,670		$	2,084,577
Net realized gain (loss) on investment and foreign currency transactions		(1,042,458	)		1,030,840
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(477,719	)		2,846,143
Net increase (decrease) in net assets resulting from operations		3,181,493			5,961,560
Dividends and Distributions
Dividends from net investment income
Class A		(829,812	)		(61,731	)
Class C		(42,130	)		(12,300	)
Class Q		(2,138,412	)		(236	)
Class R		(196	)		(192	)
Class Z		(2,651,141	)		(2,176,455	)
		(5,661,691	)		(2,250,914	)
Tax return of capital contributions
Class A		—			(8,869	)
Class C		—			(1,767	)
Class Q		—			(34	)
Class R		—			(28	)
Class Z		—			(312,700	)
		—			(323,398	)
Fund share transactions
Net proceeds from shares sold		301,461,573			36,654,523
Net asset value of shares issued in reinvestment of dividends and distributions		5,627,254			2,524,586
Cost of shares reacquired		(90,643,525	)		(29,913,657	)
Net increase (decrease) in net assets from Trust share transactions		216,445,302			9,265,452
Total increase (decrease)		213,965,104			12,652,700
Net Assets:
Beginning of year		116,663,495			104,010,795
End of year(a)	$	330,628,599		$	116,663,495
(a) Includes undistributed net investment income of:	$	6,755			—

See Notes to Financial Statements.

Prudential Core Bond Fund 53

Notes to Financial Statements

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust 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 is a diversified fund.

The investment objective of the Fund is total return.

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 and liabilities 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 PGIM Investments LLC (“PGIM Investments” or “the Manager”) (formerly known as Prudential Investments LLC). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. 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 Schedule 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

54

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.

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 Fund utilizes 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 are 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. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Prudential Core Bond Fund 55

Notes to Financial Statements (continued)

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 unaffiliated 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 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 Fund. However, the liquidity of the 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

56

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 its 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 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.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, forward currency contracts, 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 currencies.

Options: The Fund purchased and wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates, with respect to securities which the 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

Prudential Core Bond Fund 57

Notes to Financial Statements (continued)

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 adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (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 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 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 the Fund writes an option on a swap, an amount equal to any premium received by the Fund 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 Fund 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 Fund 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 Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

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 unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as 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

58

by changes in prevailing interest rates, value of equities 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. Since futures contracts are exchange-traded, 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.

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 and other type 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 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 (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. 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 Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement 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 is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed-rate payments and to increase exposure to prevailing market rates by receiving floating rate payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Inflation Swaps: The Fund entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Fund to interest rate risk.

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

Prudential Core Bond Fund 59

Notes to Financial Statements (continued)

“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, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, 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 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 Schedule 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,

60

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.

The Fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) 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, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule 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,

Prudential Core Bond Fund 61

Notes to Financial Statements (continued)

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 portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such 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 July 31, 2017, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, 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.

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

62

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”.

Mortgage 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. The Fund is subject to the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price.

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 their 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 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.

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: 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, if any, are recorded, 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 monthly and distributions from net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with

Prudential Core Bond Fund 63

Notes to Financial Statements (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, 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.

2. Agreements

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

The management fee paid to PGIM Investments 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 year ended July 31, 2017. The effective management fee rate, net of waivers and/or expense reimbursement, was .19%.

PGIM Investments has contractually agreed through November 30, 2018 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, 2018 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.

64

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 Trust, on behalf of 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, respectively. PIMS has contractually agreed through November 30, 2018 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 $349,905 in front-end sales charges resulting from sales of Class A shares, during the year ended July 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 year ended July 31, 2017, it received $1,342 and $5,263 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

PGIM Investments, PGIM, Inc. and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s 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. For the period ended July 31, 2017 no such transactions were entered into by the Fund.

Prudential Core Bond Fund 65

Notes to Financial Statements (continued)

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 the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended July 31, 2017, PGIM, Inc. was compensated $287 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. 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.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for the year ended July 31, 2017, were $776,547,583 and $583,469,646, respectively.

Transactions in options written during the year ended July 31, 2017, were as follows:

	Notional Amount			Premium Received
Options outstanding at July 31, 2016		—		$	—
Written options		773,000			89,037
Expired options		(489,000	)		(41,490	)
Exercised options		—			—
Closed options		(100,000	)		(13,900	)
Options outstanding at July 31, 2017		184,000		$	33,647

5. Distributions and Tax Information

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 undistributed 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 undistributed net investment income and accumulated net realized loss on investment transactions. For the tax year ended July 31, 2017, the adjustments were to increase undistributed net investment income and increase accumulated net realized loss on investment transactions by $973,422 due to reclassification of paydown gains (losses), certain transactions involving foreign currencies, swaps and differences in the tax treatment of premium amortization. Net investment income, net realized gain (loss) on investment and foreign currency transactions and net assets were not affected by this change.

66

The tax character of distributions paid during the tax year ended July 31, 2017 was $5,661,691 of ordinary income. The tax character of distributions paid during the tax period ended July 31, 2016 were $1,690,029 of ordinary income and $201,122 of tax return of capital.

As of July 31, 2017, the accumulated undistributed earnings on a tax basis was $9,019 of ordinary income.

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

Tax Basis	Appreciation	Depreciation	Net Unrealized Depreciation	Other Basis Adjustments	Total Net Unrealized Depreciation
$353,775,969	$1,705,807	$(1,771,395)	$(65,588)	$(138,511)	$(204,099)

The differences between book basis and tax basis were primarily attributable to deferred losses on wash sales and other cost basis differences between financial and tax accounting. The other cost basis adjustments are primarily attributable to swaps, futures and mark-to-market of receivables and payables.

For federal income tax purposes, the Fund had a capital loss carryforward for the tax year ended July 31, 2017 of approximately $1,569,000 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.

The Fund elected to treat post-October capital losses of approximately $1,104,000 as having been incurred in the following fiscal year (July 31, 2018).

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.

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 $1 million or more of Class A shares and redeem those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, but are not subject to an initial sales charge. 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

Prudential Core Bond Fund 67

Notes to Financial Statements (continued)

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 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 July 31, 2017, Prudential owned 1,039 Class C shares, 1,066 Class Q shares and 1,052 Class R shares of the Fund.

At reporting period end, three shareholders of record held 94% 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
Year ended July 31, 2017:
Shares sold		4,879,112		$	48,572,739
Shares issued in reinvestment of dividends and distributions		83,292			827,658
Shares reacquired		(2,273,240	)		(22,525,876	)
Net increase (decrease) in shares outstanding before conversion		2,689,164			26,874,521
Shares reacquired upon conversion into other share class(es)		(40,883	)		(406,271	)
Net increase (decrease) in shares outstanding		2,648,281		$	26,468,250
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
Year ended July 31, 2017:
Shares sold		239,782		$	2,406,997
Shares issued in reinvestment of dividends and distributions		4,126			41,089
Shares reacquired		(112,646	)		(1,121,164	)
Net increase (decrease) in shares outstanding		131,262		$	1,326,922
Year ended July 31, 2016:
Shares sold		222,926.4		$	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		211,160.4		$	2,101,363

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Class Q	Shares			Amount
Year ended July 31, 2017:
Shares sold		9,581,826		$	94,976,282
Shares issued in reinvestment of dividends and distributions		215,127			2,138,147
Shares reacquired		(1,245,527	)		(12,344,974	)
Net increase (decrease) in shares outstanding before conversion		8,551,426			84,769,455
Shares issued upon conversion from other share class(es)		11,596,806			114,810,035
Net increase (decrease) in shares outstanding		20,148,232		$	199,579,490
Year ended July 31, 2016:
Shares issued in reinvestment of dividends and distributions		27.2			270
Net increase (decrease) in shares outstanding		27.2		$	270
Class R
Year ended July 31, 2017:
Shares issued in reinvestment of dividends and distributions		19.4		$	196
Net increase (decrease) in shares outstanding		19.4		$	196
Year ended July 31, 2016:
Shares issued in reinvestment of dividends and distributions		22.6			220
Net increase (decrease) in shares outstanding		22.6		$	220
Class Z
Year ended July 31, 2017:
Shares sold		15,569,571		$	155,505,555
Shares issued in reinvestment of dividends and distributions		263,271			2,620,164
Shares reacquired		(5,518,779	)		(54,651,511	)
Net increase (decrease) in shares outstanding before conversion		10,314,063			103,474,208
Shares reacquired upon conversion into other share class(es)		(11,555,936	)		(114,403,764	)
Net increase (decrease) in shares outstanding		(1,241,873	)	$	(10,929,556	)
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.

7. Borrowings

The Trust, on behalf of 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 Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

Prudential Core Bond Fund 69

Notes to Financial Statements (continued)

Other affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of the portfolios. Consequently, the portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Fund did not utilize the SCA during the year ended July 31, 2017.

8. Recent Accounting Pronouncements and Reporting Updates

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 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.

9. Other

At the Trust’s Board meeting in March, 2017, the Board of Trustees approved a change in the methodology of allocating certain expenses, like Transfer Agent fees (including sub-transfer agent and networking fees) and Blue Sky fees. PGIM Investments implemented the changes effective August 1, 2017.

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Financial Highlights

Class A Shares
	Year Ended July 31,						February 17, 2015(g) through July 31,
	2017			2016			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)		.18			.18			.09
Net realized and unrealized gain (loss) on investments		(.20	)		.39			(.09	)
Total from investment operations		(.02	)		.57			-
Less Dividends and Distributions:
Dividends from net investment income		(.21	)		(.20	)		(.11	)
Tax return of capital distributions		-			(.03	)		-
Total dividends and distributions		(.21	)		(.23	)		(.11	)
Net asset value, end of period		$9.99			$10.22			$9.88
Total Return(a):		(.13)%			5.91%			(.05)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$43,489			$17,437			$203
Average net assets (000)		$38,131			$3,049			$78
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		.70%			.70%			.70%	(e)
Expenses before waivers and/or expense reimbursement		.89%			.90%			1.16%	(e)
Net investment income (loss)		1.77%			1.74%			1.97%	(e)
Portfolio turnover rate(h)		314%			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.

Prudential Core Bond Fund 71

Financial Highlights (continued)

Class C Shares
	Year Ended July 31,						February 17, 2015(f) through July 31,
	2017			2016			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)		.10			.11			.05
Net realized and unrealized gain (loss) on investments		(.20	)		.39			(.08	)
Total from investment operations		(.10	)		.50			(.03	)
Less Dividends and Distributions:
Dividends from net investment income		(.14	)		(.14	)		(.07	)
Tax return of capital distributions		-			(.02	)		-
Total dividends and distributions		(.14	)		(.16	)		(.07	)
Net asset value, end of period		$9.99			$10.23			$9.89
Total Return(a):		(.98)%			5.13%			(.30)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,486			$2,226			$63
Average net assets (000)		$3,009			$880			$16
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.45%			1.45%			1.45%	(d)
Expenses before waivers and/or expense reimbursement		1.64%			1.69%			1.82%	(d)
Net investment income (loss)		.98%			1.08%			1.03%	(d)
Portfolio turnover rate(g)		314%			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.

72

Class Q Shares
	Year Ended July 31,							February 17, 2015(f) through July 31,
	2017			2016				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)		.22			.21		��		.09
Net realized and unrealized gain (loss) on investments		(.22	)		.40				(.08	)
Total from investment operations		-			.61				.01
Less Dividends and Distributions:
Dividends from net investment income		(.24	)		(.23	)			(.12	)
Tax return of capital distributions		-			(.03	)			-
Total dividends and distributions		(.24	)		(.26	)			(.12	)
Net asset value, end of period		$9.99			$10.23				$9.88
Total Return(a):		.07%			6.32%				.06%
Ratios/Supplemental Data:
Net assets, end of period (000)		$201,345			$11				$10
Average net assets (000)		$83,714			$10				$10
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.40%			.45%				.45%	(d)
Expenses before waivers and/or expense reimbursement		.53%			.67%				.75%	(d)
Net investment income (loss)		2.22%			2.15%				2.05%	(d)
Portfolio turnover rate(g)		314%			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 73

Financial Highlights (continued)

Class R Shares
	Year Ended July 31,						February 17, 2015(f) through July 31,
	2017			2016			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)		.15			.16			.07
Net realized and unrealized gain (loss) on investments		(.20	)		.41			(.09	)
Total from investment operations		(.05	)		.57			(.02	)
Less Dividends and Distributions:
Dividends from net investment income		(.19	)		(.19	)		(.09	)
Tax return of capital distributions		-			(.03	)		-
Total dividends and distributions		(.19	)		(.22	)		(.09	)
Net asset value, end of period		$9.99			$10.23			$9.88
Total Return(a):		(.48)%			5.81%			(.16)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$11			$10
Average net assets (000)		$10			$10			$10
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.95%			.95%			.95%	(d)
Expenses before waivers and/or expense reimbursement		1.40%			1.52%			1.64%	(d)
Net investment income (loss)		1.46%			1.66%			1.56%	(d)
Portfolio turnover rate(g)		314%			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.

74

Class Z Shares
	Year Ended July 31,									Nine Months Ended July 31,			Year Ended October 31,
	2017(d)			2016(d)			2015(d)(f)			2014(c)			2013			2012
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$10.23			$9.88			$10.13			$10.30			$10.85			$10.50
Income (loss) from investment operations:
Net investment income (loss)		.19			.21			.19			.17			.25			.27
Net realized and unrealized gain (loss) on investments		(.19	)		.40			(.19	)		(.07	)		(.40	)		.56
Total from investment operations		-			.61			-			.10			(.15	)		.83
Less Dividends and Distributions:
Dividends from net investment income		(.24	)		(.23	)		(.25	)		(.21	)		(.22	)		(.42	)
Tax return of capital distributions		-			(.03	)		-			-			-			-
Distributions from net realized gains		-			-			-			(.06	)		(.18	)		(.06	)
Total dividends and distributions		(.24	)		(.26	)		(.25	)		(.27	)		(.40	)		(.48	)
Net asset value, end of period		$9.99			$10.23			$9.88			$10.13			$10.30			$10.85
Total Return(a):		.02%			6.32%			(.02)%			1.01%			(1.41)%			8.13%
Ratios/Supplemental Data:
Net assets, end of period (000)		$82,297			$96,978			$103,725			$124,058			$131,981			$169,193
Average net assets (000)		$113,324			$93,861			$114,825			$127,349			$149,452			$177,149
Ratios to average net assets(b):
Expenses after waivers and/or expense reimbursement		.45%			.45%			.61%			.77%	(g)		.71%			.66%
Expenses before waivers and/or expense reimbursement		.61%			.75%			.78%			.77%	(g)		.71%			.66%
Net investment income (loss)		1.89%			2.15%			1.88%			2.22%	(g)		2.33%			2.50%
Portfolio turnover rate(e)		314%			224%			535%			234%	(h)		193%			175%

(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 portfolios in which the Fund invests.

(c) 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.

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

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

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

(g) Annualized.

(h) Not annualized.

See Notes to Financial Statements.

Prudential Core Bond Fund 75

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

The Target Portfolio Trust:

We have audited the accompanying statement of assets and liabilities of Prudential Core Bond Fund, a series of Target Portfolio Trust (the “Fund”), including the schedule of investments, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, for the nine-month period ended July 31, 2014 and for each of the years in the two-year period ended October 31, 2013. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of July 31, 2017, and the results of its operations, changes in its net assets, and the financial highlights for the periods described in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

New York, New York

September 18, 2017

76 Visit our website at pgiminvestments.com

Federal Income Tax Information (unaudited)

For the tax year ended July 31, 2017, the Fund reports 86.25% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2018, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the Federal tax status of the distributions received by you in calendar year 2017.

We are required by Massachusetts, Missouri and Oregon to Inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders providing the Mutual Fund meets certain requirements mandated by the respective state’s taxing authorities. We are pleased to report that 5.38% of the dividends paid by the Fund qualify for such deduction.

For more detailed information regarding your state and local taxes, you should contact your tax adviser or the state/local taxing authorities.

Prudential Core Bond Fund 77

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS

(Unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Ellen S. Alberding (59) Board Member Portfolios Overseen: 87	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (since 2011); Trustee, Skills for America’s Future (national initiative to connect employers to community colleges) (since 2011); Trustee, National Park Foundation (charitable foundation for national park system) (since 2009); Trustee, Economic Club of Chicago (since 2009).	None.
Kevin J. Bannon (65) Board Member Portfolios Overseen: 87	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).
Linda W. Bynoe (65) Board Member Portfolios Overseen: 87	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Simon Property Group, Inc. (retail real estate) (May 2003-May 2012); Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).

Prudential Core Bond Fund

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Barry H. Evans (56)± Board Member Portfolios Overseen: 87	Retired; Formerly President (2005–2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer–Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (2011- present); Director, Manulife Asset Management Limited (2015-present); Formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); Formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016)
Keith F. Hartstein (60) Board Member & Independent Chair Portfolios Overseen: 87	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.
Laurie Simon Hodrick (55)± Board Member Portfolios Overseen: 87	A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (since 1996); Visiting Professor of Law and Rock Center for Corporate Governance Fellow, Stanford Law School (since 2015); Visiting Fellow, Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); Formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008); Formerly Director/Trustee, Merrill Lynch Investment Managers Funds (1999-2006)	Independent Director, Corporate Capital Trust (since April 2017) (a business development company)
Michael S. Hyland, CFA (71) Board Member Portfolios Overseen: 87	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.

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Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Richard A. Redeker (74) Board Member & Independent Vice Chair Portfolios Overseen: 87	Retired Mutual Fund Senior Executive (47 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.
Stephen G. Stoneburn (74) Board Member Portfolios Overseen: 87	Chairman (since July 2011), President and Chief Executive Officer (since June 1996) of Frontline Medical Communications (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc. (1975-1989).	None.

± Mr. Evans and Ms. Hodrick joined the Board effective as of September 1, 2017.

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Stuart S. Parker (54) Board Member & President Portfolios Overseen: 87	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.

Prudential Core Bond Fund

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years
Scott E. Benjamin (44) Board Member & Vice President Portfolios Overseen: 87	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President of Product Development and Product Management, Prudential Investments (2003-2006).	None.
Grace C. Torres* (58) Board Member Portfolios Overseen: 86	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the Prudential Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since July 2015) of Sun Bancorp, Inc. N.A. and Sun National Bank

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

⁽¹⁾  The year that each individual joined the Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Barry H. Evans, 2017; Keith F. Hartstein, 2013; Laurie Simon Hodrick, 2017; Michael S. Hyland, 2008; Richard A. Redeker, 2003; Stephen G. Stoneburn, 1999; Grace C. Torres, 2014; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009.

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (62) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since 2012
Chad A. Earnst (42) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the Prudential Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., Prudential Global Short Duration High Yield Income Fund, Inc., Prudential Short Duration High Yield Fund, Inc. and Prudential Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since 2014
Deborah A. Docs (59) Secretary	Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of PGIM Investments LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2004
Jonathan D. Shain (59) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2005
Claudia DiGiacomo (42) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since 2005

Prudential Core Bond Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French (54) Assistant Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since 2006
Charles H. Smith (44) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007–December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998—January 2007).	Since 2016
M. Sadiq Peshimam (53) Treasurer and Principal Financial and Accounting Officer	Vice President (since 2005) of PGIM Investments LLC; formerly Assistant Treasurer of funds in the Prudential Mutual Fund Complex (2006-2014).	Since 2006
Peter Parrella (59) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since 2007
Lana Lomuti (50) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since 2014
Linda McMullin (56) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since 2014
Kelly A. Coyne (49) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since 2015

^(a)  Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

• Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

• Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

• There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

• “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

• “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the Prudential Mutual Funds, The Prudential Variable Contract Accounts, Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreement

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of the Prudential Core Bond Fund (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit, and the Fund’s sub-subadvisory agreement with PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all the Independent Trustees², met on June 6-8, 2017 and approved the renewal of the agreements through July 31, 2018, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board

¹  Prudential Core Bond Fund is a series of The Target Portfolio Trust.

²  Barry H. Evans and Laurie Simon Hodrick joined the Board effective as of September 1, 2017. Neither Mr. Evans nor Ms. Hodrick participated in the consideration of the approval of the Fund’s advisory agreements.

Prudential Core Bond Fund

Approval of Advisory Agreement (continued)

meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 6-8, 2017.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund’s sub-subadviser pursuant to the terms of a sub-subadvisory agreement with PGIM, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality, and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser and sub-subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Fixed Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information

Visit our website at pgiminvestments.com

pertaining to PGIM Investments’, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, the subadvisory services provided to the Fund by PGIM Fixed Income, and the sub-subadvisory services provided by PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income, and PGIML under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. The Board noted that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2016 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. The Board further noted that the subadviser and sub-subadviser are affiliated with PGIM Investments and that their profitability is reflected in PGIM Investments’ profitability report. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase, but that at its current level of assets the Fund does not realize the effect of those rate reductions. The Board took note that the Fund’s fee structure currently results in benefits to Fund shareholders whether or not PGIM Investments realizes any economies of scale. The Board noted that economies of scale can

Prudential Core Bond Fund

Approval of Advisory Agreement (continued)

be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, and PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2016.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2016. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

Visit our website at pgiminvestments.com

The mutual funds included in the Peer Universe (the Lipper Core Bond Funds Performance Universe), which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. The comparisons placed the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	4th Quartile	4th Quartile	1st Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the Fund outperformed its benchmark index over the one-, five-, and ten-year periods.

• The Board noted that during the first quarter of 2015, the Fund implemented new investment policies and investment strategies, changed its investment objective, and appointed a new subadviser to replace the Fund’s former subadvisers. As a result, the Fund’s past performance prior to that date did not reflect the current management of the Fund.

• The Board and PGIM Investments agreed to continue the Fund’s existing expense cap, which caps the Fund’s annual operating expenses at 0.45% (exclusive of 12b-1 and certain other fees) and at 0.40% (exclusive of 12b-1 fees, transfer agent and certain other fees) through November 30, 2017.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

Prudential Core Bond Fund

∎   MAIL	∎   TELEPHONE	∎   WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.pgiminvestments.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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • 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 • 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	PGIM 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.pgiminvestments.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.pgiminvestments.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, PGIM 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

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

PRUDENTIAL CORE BOND FUND

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

MF226E

Item 2 – Code of Ethics – – See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. Kevin J. Bannon, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended July 31, 2017 and July 31, 2016, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $163,898 and $160,625 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings. In addition to the above, $18,000 of audit fees billed by KPMG were paid by PGIM Investments, LLC and/or its affiliates for the fiscal year ended July 31, 2017.

(b) Audit-Related Fees

For the fiscal years ended July 31, 2017 and July 31, 2016: none.

(c) Tax Fees

For the fiscal years ended July 31, 2017 and July 31, 2016: none.

(d) All Other Fees

For the fiscal years ended July 31, 2017 and July 31, 2016: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

● a review of the nature of the professional services expected to be provided,

● a review of the safeguards put into place by the accounting firm to safeguard independence, and

● periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

Ø Annual Fund financial statement audits

Ø Seed audits (related to new product filings, as required)

Ø SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

Ø Accounting consultations

Ø Fund merger support services

Ø Agreed Upon Procedure Reports

Ø Attestation Reports

Ø Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

Ø Tax compliance services related to the filing or amendment of the following:

◾ Federal, state and local income tax compliance; and,

◾ Sales and use tax compliance

Ø Timely RIC qualification reviews

Ø Tax distribution analysis and planning

Ø Tax authority examination services

Ø Tax appeals support services

Ø Accounting methods studies

Ø Fund merger support services

Ø Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will

be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

Ø Bookkeeping or other services related to the accounting records or financial statements of the Fund

Ø Financial information systems design and implementation

Ø Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Ø Actuarial services

Ø Internal audit outsourcing services

Ø Management functions or human resources

Ø Broker or dealer, investment adviser, or investment banking services

Ø Legal services and expert services unrelated to the audit

Ø Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s

independent accounting firm showing the aggregate fees for all services provided to PGIM Investments LLC and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal years ended July 31, 2017 and July 31, 2016: none.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2017 and July 31, 2016 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

Item 5	–	Audit Committee of Listed Registrants – Not applicable.
Item 6	–	Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7	–	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8	–	Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9	–	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.
Item 10	–	Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11	–	Controls and Procedures

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

required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

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

Item 12 – Exhibits

(a) (1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH

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

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

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

SIGNATURES

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

Registrant:	The Target Portfolio Trust
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	September 21, 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:	September 21, 2017
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	September 21, 2017