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:	811-07215
Exact name of registrant as specified in charter:	Prudential Investment Portfolios, Inc. 17
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:	10/31/2016
Date of reporting period:	4/30/2016

Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential Short Duration Multi-Sector Bond Fund

SEMIANNUAL REPORT APRIL 30, 2016

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

Objective: Total return

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

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

The accompanying financial statements as of April 30, 2016, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. Prudential Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2016 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 semiannual report for the Prudential Short Duration Multi-Sector Bond Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2016.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Short Duration Multi-Sector Bond Fund

June 15, 2016

Prudential Short Duration Multi-Sector Bond Fund 3

Your Fund’s Performance (unaudited)

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

Cumulative Total Returns (Without Sales Charges) as of 4/30/16
	Six Months (%)	One Year (%)	Since Inception (%)
Class A	1.37	0.95	3.52 (12/23/13)
Class C	1.00	0.09	1.74 (12/23/13)
Class Q	1.50	1.11	4.14 (12/23/13)
Class Z	1.50	1.11	4.10 (12/23/13)
Barclays US Government/Credit 1-3 Year Index	0.79	1.10	2.56
Lipper Short-Intermediate Investment-Grade Debt Funds Average	1.34	1.13	4.23
Average Annual Total Returns (With Sales Charges) as of 3/31/16
		One Year (%)	Since Inception (%)
Class A		–3.01	–0.35 (12/23/13)
Class C		–1.48	0.42 (12/23/13)
Class Q		0.51	1.42 (12/23/13)
Class Z		0.50	1.40 (12/23/13)
Barclays US Government/Credit 1-3 Year Index		1.04	1.07
Lipper Short-Intermediate Investment-Grade Debt Funds Average		0.73	1.63

Source: Prudential Investments LLC and Lipper Inc.

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

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

	Class A	Class C	Class Q	Class Z
Maximum initial sales charge	3.25% of the public offering price	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
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.25%	1%	None	None

Benchmark Definitions

Barclays US Government/Credit 1-3 Year Index—The Barclays US Government/Credit 1-3 Year Index is an unmanaged index considered representative of the performance of short-term US corporate bonds and US government bonds with maturities from one to three years.

Lipper Short-Intermediate Investment-Grade Debt Funds Average—The Lipper Short-Intermediate Investment-Grade Debt Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Short-Intermediate Investment-Grade Debt Funds category for the periods noted. The Lipper Average consists of funds that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of one to five years.

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. The Since Inception returns for the Index and Lipper Average are measured from the closest month-end to the inception date for the indicated share class.

Prudential Short Duration Multi-Sector Bond Fund 5

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/16
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.13	2.21	1.80
Class C	0.10	1.55	1.12
Class Q	0.14	2.54	2.22
Class Z	0.14	2.54	2.10

*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 4/30/16 (%)
AAA	30.3
AA	6.4
A	18.7
BBB	16.8
BB	14.8
B	7.5
Not Rated	2.4
Cash/Cash Equivalents	3.0
Total Investments	100.0

Source: PGIM, Inc.

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), Standard & Poor’s (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 a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

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Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on November 1, 2015, at the beginning of the period, and held through the six-month period ended April 30, 2016. 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 page 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 page 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 page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your

Prudential Short Duration Multi-Sector Bond Fund 7

Fees and Expenses (continued)

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

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

Prudential  Short Duration Multi-Sector Bond Fund		Beginning  Account Value November 1, 2015		Ending  Account Value April 30, 2016		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,013.70		0.85	%	$	4.26
	Hypothetical	$	1,000.00	$	1,020.64		0.85	%	$	4.27
Class C	Actual	$	1,000.00	$	1,010.00		1.60	%	$	8.00
	Hypothetical	$	1,000.00	$	1,016.91		1.60	%	$	8.02
Class Q	Actual	$	1,000.00	$	1,015.00		0.60	%	$	3.01
	Hypothetical	$	1,000.00	$	1,021.88		0.60	%	$	3.02
Class Z	Actual	$	1,000.00	$	1,015.00		0.60	%	$	3.01
	Hypothetical	$	1,000.00	$	1,021.88		0.60	%	$	3.02

*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 182 days in the six-month period ended April 30, 2016, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2016 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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The Fund’s annualized expense ratios for the six-month period ended April 30, 2016, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	1.28	0.85
C	2.03	1.60
Q	0.93	0.60
Z	1.03	0.60

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

Prudential Short Duration Multi-Sector Bond Fund 9

Portfolio of Investments (unaudited)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    97.1%
ASSET-BACKED SECURITIES    29.6%
Collateralized Loan Obligations    14.6%
AIMCO CLO (Cayman Islands),
Series 2015-AA, Class A1, 144A		2.029	%(a)		01/15/28		500	$	501,325
Series 2014-AA, Class A, 144A		2.174	(a)		07/20/26		400		399,312
Series 2014-AA, Class B2, 144A		4.580			07/20/26		500		485,840
Anchorage Capital CLO 3 Ltd. (Cayman Islands),
Series 2014-3A, Class A1, 144A		2.134	(a)		04/28/26		800		798,691
Series 2014-3A, Class A2A, 144A		2.884	(a)		04/28/26		250		250,106
ARES XXVI CLO Ltd. (Cayman Islands), Series 2013-1A, Class A, 144A		1.728	(a)		04/15/25		500		494,701
Atlas Senior Loan Fund VI CLO Ltd. (Cayman Islands), Series 2014-6A, Class A, 144A		2.168	(a)		10/15/26		250		249,568
Atrium X (Cayman Islands), Series 10A, Class A, 144A		1.753	(a)		07/16/25		250		247,302
Battalion CLO IV Ltd. (Cayman Islands), Series 2013-4A, Class A1, 144A		2.035	(a)		10/22/25		250		248,812
Battalion CLO V Ltd. (Cayman Islands),
Series 2014-5A, Class A1, 144A		2.133	(a)		04/17/26		500		497,999
Series 2014-5A, Class A2A, 144A		2.783	(a)		04/17/26		500		485,421
Battalion CLO VI Ltd. (Cayman Islands), Series 2014-6A, Class A1, 144A		2.083	(a)		10/17/26		250		245,849
Battalion CLO VIII Ltd. (Cayman Islands), Series 2015-8A, Class A1, 144A		2.163	(a)		04/18/27		500		490,810
Bean Creek CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.223	(a)		01/20/28		250		249,653
Benefit Street Partners CLO V Ltd. (Cayman Islands), Series 2014-VA, Class A, 144A		2.234	(a)		10/20/26		250		249,234
Benefit Street Partners CLO VII Ltd. (Cayman Islands), Series 2015-VIIA, Class A1A, 144A		2.163	(a)		07/18/27		250		248,916
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2013-1A, Class A1, 144A		1.918	(a)		02/14/25		250		248,626
Series 2014-3A, Class A1A, 144A		2.094	(a)		07/27/26		500		498,002
Catamaran CLO Ltd. (Cayman Islands),
Series 2014-1A, Class A1, 144A		2.184	(a)		04/20/26		800		797,357
Series 2014-2A, Class A1, 144A		2.143	(a)		10/18/26		250		248,587
Series 2015-1A, Class A, 144A		2.185	(a)		04/22/27		750		744,976
ECP CLO Ltd. (Cayman Islands), Series 2014-6A, Class A1A, 144A		2.078	(a)		07/15/26		250		244,763

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 11

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Highbridge Loan Management Ltd. (Cayman Islands), Series 6A-2015, Class A, 144A		2.071	%(a)		05/05/27		250	$	248,067
ICG US CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1B, 144A		3.280			01/25/27		350		349,609
Jackson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.168	(a)		04/15/27		400		397,362
KVK CLO Ltd. (Cayman Islands),
Series 2014-1A, Class A1, 144A		2.208	(a)		05/15/26		250		249,243
Series 2014-1A, Class B, 144A		2.868	(a)		05/15/26		250		234,365
Madison Park Funding IX Ltd. (Cayman Islands), Series 2012-9A, Class AR, 144A		1.908	(a)		08/15/22		500		497,557
Magnetite CLO VIII Ltd. (Cayman Islands), Series 2014-8A, Class A, 144A		2.108	(a)		04/15/26		450		448,946
Magnetite CLO XI Ltd. (Cayman Islands), Series 2014-11A, Class A1, 144A		2.083	(a)		01/18/27		250		248,449
Mill Creek CLO Ltd., Series 2016-1A, Class A, 144A^		2.340	(a)		04/20/28		250		250,581
Mountain View CLO Ltd. (Cayman Islands), Series 2015-9A, Class A1A, 144A		2.088	(a)		07/15/27		500		484,354
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1, 144A		2.118	(a)		05/21/27		250		248,644
Regatta III CLO Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1A, 144A		2.148	(a)		04/15/26		450		449,552
Regatta IV Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A		2.048	(a)		07/25/26		250		248,061
Seneca Park CLO Ltd. (Cayman Islands), Series 2014-1A, Class B2, 144A		4.350			07/17/26		500		491,027
Sheridan Square CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		1.678	(a)		04/15/25		350		343,870
THL Credit Wind River CLO Ltd. (Cayman Islands),
Series 2014-1A, Class B2, 144A		4.730			04/18/26		300		302,052
Series 2014-3A, Class A, 144A		2.255	(a)		01/22/27		750		749,755
Treman Park CLO Ltd. (Cayman Islands),
Series 2015-1A, Class A, 144A		2.134	(a)		04/20/27		250		248,445
Series 2013-1A, Class A1, 144A		1.748	(a)		07/15/25		250		247,290
Washington Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A		2.134	(a)		04/20/26		800		794,582
									16,457,661
Non-Residential Mortgage-Backed Securities    2.7%
Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 144A		2.990			06/20/22		300		302,226

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Non-Residential Mortgage-Backed Securities (cont’d.)
Hertz Vehicle Financing II LP, Series 2015-1A, Class A, 144A		2.730	%		03/25/21		500	$	502,934
Hertz Vehicle Financing LLC, Series 2016-2A, Class A, 144A		2.950			03/25/22		400		402,682
OneMain Financial Issuance Trust,
Series 2015-2A, Class A, 144A		2.570			07/18/25		500		497,677
Series 2016-1A, Class A, 144A		3.660			02/20/29		300		301,593
Series 2016-2A, Class A, 144A		4.100			03/20/28		500		511,814
Springleaf Funding Trust, Series 2015-AA, Class A, 144A		3.160			11/15/24		500		500,567
									3,019,493
Residential Mortgage-Backed Securities    12.3%
ABFC Trust, Series 2003-AHL1, Class A1		4.184	(a)		03/25/33		142		141,389
ACE Securities Corp. Home Equity Loan Trust, Series 2003-OP1, Class M1		1.489	(a)		12/25/33		267		252,589
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE7, Class M1		1.408	(a)		12/15/33		204		195,957
Banc of America Funding Trust, Series 2015-R6, Class 1A1, 144A		0.588	(a)		08/26/36		442		407,489
Bayview Opportunity Master Fund liib NPL Trust, Series 2015-NPLA, Class A, 144A		3.721	(a)		07/28/35		409		408,202
Bear Stearns Asset-Backed Securities I Trust, Series 2004-HE6, Class M1		1.294	(a)		08/25/34		318		294,377
Bear Stearns Asset-Backed Securities Trust, Series 2003-2, Class A3		1.939	(a)		03/25/43		429		419,887
Chase Funding Loan Acquisition Trust, Series 2004-OPT1, Class M1		1.294	(a)		06/25/34		1,008		868,929
Citigroup Mortgage Loan Trust, Series 2011-12, Class 3A2, 144A		2.754	(a)		09/25/47		108		95,207
Countrywide Asset-Backed Certificates, Series 2003-BC2, Class 2A1		1.039	(a)		06/25/33		121		103,468
Fannie Mae Connecticut Avenue Securities,
Series 2015-C01, Class 1M1(b)		1.933	(a)		02/25/25		70		70,452
Series 2016-C03, Class 2M1(b)		2.639	(a)		10/25/28		300		301,882
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M2(a)(b)		3.283			04/25/28		250		254,537
Fremont Home Loan Trust, Series 2004-2, Class M1		1.294	(a)		07/25/34		615		534,063
GSMSC Resecuritization Trust,
Series 2015-3R, Class 1A1, 144A		0.573	(a)		01/26/37		367		351,577
Series 2015-3R, Class 1A2, 144A		0.573	(a)		01/26/37		125		99,232

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 13

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Home Equity Asset Trust, Series 2003-8, Class M1		1.519	%(a)		04/25/34		824	$	749,975
HSBC Home Equity Loan Trust USA, Series 2006-3, Class M1		0.699	(a)		03/20/36		1,000		983,166
LSTAR Securities Investment Trust,
Series 2014-2, Class A, 144A^		2.434	(a)		12/01/21		201		197,927
Series 2015-6, Class A, 144A^		2.434	(a)		05/01/20		578		564,003
Series 2015-7, Class A, 144A		2.434	(a)		07/01/20		901		884,651
Series 2015-8, Class A1, 144A		2.434	(a)		08/01/20		364		356,648
Series 2016-2, Class A, 144A		2.434	(a)		03/01/21		247		238,679
Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC10, Class M1		1.459	(a)		10/25/33		346		326,022
Option One Mortgage Accep. Corp. Asset-Backed Certificates,
Series 2003-3, Class A2		1.039	(a)		06/25/33		434		404,523
Series 2003-4, Class A2		1.079	(a)		07/25/33		436		403,661
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 3A1		2.625	(a)		12/25/34		554		535,046
Structured Asset Investment Loan Trust, Series 2003-BC2, Class A3		1.139	(a)		04/25/33		288		278,572
Structured Asset Investment Loan Trust (Cayman Islands), Series 2003-BC9, Class 3A3		1.139	(a)		08/25/33		235		231,267
Structured Asset Investment Loan Trust, Series 2004-8, Class A8		1.439	(a)		09/25/34		1,342		1,297,753
VOLT XLIV LLC, Series 2016-NPL4, Class A1, 144A^		4.250			04/25/46		280		279,971
VOLT XXXI LLC, Series 2015-NPL2, Class A1, 144A		3.375	(a)		02/25/55		397		391,569
VOLT XXXVII LLC, Series 2015-NP11, Class A1, 144A		3.625	(a)		07/25/45		1,057		1,043,592
									13,966,262
TOTAL ASSET-BACKED SECURITIES (cost $33,532,370)									33,443,416
BANK LOANS(a)    3.0%
Automobiles    0.3%
Chrysler Group LLC, Term Loan		3.250			12/31/18		288		287,606
Chemicals    0.1%
MacDermid, Inc., Term Loan		5.500			06/07/20		100		97,479
Commercial Services & Supplies    0.3%
TransUnion LLC, Term Loan		3.500			04/09/21		345		342,921

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a) (Continued)
Health Care & Pharmaceutical    0.1%
MPH Acquisition Holdings LLC, Term Loan		3.750	%		03/31/21		83	$	82,418
Health Care Providers & Services    0.3%
Community Health Systems, Inc., Term Loan		3.750			12/31/18		306		303,926
Hotels, Restaurants & Leisure    0.1%
B.C. Unlimited Liability Co., Term Loan B		3.750			12/10/21		75		75,403
Independent Power & Renewable Electricity Producers    0.2%
NRG Energy, Inc., Term Loan		2.750			07/01/18		289		287,673
IT Services    0.4%
Vantiv LLC, Term Loan		2.631			06/13/19		456		451,688
Media    0.5%
CBS Outdoor Americas CAP Co., Term Loan		3.000			02/01/21		91		90,756
Charter Communications Operating LLC, Term Loan		3.000			07/01/20		489		487,242
									577,998
Media & Entertainment    0.4%
Nielsen Finance LLC		2.687			05/30/17		499		498,282
Pharmaceuticals    0.2%
Capsugel Holdings U.S., Inc.		4.000			07/31/21		230		229,562
Retailers    0.1%
Rite Aid Corp., Term Loan		4.875			06/21/21		150		150,188
TOTAL BANK LOANS (cost $3,387,604)									3,385,144
COMMERCIAL MORTGAGE-BACKED SECURITIES    8.9%
Banc of America Commercial Mortgage Trust, Series 2006-6, Class A4		5.356			10/10/45		500		502,835
Series 2007-2, Class A1A		5.739	(a)		04/10/49		40		40,489
Series 2007-5, Class A1A		5.361			02/10/51		201		208,963
BBCCRE Trust, Series 2015-GTP, Class A, 144A		3.966			08/10/33		300		316,129
CGGS Commercial Mortgage Trust, Series 2016-RNDB, Class BFL, 144A		2.733	(a)		02/15/33		800		801,780
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4		3.314			04/10/49		100		103,396
Series 2013-GC11, Class A2		1.987			04/10/46		250		251,339
Series 2014-GC21, Class A4		3.575			05/10/47		250		267,299

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 15

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
COMM Mortgage Trust, Series 2016-DC2, Class A5		3.765	%		02/10/49		350	$	377,292
Commercial Mortgage Trust, Series 2012-CR1, Class XA, IO		2.252	(a)		05/15/45		1,316		108,829
Series 2013-CR10, Class A2		2.972			08/10/46		250		256,239
Series 2013-CR7, Class A1		0.716			03/10/46		30		30,086
Series 2014-CR15, Class XB, IO, 144A		0.024	(a)		02/10/47		157,461		239,939
Series 2015-LC21, Class A4		3.708			07/10/48		500		536,772
Series 2015-PC1, Class A5		3.902			07/10/50		200		217,277
Commercial Mortgage Trust Pass-Through Certificates, Series 2012-CR3, Class A1		0.666			10/15/45		34		34,217
Series 2014-UBS2, Class XB, IO, 144A		0.208	(a)		03/10/47		42,900		444,839
Credit Suisse Commercial Mortgage Trust, Series 2006-C3, Class A1A		6.244	(a)		06/15/38		3		3,380
DBUBS Mortgage Trust, Series 2011-LC3A, Class A2		3.642			08/10/44		179		179,418
Eleven Madison Trust, Series 2015-11MD, Class C, 144A		3.673	(a)		09/10/35		250		251,336
FHLMC Multifamily Structured Pass-Through Certificates, Series K006, Class AX1, IO		1.169	(a)		01/25/20		8,244		254,538
Series K007, Class X1, IO		1.331	(a)		04/25/20		7,057		233,044
Series K008, Class X1, IO		1.797	(a)		06/25/20		1,375		68,087
Series K018, Class X1, IO		1.550	(a)		01/25/22		3,082		196,253
Series K020, Class X1, IO		1.586	(a)		05/25/22		1,908		137,586
Series K025, Class X1, IO		1.015	(a)		10/25/22		6,834		312,826
GS Mortgage Securities Corp., Series 2014-GC20, Class XB, IO		0.500	(a)		04/10/47		15,000		480,171
GS Mortgage Securities Trust, Series 2014-GC18, Class XB, IO		0.228	(a)		01/10/47		20,000		223,806
JPMBB Commercial Mortgage Securities Trust, Series 2015-C29, Class XA, IO		1.096	(a)		05/15/48		20,953		963,104
Jpmbb Commercial Mortgage Securities Trust, Series 2016-C1, Class A5		3.576			03/15/49		600		635,395
ML-CFC Commercial Mortgage Trust, Series 2006-2, Class AM		6.103	(a)		06/12/46		130		129,870
Series 2007-6, Class A4		5.485	(a)		03/12/51		300		306,181
Morgan Stanley Capital I Trust, Series 2007-HQ11, Class A1A		5.422	(a)		02/12/44		152		154,967
Series 2011-C3, Class A2		3.224			07/15/49		144		144,165
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class A1A		5.749	(a)		07/15/45		177		178,104
Series 2006-C28, Class A1A		5.559			10/15/48		188		189,572
Series 2007-C31, Class A5		5.500			04/15/47		300		309,117
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $10,177,570)									10,088,640

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS    43.0%
Agriculture    0.2%
Altria Group, Inc., Gtd. Notes		2.850	%		08/09/22		100	$	103,748
Philip Morris International, Inc., Sr. Unsec’d. Notes		4.125			05/17/21		100		111,044
									214,792
Airlines    0.4%
American Airlines 2013-2 Class A Pass-Through Trust, Equipment Trust		4.950			01/15/23		168		180,424
Delta Air Lines 2010-2 Class A Pass-Through Trust, Pass Through Certificates		4.950			05/23/19		140		147,351
United Airlines 2014-1 Class A Pass-Through Trust, Pass Through Certificates		4.000			04/11/26		151		158,190
									485,965
Auto Manufacturers    1.2%
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		2.375			01/16/18		700		708,526
General Motors Co., Sr. Unsec’d. Notes		6.600			04/01/36		70		81,909
General Motors Financial Co., Inc., Gtd. Notes		3.500			07/10/19		295		305,046
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A		4.250			11/15/19		200		206,500
									1,301,981
Auto Parts & Equipment    0.3%
American Axle & Manufacturing, Inc., Gtd. Notes		5.125			02/15/19		225		231,187
Dana Holding Corp., Sr. Unsec’d. Notes		5.375			09/15/21		75		76,688
									307,875
Banks    10.2%
Abbey National Treasury Services PLC (United Kingdom), Gtd. Notes		2.375			03/16/20		240		241,313
Bank Of America Corp.,
Jr. Sub. Notes		6.300	(a)		12/31/49		40		41,900
Jr. Sub. Notes		8.125	(a)		12/29/49		175		171,937
Sr. Unsec’d. Notes		2.600			01/15/19		520		529,040
Sr. Unsec’d. Notes, MTN		1.495	(a)		04/01/19		250		248,905
Sr. Unsec’d. Notes, MTN		3.300			01/11/23		125		127,035
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		250		265,048
Sr. Unsec’d. Notes, MTN		5.650			05/01/18		125		134,236
Sub. Notes		3.950			04/21/25		300		299,596
Sub. Notes		5.420			03/15/17		100		103,355
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan), Sr. Unsec’d. Notes, 144A		2.300			03/10/19		310		312,642

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 17

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Barclays PLC (United Kingdom), Sr. Unsec’d. Notes		4.375	%		01/12/26		200	$	201,525
Branch Banking & Trust Co., Sr. Unsec’d. Notes		2.850			04/01/21		550		567,298
Capital One Financial Corp., Sr. Unsec’d. Notes		6.750			09/15/17		125		133,380
CIT Group, Inc., Sr. Unsec’d. Notes		4.250			08/15/17		100		101,437
Citigroup, Inc.,
Jr. Sub. Notes		5.950	(a)		12/31/49		235		227,362
Jr. Sub. Notes		6.125	(a)		12/31/49		105		106,706
Sr. Unsec’d. Notes		3.875			10/25/23		150		158,616
Sub. Notes		4.400			06/10/25		210		216,744
Sub. Notes		4.600			03/09/26		165		171,456
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		2.750			03/26/20		250		248,193
Fifth Third Bank, Sr. Unsec’d. Notes		2.375			04/25/19		200		203,257
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes		5.375	(a)		12/31/49		175		168,962
Sr. Unsec’d. Notes		3.500			01/23/25		325		328,665
Sr. Unsec’d. Notes		4.000			03/03/24		200		211,015
Sub. Notes		5.150			05/22/45		125		128,530
Sub. Notes		5.625			01/15/17		75		77,228
HSBC Holdings PLC (United Kingdom), Sr. Unsec’d. Notes		5.100			04/05/21		125		138,683
JPMorgan Chase & Co.,
Jr. Sub. Notes		6.100	(a)		12/31/49		125		128,594
Jr. Sub. Notes		7.900	(a)		04/29/49		200		201,125
Sr. Unsec’d. Notes		3.625			05/13/24		350		366,299
Sr. Unsec’d. Notes		6.000			01/15/18		550		590,915
Sub. Notes		4.250			10/01/27		215		224,392
KeyCorp, Sr. Unsec’d. Notes, MTN		5.100			03/24/21		400		445,625
Lloyds Bank PLC (United Kingdom), Gtd. Notes, MTN, 144A		5.800			01/13/20		375		423,942
Manufacturers & Traders Trust Co., Sr. Unsec’d. Notes		2.300			01/30/19		350		355,605
Morgan Stanley,
Jr. Sub. Notes		5.450	(a)		12/31/49		75		71,438
Sr. Unsec’d. Notes, MTN		4.000			07/23/25		175		184,117
Sr. Unsec’d. Notes, MTN		5.500			01/26/20		400		444,522
Sr. Unsec’d. Notes, MTN		6.625			04/01/18		200		218,175
Sub. Notes		3.950			04/23/27		275		274,597
Morgan Stanley, Sub. Notes, MTN		4.350			09/08/26		50		51,666
PNC Bank NA, Sub. Notes		4.200			11/01/25		350		386,880

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Skandinaviska Enskilda Banken AB (Sweden), Sr. Unsec’d. Notes, 144A		2.375	%		03/25/19		325	$	328,723
State Street Corp., Jr. Sub. Notes		5.250	(a)		12/31/49		125		127,375
U.S. Bancorp, Sr. Unsec’d. Notes, MTN		1.038	(a)		04/25/19		500		495,580
Wells Fargo & Co.,
Jr. Sub. Notes		7.980	(a)		03/29/49		200		208,000
Sr. Unsec’d. Notes		2.500			03/04/21		75		76,197
									11,467,831
Beverages    0.4%
Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes		4.700			02/01/36		160		174,981
Gtd. Notes		4.900			02/01/46		40		45,363
Cott Beverages, Inc. (Canada), Gtd. Notes		6.750			01/01/20		200		209,500
									429,844
Biotechnology    0.2%
Amgen, Inc., Sr. Unsec’d. Notes		3.875			11/15/21		250		272,181
Building Materials    0.5%
US Concrete, Inc., Sr. Sec’d. Notes		8.500			12/01/18		550		572,000
Chemicals    1.2%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holdings BV, Gtd. Notes, 144A		7.375			05/01/21		600		634,500
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		4.125			11/15/21		100		109,795
Sr. Unsec’d. Notes		4.250			11/15/20		93		101,290
Eastman Chemical Co., Sr. Unsec’d. Notes		2.400			06/01/17		100		101,002
LyondellBasell Industries NV, Sr. Unsec’d. Notes		6.000			11/15/21		350		410,830
Monsanto Co., Sr. Unsec’d. Notes		4.400			07/15/44		25		24,062
									1,381,479
Commercial Services    1.3%
ADT Corp. (The), Sr. Unsec’d. Notes		2.250			07/15/17		130		131,625
ERAC USA Finance LLC, Gtd. Notes, 144A (original cost $101,859; purchased 01/07/14)(c)(d)		2.800			11/01/18		100		101,843
Hertz Corp. (The),
Gtd. Notes		6.750			04/15/19		100		101,773
Gtd. Notes		7.500			10/15/18		125		127,095

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 19

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
Service Corp. International, Sr. Unsec’d. Notes		7.625	%		10/01/18		675	$	757,688
United Rentals North America, Inc., Gtd. Notes		7.375			05/15/20		250		260,000
									1,480,024
Computers    0.3%
Hewlett Packard Enterprise Co.,
Sr. Unsec’d. Notes, 144A		2.450			10/05/17		310		313,468
Sr. Unsec’d. Notes, 144A		2.850			10/05/18		60		61,249
									374,717
Containers & Packaging    0.4%
AEP Industries, Inc., Sr. Unsec’d. Notes		8.250			04/15/19		200		203,500
Greif, Inc., Sr. Unsec’d. Notes		7.750			08/01/19		250		280,625
									484,125
Diversified Financial Services    1.6%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), Gtd. Notes		3.750			05/15/19		150		152,062
Ally Financial, Inc., Sr. Unsec’d. Notes		3.250			09/29/17		200		200,000
Capital One Bank USA NA, Sub. Notes		3.375			02/15/23		250		251,572
Discover Financial Services, Sr. Unsec’d. Notes		5.200			04/27/22		400		432,660
International Lease Finance Corp.,
Sr. Unsec’d. Notes		8.750	(a)		03/15/17		75		78,975
Sr. Unsec’d. Notes		8.875			09/01/17		175		188,344
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes, MTN		2.000			09/13/16		150		150,488
Sr. Unsec’d. Notes, MTN		2.750			03/19/19		100		101,414
OneMain Financial Holdings, Inc., Gtd. Notes, 144A		6.750			12/15/19		225		230,062
									1,785,577
Diversified Machinery    1.1%
Case New Holland Industrial, Inc. (United Kingdom), Gtd. Notes		7.875			12/01/17		100		106,500
CNH Industrial Capital LLC,
Gtd. Notes		4.375			11/06/20		200		198,750
Gtd. Notes		4.875			04/01/21		75		75,000
Denali Borrower LLC/Denali Finance Corp., Sr. Sec’d. Notes, 144A		5.625			10/15/20		750		789,375
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		100		107,832
									1,277,457

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric    1.6%
Commonwealth Edison Co., First Mortgage		2.150	%		01/15/19		25	$	25,406
DPL, Inc.,
Sr. Unsec’d. Notes		6.500			10/15/16		23		23,460
Sr. Unsec’d. Notes		6.750			10/01/19		275		282,563
Sr. Unsec’d. Notes		7.250			10/15/21		275		291,470
Dynegy, Inc., Gtd. Notes		6.750			11/01/19		350		352,975
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		4.350			01/15/25		125		132,556
NRG Energy, Inc., Gtd. Notes		7.875			05/15/21		100		103,960
PG&E Corp., Sr. Unsec’d. Notes		2.400			03/01/19		300		305,425
Progress Energy, Inc., Sr. Unsec’d. Notes		4.400			01/15/21		300		322,775
									1,840,590
Entertainment    1.0%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes		5.250			03/15/21		250		260,630
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		4.375			11/01/18		50		51,500
Gtd. Notes		4.875			11/01/20		325		342,875
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., Sr. Sec’d. Notes, 144A (original cost $206,500; purchased 08/27/14)(c)(d)		5.000			08/01/18		200		203,000
National CineMedia LLC, Sr. Unsec’d. Notes		7.875			07/15/21		150		156,375
Pinnacle Entertainment, Inc., Gtd. Notes		8.750			05/15/20		100		103,150
									1,117,530
Environmental Control    0.2%
Clean Harbors, Inc., Gtd. Notes		5.125			06/01/21		250		251,875
Food    1.4%
Bunge Ltd. Finance Corp., Gtd. Notes		3.200			06/15/17		100		101,462
JBS Investments GmbH (Brazil), Gtd. Notes, 144A		7.750			10/28/20		325		333,937
Kroger Co. (The), Gtd. Notes		6.400			08/15/17		250		266,370
Mondelez International, Inc., Sr. Unsec’d. Notes		2.250			02/01/19		100		101,752
Shearer’s Foods LLC/Chip Finance Corp., Sr. Sec’d. Notes, 144A		9.000			11/01/19		300		318,000
Sigma Alimentos SA de CV (Mexico), Gtd. Notes, 144A		5.625			04/14/18		150		159,000
Smithfield Foods, Inc., Sr. Unsec’d. Notes, 144A		5.250			08/01/18		300		304,875
									1,585,396

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 21

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Forest Products & Paper    0.3%
Georgia-Pacific LLC, Gtd. Notes, 144A (original cost $228,414; purchased 02/05/14)(c)(d)		5.400	%		11/01/20		200	$	225,380
Weyerhaeuser Co., Sr. Unsec’d. Notes		7.375			10/01/19		100		115,135
									340,515
Healthcare-Products    1.0%
ConvaTec Healthcare E SA (Luxembourg), Gtd. Notes, 144A		10.500			12/15/18		300		307,500
Edwards Lifesciences Corp., Sr. Unsec’d. Notes		2.875			10/15/18		100		102,461
Medtronic, Inc., Gtd. Notes		2.500			03/15/20		645		666,869
									1,076,830
Healthcare-Services    1.8%
CHS/Community Health Systems, Inc., Gtd. Notes		7.125			07/15/20		100		96,528
Cigna Corp., Sr. Unsec’d. Notes		4.500			03/15/21		100		108,950
Fresenius Medical Care US Finance, Inc. (Germany), Gtd. Notes, 144A		6.500			09/15/18		250		274,675
HCA, Inc.,
Gtd. Notes		8.000			10/01/18		375		424,219
Sr. Sec’d. Notes		4.250			10/15/19		225		234,000
Kindred Healthcare, Inc., Gtd. Notes		8.000			01/15/20		275		273,900
LifePoint Health, Inc., Gtd. Notes		5.500			12/01/21		250		260,000
Tenet Healthcare Corp.,
Sr. Sec’d. Notes		6.250			11/01/18		175		187,250
Sr. Unsec’d. Notes		6.750			02/01/20		225		226,125
									2,085,647
Holding Companies - Diversified    0.1%
Leucadia National Corp., Sr. Unsec’d. Notes		5.500			10/18/23		100		98,804
Home Builders    1.5%
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.500			12/15/20		250		245,000
CalAtlantic Group, Inc., Gtd. Notes		8.375			05/15/18		325		360,750
KB Home, Gtd. Notes		7.250			06/15/18		350		373,625
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		375		375,000
William Lyon Homes, Inc., Gtd. Notes		8.500			11/15/20		325		337,187
									1,691,562

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Home Furnishings    0.2%
Whirlpool Corp.,
Sr. Unsec’d. Notes		2.400	%		03/01/19		150	$	152,663
Sr. Unsec’d. Notes		4.700			06/01/22		100		110,356
									263,019
Housewares    0.8%
Newell Rubbermaid, Inc.,
Sr. Unsec’d. Notes		2.600			03/29/19		760		777,576
Sr. Unsec’d. Notes		4.000			06/15/22		100		104,188
									881,764
Insurance    1.3%
ACE INA Holdings, Inc.,
Gtd. Notes		3.350			05/03/26		70		73,751
Gtd. Notes		4.350			11/03/45		10		11,025
Aon Corp., Gtd. Notes		3.125			05/27/16		450		450,884
Axis Specialty Finance LLC, Gtd. Notes		5.875			06/01/20		250		278,049
Markel Corp., Sr. Unsec’d. Notes		4.900			07/01/22		250		273,797
XLIT Ltd. (Ireland), Gtd. Notes		2.300			12/15/18		400		401,040
									1,488,546
Lodging    0.6%
Marriott International, Inc., Sr. Unsec’d. Notes		3.000			03/01/19		200		204,998
Marriott International, Inc., Sr. Unsec’d. Notes		3.250			09/15/22		100		101,465
MGM Resorts International, Gtd. Notes		8.625			02/01/19		275		312,813
									619,276
Machinery-Construction & Mining    0.1%
Terex Corp., Gtd. Notes		6.500			04/01/20		125		125,063
Media    1.9%
Cablevision Systems Corp., Sr. Unsec’d. Notes		8.625			09/15/17		225		238,500
CCO Safari II LLC,
Sr. Sec’d. Notes, 144A		6.384			10/23/35		60		69,258
Sr. Sec’d. Notes, 144A		6.484			10/23/45		70		82,696
Sr. Sec’d. Notes, 144A		6.834			10/23/55		20		22,987
Grupo Televisa SAB (Mexico), Sr. Unsec’d. Notes		6.125			01/31/46		200		216,200
Myriad International Holdings BV (South Africa), Gtd. Notes, RegS		6.375			07/28/17		100		104,500
Numericable Group SA (France), Sr. Sec’d. Notes, 144A		4.875			05/15/19		1,000		1,037,000

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 23

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media (cont’d.)
UPCB Finance V Ltd. (Netherlands), Sr. Sec’d. Notes, 144A		7.250	%		11/15/21		351	$	369,427
									2,140,568
Mining    0.6%
Alcoa, Inc., Sr. Unsec’d. Notes		5.550			02/01/17		500		513,240
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes, 144A		6.750	(a)		10/19/75		185		191,891
									705,131
Miscellaneous Manufacturing    0.4%
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.500			03/15/18		125		127,344
Koppers, Inc., Gtd. Notes		7.875			12/01/19		255		259,143
Textron, Inc., Sr. Unsec’d. Notes		3.650			03/01/21		25		25,694
									412,181
Office Furnishings    0.1%
Steelcase, Inc., Sr. Unsec’d. Notes		6.375			02/15/21		100		113,604
Oil & Gas    0.6%
Devon Energy Corp., Sr. Unsec’d. Notes		2.250			12/15/18		250		240,070
Nabors Industries, Inc., Gtd. Notes		2.350			09/15/16		100		99,943
Pacific Exploration and Production Corp. (Colombia), Gtd. Notes, RegS (original cost $122,850; purchased 01/15/14)(c)(d)(h)		5.375			01/26/19		120		18,000
Sunoco LP/Sunoco Finance Corp., Gtd. Notes, 144A		6.250			04/15/21		325		329,062
									687,075
Oil & Gas Services    0.5%
AmeriGas Finance LLC/AmeriGas Finance Corp., Gtd. Notes		6.750			05/20/20		300		309,837
Weatherford International LLC, Gtd. Notes		6.350			06/15/17		200		203,000
									512,837
Pharmaceuticals    1.1%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600			05/14/25		95		99,543
Sr. Unsec’d. Notes		4.500			05/14/35		150		156,033
Actavis Funding SCS, Gtd. Notes		3.800			03/15/25		75		77,000
Gtd. Notes		4.550			03/15/35		165		165,057

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Actavis, Inc., Gtd. Notes		1.875	%		10/01/17		100	$	100,283
Forest Laboratories LLC, Gtd. Notes, 144A		4.375			02/01/19		125		131,919
Valeant Pharmaceuticals International, Inc.,
Gtd. Notes, 144A		5.375			03/15/20		325		287,828
Gtd. Notes, 144A		6.750			08/15/18		225		217,125
									1,234,788
Pipelines    0.4%
EnLink Midstream Partners LP, Sr. Unsec’d. Notes		2.700			04/01/19		50		46,153
Enterprise Products Operating LLC, Gtd. Notes		3.900			02/15/24		250		260,184
Kinder Morgan Energy Partners LP, Gtd. Notes		6.500			04/01/20		50		54,372
Western Gas Partners LP, Sr. Unsec’d. Notes		2.600			08/15/18		75		72,753
									433,462
Real Estate Investment Trusts (REITs)    0.5%
Crown Castle International Corp., Sr. Unsec’d. Notes		3.700			06/15/26		35		35,538
HCP, Inc., Sr. Unsec’d. Notes		3.750			02/01/19		100		103,388
Kimco Realty Corp., Sr. Unsec’d. Notes		6.875			10/01/19		100		115,214
Realty Income Corp., Sr. Unsec’d. Notes		6.750			08/15/19		220		251,529
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes		5.375			06/01/23		100		97,250
									602,919
Retail    0.6%
AutoZone, Inc., Sr. Unsec’d. Notes		1.300			01/13/17		150		150,274
Claire’s Stores, Inc., Sr. Sec’d. Notes, 144A		9.000			03/15/19		75		54,000
CVS Health Corp.,
Sr. Unsec’d. Notes		4.875			07/20/35		60		67,257
Sr. Unsec’d. Notes		5.125			07/20/45		70		81,805
L Brands, Inc., Gtd. Notes		5.625			02/15/22		75		82,781
Landry’s, Inc., Gtd. Notes, 144A (original cost $294,250; purchased 08/26/15)(c)(d)		9.375			05/01/20		275		289,094
									725,211
Semiconductors    0.9%
Freescale Semiconductor, Inc., Sr. Sec’d. Notes, 144A		5.000			05/15/21		425		442,000
Maxim Integrated Products, Inc., Sr. Unsec’d. Notes		2.500			11/15/18		100		101,057
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A		3.750			06/01/18		425		435,094
									978,151

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 25

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Software    0.9%
First Data Corp., Sr. Sec’d. Notes, 144A		6.750	%		11/01/20		400	$	420,000
Infor U.S., Inc., Sr. Sec’d. Notes, 144A (original cost $300,750; purchased 02/03/16)(c)(d)		5.750			08/15/20		300		316,125
Intuit, Inc., Sr. Unsec’d. Notes		5.750			03/15/17		300		311,309
									1,047,434
Telecommunications    3.1%
America Movil SAB de CV (Mexico), Gtd. Notes		5.000			03/30/20		100		110,463
AT&T, Inc.,
Sr. Unsec’d. Notes		3.400			05/15/25		375		381,201
Sr. Unsec’d. Notes		4.500			05/15/35		35		35,201
Sr. Unsec’d. Notes		4.750			05/15/46		45		45,343
Bharti Airtel International Netherlands BV (India), Gtd. Notes, 144A		5.125			03/11/23		200		215,285
British Telecommunications PLC (United Kingdom), Sr. Unsec’d. Notes		2.350			02/14/19		200		204,557
Clearwire Communications LLC/Clearwire Finance, Inc., Sr. Sec’d. Notes, 144A		14.750			12/01/16		309		329,858
CommScope Holding Co., Inc., Sr. Unsec’d. Notes, PIK, 144A		6.625			06/01/20		225		232,313
Digicel Ltd. (Jamaica), Sr. Unsec’d. Notes, RegS		7.000			02/15/20		200		187,750
Qwest Corp., Sr. Unsec’d. Notes		6.750			12/01/21		50		54,010
Telecom Italia SpA (Italy), Sr. Unsec’d. Notes, MTN		6.375			06/24/19	GBP	200		324,027
Telesat Canada/Telesat LLC (Canada), Gtd. Notes, 144A		6.000			05/15/17		250		249,700
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		3.500			11/01/21		595		633,602
Sr. Unsec’d. Notes		4.672			03/15/55		125		120,885
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC (Russia), Sr. Unsec’d. Notes, 144A		9.125			04/30/18		300		328,500
									3,452,695
Transportation    0.2%
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes		3.450			09/15/21		100		107,969
CSX Corp., Sr. Unsec’d. Notes		5.600			05/01/17		100		104,328
									212,297
TOTAL CORPORATE BONDS (cost $48,020,886)									48,560,618

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
FOREIGN GOVERNMENT BONDS    3.4%
Argentina Bonar Bonds (Argentina), Sr. Unsec’d. Notes		7.000	%		04/17/17		110	$	111,881
Argentine Republic Government International Bond (Argentina), Sr. Unsec’d. Notes, 144A		6.875			04/22/21		150		154,500
Brazilian Government International Bond (Brazil), Unsec’d. Notes		11.000			06/26/17	EUR	100		127,371
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes		11.750			02/25/20		50		65,375
Dominican Republic International Bond (Dominican Republic), Sr. Unsec’d. Notes, RegS		7.500			05/06/21		100		109,500
Export Credit Bank of Turkey (Turkey), Sr. Unsec’d. Notes, 144A		5.375			11/04/16		200		203,408
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		5.375			02/21/23		120		132,232
Sr. Unsec’d. Notes		6.375			03/29/21		470		535,095
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes, 144A		3.375			07/30/25	EUR	250		291,537
Italy Government International Bond (Italy), Sr. Unsec’d. Notes, RegS		3.700			11/14/16	JPY	10,000		95,620
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, MTN, RegS		1.500			09/12/17		400		400,721
Sr. Unsec’d. Notes, 144A		2.125			04/13/21		200		199,031
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes, MTN		4.250			07/14/17	EUR	200		240,191
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A		3.500			09/15/16		200		201,000
Portugal Government International Bond (Portugal), Sr. Unsec’d. Notes, RegS		5.125			10/15/24		300		297,766
Republic of Latvia (Latvia), Sr. Unsec’d. Notes, RegS		5.250			02/22/17		200		206,520
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A		4.875			01/22/24		30		32,813
Slovenia Government International Bond (Slovenia),
Sr. Unsec’d. Notes, RegS		5.250			02/18/24		200		224,500
Sr. Unsec’d. Notes, RegS		5.850			05/10/23		200		230,900
TOTAL FOREIGN GOVERNMENT BONDS (cost $3,894,047)									3,859,961

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 27

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS    0.3%
California
University Of California, Revenue Bonds, Series AP		3.931	%		05/15/45		25	$	25,808
Series J		4.131			05/15/45		25		26,008
									51,816
New Jersey    0.1%
New Jersey State Turnpike Authority, Revenue Bonds, Series F, BABs		7.414			01/01/40		100		151,959
Puerto Rico    0.2%
Commonwealth of Puerto Rico, General Obligation Unlimited		5.500			07/01/16		200		201,470
TOTAL MUNICIPAL BONDS (cost $399,310)									405,245
NON-CORPORATE FOREIGN AGENCIES    1.1%
CNOOC Finance 2013 Ltd. (China), Gtd. Notes		3.000			05/09/23		200		194,008
Electricite de France SA (France), Sr. Unsec’d. Notes, 144A		2.150			01/22/19		50		50,919
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsec’d. Notes, 144A		9.125			07/02/18		350		383,250
Majapahit Holding BV (Indonesia),
Gtd. Notes, RegS		7.250			06/28/17		100		105,760
Gtd. Notes, RegS		7.750			01/20/20		200		229,000
Petrobras Global Finance BV (Brazil), Gtd. Notes		2.000			05/20/16		70		69,944
Sinopec Group Overseas Development 2014 Ltd. (China), Gtd. Notes, 144A		1.750			04/10/17		200		200,260
TOTAL NON-CORPORATE FOREIGN AGENCIES (cost $1,205,938)									1,233,141
U.S. TREASURY OBLIGATIONS    7.7%
U.S. Treasury Notes(e)(f)		0.875			07/15/18		1,195		1,196,447
U.S. Treasury Notes		1.625			02/15/26		50		49,133
U.S. Treasury Notes		2.000			07/31/22		7,215		7,422,431
TOTAL U.S. TREASURY OBLIGATIONS (cost $8,465,494)									8,668,011

See Notes to Financial Statements.

28

Description	Shares		Value (Note 1)
PREFERRED STOCK    0.1%
Banking
State Street Corp. (cost $125,000)		5,000	$	131,450
TOTAL LONG-TERM INVESTMENTS (cost $109,208,219)				109,775,626
SHORT-TERM INVESTMENT    0.7%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $765,067) (Note 3)(g)		765,067		765,067
TOTAL INVESTMENTS    97.8% (cost $109,973,286) (Note 5)				110,540,693
Other assets in excess of liabilities(i)    2.2%				2,436,758
NET ASSETS    100.0%			$	112,977,451

The following abbreviations are used in the semiannual report:

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

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

BABs—Build America Bonds

bps—Basis Points

CDS—Credit Default Swap

CMBX—Commercial Mortgage Backed Securities Index

CLO—Collateralized Loan Obligation

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corp.

IO—Interest Only

JIBAR—Johannesburg Interbank Agreed Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

OIS—Overnight Index Swap

PIK—Payment-in-Kind

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 29

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

INR—Indian Rupee

JPY—Japanese Yen

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—United States Dollar

ZAR—South African Rand

* Non-income producing security.

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $1,292,482 and 1.1% of net assets.

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2016.

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

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

(d) Indicates a restricted security; the aggregate original cost of the restricted securities is $1,254,623. The aggregate value of $1,153,442 is approximately 1.0% of net assets.

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

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

(g) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund.

(h) Represents issuer in default on interest payments and/or principal repayment; non-income producing security.

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

Futures contracts outstanding at April 30, 2016:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2016		Unrealized Appreciation (Depreciation)(1)
		Long Positions:
	269	2 Year U.S. Treasury Notes		Jun. 2016	$	58,798,410	$	58,810,125	$	11,715
	134	5 Year U.S. Treasury Notes		Jun. 2016		16,139,282		16,202,484		63,202
	145	10 Year U.S. Treasury Notes		Jun. 2016		18,866,197		18,859,063		(7,134	)
	32	U.S. Ultra Bonds		Jun. 2016		5,507,188		5,483,000		(24,188	)
										43,595

See Notes to Financial Statements.

30

Futures contracts outstanding at April 30, 2016 (continued):

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2016		Unrealized Appreciation (Depreciation)(1)
		Short Positions:
	36	90 Day Euro Dollar		Mar. 2017	$	8,911,375	$	8,917,200	$	(5,825	)
	94	90 Day Euro Dollar		Jun. 2017		23,292,450		23,269,700		22,750
	6	90 Day Euro Dollar		Sep. 2017		1,485,450		1,484,325		1,125
	6	90 Day Euro Dollar		Dec. 2017		1,481,925		1,483,275		(1,350	)
	32	20 Year U.S. Treasury Bonds		Jun. 2016		5,268,070		5,226,000		42,070
										58,770
									$	102,365

(1) Cash of $390,000 and a U.S. Treasury Obligation with a market value of $120,145 have been segregated with Citigroup Global Markets to cover requirements for open futures contracts at April 30, 2016.

Forward foreign currency exchange contracts outstanding at April 30, 2016:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/14/16	Citigroup Global Markets	AUD	5,035	$	39,200	$	38,159	$	(1,041	)
Expiring 07/14/16	Citigroup Global Markets	AUD	7,333		56,000		55,580		(420	)
Expiring 07/14/16	JPMorgan Chase	AUD	5,974		45,494		45,279		(215	)
Expiring 07/14/16	TD Securities	AUD	5,098		39,200		38,641		(559	)
Brazilian Real,
Expiring 05/12/16	Citigroup Global Markets	BRL	7,933		21,372		22,964		1,592
Expiring 05/12/16	Citigroup Global Markets	BRL	11,999		32,559		34,734		2,175
Expiring 05/12/16	Citigroup Global Markets	BRL	15,377		41,763		44,514		2,751
British Pound,
Expiring 07/27/16	Citigroup Global Markets	GBP	7,731		112,100		112,995		895
Expiring 07/27/16	Citigroup Global Markets	GBP	7,734		112,100		113,039		939
Canadian Dollar,
Expiring 07/14/16	Citigroup Global Markets	CAD	4,968		39,200		39,594		394
Expiring 07/14/16	Citigroup Global Markets	CAD	5,020		39,588		40,010		422
Expiring 07/14/16	TD Securities	CAD	27,438		214,119		218,680		4,561
Chilean Peso,
Expiring 05/13/16	Barclays Capital Group	CLP	944,444		13,650		14,276		626
Expiring 05/13/16	Citigroup Global Markets	CLP	943,898		13,650		14,268		618
Expiring 05/13/16	Citigroup Global Markets	CLP	1,056,941		14,737		15,977		1,240
Expiring 05/13/16	Citigroup Global Markets	CLP	2,236,698		32,800		33,810		1,010

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 31

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Colombian Peso,
Expiring 05/13/16	Barclays Capital Group	COP	2,928,726	$	8,670	$	10,258	$	1,588
Expiring 05/13/16	Citigroup Global Markets	COP	1,125,892		3,334		3,944		610
Expiring 05/13/16	Citigroup Global Markets	COP	1,575,051		4,668		5,517		849
Expiring 05/13/16	Citigroup Global Markets	COP	1,681,746		4,980		5,891		911
Expiring 05/13/16	Citigroup Global Markets	COP	9,945,639		29,735		34,837		5,102
Czech Koruna,
Expiring 07/22/16	JPMorgan Chase	CZK	782,038		329,515		331,831		2,316
Euro,
Expiring 07/27/16	JPMorgan Chase	EUR	4,911		56,400		56,395		(5	)
Indian Rupee,
Expiring 05/23/16	Barclays Capital Group	INR	253,309		37,751		38,007		256
Expiring 05/23/16	Citigroup Global Markets	INR	335,537		50,002		50,345		343
Expiring 07/22/16	Citigroup Global Markets	INR	376,305		56,098		55,837		(261	)
Japanese Yen,
Expiring 04/03/17	JPMorgan Chase	JPY	2,600,000		231,276		247,639		16,363
Expiring 04/06/17	JPMorgan Chase	JPY	19,000,000		1,692,004		1,809,914		117,910
Expiring 07/27/16	JPMorgan Chase	JPY	300,199		28,200		28,290		90
Expiring 07/27/16	JPMorgan Chase	JPY	420,925		39,500		39,667		167
Expiring 07/27/16	JPMorgan Chase	JPY	621,656		56,100		58,584		2,484
Expiring 07/27/16	JPMorgan Chase	JPY	1,206,410		112,700		113,690		990
Mexican Peso,
Expiring 07/22/16	Citigroup Global Markets	MXN	37,676		21,640		21,717		77
Expiring 07/22/16	Citigroup Global Markets	MXN	47,933		27,520		27,630		110
Expiring 07/22/16	Citigroup Global Markets	MXN	49,829		28,552		28,723		171
Expiring 07/22/16	Citigroup Global Markets	MXN	98,727		56,073		56,910		837
Expiring 07/22/16	JPMorgan Chase	MXN	97,539		56,174		56,225		51
New Taiwanese Dollar,
Expiring 07/13/16	Bank of America	TWD	90,569		27,981		28,103		122
Expiring 07/13/16	Citigroup Global Markets	TWD	180,837		55,941		56,113		172
Expiring 07/13/16	Citigroup Global Markets	TWD	251,323		78,502		77,985		(517	)
New Zealand Dollar,
Expiring 07/14/16	Bank of America	NZD	5,675		39,500		39,462		(38	)
Expiring 07/14/16	Citigroup Global Markets	NZD	5,687		39,200		39,549		349
Expiring 07/14/16	JPMorgan Chase	NZD	4,079		28,000		28,368		368
Expiring 07/14/16	JPMorgan Chase	NZD	8,117		56,200		56,445		245
Expiring 07/14/16	JPMorgan Chase	NZD	8,137		56,000		56,590		590
Expiring 07/14/16	TD Securities	NZD	8,010		56,100		55,705		(395	)
Norwegian Krone,
Expiring 07/22/16	Goldman Sachs & Co.	NOK	90,716		112,700		112,624		(76	)
Expiring 07/22/16	Goldman Sachs & Co.	NOK	237,053		291,633		294,302		2,669

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Polish Zloty,
Expiring 07/22/16	Bank of America	PLN	21,318	$	56,356	$	55,765	$	(591	)
Expiring 07/22/16	Bank of America	PLN	21,716		56,034		56,805		771
Expiring 07/22/16	Citigroup Global Markets	PLN	10,562		27,372		27,627		255
Expiring 07/22/16	Citigroup Global Markets	PLN	12,668		33,600		33,136		(464	)
Russian Ruble,
Expiring 07/20/16	Barclays Capital Group	RUB	176,746		26,116		26,693		577
Expiring 07/20/16	Barclays Capital Group	RUB	376,458		55,941		56,855		914
Expiring 07/20/16	Citigroup Global Markets	RUB	202,281		29,847		30,550		703
Singapore Dollar,
Expiring 07/13/16	TD Securities	SGD	7,511		56,100		55,767		(333	)
Swedish Krona,
Expiring 07/22/16	Deutsche Bank AG	SEK	160,167		198,336		200,070		1,734
Expiring 07/22/16	JPMorgan Chase	SEK	91,539		112,918		114,345		1,427
Swiss Franc,
Expiring 07/27/16	Bank of America	CHF	5,320		55,325		55,683		358
Expiring 07/27/16	Citigroup Global Markets	CHF	8,077		84,600		84,541		(59	)
Expiring 07/27/16	Citigroup Global Markets	CHF	21,569		225,500		225,752		252
Expiring 07/27/16	JPMorgan Chase	CHF	5,426		56,100		56,787		687
Turkish Lira,
Expiring 05/20/16	Barclays Capital Group	TRY	3,212		10,948		11,412		464
Expiring 05/20/16	Citigroup Global Markets	TRY	3,142		11,014		11,163		149
Expiring 05/20/16	Citigroup Global Markets	TRY	11,238		39,451		39,931		480
Expiring 05/20/16	Citigroup Global Markets	TRY	14,452		50,465		51,352		887
Expiring 05/20/16	Citigroup Global Markets	TRY	12,440		41,843		44,203		2,360
Expiring 05/20/16	Citigroup Global Markets	TRY	12,963		43,800		46,061		2,261
Expiring 05/20/16	Citigroup Global Markets	TRY	12,984		43,750		46,135		2,385
				$	5,955,597	$	6,140,250		184,653
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/14/16	Citigroup Global Markets	AUD	14,813	$	112,100	$	112,272	$	(172	)
Brazilian Real,
Expiring 05/12/16	Citigroup Global Markets	BRL	4,109		11,200		11,896		(696	)
Expiring 05/12/16	Citigroup Global Markets	BRL	4,100		11,200		11,870		(670	)

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 33

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Brazilian Real, (cont’d.)
Expiring 05/12/16	Credit Suisse First Boston Corp.	BRL	20,598	$	51,010	$	59,626	$	(8,616	)
Expiring 06/02/16	Citigroup Global Markets	BRL	4,018		11,200		11,550		(350	)
British Pound,
Expiring 07/27/16	Citigroup Global Markets	GBP	47,360		686,178		692,188		(6,010	)
Expiring 07/27/16	Citigroup Global Markets	GBP	13,570		195,106		198,333		(3,227	)
Expiring 07/27/16	Citigroup Global Markets	GBP	1,542		22,400		22,530		(130	)
Expiring 07/27/16	JPMorgan Chase	GBP	7,713		112,300		112,735		(435	)
Canadian Dollar,
Expiring 07/14/16	Citigroup Global Markets	CAD	7,240		56,100		57,702		(1,602	)
Chilean Peso,
Expiring 05/13/16	Bank of America	CLP	2,510,699		34,813		37,952		(3,139	)
Expiring 05/13/16	Citigroup Global Markets	CLP	2,339,150		33,553		35,358		(1,805	)
Chinese Renminbi,
Expiring 07/27/16	JPMorgan Chase	CNH	25,643		39,200		39,371		(171	)
Colombian Peso,
Expiring 05/13/16	Barclays Capital Group	COP	4,520,055		13,525		15,832		(2,307	)
Expiring 05/13/16	Barclays Capital Group	COP	3,523,710		10,950		12,342		(1,392	)
Expiring 05/13/16	Citigroup Global Markets	COP	4,524,113		13,525		15,847		(2,322	)
Expiring 05/13/16	Citigroup Global Markets	COP	3,553,400		10,900		12,446		(1,546	)
Euro,
Expiring 07/27/16	Bank of America	EUR	11,313		128,468		129,907		(1,439	)
Expiring 07/27/16	Deutsche Bank AG	EUR	28,785		325,365		330,532		(5,167	)
Hungarian Forint,
Expiring 07/22/16	Citigroup Global Markets	HUF	1,539,506		56,392		56,458		(66	)
Japanese Yen,
Expiring 07/27/16	BNP Paribas	JPY	724,289		67,600		68,256		(656	)
Expiring 07/27/16	Citigroup Global Markets	JPY	1,722,082		155,388		162,286		(6,898	)
Mexican Peso,
Expiring 07/22/16	Citigroup Global Markets	MXN	97,880		56,371		56,421		(50	)
New Zealand Dollar,
Expiring 07/14/16	Citigroup Global Markets	NZD	5,625		39,200		39,116		84
Expiring 07/14/16	JPMorgan Chase	NZD	17,878		123,186		124,329		(1,143	)
Expiring 07/14/16	JPMorgan Chase	NZD	4,055		28,000		28,203		(203	)
Expiring 07/14/16	TD Securities	NZD	12,267		83,900		85,305		(1,405	)
Polish Zloty,
Expiring 07/22/16	Citigroup Global Markets	PLN	14,500		38,248		37,928		320

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Singapore Dollar,
Expiring 07/13/16	Bank of America	SGD	7,636	$	55,963	$	56,690	$	(727	)
Expiring 07/13/16	Citigroup Global Markets	SGD	12,118		89,506		89,971		(465	)
Expiring 07/13/16	Deutsche Bank AG	SGD	3,778		28,000		28,049		(49	)
Swiss Franc,
Expiring 07/27/16	JPMorgan Chase	CHF	8,051		82,949		84,264		(1,315	)
Turkish Lira,
Expiring 05/20/16	Citigroup Global Markets	TRY	31,432		104,520		111,687		(7,167	)
Expiring 05/20/16	Citigroup Global Markets	TRY	6,585		21,652		23,398		(1,746	)
				$	2,909,968	$	2,972,650		(62,682	)
								$	121,971

Cross currency exchange contracts outstanding at April 30, 2016:

Settlement		Type		Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation (Depreciation)			Counterparty
	OTC cross currency exchange contracts:
	05/20/16		Buy		TRY	259		EUR	79	$	1,541		Citigroup Global Markets
	07/14/16		Buy		AUD	103		EUR	69		(1,223	)	JPMorgan Chase
	07/14/16		Buy		NZD	97		EUR	59		(271	)	TD Securities
	07/14/16		Buy		EUR	35		GBP	27		(24	)	JPMorgan Chase
	07/14/16		Buy		CAD	57		JPY	4,990		(1,660	)	JPMorgan Chase
	07/22/16		Buy		GBP	39		CZK	1,349		(245	)	JPMorgan Chase
	07/22/16		Buy		SEK	227		EUR	25		(27	)	Citigroup Global Markets
	07/22/16		Buy		EUR	99		NOK	918		(168	)	JPMorgan Chase
	07/27/16		Buy		EUR	35		AUD	52		48		Citigroup Global Markets
	07/27/16		Buy		GBP	77		CHF	109		(1,425	)	JPMorgan Chase
	07/27/16		Buy		GBP	77		EUR	99		(1,088	)	Citigroup Global Markets
	07/27/16		Buy		GBP	77		EUR	99		(1,178	)	Citigroup Global Markets
	07/27/16		Buy		GBP	78		EUR	100		(716	)	Citigroup Global Markets
	07/27/16		Buy		GBP	27		EUR	35		(299	)	JPMorgan Chase
	07/27/16		Buy		EUR	49		GBP	39		88		Citigroup Global Markets
										$	(6,647	)

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 35

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Interest rate swap agreements outstanding at April 30, 2016:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
	OTC swap agreement:
ZAR	2,350		11/04/29		8.180%	3 Month JIBAR(2)	$	(5,528	)	$	(24	)	$	(5,504	)	JPMorgan Chase

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2016			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
	11,180		01/26/18		1.124%	3 Month LIBOR(1)	$	(2,172	)	$	(15,649	)	$	(13,477	)
	5,400		02/08/18		0.884%	3 Month LIBOR(1)		—			5,765			5,765
	4,300		03/15/18		0.900%	3 Month LIBOR(2)		—			(1,656	)		(1,656	)
	11,540		12/31/21		1.787%	3 Month LIBOR(1)		(5,828	)		(358,083	)		(352,255	)
	1,500		12/31/21		1.850%	3 Month LIBOR(1)		—			(52,139	)		(52,139	)
	5,250		05/31/22		1.741%	3 Month LIBOR(1)		40,986			(148,353	)		(189,339	)
	8,870		05/31/22		2.237%	3 Month LIBOR(1)		(9,014	)		(530,413	)		(521,399	)
	2,100		08/31/22		1.788%	3 Month LIBOR(1)		—			(55,597	)		(55,597	)
	6,000		08/31/22		2.013%	3 Month LIBOR(1)		(18,107	)		(244,413	)		(226,306	)
	1,680		11/30/22		1.982%	3 Month LIBOR(1)		—			(62,634	)		(62,634	)
	800		12/31/22		1.405%	3 Month LIBOR(1)		—			2,054			2,054
	500		12/31/22		1.406%	3 Month LIBOR(1)		—			1,238			1,238
	1,100		12/31/22		1.409%	3 Month LIBOR(1)		—			2,551			2,551
	200		12/31/22		1.412%	3 Month LIBOR(1)		—			430			430
	1,200		12/31/22		1.416%	3 Month LIBOR(1)		—			2,247			2,247
	350		12/31/22		1.495%	3 Month LIBOR(1)		—			(1,089	)		(1,089	)
	475		04/28/26		1.809%	3 Month LIBOR(1)		—			(5,080	)		(5,080	)
	440		04/28/26		1.909%	3 Month LIBOR(2)		—			8,851			8,851
EUR	500		08/04/16		0.078%	1 Day EUR OIS(1)		(67	)		(1,855	)		(1,788	)
EUR	200		08/01/19		0.346%	1 Day EUR OIS(1)		—			(6,758	)		(6,758	)
EUR	150		02/23/26		0.324%	1 Day EUR OIS(1)		(460	)		862			1,322
MXN	9,700		02/09/18		4.630%	28 Day Mexican Interbank rate(2)		143			508			365
MXN	5,000		04/18/19		5.480%	28 Day Mexican Interbank rate(2)		—			5,125			5,125
MXN	5,250		08/20/19		5.110%	28 Day Mexican Interbank rate(2)		(20	)		1,822			1,842
MXN	8,100		08/13/24		6.120%	28 Day Mexican Interbank rate(2)		446			7,738			7,292
MXN	3,150		12/27/24		5.795%	28 Day Mexican Interbank rate(2)		—			(2,107	)		(2,107	)
MXN	1,100		07/27/34		6.720%	28 Day Mexican Interbank rate(2)		(16	)		97			113
ZAR	6,300		08/26/20		7.855%	3 Month JIBAR(2)		(512	)		(2,554	)		(2,042	)
ZAR	300		01/12/25		7.430%	3 Month JIBAR(2)		—			(1,392	)		(1,392	)
ZAR	800		01/13/25		7.430%	3 Month JIBAR(2)		—			(3,712	)		(3,712	)
ZAR	2,100		01/13/25		7.440%	3 Month JIBAR(2)		—			(9,565	)		(9,565	)
ZAR	1,400		01/11/26		9.330%	3 Month JIBAR(2)		(12	)		5,110			5,122
ZAR	1,400		01/11/26		9.330%	3 Month JIBAR(2)		(12	)		5,110			5,122
							$	5,355		$	(1,453,541	)	$	(1,458,896	)

(1) Fund pays the Fixed rate and receives the Floating rate.

(2) Fund pays the Floating rate and receives the Fixed rate.

See Notes to Financial Statements.

36

Credit default swap agreements outstanding at April 30, 2016:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2016(5)			Unrealized Appreciation (Depreciation)
Centrally cleared credit default swap on credit indices—Buy Protection(1):
CDX.NA.HY.26.V1		06/20/21		5.000%		1,400	$	(30,100	)	$	(49,117	)	$	(19,017	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on credit indices—Sell Protection(2):
CMBX.NA.6.AA		05/11/63		1.500%		500	$	(14,278	)	$	(30,606	)	$	16,328	Credit Suisse First Boston Corp.

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2016(4)			Fair Value(5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on corporate issues and/or sovereign issues—Sell Protection(2):
Republic of Italy		09/20/20		1.000%		180		0.944	%	$	(980	)	$	835		$	(1,815	)	JPMorgan Chase
Kingdom of Spain		12/20/20		1.000%		885		1.087	%		6,375			(1,795	)		8,170		JPMorgan Chase
										$	5,395		$	(960	)	$	6,355

Cash of $840,000 and a U.S. Treasury Obligation with a market value of $820,993 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared interest rate and credit default swap contracts at April 30, 2016.

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

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

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

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 37

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

(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) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of reporting date serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular reference 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 greater likelihood of risk default or other credit event occurring as defined under the terms of the agreement.

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

Currency swap agreements outstanding at April 30, 2016:

Notional Amount (000)#	Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
OTC currency swap agreements:
115	3 Month LIBOR	EUR	100	3 Month EURIBOR minus 25.00 bps	Goldman Sachs & Co.		01/20/17	$	484		$	—		$	484
804	3 Month LIBOR	EUR	700	3 Month EURIBOR minus 26.95 bps	JPMorgan Chase		02/17/17		2,586			—			2,586
JPY 20,000	3 Month JPY LIBOR minus 43.35 bps		170	3 Month LIBOR	JPMorgan Chase		11/26/16		18,176			—			18,176
JPY 80,000	3 Month JPY LIBOR minus 42.10 bps		678	3 Month LIBOR	JPMorgan Chase		11/28/16		74,190			—			74,190
1,692	3 Month LIBOR	JPY	190,000	3 Month JPY LIBOR minus 98.625 bps	JPMorgan Chase		04/06/20		6,007			—			6,007
231	3 Month LIBOR	JPY	26,000	3 Month JPY LIBOR minus 99.25 bps	JPMorgan Chase		04/03/20		871			—			871
168	3 Month LIBOR	JPY	20,000	3 Month JPY LIBOR minus 69.88 bps	JPMorgan Chase		11/26/24		(23,483	)		(42	)		(23,441	)
671	3 Month LIBOR	JPY	80,000	3 Month JPY LIBOR minus 67.33 bps	JPMorgan Chase		11/28/24		(95,708	)		(161	)		(95,547	)
								$	(16,877	)	$	(203	)	$	(16,674	)

See Notes to Financial Statements.

38

Total return swap agreements outstanding at April 30, 2016:

Counterparty	Termination Date		Notional Amount (000)#		Description	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(1)
OTC total return swap agreements:
Credit Suisse First Boston Corp.		01/12/41		598	Pay fixed rate payments on the IOS.FN.450 Index and receive variable payments based on the 1 Month LIBOR	$	3,397		$	(1,712	)	$	5,109
Deutsche Bank AG		06/11/16		100	Pay variable payments based on 1 Day US OIS plus 30 bps and receive variable payments based on U.S. Treasury Strip		662			—			662
Deutsche Bank AG		06/11/16		200	Pay variable payments based on 1 Day US OIS plus 30 bps and receive variable payments based on U.S. Treasury Strip		(988	)		—			(988	)
Deutsche Bank AG		06/11/16		100	Pay variable payments based on 1 Day US OIS plus 30 bps and receive variable payments based on U.S. Treasury Strip		303			—			303
Deutsche Bank AG		06/11/16		200	Pay variable payments based on 1 Day US OIS plus 30 bps and receive variable payments based on U.S. Treasury Strip		(78	)		—			(78	)
						$	3,296		$	(1,712	)	$	5,008

(1) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

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

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

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

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

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 39

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

The following is a summary of the inputs used as of April 30, 2016 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	16,207,080		$	250,581
Non-Residential Mortgage-Backed Securities		—		3,019,493			—
Residential Mortgage-Backed Securities		—		12,924,361			1,041,901
Bank Loans		—		3,385,144			—
Commercial Mortgage-Backed Securities		—		10,088,640			—
Corporate Bonds		—		48,560,618			—
Foreign Government Bonds		—		3,859,961			—
Municipal Bonds		—		405,245			—
Non-Corporate Foreign Agencies		—		1,233,141			—
U.S. Treasury Obligations		—		8,668,011			—
Preferred Stock		131,450		—			—
Affiliated Mutual Fund		765,067		—			—
Other Financial Instruments*
Futures Contracts		102,365		—			—
OTC Forward Foreign Currency Exchange Contracts		—		121,971			—
OTC Cross Currency Exchange Contracts		—		(6,647	)		—
OTC Interest Rate Swap Agreements		—		(5,528	)		—
Centrally Cleared Interest Rate Swap Agreements		—		(1,458,896	)		—
Centrally Cleared Credit Default Swap Agreements		—		(19,017	)		—
OTC Credit Default Swap Agreements		—		(8,883	)		—
OTC Currency Swap Agreements		—		(16,877	)		—
OTC Total Return Swap Agreements		—		3,296			—
Total	$	998,882	$	106,961,113		$	1,292,482

See Notes to Financial Statements.

40

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— Residential Mortgage-Backed Securities			Asset-Backed Securities— Non-Residential Mortgage-Backed Securities
Balance as of 10/31/15	$	—	$	—		$	500,250
Realized gain (loss)		—		—			—
Accrued discount/premium		—		(11,502	)		—
Change in unrealized appreciation (depreciation)**		581		(67,487	)		—
Purchases		250,000		279,704			—
Sales		—		—			—
Transfers into Level 3		—		841,186			—
Transfers out of Level 3		—		—			(500,250	)
Balance as of 4/30/16	$	250,581	$	1,041,901		$	—

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

** Of which, $(66,906) was relating to securities held at the reporting period end.

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

Level 3 Securities	Fair Value as of April 30, 2016		Valuation Methodology		Unobservable Inputs
Asset-Backed Securities—Collateralized Loan Obligations	$	250,581		Market approach	Single Broker Indicative Quote
Asset-Backed Securities—Residential Mortgage-Backed Securities	$	1,041,901		Market Approach	Single Broker Indicative Quote

It is the Fund’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
Asset-Backed Securities—Residential Mortgage-Backed Securities	$	841,186	L2 to L3	Evaluated Bid to Single Broker Quote
Asset-Backed Securities—Non-Residential Mortgage-Backed Securities	$	500,250	L3 to L2	Single Broker Quote to Evaluated Bid

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 41

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2016 were as follows:

Collateralized Loan Obligations	14.6	%
Residential Mortgage-Backed Securities	12.3
Banks	10.2
Commercial Mortgage-Backed Securities	8.9
U.S. Treasury Obligations	7.7
Foreign Government Bonds	3.4
Telecommunications	3.1
Non-Residential Mortgage-Backed Securities	2.7
Media	2.4
Healthcare-Services	1.8
Electric	1.6
Diversified Financial Services	1.6
Home Builders	1.5
Food	1.4
Insurance	1.3
Commercial Services	1.3
Chemicals	1.3
Pharmaceuticals	1.3
Auto Manufacturers	1.2
Diversified Machinery	1.1
Non-Corporate Foreign Agencies	1.1
Entertainment	1.0
Healthcare-Products	1.0
Software	0.9
Semiconductors	0.9
Housewares	0.8
Affiliated Mutual Fund	0.7
Retail	0.6
Mining	0.6
Oil & Gas	0.6
Lodging	0.6
Real Estate Investment Trusts (REITs)	0.5
Building Materials	0.5
Oil & Gas Services	0.5	%
Media & Entertainment	0.4
Airlines	0.4
Containers & Packaging	0.4
IT Services	0.4
Pipelines	0.4
Beverages	0.4
Miscellaneous Manufacturing	0.4
Municipal Bonds	0.3
Computers	0.3
Commercial Services & Supplies	0.3
Forest Products & Paper	0.3
Auto Parts & Equipment	0.3
Health Care Providers & Services	0.3
Automobiles	0.3
Independent Power & Renewable Electricity Producers	0.2
Biotechnology	0.2
Home Furnishings	0.2
Environmental Control	0.2
Agriculture	0.2
Transportation	0.2
Retailers	0.1
Banking	0.1
Machinery-Construction & Mining	0.1
Office Furnishings	0.1
Holding Companies-Diversified	0.1
Health Care & Pharmaceutical	0.1
Hotels, Restaurants & Leisure	0.1
	97.8
Other assets in excess of liabilities	2.2
	100.0	%

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

See Notes to Financial Statements.

42

Fair values of derivative instruments as of April 30, 2016 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	$	140,862	*	Due from/to broker— variation margin futures	$	38,497	*
Interest rate contracts	Due from/to broker—variation margin swaps		49,439	*	Due from/to broker—variation margin swaps		1,508,335	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		108,388		Unrealized depreciation on OTC swap agreements		125,558
Interest rate contracts	—		—		Premiums received for OTC swap agreements		1,939
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		190,031		Unrealized depreciation on OTC forward foreign currency exchange contracts		68,060
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		1,677		Unrealized depreciation on OTC cross currency exchange contracts		8,324
Credit contracts	—		—		Due from/to broker—variation margin swaps		19,017	*
Credit contracts	Unrealized appreciation on OTC swap agreements		24,498		Unrealized depreciation on OTC swap agreements		1,815
Credit contracts	Premiums paid for OTC swap agreements		835		Premiums received for OTC swap agreements		32,401
Total		$	515,730			$	1,803,946

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

The effects of derivative instruments on the Statement of Operations for six months ended April 30, 2016 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Futures		Options Written		Swaps			Forward Rate Agreements			Forward & Cross Currency Contracts(2)			Total
Interest rate contracts	$	(65,658	)	$	593,682	$	29,713	$	(218,248	)	$	(20,765	)	$	—		$	318,724
Foreign exchange contracts		—			—		—		—			—			(119,828	)		(119,828	)
Credit contracts		(49,910	)		—		25,243		(85,690	)		—			—			(110,357	)
Total	$	(115,568	)	$	593,682	$	54,956	$	(303,938	)	$	(20,765	)	$	(119,828	)	$	88,539

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 43

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(3)			Futures		Options Written			Swaps			Forward & Cross Currency Contracts(4)		Forward Rate Agreements		Total
Interest rate contracts	$	(40,640	)	$	123,890	$	(13,402	)	$	(842,872	)	$	—	$	11,196	$	(761,828	)
Foreign exchange contracts		—			—		—			—			109,593		—		109,593
Credit contracts		2,215			—		2,106			2,158			—		—		6,479
Total	$	(38,425	)	$	123,890	$	(11,296	)	$	(840,714	)	$	109,593	$	11,196	$	(645,756	)

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

(2) Included in net realized gain (loss) on foreign currency transactions in the Statement of Operations.

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

(4) Included in net change in unrealized appreciation (depreciation) on foreign currencies in the Statement of Operations.

For the six months ended April 30, 2016, the average volume of derivative activities are as follows:

Purchased Options(1)		Futures Contracts— Long Positions(3)		Futures Contracts— Short Positions(3)		Cross Currency Exchange Contracts(3)		Forward Foreign Currency Exchange Purchase Contracts(4)		Forward Foreign Currency Exchange Sale Contracts(4)		Options Written(2)
$	125,414	$	75,789,378	$	16,749,025	$	750,322	$	3,351,037	$	4,213,837	$	13,613

Forward Rate Agreements(2)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)		Credit Default Swap Agreements— Sell Protection(2)		Total Return Swap Agreements(2)		Currency Swap Agreements(2)
$	5,033	$	64,694	$	933	$	2,672	$	2,567	$	3,247

(1) Cost.

(2) Notional Amount in USD (000).

(3) Value at Trade Date.

(4) Value at Settlement Date.

See Notes to Financial Statements.

44

Offsetting of OTC derivative assets and liabilities:

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

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts Available for Offset			Collateral Received		Net Amount
Bank of America	$	1,251		$	(1,251	)	$	—	$	—
Barclays Capital Group		4,425			(3,699	)		—		726
BNP Paribas		—			—			—		—
Citigroup Global Markets		33,380			(33,380	)		—		—
Credit Suisse First Boston Corp.		21,437			(21,437	)		—		—
Deutsche Bank AG		2,699			(2,699	)		—		—
Goldman Sachs & Co.		3,153			(76	)		—		3,077
JPMorgan Chase		254,523			(136,860	)		—		117,663
TD Securities		4,561			(2,963	)		—		1,598
	$	325,429
Counterparty	Gross Amounts of Recognized Liabilities(2)			Gross Amounts Available for Offset			Collateral Pledged		Net Amount
Bank of America	$	(5,934	)	$	1,251		$	—	$	(4,683	)
Barclays Capital Group		(3,699	)		3,699			—		—
BNP Paribas		(656	)		—			—		(656	)
Citigroup Global Markets		(40,693	)		33,380			—		(7,313	)
Credit Suisse First Boston Corp.		(40,934	)		21,437			—		(19,497	)
Deutsche Bank AG		(6,282	)		2,699			—		(3,583	)
Goldman Sachs & Co.		(76	)		76			—		—
JPMorgan Chase		(136,860	)		136,860			—		—
TD Securities		(2,963	)		2,963			—		—
	$	(238,097	)

(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.

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 45

Statement of Assets & Liabilities (unaudited)

as of April 30, 2016

Assets
Investments at value:
Unaffiliated investments (cost $109,208,219)	$	109,775,626
Affiliated investments (cost $765,067)		765,067
Cash		123,535
Foreign currency, at value (cost $79,487)		85,077
Deposit with Broker for futures and centrally cleared swaps		1,230,000
Dividends and interest receivable		1,036,526
Receivable for investments sold		403,271
Unrealized appreciation on OTC forward foreign currency exchange contracts		190,031
Unrealized appreciation on OTC swap agreements		132,886
Receivable for Fund shares sold		130,476
Due from broker—variation margin futures		52,057
Unrealized appreciation on OTC cross currency exchange contracts		1,677
Premium paid for OTC swap agreements		835
Prepaid expenses		343
Total assets		113,927,407
Liabilities
Payable for investments purchased		289,053
Payable for Fund shares reacquired		273,898
Unrealized depreciation on OTC swap agreements		127,373
Accrued expenses and other liabilities		97,752
Unrealized depreciation on OTC forward foreign currency exchange contracts		68,060
Premium received for OTC swap agreements		34,340
Due to broker—variation margin swaps		27,392
Management fee payable		14,246
Unrealized depreciation on OTC cross currency exchange contracts		8,324
Distribution fee payable		8,288
Dividends payable		796
Affiliated transfer agent fee payable		434
Total liabilities		949,956
Net Assets	$	112,977,451
Net assets were comprised of:
Common stock, at par	$	11,706
Paid-in capital in excess of par		116,214,654
		116,226,360
Distributions in excess of net investment income		(79,369	)
Accumulated net realized loss on investment and foreign currency transactions		(2,596,166	)
Net unrealized depreciation on investments and foreign currencies		(573,374	)
Net assets, April 30, 2016	$	112,977,451

See Notes to Financial Statements.

46

Class A
Net asset value and redemption price per share,
($8,820,745 ÷ 914,465 shares of common stock issued and outstanding)	$	9.65
Maximum sales charge (3.25% of offering price)		0.32
Maximum offering price to public	$	9.97
Class C
Net asset value, offering price and redemption price per share,
($7,964,966 ÷ 825,261 shares of common stock issued and outstanding)	$	9.65
Class Q
Net asset value, offering price and redemption price per share,
($85,781,017 ÷ 8,887,838 shares of common stock issued and outstanding)	$	9.65
Class Z
Net asset value, offering price and redemption price per share,
($10,410,723 ÷ 1,078,588 shares of common stock issued and outstanding)	$	9.65

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 47

Statement of Operations (unaudited)

Six Months Ended April 30, 2016

Net Investment Income
Income
Interest income	$	1,783,366
Affiliated dividend income		5,171
Total income		1,788,537
Expenses
Management fee		270,839
Distribution fee—Class A		9,439
Distribution fee—Class C		35,673
Custodian and accounting fees		109,000
Registration fees		47,000
Audit fee		30,000
Shareholders’ reports		17,000
Transfer agent’s fees and expenses (including affiliated expense of $1,300)		13,000
Legal fees and expenses		9,000
Directors’ fees		5,000
Insurance expenses		1,000
Miscellaneous		13,122
Total expenses		560,073
Less: Management fee waiver and/or expense reimbursement		(189,968	)
Net expenses		370,105
Net investment income		1,418,432
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(603,869	)
Futures transactions		593,682
Options written transactions		54,956
Forward rate agreements		(20,765	)
Swap agreements transactions		(303,938	)
Foreign currency transactions		(262,479	)
		(542,413	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,245,757
Futures		123,890
Forward rate agreements		11,196
Options written		(11,296	)
Swap agreements		(840,714	)
Foreign currencies		222,940
		751,773
Net gain on investment and foreign currency transactions		209,360
Net Increase In Net Assets Resulting From Operations	$	1,627,792

See Notes to Financial Statements.

48

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income	$	1,418,432		$	2,390,343
Net realized loss on investment and foreign currency transactions		(542,413	)		(352,579	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		751,773			(1,184,513	)
Net increase in net assets resulting from operations		1,627,792			853,251
Dividends from net investment income (Note 1)
Class A		(103,513	)		(84,983	)
Class C		(71,231	)		(64,057	)
Class Q		(1,273,366	)		(3,839,753	)
Class Z		(132,290	)		(179,377	)
		(1,580,400	)		(4,168,170	)
Fund share transactions (Note 6)
Net proceeds from shares sold		15,559,221			29,591,634
Net asset value of shares issued in reinvestment of dividends and distributions		1,575,443			4,153,998
Cost of shares reacquired		(10,236,114	)		(13,368,690	)
Net increase in net assets from Fund share transactions		6,898,550			20,376,942
Total increase		6,945,942			17,062,023
Net Assets:
Beginning of period		106,031,509			88,969,486
End of period	$	112,977,451		$	106,031,509
(a) Includes undistributed net investment income of	$	—		$	82,599

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 49

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios, Inc. 17 (the “Company”) incorporated in Maryland on September 1, 1994, is a diversified open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Company consists of two funds: Prudential Total Return Bond Fund and Prudential Short Duration Multi-Sector Bond Fund. The information presented in these financial statements pertains to Prudential Short Duration Multi-Sector Fund (the “Fund”). The Fund commenced operations on December 23, 2013. The Fund’s investment objective is total return.

Note 1. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Directors (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting.

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

Common and preferred stocks, exchange-traded funds, and derivative instruments such as futures or options that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

50

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Common and preferred stocks traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which can be 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 to the extent that the valuation meets the established confidence level for each security. Such confidence level is a measure of the probability of a relationship between a given equity security and the factors used in the models. If the confidence level is not met or the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and 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 valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after evaluating observable inputs including, but not limited to yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations, and reported trades. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Bank loans traded in the OTC market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy.

OTC derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

Prudential Short Duration Multi-Sector Bond Fund 51

Notes to Financial Statements (unaudited) (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 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.

The Fund purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the funds. These are

52

insurance-like products that are called Connecticut Avenue Securities by Fannie Mae and Structured Agency Credit Risk 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 fiscal 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 securities held at the end of the fiscal 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 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 not 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 gain (loss) on foreign currency transactions.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, forward currency contracts positions of foreign currencies, currency gains (losses) realized between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

Concentration of Risk: The ability of debt securities issuers (other than those issued or guaranteed by the U.S. Government) held by the Fund to meet its obligations may be affected by the economic or political developments in a specific industry, region or country. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability or the level of the governmental supervision and regulation of foreign securities markets.

Prudential Short Duration Multi-Sector Bond Fund 53

Notes to Financial Statements (unaudited) (continued)

Participatory Notes/Warrants: The Fund may gain exposure to securities in certain foreign markets through investments in participatory notes (“P-notes”). The Fund may purchase P-notes pending ability to invest directly in a foreign market due to restrictions applicable to foreign investors or other market factors. P-notes are generally issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying security. P-notes involve transaction costs, which may be higher than those applicable to the equity securities. An investment in a P-note may involve risks, including counterparty risk, beyond those normally associated with a direct investment in the underlying security. The Fund must rely on the creditworthiness of the counterparty and would have no rights against the issuer of the underlying security. Furthermore, the P-note’s performance may differ from that of the underlying security. The holder of a P-note is entitled to receive from the bank or broker-dealer, an amount equal to dividends paid by the issuer of the underlying security; however, the holder is not entitled to the same rights (e.g., dividends, voting rights) as an owner of the underlying security. There is also no assurance that there will be a secondary trading market for a P-note or that the trading price of a P-note will equal the value of the underlying security.

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 or foreign currency exchange rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Financial futures contracts involve elements of risk in excess of the amounts reflected on the Statement of Assets and Liabilities. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

54

Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate between two parties. The Fund enters into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on foreign currencies. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on foreign currency transactions. Upon entering into these contracts, risk may arise from the potential inability of the counterparties to meet the terms of their contracts.

Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life.

Cross Currency Exchange Contracts: A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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 value of equities or foreign currency exchange rates, with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis 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. The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instruments underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded

Prudential Short Duration Multi-Sector Bond Fund 55

Notes to Financial Statements (unaudited) (continued)

options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When a Fund writes an option on a swap contract, 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.

Swap Agreements: The Fund may enter into interest rate, credit default, total return and other form of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered commodities exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Payments received or paid by the Fund are recorded as realized gains (losses) upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

Interest Rate Swaps: Interest rate swaps represent agreements between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund may be subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund used interest rate swaps to generate steady cash flow by receiving a stream of fixed rate payments and to increase exposure to prevailing market rates by receiving floating rate payments. A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life.

56

Credit Default Swaps: Credit default swaps (“CDS”) involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund 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 sold protection using credit default swaps to take an active short position with respect to the likelihood of a particular issuer’s default. The Fund’s maximum risk of loss from counterparty credit risk for purchased credit default swaps is the inability of the counterparty to honor the contract up to the notional value 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 Portfolio of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as indicators of the current status of the payment/performance risk. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the

Prudential Short Duration Multi-Sector Bond Fund 57

Notes to Financial Statements (unaudited) (continued)

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.

Currency Swaps: The Fund may enter into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

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 Portfolio of Investments.

58

Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Portfolio of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, that 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 April 30, 2016, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

Payment in kind securities: Certain fixed income funds may invest in open market or receive pursuant to debt restructuring, securities that pay in kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income. The interest rate on PIK debt is paid out over time.

Warrants and Rights: The Fund may hold warrants and rights acquired either through a direct purchase, included as part of a private placement, or pursuant to corporate actions.

Prudential Short Duration Multi-Sector Bond Fund 59

Notes to Financial Statements (unaudited) (continued)

Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. The Fund holds such warrants and rights as long positions by the Fund until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment In Kind Securities: The Fund may invest in the open market or receive pursuant to debt restructuring, securities that pay in kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

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 a highly liquid ultra short-term bond 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 using the collateral in the open market. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities, and any interest on the investment of cash received as collateral. The Fund also continues to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognizes any unrealized gain (loss) in the market price of the securities loaned that may occur during the term of the loan.

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 identified cost basis. 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 (loss) (other than distribution fees which are charged directly to the respective 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.

60

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

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

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

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with Prudential Fixed Income (“PFI”), which is a business unit of PGIM, Inc. The subadvisory agreement provides that PFI will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PFI is obligated to keep certain books and records of the Fund. PI pays for the services of PFI, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses. Prior to January 4, 2016, PGIM, Inc. was known as Prudential Investment Management, Inc. (“PIM”).

Effective October 1, 2015, the management fee paid to PI is accrued daily and payable monthly at an annual rate of .50% of the Fund’s average daily net assets up to $5 billion, .475% on the average daily net assets on the next $5 billion and .465% of such assets in excess of $10 billion. Prior to October 1, 2015, the management fee paid to PI was accrued daily and paid monthly, at an annual rate of .50% of the Fund’s average daily net assets. The effective management fee rate, net of waivers and/or expense reimbursement was .15% for the six months ended April 30, 2016. The effective management fee rate before any waivers and/or expense reimbursement was .50% for the six months ended April 30, 2016.

PI has contractually agreed through February 28, 2017 to reimburse and/or waive fees so that the net annual Fund operating expenses (exclusive of distribution and service (12b-1) fees, extraordinary expenses and certain other expenses such as taxes, interest and brokerage commissions) do not exceed .60% of the Fund’s average daily net assets.

Prudential Short Duration Multi-Sector Bond Fund 61

Notes to Financial Statements (unaudited) (continued)

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at the annual rate of .25% and 1% of the average daily net assets of the Class A and C shares, respectively. Effective March 9, 2015, the Class A contractual distribution and service (12b-1) fees were reduced from .30% to .25% of the average daily net assets and the contractual 12b-1 fee waiver of .05% was terminated.

PIMS has advised the Fund that it has received $60,177 in front-end sales charges resulting from sales of Class A shares, during the six months ended April 30, 2016. From these fees, PIMS paid a substantial portion of such sales charges to affiliated broker-dealers, which in turn paid commissions to sales persons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2016, it received $1,754 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

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

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent fees and expenses in the Statement of Operations 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.

62

The Fund invests in the Prudential Core Ultra Short Bond Fund, (formerly known as Prudential Core Taxable Money Market Fund (the “Core Fund”), a portfolio of the Prudential Investment Portfolios 2, registered under the 1940 Act, and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income.”

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of investment securities, other than short-term investments and U.S. Government securities, for the six months ended April 30, 2016, were $25,290,131 and $26,430,616, respectively.

Transactions in options written during the six months ended April 30, 2016, were as follows:

	Notional Amount (000)			Premiums Received
Options outstanding at October 31, 2015	$	23,791		$	59,649
Written options		4,213			177,573
Expired options		(19,608	)		(107,768	)
Exercised options		—			—
Closed options		(8,396	)		(129,454	)
Options outstanding at April 30, 2016	$	—		$	—

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2016 were as follows:

Tax Basis	$	111,092,383
Appreciation		1,535,966
Depreciation		(2,087,656	)
Net Unrealized Depreciation	$	(551,690	)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2015 of approximately $1,097,000 which can be carried forward for an unlimited period. 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.

Prudential Short Duration Multi-Sector Bond Fund 63

Notes to Financial Statements (unaudited) (continued)

Note 6. Capital

The Fund offers Class A, Class C, Class Q, and Class Z shares. Class A shares are sold with a front-end sales charge of up to 3.25%. 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 and/or benefits plans. Class C shares are sold with a CDSC of 1% during the first 12 months. Class Q and Class Z shares are not subject to any sales or redemption charges and are available only 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 common stock.

There are 200 million shares of common stock authorized, $.001 par value per share, divided into four classes, designated Class A, Class C, Class Q, and Class Z shares, each of which consists of 50 million, 25 million, 75 million, and 50 million shares, respectively.

As of April 30, 2016, Prudential, through its affiliates, owned 2,697,935 shares of Class Q.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2016:
Shares sold		380,673		$	3,636,084
Shares issued in reinvestment of dividends and distributions		10,332			98,755
Shares reacquired†		(75,532	)		(720,125	)
Net increase (decrease) in shares outstanding before conversion		315,473			3,014,714
Shares reacquired upon conversion into other share class(es)		(1,888	)		(18,140	)
Net increase (decrease) in shares outstanding		313,585		$	2,996,574
Year ended October 31, 2015:
Shares sold		610,370		$	5,951,409
Shares issued in reinvestment of dividends and distributions		7,686			75,004
Shares reacquired		(115,572	)		(1,131,486	)
Net increase (decrease) in shares outstanding before conversion		502,484			4,894,927
Shares reacquired upon conversion into other share class(es)		(2,133	)		(21,009	)
Net increase (decrease) in shares outstanding		500,351		$	4,873,918

64

Class C	Shares			Amount
Six months ended April 30, 2016:
Shares sold		342,754		$	3,276,918
Shares issued in reinvestment of dividends and distributions		7,446			71,196
Shares reacquired†		(118,355	)		(1,130,964	)
Net increase (decrease) in shares outstanding		231,845		$	2,217,150
Year ended October 31, 2015:
Shares sold		568,005		$	5,548,617
Shares issued in reinvestment of dividends and distributions		6,438			62,839
Shares reacquired		(41,561	)		(404,594	)
Net increase (decrease) in shares outstanding		532,882		$	5,206,862
Class Q
Six months ended April 30, 2016:
Shares sold		349,415		$	3,335,018
Shares issued in reinvestment of dividends and distributions		133,154			1,273,357
Shares reacquired†		(674,748	)		(6,435,217	)
Net increase (decrease) in shares outstanding		(192,179	)	$	(1,826,842	)
Year ended October 31, 2015:
Shares sold		1,064,274		$	10,420,016
Shares issued in reinvestment of dividends and distributions		391,496			3,839,754
Shares reacquired		(894,341	)		(8,714,000	)
Net increase (decrease) in shares outstanding		561,429		$	5,545,770
Class Z
Six months ended April 30, 2016:
Shares sold		556,012		$	5,311,201
Shares issued in reinvestment of dividends and distributions		13,815			132,135
Shares reacquired†		(204,086	)		(1,949,808	)
Net increase (decrease) in shares outstanding before conversion		365,741			3,493,528
Shares issued upon conversion from other share class(es)		1,887			18,140
Net increase (decrease) in shares outstanding		367,628		$	3,511,668
Period ended October 31, 2015:
Shares sold		784,593		$	7,671,592
Shares issued in reinvestment of dividends and distributions		18,034			176,401
Shares reacquired		(320,819	)		(3,118,610	)
Net increase (decrease) in shares outstanding before conversion		481,808		$	4,729,383
Shares issued upon conversion from other share class(es)		2,135			21,009
Net increase (decrease) in shares outstanding		483,943		$	4,750,392

† Includes affiliated redemptions of 1,059 shares with a value of $10,159 for Class A shares, 1,044 shares with a value of $10,031 for Class C shares, 1,063 shares with a value of $10,217 for Class Q shares and 1,063 shares with a value of $10,214 for Class Z shares.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the

Prudential Short Duration Multi-Sector Bond Fund 65

Notes to Financial Statements (unaudited) (continued)

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 8, 2015 through October 6, 2016. The Funds pay an annualized commitment fee of .11% of the unused portion of the SCA. Prior to October 8, 2015, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .075% of the unused portion of the SCA. Interest on any borrowings under the SCA is paid at contracted market rates. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund did not utilize the SCA during the six months ended April 30, 2016.

Note 8. New Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. Management has evaluated the implications of ASU No. 2015-07 and has determined that there is no impact on the financial statement disclosures.

In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications. of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined.

66

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2016			Year Ended October 31, 2015			December 23, 2013(b) through October 31, 2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.65			$9.99			$10.00
Income (loss) from investment operations:
Net investment income		.12			.21			.19
Net realized and unrealized gain (loss) on investments		.01			(.14	)		(.05	)
Total from investment operations		.13			.07			.14
Less Dividends and Distributions:
Dividends from net investment income		(.13	)		(.41	)		(.15	)
Net asset value, end of period		$9.65			$9.65			$9.99
Total Return(a):		1.37%			.70%			1.41%
Ratios/Supplemental Data:
Net assets, end of period (000)		$8,821			$5,797			$1,004
Average net assets (000)		$7,593			$2,412			$295
Ratios to average net assets(d)(g):
Expense after waivers and/or expense reimbursement		.85%	(e)		.85%			0.90%	(e)
Expense before waivers and/or expense reimbursement		1.28%	(e)		1.49%			1.62%	(e)
Net investment income		2.43%	(e)		2.18%			2.19%	(e)
Portfolio turnover rate		33%	(f)		51%			222%	(f)

(a) Total return does not consider the effect of sales load. 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 investment return may reflect adjustments to conform with generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

(g) 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 average daily net assets.

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 67

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30, 2016			Year Ended October 31, 2015			December 23, 2013(b) through October 31, 2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.65			$9.99			$10.00
Income (loss) from investment operations:
Net investment income		.08			.14			.12
Net realized and unrealized gain (loss) on investments		.02			(.15	)		(.04	)
Total from investment operations		.10			(.01	)		.08
Less Dividends and Distributions:
Dividends from net investment income		(.10	)		(.33	)		(.09	)
Net asset value, end of period		$9.65			$9.65			$9.99
Total Return(a):		1.00%			(.06)%			0.79%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,965			$5,728			$605
Average net assets (000)		$7,174			$2,495			$166
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.60%	(e)		1.60%			1.65%	(e)
Expense before waivers and/or expense reimbursement		2.03%	(e)		2.26%			2.33%	(e)
Net investment income		1.69%	(e)		1.42%			1.42%	(e)
Portfolio turnover rate		33%	(f)		51%			222%	(f)

(a) Total return does not consider the effect of sales load. 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 investment return may reflect adjustments to conform with generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

68

Class Q Shares
	Six Months Ended April 30, 2016			Year Ended October 31, 2015			December 23, 2013(b) through October 31, 2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.65			$9.99			$10.00
Income (loss) from investment operations:
Net investment income		.13			.25			.19
Net realized and unrealized gain (loss) on investments		.01			(.16	)		(.03	)
Total from investment operations		.14			.09			.16
Less Dividends and Distributions:
Dividends from net investment income		(.14	)		(.43	)		(.17	)
Net asset value, end of period		$9.65			$9.65			$9.99
Total Return(a):		1.50%			.95%			1.63%
Ratios/Supplemental Data:
Net assets, end of period (000)		$85,781			$87,644			$85,092
Average net assets (000)		$85,270			$87,488			$74,561
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		.60%	(e)		.60%			.65%	(e)
Expense before waivers and/or expense reimbursement		.93%	(e)		.97%			1.05%	(e)
Net investment income		2.71%	(e)		2.51%			2.20%	(e)
Portfolio turnover rate		33%	(f)		51%			222%	(f)

(a) Total return does not consider the effect of sales load. 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 investment return may reflect adjustments to conform with generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Short Duration Multi-Sector Bond Fund 69

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30, 2016			Year Ended October 31, 2015			December 23, 2013(b) through October 31, 2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.65			$9.99			$10.00
Income (loss) from investment operations:
Net investment income		.13			.24			.21
Net realized and unrealized (loss) on investments		.01			(.15	)		(.05	)
Total from investment operations		.14			.09			.16
Less Dividends and Distributions:
Dividends from net investment income		(.14	)		(.43	)		(.17	)
Net asset value, end of period		$9.65			$9.65			$9.99
Total Return(a)		1.50%			.94%			1.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,411			$6,863			$2,268
Average net assets (000)		$8,890			$4,575			$1,074
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		.60%	(e)		.60%			.65%	(e)
Expense before waivers and/or expense reimbursement		1.03%	(e)		1.20%			1.29%	(e)
Net investment income		2.70%	(e)		2.48%			2.46%	(e)
Portfolio turnover rate		33%	(f)		51%			222%	(f)

(a) Total return does not consider the effect of sales load. 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 investment return may reflect adjustments to conform with generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

70

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

PROXY VOTING

The Board of Directors of the Fund 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 or by visiting the Securities and Exchange Commission’s website at www.sec.gov. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Fixed Income LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Prudential 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	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential Short Duration Multi-Sector Bond Fund, Prudential Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

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

BY ANY BANK OR ANY BANK AFFILIATE

PRUDENTIAL SHORT DURATION MULTI-SECTOR BOND FUND

SHARE CLASS	A	C	Q	Z
NASDAQ	SDMAX	SDMCX	SDMQX	SDMZX
CUSIP	74440B876	74440B868	74440B850	74440B843

MF219E2    0293005-00001-00

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential Total Return Bond Fund

SEMIANNUAL REPORT APRIL 30, 2016

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

Objective: Total return

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

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

The accompanying financial statements as of April 30, 2016, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. Prudential Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2016 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at prudentialfunds.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Total Return Bond Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2016.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Total Return Bond Fund

June 15, 2016

Prudential Total Return Bond Fund 3

Your Fund’s Performance (unaudited)

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

Cumulative Total Returns (Without Sales Charges) as of 4/30/16
	Six Months (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception  (%)
Class A	2.97	2.06	24.59	81.30	—
Class B	2.72	1.47	21.50	72.23	—
Class C	2.59	1.29	20.02	70.33	—
Class Q	3.17	2.46	26.83	N/A	32.35 (12/27/10)
Class R	2.84	1.81	23.11	N/A	59.12 (1/14/08)
Class Z	3.11	2.33	26.35	86.02	—
Barclays US Aggregate Bond Index	2.82	2.72	19.32	62.19	—
Lipper Core Plus Bond Funds Average	2.26	1.24	19.97	65.05	—
Average Annual Total Returns (With Sales Charges) as of 3/31/16
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception  (%)
Class A		–3.84	3.74	5.52	—
Class B		–4.78	3.99	5.46	—
Class C		–1.11	3.91	5.34	—
Class Q		1.09	5.06	N/A	5.27 (12/27/10)
Class R		0.45	4.43	N/A	5.70 (1/14/08)
Class Z		0.89	4.96	6.27	—
Barclays US Aggregate Bond Index		1.96	3.78	4.90	—
Lipper Core Plus Bond Funds Average		–0.03	3.83	4.99	—

Source: Prudential Investments LLC and Lipper Inc.

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

4 Visit our website at prudentialfunds.com

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

	Class A	Class B*	Class C	Class Q	Class R	Class Z
Maximum initial sales charge	4.50% of the public offering price	None	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	5% (Yr. 1) 4% (Yr. 2) 3% (Yr. 3) 2% (Yr. 4) 1% (Yr. 5) 1% (Yr. 6) 0% (Yr. 7)	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% (.75% currently)	1%	None	.75% (.50% currently)	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

Benchmark Definitions

Barclays US Aggregate Bond Index—The 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 cumulative total returns for the Index measured from the month-end closest to the inception dates for Class Q shares through 4/30/16 are 21.34% and 44.13% for Class R shares. The average annual total returns for the Index measured from the month-end closest to the inception date for Class Q shares through 3/31/16 are 3.68% and 4.48% for Class R shares.

Lipper Core Plus Bond Funds Average—The Lipper Core Plus Bond Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Core Plus Bond Funds category for the periods noted. Funds in the Lipper Average invest at least 65% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high yield, global, and emerging market debt. These funds maintain dollar-weighted average maturities of five to 10 years. The cumulative total returns for the Lipper Average measured from the month-end closest to the inception date for Class Q shares through 4/30/16 are 23.28% and 47.88% for Class R shares. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date for Class Q shares through 3/31/16 are 3.89% and 4.72% for Class R shares.

Prudential Total Return Bond Fund 5

Your Fund’s Performance (continued)

Investors cannot invest directly in an index. 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. The Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the inception date for the indicated share class.

Distributions and  Yields as of 4/30/16
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.20	2.34	2.31
Class B	0.16	1.96	1.67
Class C	0.14	1.71	1.67
Class Q	0.22	2.79	2.79
Class R	0.18	2.20	1.91
Class Z	0.21	2.71	2.67

*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.

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Credit Quality expressed as a percentage of total investments as of 4/30/16 (%)
AAA	29.0
AA	7.8
A	21.8
BBB	18.3
BB	12.0
B	5.2
CCC	0.1
Not Rated	3.6
Cash/Cash Equivalents	2.3
Total Investments	100.0

Source: PGIM, Inc.

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), Standard & Poor’s (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 a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

Prudential Total Return Bond Fund 7

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, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on November 1, 2015, at the beginning of the period, and held through the six-month period ended April 30, 2016. 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 page 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 page 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 page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of Prudential Investments funds, including the 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

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paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential  Total Return Bond Fund		Beginning  Account Value November 1, 2015		Ending  Account Value April 30, 2016		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,029.70		0.82	%	$	4.14
	Hypothetical	$	1,000.00	$	1,020.79		0.82	%	$	4.12
Class B	Actual	$	1,000.00	$	1,027.20		1.32	%	$	6.65
	Hypothetical	$	1,000.00	$	1,018.30		1.32	%	$	6.62
Class C	Actual	$	1,000.00	$	1,025.90		1.57	%	$	7.91
	Hypothetical	$	1,000.00	$	1,017.06		1.57	%	$	7.87
Class Q	Actual	$	1,000.00	$	1,031.70		0.45	%	$	2.27
	Hypothetical	$	1,000.00	$	1,022.62		0.45	%	$	2.26
Class R	Actual	$	1,000.00	$	1,028.40		1.07	%	$	5.40
	Hypothetical	$	1,000.00	$	1,019.54		1.07	%	$	5.37
Class Z	Actual	$	1,000.00	$	1,031.10		0.57	%	$	2.88
	Hypothetical	$	1,000.00	$	1,022.03		0.57	%	$	2.87

*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 182 days in the six-month period ended April 30, 2016, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2016 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

Prudential Total Return Bond Fund 9

Fees and Expenses (continued)

The Fund’s annualized expense ratios for the six-month period ended April 30, 2016, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	0.85	0.82
B	1.60	1.32
C	1.60	1.57
Q	0.47	0.45
R	1.35	1.07
Z	0.60	0.57

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

10 Visit our website at prudentialfunds.com

Portfolio of Investments (unaudited)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    98.0%
ASSET-BACKED SECURITIES    19.3%
Collateralized Loan Obligations    13.7%
ACAS CLO Ltd. (Cayman Islands), Series 2013-1A, Class A, 144A		1.814	%(a)		04/20/25		22,550	$	22,331,518
AIMCO CLO (Cayman Islands), Series 2014-AA, Class A, 144A		2.174	(a)		07/20/26		7,900		7,886,404
Series 2015-AA, Class A1, 144A		2.029	(a)		01/15/28		62,500		62,665,569
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1, 144A		2.134	(a)		04/28/26		13,800		13,777,414
Series 2014-3A, Class A2A, 144A		2.884	(a)		04/28/26		4,100		4,101,735
Series 2014-5A, Class A, 144A		2.228	(a)		10/15/26		44,250		44,332,894
Ares CLO Ltd. (Cayman Islands), Series 2012-2A, Class B1R, 144A		2.481	(a)		10/12/23		20,000		19,866,242
Ares XXVI CLO Ltd. (Cayman Islands), Series 2013-1A, Class A, 144A		1.728	(a)		04/15/25		5,300		5,243,828
Ares XXVII CLO Ltd. (Cayman Islands), Series 2013-2A, Class A2R, 144A		1.984	(a)		07/28/25		10,000		9,971,275
Ares XXXI CLO Ltd. (Cayman Islands), Series 2014-31A, Class A1, 144A		2.076	(a)		08/28/25		8,000		7,975,019
Arrowpoint CLO Ltd. (Cayman Islands), Series 2014-3A, Class A, 144A		2.178	(a)		10/15/26		9,250		9,209,556
Series 2015-4A, Class A, 144A		2.183	(a)		04/18/27		59,200		58,955,859
Series 2015-4A, Class B, 144A		3.063	(a)		04/18/27		21,250		21,188,010
Atlas Senior Loan Fund IV Ltd. (Cayman Islands), Series 2013-2A, Class A1L, 144A		2.118	(a)		02/17/26		32,750		32,610,966
Atlas Senior Loan Fund VI Ltd. (Cayman Islands), Series 2014-6A, Class A, 144A		2.168	(a)		10/15/26		16,300		16,271,868
Series 2014-6A, Class B, 144A		3.028	(a)		10/15/26		2,750		2,772,533
Atrium X (Cayman Islands), Series 10A, Class A, 144A		1.753	(a)		07/16/25		49,000		48,471,270
Avery Point V CLO Ltd. (Cayman Islands), Series 2014-5A, Class A, 144A		2.093	(a)		07/17/26		6,500		6,476,837
Avery Point VI CLO Ltd. (Cayman Islands), Series 2015-6A, Class A, 144A		2.071	(a)		08/05/27		29,500		29,248,713
Babson CLO Ltd. (Cayman Islands), Series 2013-IA, Class A, 144A		1.734	(a)		04/20/25		13,991		13,841,744
Battalion CLO IV Ltd. (Cayman Islands), Series 2013-4A, Class A1, 144A		2.035	(a)		10/22/25		3,500		3,483,363
Battalion CLO V Ltd. (Cayman Islands), Series 2014-5A, Class A1, 144A		2.133	(a)		04/17/26		8,450		8,416,181
Series 2014-5A, Class A2A, 144A		2.783	(a)		04/17/26		500		485,421
Series 2014-5A, Class A2B, 144A		4.410			04/17/26		1,000		979,076

See Notes to Financial Statements.

Prudential Total Return Bond Fund 11

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Battalion CLO VI Ltd. (Cayman Islands), Series 2014-6A, Class A1, 144A		2.083	%(a)		10/17/26		22,500	$	22,126,426
Battalion CLO VII Ltd. (Cayman Islands), Series 2014-7A, Class A1, 144A		2.233	(a)		10/17/26		22,250		22,147,688
Battalion CLO VIII Ltd. (Cayman Islands), Series 2015-8A, Class A1, 144A		2.163	(a)		04/18/27		35,500		34,847,503
Bean Creek CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.223	(a)		01/20/28		31,500		31,456,297
Benefit Street Partners CLO II Ltd. (Cayman Islands), Series 2013-IIA, Class A1, 144A		1.828	(a)		07/15/24		16,300		16,087,117
Benefit Street Partners CLO V Ltd. (Cayman Islands),
Series 2014-VA, Class A, 144A		2.234	(a)		10/20/26		13,000		12,960,159
Benefit Street Partners CLO VII Ltd. (Cayman Islands), Series 2015-VIIA, Class A1A, 144A		2.163	(a)		07/18/27		4,150		4,132,002
Blue Hill CLO Ltd. (Cayman Islands), Series 2013-1A, Class A, 144A		2.108	(a)		01/15/26		4,300		4,259,933
Bosphorus CLO II DAC (Ireland), Series 2A, Class A, 144A		1.430	(a)		10/15/25	EUR	23,000		26,321,189
Series 2A, Class B, 144A		2.150	(a)		10/15/25	EUR	14,000		16,050,144
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		1.783	(a)		04/17/25		15,600		15,329,451
Series 2013-1A, Class B1, 144A		2.383	(a)		04/17/25		13,500		12,987,262
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1A, 144A		2.094	(a)		07/27/26		14,750		14,691,060
Catamaran CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A		2.184	(a)		04/20/26		14,300		14,252,749
Series 2014-2A, Class A1, 144A		2.143	(a)		10/18/26		16,750		16,655,311
Series 2015-1A, Class A, 144A		2.185	(a)		04/22/27		76,250		75,739,270
Cavalry CLO II (Cayman Islands), Series 2A, Class A, 144A		1.983	(a)		01/17/24		10,000		9,866,701
CIFC Funding Ltd. (Cayman Islands), Series 2012-1A, Class A1R, 144A		1.768	(a)		08/14/24		1,700		1,699,506
ECP CLO Ltd. (Cayman Islands), Series 2014-6A, Class A1A, 144A		2.078	(a)		07/15/26		10,250		10,035,266
Flatiron CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		2.033	(a)		01/17/26		11,000		10,936,320
Galaxy XVIII CLO Ltd. (Cayman Islands), Series 2014-18A, Class A, 144A		2.098	(a)		10/15/26		16,750		16,637,592
Highbridge Loan Management Ltd. (Cayman Islands), Series 2015-6A, Class A, 144A		2.071	(a)		05/05/27		73,000		72,435,659

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
ICG US CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1B, 144A		3.280	%		01/25/27		20,000	$	19,977,656
Jackson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.168	(a)		04/15/27		25,000		24,835,158
Jefferson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1, 144A		2.134	(a)		07/20/27		15,000		14,695,826
KVK CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A		2.208	(a)		05/15/26		6,700		6,679,726
Series 2014-1A, Class A2, 144A		3.670			05/15/26		2,000		1,996,271
Series 2014-1A, Class B, 144A		2.868	(a)		05/15/26		6,000		5,624,767
Series 2014-2A, Class A, 144A		2.178	(a)		07/15/26		10,250		10,063,017
Series 2015-1A, Class A, 144A		2.198	(a)		05/20/27		20,500		20,150,727
Limerock CLO II Ltd. (Cayman Islands), Series 2014-2A, Class A, 144A		2.133	(a)		04/18/26		5,250		5,219,243
Madison Park Funding X Ltd. (Cayman Islands), Series 2012-10A, Class A1A, 144A		2.004	(a)		01/20/25		58,500		58,263,245
Magnetite VIII Ltd. (Cayman Islands), Series 2014-8A, Class A, 144A		2.108	(a)		04/15/26		23,950		23,893,883
Magnetite IX Ltd. (Cayman Islands), Series 2014-9A, Class A1, 144A		2.058	(a)		07/25/26		1,600		1,597,102
Magnetite XI Ltd. (Cayman Islands), Series 2014-11A, Class A1, 144A		2.083	(a)		01/18/27		10,750		10,683,306
Mill Creek II CLO Ltd., Series 2016-1A, Class A, 144A(b)		2.340	(a)		04/20/28		33,300		33,377,422
Mountain View CLO Ltd. (Cayman Islands), Series 2014-1A, Class B, 144A		3.038	(a)		10/15/26		2,000		1,907,040
Series 2015-9A, Class A1A, 144A		2.088	(a)		07/15/27		43,600		42,235,695
Neuberger Berman CLO Ltd. (Cayman Islands), Series 2012-12A, Class BR, 144A		2.738	(a)		07/25/23		6,250		6,171,690
Neuberger Berman CLO XVI Ltd. (Cayman Islands), Series 2014-16A, Class A1, 144A		2.098	(a)		04/15/26		11,500		11,469,540
Ocean Trails CLO IV (Cayman Islands), Series 2013-4A, Class A, 144A		1.918	(a)		08/13/25		13,500		13,300,145
OZLM Funding IV Ltd. (Cayman Islands), Series 2013-4A, Class A1, 144A		1.785	(a)		07/22/25		2,800		2,771,957
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1, 144A		2.118	(a)		05/21/27		63,800		63,454,038
Series 2015-2A, Class A1A, 144A		2.134	(a)		07/20/27		10,000		9,940,723
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class A, 144A		1.868	(a)		02/20/25		4,750		4,719,059
Regatta III Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1A, 144A		2.148	(a)		04/15/26		16,700		16,683,373
Series 2014-1A, Class A2, 144A		2.728	(a)		04/15/26		3,350		3,231,921

See Notes to Financial Statements.

Prudential Total Return Bond Fund 13

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Regatta IV Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A		2.048	%(a)		07/25/26		50,000	$	49,612,170
Series 2014-1A, Class A2, 144A		2.168	(a)		07/25/26		11,750		11,709,797
Series 2014-1A, Class B, 144A		2.648	(a)		07/25/26		28,095		27,634,354
Regatta V Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1A, 144A		2.198	(a)		10/25/26		21,000		20,872,383
Seneca Park CLO Ltd. (Cayman Islands), Series 2014-1A, Class A, 144A		2.113	(a)		07/17/26		3,300		3,291,732
Series 2014-1A, Class B2, 144A		4.350			07/17/26		2,500		2,455,136
Shackleton II CLO Ltd. (Cayman Islands), Series 2012-2A, Class A1, 144A		2.044	(a)		10/20/23		17,000		16,948,261
Shackleton III CLO Ltd. (Cayman Islands), Series 2013-3A, Class B2, 144A		3.440			04/15/25		4,900		4,916,028
Shackleton VI CLO (Cayman Islands), Series 2014-6A, Class A1, 144A		2.113	(a)		07/17/26		56,950		56,338,334
Sheridan Square CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		1.678	(a)		04/15/25		17,850		17,537,382
Silver Spring CLO Ltd. (Cayman Islands), Series 2014-1A, Class A, 144A		2.078	(a)		10/15/26		11,661		11,523,062
Silvermore CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A		2.068	(a)		05/15/26		47,325		46,282,629
Slater Mill Loan Fund LP (Cayman Islands), Series 2012-1A, Class B, 144A		3.268	(a)		08/17/22		2,000		1,988,076
Sound Point CLO I Ltd. (Cayman Islands), Series 2012-1A, Class B, 144A		3.334	(a)		10/20/23		4,350		4,349,715
Sound Point CLO VI Ltd. (Cayman Islands), Series 2014-2A, Class A1, 144A		1.994	(a)		10/20/26		10,500		10,363,287
Sound Point CLO XI Ltd. (Cayman Islands), Series 2016-1A, Class A, 144A(b)		2.285	(a)		07/20/28		35,000		34,926,500
THL Credit Wind River CLO Ltd. (Cayman Islands), Series 2014-1A, Class B2, 144A		4.730			04/18/26		5,700		5,738,987
Series 2014-3A, Class A, 144A		2.255	(a)		01/22/27		51,500		51,483,175
Series 2015-1A, Class A, 144A		2.134	(a)		07/20/27		30,000		29,407,020
Treman Park CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.134	(a)		04/20/27		40,225		39,974,764
Tyron Park CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		1.748	(a)		07/15/25		38,165		37,751,288
Vibrant CLO Ltd. (Cayman Islands), Series 2015-3A, Class A1, 144A		2.264	(a)		04/20/26		77,250		76,698,814
Voya CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		1.768	(a)		04/15/24		10,050		9,925,338
Series 2013-2A, Class A1, 144A		1.788	(a)		04/25/25		3,250		3,209,182

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Washington Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1, 144A		2.134	%(a)		04/20/26		11,550	$	11,471,775
Series 2014-1A, Class B2, 144A		4.250			04/20/26		3,500		3,421,405
									1,914,991,024
Non-Residential Mortgage-Backed Securities    2.3%
American Express Credit Account Master Trust, Series 2013-1, Class B		1.133	(a)		02/16/21		2,000		1,996,950
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class A, 144A		2.630			12/20/21		15,500		15,507,397
Series 2016-1A, Class A, 144A		2.990			06/20/22		10,000		10,074,184
Exeter Automobile Receivables Trust, Series 2016-1A, Class A, 144A		2.350			07/15/20		9,910		9,910,520
Hertz Vehicle Financing LLC, Series 2016-2A, Class A, 144A		2.950			03/25/22		41,900		42,180,981
Hertz Vehicle Financing II LLC, Series 2015-1A, Class A, 144A		2.730			03/25/21		42,400		42,648,841
Marriott Vacation Club Owner Trust, Series 2010-1A, Class A, 144A		3.540			10/20/32		700		713,002
OneMain Financial Issuance Trust, Series 2014-2A, Class C, 144A		4.330			09/18/24		6,410		6,198,096
Series 2015-2A, Class A, 144A		2.570			07/18/25		40,200		40,013,255
Series 2016-1A, Class A, 144A		3.660			02/20/29		28,300		28,450,250
Series 2016-2A, Class A, 144A		4.100			03/20/28		25,000		25,590,682
Series 2016-2A, Class B, 144A		5.940			03/20/28		12,790		13,114,361
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A, 144A		3.080			03/21/33		7,265		7,306,070
Small Business Administration Participation Certificates, Series 2001-20A, Class 1		6.290			01/01/21		42		44,842
Series 2003-20I, Class 1		5.130			09/01/23		32		34,811
Springleaf Funding Trust, Series 2014-AA, Class C, 144A		4.450			12/15/22		1,670		1,638,103
Series 2015-AA, Class A, 144A		3.160			11/15/24		54,942		55,004,304
Series 2015-AA, Class B, 144A		3.620			11/15/24		3,250		3,134,317
Series 2015-AA, Class C, 144A		5.040			11/15/24		6,000		5,782,131
Volkswagen Credit Auto Master Trust, Series 2014-1A, Class A2, 144A		1.400			07/22/19		14,298		14,141,493
									323,484,590

See Notes to Financial Statements.

Prudential Total Return Bond Fund 15

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities    3.3%
Aames Mortgage Investment Trust, Series 2005-2, Class M4		1.384	%(a)		07/25/35		3,827	$	3,696,868
ABFC Trust, Series 2003-OPT1, Class A1		1.079	(a)		04/25/33		5,689		5,430,358
Series 2003-WMC1, Class M1		1.414	(a)		06/25/33		583		542,399
Series 2004-OPT1, Class M1		1.489	(a)		08/25/33		429		406,664
Series 2004-OPT5, Class A4		1.689	(a)		06/25/34		2,252		2,098,591
Series 2005-AQ1, Class A4		4.893			06/25/35		2,440		2,492,133
Series 2005-HE2, Class M2		1.189	(a)		06/25/35		1,120		1,110,185
Accredited Mortgage Loan Trust, Series 2004-4, Class A2D		1.139	(a)		01/25/35		398		377,377
ACE Securities Corp. Home Equity Loan Trust, Series 2003-HE1, Class M1		1.414	(a)		11/25/33		931		869,060
Series 2003-OP1, Class M1		1.489	(a)		12/25/33		1,149		1,086,131
Series 2004-FM1, Class M1		1.339	(a)		09/25/33		313		292,896
Series 2004-HE4, Class M1		1.339	(a)		12/25/34		7,029		6,323,775
Series 2004-OP1, Class M1		1.219	(a)		04/25/34		6,935		6,414,012
Aegis Asset-Backed Securities Trust, Series 2005-3, Class M1		0.909	(a)		08/25/35		587		579,391
Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates, Series 2004-1, Class M1		1.459	(a)		04/25/34		1,176		1,102,278
Series 2004-2, Class A3		1.399	(a)		06/25/34		148		147,075
Ameriquest Mortgage Securities, Inc., Series 2001-2, Class M3		3.364	(a)		10/25/31		86		85,413
Ameriquest Mortgage Securities, Inc. Asset-Backed, Series 2003-10, Class AV1		1.199	(a)		12/25/33		1,437		1,398,076
Series 2003-10, Class AV2		1.139	(a)		11/25/33		74		65,388
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-1, Class M1		1.789	(a)		02/25/33		2,214		2,083,868
Series 2003-5, Class A6		4.180			04/25/33		4,628		4,693,836
Series 2003-11, Class AV2		1.179	(a)		12/25/33		1,637		1,523,935
Series 2004-R2, Class A1A		1.129	(a)		04/25/34		3,163		3,113,432
Series 2004-R8, Class M1		1.399	(a)		09/25/34		3,125		3,112,844
Series 2005-R11, Class A2D		0.769	(a)		01/25/36		155		151,867
Amortizing Residential Collateral Trust, Series 2002-BC8, Class A3		1.439	(a)		11/25/32		417		404,229
Argent Securities, Inc., Series 2003-W2, Class M4		3.236	(a)		09/25/33		600		551,648
Series 2003-W7, Class M1		1.474	(a)		03/25/34		684		670,001

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Argent Securities, Inc., (cont’d.)
Series 2003-W10, Class M1		1.519	%(a)		01/25/34		1,736	$	1,606,770
Series 2003-W10, Class M2		2.914	(a)		01/25/34		129		115,309
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W2, Class AF		4.403			04/25/34		503		506,862
Series 2004-W6, Class M1		1.264	(a)		05/25/34		386		366,313
Series 2005-W2, Class A2C		0.799	(a)		10/25/35		1,958		1,854,705
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE3, Class M1		1.678	(a)		06/15/33		1,440		1,375,570
Series 2003-HE4, Class M1		1.678	(a)		08/15/33		1,731		1,642,825
Series 2003-HE5, Class M1		1.558	(a)		09/15/33		2,678		2,473,388
Series 2004-HE1, Class M1		1.483	(a)		01/15/34		4,430		4,107,151
Series 2004-HE3, Class M1		1.249	(a)		06/25/34		8,981		8,403,090
Series 2004-HE5, Class M1		1.339	(a)		08/25/34		2,855		2,686,480
Series 2004-HE9, Class M1		1.414	(a)		12/25/34		2,773		2,518,323
Series 2005-HE6, Class M2		1.204	(a)		07/25/35		404		401,826
Bayview Opportunity Master Fund liib NPL Trust, Series 2015-NPLA, Class A, 144A		3.721			07/28/35		5,885		5,869,129
Bear Stearns Asset-Backed Securities I Trust, Series 2001-HE8, Class M1		1.414	(a)		09/25/34		570		484,275
Series 2004-FR2, Class M2		1.459	(a)		06/25/34		4,100		3,716,252
Series 2004-HE7, Class M1		1.339	(a)		08/25/34		4,383		4,133,308
Series 2004-HE11, Class M2		2.014	(a)		12/25/34		7,444		7,289,915
Series 2005-HE5, Class M2		1.474	(a)		06/25/35		7,330		7,121,636
Series 2007-HE3, Class 1A2		0.639	(a)		04/25/37		352		351,841
Bear Stearns Asset-Backed Securities Trust, Series 2002-2, Class A2		1.639	(a)		10/25/32		92		86,174
Series 2004-HE2, Class M1		1.339	(a)		03/25/34		1,931		1,843,209
Series 2004-HE3, Class M2		2.164	(a)		04/25/34		849		778,876
Series 2004-HE5, Class M1		1.294	(a)		07/25/34		2,777		2,648,468
CDC Mortgage Capital Trust, Series 2003-HE4, Class M1		1.414	(a)		03/25/34		2,101		2,010,135
Chase Funding Trust, Series 2002-2, Class 1A5		6.333			04/25/32		721		732,549
Citigroup Global Markets Mortgage Securities VII, Inc., Series 2002-CIT1, Class M2		2.239	(a)		03/25/32		3,222		2,973,620
Citigroup Mortgage Loan Trust, Series 2006-HE1, Class M1		0.769	(a)		01/25/36		361		357,942

See Notes to Financial Statements.

Prudential Total Return Bond Fund 17

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates, Series 2005-OPT3, Class M2		1.114	%(a)		05/25/35		3,248	$	3,205,980
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH1, Class M2		0.809	(a)		01/25/36		1,850		1,735,090
Countrywide Asset-Backed Certificates, Series 2002-3, Class 2A1		1.099	(a)		06/25/32		3,443		3,218,887
Series 2003-BC5, Class 2A2		1.139	(a)		12/25/33		740		704,112
Series 2004-3, Class 1A		0.859	(a)		08/25/34		13,599		12,473,164
Series 2004-6, Class 1A1		0.979	(a)		12/25/34		4,603		4,238,684
Series 2004-12, Class AF5		5.169			04/25/35		1,536		1,544,985
Series 2004-BC1, Class M1		1.189	(a)		02/25/34		1,780		1,708,253
Series 2004-BC4, Class M1		1.489	(a)		11/25/34		3,663		3,493,342
Series 2006-26, Class 2A3		0.609	(a)		06/25/37		1,739		1,645,459
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE4, Class M2		2.689	(a)		08/25/32		13		11,394
Credit-Based Asset Servicing and Securitization LLC, Series 2004-CB8, Class M1		1.234	(a)		12/25/35		4,222		3,960,803
CWABS, Inc. Asset-backed Certificates Trust, Series 2003-5, Class AF5		5.434			02/25/34		1,845		1,853,834
Series 2004-5, Class 3A		0.899	(a)		09/25/34		1,156		1,139,801
Series 2004-6, Class 2A4		1.339	(a)		11/25/34		1,033		1,004,512
Series 2004-6, Class 2A5		1.219	(a)		11/25/34		1,144		1,111,430
Encore Credit Receivables Trust, Series 2005-1, Class M1		1.099	(a)		07/25/35		5,526		5,272,828
Series 2005-3, Class M3		1.204	(a)		10/25/35		10,000		9,223,347
Equity One Mortgage Pass-Through Trust, Series 2004-3, Class M1		4.851			07/25/34		119		111,994
FBR Securitization Trust, Series 2005-2, Class M1		1.159	(a)		09/25/35		948		940,566
FFMLT Trust, Series 2005-FF2, Class M4		1.324	(a)		03/25/35		1,857		1,714,927
Finance America Mortgage Loan Trust, Series 2004-2, Class M1		1.264	(a)		08/25/34		2,733		2,496,935
First Franklin Mortgage Loan Trust, Series 2005-FF3, Class M3		1.159	(a)		04/25/35		4,096		4,009,347
Fremont Home Loan Trust, Series 2003-B, Class M1		1.489	(a)		12/25/33		4,132		3,939,781
Series 2004-2, Class M1		1.294	(a)		07/25/34		8,121		7,056,541
Series 2004-C, Class M1		1.414	(a)		08/25/34		2,644		2,466,040
GSAA Trust, Series 2006-7, Class AF2		5.995	(a)		03/25/46		1,291		901,063

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
GSAMP Trust, Series 2004-FM1, Class M1		1.414	%(a)		11/25/33		723	$	675,593
Series 2004-FM2, Class M1		1.189	(a)		01/25/34		1,876		1,741,629
Series 2004-HE2, Class M1		1.414	(a)		09/25/34		2,650		2,449,700
Home Equity Asset Trust, Series 2002-4, Class M1		1.939	(a)		03/25/33		3,672		3,549,056
Series 2003-3, Class M1		1.729	(a)		08/25/33		1,743		1,658,844
Series 2003-4, Class M1		1.639	(a)		10/25/33		1,634		1,497,619
Series 2003-5, Class M1		1.489	(a)		12/25/33		149		141,364
Series 2003-6, Class M1		1.489	(a)		02/25/34		3,277		3,095,305
Series 2004-2, Class M1		1.234	(a)		07/25/34		2,524		2,352,001
Series 2004-7, Class M1		1.369	(a)		01/25/35		1,051		989,169
HSBC Home Equity Loan Trust U.S.A., Series 2006-3, Class M1		0.699	(a)		03/20/36		8,000		7,865,329
Series 2007-2, Class A4		0.739	(a)		07/20/36		1,857		1,846,252
Series 2007-2, Class M1		0.749	(a)		07/20/36		3,210		3,095,800
Series 2007-2, Class M2		0.809	(a)		07/20/36		710		672,359
Series 2007-3, Class A4		1.939	(a)		11/20/36		805		806,231
Series 2007-3, Class M2		2.939	(a)		11/20/36		5,000		4,986,390
IndyMac Residential Asset-Backed Trust, Series 2005-A, Class M3		1.264	(a)		03/25/35		1,470		1,456,786
JPMorgan Mortgage Acquisition Corp., Series 2005-WMC1, Class M2		1.099	(a)		09/25/35		1,604		1,483,515
Long Beach Mortgage Loan Trust, Series 2003-4, Class AV1		1.059	(a)		08/25/33		5,748		5,141,632
Series 2004-1, Class M1		1.189	(a)		02/25/34		1,253		1,182,025
Series 2004-2, Class M1		1.234	(a)		06/25/34		431		415,963
Series 2004-4, Class 1A1		0.999	(a)		10/25/34		14		12,936
MASTR Asset-Backed Securities Trust, Series 2003-OPT1, Class M2		3.214	(a)		12/25/32		2,140		2,143,455
Series 2004-HE1, Class M2		1.534	(a)		09/25/34		807		804,152
Series 2004-WMC1, Class M1		1.219	(a)		02/25/34		892		848,337
Series 2004-WMC3, Class M1		1.264	(a)		10/25/34		5,691		5,377,343
Series 2005-NC1, Class M1		1.159	(a)		12/25/34		2,208		2,014,487
Merrill Lynch Mortgage Investors Trust, Series 2002-HE1, Class A1		1.439	(a)		08/25/32		4,009		3,872,723
Series 2003-OPT1, Class A3		1.159	(a)		07/25/34		807		779,332
Series 2004-OPT1, Class A1A		0.959	(a)		06/25/35		1,002		961,147
Series 2004-OPT1, Class A2A		1.159	(a)		06/25/35		961		872,260
Series 2004-WMC3, Class M2		2.284	(a)		01/25/35		3,840		3,770,260

See Notes to Financial Statements.

Prudential Total Return Bond Fund 19

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-HE1, Class M1		1.639	%(a)		05/25/33		1,244	$	1,176,468
Series 2003-NC5, Class M1		1.714	(a)		04/25/33		142		140,588
Series 2004-HE3, Class A4		1.239	(a)		03/25/34		483		390,621
Series 2004-HE3, Class M1		1.294	(a)		03/25/34		812		768,437
Series 2004-HE4, Class M1		1.339	(a)		05/25/34		8,955		8,508,423
Series 2004-HE5, Class M1		1.384	(a)		06/25/34		1,024		962,909
Series 2004-HE8, Class A7		1.499	(a)		09/25/34		663		609,396
Series 2004-HE8, Class M1		1.399	(a)		09/25/34		5,000		4,595,505
Series 2004-NC1, Class M1		1.489	(a)		12/27/33		1,031		994,873
Series 2004-NC6, Class M1		1.339	(a)		07/25/34		4,886		4,613,773
Series 2004-OP1, Class M1		1.309	(a)		11/25/34		1,650		1,492,728
Series 2004-WMC1, Class M1		1.369	(a)		06/25/34		772		746,719
Series 2004-WMC2, Class M1		1.354	(a)		07/25/34		615		586,528
Series 2004-WMC3, Class M2		1.234	(a)		01/25/35		4,907		4,478,494
Series 2005-NC1, Class A2C		1.199	(a)		01/25/35		2,930		2,891,181
Series 2005-NC2, Class M3		1.114	(a)		03/25/35		3,000		2,886,485
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM2, Class M1		1.564	(a)		05/25/32		102		96,274
New Century Home Equity Loan Trust, Series 2003-4, Class M1		1.564	(a)		10/25/33		1,199		1,153,007
Series 2003-A, Class A, 144A		1.159	(a)		10/25/33		2,099		1,909,905
Series 2004-1, Class M1		1.324	(a)		05/25/34		861		786,985
Series 2004-3, Class M1		1.369	(a)		11/25/34		538		476,673
Series 2004-4, Class M1		1.204	(a)		02/25/35		1,211		1,083,003
Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2003-3, Class A2		1.039	(a)		06/25/33		1,259		1,174,202
Option One Mortgage Loan Trust, Series 2004-1, Class M1		1.339	(a)		01/25/34		2,940		2,734,380
Ownit Mortgage Loan Trust, Series 2005-2, Class M4		1.369	(a)		03/25/36		1,053		1,036,082
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-WHQ2, Class M2		1.384	(a)		02/25/35		701		698,355
Series 2005-WLL1, Class M3		1.174	(a)		03/25/35		13,319		12,377,428
Residential Asset Mortgage Products Trust, Series 2003-RS11, Class AI6A		5.960			12/25/33		880		949,205
Series 2004-RS12, Class MII2		1.639	(a)		12/25/34		1		1,192
Residential Asset Securities Corp. Trust, Series 2004-KS1, Class AI5		5.221			02/25/34		386		399,462

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Saxon Asset Securities Trust, Series 2002-3, Class M1		1.564	%(a)		12/25/32		43	$	39,491
Series 2005-3, Class M1		0.899	(a)		11/25/35		571		563,827
Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC1, Class M1		1.219	(a)		02/25/34		821		762,268
Specialty Underwriting & Residential Finance Trust, Series 2003-BC2, Class M1		1.564	(a)		06/25/34		809		783,583
Series 2003-BC4, Class M1		1.339	(a)		11/25/34		596		552,681
Series 2004-BC1, Class M1		1.204	(a)		02/25/35		1,362		1,252,469
Series 2004-BC2, Class A2		0.979	(a)		05/25/35		390		336,821
Series 2004-BC2, Class M1		1.264	(a)		05/25/35		1,899		1,772,154
Series 2004-BC3, Class A2C		1.439	(a)		07/25/35		800		755,288
Series 2004-BC3, Class M1		1.369	(a)		07/25/35		3,392		3,237,356
Structured Asset Investment Loan Trust, Series 2003-BC7, Class 3A2		1.389	(a)		07/25/33		1,261		1,169,141
Structured Asset Investment Loan Trust (Cayman Islands), Series 2003-BC8, Class 3A3		1.339	(a)		08/25/33		448		425,081
Structured Asset Investment Loan Trust, Series 2003-BC10, Class A4		1.439	(a)		10/25/33		1,928		1,855,327
Series 2004-1, Class A3		1.239	(a)		02/25/34		26,044		24,714,111
Series 2004-4, Class A4		1.239	(a)		04/25/34		854		791,108
Series 2004-6, Class A3		1.239	(a)		07/25/34		3,378		3,180,755
Series 2004-7, Class A8		1.639	(a)		08/25/34		2,510		2,206,625
Series 2004-BNC1, Class A2		1.439	(a)		09/25/34		1,662		1,604,615
Series 2004-BNC1, Class A4		1.379	(a)		09/25/34		1,483		1,377,432
Series 2005-6, Class M2		1.219	(a)		07/25/35		17,361		15,742,115
Series 2005-7, Class M1		1.174	(a)		08/25/35		8,000		7,716,045
Series 2006-2, Class A3		0.619	(a)		04/25/36		5,489		4,878,970
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM1, Class M1		1.789	(a)		04/25/33		502		488,570
VOLT XLIV LLC, Series 2016-NPL4, Class A1, 144A(b)		4.250			04/25/46		6,250		6,249,350
VOLT XXVII LLC, Series 2014-NPL7, Class A1, 144A		3.375			08/27/57		6,561		6,494,814
VOLT XXX LLC, Series 2015-NPL1, Class A1, 144A		3.625			10/25/57		29,777		29,523,108
VOLT XXXI LLC, Series 2015-NPL2, Class A1, 144A		3.375			02/25/55		19,246		18,991,100
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates, Series 2004-1, Class 2A1		0.739	(a)		04/25/34		400		376,734
									467,581,984
TOTAL ASSET-BACKED SECURITIES (cost $2,696,238,960)									2,706,057,598

See Notes to Financial Statements.

Prudential Total Return Bond Fund 21

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a)    3.2%
Airlines
American Airlines, Inc.		3.250	%		06/29/20		3,000	$	2,980,314
US Airways, Inc.		3.500			05/23/19		2,040		2,037,450
									5,017,764
Automotive    0.1%
Chrysler Group LLC		3.250			12/31/18		2,326		2,324,086
Chrysler Group LLC		3.500			05/24/17		7,001		6,995,553
									9,319,639
Cable    0.2%
Charter Communications Operating LLC		3.000			07/01/20		3,132		3,123,193
Charter Communications Operating LLC		3.000			01/03/21		1,975		1,968,141
CSC Holdings LLC		3.131			04/17/20		2,487		2,484,882
Newsday LLC		3.935			10/12/16		5,000		4,993,750
Quebecor Media, Inc.		3.250			08/17/20		6,927		6,860,868
Virgin Media Investment Holdings Ltd. (United Kingdom)		3.500			06/30/23		4,347		4,335,776
									23,766,610
Capital Goods    0.1%
ADS Waste Holdings, Inc.		3.750			10/09/19		1,412		1,405,759
Generac Power Systems, Inc.		3.500			05/31/20		8,957		8,903,639
									10,309,398
Chemicals    0.2%
Axalta Coating Systems US Holdings		3.750			02/01/20		13,756		13,721,635
CeramTec GmbH (Germany)(b)		4.250			08/30/20	EUR	2,400		2,744,698
MacDermid, Inc.		5.500			06/07/20		12,879		12,617,157
OXEA Finance & CY SCA (Luxembourg)(b)		4.500			01/15/20	EUR	1,605		1,819,920
									30,903,410
Consumer    0.2%
Advantage Sales & Marketing, Inc.		4.250			07/23/21		2,955		2,922,681
Bombardier Recreational Products, Inc.		3.750			01/30/19		2,150		2,144,625
Motor Fuel Group (United Kingdom)		6.000			07/15/22	GBP	10,000		14,330,280
									19,397,586
Electric
Calpine Construction Finance Co. LP		3.000			05/04/20		1,084		1,063,079
Calpine Corp.		4.000			10/09/19		3,939		3,930,571
									4,993,650

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a) (Continued)
Energy - Refining
Western Refining, Inc.		4.250	%		11/12/20		4,924	$	4,856,722
Foods    0.1%
ARAMARK Corp.		3.250			02/24/21		5,671		5,676,367
B.C. Unlimited Liability Co.		3.750			12/10/21		5,367		5,372,464
Supervalu, Inc.		4.500			03/21/19		5,053		4,992,977
									16,041,808
Gaming
CCM Merger, Inc.		4.500			08/06/21		2,307		2,311,825
Healthcare & Pharmaceutical    0.5%
Capsugel Holdings US, Inc.		4.000			07/31/21		5,862		5,854,440
CHS Community Health Systems, Inc.		3.750			12/31/18		5,774		5,737,750
CHS Community Health Systems, Inc.		3.750			12/31/19		1,244		1,223,178
Community Health Systems, Inc.(b)		3.136			01/25/19		1,995		1,945,146
Grifols Worldwide OPS Ltd.		3.630			02/26/21		5,887		5,889,576
Mallinckrodt International Finance (Luxembourg)		3.500			03/19/21		4,851		4,782,399
Ortho Clinical Diagnostics, Inc.		4.750			06/30/21		2,211		2,095,027
RPI Finance Trust (Luxembourg)		3.250			11/09/18		746		744,774
RPI Finance Trust (Luxembourg)		3.500			11/09/20		5,002		5,014,666
Select Med Corp.(b)		6.000			03/03/21		16,525		16,669,594
Valeant Pharmaceuticals International, Inc. (Canada)		3.890			10/20/18		5,036		4,897,901
Valeant Pharmaceuticals International, Inc. (Canada)		4.750			08/05/20		3,956		3,843,955
Valeant Pharmaceuticals International, Inc. (Canada)		5.000			04/01/22		5,374		5,255,163
									63,953,569
Home Construction
Beazer Homes USA, Inc.		0.635			03/11/18		5,000		4,950,000
Machinery
Terex Corp.(b)		3.500			08/13/21		5,442		5,346,618
Media & Entertainment    0.1%
CBS Outdoor Americas CAP LLC		3.000			02/01/21		1,825		1,815,114
Nielsen Finance LLC		2.687			05/30/17		8,680		8,672,564
Tribune Media Co.		3.750			12/28/20		2,985		2,967,241
									13,454,919

See Notes to Financial Statements.

Prudential Total Return Bond Fund 23

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a) (Continued)
Packaging
Berry Plastics Group, Inc.		3.750	%		01/06/21		908	$	908,836
Restaurants
Landry’s Restaurants, Inc.		4.000			04/24/18		2,439		2,438,585
Retailers    0.3%
Douglas Holding AG (Germany)		6.000			08/13/22	EUR	6,000		6,897,169
Euro Garages (United Kingdom)		5.000			01/30/23	GBP	11,500		16,727,670
Rite Aid Corp.		4.875			06/21/21		11,500		11,514,375
Staples, Inc.		4.750			02/02/22		9,175		9,180,735
									44,319,949
Software    0.1%
Solera Holdings, Inc.		5.750			03/03/23		17,000		17,069,819
Supermarkets    0.1%
Albertsons Holdings LLC		5.500			08/25/21		10,823		10,851,231
Technology    1.0%
Action Nederland BV		4.750			02/25/22	EUR	12,599		14,502,880
Avago Technologies Cayman Finance Ltd. (Singapore)		4.250			02/01/23		29,775		29,791,555
BMC Software Finance, Inc.		5.000			09/10/20		7,196		6,201,857
CDW Corp.		3.250			04/29/20		3,192		3,188,285
First Data Corp.		4.131			09/24/18		2,100		2,099,563
First Data Corp.		4.439			03/24/21		5,698		5,708,058
NXP BV (Netherlands)		3.250			01/10/20		3,915		3,903,933
NXP BV (Netherlands)		3.750			12/07/20		8,479		8,502,601
ON Semiconductor Corp.		5.250			03/31/23		18,025		18,106,112
TransUnion LLC		3.500			04/09/21		8,231		8,184,729
Vantiv LLC		2.631			06/13/19		5,019		4,968,562
Western Digital Corp.		—	(p)		04/28/23		14,450		14,206,156
Western Digital Corp.		4.500			04/29/23	EUR	14,000		15,760,260
									135,124,551
Telecommunications    0.1%
LTS Buyer LLC		4.000			04/13/20		3,990		3,981,433
SBA Senior Finance II LLC		3.250			03/24/21		4,913		4,901,447
SBA Senior Finance II LLC		3.250			06/10/22		4,963		4,943,891
Zayo Group LLC		3.750			05/06/21		1,737		1,735,148
									15,561,919

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a) (Continued)
Transportation    0.1%
XPO Logistics, Inc.		5.500	%		11/01/21		6,484	$	6,512,116
TOTAL BANK LOANS (cost $445,861,084)									447,410,524
COMMERCIAL MORTGAGE-BACKED SECURITIES    8.7%
Banc of America Commercial Mortgage Trust, Series 2006-2, Class AM		6.026	(a)		05/10/45		2,609		2,607,255
Series 2006-5, Class AM		5.448			09/10/47		19,570		19,770,152
Series 2006-6, Class A3		5.369			10/10/45		96		96,456
Series 2006-6, Class A4		5.356			10/10/45		1,110		1,116,294
Series 2007-2, Class A1A		5.739	(a)		04/10/49		5,796		5,932,020
Series 2007-3, Class A5		5.377			06/10/49		800		826,044
Series 2007-5, Class A1A		5.361			02/10/51		2,808		2,925,480
Series 2007-5, Class AM		5.772	(a)		02/10/51		12,514		12,903,776
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-1, Class AJ		5.516	(a)		11/10/42		213		213,083
BBCCRE Trust, Series 2015-GTP, Class A, 144A		3.966			08/10/33		31,000		32,666,675
BBCMS Trust, Series 2015-RRI, Class XCP, IO, 144A		0.741	(a)		05/15/32		324,000		2,475,360
CD Commercial Mortgage Trust, Series 2007-CD4, Class AMFX		5.366	(a)		12/11/49		48,872		49,650,271
CD Mortgage Trust, Series 2006-CD2, Class AM		5.531	(a)		01/15/46		125		124,989
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class B, 144A		2.283	(a)		12/15/27		5,272		5,192,169
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class AM		5.462			10/15/49		7,085		7,165,221
Series 2014-GC21, Class A4		3.575			05/10/47		11,690		12,498,877
Series 2014-GC25, Class A3		3.372			10/10/47		10,000		10,504,488
Series 2015-P1, Class XB, IO		0.053	(a)		09/15/48		58,898		223,459
Series 2016-GC37, Class A4		3.314			04/10/49		22,150		22,902,303
COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class A4		5.223			08/15/48		1,239		1,250,909
Commercial Mortgage Trust, Series 2006-C7, Class AM		6.032	(a)		06/10/46		10,357		10,352,012
Series 2006-C8, Class AM		5.347			12/10/46		10,700		10,846,383
Series 2007-GG9, Class AM		5.475			03/10/39		18,669		19,019,451
Series 2012-CR5, Class A3		2.540			12/10/45		3,000		3,029,246
Series 2013-CR7, Class A3		2.929			03/10/46		9,800		10,156,853
Series 2013-LC6, Class XA, IO		1.872	(a)		01/10/46		61,908		3,986,721
Series 2014-UBS3, Class A3		3.546			06/10/47		12,500		13,262,414

See Notes to Financial Statements.

Prudential Total Return Bond Fund 25

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage Trust, (cont’d.)
Series 2014-UBS3, Class XB, IO, 144A		0.457	%(a)		06/10/47		130,681	$	3,210,192
Series 2014-UBS4, Class A4		3.420			08/10/47		10,300		10,821,221
Series 2014-UBS6, Class A4		3.378			12/10/47		14,000		14,686,580
Series 2015-CR27, Class A4		3.612			10/10/48		50,000		53,300,635
Series 2015-DC1, Class XA, IO		1.327	(a)		02/10/48		125,603		8,605,984
Series 2015-LC21, Class A4		3.708			07/10/48		15,100		16,210,504
Series 2015-PC1, Class A5		3.902			07/10/50		29,800		32,374,198
Series 2016-DC2, Class A5		3.765			02/10/49		34,600		37,298,049
Credit Suisse Commercial Mortgage Trust, Series 2014-USA, Class A2, 144A		3.953			09/15/37		56,050		59,821,593
Series 2015-DEAL, Class XCP, IO, 144A		1.618	(a)		04/15/29		69,222		414,640
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class XB, IO		0.250			08/15/48		86,961		1,626,171
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class C, 144A		3.673	(a)		09/10/35		30,650		30,813,809
Fannie Mae-Aces, Series 2015-M8, Class AB2		2.829			01/25/25		11,400		11,842,265
FHLMC Multifamily Structured Pass-Through Certificates, Series K006, Class AX1, IO		1.169	(a)		01/25/20		261,941		8,087,364
Series K007, Class X1, IO		1.331	(a)		04/25/20		20,782		686,315
Series K008, Class X1, IO		1.797	(a)		06/25/20		98,724		4,888,658
Series K009, Class X1, IO		1.599	(a)		08/25/20		3,622		168,717
Series K014, Class X1, IO		1.387	(a)		04/25/21		12,494		644,858
Series K015, Class X1, IO		1.793	(a)		07/25/21		1,416		98,024
Series K019, Class X1, IO		1.843	(a)		03/25/22		131,664		10,678,415
Series K020, Class X1, IO		1.586	(a)		05/25/22		48,189		3,474,048
Series K021, Class X1, IO		1.622	(a)		06/25/22		222,373		16,281,294
Series K024, Class X1, IO		1.006	(a)		09/25/22		66,826		2,977,934
Series K025, Class X1, IO		1.015	(a)		10/25/22		30,362		1,389,842
Series K026, Class X1, IO		1.161	(a)		11/25/22		108,889		5,923,610
Series K027, Class X1, IO		0.948	(a)		01/25/23		271,841		11,765,782
Series K032, Class X1, IO		0.233	(a)		05/25/23		256,511		1,940,040
Series K038, Class X1, IO		1.348	(a)		03/25/24		160,694		11,776,732
Series K043, Class X1, IO		0.677	(a)		12/25/24		76,772		3,057,394
Series K044, Class X1, IO		0.882	(a)		01/25/25		447,158		23,409,738
Series K052, Class X1, IO		0.813	(a)		11/25/25		315,651		15,700,545
Series K501, Class X1A, IO		1.665	(a)		08/25/16		10,169		7,959
Series K702, Class X1, IO		1.617	(a)		02/25/18		10,324		231,242
Series K703, Class X1, IO		2.188	(a)		05/25/18		8,807		309,897
Series K710, Class X1, IO		1.895	(a)		05/25/19		30,642		1,375,155
Series K711, Class X1, IO		1.820	(a)		07/25/19		46,894		2,052,476
Series K718, Class X1, IO		0.771	(a)		01/25/22		294,001		9,174,144

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)
Series KAIV, Class X1, IO		1.335	%(a)		06/25/21		2,028	$	106,788
Series Q001, Class XA, IO		2.355	(a)		02/25/32		30,678		5,534,330
Series Q002, Class XA, IO		1.225	(a)		07/25/33		39,644		3,896,811
Freddie Mac Mortgage Trust, Series 2012-K19, Class B, 144A		4.173	(a)		05/25/45		5,045		5,336,232
Series 2013-K27, Class X2A, IO, 144A		0.100			01/25/46		1,356,830		7,334,618
Series 2013-K32, Class X2A, IO, 144A		0.100			10/25/46		1,229,836		6,669,156
GE Business Loan Trust, Series 2007-1A, Class A, 144A		0.603	(a)		04/16/35		2,927		2,687,737
GS Mortgage Securities Trust, Series 2013-GC16, Class XA, IO		1.684	(a)		11/10/46		37,211		2,253,184
Series 2013-GCJ12, Class A3		2.860			06/10/46		11,400		11,753,805
Series 2013-GCJ14, Class XA, IO		1.001	(a)		08/10/46		224,796		8,705,361
Series 2014-GC20, Class A2		3.002			04/10/47		3,500		3,608,914
Series 2014-GC22, Class XB, IO		0.410	(a)		06/10/47		37,110		878,108
Series 2015-GC28, Class XB, IO		0.493	(a)		02/10/48		43,393		1,255,802
Series 2015-GC32, Class XB, IO		0.010	(a)		07/10/48		60,188		44,930
Houston Galleria Mall Trust, Series 2015-HGLR, Class XCP, IO, 144A		0.195	(a)		03/05/23		525,000		7,985,355
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Class A2		1.677			12/15/47		108		108,108
Series 2012-LC9, Class A4		2.611			12/15/47		4,000		4,069,827
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2004-CBX, Class AJ		4.951	(a)		01/12/37		186		185,400
Series 2007-LD12, Class A3		6.135	(a)		02/15/51		102		102,200
Series 2008-C2, Class A1A		5.998			02/12/51		8,833		8,977,682
Series 2012-CBX, Class A3		3.139			06/15/45		1,935		1,968,170
Series 2013-C10, Class A4		2.875			12/15/47		11,000		11,354,429
Series 2013-C13, Class A3		3.525			01/15/46		3,000		3,128,838
Series 2013-LC11, Class A4		2.694			04/15/46		11,400		11,626,698
Series 2014-C18, Class A2		2.879			02/15/47		3,500		3,602,641
Series 2014-C20, Class A3A1		3.472			07/15/47		5,042		5,272,318
Series 2014-C21, Class A4		3.493			08/15/47		9,800		10,431,150
Series 2014-C23, Class XA, IO		1.019	(a)		09/15/47		77,536		3,146,605
Series 2014-C24, Class A3		3.098			11/15/47		8,040		8,263,038
Series 2014-C25, Class A4A1		3.408			11/15/47		7,800		8,224,882
Series 2014-C25, Class XB, IO		0.250	(a)		11/15/47		51,813		580,399
Series 2014-C26, Class A3		3.231			01/15/48		11,650		12,148,086
Series 2015-C28, Class A4		3.227			10/15/48		35,300		36,496,003

See Notes to Financial Statements.

Prudential Total Return Bond Fund 27

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust, (cont’d.)
Series 2015-C29, Class XA, IO		1.096	%(a)		05/15/48		52,513	$	2,413,695
Series 2015-C29, Class XB, IO		0.224	(a)		05/15/48		54,147		488,200
Series 2015-C32, Class XB, IO		0.430	(a)		11/15/48		57,408		1,363,096
Series 2015-FL7, Class B, 144A		2.233	(a)		05/15/28		40,000		39,556,108
Series 2015-SGP, Class XCP, IO, 144A		0.597	(a)		01/15/18		720,000		7,166,376
Series 2016-C1, Class A5		3.576			03/15/49		38,680		40,961,795
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class AM		5.493	(a)		02/15/40		22,091		22,427,538
Merrill Lynch Mortgage Trust, Series 2006-C1, Class AM		5.921	(a)		05/12/39		1,690		1,688,215
Series 2007-C1, Class A3		6.026	(a)		06/12/50		166		166,320
Series 2007-C1, Class ASB		6.026	(a)		06/12/50		328		330,238
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class AM		6.103	(a)		06/12/46		60		59,940
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class XA, IO, 144A		1.894	(a)		08/15/45		56,883		3,599,012
Series 2013-C7, Class A3		2.655			02/15/46		10,000		10,181,177
Series 2013-C8, Class A3		2.863			12/15/48		3,400		3,490,006
Series 2013-C9, Class A3		2.834			05/15/46		5,900		6,068,407
Series 2015-C24, Class A3		3.479			05/15/48		8,425		8,903,402
Series 2015-C24, Class XA, IO		0.984	(a)		05/15/48		169,474		9,251,796
Series 2015-C25, Class A5		3.635			10/15/48		20,000		21,297,204
Morgan Stanley Capital I Trust, Series 2005-T19, Class AJ		4.985	(a)		06/12/47		5		5,178
Series 2007-HQ11, Class A31		5.439			02/12/44		246		245,467
Series 2007-IQ14, Class AAB		9.336	(a)		04/15/49		794		799,460
Series 2015-XLF1, Class B, 144A		2.187	(a)		08/14/31		5,200		5,177,727
Motel 6 Trust, Series 2015-MTL6, Class B, 144A		3.298			02/05/30		28,300		28,449,379
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A3		2.533			12/10/45		4,150		4,247,667
Series 2012-C4, Class A4		2.792			12/10/45		5,200		5,322,543
Series 2013-C5, Class A3		2.920			03/10/46		9,100		9,372,617
Series 2013-C5, Class XA, IO, 144A		1.210	(a)		03/10/46		15,223		818,213
Series 2013-C5, Class XB, IO, 144A		0.576	(a)		03/10/46		96,528		2,727,370
Series 2013-C6, Class A3		2.971			04/10/46		9,500		9,809,477
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class AJ		5.465	(a)		10/15/44		131		130,977
Series 2006-C27, Class A3		5.765	(a)		07/15/45		5,277		5,268,991
Series 2007-C31, Class AM		5.591	(a)		04/15/47		6,895		7,071,625
Series 2007-C32, Class APB		5.889	(a)		06/15/49		485		485,236

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Wachovia Bank Commercial Mortgage Trust, (cont’d.)
Series 2007-C33, Class A4		6.147	%(a)		02/15/51		5,317	$	5,476,053
Series 2007-C33, Class AM		6.147	(a)		02/15/51		9,225		9,528,302
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class XA, IO, 144A		2.206	(a)		10/15/45		46,030		3,816,641
Series 2013-LC12, Class A3		3.986			07/15/46		6,900		7,572,754
Series 2013-LC12, Class A3FL, 144A		1.483	(a)		07/15/46		27,500		27,587,585
Series 2014-LC16, Class A4		3.548			08/15/50		5,910		6,286,777
Series 2015-NXS1, Class XB, IO		0.495	(a)		05/15/48		24,936		935,765
Series 2015-NXS2, Class A4		3.498			07/15/58		13,700		14,452,927
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $1,201,333,401)									1,211,563,246
CORPORATE BONDS    45.3%
Aerospace & Defense    0.3%
Embraer Netherlands Finance BV (Brazil), Gtd. Notes		5.050			06/15/25		3,300		3,300,000
Harris Corp., Sr. Unsec’d. Notes(c)		3.832			04/27/25		2,700		2,813,883
Lockheed Martin Corp., Sr. Unsec’d. Notes		3.100			01/15/23		8,620		9,033,967
Sr. Unsec’d. Notes(c)		3.550			01/15/26		9,880		10,591,410
Raytheon Co., Sr. Unsec’d. Notes		3.150			12/15/24		3,390		3,584,508
United Technologies Corp., Sr. Unsec’d. Notes		1.125			12/15/21	EUR	7,800		9,120,834
									38,444,602
Agriculture    0.5%
Altria Group, Inc., Gtd. Notes		2.850			08/09/22		6,925		7,184,556
Gtd. Notes		9.950			11/10/38		1,086		1,962,271
Gtd. Notes		10.200			02/06/39		103		188,214
BAT International Finance PLC (United Kingdom), Gtd. Notes, 144A		3.950			06/15/25		24,630		26,993,544
Imperial Brands Finance PLC (United Kingdom), Gtd. Notes, 144A		2.050			02/11/18		9,975		10,031,040
Reynolds American, Inc., Gtd. Notes(c)		2.300			08/21/17		2,075		2,100,983
Gtd. Notes		3.500			08/04/16		340		342,302
Gtd. Notes		4.000			06/12/22		17,255		18,763,846
Gtd. Notes		8.125			06/23/19		305		363,809
									67,930,565

See Notes to Financial Statements.

Prudential Total Return Bond Fund 29

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Airlines    0.5%
American Airlines Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates		4.000	%		07/15/25		6,815	$	7,011,303
Series 2013-2, Class A, Pass-Through Certificates		4.950			01/15/23		8,712		9,354,969
Series 2014-1, Class A, Pass-Through Certificates		3.700			10/01/26		2,832		2,888,144
Series 2015-1, Class A, Pass-Through Certificates		3.375			05/01/27		11,581		11,711,293
Series 2015-2, Class AA, Pass-Through Certificates(c)		3.600			09/22/27		12,525		12,947,719
Continental Airlines, Inc., Pass-Through Trust, Series 2001-1, Class A-1, Pass-Through Certificates		6.703			06/15/21		3		2,606
Series 2007-1, Class A, Pass-Through Certificates		5.983			04/19/22		386		426,730
Series 2010-1, Class A, Pass-Through Certificates		4.750			01/12/21		331		350,582
Series 2012-1, Class A, Pass-Through Certificates		4.150			04/11/24		2,514		2,614,991
Series 2012-2, Class A, Pass-Through Certificates		4.000			10/29/24		850		880,043
Delta Air Lines, Inc., Pass-Through Trust, Series 2007-1, Class A, Pass-Through Certificates		6.821			08/10/22		1,572		1,811,705
Series 2009-1, Class A, Pass-Through Certificates		7.750			12/17/19		755		849,481
Series 2010-2, Class A, Pass-Through Certificates		4.950			05/23/19		827		871,826
Series 2011-1, Class A, Pass-Through Certificates		5.300			04/15/19		602		640,091
Series 2012-1, Class A, Pass-Through Certificates		4.750			05/07/20		1,369		1,451,050
Southwest Airlines Co., Sr. Unsec’d. Notes		2.650			11/05/20		9,310		9,464,881
United Airlines Pass-Through Trust, Series 2015-1, Class AA, Pass-Through Certificates		3.450			12/01/27		11,120		11,314,600
US Airways Pass-Through Trust, Series 2012-2, Class A, Pass-Through Certificates(c)		4.625			06/03/25		2,060		2,204,666
									76,796,680

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Auto Manufacturers    1.5%
Daimler Finance North America LLC (Germany), Gtd. Notes, 144A		1.875	%		01/11/18		800	$	805,392
Gtd. Notes, 144A(d)		2.250			03/02/20		20,605		20,775,527
Ford Holdings LLC, Gtd. Notes		9.375			03/01/20		3,300		4,023,218
Ford Motor Co., Sr. Unsec’d. Notes(c)		4.750			01/15/43		12,780		13,285,960
Sr. Unsec’d. Notes		6.375			02/01/29		2,595		3,085,240
Sr. Unsec’d. Notes		6.625			10/01/28		6,834		8,560,077
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		1.154	(a)		09/08/17		200		199,146
Sr. Unsec’d. Notes		2.375			01/16/18		5,290		5,354,427
Sr. Unsec’d. Notes		2.459			03/27/20		16,095		16,201,243
Sr. Unsec’d. Notes(c)		3.000			06/12/17		2,588		2,629,061
Sr. Unsec’d. Notes		3.096			05/04/23		22,490		22,490,000
Sr. Unsec’d. Notes(c)		3.219			01/09/22		12,975		13,378,432
Sr. Unsec’d. Notes(c)		4.134			08/04/25		3,145		3,332,225
Sr. Unsec’d. Notes		4.250			02/03/17		8,770		8,956,555
Sr. Unsec’d. Notes		5.000			05/15/18		600		638,182
General Motors Co., Sr. Unsec’d. Notes		4.000			04/01/25		5,560		5,623,267
Sr. Unsec’d. Notes		4.875			10/02/23		3,725		3,987,650
Sr. Unsec’d. Notes		6.250			10/02/43		3,990		4,496,598
Sr. Unsec’d. Notes		6.600			04/01/36		4,470		5,230,481
General Motors Financial Co. Inc., Gtd. Notes		3.150			01/15/20		7,490		7,627,981
Gtd. Notes		3.450			04/10/22		27,425		27,526,335
Gtd. Notes(c)		5.250			03/01/26		5,785		6,346,232
Harley-Davidson Financial Services, Inc., Gtd. Notes, MTN, 144A		2.150			02/26/20		12,370		12,468,329
Gtd. Notes, MTN, 144A		2.700			03/15/17		650		659,168
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A(c)		4.125			12/15/18		6,221		6,392,077
Gtd. Notes, 144A(c)		4.250			11/15/19		2,165		2,235,363
									206,308,166
Auto Parts & Equipment    0.3%
American Axle & Manufacturing, Inc., Gtd. Notes(c)		6.625			10/15/22		4,689		4,958,617
Dana Holding Corp., Sr. Unsec’d. Notes(c)		5.375			09/15/21		725		741,313
Sr. Unsec’d. Notes(c)		5.500			12/15/24		1,500		1,458,750

See Notes to Financial Statements.

Prudential Total Return Bond Fund 31

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Auto Parts & Equipment (cont’d.)
Goodyear Tire & Rubber Co. (The), Gtd. Notes(c)		5.125	%		11/15/23		4,225	$	4,362,313
Lear Corp., Gtd. Notes		4.750			01/15/23		3,000		3,105,000
Gtd. Notes		5.250			01/15/25		4,600		4,887,500
Gtd. Notes		5.375			03/15/24		11,650		12,378,125
Meritor, Inc., Gtd. Notes(c)		6.250			02/15/24		4,000		3,570,000
Schaeffler Holding Finance BV (Germany), Sr. Sec’d. Notes, PIK, 144A		6.250			11/15/19		300		312,750
ZF North America Capital, Inc. (Germany), Gtd. Notes, 144A(c)		4.500			04/29/22		2,000		2,047,460
									37,821,828
Banks    11.7%
Abbey National Treasury Services PLC (United Kingdom), Gtd. Notes(c)		2.375			03/16/20		21,490		21,607,572
African Development Bank (Supranational Bank), Sr. Unsec’d. Notes		7.375			04/06/23		4,841		6,464,463
Asian Development Bank (Supranational Bank), Sr. Unsec’d. Notes, RegS		0.500			08/28/20	ZAR	52,000		2,498,659
Sr. Unsec’d. Notes		0.500			07/30/20	ZAR	53,000		2,565,438
Sr. Unsec’d. Notes		0.500			09/28/20	ZAR	46,000		2,193,097
Sr. Unsec’d. Notes		5.593			07/16/18		2,001		2,197,228
Sr. Unsec’d. Notes		5.820			06/16/28		5,734		7,614,758
Sr. Unsec’d. Notes		6.220			08/15/27		2,520		3,430,703
Sr. Unsec’d. Notes		6.375			10/01/28		1,560		2,166,684
Banco de Credito del Peru (Peru), Sr. Unsec’d. Notes, 144A		4.250			04/01/23		2,532		2,645,940
Banco Santander Chile (Chile), Sr. Unsec’d. Notes, 144A		1.529	(a)		04/11/17		1,400		1,396,500
Bank of America Corp., Jr. Sub. Notes		5.125	(a)		12/31/49		2,225		2,083,156
Jr. Sub. Notes(c)		6.300	(a)		12/31/49		7,935		8,311,912
Jr. Sub. Notes		8.125	(a)		12/29/49		5,000		4,912,500
Jr. Sub. Notes, Series K		8.000	(a)		12/29/49		1,500		1,462,500
Sr. Unsec’d. Notes		0.890	(a)		10/14/16		1,200		1,198,273
Sr. Unsec’d. Notes		5.700			01/24/22		16,270		18,695,922
Sr. Unsec’d. Notes		5.875			01/05/21		3,620		4,145,327
Sr. Unsec’d. Notes		6.000			09/01/17		1,265		1,336,503
Sr. Unsec’d. Notes		7.625			06/01/19		3,235		3,751,293
Sr. Unsec’d. Notes, GMTN(c)		3.500			04/19/26		13,235		13,376,866
Sr. Unsec’d. Notes, MTN		3.875			08/01/25		9,950		10,332,577

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)
Sr. Unsec’d. Notes, MTN		4.000	%		04/01/24		3,125	$	3,282,778
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		15,785		16,735,147
Sr. Unsec’d. Notes, MTN		5.000			05/13/21		1,345		1,494,583
Sr. Unsec’d. Notes, MTN		5.650			05/01/18		2,000		2,147,772
Sr. Unsec’d. Notes, Series 1		3.750			07/12/16		735		739,008
Sub. Notes, GMTN		4.450			03/03/26		25,380		26,262,082
Sub. Notes, MTN		3.950			04/21/25		19,960		19,933,114
Sub. Notes, MTN(c)		4.000			01/22/25		31,900		31,948,073
Sub. Notes, MTN		4.200			08/26/24		18,410		18,749,094
Sub. Notes, MTN(c)		4.250			10/22/26		6,865		7,016,504
Bank of America NA, Sr. Unsec’d. Notes		2.050			12/07/18		2,000		2,020,530
Sub. Notes		5.300			03/15/17		250		258,463
Bank of England Euro Note (United Kingdom), Sr. Unsec’d. Notes, 144A		1.250			03/14/19		2,500		2,510,000
Bank of New York Mellon Corp. (The), Sr. Unsec’d. Notes, MTN(c)		3.000			02/24/25		15,120		15,508,614
Bank of Nova Scotia (The) (Canada), Sr. Unsec’d. Notes		0.939	(a)		04/11/17		3,600		3,598,373
Barclays PLC (United Kingdom), Sr. Unsec’d. Notes(c)		2.000			03/16/18		8,515		8,462,752
Sr. Unsec’d. Notes		3.250			01/12/21		7,920		7,976,351
Sr. Unsec’d. Notes(c)		3.650			03/16/25		13,965		13,402,350
Sr. Unsec’d. Notes		4.375			01/12/26		8,200		8,262,541
BB&T Corp., Sr. Unsec’d. Notes, MTN(c)		2.450			01/15/20		12,210		12,507,997
BBVA Bancomer SA (Mexico), Sub. Notes, RegS		6.500			03/10/21		2,400		2,621,040
BNP Paribas SA (France), Sr. Unsec’d. Notes(c)		2.375			05/21/20		9,010		9,126,319
Branch Banking & Trust Co., Sr. Unsec’d. Notes		2.850			04/01/21		9,550		9,850,357
Capital One Bank USA NA, Sr. Unsec’d. Notes		2.950			07/23/21		8,385		8,507,019
Capital One Financial Corp., Sr. Unsec’d. Notes(c)		3.200			02/05/25		18,610		18,491,212
Sr. Unsec’d. Notes		3.750			04/24/24		3,100		3,203,242
Sr. Unsec’d. Notes		5.250			02/21/17		1,750		1,800,834
Sub. Notes		4.200			10/29/25		11,085		11,329,413
Sub. Notes		6.150			09/01/16		150		152,415
CIT Group, Inc., Sr. Unsec’d. Notes, 144A(c)		5.500			02/15/19		11,000		11,522,500
Sr. Unsec’d. Notes, 144A(c)		6.625			04/01/18		5,000		5,268,750
Sr. Unsec’d. Notes		4.250			08/15/17		1,200		1,217,250
Sr. Unsec’d. Notes(c)		5.000			05/15/17		5,627		5,743,057
Sr. Unsec’d. Notes(c)		5.000			08/15/22		3,650		3,823,375

See Notes to Financial Statements.

Prudential Total Return Bond Fund 33

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
CITIC Pacific Ltd. (China), Sr. Unsec’d. Notes, RegS		6.800	%		01/17/23		1,800	$	2,144,639
Sr. Unsec’d. Notes, EMTN, RegS		6.875			01/21/18		3,430		3,696,185
Citigroup, Inc., Jr. Sub. Notes		5.950	(a)		12/31/49		51,035		49,376,362
Jr. Sub. Notes(c)		6.125	(a)		12/31/49		6,590		6,697,087
Sr. Unsec’d. Notes		1.298	(a)		11/15/16		2,100		2,101,875
Sr. Unsec’d. Notes(c)		3.300			04/27/25		13,325		13,428,802
Sr. Unsec’d. Notes		3.400			05/01/26		20,000		20,070,860
Sr. Unsec’d. Notes(c)		3.700			01/12/26		8,825		9,098,990
Sr. Unsec’d. Notes		3.750			06/16/24		1,890		1,968,501
Sr. Unsec’d. Notes		4.500			01/14/22		3,085		3,368,866
Sr. Unsec’d. Notes		8.125			07/15/39		2,400		3,679,591
Sub. Notes(c)		4.000			08/05/24		14,400		14,749,315
Sub. Notes(c)		4.050			07/30/22		9,835		10,295,209
Sub. Notes(c)		4.300			11/20/26		5,900		6,039,181
Sub. Notes		4.400			06/10/25		2,525		2,606,085
Sub. Notes		4.450			09/29/27		14,585		14,859,373
Citizens Bank NA/Providence RI, Sr. Unsec’d. Notes, MTN		2.300			12/03/18		5,760		5,795,556
Sr. Unsec’d. Notes, MTN		2.500			03/14/19		5,770		5,835,201
Compass Bank, Sr. Unsec’d. Notes		1.850			09/29/17		5,130		5,104,371
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes		8.125			06/04/19		2,745		3,252,825
Credit Agricole SA (France), Jr. Sub. Notes, RegS		7.875	(a)		12/31/49		1,000		960,512
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		2.750			03/26/20		1,931		1,917,041
Gtd. Notes(c)		3.800			09/15/22		4,800		4,854,797
Gtd. Notes(c)		4.875			05/15/45		4,890		4,956,778
Gtd. Notes, 144A		3.450			04/16/21		5,519		5,576,077
Gtd. Notes, 144A		4.550			04/17/26		15,020		15,334,954
Credit Suisse (Switzerland), Sr. Unsec’d. Notes		1.700			04/27/18		19,535		19,521,697
Sr. Unsec’d. Notes, MTN		1.750			01/29/18		7,365		7,390,910
Sr. Unsec’d. Notes, MTN		3.625			09/09/24		3,450		3,578,098
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes		1.875			02/13/18		18,380		18,356,161
Sr. Unsec’d. Notes, MTN(c)		3.700			05/30/24		4,775		4,776,900
Discover Bank, Sr. Unsec’d. Notes		2.000			02/21/18		3,575		3,573,785

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Discover Bank, (cont’d.)
Sr. Unsec’d. Notes		4.200	%		08/08/23		4,580	$	4,797,028
Sr. Unsec’d. Notes		4.250			03/13/26		675		696,481
Sub. Notes		7.000			04/15/20		6,980		7,911,446
Eurasian Development Bank (Supranational Bank), Sr. Unsec’d. Notes, 144A		5.000			09/26/20		2,855		2,933,855
Fifth Third Bank, Sr. Unsec’d. Notes		1.450			02/28/18		7,900		7,890,030
Sr. Unsec’d. Notes		2.375			04/25/19		1,105		1,122,993
Goldman Sachs Group, Inc. (The), Jr. Sub. Notes		5.375	(a)		12/31/49		17,210		16,616,255
Sr. Unsec’d. Notes		2.550			10/23/19		5,300		5,380,841
Sr. Unsec’d. Notes		3.500			01/23/25		19,430		19,649,112
Sr. Unsec’d. Notes(c)		3.625			01/22/23		810		839,423
Sr. Unsec’d. Notes(c)		3.750			02/25/26		8,495		8,737,439
Sr. Unsec’d. Notes		5.750			01/24/22		16,755		19,283,145
Sr. Unsec’d. Notes		6.150			04/01/18		875		945,449
Sr. Unsec’d. Notes		6.250			09/01/17		840		891,455
Sr. Unsec’d. Notes		6.250			02/01/41		2,305		2,935,127
Sr. Unsec’d. Notes, MTN		3.850			07/08/24		5,040		5,244,594
Sr. Unsec’d. Notes, MTN		4.000			03/03/24		4,505		4,753,113
Sr. Unsec’d Notes, MTN(c)		4.800			07/08/44		5,220		5,606,572
Sr. Unsec’d. Notes, MTN		6.000			06/15/20		4,520		5,148,339
Sub. Notes(c)		5.150			05/22/45		12,425		12,775,932
Sub. Notes		6.750			10/01/37		7,405		8,976,911
HSBC Holdings PLC (United Kingdom), Sr. Unsec’d. Notes		4.875			01/14/22		450		494,807
Sub. Notes		4.250			03/14/24		7,185		7,346,195
Sr. Unsec’d. Notes		5.100			04/05/21		230		255,176
ICICI Bank Ltd. (India), Jr. Sub. Notes, 144A		7.250	(a)		08/29/49		900		902,700
ICICI Bank Ltd./Hong Kong (India), Sr. Unsec’d. Notes, RegS		5.750			11/16/20		3,215		3,602,044
Inter-American Development Bank (Supranational Bank), Sr. Unsec’d. Notes		7.000			06/15/25		9,504		13,055,550
Sr. Unsec’d. Notes, EMTN		1.000			03/28/18		3,253		3,235,242
Sr. Unsec’d. Notes, EMTN		1.000			06/19/18		7,189		7,105,025
Unsec’d. Notes, EMTN		1.000			02/27/18		7,512		7,461,001
Unsec’d. Notes, EMTN		1.000			04/16/18		5,637		5,578,995
Unsec’d. Notes, EMTN, RegS		0.500			10/30/20	ZAR	53,000		2,515,101
Unsec’d. Notes, EMTN, RegS		0.500			11/30/20	ZAR	47,000		2,213,006

See Notes to Financial Statements.

Prudential Total Return Bond Fund 35

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Inter-American Development Bank (Supranational Bank), (cont’d.)
Unsec’d. Notes, MTN		6.290	%		07/16/27		2,756	$	3,736,803
Unsec’d. Notes, MTN		6.750			07/15/27		5,750		8,048,079
International Bank for Reconstruction & Development (Supranational Bank), Sr. Unsec’d. Notes		2.500			07/29/25		2,000		2,083,368
Sr. Unsec’d. Notes, EMTN		0.510			10/12/17		10,000		9,888,600
Unsec’d. Notes, EMTN		0.500			02/07/23		7,000		6,411,923
International Finance Corp. (Supranational Bank), Sr. Unsec’d. Notes, EMTN		1.000			06/04/18		3,024		2,973,805
Sr. Unsec’d. Notes, GMTN		5.280			11/21/18	HKD	3,000		422,249
Sr. Unsec’d. Notes, GMTN		7.250			01/18/17	ZAR	34,000		2,357,483
JPMorgan Chase & Co., Jr. Sub. Notes		5.300	(a)		12/31/49		21,720		21,720,000
Jr. Sub. Notes		7.900	(a)		04/29/49		5,885		5,918,103
Sr. Unsec’d. Notes(d)		2.250			01/23/20		22,900		23,067,674
Sr. Unsec’d. Notes		2.550			10/29/20		18,020		18,276,046
Sr. Unsec’d. Notes(c)(d)		3.125			01/23/25		20,770		20,826,515
Sr. Unsec’d. Notes(c)		3.150			07/05/16		3,355		3,369,118
Sr. Unsec’d. Notes		3.200			01/25/23		8,265		8,491,940
Sr. Unsec’d. Notes		3.250			09/23/22		8,770		9,106,645
Sr. Unsec’d. Notes		3.300			04/01/26		30,910		31,300,146
Sr. Unsec’d. Notes		4.250			10/15/20		5,160		5,581,474
Sr. Unsec’d. Notes		4.350			08/15/21		2,240		2,452,063
Sr. Unsec’d. Notes		4.400			07/22/20		2,400		2,605,546
Sr. Unsec’d. Notes(c)		4.500			01/24/22		3,350		3,699,613
Sr. Unsec’d. Notes		5.600			07/15/41		830		1,029,668
Sub. Notes(c)		3.375			05/01/23		2,775		2,806,099
Sub. Notes		3.875			09/10/24		18,900		19,528,954
Sub. Notes(c)		4.950			06/01/45		8,630		9,333,673
KeyBank NA, Sr. Unsec’d. Notes		1.650			02/01/18		3,350		3,354,184
Sr. Unsec’d. Notes(d)		2.250			03/16/20		13,730		13,712,398
Sr. Unsec’d. Notes		2.500			12/15/19		5,750		5,830,805
KeyCorp, Sr. Unsec’d. Notes, MTN(c)		5.100			03/24/21		560		623,875
Lloyds Bank PLC (United Kingdom), Gtd. Notes(c)		3.500			05/14/25		21,195		22,231,584
Gtd. Notes		4.200			03/28/17		1,975		2,027,699
Gtd. Notes, MTN, 144A		5.800			01/13/20		6,330		7,156,147

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Manufacturers & Traders Trust Co., Sr. Unsec’d. Notes		2.900	%		02/06/25		18,295	$	18,016,989
Mizuho Bank Ltd. (Japan), Gtd. Notes, 144A		1.850			03/21/18		2,700		2,705,216
Morgan Stanley, Jr. Sub. Notes		5.450	(a)		12/31/49		2,725		2,595,563
Jr. Sub. Notes, Series J(c)		5.550	(a)		12/31/49		4,810		4,761,900
Sr. Unsec’d. Notes		1.875			01/05/18		8,445		8,482,099
Sr. Unsec’d. Notes		3.750			02/25/23		6,575		6,852,906
Sr. Unsec’d. Notes		5.750			01/25/21		2,920		3,327,366
Sr. Unsec’d. Notes, GMTN		3.700			10/23/24		5,000		5,157,550
Sr. Unsec’d. Notes, GMTN(c)		3.875			01/27/26		17,100		17,743,576
Sr. Unsec’d. Notes, GMTN		5.450			01/09/17		1,635		1,682,628
Sr. Unsec’d. Notes, GMTN		5.500			07/28/21		5,485		6,231,163
Sr. Unsec’d. Notes, GMTN		6.625			04/01/18		3,200		3,490,803
Sr. Unsec’d. Notes, MTN(c)		4.300			01/27/45		7,500		7,616,640
Sr. Unsec’d. Notes, MTN		5.625			09/23/19		2,530		2,815,966
Sr. Unsec’d. Notes, MTN		5.750			10/18/16		1,800		1,838,392
Sr. Unsec’d. Notes, MTN		6.250			08/28/17		4,640		4,921,894
Sr. Unsec’d. Notes, MTN		6.375			07/24/42		2,360		3,118,410
Sub. Notes, GMTN		4.350			09/08/26		15,545		16,062,975
Sub. Notes, MTN(c)		3.950			04/23/27		16,340		16,316,078
North American Development Bank (Supranational Bank), Sr. Unsec’d. Notes		2.300			10/10/18		8,280		8,446,296
Sr. Unsec’d. Notes		2.400			10/26/22		27,750		27,885,059
Sr. Unsec’d. Notes		4.375			02/11/20		16,935		18,460,556
Northern Trust Corp., Sub. Notes(c)		3.950			10/30/25		3,010		3,286,008
Oesterreichische Kontrollbank AG (Austria), Gov’t. Gtd. Notes		0.750			12/15/16		2,000		1,999,720
People’s United Bank, Sub. Notes		4.000			07/15/24		1,750		1,728,701
PNC Bank NA, Sr. Unsec’d. Notes		2.950			02/23/25		22,375		22,565,098
Sub. Notes(c)		2.950			01/30/23		10,835		10,913,792
Sub. Notes(c)		4.200			11/01/25		1,450		1,602,788
PNC Financial Services Group, Inc. (The), Sr. Unsec’d. Notes		2.854			11/09/22		1,600		1,623,256
Sub. Notes(c)		3.900			04/29/24		2,715		2,878,495
Santander Bank NA, Sr. Unsec’d. Notes		2.000			01/12/18		8,825		8,789,426
Santander UK Group Holdings PLC (United Kingdom), Sr. Unsec’d. Notes		2.875			10/16/20		8,520		8,479,428

See Notes to Financial Statements.

Prudential Total Return Bond Fund 37

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
State Street Corp., Jr. Sub. Notes		5.250	%(a)		12/31/49		13,075	$	13,323,425
Jr. Sub. Notes		4.956			03/15/18		1,375		1,441,011
Sr. Unsec’d. Notes(c)		3.300			12/16/24		10,830		11,374,901
Sr. Unsec’d. Notes		3.700			11/20/23		5,105		5,556,461
Sumitomo Mitsui Banking Corp. (Japan), Gtd. Notes		2.450			01/10/19		1,225		1,243,374
Gtd. Notes		2.450			01/16/20		10,750		10,893,029
Gtd. Notes		3.000			01/18/23		5,125		5,180,688
Gtd. Notes, GMTN(c)		2.250			07/11/19		2,560		2,581,486
SunTrust Bank, Inc., Sr. Unsec’d. Notes		2.500			05/01/19		7,830		7,963,337
SunTrust Bank, Sr. Unsec’d. Notes		2.750			05/01/23		3,675		3,622,036
UBS AG (Switzerland), Sr. Unsec’d. Notes, GMTN		1.800			03/26/18		13,675		13,727,690
UBS Group Funding Jersey Ltd. (Switzerland), Gtd. Notes, 144A(c)		4.125			04/15/26		28,515		29,289,382
US Bancorp, Sub. Notes, MTN		2.950			07/15/22		1,750		1,802,810
Sub. Notes, MTN(c)		3.600			09/11/24		12,170		12,839,313
Wells Fargo & Co., Jr. Sub. Notes(c)		7.980	(a)		03/29/49		2,400		2,496,000
Sr. Unsec’d. Notes(c)		2.500			03/04/21		6,960		7,071,040
Sr. Unsec’d. Notes		3.000			04/22/26		17,540		17,496,273
Sr. Unsec’d. Notes, MTN		3.000			02/19/25		12,000		12,037,920
Sr. Unsec’d. Notes, MTN(c)		3.300			09/09/24		6,650		6,853,556
Sr. Unsec’d. Notes, MTN(c)		3.500			03/08/22		3,970		4,218,736
Sub. Notes		4.480			01/16/24		4,360		4,719,722
Sub. Notes, GMTN(c)		4.900			11/17/45		11,940		12,910,292
Sub. Notes, MTN(c)		4.100			06/03/26		4,790		5,038,908
Sub. Notes, MTN		4.125			08/15/23		14,485		15,500,138
									1,633,278,290
Beverages    0.4%
Anheuser-Busch InBev Finance, Inc. (Belgium), Gtd. Notes(d)		4.700			02/01/36		25,475		27,860,301
Gtd. Notes(c)		4.900			02/01/46		6,785		7,694,583
Anheuser-Busch InBev Worldwide,Inc. (Belgium),
Gtd. Notes		8.000			11/15/39		1,880		2,882,096
Gtd. Notes		8.200			01/15/39		450		697,934
Coca-Cola Icecek A/S (Turkey), Sr. Unsec’d. Notes, RegS		4.750			10/01/18		4,300		4,498,221
Sr. Unsec’d. Notes, 144A		4.750			10/01/18		1,275		1,333,775

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Beverages (cont’d.)
Cott Beverages, Inc. (Canada), Gtd. Notes		6.750	%		01/01/20		11,450	$	11,993,875
Embotelladora Andina SA (Chile), Sr. Unsec’d. Notes, 144A(c)		5.000			10/01/23		1,935		2,088,231
									59,049,016
Biotechnology    0.4%
Amgen, Inc., Sr. Unsec’d. Notes(c)		4.400			05/01/45		14,320		14,875,244
Sr. Unsec’d. Notes		5.150			11/15/41		6,010		6,843,545
Sr. Unsec’d. Notes(c)		5.375			05/15/43		5,020		5,876,764
Sr. Unsec’d. Notes		6.400			02/01/39		2,010		2,595,569
Celgene Corp., Sr. Unsec’d. Notes(c)		3.250			08/15/22		7,529		7,794,623
Gilead Sciences, Inc., Sr. Unsec’d. Notes(c)		3.500			02/01/25		6,730		7,147,078
Sr. Unsec’d. Notes		4.800			04/01/44		5,160		5,835,650
									50,968,473
Building Materials    0.8%
Cemex Finance LLC (Mexico), Sr. Sec’d. Notes, RegS		5.250			04/01/21	EUR	800		944,075
Sr. Sec’d. Notes, RegS		9.375			10/12/22		3,000		3,297,000
Sr. Sec’d. Notes, 144A		9.375			10/12/22		9,450		10,385,550
Cemex SAB de CV (Mexico),
Sr. Sec’d. Notes, 144A		4.750			01/11/22	EUR	2,450		2,820,816
Sr. Sec’d. Notes, 144A		6.500			12/10/19		2,000		2,107,500
Sr. Sec’d. Notes, 144A		7.750			04/16/26		3,000		3,195,000
Sr. Sec’d. Notes, 144A		9.500			06/15/18		11,200		11,844,000
Dry Mix Solutions Investissements (France), Sec’d. Notes, 144A		5.500			03/15/23	EUR	7,700		8,883,055
Fortune Brands Home & Security, Inc., Sr. Unsec’d. Notes(c)		4.000			06/15/25		23,420		24,346,425
Griffon Corp., Gtd. Notes		5.250			03/01/22		6,400		6,432,000
Martin Marietta Materials, Inc., Sr. Unsec’d. Notes		4.250			07/02/24		2,300		2,401,269
Owens Corning, Inc., Gtd. Notes		4.200			12/15/22		1,625		1,671,807
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A (original cost $24,962,188; purchased 10/27/14 - 05/07/15)(e)(f)		5.375			11/15/24		24,350		25,384,875
US Concrete, Inc., Sr. Sec’d. Notes		8.500			12/01/18		4,435		4,612,400
									108,325,772

See Notes to Financial Statements.

Prudential Total Return Bond Fund 39

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Chemicals    1.1%
Agrium, Inc. (Canada), Sr. Unsec’d. Notes		4.125	%		03/15/35		1,900	$	1,751,671
Sr. Unsec’d. Notes		4.900			06/01/43		3,370		3,341,860
Sr. Unsec’d. Notes(c)		5.250			01/15/45		4,285		4,441,660
Sr. Unsec’d. Notes		6.125			01/15/41		1,730		1,960,081
Ashland, Inc., Sr. Unsec’d. Notes(e)		6.875			05/15/43		10,850		10,795,750
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holdings BV, Gtd. Notes, 144A(c)		7.375			05/01/21		24,800		26,226,000
Axiall Corp., Gtd. Notes		4.875			05/15/23		5,705		5,640,819
CF Industries, Inc., Gtd. Notes		4.950			06/01/43		3,565		3,346,594
Gtd. Notes		5.375			03/15/44		6,640		6,538,600
Gtd. Notes		6.875			05/01/18		240		261,513
Gtd. Notes		7.125			05/01/20		195		224,046
Dow Chemical Co. (The), Sr. Unsec’d. Notes		3.000			11/15/22		3,675		3,787,613
Sr. Unsec’d. Notes		4.125			11/15/21		5,320		5,841,078
Sr. Unsec’d. Notes		4.250			11/15/20		1,549		1,687,084
Sr. Unsec’d. Notes		4.625			10/01/44		2,160		2,200,131
Sr. Unsec’d. Notes		5.250			11/15/41		2,235		2,446,547
Sr. Unsec’d. Notes		9.400			05/15/39		330		505,715
Eastman Chemical Co., Sr. Unsec’d. Notes		2.700			01/15/20		10,010		10,227,928
Sr. Unsec’d. Notes		3.800			03/15/25		12,945		13,415,072
Sr. Unsec’d. Notes(c)		4.650			10/15/44		2,120		2,124,876
Ecolab, Inc., Sr. Unsec’d. Notes		2.250			01/12/20		5,125		5,147,114
LYB International Finance BV, Gtd. Notes		4.000			07/15/23		3,000		3,199,326
Gtd. Notes(c)		4.875			03/15/44		3,980		4,156,398
Lyondellbasell Industries NV, Sr. Unsec’d. Notes(c)		4.625			02/26/55		3,600		3,355,128
Sr. Unsec’d. Notes		5.000			04/15/19		3,575		3,857,597
Sr. Unsec’d. Notes(c)		5.750			04/15/24		1,000		1,166,255
LyondellBasell Industries NV, Sr. Unsec’d. Notes		6.000			11/15/21		9,954		11,684,005
Mexichem SAB de CV (Mexico), Gtd. Notes, 144A		4.875			09/19/22		1,000		1,045,000
Monsanto Co.,
Sr. Unsec’d. Notes(c)		3.950			04/15/45		2,885		2,562,867
Sr. Unsec’d. Notes		4.400			07/15/44		855		822,920

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Mosaic Co. (The),
Sr. Unsec’d. Notes		5.450	%		11/15/33		1,040	$	1,121,306
Sr. Unsec’d. Notes		5.625			11/15/43		3,455		3,714,128
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.000			05/01/25		2,025		1,984,500
Union Carbide Corp., Sr. Unsec’d. Notes		7.500			06/01/25		850		1,032,140
									151,613,322
Commercial Services    0.8%
Ashtead Capital, Inc. (United Kingdom), Sec’d. Notes, 144A(c)		6.500			07/15/22		3,425		3,613,375
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes, 144A(c)		6.375			04/01/24		6,700		6,649,750
Gtd. Notes(c)		4.875			11/15/17		4,700		4,760,160
California Institute of Technology, Sr. Unsec’d. Notes		4.700			11/02/2111		1,130		1,182,530
ERAC USA Finance LLC,
Gtd. Notes, 144A (original cost $1,279,642; purchased 03/12/12)(e)(f)		2.750			03/15/17		1,280		1,295,364
Gtd. Notes, 144A (original cost $17,500,587; purchased 11/02/15 - 11/03/15)(c)(e)(f)		3.800			11/01/25		17,535		18,301,279
Gtd. Notes, 144A (original cost $3,677,146; purchased 02/10/15)(c)(e)(f)		4.500			02/15/45		3,720		3,756,449
Gtd. Notes, 144A (original cost $269,528; purchased 04/24/06)(e)(f)		6.200			11/01/16		270		276,414
Gtd. Notes, 144A (original cost $967,253; purchased 05/30/13)(e)(f)		6.700			06/01/34		810		1,024,895
Gtd. Notes, 144A (original cost $5,100,644; purchased 10/26/11 - 05/14/13)(c)(e)(f)		7.000			10/15/37		4,090		5,286,194
Hertz Corp. (The), Gtd. Notes(c)		6.750			04/15/19		1,850		1,882,801
Massachusetts Institute of Technology, Unsec’d. Notes		5.600			07/02/2111		942		1,236,205
RR Donnelley & Sons Co., Sr. Unsec’d. Notes		8.600			08/15/16		1,800		1,831,500
Safway Group Holding LLC/Safway Finance Corp., Sec’d. Notes, 144A		7.000			05/15/18		1,000		1,000,000
Service Corp. International, Sr. Unsec’d. Notes		5.375			05/15/24		8,650		9,212,250
Total System Services, Inc., Sr. Unsec’d. Notes(c)		4.800			04/01/26		4,600		4,811,333
United Rentals North America, Inc.,
Gtd. Notes(c)		5.500			07/15/25		2,375		2,361,852
Gtd. Notes		5.875			09/15/26		9,575		9,575,000

See Notes to Financial Statements.

Prudential Total Return Bond Fund 41

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
United Rentals North America, Inc., (cont’d.)
Gtd. Notes(c)		6.125	%		06/15/23		5,346	$	5,546,475
Gtd. Notes		7.375			05/15/20		4,000		4,160,000
Gtd. Notes		7.625			04/15/22		19,000		20,282,500
									108,046,326
Computers    0.8%
Apple, Inc.,
Sr. Unsec’d. Notes		2.150			02/09/22		29,210		29,397,908
Sr. Unsec’d. Notes		2.850			05/06/21		400		420,354
Sr. Unsec’d. Notes(c)		3.200			05/13/25		9,795		10,275,131
Sr. Unsec’d. Notes(c)		3.250			02/23/26		11,565		12,098,898
Sr. Unsec’d. Notes		4.650			02/23/46		2,025		2,223,792
EMC Corp.,
Sr. Unsec’d. Notes(c)		2.650			06/01/20		5,000		4,682,710
Sr. Unsec’d. Notes(c)		3.375			06/01/23		5,000		4,168,750
Hewlett Packard Enterprise Co.,
Sr. Unsec’d. Notes, 144A		2.450			10/05/17		40,825		41,281,709
Sr. Unsec’d. Notes, 144A		2.850			10/05/18		6,395		6,528,074
Seagate HDD Cayman, Gtd. Notes, 144A		4.875			06/01/27		10,785		7,582,114
									118,659,440
Cosmetics/Personal Care
First Quality Finance Co., Inc., Sr. Unsec’d. Notes, 144A		4.625			05/15/21		1,325		1,262,063
Distribution/Wholesale
WW Grainger, Inc., Sr. Unsec’d. Notes		4.600			06/15/45		3,615		4,136,395
Diversified Financial Services    1.6%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), Gtd. Notes(c)		4.625			07/01/22		3,650		3,777,750
Ally Financial, Inc.,
Gtd. Notes		2.750			01/30/17		1,000		998,750
Gtd. Notes(c)		3.500			01/27/19		5,600		5,565,000
Gtd. Notes		6.250			12/01/17		8,400		8,746,500
Gtd. Notes		8.000			03/15/20		2,892		3,278,805
Sr. Unsec’d. Notes(c)		3.750			11/18/19		11,000		10,972,500
American Express Co.,
Jr. Sub. Notes		4.900	(a)		12/31/49		8,100		7,290,000
Jr. Sub. Notes(c)		5.200	(a)		12/31/49		2,750		2,609,063
Sr. Unsec’d. Notes(c)		2.650			12/02/22		5,477		5,461,418

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
American Express Credit Corp., Sr. Unsec’d. Notes, MTN		2.375	%		05/26/20		26,300	$	26,830,839
Caledonia Generating LLC, Sr. Sec’d. Notes, 144A		1.950			02/28/22		7,506		7,519,318
Capital One Bank USA NA,
Sr. Unsec’d. Notes		2.300			06/05/19		4,075		4,066,280
Sub. Notes		3.375			02/15/23		7,900		7,949,667
Charles Schwab Corp. (The), Sr. Unsec’d. Notes		3.450			02/13/26		8,855		9,276,046
CoreLogic, Inc., Gtd. Notes		7.250			06/01/21		2,000		2,079,400
Discover Financial Services, Sr. Unsec’d. Notes		3.750			03/04/25		11,835		11,730,805
GE Capital International Funding Co.,
Gtd. Notes, 144A		2.342			11/15/20		11,273		11,533,587
Gtd. Notes, 144A		4.418			11/15/35		12,587		13,821,558
Grain Spectrum Funding II LLC, Sec’d. Notes, 144A		3.290			10/10/19		1,642		1,597,229
HSBC Finance Corp., Sub. Notes		6.676			01/15/21		145		166,592
International Lease Finance Corp.,
Sr. Sec’d. Notes, 144A		7.125			09/01/18		1,900		2,084,300
Sr. Unsec’d. Notes		5.750			05/15/16		575		575,362
Sr. Unsec’d. Notes		6.250			05/15/19		700		759,500
Sr. Unsec’d. Notes		8.750			03/15/17		18,530		19,512,090
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		1,425		1,330,118
Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes(g)		6.875	(a)		05/02/18		745		56,099
Navient Corp.,
Sr. Unsec’d. Notes, MTN(c)		4.625			09/25/17		11,150		11,359,062
Sr. Unsec’d. Notes, MTN		6.000			01/25/17		1,250		1,270,313
Sr. Unsec’d. Notes, MTN(c)		8.450			06/15/18		5,400		5,778,000
Nomura Holdings, Inc. (Japan), Sr. Unsec’d. Notes, MTN		2.000			09/13/16		4,210		4,223,699
Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. (Cayman Islands), Sr. Sec’d. Notes, 144A(e)		1.350	(a)		07/03/33		110		93,115
Private Export Funding Corp., U.S. Gov’t. Gtd. Notes		4.300			12/15/21		3,242		3,677,381
Springleaf Finance Corp., Gtd. Notes, MTN(c)		6.900			12/15/17		500		520,625
Synchrony Financial,
Sr. Unsec’d. Notes		2.600			01/15/19		10,665		10,742,257
Sr. Unsec’d. Notes		2.700			02/03/20		16,094		16,095,867
Worldpay Finance PLC (United Kingdom), Gtd. Notes, RegS		3.750			11/15/22	EUR	4,000		4,797,783
									228,146,678

See Notes to Financial Statements.

Prudential Total Return Bond Fund 43

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric    2.7%
AES Corp. (The), Sr. Unsec’d. Notes(c)		5.500	%		04/15/25		25,000	$	25,062,500
American Electric Power Co., Inc., Sr. Unsec’d. Notes		2.950			12/15/22		2,100		2,155,931
Appalachian Power Co., Sr. Unsec’d. Notes(c)		3.400			06/01/25		15,645		16,042,649
Calpine Corp.,
Sr. Sec’d. Notes, 144A		7.875			01/15/23		24,884		26,563,670
Sr. Unsec’d. Notes(c)		5.375			01/15/23		1,600		1,614,000
Sr. Unsec’d. Notes(c)		5.750			01/15/25		1,675		1,691,750
Commonwealth Edison Co.,
First Mortgage Bonds		3.700			03/01/45		2,665		2,670,823
First Mortgage Bonds		4.350			11/15/45		2,780		3,032,655
First Mortgage Bonds		6.450			01/15/38		690		945,648
Dominion Resources, Inc., Jr. Sub. Notes		4.104			04/01/21		33,540		34,206,373
DPL, Inc., Sr. Unsec’d. Notes		6.750			10/01/19		2,875		2,954,062
Sr. Unsec’d. Notes		7.250			10/15/21		13,975		14,811,963
Duke Energy Carolinas LLC, First Mortgage Bonds		4.250			12/15/41		6,000		6,530,442
First Ref. Mortgage		2.500			03/15/23		16,945		17,288,662
First Ref. Mortgage(c)		3.750			06/01/45		3,045		3,126,155
First Ref. Mortgage		4.000			09/30/42		1,025		1,074,952
Duke Energy Progress LLC, First Mortgage Bonds		4.100			03/15/43		2,410		2,575,550
Dynegy, Inc., Gtd. Notes(c)		6.750			11/01/19		20,925		21,102,862
Gtd. Notes(c)		7.375			11/01/22		14,315		14,140,071
El Paso Electric Co., Sr. Unsec’d. Notes		6.000			05/15/35		750		890,012
Electricite De France SA (France), Sr. Unsec’d. Notes, 144A(c)(d)		2.350			10/13/20		28,225		28,570,728
Entergy Arkansas, Inc., First Mortgage Bonds		3.050			06/01/23		1,200		1,217,101
Entergy Corp., Sr. Unsec’d. Notes		4.000			07/15/22		9,860		10,508,295
Sr. Unsec’d. Notes		4.700			01/15/17		2,475		2,515,375
Eversource Energy, Sr. Unsec’d. Notes		3.150			01/15/25		5,370		5,402,070
Exelon Corp., Sr. Unsec’d. Notes(c)		3.400			04/15/26		8,360		8,577,510
Exelon Generation Co. LLC, Sr. Unsec’d. Notes		2.950			01/15/20		21,135		21,453,969
Sr. Unsec’d. Notes		6.200			10/01/17		750		796,532
Sr. Unsec’d. Notes(c)		6.250			10/01/39		800		870,930
FirstEnergy Corp., Sr. Unsec’d. Notes		7.375			11/15/31		2,310		2,807,341
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		1,175		1,261,827

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric (cont’d.)
Georgia Power Co., Sr. Unsec’d. Notes		4.750	%		09/01/40		1,050	$	1,162,792
Iberdrola International BV (Spain), Gtd. Notes		6.750			09/15/33		15		17,201
Nevada Power Co., General Ref. Mortgage		5.375			09/15/40		500		605,359
NiSource Finance Corp., Gtd. Notes		4.800			02/15/44		3,865		4,201,757
Gtd. Notes		5.450			09/15/20		355		398,794
NRG Energy, Inc., Gtd. Notes(c)		6.250			07/15/22		7,150		7,009,288
Gtd. Notes		6.625			03/15/23		5,250		5,158,125
Gtd. Notes(c)		7.875			05/15/21		8,768		9,115,213
Gtd. Notes		8.250			09/01/20		12,650		13,092,750
Oncor Electric Delivery Co. LLC, Sr. Sec’d. Notes		2.950			04/01/25		5,995		6,017,631
Sr. Sec’d. Notes		6.800			09/01/18		545		606,998
Pacific Gas & Electric Co., Sr. Unsec’d. Notes		3.500			06/15/25		8,380		8,978,877
Sr. Unsec’d. Notes		4.250			03/15/46		6,900		7,573,868
Sr. Unsec’d. Notes(c)		4.300			03/15/45		2,865		3,145,641
Sr. Unsec’d. Notes(c)		4.450			04/15/42		1,800		1,996,866
PacifiCorp, First Mortgage Bonds		3.350			07/01/25		9,960		10,575,747
PECO Energy Co., First Ref. Mortgage(c)		4.800			10/15/43		6,449		7,463,453
Progress Energy, Inc., Sr. Unsec’d. Notes		3.150			04/01/22		4,000		4,108,040
Public Service Electric & Gas Co., Sec’d. Notes, MTN		3.650			09/01/42		1,990		1,956,441
Puget Sound Energy, Inc., Sr. Sec’d. Notes		4.434			11/15/41		2,550		2,772,301
Southern California Edison Co., First Mortgage Bonds		2.400			02/01/22		5,165		5,223,778
Southern Power Co., Sr. Unsec’d. Notes		5.150			09/15/41		725		756,953
									384,400,281
Electronics    0.1%
Honeywell International, Inc., Sr. Unsec’d. Notes		0.650			02/21/20	EUR	10,800		12,493,668
Jabil Circuit, Inc., Sr. Unsec’d. Notes		4.700			09/15/22		2,900		2,946,574
Sr. Unsec’d. Notes		5.625			12/15/20		4,700		4,964,375
									20,404,617

See Notes to Financial Statements.

Prudential Total Return Bond Fund 45

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Engineering & Construction
Odebrecht Finance Ltd. (Brazil), Gtd. Notes, RegS (original cost $875,000; purchased 09/24/14)(e)(f)		7.125	%		06/26/42		800	$	290,000
Gtd. Notes, 144A (original cost $403,750; purchased 06/24/15)(e)(f)		4.375			04/25/25		500		184,750
Gtd. Notes, 144A (original cost $2,763,000; purchased 06/19/14 - 07/07/14)(e)(f)		5.250			06/27/29		2,775		992,063
Gtd. Notes, 144A (original cost $3,278,701; purchased 10/22/12)(e)(f)		7.125			06/26/42		2,820		1,022,250
									2,489,063
Entertainment    0.6%
AMC Entertainment, Inc., Gtd. Notes		5.875			02/15/22		2,525		2,619,687
Carmike Cinemas, Inc., Sec’d. Notes, 144A		6.000			06/15/23		5,000		5,287,500
Cinemark USA, Inc., Gtd. Notes		4.875			06/01/23		16,919		16,793,969
Gtd. Notes		5.125			12/15/22		5,350		5,537,250
CPUK Finance Ltd. (United Kingdom), Sec’d. Notes, RegS		7.000			08/28/20	GBP	13,000		19,802,306
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		4.875			11/01/20		6,000		6,330,000
Gtd. Notes(c)		5.375			11/01/23		8,650		9,006,812
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., Sr. Sec’d. Notes, 144A (original cost $5,118,750; purchased 09/22/14)(e)(f)		5.000			08/01/18		5,000		5,075,000
Pinnacle Entertainment, Inc., Gtd. Notes(c)		8.750			05/15/20		2,950		3,042,925
Scientific Games International, Inc., Gtd. Notes		10.000			12/01/22		9,000		7,438,500
									80,933,949
Environmental Control    0.1%
Covanta Holding Corp., Sr. Unsec’d. Notes(c)		7.250			12/01/20		6,000		6,225,000
Waste Management, Inc., Gtd. Notes		4.100			03/01/45		1,495		1,528,558
									7,753,558
Food    1.2%
Bertin SA/Bertin Finance Ltd. (Brazil), Gtd. Notes, 144A		10.250			10/05/16		360		368,496
BRF SA (Brazil), Sr. Unsec’d. Notes, 144A		4.750			05/22/24		3,150		3,051,405
ConAgra Foods, Inc., Sr. Unsec’d. Notes, Series NOTE		1.005	(a)		07/21/16		2,100		2,099,882

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Food (cont’d.)
Delhaize Group SA (Belgium), Gtd. Notes		5.700	%		10/01/40		750	$	824,935
ESAL GmbH (Brazil), Gtd. Notes, 144A		6.250			02/05/23		400		368,880
JBS Investments GmbH (Brazil), Gtd. Notes, 144A		7.750			10/28/20		6,730		6,915,075
JBS USA LLC/JBS USA Finance, Inc. (Brazil), Gtd. Notes, 144A (original cost $2,385,675; purchased 12/07/11 - 12/08/11)(e)(f)		7.250			06/01/21		2,580		2,644,500
Gtd. Notes, 144A (original cost $12,130,608; purchased 01/25/12 - 06/10/15)(c)(e)(f)		8.250			02/01/20		11,485		11,973,112
Sr. Unsec’d. Notes, 144A (original cost $11,881,500; purchased 05/20/15 - 02/10/16)(e)(f)		5.750			06/15/25		12,625		11,615,000
Sr. Unsec’d. Notes, 144A (original cost $9,626,630; purchased 07/31/14 - 01/28/16)(e)(f)		5.875			07/15/24		11,544		10,735,920
JM Smucker Co. (The), Gtd. Notes(c)		3.500			03/15/25		3,620		3,797,789
Gtd. Notes		3.000			03/15/22		11,465		11,863,122
Kraft Heinz Foods Co., Gtd. Notes		6.125			08/23/18		495		545,783
Gtd. Notes		6.500			02/09/40		1,910		2,406,438
Gtd. Notes, 144A(c)		5.000			07/15/35		6,940		7,743,888
Kroger Co. (The), Sr. Unsec’d. Notes(c)		2.950			11/01/21		18,925		19,814,324
Sr. Unsec’d. Notes		3.300			01/15/21		9,215		9,738,633
Sr. Unsec’d. Notes(c)		3.500			02/01/26		5,020		5,282,099
Minerva Luxembourg SA (Brazil), Gtd. Notes, 144A		12.250			02/10/22		2,270		2,380,663
Picard Groupe SA (France), Sr. Sec’d. Notes, 144A		4.250	(a)		08/01/19	EUR	3,275		3,750,057
Sigma Alimentos SA de CV (Mexico), Gtd. Notes, RegS		5.625			04/14/18		2,750		2,915,000
Smithfield Foods, Inc., Sr. Unsec’d. Notes		6.625			08/15/22		3,425		3,621,938
Sysco Corp., Gtd. Notes		4.500			04/01/46		3,655		3,805,740
Tyson Foods, Inc., Gtd. Notes(c)		5.150			08/15/44		9,690		11,089,720
Wm Wrigley Jr. Co., Sr. Unsec’d. Notes, 144A		2.400			10/21/18		9,205		9,373,884
Sr. Unsec’d. Notes, 144A(c)		3.375			10/21/20		16,067		16,881,308
									165,607,591
Food Service
ARAMARK Services, Inc., Gtd. Notes(c)		5.750			03/15/20		3,200		3,304,000

See Notes to Financial Statements.

Prudential Total Return Bond Fund 47

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Forest Products & Paper    0.2%
Georgia-Pacific LLC, Sr. Unsec’d. Notes (original cost $5,036,312; purchased 12/20/12)(e)(f)		7.375	%		12/01/25		3,697	$	4,777,289
International Paper Co., Sr. Unsec’d. Notes(c)		3.650			06/15/24		2,250		2,335,484
Sr. Unsec’d. Notes		4.800			06/15/44		6,940		7,027,250
Sr. Unsec’d. Notes		5.000			09/15/35		6,990		7,425,211
Sr. Unsec’d. Notes(c)		5.150			05/15/46		3,605		3,865,858
Sr. Unsec’d. Notes		6.000			11/15/41		2,290		2,667,071
Sr. Unsec’d. Notes		7.300			11/15/39		1,075		1,404,717
Sr. Unsec’d. Notes		9.375			05/15/19		2,225		2,673,320
									32,176,200
Gas    0.2%
AGL Capital Corp., Gtd. Notes		4.400			06/01/43		2,700		2,642,957
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41		1,130		1,239,263
Dominion Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		250		260,583
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A (original cost $6,877,471; purchased 07/22/14 - 06/16/15)(c)(e)(f)		6.375			03/30/38		6,691		6,440,104
Sempra Energy, Sr. Unsec’d. Notes		2.300			04/01/17		2,060		2,076,149
Sr. Unsec’d. Notes		2.400			03/15/20		9,090		9,159,066
Sr. Unsec’d. Notes		6.500			06/01/16		750		753,095
									22,571,217
Healthcare-Products    0.6%
Abbott Laboratories, Sr. Unsec’d. Notes		2.950			03/15/25		3,032		2,979,404
Becton Dickinson and Co., Sr. Unsec’d. Notes(c)		3.734			12/15/24		8,655		9,213,438
Boston Scientific Corp., Sr. Unsec’d. Notes		2.850			05/15/20		7,185		7,350,169
ConvaTec Finance International SA (Luxembourg), Gtd. Notes, PIK, 144A		8.250			01/15/19		6,500		6,516,250
Medtronic, Inc., Gtd. Notes		3.500			03/15/25		18,525		19,869,618
Gtd. Notes		4.375			03/15/35		9,636		10,731,102
Gtd. Notes		4.625			03/15/45		4,220		4,814,075
Zimmer Biomet Holdings, Inc., Sr. Unsec’d. Notes		2.000			04/01/18		10,880		10,967,421
Sr. Unsec’d. Notes		2.700			04/01/20		7,750		7,889,035
									80,330,512

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare-Services    2.2%
Aetna, Inc., Sr. Unsec’d. Notes		3.500	%		11/15/24		13,900	$	14,343,632
Sr. Unsec’d. Notes		4.125			11/15/42		1,775		1,724,436
Sr. Unsec’d. Notes		4.500			05/15/42		1,150		1,192,986
Sr. Unsec’d. Notes		6.750			12/15/37		5,365		7,002,704
Anthem, Inc., Sr. Unsec’d. Notes		4.650			01/15/43		1,855		1,915,167
Baylor Scott & White Holdings, Unsec’d. Notes		4.185			11/15/45		5,750		5,864,965
CHS/Community Health Systems, Inc., Gtd. Notes(c)		6.875			02/01/22		15,211		13,765,955
Gtd. Notes(c)		7.125			07/15/20		10,350		9,990,648
Gtd. Notes(c)		8.000			11/15/19		9,127		9,184,044
Sr. Sec’d. Notes(c)		5.125			08/15/18		2,600		2,632,500
Cigna Corp., Sr. Unsec’d. Notes(d)		3.250			04/15/25		23,430		23,488,130
Sr. Unsec’d. Notes		4.000			02/15/22		1,000		1,070,282
Sr. Unsec’d. Notes		5.375			03/15/17		965		1,000,325
Sr. Unsec’d. Notes		5.375			02/15/42		2,225		2,468,386
Sr. Unsec’d. Notes		5.875			03/15/41		905		1,059,014
Coventry Health Care, Inc., Sr. Unsec’d. Notes		5.450			06/15/21		500		565,728
Sr. Unsec’d. Notes		5.950			03/15/17		1,775		1,848,315
Fresenius Medical Care US Finance II, Inc. (Germany), Gtd. Notes, 144A(c)		4.125			10/15/20		15,650		16,197,750
Gtd. Notes, 144A		6.500			09/15/18		2,400		2,636,880
HCA Holdings, Inc., Sr. Unsec’d. Notes		6.250			02/15/21		2,500		2,716,250
HCA, Inc., Gtd. Notes(c)		5.375			02/01/25		16,000		16,360,000
Gtd. Notes(c)		5.875			02/15/26		5,600		5,810,000
Gtd. Notes		7.500			02/15/22		4,250		4,813,125
Gtd. Notes		8.000			10/01/18		2,475		2,799,844
Sr. Sec’d. Notes		4.250			10/15/19		11,125		11,570,000
Sr. Sec’d. Notes(c)		5.000			03/15/24		2,250		2,328,750
Sr. Sec’d. Notes		5.250			04/15/25		10,000		10,350,000
HealthSouth Corp., Gtd. Notes		5.125			03/15/23		2,250		2,255,625
Gtd. Notes(c)		5.750			11/01/24		10,300		10,634,750
Humana, Inc., Sr. Unsec’d. Notes		2.625			10/01/19		3,375		3,449,179
Kindred Healthcare, Inc., Gtd. Notes		8.000			01/15/20		8,575		8,540,700
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.200			02/01/22		9,220		9,387,269

See Notes to Financial Statements.

Prudential Total Return Bond Fund 49

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Laboratory Corp. of America Holdings, (cont’d.)
Sr. Unsec’d. Notes		2.625	%		02/01/20		1,970	$	1,989,956
Sr. Unsec’d. Notes		4.625			11/15/20		6,355		6,864,646
LifePoint Health, Inc., Gtd. Notes(c)		6.625			10/01/20		6,830		7,051,975
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52		675		683,660
New York Presbyterian Hospital (The), Unsec’d. Notes		4.024			08/01/45		4,350		4,373,590
NYU Hospitals Center, Unsec’d. Notes		4.784			07/01/44		6,375		6,822,939
Quest Diagnostics, Inc., Sr. Unsec’d. Notes		2.500			03/30/20		9,855		9,933,130
Sr. Unsec’d. Notes(c)		3.500			03/30/25		13,980		14,179,998
Roche Holdings, Inc. (Switzerland), Gtd. Notes, 144A		3.350			09/30/24		1,390		1,484,968
Select Medical Corp., Gtd. Notes(c)		6.375			06/01/21		12,000		11,385,000
Tenet Healthcare Corp., Sr. Unsec’d. Notes(c)		5.500			03/01/19		9,600		9,600,000
Sr. Unsec’d. Notes		6.750			02/01/20		5,700		5,728,500
Texas Health Resources, Sec’d. Notes		4.330			11/15/55		3,450		3,499,107
UnitedHealth Group, Inc., Sr. Unsec’d. Notes		3.950			10/15/42		625		644,306
Sr. Unsec’d. Notes		4.375			03/15/42		3,380		3,566,488
Sr. Unsec’d. Notes		4.625			07/15/35		11,315		12,771,976
Sr. Unsec’d. Notes		4.625			11/15/41		1,725		1,892,449
Sr. Unsec’d. Notes		5.700			10/15/40		185		232,884
Sr. Unsec’d. Notes		5.800			03/15/36		130		163,837
Sr. Unsec’d. Notes		5.950			02/15/41		490		636,917
Sr. Unsec’d. Notes		6.625			11/15/37		475		649,147
									313,122,812
Holding Companies - Diversified    0.2%
Carlson Travel Holdings, Inc., Sr. Unsec’d. Notes, PIK, 144A (original cost $3,561,250; purchased 08/04/14)(e)(f)		7.500			08/15/19		3,500		3,386,250
CeramTec Group GmbH (Germany), Gtd. Notes, RegS		8.250			08/15/21	EUR	2,000		2,465,076
Gtd. Notes, 144A		8.250			08/15/21	EUR	500		616,269
Horizon Pharma Financing, Inc., Gtd. Notes, 144A(c)		6.625			05/01/23		3,425		3,116,750
MUFG Americas Holdings Corp., Sr. Unsec’d. Notes		2.250			02/10/20		16,675		16,696,994
									26,281,339

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Home Builders    0.7%
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.500	%		12/15/20		3,000	$	2,940,000
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		6.125			07/01/22		16,000		14,816,320
CalAtlantic Group, Inc., Gtd. Notes		5.875			11/15/24		5,000		5,287,500
Gtd. Notes		6.250			12/15/21		12,500		13,406,250
Gtd. Notes		8.375			05/15/18		11,798		13,095,780
PulteGroup, Inc., Gtd. Notes		5.500			03/01/26		13,500		13,938,750
Taylor Morrison Communities, Inc./Monarch Communities, Inc., Gtd. Notes, 144A		5.250			04/15/21		12,605		12,573,487
William Lyon Homes, Inc., Gtd. Notes		7.000			08/15/22		18,000		17,550,000
Gtd. Notes		8.500			11/15/20		5,945		6,167,938
									99,776,025
Housewares    0.1%
Newell Brands, Inc., Sr. Unsec’d. Notes		4.200			04/01/26		2,075		2,192,219
Sr. Unsec’d. Notes(c)		5.500			04/01/46		8,490		9,445,549
									11,637,768
Insurance    1.7%
Allied World Assurance Co. Holdings Ltd., Gtd. Notes		5.500			11/15/20		240		265,366
Gtd. Notes		7.500			08/01/16		890		903,732
American International Group, Inc., Sr. Unsec’d. Notes(c)		3.300			03/01/21		24,685		25,448,581
Sr. Unsec’d. Notes(c)		3.875			01/15/35		9,075		8,414,776
Sr. Unsec’d. Notes(c)		4.500			07/16/44		6,135		5,927,208
Sr. Unsec’d. Notes		4.800			07/10/45		2,000		2,025,858
Sr. Unsec’d. Notes		4.875			06/01/22		280		307,338
Arch Capital Group US, Inc., Gtd. Notes		5.144			11/01/43		2,250		2,344,239
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes		2.750			03/15/23		14,030		14,470,921
Sr. Unsec’d. Notes(c)		4.500			02/11/43		4,290		4,774,024
Chubb Corp. (The), Gtd. Notes		6.375	(a)		04/15/37		650		559,000
Chubb INA Holdings, Inc., Gtd. Notes		3.150			03/15/25		7,260		7,535,452
Gtd. Notes(c)		3.350			05/03/26		7,000		7,375,053
Gtd. Notes		4.350			11/03/45		1,160		1,278,921

See Notes to Financial Statements.

Prudential Total Return Bond Fund 51

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Insurance (cont’d.)
CNA Financial Corp., Sr. Unsec’d. Notes		4.500	%		03/01/26		12,000	$	12,359,460
Dai-ichi Life Insurance Co. Ltd. (The) (Japan), Jr. Sub. Notes, 144A		5.100	(a)		12/29/49		2,135		2,351,702
Endurance Specialty Holdings Ltd., Sr. Unsec’d. Notes		7.000			07/15/34		525		594,792
Hartford Financial Services Group, Inc. (The), Sr. Unsec’d. Notes		4.300			04/15/43		480		457,568
Sr. Unsec’d. Notes		5.125			04/15/22		1,200		1,350,998
Sr. Unsec’d. Notes		5.950			10/15/36		755		866,627
Sr. Unsec’d. Notes		6.100			10/01/41		995		1,185,641
Liberty Mutual Group, Inc., Gtd. Notes, 144A		4.850			08/01/44		6,650		6,400,133
Gtd. Notes, 144A		4.950			05/01/22		1,325		1,440,785
Gtd. Notes, 144A		5.000			06/01/21		350		382,999
Gtd. Notes, 144A		6.500			05/01/42		5,155		6,061,347
Sr. Unsec’d. Notes, 144A		6.500			03/15/35		9,290		11,019,343
Lincoln National Corp., Sr. Unsec’d. Notes		3.350			03/09/25		4,874		4,771,929
Sr. Unsec’d. Notes		4.200			03/15/22		865		914,109
Sr. Unsec’d. Notes		6.150			04/07/36		410		460,482
Sr. Unsec’d. Notes		6.300			10/09/37		4,015		4,531,755
Sr. Unsec’d. Notes		7.000			06/15/40		9,450		11,659,495
Sr. Unsec’d. Notes		8.750			07/01/19		800		953,530
Markel Corp., Sr. Unsec’d. Notes		4.900			07/01/22		2,750		3,011,761
Sr. Unsec’d. Notes		5.000			03/30/43		300		302,668
Sr. Unsec’d. Notes		5.000			04/05/46		5,955		6,135,913
Massachusetts Mutual Life Insurance Co., Sub. Notes, 144A		8.875			06/01/39		550		807,634
MetLife, Inc., Sr. Unsec’d. Notes		4.368			09/15/23		3,300		3,619,753
Sr. Unsec’d. Notes		4.875			11/13/43		3,615		3,924,310
Sr. Unsec’d. Notes		5.700			06/15/35		1,090		1,286,663
Sr. Unsec’d. Notes		7.717			02/15/19		2,750		3,185,256
New York Life Global Funding, Sec’d. Notes, 144A		1.950			02/11/20		13,080		13,121,555
Nippon Life Insurance Co. (Japan), Sub. Notes, 144A		5.100	(a)		10/16/44		7,870		8,548,787
Northwestern Mutual Life Insurance Co. (The), Sub. Notes, 144A		6.063			03/30/40		979		1,192,381
Ohio National Financial Services, Inc., Sr. Unsec’d. Notes, 144A		6.375			04/30/20		360		403,653

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Principal Financial Group, Inc., Gtd. Notes		4.350	%		05/15/43		3,100	$	3,010,608
Gtd. Notes		4.625			09/15/42		275		275,162
Progressive Corp. (The), Jr. Sub. Notes		6.700	(a)		06/15/37		365		344,523
Sr. Unsec’d. Notes		3.700			01/26/45		10,070		9,809,529
Swiss Re Treasury US Corp. (Switzerland), Gtd. Notes, 144A		4.250			12/06/42		5,235		5,196,502
Teachers Insurance & Annuity Association of America, Sub. Notes, 144A		4.900			09/15/44		8,119		8,735,378
Sub. Notes, 144A(c)		6.850			12/16/39		830		1,076,390
TIAA Asset Management Finance Co. LLC, Sr. Unsec’d. Notes, 144A (original cost $15,918,750; purchased 02/12/15 - 03/10/15)(e)(f)		2.950			11/01/19		15,630		15,942,772
Unum Group, Sr. Unsec’d. Notes		5.625			09/15/20		225		248,949
W.R. Berkley Corp., Sr. Unsec’d. Notes		4.625			03/15/22		2,675		2,876,002
Sr. Unsec’d. Notes		5.375			09/15/20		2,235		2,470,714
XLIT Ltd. (Ireland), Gtd. Notes		6.500	(a)		12/31/49		260		182,000
									245,102,027
Iron/Steel
ArcelorMittal (Luxembourg), Sr. Unsec’d. Notes(c)		5.125			06/01/20		1,975		1,945,375
Sr. Unsec’d. Notes		6.125			06/01/18		1,800		1,866,384
									3,811,759
Leisure Time    0.1%
Viking Cruises Ltd., Sr. Unsec’d. Notes, 144A (original cost $4,524,740; purchased 04/06/16)(e)(f)		6.250			05/15/25		5,764		4,611,200
Sr. Unsec’d. Notes, 144A (original cost $11,220,375; purchased 05/06/15 - 04/19/16)(e)(f)		8.500			10/15/22		11,050		10,387,000
									14,998,200
Lodging    0.6%
Boyd Gaming Corp., Gtd. Notes		9.000			07/01/20		8,405		8,869,956
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Gtd. Notes		5.625			10/15/21		5,000		5,207,750

See Notes to Financial Statements.

Prudential Total Return Bond Fund 53

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Lodging (cont’d.)
Marriott International, Inc., Sr. Unsec’d. Notes		3.000	%		03/01/19		15,770	$	16,164,077
Sr. Unsec’d. Notes		6.375			06/15/17		6,055		6,361,880
MGM Resorts International, Gtd. Notes(c)		6.000			03/15/23		8,000		8,310,000
Gtd. Notes		6.625			12/15/21		1,875		1,996,875
Gtd. Notes		8.625			02/01/19		23,247		26,443,462
Starwood Hotels & Resorts Worldwide, Inc., Sr. Unsec’d. Notes		7.150			12/01/19		4,840		5,604,623
Wyndham Worldwide Corp., Sr. Unsec’d. Notes		2.500			03/01/18		1,375		1,376,354
Sr. Unsec’d. Notes		2.950			03/01/17		5,370		5,425,000
Sr. Unsec’d. Notes		5.625			03/01/21		980		1,069,044
									86,829,021
Machinery-Diversified    0.1%
CNH Industrial Capital LLC, Gtd. Notes(c)		4.875			04/01/21		6,565		6,565,000
Rockwell Automation, Inc., Sr. Unsec’d. Notes		5.200			01/15/98		1,500		1,591,204
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		1,505		1,622,878
									9,779,082
Media    2.5%
21st Century Fox America, Inc., Gtd. Notes(c)		4.500			02/15/21		4,122		4,572,786
Gtd. Notes(c)		6.150			03/01/37		2,325		2,838,930
Gtd. Notes		6.900			08/15/39		160		201,112
Gtd. Notes		7.625			11/30/28		550		735,435
Altice US Finance I Corp., Sr. Sec’d. Notes, 144A(c)		5.500			05/15/26		4,400		4,444,000
Sky PLC (United Kingdom), Gtd. Notes, 144A		2.625			09/16/19		1,900		1,931,449
Gtd. Notes, 144A		6.100			02/15/18		90		96,822
Cablevision Systems Corp., Sr. Unsec’d. Notes		7.750			04/15/18		8,454		8,855,565
Sr. Unsec’d. Notes		8.625			09/15/17		16,794		17,801,640
CBS Corp., Gtd. Notes		1.950			07/01/17		1,950		1,960,585
CCO Holdings LLC/CCO Holdings Capital Corp., Gtd. Notes, 144A		5.125			05/01/23		9,900		10,098,000
Gtd. Notes, 144A		5.375			05/01/25		6,100		6,244,875
Gtd. Notes, 144A		5.500			05/01/26		9,275		9,460,500
Gtd. Notes, 144A		5.875			05/01/27		5,450		5,586,250
Gtd. Notes		6.500			04/30/21		10,000		10,348,000
Gtd. Notes(c)		7.000			01/15/19		6,823		6,944,449

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media (cont’d.)
CCO Safari II LLC, Sr. Sec’d. Notes, 144A		6.384	%		10/23/35		8,170	$	9,430,598
Sr. Sec’d. Notes, 144A(c)		6.484			10/23/45		6,634		7,837,222
Sr. Sec’d. Notes, 144A		6.834			10/23/55		5,780		6,643,231
CCOH Safari LLC, Sr. Unsec’d. Notes, 144A(c)		5.750			02/15/26		20,000		20,650,000
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Sec’d. Notes, 144A		7.750			07/15/25		2,435		2,471,525
Sr. Unsec’d. Notes, 144A(c)		5.125			12/15/21		4,400		4,147,000
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		18,100		17,059,250
Clear Channel Worldwide Holdings, Inc., Gtd. Notes		6.500			11/15/22		5,803		5,628,910
Gtd. Notes, Series B(c)		6.500			11/15/22		2,172		2,182,860
Comcast Corp., Gtd. Notes		3.150			03/01/26		8,935		9,356,991
Gtd. Notes		3.375			02/15/25		5,000		5,327,690
Gtd. Notes(c)		3.375			08/15/25		22,650		24,185,602
Gtd. Notes(c)		4.600			08/15/45		2,975		3,373,591
Gtd. Notes		6.450			03/15/37		360		484,694
Gtd. Notes		6.950			08/15/37		1,720		2,451,222
CSC Holdings LLC, Sr. Unsec’d. Notes		7.625			07/15/18		715		773,988
DISH DBS Corp., Gtd. Notes		7.875			09/01/19		9,850		10,859,625
Grupo Televisa SAB (Mexico), Sr. Unsec’d. Notes		6.125			01/31/46		4,080		4,410,480
Historic TW, Inc., Gtd. Notes		6.625			05/15/29		1,198		1,491,236
Liberty Interactive LLC, Sr. Unsec’d. Notes(c)		8.250			02/01/30		5,000		5,187,500
Myriad International Holdings BV (South Africa), Gtd. Notes, RegS		6.000			07/18/20		1,300		1,418,248
Gtd. Notes, RegS		6.375			07/28/17		2,000		2,090,000
Gtd. Notes, 144A		6.375			07/28/17		5,720		5,977,400
Numericable-SFR SA (France), Sr. Sec’d. Notes, 144A		4.875			05/15/19		5,500		5,703,500
Sinclair Television Group, Inc., Gtd. Notes, 144A(c)		5.625			08/01/24		4,837		4,970,017
TEGNA, Inc., Gtd. Notes, 144A(c)		4.875			09/15/21		1,600		1,632,000
Time Warner Cable, Inc., Gtd. Notes		6.750			07/01/18		1,565		1,731,431
Time Warner, Inc., Gtd. Notes		4.050			12/15/23		17,030		18,397,679
Gtd. Notes		6.200			03/15/40		2,600		3,115,281
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec’d. Notes, MTN, 144A		5.125			01/21/23	EUR	3,402		4,148,685
Sr. Sec’d. Notes, 144A		5.500			09/15/22	EUR	2,774		3,392,049

See Notes to Financial Statements.

Prudential Total Return Bond Fund 55

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media (cont’d.)
Unitymedia GmbH (Germany), Sec’d. Notes, 144A		6.125	%		01/15/25		8,000	$	8,240,000
Univision Communications, Inc., Sr. Sec’d. Notes, 144A (original cost $10,847,125; purchased 04/13/15)(c)(e)(f)		5.125			02/15/25		10,700		10,579,625
UPCB Finance IV Ltd. (Netherlands), Sr. Sec’d. Notes, 144A(c)		5.375			01/15/25		13,645		13,883,787
UPCB Finance V Ltd. (Netherlands), Sr. Sec’d. Notes, 144A		7.250			11/15/21		9,990		10,514,475
Viacom, Inc., Sr. Unsec’d. Notes		4.875			06/15/43		7,195		6,111,886
Sr. Unsec’d. Notes(c)		4.500			02/27/42		1,851		1,518,829
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec’d. Notes, RegS		6.000			04/15/21	GBP	2,565		3,894,030
Sr. Sec’d. Notes, 144A		6.000			04/15/21	GBP	2,700		4,098,979
									347,491,514
Mining    0.4%
Alcoa, Inc., Sr. Unsec’d. Notes(c)		5.125			10/01/24		7,515		7,317,731
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes, 144A(c)		6.750	(a)		10/19/75		17,075		17,711,044
Goldcorp, Inc. (Canada), Sr. Unsec’d. Notes		3.625			06/09/21		2,405		2,444,478
New Gold, Inc. (Canada), Gtd. Notes, 144A		6.250			11/15/22		2,950		2,714,000
Gtd. Notes, 144A		7.000			04/15/20		5,000		4,875,000
Southern Copper Corp. (Peru), Sr. Unsec’d. Notes(c)		3.875			04/23/25		6,650		6,478,463
Sr. Unsec’d. Notes(c)		5.875			04/23/45		9,700		8,892,436
Sr. Unsec’d. Notes		6.750			04/16/40		2,750		2,735,197
Sr. Unsec’d. Notes		7.500			07/27/35		1,055		1,134,214
									54,302,563
Miscellaneous Manufacturing    0.4%
General Electric Co., Sr. Unsec’d. Notes		4.125			10/09/42		605		645,588
Sr. Unsec’d. Notes		4.500			03/11/44		900		1,011,337
Sr. Unsec’d. Notes, GMTN		2.200			01/09/20		4,206		4,318,288
Sr. Unsec’d. Notes, GMTN		6.875			01/10/39		2,718		3,977,801
Sr. Unsec’d. Notes, MTN		5.300			02/11/21		157		181,217
Sr. Unsec’d. Notes, MTN		5.875			01/14/38		906		1,194,485
Ingersoll-Rand Luxembourg Finance SA, Gtd. Notes		3.550			11/01/24		3,855		3,994,936

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Miscellaneous Manufacturing (cont’d.)
Koppers, Inc., Gtd. Notes		7.875	%		12/01/19		9,000	$	9,146,250
Pentair Finance SA (United Kingdom), Gtd. Notes		1.875			09/15/17		1,075		1,071,410
Siemens Financieringsmaatschappij NV (Germany), Gtd. Notes, 144A(c)		3.250			05/27/25		24,400		25,854,874
Textron, Inc., Sr. Unsec’d. Notes		7.250			10/01/19		800		915,580
									52,311,766
Office & Business Equipment    0.1%
CDW LLC/CDW Finance Corp., Gtd. Notes		5.500			12/01/24		9,600		10,104,000
Xerox Corp., Sr. Unsec’d. Notes		2.950			03/15/17		6,100		6,160,915
									16,264,915
Oil & Gas    0.7%
Anadarko Petroleum Corp., Sr. Unsec’d. Notes		0.291	(h)		10/10/36		5,000		1,850,000
Sr. Unsec’d. Notes		6.450			09/15/36		50		53,942
Sr. Unsec’d. Notes		6.600			03/15/46		13,325		15,081,755
Sr. Unsec’d. Notes		7.950			06/15/39		1,600		1,863,413
BP Capital Markets PLC (United Kingdom), Gtd. Notes		3.561			11/01/21		1,615		1,724,696
Gtd. Notes		4.500			10/01/20		435		480,086
California Resources Corp., Gtd. Notes(c)		6.000			11/15/24		867		360,889
Sec’d. Notes, 144A		8.000			12/15/22		2,326		1,599,125
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes(c)		6.750			11/15/39		2,950		2,864,754
Devon Energy Corp., Sr. Unsec’d. Notes(c)		5.000			06/15/45		10,515		9,048,273
Sr. Unsec’d. Notes		7.950			04/15/32		2,450		2,638,493
Devon Financing Corp. LLC, Gtd. Notes		7.875			09/30/31		10,000		10,706,260
Kerr-McGee Corp., Gtd. Notes		6.950			07/01/24		1,060		1,173,384
Lukoil International Finance BV (Russia), Gtd. Notes, 144A(c)		7.250			11/05/19		1,375		1,525,329
Nabors Industries, Inc., Gtd. Notes(c)		4.625			09/15/21		12,740		11,699,626
Noble Energy, Inc., Sr. Unsec’d. Notes(c)		3.900			11/15/24		3,700		3,678,714
Sr. Unsec’d. Notes(c)		4.150			12/15/21		7,450		7,602,673
Sr. Unsec’d. Notes		5.250			11/15/43		360		340,837
Sr. Unsec’d. Notes		6.000			03/01/41		1,272		1,263,575

See Notes to Financial Statements.

Prudential Total Return Bond Fund 57

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Pacific Exploration & Production Corp. (Colombia), Gtd. Notes, RegS (original cost $507,813; purchased 01/08/14)(e)(f)(g)		5.375	%		01/26/19		500	$	75,000
Gtd. Notes, 144A (original cost $9,174,129; purchased 11/18/13 - 03/25/15)(e)(f)(g)		5.375			01/26/19		9,340		1,401,000
Gtd. Notes, 144A (original cost $4,045,000; purchased 10/26/12 - 06/03/13)(e)(f)(g)		7.250			12/12/21		3,500		525,000
Phillips 66, Gtd. Notes		2.950			05/01/17		795		809,851
Gtd. Notes		4.650			11/15/34		2,970		3,131,283
Gtd. Notes(c)		4.875			11/15/44		2,830		3,059,190
Pioneer Natural Resources Co., Sr. Unsec’d. Notes		6.875			05/01/18		700		755,906
Reliance Holdings USA, Inc. (India), Gtd. Notes, 144A		5.400			02/14/22		4,773		5,288,164
Sasol Financing International PLC (South Africa), Gtd. Notes		4.500			11/14/22		11,400		11,202,210
									101,803,428
Oil & Gas Services
Cameron International Corp., Sr. Unsec’d. Notes		5.950			06/01/41		2,775		3,280,849
Halliburton Co., Sr. Unsec’d. Notes(c)		4.500			11/15/41		485		458,250
									3,739,099
Packaging & Containers    0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), Sr. Sec’d. Notes, 144A		4.625			05/15/23		12,865		12,865,000
Ball Corp., Gtd. Notes		4.375			12/15/23	EUR	525		653,755
Gtd. Notes(c)		5.250			07/01/25		10,050		10,571,394
Greif Neveda Holdings SCS, Sr. Unsec’d. Notes, MTN		7.375			07/15/21	EUR	730		973,960
Greif, Inc., Sr. Unsec’d. Notes		7.750			08/01/19		1,225		1,375,063
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A(c)		5.875			08/15/23		2,825		3,036,875
Gtd. Notes, 144A(c)		6.375			08/15/25		1,950		2,101,125
WestRock RKT Co., Gtd. Notes		4.450			03/01/19		1,140		1,194,763
Gtd. Notes		4.900			03/01/22		1,700		1,869,150
									34,641,085

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pharmaceuticals    1.6%
Abbvie, Inc., Sr. Unsec’d. Notes(c)		2.900	%		11/06/22		4,375	$	4,469,833
Sr. Unsec’d. Notes		3.200			11/06/22		10,995		11,350,534
Sr. Unsec’d. Notes		3.600			05/14/25		12,685		13,291,597
Sr. Unsec’d. Notes		4.500			05/14/35		20,745		21,579,322
Actavis Funding SCS, Gtd. Notes		3.000			03/12/20		19,100		19,509,485
Gtd. Notes		3.800			03/15/25		6,805		6,986,483
Gtd. Notes		4.550			03/15/35		14,490		14,495,057
Gtd. Notes(c)		4.750			03/15/45		3,295		3,332,985
Actavis, Inc., Gtd. Notes		1.875			10/01/17		1,000		1,002,826
Allergan, Inc., Gtd. Notes		1.350			03/15/18		2,635		2,615,074
AmerisourceBergen Corp., Sr. Unsec’d. Notes(c)		3.250			03/01/25		3,875		3,971,875
Cardinal Health, Inc., Sr. Unsec’d. Notes(c)		4.900			09/15/45		2,890		3,213,090
Endo Ltd./Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A(c)		6.000			07/15/23		8,325		8,168,906
Gtd. Notes, 144A(c)		6.000			02/01/25		2,200		2,101,000
Express Scripts Holding Co., Gtd. Notes(c)		3.300			02/25/21		7,900		8,152,144
Forest Laboratories, Inc., Gtd. Notes, 144A		4.875			02/15/21		1,560		1,705,520
Gtd. Notes, 144A		5.000			12/15/21		4,000		4,412,828
Johnson & Johnson, Sr. Unsec’d. Notes		3.550			03/01/36		3,165		3,340,183
Sr. Unsec’d. Notes(c)		3.700			03/01/46		6,380		6,776,077
McKesson Corp., Sr. Unsec’d. Notes		6.000			03/01/41		4,550		5,673,026
Mead Johnson Nutrition Co., Sr. Unsec’d. Notes		4.600			06/01/44		3,437		3,441,045
Merck & Co., Inc., Sr. Unsec’d. Notes(c)		2.750			02/10/25		17,235		17,742,192
Sr. Unsec’d. Notes		4.150			05/18/43		5,525		6,081,732
Mylan MV, Gtd. Notes, 144A		3.000			12/15/18		6,710		6,825,761
Mylan, Inc., Gtd. Notes		2.600			06/24/18		2,800		2,820,138
Novartis Capital Corp. (Switzerland), Gtd. Notes(c)		4.000			11/20/45		21,510		23,435,231
Gtd. Notes(c)		4.400			05/06/44		2,310		2,690,411
Pfizer, Inc., Sr. Unsec’d. Notes		4.300			06/15/43		2,275		2,509,982
Valeant Pharmaceuticals International, Inc., Gtd. Notes, 144A(c)		5.500			03/01/23		2,250		1,912,500
Gtd. Notes, 144A(c)		5.875			05/15/23		4,900		4,103,750
Gtd. Notes, 144A(c)		6.125			04/15/25		2,775		2,318,180
Gtd. Notes, 144A(c)		6.750			08/15/18		7,300		7,044,500
Gtd. Notes, 144A(c)		6.750			08/15/21		1,275		1,122,000
Gtd. Notes, 144A(c)		7.500			07/15/21		3,000		2,745,000

See Notes to Financial Statements.

Prudential Total Return Bond Fund 59

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Zoetis, Inc., Sr. Unsec’d. Notes		4.700	%		02/01/43		395	$	387,193
									231,327,460
Pipelines    0.6%
DCP Midstream LLC, Sr. Unsec’d. Notes, 144A		5.350			03/15/20		1,916		1,820,200
Energy Transfer Partners LP, Sr. Unsec’d. Notes		4.650			06/01/21		510		506,925
Enterprise Products Operating LLC, Gtd. Notes(c)		3.700			02/15/26		18,255		18,567,526
Gtd. Notes		4.900			05/15/46		26,550		26,873,087
Kinder Morgan Energy Partners LP, Gtd. Notes		6.500			04/01/20		2,009		2,184,645
Magellan Midstream Partners LP, Sr. Unsec’d. Notes		4.200			12/01/42		1,600		1,411,549
Sr. Unsec’d. Notes		4.200			03/15/45		1,180		1,060,874
Sr. Unsec’d. Notes		4.250			02/01/21		5,500		5,837,838
ONEOK Partners LP, Gtd. Notes		2.000			10/01/17		1,250		1,243,641
Sunoco Logistics Partners Operations LP, Gtd. Notes(c)		5.350			05/15/45		2,105		1,915,443
Western Gas Partners LP, Sr. Unsec’d. Notes(c)		3.950			06/01/25		8,315		7,475,775
Sr. Unsec’d. Notes		4.000			07/01/22		700		671,276
Sr. Unsec’d. Notes		5.450			04/01/44		875		753,010
Williams Partners LP, Sr. Unsec’d. Notes		4.000			09/15/25		8,660		7,586,827
									77,908,616
Real Estate Investment Trusts (REITs)    0.8%
Brandywine Operating Partnership LP, Gtd. Notes		4.550			10/01/29		2,330		2,320,855
Crown Castle International Corp., Sr. Unsec’d. Notes		3.700			06/15/26		4,635		4,706,231
Sr. Unsec’d. Notes		4.875			04/15/22		10,015		10,866,275
Kimco Realty Corp., Sr. Unsec’d. Notes		3.400			11/01/22		9,340		9,561,405
Mack-Cali Realty LP, Sr. Unsec’d. Notes		2.500			12/15/17		1,225		1,228,770
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		5.500			05/01/24		5,025		5,075,250
Regency Centers LP, Gtd. Notes		5.875			06/15/17		2,511		2,626,021
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes		5.500			02/01/21		10,000		10,100,000
Select Income Reit, Sr. Unsec’d. Notes		2.850			02/01/18		4,615		4,617,215
Simon Property Group LP, Sr. Unsec’d. Notes, 144A		1.500			02/01/18		6,250		6,275,700
Sr. Unsec’d. Notes		2.800			01/30/17		245		247,225
Sr. Unsec’d. Notes		3.375			03/15/22		350		370,809
Sr. Unsec’d. Notes		10.350			04/01/19		600		737,035

See Notes to Financial Statements.

60

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Trust F/1401 (Mexico), Sr. Unsec’d. Notes, RegS		5.250	%		12/15/24		2,000	$	2,075,000
Sr. Unsec’d. Notes, 144A		5.250			12/15/24		2,830		2,936,125
Ventas Realty LP/Ventas Capital Corp., Gtd. Notes		4.000			04/30/19		17,000		17,845,529
Welltower, Inc., Sr. Unsec’d. Notes		4.000			06/01/25		10,745		11,018,492
Sr. Unsec’d. Notes		4.250			04/01/26		16,080		16,722,203
									109,330,140
Retail    1.4%
AmeriGas Finance LLC/AmeriGas Finance Corp., Gtd. Notes(c)		6.750			05/20/20		9,850		10,172,981
Gtd. Notes		7.000			05/20/22		2,480		2,619,500
Autozone, Inc., Sr. Unsec’d. Notes(c)		3.250			04/15/25		20,235		20,624,564
Sr. Unsec’d. Notes		6.950			06/15/16		1,100		1,107,453
Brinker International, Inc., Sr. Unsec’d. Notes		2.600			05/15/18		17,380		17,468,482
Costco Wholesale Corp., Sr. Unsec’d. Notes		1.750			02/15/20		7,525		7,622,878
CVS Health Corp., Sr. Unsec’d. Notes(c)		2.750			12/01/22		10,067		10,279,162
Sr. Unsec’d. Notes		4.875			07/20/35		4,465		5,005,055
Sr. Unsec’d. Notes(c)		5.125			07/20/45		5,660		6,614,548
Sr. Unsec’d. Notes(c)		5.300			12/05/43		6,640		7,844,662
Dollar General Corp., Gtd. Notes		4.125			07/15/17		13,558		13,982,379
Dollar Tree, Inc., Gtd. Notes, 144A		5.250			03/01/20		1,095		1,137,431
Gtd. Notes, 144A(c)		5.750			03/01/23		7,000		7,474,600
Douglas GmbH (Germany), Sr. Sec’d. Notes, 144A		6.250			07/15/22	EUR	4,100		5,064,438
Dufry Finance SCA (Switzerland), Gtd. Notes, 144A		5.500			10/15/20		6,555		6,817,200
Home Depot, Inc. (The), Sr. Unsec’d. Notes(c)		3.000			04/01/26		6,370		6,661,472
Sr. Unsec’d. Notes		4.200			04/01/43		955		1,039,074
L Brands, Inc., Gtd. Notes(c)		5.625			02/15/22		6,325		6,981,219
Gtd. Notes(c)		5.625			10/15/23		3,225		3,555,562
Gtd. Notes		7.000			05/01/20		4,000		4,620,000
Gtd. Notes		8.500			06/15/19		2,350		2,773,000
Lowe’s Cos., Inc., Sr. Unsec’d. Notes		2.500			04/15/26		16,865		16,699,976
Macy’s Retail Holdings, Inc., Gtd. Notes		3.875			01/15/22		475		486,817
Gtd. Notes		7.450			07/15/17		2,000		2,135,082

See Notes to Financial Statements.

Prudential Total Return Bond Fund 61

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Retail (cont’d.)
McDonald’s Corp., Sr. Unsec’d. Notes, MTN		3.700	%		01/30/26		3,110	$	3,330,116
Sr. Unsec’d. Notes, MTN(c)		6.300			10/15/37		1,960		2,535,979
Neiman Marcus Group Ltd. LLC, Gtd. Notes, 144A(c)		8.000			10/15/21		3,750		3,262,500
QVC, Inc., Sr. Sec’d. Notes		5.125			07/02/22		1,700		1,797,592
Target Corp., Sr. Unsec’d. Notes(c)		3.625			04/15/46		5,465		5,434,265
Wal-Mart Stores, Inc., Sr. Unsec’d. Notes		5.625			04/15/41		525		683,683
Sr. Unsec’d. Notes		6.500			08/15/37		3,400		4,758,749
									190,590,419
Savings & Loans
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22		3,225		3,239,122
Semiconductors    0.6%
Freescale Semiconductor, Inc., Sr. Sec’d. Notes, 144A		5.000			05/15/21		8,025		8,346,000
Sr. Sec’d. Notes, 144A		6.000			01/15/22		16,053		17,016,180
Micron Technology, Inc., Sr. Sec’d. Notes, 144A		7.500			09/15/23		12,040		12,461,400
Sr. Unsec’d. Notes, 144A		5.250			01/15/24		3,225		2,588,063
Sr. Unsec’d. Notes, 144A		5.625			01/15/26		3,650		2,883,500
Sr. Unsec’d. Notes		5.500			02/01/25		9,000		7,290,000
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A		3.750			06/01/18		12,775		13,078,406
Sensata Technologies BV, Gtd. Notes, 144A(c)		5.000			10/01/25		11,775		11,833,875
Gtd. Notes, 144A(c)		5.625			11/01/24		4,000		4,180,000
									79,677,424
Software    1.2%%
First Data Corp., Gtd. Notes, 144A(c)		7.000			12/01/23		31,622		32,491,605
Sr. Sec’d. Notes, 144A		5.000			01/15/24		14,650		14,796,500
Sr. Sec’d. Notes, 144A		6.750			11/01/20		15,265		16,028,250
Fiserv, Inc., Sr. Unsec’d. Notes		2.700			06/01/20		5,765		5,911,811
Infor US, Inc., Gtd. Notes (original cost $7,208,625; purchased 04/09/15)(f)		6.500			05/15/22		7,050		6,507,221
Microsoft Corp., Sr. Unsec’d. Notes(c)		2.375			02/12/22		19,375		19,997,538
Sr. Unsec’d. Notes		3.125			11/03/25		16,150		17,048,570

See Notes to Financial Statements.

62

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Software (cont’d.)
Oracle Corp., Sr. Unsec’d. Notes(d)		2.950	%		05/15/25		52,640	$	54,196,670
Sr. Unsec’d. Notes		4.300			07/08/34		3,265		3,488,907
									170,467,072
Telecommunications    1.9%
AT&T, Inc., Sr. Unsec’d. Notes		1.049	(a)		03/30/17		1,300		1,300,632
Sr. Unsec’d. Notes		3.400			05/15/25		27,950		28,412,209
Sr. Unsec’d. Notes		3.950			01/15/25		11,900		12,502,128
Sr. Unsec’d. Notes(c)		4.500			05/15/35		4,295		4,319,679
Sr. Unsec’d. Notes(c)		4.750			05/15/46		6,565		6,615,038
Sr. Unsec’d. Notes		4.800			06/15/44		2,865		2,884,367
Sr. Unsec’d. Notes		5.150			03/15/42		2,700		2,835,724
Sr. Unsec’d. Notes		5.350			09/01/40		3,700		3,984,937
Sr. Unsec’d. Notes		5.500			02/01/18		4,500		4,818,334
Bharti Airtel International Netherlands BV (India), Gtd. Notes, 144A		5.125			03/11/23		5,751		6,190,514
Gtd. Notes, 144A		5.350			05/20/24		2,240		2,427,123
Sr. Unsec’d. Notes		5.125			03/11/23		1,955		2,104,409
Sr. Unsec’d. Notes		5.350			05/20/24		1,400		1,516,952
CenturyLink, Inc., Sr. Unsec’d. Notes		7.600			09/15/39		235		199,750
Clearwire Communications LLC/Clearwire Finance, Inc., Sr. Sec’d. Notes, 144A		14.750			12/01/16		26,377		28,157,447
CommScope Holding Co., Inc., Sr. Unsec’d. Notes, PIK, 144A(c)		6.625			06/01/20		20,550		21,217,875
CommScope, Inc., Gtd. Notes, 144A(c)		5.000			06/15/21		355		360,325
Gtd. Notes, 144A(c)		5.500			06/15/24		1,295		1,299,079
Digicel Group Ltd. (Jamaica),
Sr. Unsec’d. Notes, RegS		8.250			09/30/20		1,800		1,642,500
Sr. Unsec’d. Notes, 144A		8.250			09/30/20		2,450		2,235,625
Digicel Ltd. (Jamaica), Gtd. Notes, 144A		6.750			03/01/23		6,040		5,447,325
Embarq Corp., Sr. Unsec’d. Notes (original cost $3,266,830; purchased 05/04/11 - 05/11/11)(e)(f)		7.082			06/01/16		2,890		2,903,375
Qwest Capital Funding, Inc., Gtd. Notes		6.500			11/15/18		5,000		5,187,500
Sprint Capital Corp., Gtd. Notes(c)		6.900			05/01/19		11,252		10,295,580
Sprint Corp., Gtd. Notes		7.625			02/15/25		6,700		5,050,125
Gtd. Notes(c)		7.875			09/15/23		3,400		2,652,000
TBG Global Pte Ltd. (Indonesia), Gtd. Notes, RegS		4.625			04/03/18		835		844,436

See Notes to Financial Statements.

Prudential Total Return Bond Fund 63

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Telecom Italia SpA (Italy), Sr. Unsec’d. Notes, EMTN		6.375	%		06/24/19	GBP	9,350	$	15,148,260
Telefonica Emisiones SAU (Spain), Gtd. Notes		1.275	(a)		06/23/17		1,000		996,001
Telstra Corp., Ltd. (Australia), Gtd. Notes, 144A		3.125			04/07/25		10,565		10,812,232
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		1.036	(a)		06/09/17		1,900		1,901,406
Sr. Unsec’d. Notes		2.164	(a)		09/15/16		1,000		1,004,693
Sr. Unsec’d. Notes		2.382	(a)		09/14/18		200		205,318
Sr. Unsec’d. Notes		4.522			09/15/48		18,703		18,979,673
Sr. Unsec’d. Notes		4.672			03/15/55		19,238		18,604,685
Sr. Unsec’d. Notes		4.750			11/01/41		635		666,746
Sr. Unsec’d. Notes(c)		4.862			08/21/46		7,149		7,661,655
Sr. Unsec’d. Notes		5.012			08/21/54		14,933		15,336,818
Sr. Unsec’d. Notes		6.000			04/01/41		930		1,132,169
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC (Russia), Sr. Unsec’d. Notes, RegS		9.125			04/30/18		1,165		1,275,675
Sr. Unsec’d. Notes, 144A		9.125			04/30/18		200		219,000
									261,349,319
Textiles
Mohawk Industries, Inc., Sr. Unsec’d. Notes		3.850			02/01/23		673		695,034
Transportation    0.5%
AP Moeller-Maersk A/S (Denmark), Sr. Unsec’d. Notes, 144A		2.550			09/22/19		3,655		3,672,423
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes(c)		4.150			04/01/45		15,435		16,409,211
Sr. Unsec’d. Notes		4.375			09/01/42		3,425		3,708,676
Sr. Unsec’d. Notes		4.550			09/01/44		2,310		2,567,881
CSX Corp., Sr. Unsec’d. Notes		6.250			03/15/18		1,600		1,737,014
FedEx Corp.,
Gtd. Notes(c)		3.250			04/01/26		1,915		1,984,963
Gtd. Notes		4.550			04/01/46		7,425		7,907,736
Gtd. Notes		4.750			11/15/45		13,235		14,504,316
Ryder System, Inc., Sr. Unsec’d. Notes, MTN		2.650			03/02/20		7,225		7,267,671
Southern Railway Co., Sr. Unsec’d. Notes		9.750			06/15/20		3,700		4,782,339
Union Pacific Corp., Sr. Unsec’d. Notes		6.250			05/01/34		1,800		2,319,745
									66,861,975

See Notes to Financial Statements.

64

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Trucking & Leasing    0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A (original cost $15,106,642; purchased 01/14/13 - 02/20/15)(e)(f)		2.875	%		07/17/18		14,827	$	14,944,534
Sr. Unsec’d. Notes, 144A (original cost $21,152,888; purchased 11/04/15)(e)(f)		3.300			04/01/21		21,250		21,477,056
Sr. Unsec’d. Notes, 144A (original cost $2,614,225; purchased 04/14/15)(e)(f)		3.750			05/11/17		2,500		2,551,370
									38,972,960
TOTAL CORPORATE BONDS (cost $6,254,383,473)									6,343,070,548
FOREIGN AGENCIES    2.6%
Bank Nederlandse Gemeenten (Netherlands),
Sr. Unsec’d. Notes, EMTN		0.500			05/12/21	ZAR	25,000		1,124,618
Sr. Unsec’d. Notes, EMTN, RegS		0.500			06/22/21	ZAR	84,000		3,602,171
Bank Nederlandse Gemeenten NV (Netherlands),
Sr. Unsec’d. Notes, 144A		1.250			10/29/18		5,000		5,007,565
Sr. Unsec’d. Notes, 144A		2.375			03/16/26		15,000		15,287,362
Sr. Unsec’d. Notes, EMTN, RegS		0.500			06/07/22	ZAR	469,000		19,128,967
CDP Financial, Inc. (Canada), Gtd. Notes, 144A		4.400			11/25/19		11,000		12,058,959
Sr. Unsec’d. Notes, 144A		3.150			07/24/24		9,542		9,994,854
CNOOC Finance 2013 Ltd. (China), Gtd. Notes		3.000			05/09/23		3,642		3,532,893
Comision Federal de Electricidad (Mexico), Sr. Unsec’d. Notes, 144A		4.875			01/15/24		2,450		2,548,000
Development Bank of Japan, Inc. (Japan), Gov’t. Gtd. Notes, RegS		1.000			01/22/18		6,250		6,239,000
DP World Ltd. (United Arab Emirates), Sr. Unsec’d. Notes, RegS		6.850			07/02/37		2,000		2,073,720
Ecopetrol SA (Colombia), Sr. Unsec’d. Notes		4.125			01/16/25		675		590,625
Export Credit Bank of Turkey (Turkey), Sr. Unsec’d. Notes, 144A		5.375			11/04/16		4,650		4,729,236
Export-Import Bank of Korea (South Korea),
Sr. Unsec’d. Notes		2.875			01/21/25		9,500		9,697,229
Sr. Unsec’d. Notes		3.250			11/10/25		6,980		7,362,853
Sr. Unsec’d. Notes		4.375			09/15/21		1,890		2,098,117
Sr. Unsec’d. Notes, EMTN		0.500			01/25/17	TRY	800		264,806
Sr. Unsec’d. Notes, EMTN		6.350			03/28/17	MXN	20,000		1,167,708

See Notes to Financial Statements.

Prudential Total Return Bond Fund 65

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
FOREIGN AGENCIES (Continued)
Export-Import Bank of Korea (South Korea), (cont’d.)
Sr. Unsec’d. Notes, EMTN, RegS		3.990	%		09/13/16	MXN	20,000	$	1,156,083
Sr. Unsec’d. Notes, MTN		2.240			09/14/18		6,050		6,201,885
Gazprom OAO Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, RegS		9.250			04/23/19		4,400		5,048,718
Sr. Unsec’d. Notes, 144A		6.510			03/07/22		4,227		4,573,318
Sr. Unsec’d. Notes, 144A		9.250			04/23/19		2,000		2,294,872
Instituto de Credito Oficial (Spain), Gov’t. Gtd. Notes, GMTN, RegS		1.875			12/15/17	GBP	1,250		1,829,416
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes		0.978	(a)		11/13/18		14,000		13,916,028
Gov’t. Gtd. Notes		1.750			07/31/18		10,350		10,410,972
Gov’t. Gtd. Notes		2.125			02/10/25		15,000		14,776,260
Gov’t. Gtd. Notes		2.625			12/15/20	GBP	1,000		1,528,279
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A		2.125			04/13/21		7,800		7,762,225
Sr. Unsec’d. Notes, 144A		2.375			02/13/25		47,000		46,526,278
Sr. Unsec’d. Notes, 144A		2.500			09/12/18		7,000		7,158,403
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, RegS		9.125			07/02/18		1,300		1,423,500
Sr. Unsec’d. Notes, MTN, 144A		9.125			07/02/18		14,790		16,195,050
Kommunalbanken AS (Norway), Sr. Unsec’d. Notes, 144A		2.125			04/23/25		5,000		4,984,790
Korea Development Bank (The) (South Korea),
Sr. Unsec’d. Notes		3.000			03/17/19		2,000		2,068,744
Sr. Unsec’d. Notes		3.500			08/22/17		2,000		2,051,306
Sr. Unsec’d. Notes		4.625			11/16/21		1,550		1,738,317
Korea Hydro & Nuclear Power Co. Ltd. (South Korea),
Sr. Unsec’d. Notes, RegS		4.750			07/13/21		1,000		1,122,508
Sr. Unsec’d. Notes, 144A		3.000			09/19/22		2,420		2,522,226
Sr. Unsec’d. Notes, 144A		4.750			07/13/21		2,125		2,385,330
Majapahit Holding BV (Indonesia),
Gtd. Notes, RegS		7.250			06/28/17		9,060		9,581,856
Gtd. Notes, RegS		7.750			10/17/16		5,945		6,100,759
Gtd. Notes, RegS		7.750			01/20/20		10,015		11,467,175
Gtd. Notes, RegS		8.000			08/07/19		4,195		4,780,202
Oesterreichische Kontrollbank AG (Austria),
Gov’t. Gtd. Notes		1.500			10/21/20		8,500		8,486,034
Gov’t. Gtd. Notes		2.000			06/03/16		1,136		1,137,203
Pertamina Persero PT (Indonesia), Sr. Unsec’d. Notes, RegS		5.625			05/20/43		2,155		1,988,862
Petrobras Global Finance BV (Brazil), Gtd. Notes		2.000			05/20/16		11,736		11,726,611

See Notes to Financial Statements.

66

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
FOREIGN AGENCIES (Continued)
Petroleos Mexicanos (Mexico),
Gtd. Notes(c)		4.875	%		01/24/22		845	$	851,338
Gtd. Notes		5.500			01/21/21		14,690		15,424,500
Gtd. Notes		8.000			05/03/19		2,055		2,287,832
Gtd. Notes, EMTN		5.500			01/09/17	EUR	734		866,845
Gtd. Notes, RegS		6.375			08/05/16	EUR	705		818,589
US Gov’t. Gtd.		2.830			02/15/24		532		551,874
Power Sector Assets & Liabilities Management Corp. (Philippines), Gov’t. Gtd. Notes, RegS		7.390			12/02/24		4,150		5,594,300
Gov’t. Gtd. Notes		8.400			12/15/16		521		541,840
Sinopec Group Overseas Development 2015 Ltd. (China), Gtd. Notes, 144A		2.500			04/28/20		10,200		10,191,503
TOTAL FOREIGN AGENCIES (cost $360,466,525)									356,580,514
MUNICIPAL BONDS    1.1%
California    0.4%
Bay Area Toll Authority, BABs, Revenue Bonds		6.263			04/01/49		3,755		5,473,476
BABs, Revenue Bonds		6.907			10/01/50		525		780,313
Los Angeles County Public Works Financing Authority, BABs, Revenue Bonds		7.618			08/01/40		4,300		6,435,380
Los Angeles Department of Airports, BABs, Taxable, Revenue Bonds		6.582			05/15/39		5,045		6,722,715
Los Angeles Department of Water & Power, BABs, Revenue Bonds		5.716			07/01/39		8,475		10,971,650
BABs, Revenue Bonds		6.008			07/01/39		6,200		7,928,436
State of California,
GO Unlimited, BABs		7.300			10/01/39		835		1,236,092
GO Unlimited, BABs		7.550			04/01/39		1,600		2,480,224
GO Unlimited, BABs		7.600			11/01/40		2,320		3,661,795
GO Unlimited, BABs		7.625			03/01/40		275		425,106
University of California, BABs, Revenue Bonds		5.770			05/15/43		500		651,165
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		2,050		2,116,277
Taxable, Revenue Bonds, Series AQ		4.767			05/15/2115		4,900		4,948,216
Taxable, Revenue Bonds, Series J		4.131			05/15/45		2,250		2,340,652
									56,171,497
Colorado
Regional Transportation District, BABs, Revenue Bonds, Series 2010B		5.844			11/01/50		3,320		4,622,004

See Notes to Financial Statements.

Prudential Total Return Bond Fund 67

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
Illinois    0.1%
Chicago O’Hare International Airport, BABs, Revenue Bonds		6.395	%		01/01/40		3,170	$	4,245,074
Illinois State Toll Highway Authority, BABs, Revenue Bonds, Series A		6.184			01/01/34		5,000		6,574,700
									10,819,774
Kentucky
Kentucky State Property & Building Commission, BABs, Revenue Bonds, Series C		4.303			11/01/19		800		863,472
BABs, Revenue Bonds, Series C		5.373			11/01/25		1,900		2,196,761
									3,060,233
New Jersey    0.1%
New Jersey State Turnpike Authority,
BABs, Revenue Bonds, Series A		7.102			01/01/41		4,478		6,599,318
BABs, Revenue Bonds, Series F		7.414			01/01/40		8,115		12,331,473
Rutgers State University, BABs, Revenue Bonds		5.665			05/01/40		1,350		1,671,610
									20,602,401
New York    0.3%
Metropolitan Transportation Authority, BABs, Taxable, Revenue Bonds		6.687			11/15/40		700		969,332
New York City Transitional Finance Authority Future Tax Secured Revenue,
BABs, Revenue Bonds		4.725			11/01/23		1,400		1,600,606
BABs, Revenue Bonds		4.905			11/01/24		1,100		1,290,850
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		2,810		3,849,841
New York State Urban Development Corp., BABs, Taxable, Revenue Bonds		5.770			03/15/39		18,800		23,593,624
Port Authority of New York & New Jersey, Revenue Bonds		4.458			10/01/62		2,600		2,835,404
Revenue Bonds		4.810			10/15/65		8,650		9,905,547
									44,045,204
Ohio
Ohio State University, BABs, Revenue Bonds		4.910			06/01/40		295		355,283
Taxable, Revenue Bonds, Series A		4.800			06/01/2111		2,810		3,014,231
Ohio State Water Development Authority, BABs, Revenue Bonds		4.879			12/01/34		375		442,830
									3,812,344

See Notes to Financial Statements.

68

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
Oregon
Oregon State Department of Transportation Highway, BABs, Revenue Bonds, Series A		5.834	%		11/15/34		675	$	895,246
Pennsylvania    0.1%
Pennsylvania Turnpike Commission, BABs, Revenue Bonds		6.105			12/01/39		400		531,840
BABs, Revenue Bonds, Series B		5.511			12/01/45		5,370		6,769,798
									7,301,638
Tennessee
Metropolitan Government of Nashville & Davidson County Convention Center Authority, BABs, Taxable, Revenue Bonds		6.731			07/01/43		550		737,715
Texas    0.1%
City Public Service Board of San Antonio, BABs, Taxable, Revenue Bonds		4.427			02/01/42		6,480		7,433,856
TOTAL MUNICIPAL BONDS (cost $148,910,582)									159,501,912
RESIDENTIAL MORTGAGE-BACKED SECURITIES    6.3%
Aire Valley Mortgages PLC (United Kingdom), Series 2004-1X, Class 3A2, RegS		0.186	(a)		09/20/66	EUR	5,743		6,429,971
Alternative Loan Trust, Series 2004-18CB, Class 3A1		5.250			09/25/19		66		66,209
Series 2005-61, Class 1A1		0.959	(a)		12/25/35		1,139		977,553
American Home Mortgage Investment Trust, Series 2004-4, Class 4A		2.899	(a)		02/25/45		105		105,080
APS Resecuritization Trust, Series 2016-1, Class 1A, 144A(e)		0.584	(a)		07/31/57		13,116		11,835,454
Banc of America Funding Corp., Series 2015-R3, Class 1A1, 144A		0.629	(a)		03/27/36		27,137		25,230,332
Series 2015-R3, Class 2A1, 144A		0.569	(a)		02/27/37		33,582		30,710,611
Series 2015-R3, Class 6A1, 144A		0.603	(a)		05/28/36		35,871		33,958,998
Banc of America Funding Ltd., Series 2012-R5, Class A, 144A		0.697	(a)		10/03/39		260		258,612
Banc of America Funding Trust, Series 2005-D, Class A1		2.875	(a)		05/25/35		144		146,847
Series 2006-I, Class 4A1		3.202	(a)		10/20/46		55		40,738
Series 2014-R2, Class 2A1, 144A		0.649	(a)		05/26/37		3,609		3,368,234

See Notes to Financial Statements.

Prudential Total Return Bond Fund 69

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Banc of America Funding Trust, (cont’d.)
Series 2014-R5, Class 1A1, 144A		2.413	%(a)		09/26/45		6,520	$	6,389,857
Series 2015-R2, Class 5A1, 144A		0.598	(a)		09/29/36		24,964		22,911,985
Series 2015-R4, Class 4A1, 144A		3.500	(a)		07/26/36		16,304		16,265,676
Series 2015-R9, Class 2A1, 144A		0.644	(a)		02/26/37		13,609		12,318,757
Banc of America Mortgage Trust,
Series 2004-2, Class 5A1		6.500			10/25/31		4		3,977
Series 2004-E, Class 2A6		2.886	(a)		06/25/34		829		816,742
Series 2005-B, Class 2A2		3.069	(a)		03/25/35		33		30,163
Series 2005-B, Class 2A1		3.069	(a)		03/25/35		966		889,814
Bear Stearns ALT-A Trust, Series 2005-4, Class 23A1		2.893	(a)		05/25/35		278		266,435
Series 2005-4, Class 23A2		2.893	(a)		05/25/35		93		90,694
Bear Stearns ARM Trust, Series 2002-11, Class 1A1		2.517	(a)		02/25/33		5		5,092
Series 2005-4, Class 3A1		2.745	(a)		08/25/35		574		488,402
Series 2007-3, Class 1A1		2.923	(a)		05/25/47		656		585,894
CHL Mortgage Pass-Through Trust, Series 2005-29, Class A1		5.750			12/25/35		1,315		1,215,680
Series 2005-HYB9, Class 3A2A		2.592	(a)		02/20/36		62		57,300
Citigroup Mortgage Loan Trust, Series 2011-12, Class 3A2, 144A		2.754	(a)		09/25/47		13,263		11,678,664
Series 2015-5, Class 2A1, 144A		0.623	(a)		11/25/36		13,552		12,207,971
CSMC, Series 2015-12R, Class 1A1, 144A(b)		2.439	(a)		10/30/47		24,295		23,959,942
Series 2016-1R, Class 1A3, 144A		0.578	(a)		08/27/37		73,126		65,784,669
Fannie Mae Connecticut Avenue Securities, Series 2014-C04, Class 1M1(i)		2.389	(a)		11/25/24		4,634		4,661,582
Series 2013-C01, Class M2(i)		5.689	(a)		10/25/23		3,205		3,411,977
Series 2015-C01, Class 1M1(i)		1.939	(a)		02/25/25		5,395		5,402,615
Fannie Mae REMICS, Series 2000-32, Class FM		0.886	(a)		10/18/30		2		1,700
Series 2001-29, Class Z		6.500			07/25/31		58		66,705
FHLMC Structured Pass-Through Securities, Series T-61, Class 1A1		1.750	(a)		07/25/44		228		231,055
Series T-63, Class 1A1		1.550	(a)		02/25/45		24		25,017
Freddie Mac REMICS, Series 1628, Class LZ		6.500			12/15/23		31		33,637
Series 1935, Class JZ		7.000			02/15/27		127		144,018
Series 2241, Class PH		7.500			07/15/30		63		73,498
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3(i)		3.733	(a)		10/25/27		24,822		24,660,791
Series 2015-DNA3, Class M2(i)		3.289	(a)		04/25/28		12,650		12,879,582

See Notes to Financial Statements.

70

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Freddie Mac Structured Agency Credit Risk Debt Notes, (cont’d.)
Series 2015-HQ2, Class M3(i)		3.689	%(a)		05/25/25		4,200	$	4,020,059
Series 2015-HQA2, Class M3(i)		5.233	(a)		05/25/28		6,000		6,025,288
Series 2016-HQA1, Class M2(i)		3.189	(a)		09/25/28		5,850		5,921,923
GSMSC Resecuritization Trust, Series 2015-3R,
Class 1A1, 144A		0.573	(a)		01/26/37		18,674		17,891,379
Class 1A2, 144A		0.573	(a)		01/26/37		6,300		5,001,281
Class 2A1, 144A		0.573	(a)		10/26/36		20,888		19,622,759
Class 2A2, 144A		0.573	(a)		10/26/36		5,200		3,698,046
HarborView Mortgage Loan Trust, Series 2007-7, Class 2A1A		1.439	(a)		10/25/37		31,739		26,926,963
IndyMac ARM Trust, Series 2001-H2, Class A1		1.842	(a)		01/25/32		3		2,500
JPMorgan Alternative Loan Trust, Series 2006-A1, Class 4A1		2.888	(a)		03/25/36		302		232,833
JPMorgan Resecuritization Trust, Series 2015-1, Class 6A1, 144A		0.713	(a)		12/27/45		7,742		7,217,518
Series 2015-2, Class 2A1, 144A		2.434	(a)		08/26/46		20,295		19,808,320
LSTAR Securities Investment, Series 2016-1, Class A1, 144A(b)		2.434	(a)		01/01/21		13,394		12,992,640
LSTAR Securities Investment Ltd., Series 2016-2, Class A, 144A		2.434	(a)		03/01/21		27,884		26,922,948
LSTAR Securities Investment Trust,
Series 2014-1, Class NOTE, 144A(b)(e)		3.534	(a)		09/01/21		30,801		30,512,541
Series 2014-2, Class A, 144A(b)		2.434	(a)		12/01/21		14,539		14,329,901
Series 2015-1, Class A, 144A		2.434	(a)		01/01/20		19,149		18,813,351
Series 2015-3, Class A, 144A		2.434	(a)		03/01/20		26,364		25,792,337
Series 2015-4, Class A1, 144A(b)(e)		2.434	(a)		04/01/20		565		548,295
Series 2015-5, Class A1, 144A(b)		2.434	(a)		04/01/20		13,355		13,070,771
Series 2015-5, Class A2, 144A		3.934	(a)		04/01/20		5,100		4,936,350
Series 2015-6, Class A, 144A(b)		2.434	(a)		05/01/20		78,630		76,762,832
Series 2015-7, Class A, 144A		2.434	(a)		07/01/20		40,091		39,366,981
Series 2015-8, Class A1, 144A		2.434	(a)		08/01/20		64,729		63,483,267
Series 2015-9, Class A1, 144A		2.434	(a)		10/01/20		19,935		19,559,532
Series 2015-9, Class A2, 144A		3.934	(a)		10/01/20		25,000		23,872,500
MASTR Alternative Loan Trust,
Series 2004-2, Class 4A1		5.000			02/25/19		22		21,849
Series 2004-4, Class 4A1		5.000			04/25/19		51		50,955
Nomura Resecuritization Trust, Series 2015-5R, Class 5A1, 144A		0.573	(a)		07/26/36		15,879		14,192,057
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-2, Class M1		0.869	(a)		04/25/35		4,000		3,810,785

See Notes to Financial Statements.

Prudential Total Return Bond Fund 71

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value (Note 1)
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Prime Mortgage Trust,
Series 2004-CL1, Class 1A2		0.839	%(a)		02/25/34		28		$	25,726
Series 2004-CL1, Class 2A2		0.839	(a)		02/25/19		—	(j)		45
Series 2006-DR1, Class 2A1, 144A		5.500			05/25/35		1,891			1,712,058
RALI Trust, Series 2006-QA1, Class A21		3.931	(a)		01/25/36		1,292			1,026,854
Regal Trust IV, Series 1999-1, Class A, 144A		2.170	(a)		09/29/31		101			92,843
RFMSI Trust, Series 2003-S9, Class A1		6.500			03/25/32		18			18,303
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-1, Class 4A3		2.799	(a)		02/25/34		290			286,895
Series 2004-18, Class 3A1		2.625	(a)		12/25/34		23,621			22,800,255
Structured Asset Mortgage Investments Trust, Series 2002-AR3, Class A1		1.096	(a)		09/19/32		31			30,363
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2002-1A, Class 4A		2.688	(a)		02/25/32		8			7,340
Series 2002-14A, Class 2A1		2.515	(a)		07/25/32		3			2,565
Series 2002-HF2, Class M3		3.439	(a)		07/25/32		157			151,773
Series 2003-30, Class 2A1		5.027	(a)		10/25/33		419			424,968
Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2003-AR1, Class 2A		2.326	(a)		02/25/33		1			1,269
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2		2.980	(a)		04/25/35		580			577,969
Series 2006-AR2, Class 2A1		2.841	(a)		03/25/36		200			195,326
Series 2006-AR10, Class 1A1		2.887	(a)		07/25/36		379			360,970
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $875,655,705)										873,812,813
SOVEREIGN BONDS    5.3%
Argentina Bonar Bonds (Argentina), Sr. Unsec’d. Notes		7.000			04/17/17		12,780			12,998,530
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes, 144A		6.875			04/22/21		14,825			15,269,750
Sr. Unsec’d. Notes, 144A(c)		7.500			04/22/26		7,300			7,409,500
Austria Government International Bond (Austria), Sr. Unsec’d. Notes, RegS		1.750			06/17/16		10,137			10,151,658
Brazilian Government International Bond (Brazil), Unsec’d. Notes		11.000			06/26/17	EUR	10,200			12,991,884
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		4.375			07/12/21		2,600			2,717,000
Sr. Unsec’d. Notes		5.000			06/15/45		1,400			1,333,500
Sr. Unsec’d. Notes		7.375			01/27/17		5,846			6,101,762

See Notes to Financial Statements.

72

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
SOVEREIGN BONDS (Continued)
Colombia Government International Bond (Colombia), (cont’d.)
Sr. Unsec’d. Notes		8.375	%		02/15/27		900	$	1,134,000
Sr. Unsec’d. Notes		11.750			02/25/20		1,500		1,961,250
Cyprus Government International Bond (Cyprus), Sr. Unsec’d. Notes, EMTN, RegS, 144A		4.625			02/03/20	EUR	800		968,717
Dominican Republic International Bond (Dominican Republic), Sr. Unsec’d. Notes, RegS		7.500			05/06/21		12,030		13,172,850
Finland Government International Bond (Finland), Sr. Unsec’d. Notes		6.950			02/15/26		12,208		16,743,199
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes(e)		5.000			08/22/16	JPY	90,000		827,435
Sr. Unsec’d. Notes, EMTN(e)		3.800			08/08/17	JPY	1,800,000		15,214,940
Hong Kong Sukuk 2014 Ltd. (Hong Kong), Sr. Unsec’d. Notes, RegS		2.005			09/18/19		5,200		5,253,924
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes, RegS		6.000			01/11/19	EUR	1,795		2,344,772
Sr. Unsec’d. Notes		2.110			10/26/17	JPY	500,000		4,749,883
Sr. Unsec’d. Notes		4.125			02/19/18		5,102		5,286,815
Sr. Unsec’d. Notes		5.375			02/21/23		2,300		2,534,439
Sr. Unsec’d. Notes		5.750			11/22/23		10,000		11,312,500
Sr. Unsec’d. Notes		6.375			03/29/21		40,620		46,245,870
Sr. Unsec’d. Notes		7.625			03/29/41		10,346		14,612,173
Sr. Unsec’d. Notes, EMTN		4.000			05/20/16	CHF	3,000		3,130,408
Iceland Government International Bond (Iceland), Unsec’d. Notes, RegS		4.875			06/16/16		23,319		23,377,554
Unsec’d. Notes, RegS		5.875			05/11/22		9,300		10,600,103
Unsec’d. Notes, 144A		4.875			06/16/16		1,610		1,614,043
Unsec’d. Notes, 144A		5.875			05/11/22		8,850		10,087,195
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes, RegS		2.875			07/08/21	EUR	700		830,394
Sr. Unsec’d. Notes, RegS		6.750			01/15/44		2,565		3,141,137
Sr. Unsec’d. Notes, RegS		6.875			03/09/17		1,075		1,121,763
Sr. Unsec’d. Notes, 144A		2.875			07/08/21	EUR	2,500		2,965,694
Sr. Unsec’d. Notes, 144A		3.375			07/30/25	EUR	13,850		16,151,128
Sr. Unsec’d. Notes, 144A(c)		5.125			01/15/45		7,920		8,035,165
Italy Government International Bond (Italy), Sr. Unsec’d. Notes, RegS		3.450			03/24/17	JPY	2,859,000		27,657,601
Sr. Unsec’d. Notes, RegS		3.700			11/14/16	JPY	110,000		1,051,823
Sr. Unsec’d. Notes		5.250			09/20/16		7,232		7,341,348
Sr. Unsec’d. Notes		5.375			06/12/17		200		208,390
Sr. Unsec’d. Notes		5.375			06/15/33		1,240		1,447,171

See Notes to Financial Statements.

Prudential Total Return Bond Fund 73

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
SOVEREIGN BONDS (Continued)
Italy Government International Bond (Italy), (cont’d.)
Sr. Unsec’d. Notes		6.875	%		09/27/23		8,300	$	10,370,850
Sr. Unsec’d. Notes, EMTN		5.200			07/31/34	EUR	900		1,416,994
Sr. Unsec’d. Notes, EMTN, RegS		6.000			08/04/28	GBP	3,000		5,331,995
Kingdom of Belgium (Belgium), Sr. Unsec’d. Notes, EMTN, RegS		1.500			06/22/18		28,000		28,228,592
Unsec’d. Notes, 144A, RegS		8.875			12/01/24		3,120		4,644,145
Unsec’d. Notes, EMTN		5.000			04/24/18	GBP	1,800		2,831,806
Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes, RegS		5.125			09/14/17		12,105		12,749,591
Sr. Unsec’d. Notes, RegS		6.125			03/09/21		2,500		2,899,500
Sr. Unsec’d. Notes, RegS		7.375			02/11/20		600		710,190
Sr. Unsec’d. Notes, 144A		7.375			02/11/20		10,290		12,179,758
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes		1.160			08/08/16	JPY	200,000		1,884,305
Sr. Unsec’d. Notes		2.750			04/22/23	EUR	9,700		11,824,110
Sr. Unsec’d. Notes		11.375			09/15/16		2,773		2,876,267
Sr. Unsec’d. Notes, EMTN		2.375			04/09/21	EUR	600		721,898
Sr. Unsec’d. Notes, GMTN		1.625			03/06/24	EUR	1,600		1,803,692
Sr. Unsec’d. Notes, GMTN		4.250			07/14/17	EUR	9,000		10,808,615
Sr. Unsec’d. Notes, GMTN		11.000			05/08/17	ITL	6,050,000		3,935,937
Sr. Unsec’d. Notes, MTN		4.750			03/08/44		19,040		19,230,400
Sr. Unsec’d. Notes, Series G, GMTN		6.750			02/06/24	GBP	500		863,543
Panama Government International Bond (Panama), Sr. Unsec’d. Notes		3.750			03/16/25		3,700		3,811,000
Sr. Unsec’d. Notes		5.200			01/30/20		2,475		2,728,687
Sr. Unsec’d. Notes		9.375			01/16/23		7,800		10,432,500
Peru Enhanced Pass-Through Finance Ltd. (Peru), Pass-Through Certificates, RegS		1.610	(h)		05/31/18		1,210		1,168,172
Pass-Through Certificates, 144A		1.407	(h)		05/31/18		2,552		2,463,574
Perusahaan Penerbit SBSN Indonesia II (Indonesia), Sr. Unsec’d. Notes, RegS		4.000			11/21/18		3,000		3,120,000
Peruvian Government International Bond (Peru), Sr. Unsec’d. Notes		2.750			01/30/26	EUR	2,700		3,210,679
Sr. Unsec’d. Notes		8.375			05/03/16		3,362		3,362,000
Philippine Government International Bond (Philippines), Sr. Unsec’d. Notes		9.375			01/18/17		75		79,149
Sr. Unsec’d. Notes		9.500			02/02/30		4,450		7,598,473
Poland Government International Bond (Poland), Sr. Unsec’d. Notes		1.490	%		05/30/17	JPY	200,000		1,904,135

See Notes to Financial Statements.

74

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
SOVEREIGN BONDS (Continued)
Portugal Government International Bond (Portugal), Sr. Unsec’d. Notes, 144A		5.125	%		10/15/24		21,650	$	21,488,794
Sr. Unsec’d. Notes, EMTN, RegS		5.125			10/15/24		15,050		14,937,938
Province of British Columbia Canada (Canada), Sr. Unsec’d. Notes		2.000			10/23/22		5,000		5,020,650
Sr. Unsec’d. Notes		6.500			01/15/26		6,390		8,568,485
Province of Manitoba Canada (Canada), Sr. Unsec’d. Notes(c)		2.050			11/30/20		7,500		7,638,532
Republic of Colombia (Colombia), Sr. Unsec’d. Notes		7.375			09/18/37		1,015		1,225,612
Republic of Indonesia (Indonesia), Sr. Unsec’d. Notes, RegS		4.875			05/05/21		4,000		4,334,556
Republic of Korea (South Korea), Sr. Unsec’d. Notes		5.125			12/07/16		600		614,220
Republic of Latvia (Latvia), Sr. Unsec’d. Notes, RegS		5.250			02/22/17		12,500		12,907,500
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, RegS		3.875			10/29/35	EUR	3,520		4,159,414
Sr. Unsec’d. Notes, 144A		3.875			10/29/35	EUR	19,865		23,473,510
Sr. Unsec’d. Notes, 144A		4.875			01/22/24		3,134		3,427,812
Slovenia Government Bond (Slovenia), Unsec’d. Notes, RegS		1.500			03/25/35	EUR	650		660,814
Slovenia Government International Bond (Slovenia), Sr. Unsec’d. Notes, RegS		4.125			02/18/19		2,000		2,113,456
Sr. Unsec’d. Notes, RegS		4.750			05/10/18		950		1,005,414
Sr. Unsec’d. Notes, RegS		5.250			02/18/24		15,400		17,286,500
Sr. Unsec’d. Notes, RegS		5.500			10/26/22		14,100		15,918,195
Sr. Unsec’d. Notes, RegS		5.850			05/10/23		27,100		31,286,950
South Africa Government International Bond (South Africa), Sr. Unsec’d. Notes		3.750			07/24/26	EUR	600		678,445
Spain Government International Bond (Spain), Sr. Unsec’d. Notes, MTN, 144A		4.000			03/06/18		650		675,878
Tokyo Metropolitan Government (Japan), Sr. Unsec’d. Notes, RegS		1.625			06/06/18		12,400		12,390,216
Sr. Unsec’d. Notes, RegS		1.875			01/27/17		24,000		24,127,992
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		7.000			09/26/16		2,000		2,046,360
Sr. Unsec’d. Notes		7.000			06/05/20		14,590		16,588,392
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		7.000			06/28/19	EUR	500		673,339

See Notes to Financial Statements.

Prudential Total Return Bond Fund 75

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value (Note 1)
SOVEREIGN BONDS (Continued)
Wakala Global Sukuk Bhd (Malaysia), Sr. Unsec’d. Notes, RegS		2.991	%		07/06/16			1,220		$	1,223,782
Sr. Unsec’d. Notes, RegS		4.646			07/06/21			3,260			3,603,278
TOTAL SOVEREIGN BONDS (cost $743,316,747)											743,363,859
U.S. GOVERNMENT AGENCY OBLIGATIONS    2.4%
Fannie Mae Strips Interest		1.093	(h)		02/07/18			325			318,874
Fannie Mae Strips Interest		2.108	(h)		05/15/22			483			427,133
Fannie Mae Strips Interest		2.267	(h)		01/15/23			365			316,947
Fannie Mae Strips Principal		3.097	(h)		01/15/30			2,597			1,746,181
Fannie Mae Strips Principal, MTN		3.071	(h)		05/15/30			1,585			1,052,619
Federal Home Loan Banks		4.000			10/24/29			1,860			2,127,085
Federal Home Loan Mortgage Corp.		2.500			03/01/30			3,683			3,799,375
Federal Home Loan Mortgage Corp.		2.521	(a)		09/01/35			8			8,848
Federal Home Loan Mortgage Corp.		2.671	(a)		01/01/24			4			3,566
Federal Home Loan Mortgage Corp.		2.699	(h)		12/11/25			50			39,490
Federal Home Loan Mortgage Corp.		2.702	(a)		07/01/30			2			2,533
Federal Home Loan Mortgage Corp.		4.000			TBA			500			533,906
Federal Home Loan Mortgage Corp.		4.500			09/01/39			1,752			1,912,784
Federal Home Loan Mortgage Corp.		5.000			01/01/39 07/01/40	-		509			561,181
Federal Home Loan Mortgage Corp.		5.500			06/01/31- 07/01/34			581			667,187
Federal Home Loan Mortgage Corp.		6.000			10/01/32- 12/01/36			380			437,691
Federal Home Loan Mortgage Corp.		6.500			07/01/32- 11/01/33			148			169,093
Federal Home Loan Mortgage Corp.		7.000			09/01/32			35			36,577
Federal Home Loan Mortgage Corp.		7.500			09/01/16- 07/01/17			—	(j)		420
Federal Home Loan Mortgage Corp.		8.500			08/01/24- 11/01/24			8			8,601
Federal National Mortgage Assoc.		1.776	(a)		09/01/40			29			29,335
Federal National Mortgage Assoc.		1.807	(h)		10/09/19			200			190,071
Federal National Mortgage Assoc.		2.045	(a)		01/01/20			14			14,761
Federal National Mortgage Assoc.		2.329	(a)		12/01/34			21			22,466
Federal National Mortgage Assoc.		2.500			TBA			500			512,900
Federal National Mortgage Assoc.(k)		2.500			TBA			500			513,838
Federal National Mortgage Assoc.		2.514	(a)		09/01/31			9			9,141
Federal National Mortgage Assoc.		3.022	(a)		05/01/36			14			14,920
Federal National Mortgage Assoc.		3.212	(a)		05/01/36			22			23,197
Federal National Mortgage Assoc.(k)		3.500			TBA			39,000			40,870,787
Federal National Mortgage Assoc.		3.500			TBA			30,500			31,905,864
Federal National Mortgage Assoc.(k)		4.000			TBA			7,500			8,011,962

See Notes to Financial Statements.

76

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value (Note 1)
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		4.000	%		TBA			12,500		$	13,337,645
Federal National Mortgage Assoc.		4.000			12/01/40			253			272,306
Federal National Mortgage Assoc.		4.500			TBA			14,500			15,787,440
Federal National Mortgage Assoc.		4.500			01/01/25- 05/01/44			1,774			1,928,172
Federal National Mortgage Assoc.		4.517	(a)		01/01/28			6			6,098
Federal National Mortgage Assoc.		5.000			TBA			500			552,832
Federal National Mortgage Assoc.		5.000			10/01/17 03/01/34	-		1,639			1,811,076
Federal National Mortgage Assoc.		5.375			12/07/28		GBP	1,700			3,216,087
Federal National Mortgage Assoc.		5.500			12/01/16 03/01/35	-		3,194			3,609,318
Federal National Mortgage Assoc.		5.500			12/01/16			—	(j)		45
Federal National Mortgage Assoc.		6.000			12/01/16- 06/01/37			1,074			1,228,041
Federal National Mortgage Assoc.		6.500			12/01/17- 11/01/33			499			582,294
Federal National Mortgage Assoc.		7.000			03/01/32- 06/01/32			64			73,426
Financing Corp.		9.800			04/06/18			300			351,061
Financing Corp., Strips Interest		1.615	(h)		09/26/19			338			321,622
Financing Corp., Strips Principal		1.351	(h)		10/06/17			100			98,751
Freddie Mac Strips Interest		2.847	(h)		09/15/26			2,433			1,867,123
Freddie Mac Strips Interest		3.333	(h)		07/15/31			3,620			2,254,855
Freddie Mac Strips Principal		3.239	(h)		03/15/31			4,775			3,066,753
Government National Mortgage Assoc.		1.750	(a)		06/20/23- 05/20/30			40			40,994
Government National Mortgage Assoc.		1.875	(a)		07/20/22- 07/20/27			22			22,763
Government National Mortgage Assoc.		2.000	(a)		02/20/17- 11/20/29			70			72,341
Government National Mortgage Assoc.		3.000			01/15/45- 08/20/45			5,742			5,953,751
Government National Mortgage Assoc.(k)		3.500			TBA			44,000			46,473,284
Government National Mortgage Assoc.		3.500			TBA			22,500			23,729,591
Government National Mortgage Assoc.		3.500			10/15/40- 04/20/45			5,136			5,430,472
Government National Mortgage Assoc.		4.000			TBA			5,500			5,869,746
Government National Mortgage Assoc.		4.500			02/20/41			5,438			5,916,000
Government National Mortgage Assoc.		5.000			08/20/39			1,735			1,926,401
Government National Mortgage Assoc.		5.500			08/15/33			17			19,472
Government National Mortgage Assoc.		6.000			01/15/33- 12/15/33			88			99,804
Government National Mortgage Assoc.		6.500			09/15/32- 07/15/38			449			516,264
Government National Mortgage Assoc.		8.000			08/20/31			1			708

See Notes to Financial Statements.

Prudential Total Return Bond Fund 77

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		8.500	%		06/15/30- 08/20/30		8	$	9,494
Hashemite Kingdom of Jordan Government AID Bond, US Gov’t. Gtd.		3.000			06/30/25		2,555		2,724,333
Helios Leasing I LLC, US Gov’t. Gtd.		1.480			12/04/24		3,736		3,671,313
US Gov’t. Gtd.		1.562			09/28/24		1,985		1,958,020
US Gov’t. Gtd.		2.018			05/29/24		463		466,034
Israel Government AID Bond, US Gov’t. Gtd.(c)		5.500			12/04/23		15,000		18,678,195
US Gov’t. Gtd.		5.500			09/18/33		1,900		2,577,842
Israel Government AID Bond Strips Principal, US Gov’t. Gtd.		2.320	(h)		08/15/23		125		106,156
US Gov’t. Gtd.		2.633	(h)		11/01/24		4,597		3,753,602
New Valley Generation I, Pass-Through Certificates, Sec’d. Notes		7.299			03/15/19		506		549,391
New Valley Generation IV, Pass-Through Certificates, Sec’d. Notes		4.687			01/15/22		867		943,712
Petroleos Mexicanos, US Gov’t. Gtd.		1.700			12/20/22		7,137		7,134,609
Private Export Funding Corp., US Gov’t. Gtd.		2.050			11/15/22		2,500		2,515,142
US Gov’t. Gtd.		2.250			03/15/20		1,000		1,033,734
US Gov’t. Gtd.		2.450			07/15/24		185		187,368
US Gov’t. Gtd.		2.800			05/15/22		500		526,845
US Gov’t. Gtd.		3.250			06/15/25		3,595		3,855,828
Residual Funding Corp., Strips Principal, Unsec’d. Notes		1.674	(h)		10/15/20		4,500		4,201,074
Unsec’d. Notes		2.794	(h)		04/15/30		1,480		1,001,728
Resolution Funding Corp., Strips Interest, Unsec’d. Notes		2.269	(h)		10/15/23		256		217,550
Unsec’d. Notes		2.969	(h)		04/15/30		45		30,162
Unsec’d. Notes		3.000	(h)		01/15/30		452		305,477
Tennessee Valley Authority, Sr. Unsec’d. Notes		5.250			09/15/39		635		813,831
Sr. Unsec’d. Notes		5.350			06/07/21	GBP	6,300		10,792,535
Sr. Unsec’d. Notes		7.125			05/01/30		8,360		12,348,029
Tennessee Valley Authority Strips Interest, Unsec’d. Notes		1.901	(h)		07/15/20		300		280,213
Tennessee Valley Authority Strips Principal, Unsec’d. Notes		1.236	(h)		12/15/17		169		166,050
Unsec’d. Notes		2.830	(h)		11/01/25		17,000		13,364,261
U.S. Department of Housing and Urban Development, US Gov’t. Gtd.		5.450			08/01/19		1,176		1,190,602
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $336,541,528)									338,128,999

See Notes to Financial Statements.

78

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value (Note 1)
U.S. TREASURY OBLIGATIONS    3.7%
U.S. Treasury Bonds(l)(m)		2.875	%		05/15/43			82,695	$	86,493,843
U.S. Treasury Bonds		3.000			11/15/45			14,985		16,035,119
U.S. Treasury Notes(c)		0.750			02/28/18			300		299,965
U.S. Treasury Notes		1.000			12/31/17 09/15/18	-		2,590		2,601,272
U.S. Treasury Notes(l)		1.000			03/15/18			16,090		16,159,766
U.S. Treasury Notes(c)		1.250			03/31/21			26,650		26,609,412
U.S. Treasury Notes		1.375			04/30/21			39,365		39,468,018
U.S. Treasury Notes(l)		1.625			04/30/19			49,280		50,286,790
U.S. Treasury Notes		1.625			04/30/23			22,515		22,481,588
U.S. Treasury Notes(c)		1.625			02/15/26			4,985		4,898,540
U.S. Treasury Notes		1.750			02/28/22			4,195		4,263,496
U.S. Treasury Notes(d)(l)(m)		2.000			07/31/22			121,330		124,818,238
U.S. Treasury Notes		2.125			09/30/21 12/31/22	-		112,285		116,553,658
U.S. Treasury Notes		2.250			11/15/25			385		399,633
U.S. Treasury Notes(l)		2.625			11/15/20			11,700		12,407,031
TOTAL U.S. TREASURY OBLIGATIONS (cost $518,213,406)										523,776,369
							Shares
PREFERRED STOCKS    0.1%
Banking
Citigroup Capital XIII, (Capital Security, fixed to floating preferred) 6.988%(a)								22,000		575,300
State Street Corp., 5.350%(a)								315,000		8,281,350
TOTAL PREFERRED STOCKS (cost $8,425,000)										8,856,650
TOTAL LONG-TERM INVESTMENTS (cost $13,589,346,411)										13,712,123,032
SHORT-TERM INVESTMENTS    10.1%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Short-Term Bond Fund (cost $250,845,821)(Note 3)(n)								26,853,558		249,469,550
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $1,170,195,097; includes $967,351,294 of cash collateral for securities on loan)(Note 3)(n)(o)								1,170,195,097		1,170,195,097
TOTAL AFFILIATED MUTUAL FUNDS (cost $1,421,040,918)										1,419,664,647

See Notes to Financial Statements.

Prudential Total Return Bond Fund 79

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description		Counterparty		Notional Amount (000)#		Value (Note 1)
OPTIONS PURCHASED*
Call Options
Interest Rate Swap Options,
Receive a fixed rate of 0.25% and pay a floating rate based on 3 Month LIBOR, expiring 05/19/16			Barclays Capital Group		25,000	$	—
Receive a fixed rate of 0.55% and pay a floating rate based on 3 Month LIBOR, expiring 05/19/16			Barclays Capital Group		12,500		3
TOTAL OPTIONS PURCHASED (cost $13,687)							3
TOTAL SHORT-TERM INVESTMENTS (cost $1,421,054,605)							1,419,664,650
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    108.1% (cost $15,010,401,016)(Note 5)							15,131,787,682
OPTION WRITTEN*
Call Option
Interest Rate Swap Option,
Pay a fixed rate of 0.35% and receive a floating rate based on 3 Month LIBOR, expiring 05/19/16 (premiums received $7,750)	Barclays Capital Group				37,500		—
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    108.1% (cost $15,010,393,266)(Note 5)							15,131,787,682
Liabilities in excess of other assets(q)    (8.1)%							(1,135,063,469	)
NET ASSETS    100.0%						$	13,996,724,213

The following abbreviations are used in the semiannual report:

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

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

ABS—Asset-Backed Security

AID—Agency for International Development

ARM—Adjustable Rate Mortgage

BABs—Build America Bonds

bps—Basis Points

CDO—Collateralized Debt Obligation

See Notes to Financial Statements.

80

CLO—Collateralized Loan Obligation

CMBS—Commercial Mortgage Backed Securities

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corp.

GMTN—Global Medium Term Note

GO—General Obligation

IO—Interest Only

JIBAR—Johannesburg Interbank Agreed Rate

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OIS—Overnight Index Swap

OTC—Over-the-counter

PIK—Payment-in-Kind

REMICS—Real Estate Mortgage Investment Conduit Security

SONIA—Sterling Overnight Index Average

STRIPS—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

INR—Indian Rupee

ITL—Italian Lira

JPY—Japanese Yen

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwanese Dollar

ZAR—South African Rand

See Notes to Financial Statements.

Prudential Total Return Bond Fund 81

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

* Non-income producing security.

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

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2016.

(b) Indicates a Level 3 security. The aggregate value of Level 3 securities is $275,409,242 and 2.0% of net assets.

(c) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $943,669,190; cash collateral of $967,351,294 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

(d) Represents security, or a portion thereof, segregated as collateral for OTC swap agreements.

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

(f) Indicates a restricted security; the aggregate original cost of the restricted securities is $223,282,777. The aggregate value, $206,366,861, is approximately 1.5% of net assets.

(g) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Security may be post maturity.

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

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

(j) Less than $500 par.

(k) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar principal amount of $91,000,000 is approximately .7% of net assets.

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

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

(n) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and the Prudential Investment Portfolios 2 - Prudential Core Short-Term Bond Fund.

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

(p) Interest rate not available as of April 30, 2016.

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

Futures contracts outstanding at April 30, 2016:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2016		Unrealized Appreciation (Depreciation)(1)
		Long Positions:
	4,563	2 Year U.S. Treasury Notes		Jun. 2016	$	996,427,533	$	997,585,875	$	1,158,342
	33,711	5 Year U.S. Treasury Notes		Jun. 2016		4,068,940,403		4,076,133,961		7,193,558
	27,341	10 Year U.S. Treasury Notes		Jun. 2016		3,553,967,064		3,556,038,812		2,071,748
	12	10 Year U.S. Ultra Treasury Notes		Jun. 2016		1,697,642		1,686,750		(10,892	)
	7,134	U.S. Ultra Bonds		Jun. 2016		1,229,400,161		1,222,366,312		(7,033,849	)
										3,378,907
		Short Positions:
	3,820	90 Day Euro Dollar		Mar. 2017		945,444,270		946,214,000		(769,730	)
	10,874	90 Day Euro Dollar		Jun. 2017		2,694,492,410		2,691,858,700		2,633,710
	636	90 Day Euro Dollar		Sep. 2017		157,456,485		157,338,450		118,035

See Notes to Financial Statements.

82

Futures contracts outstanding at April 30, 2016 (continued):

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2016		Unrealized Appreciation (Depreciation)(1)
		Short Positions (cont’d.):
	636	90 Day Euro Dollar		Dec. 2017	$	157,082,841	$	157,227,150	$	(144,309	)
	738	U.S. Long Bonds		Jun. 2016		121,519,049		120,524,625		994,424
										2,832,130
									$	6,211,037

(1) U.S. Treasury Obligations with a combined market value of $76,961,644 and cash of $17,540,000 have been segregated with JPMorgan Chase to cover requirements for open futures contracts at April 30, 2016.

Forward foreign currency exchange contracts outstanding at April 30, 2016:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/14/16	Citigroup Global Markets	AUD	18,006	$	13,749,800	$	13,647,283	$	(102,517	)
Expiring 07/14/16	Citigroup Global Markets	AUD	12,432		9,679,100		9,422,552		(256,548	)
Expiring 07/14/16	JPMorgan Chase	AUD	28,044		21,355,952		21,255,734		(100,218	)
Expiring 07/14/16	Toronto Dominion	AUD	12,530		9,634,000		9,497,052		(136,948	)
Brazilian Real,
Expiring 05/12/16	Citigroup Global Markets	BRL	23,101		6,274,029		6,689,683		415,654
Expiring 05/12/16	Citigroup Global Markets	BRL	22,570		6,124,462		6,536,060		411,598
Expiring 05/12/16	Citigroup Global Markets	BRL	15,007		4,043,052		4,345,794		302,742
British Pound,
Expiring 07/27/16	Citigroup Global Markets	GBP	19,077		27,650,700		27,882,132		231,432
Expiring 07/27/16	Citigroup Global Markets	GBP	19,070		27,650,700		27,871,286		220,586
Canadian Dollar,
Expiring 07/14/16	Citigroup Global Markets	CAD	12,299		9,699,197		9,802,621		103,424
Expiring 07/14/16	Citigroup Global Markets	CAD	12,266		9,679,100		9,776,400		97,300
Expiring 07/14/16	Toronto Dominion	CAD	55,386		43,222,403		44,143,040		920,637
Chilean Peso,
Expiring 05/13/16	Barclays Capital Group	CLP	2,216,259		3,203,150		3,350,415		147,265
Expiring 05/13/16	Citigroup Global Markets	CLP	4,367,698		6,405,000		6,602,836		197,836
Expiring 05/13/16	Citigroup Global Markets	CLP	2,214,978		3,203,150		3,348,478		145,328
Expiring 05/13/16	Citigroup Global Markets	CLP	1,374,243		1,916,122		2,077,502		161,380
Colombian Peso,
Expiring 05/13/16	Barclays Capital Group	COP	8,535,635		2,526,831		2,990,255		463,424
Expiring 05/13/16	Barclays Capital Group	COP	3,165,485		922,344		1,108,952		186,608
Expiring 05/13/16	Citigroup Global Markets	COP	21,991,128		6,574,727		7,704,064		1,129,337

See Notes to Financial Statements.

Prudential Total Return Bond Fund 83

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d.):
Colombian Peso, (cont’d.)
Expiring 05/13/16	Citigroup Global Markets	COP	4,901,638	$	1,451,477	$	1,717,171	$	265,694
Expiring 05/13/16	Citigroup Global Markets	COP	4,590,669		1,360,602		1,608,231		247,629
Expiring 05/13/16	Citigroup Global Markets	COP	3,281,964		971,858		1,149,757		177,899
Czech Koruna,
Expiring 07/22/16	Citigroup Global Markets	CZK	1,877,790		79,149,834		79,675,528		525,694
Euro,
Expiring 07/27/16	JPMorgan Chase	EUR	12,136		13,936,900		13,935,236		(1,664	)
Indian Rupee,
Expiring 05/23/16	Barclays Capital Group	INR	361,417		5,386,241		5,423,883		37,642
Expiring 05/23/16	Citigroup Global Markets	INR	478,732		7,134,078		7,184,470		50,392
Expiring 07/22/16	Citigroup Global Markets	INR	557,318		8,308,263		8,271,065		(37,198	)
Japanese Yen,
Expiring 04/03/17	JPMorgan Chase	JPY	3,204,000		28,500,267		30,515,521		2,015,254
Expiring 04/06/17	JPMorgan Chase	JPY	23,360,000		208,027,400		222,515,470		14,488,070
Expiring 07/27/16	JPMorgan Chase	JPY	1,531,490		13,820,600		14,432,027		611,427
Expiring 07/27/16	JPMorgan Chase	JPY	1,491,891		13,936,900		14,058,866		121,966
Expiring 07/27/16	JPMorgan Chase	JPY	1,039,610		9,755,800		9,796,790		40,990
Expiring 07/27/16	JPMorgan Chase	JPY	741,810		6,968,400		6,990,462		22,062
Mexican Peso,
Expiring 07/22/16	Citigroup Global Markets	MXN	146,066		8,295,871		8,420,568		124,697
Expiring 07/22/16	Citigroup Global Markets	MXN	120,098		6,898,202		6,923,508		25,306
Expiring 07/22/16	Citigroup Global Markets	MXN	73,722		4,224,324		4,250,001		25,677
Expiring 07/22/16	Citigroup Global Markets	MXN	70,916		4,071,547		4,088,226		16,679
Expiring 07/22/16	JPMorgan Chase	MXN	144,666		8,331,492		8,339,819		8,327
New Taiwanese Dollar,
Expiring 07/13/16	Bank of America	TWD	133,643		4,128,878		4,146,853		17,975
Expiring 07/13/16	Citigroup Global Markets	TWD	371,829		11,614,220		11,537,579		(76,641	)
Expiring 07/13/16	Citigroup Global Markets	TWD	266,201		8,234,867		8,260,006		25,139
New Zealand Dollar,
Expiring 07/14/16	Bank of America	NZD	14,015		9,755,800		9,747,016		(8,784	)
Expiring 07/14/16	Citigroup Global Markets	NZD	13,938		9,607,300		9,693,258		85,958
Expiring 07/14/16	JPMorgan Chase	NZD	20,054		13,885,800		13,947,071		61,271
Expiring 07/14/16	JPMorgan Chase	NZD	19,980		13,749,800		13,895,379		145,579
Expiring 07/14/16	JPMorgan Chase	NZD	10,072		6,913,300		7,004,399		91,099
Expiring 07/14/16	Toronto Dominion	NZD	19,743		13,827,200		13,730,446		(96,754	)
Norwegian Krone,
Expiring 07/22/16	Goldman Sachs & Co.	NOK	544,279		66,959,463		67,572,467		613,004
Expiring 07/22/16	Goldman Sachs & Co.	NOK	224,365		27,873,800		27,855,009		(18,791	)

See Notes to Financial Statements.

84

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d.):
Polish Zloty,
Expiring 07/22/16	Bank of America	PLN	32,151	$	8,295,917	$	8,410,183	$	114,266
Expiring 07/22/16	Bank of America	PLN	31,545		8,339,141		8,251,787		(87,354	)
Expiring 07/22/16	Citigroup Global Markets	PLN	15,667		4,060,402		4,098,326		37,924
Expiring 07/22/16	Citigroup Global Markets	PLN	10,426		2,765,400		2,727,281		(38,119	)
Russian Ruble,
Expiring 07/20/16	Barclays Capital Group	RUB	554,165		8,234,866		8,371,579		136,713
Expiring 07/20/16	Barclays Capital Group	RUB	260,804		3,853,647		3,939,869		86,222
Expiring 07/20/16	Citigroup Global Markets	RUB	298,483		4,404,108		4,509,079		104,971
Singapore Dollar,
Expiring 07/13/16	Toronto Dominion	SGD	18,514		13,827,200		13,745,442		(81,758	)
Swedish Krona,
Expiring 07/22/16	Deutsche Bank AG	SEK	392,031		48,545,692		48,968,439		422,747
Expiring 07/22/16	Deutsche Bank AG	SEK	214,556		26,449,065		26,800,082		351,017
Swiss Franc,
Expiring 07/27/16	Bank of America	CHF	13,017		13,537,176		13,624,110		86,934
Expiring 07/27/16	Citigroup Global Markets	CHF	26,661		27,873,800		27,903,696		29,896
Expiring 07/27/16	Citigroup Global Markets	CHF	19,959		20,905,300		20,889,760		(15,540	)
Expiring 07/27/16	JPMorgan Chase	CHF	13,366		13,820,600		13,989,157		168,557
Turkish Lira,
Expiring 05/20/16	Barclays Capital Group	TRY	9,497		3,237,399		3,375,622		138,223
Expiring 05/20/16	Citigroup Global Markets	TRY	37,955		12,824,201		13,490,249		666,048
Expiring 05/20/16	Citigroup Global Markets	TRY	36,561		12,297,434		12,994,868		697,434
Expiring 05/20/16	Citigroup Global Markets	TRY	36,115		12,169,500		12,836,581		667,081
Expiring 05/20/16	Citigroup Global Markets	TRY	21,382		7,466,284		7,599,696		133,412
Expiring 05/20/16	Citigroup Global Markets	TRY	16,626		5,836,693		5,909,360		72,667
Expiring 05/20/16	Citigroup Global Markets	TRY	4,648		1,629,591		1,652,150		22,559
				$	1,090,967,719	$	1,118,825,537	$	27,857,818
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/14/16	Citigroup Global Markets	AUD	36,542	$	27,653,100	$	27,696,855	$	(43,755	)
Brazilian Real,
Expiring 05/12/16	Citigroup Global Markets	BRL	5,036		1,372,525		1,458,288		(85,763	)
Expiring 05/12/16	Citigroup Global Markets	BRL	5,025		1,372,525		1,455,108		(82,583	)
Expiring 05/12/16	Credit Suisse First Boston Corp.	BRL	39,714		9,835,039		11,500,523		(1,665,484	)

See Notes to Financial Statements.

Prudential Total Return Bond Fund 85

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d.):
Brazilian Real, (cont’d.)
Expiring 06/02/16	Citigroup Global Markets	BRL	4,960	$	1,382,550	$	1,426,186	$	(43,636	)
British Pound,
Expiring 07/27/16	Citigroup Global Markets	GBP	131,429		190,422,564		192,089,789		(1,667,225	)
Expiring 07/27/16	Citigroup Global Markets	GBP	33,094		47,581,284		48,368,031		(786,747	)
Expiring 07/27/16	Citigroup Global Markets	GBP	5,707		8,292,400		8,340,664		(48,264	)
Expiring 07/27/16	JPMorgan Chase	GBP	9,537		13,885,800		13,939,509		(53,709	)
Canadian Dollar,
Expiring 07/14/16	Citigroup Global Markets	CAD	17,843		13,826,500		14,221,252		(394,752	)
Chilean Peso,
Expiring 05/13/16	Citigroup Global Markets	CLP	3,017,504		4,328,343		4,561,691		(233,348	)
Expiring 05/13/16	Credit Suisse First Boston Corp.	CLP	7,259,893		10,061,524		10,975,092		(913,568	)
Chinese Renminbi,
Expiring 07/27/16	JPMorgan Chase	CNH	63,306		9,677,700		9,730,801		(53,101	)
Colombian Peso,
Expiring 05/13/16	Barclays Capital Group	COP	12,510,136		3,887,550		4,382,626		(495,076	)
Expiring 05/13/16	Barclays Capital Group	COP	11,599,831		3,470,925		4,063,722		(592,797	)
Expiring 05/13/16	Citigroup Global Markets	COP	12,664,774		3,884,900		4,436,800		(551,900	)
Expiring 05/13/16	Citigroup Global Markets	COP	11,610,244		3,470,925		4,067,370		(596,445	)
Euro,
Expiring 07/27/16	Bank of America	EUR	32,077		36,425,157		36,832,148		(406,991	)
Expiring 07/27/16	JPMorgan Chase	EUR	164,166		185,552,959		188,501,364		(2,948,405	)
Hungarian Forint,
Expiring 07/22/16	Citigroup Global Markets	HUF	2,994,229		10,967,871		10,980,765		(12,894	)
Japanese Yen,
Expiring 07/27/16	Citigroup Global Markets	JPY	3,796,711		34,258,614		35,778,389		(1,519,775	)
Mexican Peso,
Expiring 07/22/16	Citigroup Global Markets	MXN	145,196		8,362,135		8,370,396		(8,261	)
New Zealand Dollar,
Expiring 07/14/16	Citigroup Global Markets	NZD	13,888		9,679,100		9,658,882		20,218
Expiring 07/14/16	JPMorgan Chase	NZD	43,631		30,063,285		30,343,711		(280,426	)
Expiring 07/14/16	JPMorgan Chase	NZD	10,010		6,911,000		6,961,381		(50,381	)
Expiring 07/14/16	Toronto Dominion	NZD	30,183		20,644,400		20,991,118		(346,718	)
Polish Zloty,
Expiring 07/22/16	Citigroup Global Markets	PLN	18,723		4,938,907		4,897,701		41,206
Singapore Dollar,
Expiring 07/13/16	Bank of America	SGD	11,267		8,257,755		8,365,164		(107,409	)
Expiring 07/13/16	Citigroup Global Markets	SGD	17,839		13,175,787		13,244,303		(68,516	)
Expiring 07/13/16	Deutsche Bank AG	SGD	9,325		6,911,000		6,923,130		(12,130	)

See Notes to Financial Statements.

86

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d.):
South African Rand,
Expiring 07/26/16	Goldman Sachs & Co.	ZAR	524,426	$	35,863,616	$	36,190,484	$	(326,868	)
Swiss Franc,
Expiring 07/27/16	JPMorgan Chase	CHF	16,755		17,262,637		17,535,687		(273,050	)
Turkish Lira,
Expiring 05/20/16	Citigroup Global Markets	TRY	19,192		6,310,768		6,821,562		(510,794	)
Expiring 05/20/16	JPMorgan Chase	TRY	91,342		30,372,418		32,465,707		(2,093,289	)
				$	820,363,563	$	837,576,199	$	(17,212,636	)
								$	10,645,182

Cross currency exchange contracts outstanding at April 30, 2016:

Settlement	Type	Notional Amount (000)#		In Exchange For (000)		Unrealized Appreciation (Depreciation)			Counterparty
OTC cross currency exchange contracts:
05/20/16	Buy	TRY	38,005	EUR	11,589	$	230,733		Citigroup Global Markets
07/14/16	Buy	NZD	23,935	EUR	14,560		(65,215	)	Toronto Dominion
07/14/16	Buy	EUR	8,529	AUD	12,905		7,340		JPMorgan Chase
07/14/16	Buy	AUD	12,800	EUR	8,584		(150,530	)	JPMorgan Chase
07/14/16	Buy	CAD	14,014	JPY	1,229,079		(408,321	)	JPMorgan Chase
07/22/16	Buy	GBP	9,600	CZK	332,093		(59,885	)	JPMorgan Chase
07/22/16	Buy	SEK	56,127	EUR	6,113		(6,728	)	Citigroup Global Markets
07/22/16	Buy	EUR	24,403	NOK	226,002		(42,203	)	JPMorgan Chase
07/27/16	Buy	GBP	19,235	EUR	24,636		(175,748	)	Citigroup Global Markets
07/27/16	Buy	GBP	19,011	CHF	26,882		(350,210	)	JPMorgan Chase
07/27/16	Buy	GBP	6,663	EUR	8,545		(73,345	)	JPMorgan Chase
07/27/16	Buy	GBP	9,537	EUR	12,267		(145,414	)	Citigroup Global Markets
07/27/16	Buy	GBP	9,526	EUR	12,242		(134,259	)	Citigroup Global Markets
07/27/16	Buy	EUR	12,184	GBP	9,557		21,491		Citigroup Global Markets
07/27/16	Buy	EUR	8,527	GBP	6,701		(2,419	)	Citigroup Global Markets
						$	(1,354,713	)

See Notes to Financial Statements.

Prudential Total Return Bond Fund 87

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Interest rate swap agreements outstanding at April 30, 2016:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
	OTC swap agreements:
MXN	208,000		06/20/18		6.020%	28 Day Mexican Interbank Rate(2)	$	342,367	$	—	$	342,367	Credit Suisse First Boston Corp.
MXN	163,300		11/09/18		5.410%	28 Day Mexican Interbank Rate(2)		155,081		—		155,081	Deutsche Bank AG
ZAR	20,000		09/03/33		8.970%	3 Month JIBAR(2)		61,996		—		61,996	Hong Kong & Shanghai Bank
							$	559,444	$	—	$	559,444

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2016			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
EUR	38,000		08/04/16		0.078%	1 Day EONIA(1)	$	17,537		$	(140,997	)	$	(158,534	)
EUR	9,900		08/01/19		0.346%	1 Day EONIA(1)		14,851			(307,472	)		(322,323	)
EUR	29,730		02/23/26		0.324%	1 Day EONIA(1)		(2,060	)		191,422			193,482
EUR	9,700		10/26/35		1.248%	1 Day EONIA(1)		(34,352	)		(613,741	)		(579,389	)
EUR	4,775		03/04/36		0.865%	1 Day EONIA(1)		572			128,479			127,907
EUR	2,200		04/11/36		0.962%	6 Month EURIBOR(1)		1,261			106,973			105,712
GBP	25,500		02/23/21		0.639%	1 Day SONIA(1)		18,134			178,526			160,392
GBP	3,000		06/07/21		1.620%	1 Day SONIA(1)		4,421			(228,243	)		(232,664	)
JPY	1,660,000		04/01/26		—(3)	—(3)		247			4,059			3,812
MXN	931,200		02/09/18		4.630%	28 Day Mexican Interbank Rate(2)		(68,962	)		16,764			85,726
MXN	185,000		04/18/19		5.480%	28 Day Mexican Interbank Rate(2)		(84,124	)		183,745			267,869
MXN	159,300		08/20/19		5.110%	28 Day Mexican Interbank Rate(2)		(53,255	)		45,652			98,907
MXN	295,100		02/06/20		5.310%	28 Day Mexican Interbank Rate(2)		(24,320	)		153,553			177,873
MXN	108,800		05/25/22		6.370%	28 Day Mexican Interbank Rate(2)		(89,455	)		273,768			363,223
MXN	175,900		08/13/24		6.120%	28 Day Mexican Interbank Rate(2)		(54,596	)		149,239			203,835
MXN	250,000		12/24/24		6.010%	28 Day Mexican Interbank Rate(2)		(5,428	)		58,605			64,033
MXN	311,700		12/27/24		5.795%	28 Day Mexican Interbank Rate(2)		178,505			(211,718	)		(390,223	)

See Notes to Financial Statements.

88

Interest rate swap agreements outstanding at April 30, 2016 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2016			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d.):
MXN	46,600		07/27/34		6.720%	28 Day Mexican Interbank Rate(2)	$	3,727		$	1,373		$	(2,354	)
	1,250,000		01/26/18		1.124%	3 Month LIBOR(1)		(239,788	)		(1,749,663	)		(1,509,875	)
	667,300		02/08/18		0.884%	3 Month LIBOR(1)		1,665			712,458			710,793
	474,500		03/15/18		0.900%	3 Month LIBOR(2)		1,227			(182,751	)		(183,978	)
	352,000		04/05/18		0.884%	3 Month LIBOR(2)		949			(122,599	)		(123,548	)
	1,502,000		12/31/21		1.556%	3 Month LIBOR(1)		(445,517	)		(19,184,840	)		(18,739,323	)
	953,800		05/31/22		2.237%	3 Month LIBOR(1)		(992,534	)		(48,970,148	)		(47,977,614	)
	696,950		05/31/22		1.741%	3 Month LIBOR(1)		4,882,980			(15,335,592	)		(20,218,572	)
	677,300		08/31/22		2.013%	3 Month LIBOR(1)		(2,037,979	)		(25,970,487	)		(23,932,508	)
	230,700		08/31/22		1.788%	3 Month LIBOR(1)		1,395			(5,646,356	)		(5,647,751	)
	193,200		11/30/22		1.982%	3 Month LIBOR(1)		1,193			(6,973,889	)		(6,975,082	)
	138,600		12/31/22		1.409%	3 Month LIBOR(1)		907			321,461			320,554
	133,800		12/31/22		1.416%	3 Month LIBOR(1)		880			250,512			249,632
	107,800		12/31/22		1.405%	3 Month LIBOR(1)		739			276,837			276,098
	75,200		12/31/22		1.406%	3 Month LIBOR(1)		561			186,158			185,597
	72,000		12/31/22		1.495%	3 Month LIBOR(1)		543			(224,025	)		(224,568	)
	42,000		12/31/22		1.412%	3 Month LIBOR(1)		379			90,272			89,893
	105,000		04/05/23		1.424%	3 Month LIBOR(1)		723			183,259			182,536
	49,275		04/28/26		1.909%	3 Month LIBOR(2)		549			984,424			983,875
	44,845		04/28/26		1.809%	3 Month LIBOR(1)		476			(472,453	)		(472,929	)
ZAR	783,700		08/26/20		7.855%	3 Month JIBAR(2)		(181,393	)		(468,596	)		(287,203	)
ZAR	85,100		11/14/23		8.190%	3 Month JIBAR(2)		(81,702	)		(82,102	)		(400	)
ZAR	140,000		01/08/25		7.540%	3 Month JIBAR(2)		36,492			(585,421	)		(621,913	)
ZAR	25,100		01/12/25		7.430%	3 Month JIBAR(2)		9,677			(117,156	)		(126,833	)
ZAR	152,500		01/13/25		7.440%	3 Month JIBAR(2)		57,166			(705,214	)		(762,380	)
ZAR	60,700		01/13/25		7.430%	3 Month JIBAR(2)		23,465			(283,329	)		(306,794	)
ZAR	117,800		01/11/26		9.330%	3 Month JIBAR(2)		26,416			422,126			395,710
ZAR	115,400		01/11/26		9.330%	3 Month JIBAR(2)		25,877			413,525			387,648
							$	918,049		$	(123,243,602	)	$	(124,161,651	)

(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) Fund pays the floating rate of 3 Month JPY LIBOR plus 0.875 bps and receives the floating rate of 6 Month JPY LIBOR.

See Notes to Financial Statements.

Prudential Total Return Bond Fund 89

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Credit default swap agreements outstanding at April 30, 2016:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Fair Value(3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on asset-backed securities—Sell Protection(2):
Ameriquest Home Equity(b)		05/31/16		1.500%		3,987	$	332	$	—	$	332	Goldman Sachs & Co.
Ameriquest Home Equity(b)		05/31/16		1.500%		6,896		575		—		575	Goldman Sachs & Co.
Ameriquest Home Equity(b)		05/31/16		1.500%		6,214		518		—		518	Goldman Sachs & Co.
Bank of America Prime Mortgage(b)		05/31/16		1.500%		11,148		929		—		929	Goldman Sachs & Co.
Bear Stearns Asset Backed Securities(b)		05/31/16		1.500%		6,281		524		—		524	Goldman Sachs & Co.
Bear Stearns Asset Backed Securities(b)		05/31/16		1.500%		3,122		260		—		260	Goldman Sachs & Co.
Chase Mortgage(b)		05/31/16		1.500%		8,761		730		—		730	Goldman Sachs & Co.
Chase Mortgage(b)		05/31/16		1.500%		6,195		516		—		516	Goldman Sachs & Co.
Citigroup Commercial Mortgage Trust(b)		05/23/16		1.500%		5,422		4,501		—		4,501	Goldman Sachs & Co.
Citigroup Commercial Mortgage Trust(b)		05/23/16		1.500%		2,067		1,716		—		1,716	Goldman Sachs & Co.
COMM Mortgage Trust(b)		05/23/16		1.500%		1,588		1,120		—		1,120	Goldman Sachs & Co.
COMM Mortgage Trust(b)		05/23/16		1.500%		9,316		7,734		—		7,734	Goldman Sachs & Co.
COMM Mortgage Trust(b)		05/23/16		1.500%		6,021		4,999		—		4,999	Goldman Sachs & Co.
COMM Mortgage Trust(b)		05/23/16		1.500%		5,482		4,551		—		4,551	Goldman Sachs & Co.
COMM Mortgage Trust(b)		05/23/16		1.500%		1,288		1,069		—		1,069	Goldman Sachs & Co.
Equifirst Home Equity(b)		05/31/16		1.500%		2,984		249		—		249	Goldman Sachs & Co.
Federal Home Loan Mortgage Corporation(b)		05/02/16		1.500%		5,589		6,591		—		6,591	Goldman Sachs & Co.
Federal Home Loan Mortgage Corporation(b)		05/02/16		1.500%		18,906		22,300		—		22,300	Goldman Sachs & Co.
Federal Home Loan Mortgage Corporation(b)		05/02/16		1.500%		1,546		1,823		—		1,823	Goldman Sachs & Co.
Fremont Home Equity(b)		05/31/16		1.500%		1,987		166		—		166	Goldman Sachs & Co.
Fremont Home Equity(b)		05/31/16		1.500%		3,567		297		—		297	Goldman Sachs & Co.
GMAC Home Equity(b)		05/31/16		1.500%		2,337		195		—		195	Goldman Sachs & Co.
GMAC Home Equity(b)		05/31/16		1.500%		8,495		708		—		708	Goldman Sachs & Co.
GS Mortgage Securities Trust(b)		05/23/16		1.500%		2,426		1,712		—		1,712	Goldman Sachs & Co.

See Notes to Financial Statements.

90

Credit default swap agreements outstanding at April 30, 2016 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Fair Value(3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on asset-backed securities—Sell Protection(2) (cont’d.):
GS Mortgage Securities Trust(b)		05/23/16		1.500%		3,026	$	2,135	$	—	$	2,135	Goldman Sachs & Co.
GS Mortgage Securities Trust(b)		05/23/16		1.500%		4,883		3,446		—		3,446	Goldman Sachs & Co.
GS Mortgage Securities Trust(b)		05/23/16		1.500%		15,967		12,276		—		12,276	Goldman Sachs & Co.
GS Mortgage Securities Trust(b)		05/23/16		1.500%		4,763		3,954		—		3,954	Goldman Sachs & Co.
GS Mortgage Securities Trust(b)		05/23/16		1.500%		1,348		1,119		—		1,119	Goldman Sachs & Co.
GS Mortgage Securities Trust(b)		05/23/16		1.500%		2,007		1,666		—		1,666	Goldman Sachs & Co.
GS Mortgage Securities Trust(b)		05/23/16		1.500%		5,422		4,501		—		4,501	Goldman Sachs & Co.
GSMSC Home Equity(b)		05/31/16		1.500%		2,720		227		—		227	Goldman Sachs & Co.
JPMBB Commercial Mortgage Securities Trust(b)		05/23/16		1.500%		2,966		2,462		—		2,462	Goldman Sachs & Co.
Lehman Home Equity(b)		05/31/16		1.500%		6,529		544		—		544	Goldman Sachs & Co.
LNR CDO Ltd.(b)		05/11/16		1.500%		30,314		32,560		—		32,560	Goldman Sachs & Co.
Long Beach Home Equity(b)		05/31/16		1.500%		4,435		370		—		370	Goldman Sachs & Co.
Morgan Stanley BAML Trust(b)		05/23/16		1.500%		1,408		994		—		994	Goldman Sachs & Co.
Morgan Stanley BAML Trust(b)		05/23/16		1.500%		13,031		10,818		—		10,818	Goldman Sachs & Co.
Morgan Stanley Home Equity(b)		05/31/16		1.500%		2,311		193		—		193	Goldman Sachs & Co.
Morgan Stanley Home Equity(b)		05/31/16		1.500%		2,297		191		—		191	Goldman Sachs & Co.
New Century Home Equity(b)		05/31/16		1.500%		5,294		441		—		441	Goldman Sachs & Co.
New Century Home Equity(b)		05/31/16		1.500%		3,390		282		—		282	Goldman Sachs & Co.
Option One Home Equity(b)		05/31/16		1.500%		1,669		139		—		139	Goldman Sachs & Co.
WF-RBS Commercial Mortgage Trust(b)		05/23/16		1.500%		12,072		10,022		—		10,022	Goldman Sachs & Co.
WMC Home Equity(b)		05/31/16		1.500%		7,406		617		—		617	Goldman Sachs & Co.
							$	153,072	$	—	$	153,072

See Notes to Financial Statements.

Prudential Total Return Bond Fund 91

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Credit default swap agreements outstanding at April 30, 2016 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Implied Credit Spread at April 30, 2016(5)			Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on corporate issues—Buy Protection(1):
American International Group, Inc.		03/20/18		3.700%		1,300		0.283	%	$	(89,535	)	$	—	$	(89,535	)	Deutsche Bank AG
R.R. Donnelley & Sons Co.		09/20/16		1.000%		1,800		0.443	%		(6,096	)		92,285		(98,381	)	JPMorgan Chase
										$	(95,631	)	$	92,285	$	(187,916	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Fair Value(3)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on credit indices—Sell Protection(2):
CMBX.NA.6.AA		05/11/63		1.500%		27,000	$	(772,121	)	$	315,790		$	(1,087,911	)	Deutsche Bank AG
CMBX.NA.6.AA		05/11/63		1.500%		18,000		(514,747	)		(25,500	)		(489,247	)	Goldman Sachs & Co.
CMBX.NA.6.AA		05/11/63		1.500%		18,000		(514,747	)		(11,250	)		(503,497	)	Goldman Sachs & Co.
CMBX.NA.6.AA		05/11/63		1.500%		44,500		(1,272,570	)		(2,723,918	)		1,451,348		Credit Suisse First Boston Corp.
							$	(3,074,185	)	$	(2,444,878	)	$	(629,307	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Implied Credit Spread at April 30, 2016(5)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on sovereign issues—Sell Protection(2):
Kingdom of Belgium		12/20/24		1.000%		5,000		0.765	%	$	99,211		$	8,073		$	91,138		JPMorgan Chase
Kingdom of Spain		12/20/20		1.000%		99,235		0.865	%		713,577			(22,052	)		735,629		JPMorgan Chase
People’s Republic of China		03/20/22		1.000%		20,000		1.402	%		(418,593	)		(315,815	)		(102,778	)	Deutsche Bank AG
Republic of Italy		09/20/20		1.000%		29,050		1.157	%		(158,455	)		134,779			(293,234	)	JPMorgan Chase
Republic of Italy		09/20/20		1.000%		15,500		1.157	%		(84,546	)		44,649			(129,195	)	JPMorgan Chase
Republic of Italy		12/20/18		1.000%		10,000		1.194	%		(74,367	)		71,446			(145,813	)	JPMorgan Chase
Republic of Italy		06/20/21		1.000%		25,000		1.257	%		(283,921	)		(331,366	)		47,445		JPMorgan Chase
										$	(207,094	)	$	(410,286	)	$	203,192

U.S. Treasury Obligations with a combined market value of $162,721,206 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared interest rate contracts at April 30, 2016.

See Notes to Financial Statements.

92

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.

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

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

(3) 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.

(4) 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.

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

Currency swap agreements outstanding at April 30, 2016:

Notional Amount (000)#	Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
OTC currency swap agreements:
1,205	3 Month LIBOR	JPY	120,000	3 Month JPY LIBOR minus 54.00 bps	Barclays Capital Group		10/12/16	$	77,344	$	—	$	77,344
4,243	3 Month LIBOR	EUR	3,600	3 Month EURIBOR minus 21.25 bps	Citigroup Global Markets		01/16/17		125,489		—		125,489
3,758	3 Month LIBOR	EUR	3,240	3 Month EURIBOR minus 24.50 bps	Citigroup Global Markets		01/16/17		51,346		—		51,346

See Notes to Financial Statements.

Prudential Total Return Bond Fund 93

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Currency swap agreements outstanding at April 30, 2016 (continued):

Notional Amount (000)#	Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
OTC currency swap agreements (cont’d.):
2,247	3 Month LIBOR plus 432 bps	JPY	175,000	3.450%	Citigroup Global Markets		03/24/17	$	637,773		$	10,901		$	626,872
1,969	3 Month LIBOR plus 208 bps	EUR	1,610	4.250%	Citigroup Global Markets		07/14/17		7,008			(182,593	)		189,601
3,030	3 Month LIBOR plus 220 bps	EUR	2,485	4.250%	Citigroup Global Markets		07/14/17		6,468			(258,836	)		265,304
16,667	3 Month LIBOR	JPY	1,700,000	3 Month JPY LIBOR minus 31.25 bps	Deutsche Bank AG		05/14/17		669,530			—			669,530
5,141	3 Month LIBOR	EUR	4,470	3 Month EURIBOR minus 25 bps	Goldman Sachs & Co.		01/20/17		21,074			—			21,074
8,398	3 Month LIBOR	JPY	1,000,000	3 Month JPY LIBOR minus 43.25 bps	Hong Kong & Shanghai Bank		02/10/17		(996,628	)		—			(996,628	)
1,993	3 Month LIBOR	EUR	1,550	3 Month EURIBOR minus 31.75 bps	Hong Kong & Shanghai Bank		09/28/17		220,012			—			220,012
1,150	3 Month LIBOR	EUR	1,000	3 Month EURIBOR minus 25 bps	JPMorgan Chase		01/20/17		4,812			—			4,812
JPY 1,130,000	3 Month JPY LIBOR minus 43.35 bps		9,593	3 Month LIBOR	JPMorgan Chase		11/26/16		1,018,167			—			1,018,167
JPY 4,520,000	3 Month JPY LIBOR minus 42.10 bps		38,289	3 Month LIBOR	JPMorgan Chase		11/28/16		4,182,216			—			4,182,216
109,730	3 Month LIBOR	EUR	95,500	3 Month EURIBOR minus 26.95 bps	JPMorgan Chase		02/17/17		122,542			—			122,542
1,351	1 Month LIBOR plus 88 bps	MXN	20,000	28 Day Mexican Interbank Rate	JPMorgan Chase		03/08/17		192,194			—			192,194
1,700	3 Month LIBOR	JPY	200,000	3 Month JPY LIBOR minus 46.75 bps	JPMorgan Chase		05/03/17		(180,662	)		—			(180,662	)
4,138	3 Month LIBOR plus 54.25 bps	JPY	500,000	0.155%	JPMorgan Chase		10/26/17		(590,794	)		—			(590,794	)

See Notes to Financial Statements.

94

Currency swap agreements outstanding at April 30, 2016 (continued):

Notional Amount (000)#	Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
OTC currency swap agreements (cont’d.):
25,668	3 Month LIBOR	EUR	23,000	3 Month EURIBOR minus 38.15 bps	JPMorgan Chase		04/27/19	$	(680,444	)	$	—		$	(680,444	)
12,037	3 Month LIBOR	EUR	10,800	(0.613)%	JPMorgan Chase		02/22/20		(300,467	)		—			(300,467	)
28,500	3 Month LIBOR	JPY	3,204,000	3 Month JPY LIBOR minus 99.25 bps	JPMorgan Chase		04/03/20		107,332			—			107,332
208,027	3 Month LIBOR	JPY	23,360,000	3 Month JPY LIBOR minus 98.63 bps	JPMorgan Chase		04/06/20		738,522			—			738,522
15,624	3 Month LIBOR	EUR	14,000	3 Month EURIBOR minus 44.30 bps	JPMorgan Chase		04/27/21		(420,563	)		—			(420,563	)
7,865	3 Month LIBOR	EUR	7,000	(0.443)%	JPMorgan Chase		08/22/21		(160,349	)		—			(160,349	)
9,593	3 Month LIBOR	JPY	1,130,000	3 Month JPY LIBOR minus 69.88 bps	JPMorgan Chase		11/26/24		(1,221,674	)		—			(1,221,674	)
38,289	3 Month LIBOR	JPY	4,520,000	3 Month JPY LIBOR minus 67.32 bps	JPMorgan Chase		11/28/24		(5,067,691	)		—			(5,067,691	)
								$	(1,437,443	)	$	(430,528	)	$	(1,006,915	)

Total return swap agreements outstanding at April 30, 2016:

Counterparty	Termination Date		Long (Short) Notional Amount (000)#		Description	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)(1)
OTC total return swap agreements:
Deutsche Bank AG		06/11/16		13,800	Pay variable payments based on 1 Day USOIS plus 30 bps and receive variable payments based on U.S. Treasury Strip	$	46,714		$	—	$	46,714
Deutsche Bank AG		06/11/16		27,600	Pay variable payments based on 1 Day USOIS plus 30 bps and receive variable payments based on U.S. Treasury Strip		(124,893	)		—		(124,893	)

See Notes to Financial Statements.

Prudential Total Return Bond Fund 95

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Total return swap agreements outstanding at April 30, 2016 (continued):

Counterparty	Termination Date		Long (Short) Notional Amount (000)#		Description	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(1)
OTC total return swap agreements (cont’d.):
Deutsche Bank AG		06/11/16		13,800	Pay variable payments based on 1 Day USOIS plus 30 bps and receive variable payments based on U.S. Treasury Strip	$	111,181		$	—		$	111,181
Deutsche Bank AG		06/11/16		27,600	Pay variable payments based on 1 Day USOIS plus 30 bps and receive variable payments based on U.S. Treasury Strip		(289,349	)		—			(289,349	)
Credit Suisse First Boston Corp.		01/12/41		64,681	Receive fixed payments based on the IOS.FN30.450.10 Index and pay variable payments based on the 1 Month LIBOR		367,369			(184,326	)		551,695
						$	111,022		$	(184,326	)	$	295,348

(1) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

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

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

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

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

The following is a summary of the inputs used as of April 30, 2016 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	1,846,687,102	$	68,303,922
Non-Residential Mortgage-Backed Securities		—		323,484,590		—
Residential Mortgage-Backed Securities		—		461,332,634		6,249,350
Bank Loans		—		418,884,548		28,525,976
Commercial Mortgage-Backed Securities		—		1,211,563,246		—

See Notes to Financial Statements.

96

	Level 1		Level 2			Level 3
Corporate Bonds	$	—	$	6,343,070,548		$	—
Foreign Agencies		—		356,580,514			—
Municipal Bonds		—		159,501,912			—
Residential Mortgage-Backed Securities		—		701,635,891			172,176,922
Sovereign Bonds		—		743,363,859			—
U.S. Government Agency Obligations		—		338,128,999			—
U.S. Treasury Obligations		—		523,776,369			—
Preferred Stocks		8,856,650		—			—
Affiliated Mutual Funds		1,419,664,647		—			—
Options Purchased		—		3			—
Option Written		—		—			—
Other Financial Instruments*
Futures Contracts		6,211,037		—			—
OTC Forward Foreign Currency Exchange Contracts		—		10,645,182			—
OTC Cross Currency Exchange Contracts		—		(1,354,713	)		—
OTC Interest Rate Swap Agreements		—		559,444			—
Centrally Cleared Interest Rate Swap Agreements		—		(124,161,651	)		—
OTC Credit Default Swap Agreements		—		(3,376,910	)		153,072
OTC Currency Swap Agreements		—		(1,437,443	)		—
OTC Total Return Swap Agreements		—		111,022			—
Total	$	1,434,732,334	$	13,308,995,146		$	275,409,242

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

	Collateralized Loan Obligations		Non-Residential Mortgage- Backed Securities			Residential Mortgage- Backed Securities			Bank Loans			Commercial Mortgage- Backed Securities			Credit Default Swap Agreements		Forward Rate Agreements
Balance as of 10/31/15	$	—	$	42,421,200		$	58,811,936		$	12,121,105		$	5,844,178		$	—	$	(1,225,560	)
Realized gain (loss)		—		—			(20,047	)		(8,728	)		—			—		—	***
Change in unrealized appreciation (depreciation)**		77,492		—			(2,146,434	)		591,940			—			153,072		1,225,560
Purchases		68,226,430		—			92,358,424			16,194,500			—			—		—
Sales		—		—			(46,772,601	)		(2,427,914	)		—			—		—
Accrued discount/premium		—		—			67,642			—			—			—		—
Transfers into Level 3		—		—			134,939,288			11,424,216			—			—		—
Transfers out of Level 3		—		(42,421,200	)		(58,811,936	)		(9,369,143	)		(5,844,178	)		—		—
Balance as of 04/30/16	$	68,303,922	$	—		$	178,426,272		$	28,525,976		$	—		$	153,072	$	—

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

** Of which, $(1,323,930) was relating to securities held at the reporting period end.

*** The realized loss incurred during the period for other financial instruments was $(2,257,684).

See Notes to Financial Statements.

Prudential Total Return Bond Fund 97

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

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

Level 3 Securities	Fair Value as of April 30, 2016		Valuation Methodology		Unobservable Inputs
Bank Loans	$	28,525,976		Market Approach		Single Broker Indicative Quote
Residential Mortgage-Backed Securities		178,426,272		Market Approach		Single Broker Indicative Quote
Collateralized Loan Obligations		68,303,922		Market Approach		Single Broker Indicative Quote
Credit Default Swap Agreements		153,072		Market Approach		Single Broker Indicative Quote
	$	275,409,242

It is the Fund’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
Bank Loans	$	9,369,143		L3 to L2	Single Broker Indicative Quote to Multiple Broker Quote
Non-Residential Mortgage-Backed Securities		42,421,200		L3 to L2	Single Broker Indicative Quote to Evaluated Bid
Commercial Mortgage-Backed Securities		5,844,178		L3 to L2	Single Broker Indicative Quote to Evaluated Bid
Residential Mortgage-Backed Securities		58,811,936		L3 to L2	Single Broker Indicative Quote to Evaluated Bid
Bank Loans		11,424,216		L2 to L3	Multiple Broker Quote to Single Broker Indicative Quote
Residential Mortgage-Backed Securities		134,939,288		L2 to L3	Evaluated Bid to Single Indicative Broker Quote

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2016 were as follows:

Collateralized Loan Obligations	13.7	%
Banks	11.7
Affiliated Mutual Funds (including 6.9% of collateral for securities on loan)	10.1
Residential Mortgage-Backed Securities	9.6
Commercial Mortgage-Backed Securities	8.7
Sovereign Bonds	5.3
U.S. Treasury Obligations	3.7
Electric	2.7
Foreign Agencies	2.6
Media	2.5
U.S. Government Agency Obligations	2.4
Non-Residential Mortgage-Backed Securities	2.3
Healthcare-Services	2.2
Telecommunications	2.0
Insurance	1.7
Pharmaceuticals	1.6
Diversified Financial Services	1.6
Auto Manufacturers	1.5
Retail	1.4	%
Software	1.3
Chemicals	1.3
Food	1.2
Municipal Bonds	1.1
Technology	1.0
Computers	0.8
Real Estate Investment Trusts (REITs)	0.8
Building Materials	0.8
Commercial Services	0.8
Oil & Gas	0.7
Home Builders	0.7
Lodging	0.6
Entertainment	0.6
Healthcare-Products	0.6
Semiconductors	0.6
Pipelines	0.6
Transportation	0.6
Airlines	0.5

See Notes to Financial Statements.

98

Agriculture	0.5	%
Healthcare & Pharmaceutical	0.5
Beverages	0.4
Mining	0.4
Miscellaneous Manufacturing	0.4
Biotechnology	0.4
Retailers	0.3
Trucking & Leasing	0.3
Aerospace & Defense	0.3
Auto Parts & Equipment	0.3
Packaging & Containers	0.2
Forest Products & Paper	0.2
Holding Companies—Diversified	0.2
Cable	0.2
Gas	0.2
Consumer	0.2
Electronics	0.1
Office & Business Equipment	0.1	%
Foods	0.1
Leisure Time	0.1
Media & Entertainment	0.1
Housewares	0.1
Supermarkets	0.1
Capital Goods	0.1
Machinery—Diversified	0.1
Automotive	0.1
Banking	0.1
Environmental Control	0.1
Options Purchased	—	*
Options Written	—	*
	108.1
Liabilities in excess of other assets	(8.1	)
	100.0	%

* Less than 0.05%

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

Fair values of derivative instruments as of April 30, 2016 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 paid for OTC swap agreements	$	667,022		Premiums received for OTC swap agreements	$	3,429,901
Credit contracts	Unrealized appreciation on OTC swap agreements		2,478,632		Unrealized depreciation on OTC swap agreements		2,939,591
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency contracts		28,978,076		Unrealized depreciation on OTC forward foreign currency contracts		18,332,894
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		259,564		Unrealized depreciation on OTC cross currency exchange contracts		1,614,277
Interest rate contracts	Due from/to broker—variation margin futures		14,169,817	*	Due from/to broker—variation margin futures		7,958,780	*
Interest rate contracts	Due from/to broker—variation margin swaps		5,635,107	*	Due from/to broker—variation margin swaps		129,796,758	*

See Notes to Financial Statements.

Prudential Total Return Bond Fund 99

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate contracts	Unaffiliated investments	$	3	—	$	—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		9,881,391	Unrealized depreciation on OTC swap agreements		10,033,514
Interest rate contracts	Premiums paid for OTC swap agreements		10,901	Premiums received for OTC swap agreements		625,755
Total		$	62,080,513		$	174,731,470

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2016 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased*			Options Written		Futures		Forward and Cross Currency Contracts**			Forward Rate Agreements			Swaps			Total
Credit contracts	$	(5,620,335	)	$	2,843,733	$	—	$	—		$	—		$	(8,683,132	)	$	(11,459,734	)
Foreign exchange contracts		—			—		—		(18,260,733	)		—			—			(18,260,733	)
Interest rate contracts		(7,989,090	)		3,341,998		197,610,042		—			(1,734,398	)		(19,274,101	)		171,954,451
	$	(13,609,425	)	$	6,185,731	$	197,610,042	$	(18,260,733	)	$	(1,734,398	)	$	(27,957,233	)	$	142,233,984

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

** Included in net realized gain (loss) on foreign currency transactions in the Statement of Operations.

See Notes to Financial Statements.

100

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased*			Options Written			Futures			Forward and Cross Currency Contracts**		Forward Rate Agreements		Swaps			Total
Credit contracts	$	249,805		$	237,567		$	—		$	—	$	—	$	1,785,120		$	2,272,492
Foreign exchange contracts		—			—			—			5,035,599		—		—			5,035,599
Interest rate contracts		(5,114,967	)		(924,241	)		(6,566,488	)		—		1,225,560		(103,466,730	)		(114,846,866	)
	$	(4,865,162	)	$	(686,674	)	$	(6,566,488	)	$	5,035,599	$	1,225,560	$	(101,681,610	)	$	(107,538,775	)

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

** Included in net change in unrealized appreciation (depreciation) on foreign currencies in the Statement of Operations.

For the six months ended April 30, 2016, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(4)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)		Forward Foreign Currency Exchange Contracts— Sold(3)
$	13,702,814	$	6,816,760	$	8,636,480,134	$	3,010,386,677	$	641,190,098	$	1,027,262,171

Cross Currency Exchange Contracts(2)		Forward Rate Agreements(4)		Interest Rate Swap Agreements(4)		Credit Default Swap Agreements— Buy Protection(4)		Credit Default Swap Agreements— Sell Protection(4)		Currency Swap Agreements(4)		Total Return Swap Agreements(4)
$	160,446,102	$	551,933	$	7,594,824	$	53,767	$	643,042	$	366,029	$	311,144

1) Cost.

2) Value at Trade Date.

3) Value at Settlement Date.

4) Notional Amount in USD (000).

Offsetting of OTC derivative assets and liabilities:

The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting

See Notes to Financial Statements.

Prudential Total Return Bond Fund 101

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives, where the legal right to set-off exists, is presented in the summary below.

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts Available for Offset			Collateral Received			Net Amount
Bank of America	$	219,175		$	(219,175	)	$	—		$	—
Barclays Capital Group		1,273,444			(1,087,873	)		—			185,571
Citigroup Global Markets		9,002,534			(8,087,218	)		(310,000	)		605,316
Credit Suisse First Boston Corp.		2,345,410			(2,345,410	)		—			—
Deutsche Bank AG		2,072,060			(2,022,411	)		—			49,649
Goldman Sachs & Co.		787,150			(787,150	)		—			—
Hong Kong & Shanghai Bank		282,008			(282,008	)		—			—
JPMorgan Chase		25,373,171			(16,581,422	)		—			8,791,749
Toronto Dominion		920,637			(727,393	)		—			193,244
	$	42,275,589
Counterparty	Gross Amounts of Recognized Liabilities(2)			Gross Amounts Available for Offset			Collateral Pledged			Net Amount
Bank of America	$	(610,538	)	$	219,175		$	391,363		$	—
Barclays Capital Group		(1,087,873	)		1,087,873			—			—
Citigroup Global Markets		(8,087,218	)		8,087,218			—			—
Credit Suisse First Boston Corp.		(5,487,296	)		2,345,410			3,141,886			—
Deutsche Bank AG		(2,022,411	)		2,022,411			—			—
Goldman Sachs & Co.		(1,375,153	)		787,150			588,003			—
Hong Kong & Shanghai Bank		(996,628	)		282,008			277,463			(437,157	)
JPMorgan Chase		(16,581,422	)		16,581,422			—			—
Toronto Dominion		(727,393	)		727,393			—			—
	$	(36,975,932	)

(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.

See Notes to Financial Statements.

102

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

Statement of Assets and Liabilities
, Statement of Operations and
Statement of Changes in Net Assets (unaudited)

SEMIANNUAL REPORT APRIL 30, 2016

Prudential Total Return Bond Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2016

Assets
Investments at value, including securities on loan of $943,669,190:
Unaffiliated investments (cost $13,589,360,098)	$	13,712,123,035
Affiliated investments (cost $1,421,040,918)		1,419,664,647
Cash		11,115,450
Foreign currency, at value (cost $15,146,673)		15,176,254
Deposit with broker for futures		17,540,000
Receivable for investments sold		205,530,209
Dividends and interest receivable		102,968,458
Receivable for Fund shares sold		42,405,238
Unrealized appreciation on OTC forward foreign currency exchange contracts		28,978,076
Unrealized appreciation on OTC swap agreements		12,360,023
Due from broker—variation margin futures		12,205,761
Premium paid for OTC swap agreements		677,923
Unrealized appreciation on OTC cross currency exchange contracts		259,564
Prepaid expenses		31,808
Total assets		15,581,036,446
Liabilities
Payable to broker for collateral for securities on loan		967,351,294
Payable for investments purchased		520,462,962
Payable for Fund shares reacquired		45,468,151
Unrealized depreciation on OTC forward foreign currency exchange contracts		18,332,894
Unrealized depreciation on OTC swap agreements		12,973,105
Management fee payable		4,147,363
Premium received for OTC swap agreements		4,055,656
Accrued expenses and other liabilities		2,965,935
Dividends payable		2,889,512
Due to broker—variation margin swaps		2,461,144
Unrealized depreciation on OTC cross currency exchange contracts		1,614,277
Distribution fee payable		1,302,443
Affiliated transfer agent fee payable		280,825
Deferred directors’ fees		6,672
Total liabilities		1,584,312,233
Net Assets	$	13,996,724,213
Net assets were comprised of:
Common stock, at par	$	968,764
Paid-in capital in excess of par		13,919,500,366
		13,920,469,130
Distributions in excess of net investment income		(490,428	)
Accumulated net realized gain on investment and foreign currency transactions		65,447,205
Net unrealized appreciation on investments and foreign currencies		11,298,306
Net assets, April 30, 2016	$	13,996,724,213

See Notes to Financial Statements.

104

Class A
Net asset value and redemption price per share ($3,153,862,550 ÷ 217,870,444 shares of common stock issued and outstanding)	$	14.48
Maximum sales charge (4.50% of offering price)		0.68
Maximum offering price to public	$	15.16
Class B
Net asset value, offering price and redemption price per share ($45,224,002 ÷ 3,124,249 shares of common stock issued and outstanding)	$	14.48
Class C
Net asset value, offering price and redemption price per share ($493,047,210 ÷ 34,094,281 shares of common stock issued and outstanding)	$	14.46
Class Q
Net asset value, offering price and redemption price per share ($2,812,236,526 ÷ 194,575,390 shares of common stock issued and outstanding)	$	14.45
Class R
Net asset value, offering price and redemption price per share ($583,177,809 ÷ 40,210,994 shares of common stock issued and outstanding)	$	14.50
Class Z
Net asset value, offering price and redemption price per share ($6,909,176,116 ÷ 478,888,464 shares of common stock issued and outstanding)	$	14.43

See Notes to Financial Statements.

Prudential Total Return Bond Fund 105

Statement of Operations (unaudited)

Six Months Ended April 30, 2016

Net Investment Income
Income
Interest income	$	209,005,640
Affiliated dividend income		1,606,989
Affiliated income from securities lending, net		900,853
Unaffiliated dividend income		19,019
Total income		211,532,501
Expenses
Management fee		27,635,165
Distribution fee—Class A		3,799,272
Distribution fee—Class B		224,870
Distribution fee—Class C		2,208,351
Distribution fee—Class R		2,057,564
Transfer agent’s fees and expenses (including affiliated expense of $797,800)		6,501,000
Custodian and accounting fees		759,000
Shareholders’ reports		313,000
Registration fees		304,000
Directors’ fees		85,000
Insurance expenses		63,000
Legal fees and expenses		43,000
Audit fee		28,000
Commitment fee on syndicated credit agreement		6,000
Loan interest expense		429
Miscellaneous		14,575
Total expenses		44,042,226
Less: Expense reimbursement		(1,669,284	)
Distribution fee waiver—Class B		(56,219	)
Distribution fee waiver—Class R		(685,863	)
Net expenses		41,630,860
Net investment income		169,901,641
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(30,919,466	)
Futures transactions		197,610,042
Options written transactions		6,185,731
Forward rate agreement transactions		(1,734,398	)
Swap agreement transactions		(27,957,233	)
Foreign currency transactions		(29,026,395	)
		114,158,281
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated: $335,813)		226,139,921
Futures		(6,566,488	)
Options written		(686,674	)
Forward rate agreements		1,225,560
Swap agreements		(101,681,610	)
Foreign currencies		4,643,590
		123,074,299
Net gain on investment and foreign currency transactions		237,232,580
Net Increase In Net Assets Resulting From Operations	$	407,134,221

See Notes to Financial Statements.

106

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income	$	169,901,641		$	230,349,306
Net realized gain on investment and foreign currency transactions		114,158,281			33,388,269
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		123,074,299			(189,786,031	)
Net increase in net assets resulting from operations		407,134,221			73,951,544
Dividends and Distributions (Note 1)
Dividends from net investment income
Class A		(42,448,560	)		(67,358,335	)
Class B		(515,821	)		(1,168,842	)
Class C		(4,490,125	)		(7,332,402	)
Class Q		(38,193,831	)		(49,406,411	)
Class R		(6,954,863	)		(8,303,861	)
Class Z		(91,243,763	)		(130,681,431	)
		(183,846,963	)		(264,251,282	)
Distributions from net realized gains
Class A		(334,821	)		(3,191,257	)
Class B		(4,986	)		(97,458	)
Class C		(46,320	)		(565,108	)
Class Q		(246,998	)		(845,672	)
Class R		(57,579	)		(223,099	)
Class Z		(613,714	)		(5,127,575	)
		(1,304,418	)		(10,050,169	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		3,854,081,145			8,896,141,918
Net asset value of shares issued in reinvestment of dividends and distributions		166,876,067			247,367,797
Net asset value of shares issued in merger (Note 8)		—			330,865,693
Cost of shares reacquired		(1,887,101,283	)		(2,150,098,232	)
Net increase in net assets from Fund share transactions		2,133,855,929			7,324,277,176
Total increase		2,355,838,769			7,123,927,269
Net Assets:
Beginning of period		11,640,885,444			4,516,958,175
End of period(a)	$	13,996,724,213		$	11,640,885,444
(a) Includes undistributed net investment income of:	$	—		$	13,454,894

See Notes to Financial Statements.

Prudential Total Return Bond Fund 107

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios, Inc. 17 (the “Company”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Company was incorporated in Maryland on September 1, 1994 and currently consists of two series: Prudential Total Return Bond Fund and Prudential Short Duration Multi-Sector Fund. These financial statements relate to Prudential Total Return Bond Fund (the “Fund”), a diversified series of the Company. The financial statements of the other series are not presented herein. The Fund’s investment objective is total return.

Note 1. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets that are fair valued at the close of each day (generally, 4:00PM 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 Directors (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting.

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

Common and preferred stocks, exchange-traded funds, and derivative instruments such as futures or options that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

108

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Common and preferred stocks traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which can be 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 to the extent that the valuation meets the established confidence level for each security. Such confidence level is a measure of the probability of a relationship between a given security and the factors used in the models. If the confidence level is not met or the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the OTC market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after evaluating observable inputs including, but not limited to yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations, and reported trades. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Bank loans traded in the OTC market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy.

OTC derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

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

Prudential Total Return Bond Fund 109

Notes to Financial Statements (unaudited) (continued)

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as Level 2 in the fair value hierarchy.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

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

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

110

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.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, forward currency contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

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 or foreign currency exchange rates. The Fund may also use futures to gain additional market exposure. 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. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on foreign currencies. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is

Prudential Total Return Bond Fund 111

Notes to Financial Statements (unaudited) (continued)

included in net realized gain (loss) on foreign currency transactions. Upon entering into these contracts, risks may arise from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life.

Cross Currency Exchange Contracts: A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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, value of equities or foreign currency exchange rates, with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an 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. The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options 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,

112

applied to a notional principal amount on a fixed future date. The Fund may enter 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 entered into credit default, interest rate, and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered commodities exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Payments received or paid by the Fund are recorded as realized gains (losses) upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

Interest Rate Swaps: Interest rate swaps represent 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 value of the cash flows to be received from the counterparty over the contract’s remaining life.

Credit Default Swaps: CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund 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.

Prudential Total Return Bond Fund 113

Notes to Financial Statements (unaudited) (continued)

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

Currency Swaps: The Fund entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

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

114

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.

Restricted and Illiquid Securities: The Fund may hold 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 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.

The Fund purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the funds. These are insurance-like products that are called Connecticut Avenue Securities by Fannie Mae and Structured Agency Credit Risk 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.

Dollar Rolls: The Fund enters into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realized a gain (loss), and simultaneously enter 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 (loss) 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.

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

Prudential Total Return Bond Fund 115

Notes to Financial Statements (unaudited) (continued)

loaned. Collateral pledged by each borrower is invested in a highly liquid ultra short-term bond 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 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 that may occur during the term of the loan.

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 Portfolio of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Portfolio of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to

116

the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the 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 April 30, 2016, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, 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.

Loan Participations: The Fund may invest in loan participations, another type of restricted security. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (“Selling Participant”), but not the borrower. As a result, the Fund assumes the credit risk of the borrower, the Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan in which it has purchased the loan participation.

Payment-In-Kind. The Fund may invest in the open market or receive pursuant to debt restructuring, securities that pay in kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Prudential Total Return Bond Fund 117

Notes to Financial Statements (unaudited) (continued)

Concentration of Risk: The ability of debt securities issuers (other than those issued or guaranteed by the U.S. Government) held by the Fund to meet its obligations may be affected by the economic or political developments in a specific industry, region or country. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability or the level of governmental supervision and regulation of foreign securities markets.

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 identified cost basis. 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.

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

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

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

118

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with Prudential Fixed Income (“PFI”), which is a business unit of PGIM, Inc. The subadvisory agreement provides that PFI will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PFI is obligated to keep certain books and records of the Fund. PI pays for the services of PFI, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses. Prior to January 4, 2016, PGIM, Inc. was known as Prudential Investment Management, Inc. (“PIM”).

The management fee paid to PI is accrued daily and payable monthly at an annual rate of .44% of the Fund’s average daily net assets up to $1 billion, .42% of such assets from $1 billion to $3 billion, .40% of such assets from $3 billion to $5 billion, .39% of such assets from $5 billion to $10 billion and .38% of such assets in excess of $10 billion. Effective July 1, 2015 through March 31, 2016, the management fee paid to PI was accrued daily and payable monthly at an annual rate of .50% of the Fund’s average daily net assets up to $1 billion, .45% of such assets from $1 billion to $10 billion and .44% of such assets in excess of $10 billion. Prior to July 1, 2015, the management fee paid to PI was accrued daily and payable monthly, at an annual rate of .50% of the Fund’s average daily net assets up to $1 billion and .45% of the Fund’s average daily net assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursement was .44% for the six months ended April 30, 2016. The effective management fee rate, net of waivers and/or expense reimbursement, was .42%.

Effective April 1, 2016, PI has contractually agreed, through February 28, 2017, to reimburse and/or waive fees so that the Fund’s net annual operating expenses do not exceed .51% of the Fund’s average daily net assets (exclusive of distribution and service (12b-1) fees, extraordinary expenses and certain other expenses, such as taxes, interest and brokerage commissions). Effective September 23, 2015 through March 31, 2016, PI contractually agreed to reimburse and/or waive fees so that the Fund’s net annual operating expenses do not exceed .46% of the Fund’s average daily net assets (exclusive of distribution and service (12b-1) fees, transfer agency/sub-transfer agency fees and networking expenses, extraordinary expenses and certain other expenses, such as taxes, interest and brokerage commissions) and the Fund’s net annual operating expenses do not exceed .58% of the Fund’s average daily net assets (exclusive of 12b-1 fees, extraordinary expenses and certain other expenses, such as taxes, interest, and brokerage commissions). Prior to September 23, 2015, PI had contractually agreed to reimburse and/or waive fees so that the Fund’s net annual operating expenses do not exceed .46% of the Fund’s average daily net assets (exclusive of distribution and service (12b-1) fees, transfer agency/sub-transfer agency fees and networking expenses, extraordinary expenses and certain other expenses, such as taxes, interest and brokerage commissions).

Prudential Total Return Bond Fund 119

Notes to Financial Statements (unaudited) (continued)

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class Q, Class R and Class Z shares. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C and Class R shares, pursuant to plans of distribution (the “Class A, B, 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, B, C and R Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .25%, 1%, 1% and .75% of the average daily net assets of the Class A, B, C and R shares, respectively. Effective March 9, 2015, the Class A contractual distribution and service (12b-1) fees were reduced from .30% to .25% of the average daily net assets and the contractual 12b-1 fee waiver of .05% was terminated. PIMS has contractually agreed through February 28, 2017 to limit such expenses to .50% of the average daily net assets of the Class R shares. Effective April 1, 2016 PIMS has contractually agreed to limit such fees to .75% of the average daily net assets of the Class B shares. Prior to April 1, 2016, the Class B 12b-1 fee waiver was voluntary.

PIMS has advised the Fund that it has received $1,470,722 in front-end sales charges resulting from sales of Class A shares, during the six months ended April 30, 2016. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to sales persons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2016, it received $23,123, $26,907 and $55,230 in contingent deferred sales charges imposed upon certain redemptions by Class A, Class B and Class C shareholders, respectively.

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

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect wholly owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

PGIM, Inc., an indirect, wholly-owned subsidiary of Prudential is the Fund’s securities lending agent. Net earnings from securities lending are disclosed on the Statement of Operations as “Affiliated income from securities lending, net”. For the six months ended

120

April 30, 2016, PGIM, Inc. has been compensated approximately $85,300 for these services. Effective February 5, 2016, PGIM, Inc. is being paid no compensation for acting as the securities lending agent. In addition, the securities lending agent continues to absorb the transaction costs associated with the securities lending activity.

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

The Fund invests in the Prudential Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities and Exchange Commission, and in the Prudential Core Ultra Short Bond Fund, (formerly known as Prudential Core Taxable Money Market Fund), (the “Core Funds”), each a portfolio of the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from the Core Funds are disclosed on the Statement of Operations as “Affiliated dividend income”.

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. Government securities, for the six months ended April 30, 2016, were $6,580,330,141 and $4,392,850,461, respectively.

Written options transactions during the six months ended April 30, 2016, were as follows:

	Notional Amount (000)			Premium Received
Balance at beginning of period		7,148,890		$	5,995,980
Options written		25,875,020			19,866,178
Options closed		(12,126,815	)		(13,556,814	)
Options expired		(20,859,595	)		(12,297,594	)
Balance at end of period		37,500		$	7,750

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2016 were as follows:

Tax Basis	$	15,053,117,050
Appreciation		240,931,130
Depreciation		(162,260,498	)
Net Unrealized Appreciation	$	78,670,632

Prudential Total Return Bond Fund 121

Notes to Financial Statements (unaudited) (continued)

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

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

Note 6. Capital

The Fund offers Class A, Class B, 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 and/or benefits plans. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% during the first 12 months. Class Q, Class R and Class Z shares are not subject to any sales or redemption charges and are available only 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 common stock.

There are 1.8 billion shares of common stock authorized, $.001 par value per share, divided into six classes, designated Class A, Class B, Class C, Class Q, Class R and Class Z shares, each of which consists of 500 million, 7 million, 73 million, 350 million, 150 million and 720 million shares, respectively.

122

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended April 30, 2016:
Shares sold		50,165,339		$	711,615,708
Shares issued in reinvestment of dividends and distributions		2,758,901			39,156,081
Shares reacquired		(37,023,077	)		(524,185,051	)
Net increase (decrease) in shares outstanding before conversion		15,901,163			226,586,738
Shares issued upon conversion from other share class(es)		449,441			6,377,134
Shares reacquired upon conversion into other share class(es)		(3,722,771	)		(52,701,965	)
Net increase (decrease) in shares outstanding		12,627,833		$	180,261,907
Year ended October 31, 2015:
Shares sold		141,230,173		$	2,047,266,319
Shares issued in reinvestment of dividends and distributions		4,440,883			64,107,299
Shares reacquired		(39,111,949	)		(563,427,851	)
Net increase (decrease) in shares outstanding before conversion		106,559,107			1,547,945,767
Shares issued upon conversion from other share class(es)		478,192			6,893,390
Shares reacquired upon conversion into other share class(es)		(7,114,429	)		(102,391,390	)
Net increase (decrease) in shares outstanding		99,922,870		$	1,452,447,767
Class B
Six months ended April 30, 2016:
Shares sold		156,298		$	2,214,440
Shares issued in reinvestment of dividends and distributions		30,200			428,438
Shares reacquired		(226,345	)		(3,206,444	)
Net increase (decrease) in shares outstanding before conversion		(39,847	)		(563,566	)
Shares reacquired upon conversion into other share class(es)		(102,488	)		(1,449,198	)
Net increase (decrease) in shares outstanding		(142,335	)	$	(2,012,764	)
Year ended October 31, 2015:
Shares sold		154,319		$	2,225,532
Shares issued in reinvestment of dividends and distributions		71,511			1,034,985
Shares reacquired		(527,378	)		(7,615,239	)
Net increase (decrease) in shares outstanding before conversion		(301,548	)		(4,354,722	)
Shares reacquired upon conversion into other share class(es)		(186,432	)		(2,684,422	)
Net increase (decrease) in shares outstanding		(487,980	)	$	(7,039,144	)

Prudential Total Return Bond Fund 123

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2016:
Shares sold		7,646,580		$	108,414,447
Shares issued in reinvestment of dividends and distributions		262,574			3,722,944
Shares reacquired		(2,820,046	)		(39,945,858	)
Net increase (decrease) in shares outstanding before conversion		5,089,108			72,191,533
Shares reacquired upon conversion into other share class(es)		(226,427	)		(3,213,588	)
Net increase (decrease) in shares outstanding		4,862,681		$	68,977,945
Year ended October 31, 2015:
Shares sold		12,773,287		$	184,500,221
Shares issued in reinvestment of dividends and distributions		449,278			6,488,297
Shares reacquired		(4,000,024	)		(57,624,227	)
Net increase (decrease) in shares outstanding before conversion		9,222,541			133,364,291
Shares issued upon conversion from other share class(es)		5,514			79,939
Shares reacquired upon conversion into other share class(es)		(337,838	)		(4,871,489	)
Net increase (decrease) in shares outstanding		8,890,217		$	128,572,741
Class Q
Six months ended April 30, 2016:
Shares sold		54,572,132		$	771,828,290
Shares issued in reinvestment of dividends and distributions		2,547,961			36,144,765
Shares reacquired		(19,556,664	)		(276,566,107	)
Net increase (decrease) in shares outstanding before conversion		37,563,429			531,406,948
Shares issued upon conversion from other share class(es)		95,983			1,372,569
Shares reacquired upon conversion into other share class(es)		(8,192	)		(115,458	)
Net increase (decrease) in shares outstanding		37,651,220		$	532,664,059
Year ended October 31, 2015:
Shares sold		162,118,488		$	2,349,136,374
Shares issued in reinvestment of dividends and distributions		3,343,013			48,133,978
Shares reacquired		(26,693,812	)		(383,559,325	)
Net increase (decrease) in shares outstanding before conversion		138,767,689			2,013,711,027
Shares issued upon conversion from other share class(es)		3,579,512			51,388,212
Net increase (decrease) in shares outstanding		142,347,201		$	2,065,099,239

124

Class R	Shares			Amount
Six months ended April 30, 2016:
Shares sold		7,991,719		$	113,386,319
Shares issued in reinvestment of dividends and distributions		484,201			6,887,413
Shares reacquired		(5,046,126	)		(71,707,147	)
Net increase (decrease) in shares outstanding before conversion		3,429,794			48,566,585
Shares reacquired upon conversion into other share class(es)		(29,901	)		(427,879	)
Net increase (decrease) in shares outstanding		3,399,893		$	48,138,706
Year ended October 31, 2015:
Shares sold		15,807,065		$	228,475,686
Shares issued in merger		19,147,713			281,662,862
Shares issued in reinvestment of dividends and distributions		590,987			8,519,968
Shares reacquired		(6,202,236	)		(89,082,327	)
Net increase (decrease) in shares outstanding before conversion		29,343,529			429,576,189
Shares reacquired upon conversion into other share class(es)		(3,822	)		(55,228	)
Net increase (decrease) in shares outstanding		29,339,707		$	429,520,961
Class Z
Six months ended April 30, 2016:
Shares sold		151,922,012		$	2,146,621,941
Shares issued in reinvestment of dividends and distributions		5,689,348			80,536,426
Shares reacquired		(68,783,529	)		(971,490,676	)
Net increase (decrease) in shares outstanding before conversion		88,827,831			1,255,667,691
Shares issued upon conversion from other share class(es)		3,954,537			55,794,908
Shares reacquired upon conversion into other share class(es)		(397,689	)		(5,636,523	)
Net increase (decrease) in shares outstanding		92,384,679		$	1,305,826,076
Year ended October 31, 2015:
Shares sold		283,254,581		$	4,084,537,786
Shares issued in merger		3,363,158			49,202,831
Shares issued in reinvestment of dividends and distributions		8,273,430			119,083,270
Shares reacquired		(73,030,724	)		(1,048,789,263	)
Net increase (decrease) in shares outstanding before conversion		221,860,445			3,204,034,624
Shares issued upon conversion from other share class(es)		7,409,568			106,328,692
Shares reacquired upon conversion into other share class(es)		(3,813,914	)		(54,687,704	)
Net increase (decrease) in shares outstanding		225,456,099		$	3,255,675,612

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 8, 2015 through October 6, 2016. The Funds pay an annualized commitment fee of .11% of the unused portion of the SCA. Prior to October 8, 2015, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .075% of the unused portion of the SCA. . Interest on any borrowings under the SCA is paid at contracted market rates. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

Prudential Total Return Bond Fund 125

Notes to Financial Statements (unaudited) (continued)

The Fund utilized the SCA during the six months ended April 30, 2016. The balance for the 1 day that the Fund had a loan outstanding during the period was $9,126,000, borrowed at an interest rate of 1.69%. At April 30, 2016, the Fund did not have an outstanding loan amount.

Note 8. Reorganization

On April 7, 2015, shareholders of the Target Total Return Bond Portfolio (“the Portfolio”) approved the reorganization of the Portfolio into the Prudential Total Return Bond Fund (“the Fund”). As a result of the reorganization, the assets and liabilities of the Portfolio were exchanged for shares of the Fund and the shareholders of the Portfolio are now shareholders of the Fund. The reorganization took place on April 24, 2015. On such date, the merged portfolio had total investments cost and value of $319,458,291 and $326,963,383, respectively, representing the principal assets acquired by the acquiring fund.

The purpose of the transaction was to combine two Funds with substantially similar investment objectives and policies.

The acquisition was accomplished by a tax-free exchange of the following shares on April 24, 2015:

Merged Portfolio			Acquiring Fund
Target Total Return Bond Portfolio			Prudential Total Return Bond Fund
Class	Shares		Class		Shares		Value
R		26,403,583		R		19,147,713	$	281,662,862
T		4,571,649		Z		3,363,158		49,202,831

For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

Merged Portfolio				Acquiring Fund
Target Total Return Bond Portfolio				Prudential Total Return Bond Fund
Net Assets		Unrealized Appreciation		Net Assets
$	330,865,693	$	7,505,092	$	4,803,585,180

126

Assuming the acquisition had been completed on November 1, 2014, the Fund’s results of operations for the year ended October 31, 2015 were as follows:

Net investment income	$	232,084,176	(a)
Net realized and unrealized loss on investments		(148,288,706	)(b)
	$	83,795,470

(a) $230,349,306, as reported in the Statement of Operations, plus $1,384,870 Net Investment Income from the Portfolio pre-merger, plus $350,000 of pro-forma eliminated expenses.

(b) ($156,397,762), as reported in the Statement of Operations, plus $8,109,056 Net Realized and Unrealized Gain (Loss) on Investments from Target Total Return Bond Portfolio pre-merger.

Because both the Portfolio and the Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Portfolio that have been included in the Fund’s Statement of Operations since April 24, 2015.

Note 9. New Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. Management has evaluated the implications of ASU No. 2015-07 and it has been determined that there is no impact on the financial statement disclosures.

In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined.

Prudential Total Return Bond Fund 127

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.26			$14.48			$14.22			$14.78			$14.41			$14.27
Income (loss) from investment operations:
Net investment income		.18			.35			.39			.45			.47			.55
Net realized and unrealized gain (loss) on investment transactions		.24			(.14	)		.36			(.40	)		.72			.31
Total from investment operations		.42			.21			.75			.05			1.19			.86
Less Dividends and Distributions:
Dividends from net investment income		(.20	)		(.41	)		(.49	)		(.46	)		(.50	)		(.56	)
Tax return of capital		-			-			-			(.02	)		-			-
Distributions from net realized gains		-	(e)		(.02	)		-			(.13	)		(.32	)		(.16	)
Total dividends and distributions		(.20	)		(.43	)		(.49	)		(.61	)		(.82	)		(.72	)
Net asset value, end of period		$14.48			$14.26			$14.48			$14.22			$14.78			$14.41
Total Return(b):		2.97%			1.45%			5.37%			.40%			8.67%			6.28%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,153,863			$2,925,814			$1,524,896			$1,183,870			$1,126,905			$555,062
Average net assets (000)		$3,056,246			$2,425,719			$1,251,861			$1,221,286			$835,198			$428,956
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		.82%	(f)		.84%			.83%			.85%			.85%			.85%
Expenses before waivers and/or expense reimbursement		.85%	(f)		.88%			.93%			.94%			.93%			1.02%
Net investment income		2.56%	(f)		2.41%			2.76%			3.09%			3.28%			3.92%
Portfolio turnover rate		53%	(g)		114%			95%			188%			256%			242%

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

(b) 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.

(c) Does not include expenses of the underlying funds 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) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

128

Class B Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.26			$14.48			$14.22			$14.79			$14.42			$14.27
Income (loss) from investment operations:
Net investment income		.15			.28			.33			.37			.40			.48
Net realized and unrealized gain (loss) on investment transactions		.23			(.15	)		.35			(.40	)		.72			.32
Total from investment operations		.38			.13			.68			(.03	)		1.12			.80
Less Dividends and Distributions:
Dividends from net investment income		(.16	)		(.33	)		(.42	)		(.39	)		(.43	)		(.49	)
Tax return of capital		-			-			-			(.02	)		-			-
Distributions from net realized gains		-	(d)		(.02	)		-			(.13	)		(.32	)		(.16	)
Total dividends and distributions		(.16	)		(.35	)		(.42	)		(.54	)		(.75	)		(.65	)
Net asset value, end of period		$14.48			$14.26			$14.48			$14.22			$14.79			$14.42
Total Return(b):		2.72%			.94%			4.84%			(.17	)%		8.12%			5.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$45,224			$46,569			$54,377			$62,964			$70,398			$51,154
Average net assets (000)		$45,223			$50,410			$57,968			$69,093			$59,908			$46,957
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.32%	(e)		1.34%			1.33%			1.35%			1.35%			1.35%
Expenses before waivers and/or expense reimbursement		1.60%	(e)		1.62%			1.63%			1.64%			1.63%			1.72%
Net investment income		2.06%	(e)		1.95%			2.28%			2.58%			2.78%			3.43%
Portfolio turnover rate		53%	(f)		114%			95%			188%			256%			242%

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

(b) 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.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Total Return Bond Fund 129

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.24			$14.47			$14.21			$14.78			$14.40			$14.26
Income (loss) from investment operations:
Net investment income		.13			.24			.29			.34			.36			.45
Net realized and unrealized gain (loss) on investment transactions		.23			(.15	)		.35			(.40	)		.73			.32
Total from investment operations		.36			.09			.64			(.06	)		1.09			.77
Less Dividends and Distributions:
Dividends from net investment income		(.14	)		(.30	)		(.38	)		(.36	)		(.39	)		(.47	)
Tax return of capital		-			-			-			(.02	)		-			-
Distributions from net realized gains		-	(d)		(.02	)		-			(.13	)		(.32	)		(.16	)
Total dividends and distributions		(.14	)		(.32	)		(.38	)		(.51	)		(.71	)		(.63	)
Net asset value, end of period		$14.46			$14.24			$14.47			$14.21			$14.78			$14.40
Total Return(b):		2.59%			.62%			4.58%			(.42	)%		7.93%			5.58%
Ratios/Supplemental Data:
Net assets, end of period (000)		$493,047			$416,364			$294,271			$277,163			$322,371			$153,146
Average net assets (000)		$444,107			$360,622			$252,677			$329,363			$238,034			$108,297
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.57%	(e)		1.59%			1.58%			1.60%			1.60%			1.53%
Expenses before waivers and/or expense reimbursement		1.60%	(e)		1.62%			1.63%			1.64%			1.63%			1.72%
Net investment income		1.81%	(e)		1.66%			2.02%			2.34%			2.52%			3.24%
Portfolio turnover rate		53%	(f)		114%			95%			188%			256%			242%

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

(b) 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.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

130

Class Q Shares
	Six Months Ended April 30,			Year Ended October 31,												December 27, 2010(a) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$14.23			$14.46			$14.20			$14.76			$14.39			$13.70
Income (loss) from investment operations:
Net investment income		.21			.39			.43			.49			.51			.50
Net realized and unrealized gain (loss) on investment transactions		.23			(.14	)		.37			(.39	)		.72			.65
Total from investment operations		.44			.25			.80			.10			1.23			1.15
Less Dividends and Distributions:
Dividends from net investment income		(.22	)		(.46	)		(.54	)		(.51	)		(.54	)		(.46	)
Tax return of capital		-			-			-			(.02	)		-			-
Distributions from net realized gains		-	(e)		(.02	)		-			(.13	)		(.32	)		-
Total dividends and distributions		(.22	)		(.48	)		(.54	)		(.66	)		(.86	)		(.46	)
Net asset value, end of period		$14.45			$14.23			$14.46			$14.20			$14.76			$14.39
Total Return(c):		3.17%			1.76%			5.74%			.74%			9.02%			8.55%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,812,237			$2,233,740			$210,717			$33,452			$29,290			$34,014
Average net assets (000)		$2,435,965			$1,575,749			$78,632			$33,367			$28,908			$34,559
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		.45%	(f)		.46%			.49%			.52%			.54%			.60%	(f)
Expenses before waivers and/or expense reimbursement		.47%	(f)		.49%			.51%			.52%			.54%			.60%	(f)
Net investment income		2.94%	(f)		2.76%			3.06%			3.42%			3.61%			4.18%	(f)
Portfolio turnover rate		53%	(g)		114%			95%			188%			256%			242%	(g)

(a) Commencement of offering.

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

(c) 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.

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

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential Total Return Bond Fund 131

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.28			$14.51			$14.24			$14.81			$14.44			$14.29
Income (loss) from investment operations:
Net investment income		.16			.30			.36			.41			.44			.51
Net realized and unrealized gain (loss) on investment transactions		.24			(.14	)		.36			(.40	)		.71			.33
Total from investment operations		.40			.16			.72			.01			1.15			.84
Less Dividends and Distributions:
Dividends from net investment income		(.18	)		(.37	)		(.45	)		(.43	)		(.46	)		(.53	)
Tax return of capital		-			-			-			(.02	)		-			-
Distributions from net realized gains		-	(d)		(.02	)		-			(.13	)		(.32	)		(.16	)
Total dividends and distributions		(.18	)		(.39	)		(.45	)		(.58	)		(.78	)		(.69	)
Net asset value, end of period		$14.50			$14.28			$14.51			$14.24			$14.81			$14.44
Total Return(b):		2.84%			1.14%			5.17%			.08%			8.39%			6.09%
Ratios/Supplemental Data:
Net assets, end of period (000)		$583,178			$525,824			$108,373			$57,543			$25,028			$2,248
Average net assets (000)		$551,716			$336,289			$83,878			$44,298			$10,603			$1,445
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.07%	(e)		1.09%			1.08%			1.10%			1.10%			1.10%
Expenses before waivers and/or expense reimbursement		1.35%	(e)		1.37%			1.38%			1.39%			1.38%			1.47%
Net investment income		2.31%	(e)		2.09%			2.48%			2.84%			3.03%			3.65%
Portfolio turnover rate		53%	(f)		114%			95%			188%			256%			242%

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

(b) 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.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

132

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.21			$14.43			$14.17			$14.74			$14.37			$14.24
Income (loss) from investment operations:
Net investment income		.20			.38			.42			.48			.51			.57
Net realized and unrealized gain (loss) on investment transactions		.23			(.14	)		.36			(.40	)		.72			.32
Total from investment operations		.43			.24			.78			.08			1.23			.89
Less Dividends and Distributions:
Dividends from net investment income		(.21	)		(.44	)		(.52	)		(.50	)		(.54	)		(.60	)
Tax return of capital		-			-			-			(.02	)		-			-
Distributions from net realized gains		-	(d)		(.02	)		-			(.13	)		(.32	)		(.16	)
Total dividends and distributions		(.21	)		(.46	)		(.52	)		(.65	)		(.86	)		(.76	)
Net asset value, end of period		$14.43			$14.21			$14.43			$14.17			$14.74			$14.37
Total Return(b):		3.11%			1.71%			5.65%			.59%			8.97%			6.49%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6,909,176			$5,492,574			$2,324,324			$1,120,294			$818,157			$368,914
Average net assets (000)		$6,035,339			$4,306,353			$1,456,467			$1,370,007			$589,624			$186,108
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.57%	(e)		.59%			.58%			.60%			.60%			.60%
Expenses before waivers and/or expense reimbursement		.60%	(e)		.62%			.63%			.64%			.63%			.72%
Net investment income		2.82%	(e)		2.66%			2.99%			3.34%			3.54%			4.15%
Portfolio turnover rate		53%	(f)		114%			95%			188%			256%			242%

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

(b) 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.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Total Return Bond Fund 133

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

PROXY VOTING

The Board of Directors of the Fund 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 or by visiting the Securities and Exchange Commission’s website at www.sec.gov. 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.

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Prudential 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	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential Total Return Bond Fund, Prudential Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

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

PRUDENTIAL TOTAL RETURN BOND FUND

SHARE CLASS	A	B	C	Q	R	Z
NASDAQ	PDBAX	PRDBX	PDBCX	PTRQX	DTBRX	PDBZX
CUSIP	74440B108	74440B207	74440B306	74440B884	74440B801	74440B405

MF166E2    0293027-00001-00

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

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

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

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

Item 12 – Exhibits

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

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

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

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

SIGNATURES

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

Registrant:	Prudential Investment Portfolios, Inc. 17
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	June 17, 2016

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	June 17, 2016
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2016