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:	811-02896
Exact name of registrant as specified in charter:	Prudential Investment Portfolios, Inc. 15
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:	8/31/2017
Date of reporting period:	2/28/2017

Item 1 – Reports to Stockholders

PRUDENTIAL SHORT DURATION HIGH YIELD INCOME FUND

SEMIANNUAL REPORT

FEBRUARY 28, 2017

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

Objective: To provide a high level of current income

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 February 28, 2017, were not audited and, accordingly, no auditor’s opinion is expressed on them.

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

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Short Duration High Yield Income Fund informative and useful. The report covers performance for the six-month period ended February 28, 2017. We are proud to announce that Prudential Investments will be known as PGIM^® Investments, effective April 3, 2017. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name is changing: the name of your Fund and the management and operation will not change.

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. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. We’re part of PGIM, the 9th-largest global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Short Duration High Yield Income Fund

April 14, 2017

Prudential Short Duration High Yield Income Fund 3

Your Fund’s Performance (unaudited)

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

Cumulative Total Returns (Without Sales Charges) as of 2/28/17
	Six Months (%)	One Year (%)	Since Inception (%)
Class A	2.16	8.91	17.66 (10/26/12)
Class C	1.89	8.10	13.87 (10/26/12)
Class Q	2.44	9.39	10.29 (10/27/14)
Class Z	2.40	9.31	19.10 (10/26/12)
Bloomberg Barclays US High Yield Ba/B Rated 1–5 Yr 1% Capped Index	3.73	15.08	—
Lipper High Yield Funds Average	4.71	17.54	—

Average Annual Total Returns (With Sales Charges) as of 2/28/17
	One Year (%)	Since Inception (%)
Class A	5.37	3.03 (10/26/12)
Class C	7.10	3.04 (10/26/12)
Class Q	9.39	4.27 (10/27/14)
Class Z	9.31	4.11 (10/26/12)
Bloomberg Barclays US High Yield Ba/B Rated 1–5 Yr 1% Capped Index	15.08	—
Lipper High Yield Funds Average	17.54	—

Source: PGIM 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

Bloomberg Barclays US High Yield Ba/B Rated 1–5 Year 1% Capped Index—The Bloomberg Barclays US High Yield Ba/B Rated 1–5 Year 1% Capped Index (Capped Index) represents the performance of US short duration, higher-rated high yield bonds. The cumulative total returns for the Capped Index measured from the month-end closest to the inception date through 2/28/17 are 22.30% for Class A, C, and Z shares and 8.78% for Class Q shares. The average annual total returns for the Capped Index measured from the month-end closest to the inception date through 2/28/17 are 4.76% for Class A, C, and Z shares and 3.67% for Class Q shares.

Lipper High Yield Funds Average—The Lipper High Yield Funds Average (Lipper Average) is based on the average return of all funds in the Lipper High Yield Funds category for the periods noted. Funds in the Lipper Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. The cumulative total returns for the Lipper Average measured from the month-end closest to the inception date through 2/28/17 are 23.44% for Class A, C, and Z shares and 8.91% for Class Q shares. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date through 2/28/17 are 4.96% for Class A, C, and Z shares and 3.71% for Class Q shares.

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

Prudential Short Duration High Yield Income Fund 5

Your Fund’s Performance(continued)

Credit Quality expressed as a percentage of total investments as of 2/28/17 (%)
BBB	8.7
BB	45.2
B	40.4
CCC	6.0
Not Rated	0.1
Cash/Cash Equivalents	-0.2
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), 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.

Distributions and Yields as of 2/28/17
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.26	3.42	3.42
Class C	0.23	2.79	2.79
Class Q	0.28	3.88	3.88
Class Z	0.28	3.79	3.79

*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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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 held through the six-month period ended February 28, 2017. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following 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 PGIM Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your

Prudential Short Duration High Yield Income 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 High Yield Income Fund		Beginning  Account Value September 1, 2016		Ending  Account Value February 28, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,021.60		1.06	%	$	5.31
	Hypothetical	$	1,000.00	$	1,019.54		1.06	%	$	5.31
Class C	Actual	$	1,000.00	$	1,018.90		1.81	%	$	9.06
	Hypothetical	$	1,000.00	$	1,015.82		1.81	%	$	9.05
Class Q	Actual	$	1,000.00	$	1,024.40		0.73	%	$	3.66
	Hypothetical	$	1,000.00	$	1,021.17		0.73	%	$	3.66
Class Z	Actual	$	1,000.00	$	1,024.00		0.81	%	$	4.06
	Hypothetical	$	1,000.00	$	1,020.78		0.81	%	$	4.06

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2017, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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The Fund’s annualized expense ratios for the six-month period ended February 28, 2017, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	1.06	1.06
C	1.81	1.81
Q	0.73	0.73
Z	0.81	0.81

Net operating expenses shown above reflect 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 High Yield Income Fund 9

Portfolio of Investments (unaudited)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    98.6%
BANK LOANS(a)    6.1%
Building Materials    0.2%
Materis CHRYSO SA (France), Private Placement		4.250	%		08/13/21	EUR	3,000	$	3,164,793
Chemicals    0.3%
MacDermid, Inc.		4.500			06/07/20		5,568		5,632,033
MacDermid, Inc.		5.000			06/07/23		1,994		2,014,957
									7,646,990
Commercial Services    0.8%
Laureate Education, Inc.		5.000			06/18/18		17,331		17,417,768
Food    0.1%
Agrokor DD SPV2 (Croatia)		9.500			06/04/18	EUR	4,437		1,163,432
Jacobs Douwe Egberts BV (Netherlands)		3.000			07/01/22	EUR	252		270,908
									1,434,340
Gaming    0.2%
Golden Nugget, Inc.		4.500			11/21/19		1,375		1,390,708
Golden Nugget, Inc.		4.552			11/21/19		3,209		3,244,984
									4,635,692
Healthcare-Services    0.1%
CHS/Community Health Systems, Inc.		4.180			12/31/18		3,142		3,131,665
Home Builders    0.1%
Beazer Homes USA, Inc.(b)		6.750			03/11/18		2,750		2,722,500
Media    0.4%
LSC Communications, Inc.(b)		7.000			09/30/22		9,800		9,824,788
Packaging & Containers    0.3%
Coveris Holdings SA (Luxembourg)		4.509			05/08/19		7,647		7,694,720
Retail    0.2%
Rite Aid Corp.		4.875			06/21/21		4,800		4,809,000
Software    1.2%
BMC Software Finance, Inc.		5.000			09/10/20		21,059		21,165,951
Infor US, Inc.		3.750			02/01/22		6,771		6,773,213
									27,939,164

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 11

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS (Continued)
Technology    2.2%
Dell International LLC		2.998	%		12/31/18		15,250	$	15,263,771
First Data Corp.		3.997			03/24/21		5,698		5,744,222
Genesys Telecommunications Laboratories, Inc.		5.025			12/01/23		6,625		6,699,531
Symantec Corp.		2.530			08/01/21		24,000		23,700,000
									51,407,524
TOTAL BANK LOANS (cost $144,559,130)									141,828,944
CORPORATE BONDS    92.5%
Aerospace/Defense    0.1%
Arconic, Inc., Sr. Unsec’d. Notes		5.720			02/23/19		1,800		1,909,361
Airlines    0.3%
United Airlines, Pass-Through Trust, Pass-Through Certificates, Series 2007-071A, Class A		6.636			01/02/24		6,472		6,924,646
Apparel    0.2%
Levi Strauss & Co., Sr. Unsec’d. Notes		6.875			05/01/22		4,000		4,160,000
Auto Manufacturer    0.1%
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A(c)		4.250			11/15/19		1,625		1,663,188
Auto Parts & Equipment    0.8%
American Axle & Manufacturing, Inc., Gtd. Notes(c)		5.125			02/15/19		1,282		1,294,820
Gtd. Notes		7.750			11/15/19		8,740		9,690,475
IHO Verwaltungs GmbH (Germany), Sr. Sec’d. Notes, PIK, 144A		4.125			09/15/21		6,725		6,794,267
									17,779,562
Beverages    0.4%
Cott Beverages, Inc. (Canada), Gtd. Notes		6.750			01/01/20		8,625		8,916,094
Biotechnology    0.2%
Concordia International Corp. (Canada), Sr. Sec’d. Notes, 144A(c)		9.000			04/01/22		5,038		4,433,440
Building Materials    0.8%
Cemex Finance LLC (Mexico), Sr. Sec’d. Notes, 144A		9.375			10/12/22		5,000		5,431,250
Griffon Corp., Gtd. Notes		5.250			03/01/22		850		856,375

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Building Materials (cont’d.)
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A(d)		5.125	%		02/15/21		1,475	$	1,537,687
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes		8.500			04/15/22		3,550		3,976,000
USG Corp., Sr. Unsec’d. Notes		8.250	(a)		01/15/18		7,000		7,350,000
									19,151,312
Cable & Satellite    0.3%
United Group BV (Netherlands), First Lien, 144A		7.875			11/15/20	EUR	7,000		7,740,246
Chemicals    2.7%
Ashland LLC, Gtd. Notes		4.750	(a)		08/15/22		5,875		6,095,313
CF Industries, Inc., Gtd. Notes(c)		7.125			05/01/20		10,629		11,652,041
Chemours Co. (The), Gtd. Notes		6.625			05/15/23		8,370		8,882,662
Chemtura Corp., Gtd. Notes		5.750			07/15/21		8,206		8,513,725
Hexion, Inc., Sr. Sec’d. Notes, 144A		10.375			02/01/22		8,190		8,435,700
Platform Specialty Products Corp., Sr. Unsec’d. Notes, 144A		10.375			05/01/21		1,950		2,191,313
Unifrax I LLC/Unifrax Holding Co., Gtd. Notes, 144A(d)		7.500			02/15/19		6,583		6,566,542
W.R. Grace & Co., Gtd. Notes, 144A(c)		5.125			10/01/21		7,090		7,462,225
Westlake Chemical Corp., Gtd. Notes, 144A		4.625			02/15/21		3,000		3,119,859
									62,919,380
Coal    0.3%
CONSOL Energy, Inc., Gtd. Notes		5.875			04/15/22		5,274		5,142,150
Peabody Securities Finance Corp., Sr. Sec’d. Notes, 144A		6.000			03/31/22		1,775		1,810,500
									6,952,650
Commercial Services    1.5%
Laureate Education, Inc., Gtd. Notes, 144A(c)		10.000			09/01/19		23,935		25,041,994
NES Rentals Holdings, Inc., Sec’d. Notes, 144A(d)		7.875			05/01/18		2,290		2,307,175
Service Corp. International, Sr. Unsec’d. Notes		7.625			10/01/18		5,620		6,069,600
									33,418,769
Computers    1.8%
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Gtd. Notes, 144A		5.875			06/15/21		14,720		15,575,806
EMC Corp., Sr. Unsec’d. Notes		2.650			06/01/20		9,210		8,980,643

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 13

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Computers (cont’d.)
NCR Corp., Gtd. Notes		5.875	%		12/15/21		5,545	$	5,808,388
Gtd. Notes		6.375			12/15/23		5,500		5,878,125
Western Digital Corp., First Lien, 144A		7.375			04/01/23		5,560		6,102,100
									42,345,062
Distribution/Wholesale
Rexel SA (France), Sr. Unsec’d. Notes, 144A		5.250			06/15/20		578		594,825
Diversified Financial Services    1.2%
Ally Financial, Inc., Sub. Notes		8.000			12/31/18		2,550		2,800,206
FBM Finance, Inc., Sr. Sec’d. Notes, 144A		8.250			08/15/21		2,500		2,675,500
KCG Holdings, Inc., Sr. Sec’d. Notes, 144A		6.875			03/15/20		1,750		1,745,625
Navient Corp., Sr. Unsec’d. Notes		6.625			07/26/21		2,505		2,611,463
Sr. Unsec’d. Notes, MTN		8.000			03/25/20		150		162,731
Sr. Unsec’d. Notes, MTN		8.450			06/15/18		7,350		7,855,312
OneMain Financial Holdings, Inc., Gtd. Notes, 144A(c)(d)		6.750			12/15/19		9,075		9,500,436
									27,351,273
Electric    4.1%
AES Corp., Sr. Unsec’d. Notes(c)		7.375			07/01/21		2,772		3,125,430
Sr. Unsec’d. Notes		8.000			06/01/20		182		209,755
ContourGlobal Power Holdings SA, Sr. Sec’d. Notes, 144A(d)		5.125			06/15/21	EUR	1,550		1,738,296
DPL, Inc., Sr. Unsec’d. Notes		6.750			10/01/19		14,673		15,259,920
Sr. Unsec’d. Notes(c)		7.250			10/15/21		3,350		3,567,750
Dynegy, Inc., Gtd. Notes(c)		6.750			11/01/19		13,850		14,265,500
Gtd. Notes(c)		7.375			11/01/22		23,975		23,555,437
GenOn Energy, Inc., Sr. Unsec’d. Notes (original cost $3,571,875; purchased 09/29/15)(d)(e)		7.875			06/15/17		3,750		2,943,750
Sr. Unsec’d. Notes (original cost $7,534,191; purchased 05/18/15 - 03/23/16)(c)(d)(e)		9.500			10/15/18		7,953		6,024,397
Sr. Unsec’d. Notes (original cost $2,310,231; purchased 12/08/15 - 02/03/16)(c)(d)(e)		9.875			10/15/20		3,463		2,545,305

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric (cont’d.)
Melton Renewable Energy PLC (United Kingdom), Sr. Sec’d. Notes, RegS		6.750	%		02/01/20	GBP	1,860	$	2,378,372
Mirant Mid-Atlantic Trust, Pass-Through Certificates, Series B (original cost $3,351,988; purchased 03/13/13 - 02/26/16)(d)(e)		9.125			06/30/17		3,449		3,155,831
NRG Energy, Inc., Gtd. Notes		7.625			01/15/18		12,500		13,031,250
Gtd. Notes(c)		7.875			05/15/21		1,839		1,907,963
NRG REMA LLC, Pass-Through Certificates, Series B(d)		9.237			07/02/17		112		93,755
									93,802,711
Electronics    0.1%
Jabil Circuit, Inc., Sr. Unsec’d. Notes		8.250			03/15/18		2,300		2,447,062
Entertainment    5.6%
CCM Merger, Inc., Gtd. Notes, 144A(d)		9.125			05/01/19		6,607		6,813,460
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes		5.250			03/15/21		7,815		8,039,681
Churchill Downs, Inc., Gtd. Notes		5.375			12/15/21		16,063		16,725,599
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes(c)		4.375			04/15/21		3,700		3,852,625
Gtd. Notes		4.875			11/01/20		5,548		5,825,400
Greektown Holdings LLC/Greektown Mothership Corp., Sec’d. Notes, 144A		8.875			03/15/19		12,886		13,514,193
International Game Technology PLC, Sr. Sec’d. Notes, 144A		6.250			02/15/22		6,775		7,317,000
Isle of Capri Casinos, Inc., Gtd. Notes		5.875			03/15/21		15,087		15,577,327
Gtd. Notes		8.875			06/15/20		4,717		4,923,369
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		1,475		1,515,563
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., Sr. Sec’d. Notes, 144A(d)		5.000			08/01/18		8,567		8,641,961
National CineMedia LLC, Sr. Sec’d. Notes		6.000			04/15/22		1,275		1,318,031
Scientific Games Corp., Gtd. Notes		8.125			09/15/18		19,735		19,784,337
Scientific Games International, Inc., Gtd. Notes		6.625			05/15/21		7,675		7,214,500
Gtd. Notes(c)		10.000			12/01/22		4,350		4,616,438
Sr. Sec’d. Notes, 144A		7.000			01/01/22		3,975		4,228,406
									129,907,890

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 15

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Environmental Control    0.4%
Clean Harbors, Inc., Gtd. Notes		5.125	%		06/01/21		9,161	$	9,367,122
Food    2.4%
Hearthside Group Holdings LLC/Hearthside Finance Co., Gtd. Notes, 144A		6.500			05/01/22		1,625		1,629,063
Iceland Bondco PLC (United Kingdom), Sr. Sec’d. Notes, 144A		4.607	(a)		07/15/20	GBP	2,254		2,794,076
JBS USA LUX SA/JBS USA Finance, Inc. (Brazil), Gtd. Notes, 144A(d)		7.250			06/01/21		12,300		12,669,000
Gtd. Notes, 144A(d)		7.250			06/01/21		9,025		9,295,750
Gtd. Notes, 144A(d)		8.250			02/01/20		11,200		11,480,000
Shearer’s Foods LLC/Chip Finance Corp., Sr. Sec’d. Notes, 144A		9.000			11/01/19		10,155		10,650,056
SUPERVALU, Inc., Sr. Unsec’d. Notes(c)		6.750			06/01/21		6,475		6,458,812
Sr. Unsec’d. Notes(c)		7.750			11/15/22		1,075		1,061,563
									56,038,320
Food Service
Aramark Services, Inc., Gtd. Notes		5.750			03/15/20		275		279,393
Forest Products & Paper    0.7%
Mercer International, Inc. (Canada), Sr. Unsec’d. Notes		7.000			12/01/19		6,480		6,706,800
Sr. Unsec’d. Notes		7.750			12/01/22		7,443		7,982,617
Neenah Paper, Inc., Gtd. Notes, 144A		5.250			05/15/21		2,350		2,397,000
									17,086,417
Gas    0.1%
NGL Energy Partners LP/NGL Energy Finance Corp., Gtd. Notes, 144A		7.500			11/01/23		3,125		3,289,063
Hand/Machine Tools    0.1%
Apex Tool Group LLC, Gtd. Notes, 144A(d)		7.000			02/01/21		3,450		3,312,000
Healthcare-Products    0.3%
Mallinckrodt International Finance SA, Gtd. Notes		4.750			04/15/23		2,500		2,225,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Gtd. Notes, 144A(c)		4.875			04/15/20		5,375		5,388,437
									7,613,437

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare-Services    7.7%
Acadia Healthcare Co., Inc., Gtd. Notes		5.125	%		07/01/22		650	$	654,875
Centene Corp., Sr. Unsec’d. Notes		5.625			02/15/21		4,625		4,867,812
Cerba HealthCare SAS (France), Sr. Sec’d. Notes, RegS(d)		7.000			02/01/20	EUR	3,300		3,574,403
CHS/Community Health Systems, Inc., Gtd. Notes(c)		7.125			07/15/20		16,050		15,087,000
Gtd. Notes(c)		8.000			11/15/19		18,452		18,036,830
HCA Holdings, Inc., Sr. Unsec’d. Notes		6.250			02/15/21		4,451		4,846,026
HCA, Inc., Gtd. Notes(c)		8.000			10/01/18		9,358		10,200,220
Sr. Sec’d. Notes		4.250			10/15/19		4,600		4,784,000
Sr. Sec’d. Notes		6.500			02/15/20		3,000		3,293,370
Kindred Healthcare, Inc., Gtd. Notes(c)		8.000			01/15/20		22,649		22,875,490
LifePoint Health, Inc., Gtd. Notes(c)		5.500			12/01/21		11,700		12,175,312
Molina Healthcare, Inc., Gtd. Notes		5.375	(a)		11/15/22		4,964		5,137,740
Select Medical Corp., Gtd. Notes(c)		6.375			06/01/21		7,600		7,647,500
Surgery Center Holdings, Inc., Gtd. Notes, 144A		8.875			04/15/21		5,900		6,313,000
Tenet Healthcare Corp., Sec’d. Notes, 144A(c)		7.500			01/01/22		350		378,875
Sr. Sec’d. Notes		4.750			06/01/20		5,850		5,967,000
Sr. Sec’d. Notes		6.000			10/01/20		2,000		2,120,000
Sr. Sec’d. Notes(c)		6.250			11/01/18		2,750		2,911,563
Sr. Unsec’d. Notes(c)		5.000	(a)		03/01/19		3,700		3,702,516
Sr. Unsec’d. Notes		6.750			02/01/20		12,170		12,382,975
Sr. Unsec’d. Notes(c)		8.000			08/01/20		19,900		20,347,750
Universal Health Services, Inc., Sr. Sec’d. Notes, 144A		4.750			08/01/22		5,000		5,150,000
Voyage Care Bondco PLC (United Kingdom), Sr. Sec’d. Notes, RegS		6.500			08/01/18	GBP	4,000		5,013,029
									177,467,286
Home Builders    7.0%
Beazer Homes USA, Inc., Gtd. Notes(c)		5.750			06/15/19		6,385		6,636,569
Gtd. Notes(c)		7.500			09/15/21		3,600		3,744,000
Gtd. Notes, 144A		8.750			03/15/22		10,040		10,892,195
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.500			12/15/20		6,423		6,611,836
CalAtlantic Group, Inc., Gtd. Notes		6.250			12/15/21		1,382		1,516,745
Gtd. Notes(c)		6.625			05/01/20		2,600		2,866,500
Gtd. Notes		8.375			05/15/18		15,066		16,101,787

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 17

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
KB Home, Gtd. Notes		4.750	%		05/15/19		15,574	$	15,943,882
Gtd. Notes(c)		7.000			12/15/21		4,770		5,223,150
Gtd. Notes		8.000			03/15/20		500		556,250
Lennar Corp., Gtd. Notes		4.125			01/15/22		4,000		4,050,000
Gtd. Notes		4.500			06/15/19		4,200		4,336,500
Gtd. Notes(c)		4.500			11/15/19		8,125		8,399,219
Gtd. Notes(c)		4.750			04/01/21		2,600		2,707,250
Gtd. Notes		6.950			06/01/18		125		131,875
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		4,850		5,092,500
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A(d)		6.875			12/15/23		2,350		2,455,750
Meritage Homes Corp., Gtd. Notes(c)		4.500			03/01/18		10,224		10,402,920
Gtd. Notes		7.000			04/01/22		2,295		2,576,138
PulteGroup, Inc., Gtd. Notes		4.250			03/01/21		6,975		7,138,913
Taylor Morrison Communities, Inc./Monarch Communities, Inc., Gtd. Notes, 144A		5.250			04/15/21		12,678		12,994,950
TRI Pointe Group, Inc., Gtd. Notes		4.875			07/01/21		8,395		8,667,838
WCI Communities, Inc./Lennar Corp., Gtd. Notes		6.875			08/15/21		15,750		16,557,187
William Lyon Homes, Inc., Gtd. Notes		5.750			04/15/19		6,977		7,064,213
									162,668,167
Iron/Steel    1.4%
ArcelorMittal (Luxembourg), Sr. Unsec’d. Notes(c)		6.125			06/01/18		18,760		19,627,650
Sr. Unsec’d. Notes(c)		10.600	(a)		06/01/19		5,840		6,847,400
BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC (Australia), Gtd. Notes, 144A		6.500			05/15/21		5,410		5,761,650
									32,236,700
Leisure Time    0.5%
NCL Corp. Ltd., Sr. Unsec’d. Notes, 144A		4.750			12/15/21		5,653		5,766,060
Royal Caribbean Cruises Ltd., Sr. Unsec’d. Notes		7.250			03/15/18		2,000		2,105,000
Viking Cruises Ltd., Sr. Unsec’d. Notes, 144A(d)		8.500			10/15/22		4,450		4,650,250
									12,521,310
Lodging    4.2%
Boyd Gaming Corp., Gtd. Notes		6.875			05/15/23		1,200		1,296,000

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Lodging (cont’d.)
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties, Sr. Sec’d. Notes		8.000	%(a)		10/01/20		15,275	$	15,981,469
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A		8.500			12/01/21		7,296		7,788,480
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sec’d. Notes, 144A		10.250			11/15/22		3,175		3,413,125
Sr. Sec’d. Notes, 144A		6.750			11/15/21		3,675		3,812,813
MGM Resorts International, Gtd. Notes		6.625			12/15/21		3,600		4,018,500
Gtd. Notes		6.750			10/01/20		2,500		2,755,500
Gtd. Notes		8.625			02/01/19		22,741		25,128,805
Station Casinos LLC, Gtd. Notes(c)		7.500			03/01/21		11,950		12,457,875
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A(d)		6.375			06/01/21		11,579		11,694,790
Wynn Macau Ltd. (Macau), Sr. Unsec’d. Notes, 144A		5.250			10/15/21		7,825		8,001,062
									96,348,419
Machinery-Diversified    1.3%
Cleaver-Brooks, Inc., Sr. Sec’d. Notes, 144A(d)		8.750			12/15/19		5,175		5,401,406
CNH Industrial Capital LLC, Gtd. Notes(c)		4.875			04/01/21		3,925		4,113,008
Zebra Technologies Corp., Sr. Unsec’d. Notes(c)		7.250			10/15/22		19,054		20,618,333
									30,132,747
Media    11.2%
Cablevision Systems Corp., Sr. Unsec’d. Notes		7.750			04/15/18		8,370		8,788,500
Sr. Unsec’d. Notes		8.625			09/15/17		27,042		27,887,062
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes(c)		5.250			03/15/21		4,170		4,284,675
Sr. Unsec’d. Notes(c)		5.250			09/30/22		16,725		17,394,000
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Unsec’d. Notes, 144A(c)		5.125			12/15/21		14,277		14,531,416
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		4,197		4,240,313
Sr. Unsec’d. Notes, 144A		6.375			09/15/20		32,759		33,762,244
Clear Channel Worldwide Holdings, Inc., Series A, Gtd. Notes		6.500			11/15/22		7,315		7,388,150
Series A, Gtd. Notes		7.625			03/15/20		525		515,813
Series B, Gtd. Notes(c)		6.500			11/15/22		1,497		1,550,323
Series B, Gtd. Notes		7.625			03/15/20		2,450		2,468,375

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 19

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media (cont’d.)
Cogeco Communications, Inc. (Canada), Gtd. Notes, 144A		4.875	%		05/01/20		1,340	$	1,376,850
CSC Holdings LLC, Sr. Unsec’d. Notes		7.625			07/15/18		632		672,290
Sr. Unsec’d. Notes		7.875			02/15/18		1,750		1,833,125
DISH DBS Corp., Gtd. Notes(c)		4.250			04/01/18		1,550		1,579,063
Gtd. Notes		5.125			05/01/20		23,625		24,629,062
Gtd. Notes		7.875			09/01/19		1,512		1,685,880
Mediacom Broadband LLC/Mediacom Broadband Corp., Sr. Unsec’d. Notes		5.500			04/15/21		17,535		17,973,375
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A		6.250			08/01/21		12,850		13,351,150
Nexstar Broadcasting, Inc., Gtd. Notes, 144A(c)		6.125			02/15/22		3,950		4,132,688
SFR Group SA (France), Sr. Sec’d. Notes, 144A		6.000			05/15/22		11,505		11,932,871
Sinclair Television Group, Inc., Gtd. Notes		5.375			04/01/21		11,214		11,550,420
Gtd. Notes(c)		6.125			10/01/22		4,820		5,042,925
TEGNA, Inc., Gtd. Notes, 144A		4.875			09/15/21		6,973		7,112,460
Univision Communications, Inc., Sr. Sec’d. Notes, 144A(c)(d)		6.750			09/15/22		30,918		32,463,900
Videotron Ltd. (Canada), Gtd. Notes		5.000			07/15/22		1,335		1,405,088
									259,552,018
Metal Fabricate & Hardware    0.1%
Grinding Media, Inc./MC Grinding Media Canada, Inc., Sr. Sec’d. Notes, 144A		7.375			12/15/23		1,900		2,033,000
Mining    7.4%
Alamos Gold, Inc. (Canada), Sec’d. Notes, 144A		7.750			04/01/20		500		521,250
Eldorado Gold Corp. (Canada), Gtd. Notes, 144A		6.125			12/15/20		3,560		3,657,900
First Quantum Minerals Ltd. (Canada), Gtd. Notes, 144A		6.750			02/15/20		1,300		1,332,500
Gtd. Notes, 144A		7.250			10/15/19		9,485		9,781,406
FMG Resources August 2006 Pty Ltd. (Australia), Sr. Sec’d. Notes, 144A(c)		9.750			03/01/22		13,285		15,369,151
Freeport-McMoRan, Inc., Gtd. Notes		2.150			03/01/17		716		716,000
Gtd. Notes		2.300			11/14/17		41,340		41,236,650
Gtd. Notes, 144A		6.500			11/15/20		10,250		10,531,875
Gtd. Notes, 144A		6.625			05/01/21		4,197		4,280,940

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Mining (cont’d.)
International Wire Group, Inc., Sec’d. Notes, 144A(d)		10.750	%		08/01/21		4,375	$	4,243,750
Kinross Gold Corp. (Canada), Gtd. Notes		5.125			09/01/21		4,685		4,930,963
Lundin Mining Corp. (Canada), Sr. Sec’d. Notes, 144A(c)		7.500			11/01/20		19,165		20,362,812
New Gold, Inc. (Canada), Gtd. Notes, 144A(c)		6.250			11/15/22		3,570		3,614,625
Gtd. Notes, 144A		7.000			04/15/20		5,150		5,240,125
Teck Resources Ltd. (Canada), Gtd. Notes		3.000			03/01/19		5,508		5,641,294
Gtd. Notes(c)		4.500			01/15/21		10,676		11,069,678
Gtd. Notes, 144A(c)		8.000			06/01/21		26,370		29,369,587
									171,900,506
Miscellaneous Manufacturing    0.7%
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A		4.750			04/15/19		775		795,344
Sr. Unsec’d. Notes, 144A		8.750			12/01/21		13,950		15,449,625
									16,244,969
Oil & Gas    2.0%
Antero Resources Corp., Gtd. Notes(c)		5.375			11/01/21		2,275		2,326,188
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		7.000			08/15/21		6,375		6,630,000
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., Gtd. Notes, 144A		7.875			07/15/21		7,993		8,512,545
Noble Holding International Ltd. (United Kingdom), Gtd. Notes(c)		7.750			01/15/24		3,025		2,941,812
Range Resources Corp., Gtd. Notes, 144A		5.875			07/01/22		2,825		2,888,563
RSP Permian, Inc., Gtd. Notes		6.625			10/01/22		5,650		5,974,875
Sunoco LP/Sunoco Finance Corp., Gtd. Notes		5.500			08/01/20		1,600		1,612,000
Gtd. Notes		6.250			04/15/21		9,000		9,135,000
Western Refining, Inc., Gtd. Notes		6.250			04/01/21		2,147		2,219,461
WPX Energy, Inc., Sr. Unsec’d. Notes		7.500			08/01/20		2,850		3,070,875
									45,311,319
Oil & Gas Services     0.2%
SESI LLC, Gtd. Notes		6.375			05/01/19		4,950		4,968,562

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 21

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Packaging & Containers    3.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), Gtd. Notes, 144A		6.000	%		06/30/21		2,000	$	2,075,000
Gtd. Notes, 144A		6.250			01/31/19		1,400		1,422,134
Gtd. Notes, 144A		6.750			01/31/21		5,250		5,443,200
Sr. Sec’d. Notes, 144A		4.250			09/15/22		7,550		7,663,250
Ball Corp., Gtd. Notes		3.500			12/15/20	EUR	1,450		1,699,575
Coveris Holdings SA (Luxembourg), Gtd. Notes, 144A		7.875			11/01/19		13,600		13,430,000
Greif, Inc., Sr. Unsec’d. Notes		7.750			08/01/19		19,211		21,372,238
Owens-Illinois, Inc., Gtd. Notes		7.800			05/15/18		4,829		5,118,740
PaperWorks Industries, Inc., Sr. Sec’d. Notes, 144A		9.500			08/15/19		7,200		5,958,000
Plastipak Holdings, Inc., Sr. Unsec’d. Notes, 144A(d)		6.500			10/01/21		8,977		9,380,965
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (New Zealand), Sr. Sec’d. Notes		5.750			10/15/20		8,135		8,379,050
Sealed Air Corp., Gtd. Notes, 144A		6.500			12/01/20		2,365		2,660,625
Verallia Packaging SASU (France), Sr. Sec’d. Notes, 144A		5.125			08/01/22	EUR	5,500		6,182,132
									90,784,909
Pharmaceuticals    1.6%
Endo Finance LLC, Gtd. Notes, 144A		5.750			01/15/22		710		658,525
Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A		7.250	(a)		01/15/22		3,425		3,315,828
Nature’s Bounty Co. (The), Sr. Unsec’d. Notes, 144A(c)(d)		7.625			05/15/21		9,625		10,166,406
Valeant Pharmaceuticals International, Inc., Gtd. Notes, 144A(c)		5.375			03/15/20		8,350		7,483,688
Gtd. Notes, 144A(c)		6.750			08/15/18		466		459,010
Gtd. Notes, 144A(c)		7.500			07/15/21		17,075		15,687,656
									37,771,113
Pipelines    1.1%
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A(d)		5.625			04/15/20		10,000		10,550,000
Sr. Unsec’d. Notes, 144A(d)		6.000			01/15/19		3,100		3,255,000
Sr. Unsec’d. Notes, 144A(d)		6.850			07/15/18		2,400		2,526,000
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Gtd. Notes(c)		6.125			10/15/21		8,975		9,367,656
									25,698,656

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Real Estate    0.6%
Crescent Communities LLC/Crescent Venture, Inc., Sr. Sec’d. Notes, 144A		8.875	%		10/15/21		5,150	$	5,388,187
Grainger PLC (United Kingdom), Sr. Sec’d. Notes, RegS		5.000			12/16/20	GBP	3,150		4,314,949
Realogy Group LLC/Realogy Co-Issuer Corp., Gtd. Notes, 144A(c)		5.250			12/01/21		2,900		3,016,000
									12,719,136
Real Estate Investment Trusts (REITs)    1.8%
CyrusOne LP/CyrusOne Finance Corp., Gtd. Notes		6.375			11/15/22		4,190		4,421,581
DuPont Fabros Technology LP, Gtd. Notes		5.875			09/15/21		15,690		16,356,825
Equinix, Inc., Sr. Unsec’d. Notes		4.875			04/01/20		5,296		5,428,400
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes(c)		6.375			02/15/22		2,650		2,739,438
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes		5.000			04/15/21		4,532		4,633,970
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes		5.500			02/01/21		7,425		7,703,437
									41,283,651
Retail    4.5%
1011778 BC ULC/New Red Finance, Inc. (Canada), Sec’d. Notes, 144A(c)		6.000			04/01/22		7,735		8,066,058
Claire’s Stores, Inc., Sr. Sec’d. Notes, 144A		9.000			03/15/19		8,630		3,948,225
Dollar Tree, Inc., Gtd. Notes		5.250			03/01/20		1,175		1,208,488
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsec’d. Notes		8.625			06/15/20		2,700		2,659,500
Sr. Unsec’d. Notes, 144A		8.625			06/15/20		4,850		4,777,250
Hot Topic, Inc., Sr. Sec’d. Notes, 144A(d)		9.250			06/15/21		3,783		3,839,745
L Brands, Inc., Gtd. Notes(c)		6.625			04/01/21		2,500		2,750,000
Gtd. Notes		8.500			06/15/19		2,195		2,450,169
Men’s Wearhouse, Inc. (The), Gtd. Notes		7.000			07/01/22		5,375		5,079,375
Neiman Marcus Group Ltd. LLC, Gtd. Notes, 144A(c)		8.000			10/15/21		8,915		5,594,162
PetSmart, Inc., Sr. Unsec’d. Notes, 144A(c)		7.125			03/15/23		4,525		4,440,156
PF Chang’s China Bistro, Inc., Gtd. Notes, 144A		10.250			06/30/20		3,400		3,383,000
Rite Aid Corp., Gtd. Notes		9.250			03/15/20		7,528		7,772,660
Gtd. Notes, 144A(c)		6.125			04/01/23		16,532		17,518,134
Ruby Tuesday, Inc., Gtd. Notes(c)		7.625			05/15/20		5,100		4,947,000
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes(c)		5.750			06/01/22		10,345		10,655,350
THOM Europe SAS (France), Sr. Sec’d. Notes, 144A		7.375			07/15/19	EUR	6,000		6,642,442

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 23

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Retail (cont’d.)
Tops Holding LLC/Tops Markets II Corp., Sr. Sec’d. Notes, 144A(d)		8.000	%		06/15/22		1,750	$	1,435,000
Yum! Brands, Inc., Sr. Unsec’d. Notes(c)		3.875			11/01/20		5,700		5,856,750
									103,023,464
Semiconductors    0.8%
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A		4.125			06/01/21		10,145		10,531,524
Sr. Unsec’d. Notes, 144A		3.875			09/01/22		7,225		7,396,594
									17,928,118
Software    1.7%
BMC Software, Inc., Sr. Unsec’d. Notes		7.250			06/01/18		3,635		3,744,050
Change Healthcare Holdings, Inc., Gtd. Notes, 144A		6.000			02/15/21		14,745		15,703,425
Infor US, Inc., Sr. Sec’d. Notes, 144A(d)		5.750			08/15/20		11,809		12,251,838
Nuance Communications, Inc., Gtd. Notes, 144A		5.375			08/15/20		8,015		8,171,132
									39,870,445
Telecommunications    7.9%
Anixter, Inc., Gtd. Notes		5.625			05/01/19		6,776		7,148,680
CenturyLink, Inc., Series S, Sr. Unsec’d. Notes		6.450			06/15/21		8,800		9,377,544
Series V, Sr. Unsec’d. Notes		5.625			04/01/20		2,600		2,747,888
CommScope, Inc., Gtd. Notes, 144A		5.000			06/15/21		8,035		8,276,050
Sr. Sec’d. Notes, 144A		4.375			06/15/20		3,605		3,699,631
eircom Finance DAC (Ireland), Sr. Sec’d. Notes, 144A		4.500			05/31/22	EUR	2,350		2,606,595
Frontier Communications Corp., Sr. Unsec’d. Notes(c)		6.250			09/15/21		6,340		6,054,700
Sr. Unsec’d. Notes		8.125			10/01/18		1,150		1,230,500
Sr. Unsec’d. Notes		9.250			07/01/21		5,195		5,467,738
Interoute Finco PLC (Luxembourg), Sr. Sec’d. Notes, 144A		7.375			10/15/20	EUR	2,500		2,834,426
Level 3 Financing, Inc., Gtd. Notes		5.375			08/15/22		1,520		1,575,860
Gtd. Notes		6.125			01/15/21		14,258		14,774,852
Sprint Communications, Inc., Gtd. Notes, 144A(d)		7.000			03/01/20		7,325		8,002,562
Gtd. Notes, 144A(d)		9.000			11/15/18		14,310		15,651,562
Sr. Unsec’d. Notes(d)		8.375			08/15/17		9,192		9,444,780
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, First Lien, 144A		3.360			03/20/23		10,225		10,263,344

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
T-Mobile USA, Inc., Gtd. Notes		6.250	%		04/01/21		9,565	$	9,872,604
Gtd. Notes		6.464			04/28/19		7,781		7,839,980
Gtd. Notes		6.542			04/28/20		2,475		2,543,063
Gtd. Notes		6.731			04/28/22		10,570		10,992,800
TBG Global Pte Ltd. (Indonesia), Gtd. Notes, RegS		4.625			04/03/18		400		404,000
Telecom Italia Capital SA (Italy), Gtd. Notes		6.999			06/04/18		1,470		1,552,688
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC (Russia), Sr. Unsec’d. Notes, 144A		9.125			04/30/18		1,000		1,072,540
West Corp., Sr. Sec’d. Notes, 144A		4.750			07/15/21		6,457		6,618,425
Wind Acquisition Finance SA (Italy), Sec’d. Notes, 144A		7.375			04/23/21		18,265		19,018,431
Sr. Sec’d. Notes, 144A		3.673	(a)		07/15/20	EUR	2,000		2,126,217
Sr. Sec’d. Notes, 144A(c)		6.500			04/30/20		10,225		10,609,460
									181,806,920
Textiles    0.3%
Springs Industries, Inc., Sr. Sec’d. Notes		6.250			06/01/21		6,875		7,098,437
Transportation    0.1%
XPO Logistics, Inc., Gtd. Notes, 144A(c)		6.500			06/15/22		1,735		1,821,750
TOTAL CORPORATE BONDS (cost $2,129,316,597)									2,140,594,825
TOTAL LONG-TERM INVESTMENTS (cost $2,273,875,727)									2,282,423,769
						Shares
SHORT-TERM INVESTMENTS    13.3%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(f)							28,003,784		28,003,784
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $280,159,385; includes $279,985,623 of cash collateral for securities on loan)(f)(g)							280,143,163		280,227,206
TOTAL SHORT-TERM INVESTMENTS (cost $308,163,169)(Note 3)									308,230,990
TOTAL INVESTMENTS    111.9% (cost $2,582,038,896)(Note 5)									2,590,654,759
Liabilities in excess of other assets(h)    (11.9)%									(275,129,018	)
NET ASSETS    100.0%								$	2,315,525,741

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 25

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

The following abbreviations are used in the semiannual report:

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

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.

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

REITs—Real Estate Investment Trusts

EUR—Euro

GBP—British Pound

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

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2017.

(b) Indicates a Level 3 security. The aggregate value of Level 3 securities is $12,547,288 and 0.5% 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 $273,512,411; cash collateral of $279,985,623 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(d) Indicates a security that has been deemed illiquid; the aggregate value of $239,613,452 is approximately 10.3% of net assets.

(e) Indicates a restricted security; the aggregate original cost of the restricted securities are $16,768,285. The aggregate value of $14,669,283, is approximately 0.6% of net assets.

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

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

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

Futures contracts outstanding at February 28, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at February 28, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	312	2 Year U.S. Treasury Notes		Jun. 2017	$	67,508,162	$	67,518,750	$	10,588
	24	5 Year U.S. Treasury Notes		Jun. 2017		2,822,597		2,824,875		2,278
	1,272	10 Year U.S. Treasury Notes		Jun. 2017		158,176,220		158,463,375		287,155
	2	20 Year U.S. Treasury Bonds		Jun. 2017		302,284		303,312		1,028
	1	30 Year U.S. Ultra Treasury Bonds		Jun. 2017		161,782		161,781		(1	)
										301,048

See Notes to Financial Statements.

26

Futures contracts outstanding at February 28, 2017 (continued):

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at February 28, 2017		Unrealized Appreciation (Depreciation)
		Short Positions:
	50	5 Year Euro-Bobl		Mar. 2017	$	7,019,097	$	7,136,652	$	(117,555	)
	2	10 Year Euro-Bund		Mar. 2017		342,561		351,827		(9,266	)
	41	Euro-Schatz. DUA Index		Mar. 2017		4,871,262		4,892,566		(21,304	)
										(148,125	)
									$	152,923

Cash of $1,980,000 has been segregated with JPMorgan Chase to cover requirements for open futures contracts as of February 28, 2017.

Forward foreign currency exchange contracts outstanding at February 28, 2017:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
British Pound,
Expiring 03/02/17	Goldman Sachs & Co.	GBP	11,838	$	14,844,602	$	14,689,271	$	(155,331	)
Euro,
Expiring 03/02/17	Goldman Sachs & Co.	EUR	39,905		42,215,232		42,275,113		59,881
				$	57,059,834	$	56,964,384	$	(95,450	)
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
British Pound,
Expiring 03/02/17	Goldman Sachs & Co.	GBP	11,838	$	14,898,405	$	14,689,271	$	209,134
Expiring 04/04/17	Goldman Sachs & Co.	GBP	11,838		14,857,979		14,703,168		154,811
Euro,
Expiring 03/02/17	Goldman Sachs & Co.	EUR	39,905		42,666,232		42,275,113		391,119
Expiring 04/04/17	Goldman Sachs & Co.	EUR	39,905		42,287,460		42,347,502		(60,042	)
				$	114,710,076	$	114,015,054		695,022
								$	599,572

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 27

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Fair Value Measurements:

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

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

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange ratesand 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 February 28, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Bank Loans	$	—	$	129,281,656	$	12,547,288
Corporate Bonds		—		2,140,594,825		—
Affiliated Mutual Funds		308,230,990		—		—
Other Financial Instruments*
Futures Contracts		152,923		—		—
OTC Forward Foreign Currency Exchange Contracts		—		599,572		—
Total	$	308,383,913	$	2,270,476,053	$	12,547,288

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

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2017 were as follows:

Affiliated Mutual Funds (including 12.1% of collateral for securities on loan)	13.3	%
Media	11.6
Telecommunications	7.9
Healthcare-Services	7.8
Mining	7.4
Home Builders	7.1
Entertainment	5.6
Retail	4.7	%
Packaging & Containers	4.2
Lodging	4.2
Electric	4.1
Chemicals	3.0
Software	2.9
Food	2.5
Commercial Services	2.3

See Notes to Financial Statements.

28

Industry (cont’d.)
Technology	2.2	%
Oil & Gas	2.0
Computers	1.8
Real Estate Investment Trusts (REITs)	1.8
Pharmaceuticals	1.6
Iron/Steel	1.4
Machinery-Diversified	1.3
Diversified Financial Services	1.2
Pipelines	1.1
Building Materials	1.0
Semiconductors	0.8
Auto Parts & Equipment	0.8
Forest Products & Paper	0.7
Miscellaneous Manufacturing	0.7
Real Estate	0.6
Leisure Time	0.5
Environmental Control	0.4
Beverages	0.4
Cable & Satellite	0.3
Healthcare-Products	0.3	%
Textiles	0.3
Coal	0.3
Airlines	0.3
Oil & Gas Services	0.2
Gaming	0.2
Biotechnology	0.2
Apparel	0.2
Hand/Machine Tools	0.1
Gas	0.1
Electronics	0.1
Metal Fabricate & Hardware	0.1
Aerospace/Defense	0.1
Transportation	0.1
Auto Manufacturers	0.1
	111.9
Liabilities in excess of other assets	(11.9	)
	100.0	%

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

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

Fair values of derivative instruments as of February 28, 2017 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	814,945		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	215,373
Interest rate contracts	Due from/to broker—variation margin futures		301,049	*	Due from/to broker—variation margin futures		148,126	*
		$	1,115,994			$	363,499

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

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 29

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2017 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward Currency Contracts(1)		Futures			Total
Foreign exchange contracts	$	2,472,714	$	—		$	2,472,714
Interest rate contracts		—		(3,508,342	)		(3,508,342	)
	$	2,472,714	$	(3,508,342	)	$	(1,035,628	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Forward Currency Contracts(2)		Futures			Total
Foreign exchange contracts	$	1,177,287	$	—		$	1,177,287
Interest rate contracts		—		368,474			368,474
	$	1,177,287	$	368,474		$	1,545,761

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

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

For the six months ended February 28, 2017, the Fund’s average volume of derivative activities are as follows:

Futures Contracts— Long Positions(1)	Futures Contracts— Short Positions(1)	Forward Foreign Currency Exchange Contracts— Purchased(2)	Forward Foreign Currency Exchange Contracts— Sold(2)
$150,485,697	$8,704,248	$60,796,518	$121,556,837

(1) Value at Trade Date.

(2) Value at Settlement Date.

See Notes to Financial Statements.

30

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

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

Offsetting of financial transaction assets and liabilities:

Description	Gross Amounts of Recognized Assets(3)		Collateral Received(4)			Net Amount
Securities on Loan	$	273,512,411	$	(273,512,411	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts Available for Offset			Collateral Received(4)			Net Amount
Goldman Sachs & Co.	$	814,945		$	(215,373	)	$	(540,950	)	$	58,622
Counterparty	Gross Amounts of Recognized Liabilities(2)			Gross Amounts Available for Offset			Collateral Pledged(4)			Net Amount
Goldman Sachs & Co.	$	(215,373	)	$	215,373		$	—		$	—

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

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

(3) Amount represents market value.

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

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 31

Statement of Assets & Liabilities (unaudited)

as of February 28, 2017

Assets
Investments at value, including securities on loan of $273,512,411:
Unaffiliated investments (cost $2,273,875,727)	$	2,282,423,769
Affiliated investments (cost $308,163,169)		308,230,990
Cash		77,985
Foreign currency, at value (cost $1,039,395)		1,034,567
Dividends and interest receivable		39,407,871
Receivable for Fund shares sold		9,935,493
Deposit with broker—futures		1,980,000
Receivable for investments sold		6,135,045
Unrealized appreciation on OTC forward foreign currency exchange contracts		814,945
Prepaid expenses		11,115
Total assets		2,650,051,780
Liabilities
Payable to broker for collateral for securities on loan		279,985,623
Payable for investments purchased		42,072,075
Payable for Fund shares reacquired		8,532,683
Dividends payable		1,597,209
Management fee payable		1,225,088
Accrued expenses		415,156
Distribution fee payable		381,139
Unrealized depreciation on OTC forward foreign currency exchange contracts		215,373
Due to broker—variation margin futures		64,191
Affiliated transfer agent fee payable		37,502
Total liabilities		334,526,039
Net Assets	$	2,315,525,741
Net assets were comprised of:
Common stock, at par	$	2,546,095
Paid-in capital in excess of par		2,424,621,375
		2,427,167,470
Distributions in excess of net investment income		(11,103,959	)
Accumulated net realized loss on investment and foreign currency transactions		(109,899,019	)
Net unrealized appreciation on investments and foreign currencies		9,361,249
Net assets, February 28, 2017	$	2,315,525,741

See Notes to Financial Statements.

32

Class A
Net asset value and redemption price per share ($391,088,904 ÷ 43,009,577 shares of common stock issued and outstanding)	$	9.09
Maximum sales charge (3.25% of offering price)		0.31
Maximum offering price to public	$	9.40
Class C
Net asset value, offering price and redemption price per share ($381,183,977 ÷ 41,925,208 shares of common stock issued and outstanding)	$	9.09
Class Q
Net asset value, offering price and redemption price per share ($48,431,491 ÷ 5,322,910 shares of common stock issued and outstanding)	$	9.10
Class Z
Net asset value, offering price and redemption price per share ($1,494,821,369 ÷ 164,351,793 shares of common stock issued and outstanding)	$	9.10

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 33

Statement of Operations (unaudited)

Six Months Ended February 28, 2017

Net Investment Income (Loss)
Income
Interest income (net of foreign withholding taxes of $14,895)	$	62,565,213
Income from securities lending, net (including affiliated income of $169,880)		488,373
Affiliated dividend income		156,914
Total income		63,210,500
Expenses
Management fee		7,808,068
Distribution fee—Class A		684,950
Distribution fee—Class C		1,873,262
Transfer agent’s fees and expenses (including affiliated expense of $95,900)		882,000
Registration fees		132,000
Custodian and accounting fees		112,000
Shareholders’ reports		70,000
Directors’ fees		21,000
Audit fee		17,000
Legal fees and expenses		15,000
Insurance expenses		13,000
Loan interest expense		270
Miscellaneous		11,924
Total expenses		11,640,474
Net investment income (loss)		51,570,026
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $2,348)		(3,287,754	)
Futures transactions		(3,508,342	)
Foreign currency transactions		2,243,597
		(4,552,499	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $67,821)		1,933,685
Futures		368,474
Foreign currencies		1,136,186
		3,438,345
Net gain (loss) on investment and foreign currency transactions		(1,114,154	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	50,455,872

See Notes to Financial Statements.

34

Statement of Changes in Net Assets (unaudited)

	Six Months Ended February 28, 2017			Year Ended August 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	51,570,026		$	73,444,006
Net realized gain (loss) on investment and foreign currency transactions		(4,552,499	)		(18,212,892	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		3,438,345			45,198,927
Net increase (decrease) in net assets resulting from operations		50,455,872			100,430,041
Dividends from net investment income (Note 1)
Class A		(16,068,219	)		(25,539,567	)
Class C		(9,569,180	)		(16,083,770	)
Class Q		(1,166,035	)		(1,880,885	)
Class Z		(39,173,902	)		(50,943,610	)
		(65,977,336	)		(94,447,832	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		609,510,198			1,414,160,621
Net asset value of shares issued in reinvestment of dividends and distributions		54,517,156			77,629,635
Cost of shares reacquired		(492,946,816	)		(664,329,641	)
Net increase (decrease) in net assets from Fund share transactions		171,080,538			827,460,615
Total increase (decrease)		155,559,074			833,442,824
Net Assets:
Beginning of period		2,159,966,667			1,326,523,843
End of period(a)	$	2,315,525,741		$	2,159,966,667
(a) Includes undistributed net investment income of:	$	—		$	3,303,351

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 35

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as a diversified, open-end management investment company. The Company consists of two investment portfolios: Prudential High Yield Fund and Prudential Short Duration High Yield Income Fund (the “Fund”). These financial statements relate to Prudential Short Duration High Yield Income Fund. The Fund’s investment objective is to provide a high level of current income.

Note 1. Accounting Policies

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

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

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

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

36

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price is based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing recent transaction prices for identical or comparable securities.

Bank loans 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.

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

Prudential Short Duration High Yield Income Fund 37

Notes to Financial Statements (unaudited) (continued)

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 Directors of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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

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

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

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

38

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

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.

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

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 on 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.

Prudential Short Duration High Yield Income Fund 39

Notes to Financial Statements (unaudited) (continued)

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 exposure to certain currencies. The contracts are valued daily at current 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. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The 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.

Swap Agreements: The Fund may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with 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 a 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.

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

40

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

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

Prudential Short Duration High Yield Income Fund 41

Notes to Financial Statements (unaudited) (continued)

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the 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

42

agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

As of February 28, 2017, the Fund has not met conditions under such agreements, which give the counterparty the right to call for an early termination.

Forward currency contracts, 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.

Delayed-Delivery Transactions: The Fund may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a capital gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

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 an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain

Prudential Short Duration High Yield Income Fund 43

Notes to Financial Statements (unaudited) (continued)

(loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “income from securities lending, net”.

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.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an 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 expects to declare dividends each business day and pay monthly from net investment income and pay distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

44

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

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 these estimates.

Note 2. Agreements

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

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of .70% of the Fund’s average daily net assets up to $2 billion and .675% of the average daily net assets in excess of $2 billion. The effective management fee rate was .70% for the six months ended February 28, 2017.

Effective March 1, 2017, PGIM Investments has contractually agreed through December 31, 2018 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to .75% of the Fund’s average daily net assets. In addition, effective March 1, 2017, PGIM Investments has contractually agreed through December 31, 2018 to limit net annual operating expenses (exclusive of distribution and service (12b-1) fees, transfer agency expenses (including sub-transfer agency and networking fees), taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to .70% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

Prudential Short Duration High Yield Income Fund 45

Notes to Financial Statements (unaudited) (continued)

The Company, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Q and Class Z shares of the Fund. 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 an annual rate of up to .25% and 1% of the average daily net assets of the Class A and C shares, respectively.

PIMS has advised the Fund that it has received $473,267 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 28, 2017. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended February 28, 2017 it received $18,012 and $33,548 in contingent deferred sales charges imposed upon certain redemptions by Class A and Class C shareholders, respectively.

PGIM Investments, 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 PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s fees and expenses on the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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

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

46

Investments. For the period ended February 28, 2017, PGIM, Inc. was compensated $85,652 for managing the Fund’s securities lending cash collateral through its subadvisory services to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, (excluding short-term investments and U.S. Treasury securities), for the six months ended February 28, 2017, were $895,646,304 and $699,430,626, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of February 28, 2017 were as follows:

Tax Basis	$	2,604,838,972
Appreciation		31,324,266
Depreciation		(45,508,479	)
Net Unrealized Depreciation	$	(14,184,213	)

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 August 31, 2016 of approximately $50,183,000 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.

The Fund elected to treat post-October capital losses of approximately $29,008,000 as having been incurred in the following fiscal year (August 31, 2017).

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

Note 6. Capital

The Fund offers Class A, Class C, Class Q 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 or benefit plans.

Prudential Short Duration High Yield Income Fund 47

Notes to Financial Statements (unaudited) (continued)

Class C shares sold within 12 months of purchase are subject to a CDSC of 1%. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. 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.

The Company is authorized to issue 6 billion shares of common stock, $.01 par value per share, which has been classified and designated for the Fund into five classes, designated Class A, Class C, Class Q, Class Z and Class T common stock. Of the authorized shares of common stock of the Fund, 125 million shares are designated for Class A common stock, 100 million shares are designated for Class C common stock, 150 million shares are designated for Class Q common stock, 675 million shares are designated for Class Z common stock, and 75 million shares are designated for Class T common stock. The Fund currently does not have any Class T shares outstanding.

At reporting period end, nine shareholders of record held 72% of the Fund’s outstanding shares.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended February 28, 2017:
Shares sold		11,357,771		$	103,244,183
Shares issued in reinvestment of dividends and distributions		1,459,663			13,233,714
Shares reacquired		(11,071,586	)		(100,254,943	)
Net increase (decrease) in shares outstanding before conversion		1,745,848			16,222,954
Shares issued upon conversion from other share class(es)		316,772			2,880,598
Shares reacquired upon conversion into other share class(es)		(20,299,685	)		(184,128,144	)
Net increase (decrease) in shares outstanding		(18,237,065	)	$	(165,024,592	)
Year ended August 31, 2016:
Shares sold		37,147,008		$	334,829,196
Shares issued in reinvestment of dividends and distributions		2,274,525			20,549,889
Shares reacquired		(16,603,982	)		(149,859,044	)
Net increase (decrease) in shares outstanding before conversion		22,817,551			205,520,041
Shares issued upon conversion from other share class(es)		615,124			5,533,122
Shares reacquired upon conversion into other share class(es)		(1,950,292	)		(17,728,467	)
Net increase (decrease) in shares outstanding		21,482,383		$	193,324,696

48

Class C	Shares			Amount
Six months ended February 28, 2017:
Shares sold		5,711,504		$	51,889,246
Shares issued in reinvestment of dividends and distributions		893,206			8,096,622
Shares reacquired		(4,436,462	)		(40,232,214	)
Net increase (decrease) in shares outstanding before conversion		2,168,248			19,753,654
Shares reacquired upon conversion into other share class(es)		(960,542	)		(8,715,113	)
Net increase (decrease) in shares outstanding		1,207,706		$	11,038,541
Year ended August 31, 2016:
Shares sold		17,414,804		$	157,253,158
Shares issued in reinvestment of dividends and distributions		1,461,123			13,191,485
Shares reacquired		(8,553,477	)		(77,080,574	)
Net increase (decrease) in shares outstanding before conversion		10,322,450			93,364,069
Shares issued upon conversion from other share class(es)		4,154			37,642
Shares reacquired upon conversion into other share class(es)		(766,930	)		(6,939,741	)
Net increase (decrease) in shares outstanding		9,559,674		$	86,461,970
Class Q
Six months ended February 28, 2017:
Shares sold		4,217,136		$	38,116,900
Shares issued in reinvestment of dividends and distributions		81,548			739,452
Shares reacquired		(1,732,513	)		(15,746,965	)
Net increase (decrease) in shares outstanding		2,566,171		$	23,109,387
Year ended August 31, 2016:
Shares sold		5,587,522		$	50,273,926
Shares issued in reinvestment of dividends and distributions		169,552			1,531,871
Shares reacquired*		(4,811,269	)		(43,427,416	)
Net increase (decrease) in shares outstanding		945,805		$	8,378,381
Class Z
Six months ended February 28, 2017:
Shares sold		45,797,848		$	416,259,869
Shares issued in reinvestment of dividends and distributions		3,577,399			32,447,368
Shares reacquired		(37,142,172	)		(336,712,694	)
Net increase (decrease) in shares outstanding before conversion		12,233,075			111,994,543
Shares issued upon conversion from other share class(es)		21,215,978			192,271,338
Shares reacquired upon conversion into other share class(es)		(254,111	)		(2,308,679	)
Net increase (decrease) in shares outstanding		33,194,942		$	301,957,202
Year ended August 31, 2016:
Shares sold		96,806,697		$	871,804,341
Shares issued in reinvestment of dividends and distributions		4,685,662			42,356,390
Shares reacquired		(43,679,284	)		(393,962,607	)
Net increase (decrease) in shares outstanding before conversion		57,813,075			520,198,124
Shares issued upon conversion from other shares class(es)		2,685,462			24,376,877
Shares reacquired upon conversion into other share class(es)		(586,370	)		(5,279,433	)
Net increase (decrease) in shares outstanding		59,912,167		$	539,295,568

* Includes affiliated redemptions of 1,115 shares with a value of $10,143 for Class Q shares.

Prudential Short Duration High Yield Income Fund 49

Notes to Financial Statements (unaudited) (continued)

Note 7. Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. Prior to October 6, 2016, the Funds had a prior SCA that provided a commitment of $900 million in which the Funds paid an annualized commitment fee of .11% of the unused portion of the prior SCA. For the SCA and the prior SCA, the Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under each SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

The Fund utilized the SCA during the six months ended February 28, 2017. The average daily balance for the 5 days that the Fund had loans outstanding during the period was $1,019,600, borrowed at an average weighted interest rate of 1.91%. The maximum loan balance outstanding during the period was $3,590,000. At February 28, 2017, the Fund did not have an outstanding loan balance.

Note 8. Recent Accounting Pronouncements and Reporting Updates

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

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules

50

also enhance disclosure regarding fund liquidity and redemption practices. Also under the new rules, the SEC will permit open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

Prudential Short Duration High Yield Income Fund 51

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,									October 26, 2012(a) through August 31,
	2017			2016			2015			2014			2013
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$9.16			$9.21			$9.73			$9.79			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.21			.42			.44			.45			.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.02	)		.08			(.37	)		.09			(.09	)
Total from investment operations		.19			.50			.07			.54			.25
Less Dividends:
Dividends from net investment income		(.26	)		(.55	)		(.59	)		(.60	)		(.46	)
Net asset value, end of period		$9.09			$9.16			$9.21			$9.73			$9.79
Total Return(c):		2.16%			5.68%			.72%			5.55%			2.50%
Ratios/Supplemental Data:
Net assets, end of period (000)		$391,089			$560,800			$366,345			$413,957			$173,606
Average net assets (000)		$552,504			$425,721			$381,350			$354,627			$55,859
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement(e)		1.06%	(f)		1.08%			1.11%			1.09%			1.15%	(f)
Expenses before waivers and/or expense reimbursement(e)		1.06%	(f)		1.08%			1.14%			1.14%			1.25%	(f)
Net investment income (loss)		4.57%	(f)		4.67%			4.70%			4.63%			4.16%	(f)
Portfolio turnover rate		32%	(g)		58%			56%			60%			30%	(g)

(a) Commencement of operations.

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

(c) 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.

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

(e) 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.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

52

Class C Shares
	Six Months Ended February 28,			Year Ended August 31,									October 26, 2012(a) through August 31,
	2017			2016			2015			2014			2013
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$9.15			$9.21			$9.73			$9.79			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.17			.36			.37			.38			.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		-	(e)		.06			(.37	)		.08			(.10	)
Total from investment operations		.17			.42			-			.46			.18
Less Dividends:
Dividends from net investment income		(.23	)		(.48	)		(.52	)		(.52	)		(.39	)
Net asset value, end of period		$9.09			$9.15			$9.21			$9.73			$9.79
Total Return(c):		1.89%			4.78%			(.02)%			4.77%			1.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$381,184			$372,754			$286,999			$304,897			$75,539
Average net assets (000)		$377,759			$304,363			$298,555			$194,085			$25,240
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.81%	(f)		1.83%			1.86%			1.83%			1.90%	(f)
Expenses before waivers and/or expense reimbursement		1.81%	(f)		1.83%			1.86%			1.83%			1.95%	(f)
Net investment income (loss)		3.83%	(f)		3.94%			3.95%			3.86%			3.38%	(f)
Portfolio turnover rate		32%	(g)		58%			56%			60%			30%	(g)

(a) Commencement of operations.

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

(c) 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.

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

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 53

Financial Highlights (unaudited) (continued)

Class Q Shares
	Six Months Ended February 28, 2017			Year Ended August 31, 2016			October 27, 2014(a) through August 31, 2015
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$9.16			$9.22			$9.59
Income (loss) from investment operations:
Net investment income (loss)		.22			.45			.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		-	(e)		.07			(.24	)
Total from investment operations		.22			.52			.15
Less Dividends:
Dividends from net investment income		(.28	)		(.58	)		(.52	)
Net asset value, end of period		$9.10			$9.16			$9.22
Total Return(c):		2.44%			5.92%			1.65%
Ratios/Supplemental Data:
Net assets, end of period (000)		$48,431			$25,252			$16,690
Average net assets (000)		$38,152			$29,782			$15,387
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		.73%	(f)		.74%			.77%	(f)
Expenses before waivers and/or expense reimbursement		.73%	(f)		.74%			.77%	(f)
Net investment income (loss)		4.94%	(f)		4.99%			4.77%	(f)
Portfolio turnover rate		32%	(g)		58%			56%	(g)

(a) Commencement of operations.

(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 portfolios in which the Fund invests.

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

54

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,									October 26, 2012(a) through August 31,
	2017			2016			2015			2014			2013
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$9.16			$9.21			$9.73			$9.79			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.22			.44			.47			.48			.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		-	(e)		.08			(.38	)		.08			(.09	)
Total from investment operations		.22			.52			.09			.56			.27
Less Dividends:
Dividends from net investment income		(.28	)		(.57	)		(.61	)		(.62	)		(.48	)
Net asset value, end of period		$9.10			$9.16			$9.21			$9.73			$9.79
Total Return(c):		2.40%			5.94%			.98%			5.82%			2.74%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,494,821			$1,201,161			$656,491			$792,560			$181,587
Average net assets (000)		$1,290,186			$818,901			$675,793			$507,805			$69,695
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		.81%	(f)		.83%			.86%			.84%			.90%	(f)
Expenses before waivers and/or expense reimbursement		.81%	(f)		.83%			.86%			.84%			1.04%	(f)
Net investment income (loss)		4.84%	(f)		4.90%			4.96%			4.89%			4.29%	(f)
Portfolio turnover rate		32%	(g)		58%			56%			60%			30%	(g)

(a) Commencement of operations.

(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 portfolios in which the Fund invests.

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 55

∎  MAIL	∎  TELEPHONE	∎  WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.pgiminvestments.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. 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 • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential Short Duration High Yield Income Fund, PGIM 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 HIGH YIELD INCOME FUND

SHARE CLASS	A	B	C	Z
NASDAQ	HYSAX	HYSCX	HYSQX	HYSZX
CUSIP	74442J109	74442J208	74442J406	74442J307

MF216E2    

PRUDENTIAL HIGH YIELD FUND

SEMIANNUAL REPORT

FEBRUARY 28, 2017

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

Objective: Current income, and capital appreciation as a secondary objective

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 February 28, 2017, were not audited and, accordingly, no auditor’s opinion is expressed on them.

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

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential High Yield Fund informative and useful. The report covers performance for the six-month period ended February 28, 2017. We are proud to announce that Prudential Investments will be known as PGIM^® Investments, effective April 3, 2017. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name is changing: the name of your Fund and the management and operation will not change.

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. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. We’re part of PGIM, the 9th-largest global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential High Yield Fund

April 14, 2017

Prudential High Yield Fund 3

Your Fund’s Performance (unaudited)

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

Cumulative Total Returns (Without Sales Charges) as of 2/28/17
	Six Months (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	5.36	20.00	37.18	98.52	—
Class B	5.11	19.20	33.86	89.00	—
Class C	4.98	18.91	32.21	86.24	—
Class Q	5.37	20.20	39.47	N/A	47.60 (10/31/11)
Class R	5.05	19.49	35.51	93.47	—
Class Z	5.51	20.32	39.05	104.13	—
Bloomberg Barclays US Corporate High Yield 1% Issuer Capped Index	5.42	21.98	38.90	106.31	—
Lipper High Yield Funds Average	4.71	17.54	31.71	78.93	—
Average Annual Total Returns (With Sales Charges) as of 2/28/17
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A		14.60	5.55	6.61	—
Class B		14.20	5.85	6.57	—
Class C		17.91	5.74	6.42	—
Class Q		20.20	6.88	N/A	7.57 (10/31/11)
Class R		19.49	6.27	6.82	—
Class Z		20.32	6.82	7.40	—
Bloomberg Barclays US Corporate High Yield 1% Issuer Capped Index		21.98	6.79	7.51	—
Lipper High Yield Funds Average		17.54	5.64	5.95	—

Source: PGIM 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 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%	.75%	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

Bloomberg Barclays US Corporate High Yield 1% Issuer Capped Index—The Bloomberg Barclays US Corporate High Yield 1% Issuer Capped Index (the Index) is an unmanaged index which covers the universe of US dollar-denominated, non-convertible, fixed rate, non-investment-grade debt. Issuers are capped at 1% of the Index. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The cumulative total return for the Index measured from the month-end closest to the inception date through 2/28/17 is 47.15% for Class Q shares. The average annual total return for the Index measured from the month-end closest to the inception date through 2/28/17 is 7.51% for Class Q shares.

Lipper High Yield Funds Average—The Lipper High Yield Funds Average (Lipper Average) is based on the average return of all funds in the Lipper High Yield Funds category for the periods noted. Funds in the Lipper Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. The cumulative total return for the Lipper Average measured from the month-end closest to the inception date through 2/28/17 is 39.02% for Class Q shares. The average annual total return for the Lipper Average measured from the month-end closest to the inception date through 2/28/17 is 6.34% for Class Q shares.

Prudential High Yield Fund 5

Your Fund’s Performance (continued)

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

Credit Quality  expressed as a percentage of total investments as of 2/28/17 (%)
BBB	4.5
BB	33.4
B	43.8
CCC	12.5
CC	0.3
D	0.1
Not Rated	0.3
Cash/Cash Equivalents	5.2
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), 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.

Distributions and Yields as of 2/28/17
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.17	5.08	5.08
Class B	0.15	4.83	4.83
Class C	0.15	4.58	4.58
Class Q	0.18	5.72	5.72
Class R	0.16	5.08	4.83
Class Z	0.18	5.56	5.56

*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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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 held through the six-month period ended February 28, 2017. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following 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 PGIM Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your

Prudential High Yield 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 High Yield Fund		Beginning  Account Value September 1, 2016		Ending  Account Value February 28, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,053.60		0.78	%	$	3.97
	Hypothetical	$	1,000.00	$	1,020.93		0.78	%	$	3.91
Class B	Actual	$	1,000.00	$	1,051.10		1.28	%	$	6.51
	Hypothetical	$	1,000.00	$	1,018.45		1.28	%	$	6.41
Class C	Actual	$	1,000.00	$	1,049.80		1.53	%	$	7.78
	Hypothetical	$	1,000.00	$	1,017.21		1.53	%	$	7.65
Class Q	Actual	$	1,000.00	$	1,053.70		0.42	%	$	2.14
	Hypothetical	$	1,000.00	$	1,022.71		0.42	%	$	2.11
Class R	Actual	$	1,000.00	$	1,050.50		1.03	%	$	5.24
	Hypothetical	$	1,000.00	$	1,019.69		1.03	%	$	5.16
Class Z	Actual	$	1,000.00	$	1,055.10		0.53	%	$	2.70
	Hypothetical	$	1,000.00	$	1,022.17		0.53	%	$	2.66

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2017, and divided by the 365 days in the Fund's fiscal year ending August 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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The Fund’s annualized expense ratios for the six-month period ended February 28, 2017, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	0.78	0.78
B	1.28	1.28
C	1.53	1.53
Q	0.42	0.42
R	1.28	1.03
Z	0.53	0.53

Net operating expenses shown above reflect 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 High Yield Fund 9

Portfolio of Investments (unaudited)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    92.7%
BANK LOANS(a)    1.2%
Building Materials & Construction
Beazer Homes USA, Inc.^		6.750	%		03/11/18		1,473	$	1,458,482
Capital Goods    0.1%
Neff Rental LLC		7.250			06/09/21		4,541		4,537,655
Chemicals    0.1%
Solenis International LP		7.750			07/31/22		7,500		7,402,500
Electric    0.1%
Lightstone Generation LLC		6.500			01/30/24		383		386,626
Lightstone Generation LLC		6.539			01/30/24		4,017		4,059,574
									4,446,200
Energy - Other
American Energy-Marcellus LLC		8.534			08/04/21		3,825		522,751
Gaming    0.1%
CCM Merger, Inc.^		4.031			08/06/21		4,489		4,534,015
Golden Nugget, Inc.		4.500			11/21/19		763		771,234
Golden Nugget, Inc.		4.552			11/21/19		1,780		1,799,546
									7,104,795
Retailers    0.1%
Rite Aid Corp.		4.875			06/21/21		3,150		3,155,906
Technology    0.7%
Ancestry.com, Inc.		9.250			10/18/24		8,580		8,780,197
Evergreen Skills Lux Sarl (Luxembourg)		9.250			04/28/22		29,905		20,933,500
Kronos, Inc.		9.250			11/01/24		11,500		11,855,787
									41,569,484
TOTAL BANK LOANS (cost $76,229,664)									70,197,773
CORPORATE BONDS    90.7%
Advertising    0.3%
Acosta, Inc., Sr. Unsec’d. Notes, 144A		7.750			10/01/22		20,450		17,996,000

See Notes to Financial Statements.

Prudential High Yield Fund 11

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Aerospace & Defense    0.6%
Arconic, Inc., Sr. Unsec’d. Notes(b)		5.125	%		10/01/24		7,765	$	8,040,657
Orbital ATK, Inc., Gtd. Notes		5.250			10/01/21		3,050		3,149,125
StandardAero Aviation Holdings, Inc., Gtd. Notes, 144A		10.000			07/15/23		7,000		7,455,000
TransDigm, Inc., Gtd. Notes(b)		6.000			07/15/22		1,325		1,360,749
Gtd. Notes(b)		6.500			07/15/24		4,830		4,962,825
Gtd. Notes, 144A(b)		6.375			06/15/26		8,050		8,130,500
									33,098,856
Agriculture    0.1%
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25		7,625		7,853,750
Auto Manufacturers    0.1%
Fiat Chrysler Automobiles NV (United Kingdom), Sr. Unsec’d. Notes(b)		5.250			04/15/23		5,875		6,087,969
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A(b)		5.625			02/01/23		650		680,875
									6,768,844
Auto Parts & Equipment    1.3%
Adient Global Holdings Ltd., Gtd. Notes, 144A(b)		4.875			08/15/26		9,750		9,676,875
Allison Transmission, Inc., Gtd. Notes, 144A		5.000			10/01/24		7,425		7,554,937
American Axle & Manufacturing, Inc., Gtd. Notes(b)		6.250			03/15/21		3,925		4,037,844
Gtd. Notes		7.750			11/15/19		700		776,125
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625			11/15/26		6,125		6,201,562
Dana, Inc., Sr. Unsec’d. Notes(b)		5.375			09/15/21		675		700,313
IHO Verwaltungs GmbH (Germany), Sr. Sec’d. Notes, PIK, 144A		4.500			09/15/23		6,100		6,069,500
Sr. Sec’d. Notes, PIK, 144A(b)		4.750			09/15/26		4,300		4,246,250
Meritor, Inc., Gtd. Notes(b)		6.250			02/15/24		2,375		2,452,187
Gtd. Notes(b)		6.750			06/15/21		6,555		6,817,200
Schaeffler Finance BV (Germany), Sr. Sec’d. Notes, 144A(b)		4.750			05/15/23		7,200		7,409,088
TI Group Automotive Systems LLC (United Kingdom), Gtd. Notes, 144A(b)		8.750			07/15/23		7,425		7,981,875
Titan International, Inc., Sr. Sec’d. Notes(b)		6.875			10/01/20		4,350		4,469,625
ZF North America Capital, Inc. (Germany), Gtd. Notes, 144A(b)		4.500			04/29/22		4,025		4,180,969
Gtd. Notes, 144A		4.750			04/29/25		4,700		4,841,000
									77,415,350

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks    0.3%
Bank of America Corp., Series M, Jr. Sub. Notes		8.125	(a)%		12/29/49		1,300	$	1,361,750
Citigroup, Inc., Series N, Jr. Sub. Notes		5.800	(a)		12/31/49		2,815		2,920,562
Series P, Jr. Sub. Notes		5.950	(a)		12/31/49		5,250		5,473,125
JPMorgan Chase & Co., Series Q, Jr. Sub. Notes		5.150	(a)		12/31/49		1,025		1,027,768
Morgan Stanley, Series H, Jr. Sub. Notes		5.450	(a)		12/31/49		2,525		2,590,125
Standard Chartered PLC (United Kingdom), Jr. Sub. Notes, 144A		7.500	(a)		12/31/49		4,100		4,220,540
									17,593,870
Beverages    0.1%
Cott Beverages, Inc. (Canada), Gtd. Notes		6.750			01/01/20		5,275		5,453,031
Biotechnology    0.2%
Concordia International Corp. (Canada), Sr. Sec’d. Notes, 144A(b)		9.000			04/01/22		10,975		9,658,000
Building Materials    1.9%
BMC East LLC, Sr. Sec’d. Notes, 144A(b)		5.500			10/01/24		12,216		12,582,480
Builders FirstSource, Inc., Gtd. Notes, 144A		10.750			08/15/23		9,750		11,310,000
Sr. Sec’d. Notes, 144A		5.625			09/01/24		4,125		4,243,594
Cemex Finance LLC (Mexico), Sr. Sec’d. Notes, 144A		9.375			10/12/22		3,400		3,693,250
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A		5.700			01/11/25		150		154,313
Sr. Sec’d. Notes, 144A		7.750			04/16/26		4,850		5,432,000
Griffon Corp., Gtd. Notes		5.250			03/01/22		20,000		20,150,000
James Hardie International Finance Ltd. (Ireland), Gtd. Notes, 144A		5.875			02/15/23		10,650		11,049,375
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A(c)		5.375			11/15/24		6,245		6,419,235
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes		8.500			04/15/22		5,025		5,628,000
Gtd. Notes		6.125			07/15/23		9,265		9,635,600
US Concrete, Inc., Gtd. Notes		6.375			06/01/24		18,673		19,746,697
Gtd. Notes, 144A		6.375			06/01/24		250		264,375
USG Corp., Gtd. Notes, 144A(b)		5.500			03/01/25		271		287,938
									110,596,857

See Notes to Financial Statements.

Prudential High Yield Fund 13

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Chemicals    4.2%
A. Schulman, Inc., Gtd. Notes, 144A(b)		6.875	%		06/01/23		23,883	$	25,196,565
Alpha 3 BV/Alpha US Bidco, Inc. (United Kingdom), Gtd. Notes, 144A		6.250			02/01/25		4,925		4,925,000
Ashland LLC, Gtd. Notes		6.875			05/15/43		10,631		11,375,170
Blue Cube Spinco, Inc., Gtd. Notes		9.750			10/15/23		8,255		9,844,087
Gtd. Notes		10.000			10/15/25		2,965		3,602,475
Chemours Co. (The), Gtd. Notes(b)		6.625			05/15/23		13,120		13,923,600
Gtd. Notes(b)		7.000			05/15/25		9,960		10,819,050
Chemtura Corp., Gtd. Notes		5.750			07/15/21		16,060		16,662,250
CVR Partners LP/CVR Nitrogen Finance Corp., Sec’d. Notes, 144A(b)		9.250			06/15/23		7,027		7,518,890
Eco Services Operations LLC/Eco Finance Corp., Sr. Unsec’d. Notes, 144A(c)		8.500			11/01/22		10,307		10,886,769
GCP Applied Technologies, Inc., Gtd. Notes, 144A		9.500			02/01/23		4,300		4,879,640
Hexion, Inc., Sr. Sec’d. Notes(b)		6.625			04/15/20		15,065		14,010,450
Sr. Sec’d. Notes(b)		10.000			04/15/20		470		473,525
Sr. Sec’d. Notes, 144A		10.375			02/01/22		7,465		7,688,950
Hexion, Inc./Hexion Nova Scotia Finance ULC, Sec’d. Notes(b)		9.000			11/15/20		21,905		17,469,237
Platform Specialty Products Corp., Sr. Unsec’d. Notes, 144A(b)		6.500			02/01/22		10,085		10,538,825
Sr. Unsec’d. Notes, 144A(b)		10.375			05/01/21		9,162		10,295,797
PQ Corp., Sr. Sec’d. Notes, 144A(b)(c)		6.750			11/15/22		3,525		3,815,813
TPC Group, Inc., Sr. Sec’d. Notes, 144A(c)		8.750			12/15/20		33,550		31,537,000
Tronox Finance LLC, Gtd. Notes(b)		6.375			08/15/20		5,587		5,684,773
Gtd. Notes, 144A(b)		7.500			03/15/22		15,510		16,207,950
Unifrax I LLC/Unifrax Holding Co., Gtd. Notes, 144A(c)		7.500			02/15/19		10,034		10,008,915
									247,364,731
Coal    0.6%
CONSOL Energy, Inc., Gtd. Notes		5.875			04/15/22		33,600		32,760,000
Peabody Securities Finance Corp., Sr. Sec’d. Notes, 144A		6.375			03/31/25		5,300		5,406,000
									38,166,000
Commercial Services    3.1%
Ahern Rentals, Inc., Sec’d. Notes, 144A(b)		7.375			05/15/23		12,892		11,989,560

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
AMN Healthcare, Inc., Gtd. Notes, 144A(b)		5.125	%		10/01/24		4,430	$	4,507,525
Ashtead Capital, Inc. (United Kingdom), Sec’d. Notes, 144A		6.500			07/15/22		12,800		13,387,581
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(b)		5.500			04/01/23		2,000		2,000,000
Gtd. Notes, 144A(b)		5.125			06/01/22		6,900		6,770,625
Gtd. Notes, 144A(b)		6.375			04/01/24		425		431,906
Hertz Corp. (The), Gtd. Notes(b)		5.875			10/15/20		1,275		1,243,125
Gtd. Notes(b)		6.750			04/15/19		687		687,000
Laureate Education, Inc., Gtd. Notes, 144A(b)		9.250			09/01/19		69,198		72,398,407
NES Rentals Holdings, Inc., Sec’d. Notes, 144A(c)		7.875			05/01/18		15,525		15,641,437
R.R. Donnelley & Sons Co., Sr. Unsec’d. Notes(b)		6.000			04/01/24		3,350		3,241,125
Sr. Unsec’d. Notes(b)		6.500			11/15/23		2,650		2,663,250
Service Corp. International, Sr. Unsec’d. Notes		5.375			05/15/24		7,420		7,860,748
United Rentals North America, Inc., Gtd. Notes(b)		5.500			07/15/25		3,250		3,428,750
Gtd. Notes(b)		5.500			05/15/27		9,825		10,041,740
Gtd. Notes(b)		5.750			11/15/24		4,775		5,071,050
Gtd. Notes		5.875			09/15/26		14,800		15,577,000
Gtd. Notes		6.125			06/15/23		2,700		2,838,375
Gtd. Notes		7.625			04/15/22		6,056		6,322,888
									186,102,092
Computers    1.2%
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Gtd. Notes, 144A		5.875			06/15/21		4,000		4,232,556
Gtd. Notes, 144A(b)		7.125			06/15/24		8,945		9,883,474
Sr. Sec’d. Notes, 144A		5.450			06/15/23		6,450		6,970,386
Western Digital Corp., Gtd. Notes		10.500			04/01/24		41,585		48,654,450
									69,740,866
Distribution/Wholesale    1.0%
American Tire Distributors, Inc., Sr. Sub. Notes, 144A(b)		10.250			03/01/22		10,000		9,925,000
Beacon Roofing Supply, Inc., Gtd. Notes(b)		6.375			10/01/23		6,175		6,676,719
Global Partners LP/GLP Finance Corp., Gtd. Notes		6.250			07/15/22		6,645		6,512,100
Gtd. Notes		7.000			06/15/23		16,170		16,089,150

See Notes to Financial Statements.

Prudential High Yield Fund 15

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Distribution/Wholesale (cont’d)
H&E Equipment Services, Inc., Gtd. Notes(b)		7.000	%		09/01/22		13,055	$	13,740,387
HD Supply, Inc., Sr. Sec’d. Notes, 144A		5.250			12/15/21		3,975		4,193,625
									57,136,981
Diversified Financial Services    1.8%
Alliance Data Systems Corp., Gtd. Notes, 144A		5.375			08/01/22		11,885		11,825,575
Ally Financial, Inc., Sr. Unsec’d. Notes		3.750			11/18/19		4,050		4,136,062
Sr. Unsec’d. Notes		4.250			04/15/21		4,500		4,640,625
CIT Group, Inc., Sr. Unsec’d. Notes(b)		5.000			08/15/22		11,550		12,243,000
Sr. Unsec’d. Notes, 144A		5.500			02/15/19		275		289,781
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A(b)		6.500			06/01/26		3,050		3,240,625
FBM Finance, Inc., Sr. Sec’d. Notes, 144A		8.250			08/15/21		5,500		5,886,100
Hexion 2 US Finance Corp., Sr. Sec’d. Notes, 144A		13.750			02/01/22		14,465		14,031,050
KCG Holdings, Inc., Sr. Sec’d. Notes, 144A		6.875			03/15/20		8,475		8,453,812
Navient Corp., Sr. Unsec’d. Notes(b)		5.000			10/26/20		1,500		1,507,050
Sr. Unsec’d. Notes(b)		5.875			10/25/24		1,450		1,359,375
Sr. Unsec’d. Notes		6.625			07/26/21		3,350		3,492,375
Sr. Unsec’d. Notes(b)		7.250			09/25/23		6,275		6,431,875
Sr. Unsec’d. Notes, MTN(b)		6.125			03/25/24		3,785		3,624,138
Sr. Unsec’d. Notes, MTN(b)		7.250			01/25/22		1,248		1,301,040
Sr. Unsec’d. Notes, MTN		8.000			03/25/20		7,300		7,919,555
NFP Corp., Sr. Unsec’d. Notes, 144A		9.000			07/15/21		2,400		2,537,520
OneMain Financial Holdings LLC, Gtd. Notes, 144A(c)		6.750			12/15/19		1,850		1,936,728
Springleaf Finance Corp., Gtd. Notes		6.000			06/01/20		8,225		8,348,375
Transworld Systems, Inc., Sr. Sec’d. Notes, 144A(c)		9.500			08/15/21		8,800		6,556,000
									109,760,661
Electric    4.6%
AES Corp., Sr. Unsec’d. Notes(b)		4.875			05/15/23		900		893,700
Sr. Unsec’d. Notes		5.500			04/15/25		1,675		1,695,938
Sr. Unsec’d. Notes(b)		7.375			07/01/21		14,198		16,008,245
Calpine Corp., Sr. Unsec’d. Notes(b)		5.375			01/15/23		11,125		11,236,250
Sr. Unsec’d. Notes(b)		5.500			02/01/24		21,900		21,681,000
Sr. Unsec’d. Notes(b)		5.750			01/15/25		14,875		14,726,250

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric (cont’d)
DPL, Inc., Sr. Unsec’d. Notes		6.750	%		10/01/19		4,275	$	4,446,000
Sr. Unsec’d. Notes(b)		7.250			10/15/21		15,314		16,309,410
Dynegy, Inc., Gtd. Notes(b)		5.875			06/01/23		9,475		8,574,875
Gtd. Notes(b)		6.750			11/01/19		6,925		7,132,750
Gtd. Notes(b)		7.375			11/01/22		34,025		33,429,562
Gtd. Notes(b)		7.625			11/01/24		30,385		28,865,750
Gtd. Notes		8.034			02/02/24		2,000		1,880,000
Gtd. Notes, 144A(b)		8.000			01/15/25		10,175		9,666,250
GenOn Energy, Inc., Sr. Unsec’d. Notes (original cost $16,222,718; purchased 07/07/15-05/16/16)(b)(c)(d)		7.875			06/15/17		18,062		14,178,670
Sr. Unsec’d. Notes (original cost $3,931,250; purchased 04/25/13-07/01/14)(c)(d)		9.500			10/15/18		3,375		2,556,563
Sr. Unsec’d. Notes (original cost $25,369,846; purchased 03/03/14-10/24/16)(b)(c)(d)		9.875			10/15/20		27,897		20,504,295
Mirant Corp., Bonds, 144A^(c)		7.400	(e)		07/15/49		2,675		2,675
Mirant Mid-Atlantic, Series B, Pass-Through Certificates (original cost $1,138,184; purchased 06/19/09-08/31/15)(c)(d)		9.125			06/30/17		1,122		1,026,450
Series C, Pass-Through Certificates (original cost $5,120,952; purchased 07/14/15-04/01/16)(c)(d)		10.060			12/30/28		5,383		4,804,307
NRG Energy, Inc., Gtd. Notes(b)		6.250			07/15/22		5,645		5,743,787
Gtd. Notes(b)		6.250			05/01/24		6,663		6,663,000
Gtd. Notes(b)		6.625			03/15/23		4,711		4,769,887
Gtd. Notes(b)		7.250			05/15/26		14,225		14,633,969
Gtd. Notes		7.875			05/15/21		901		934,788
Gtd. Notes, 144A		6.625			01/15/27		4,055		3,984,037
NRG REMA LLC, Series B, Pass-Through Certificates(c)		9.237			07/02/17		238		199,793
Series C, Pass-Through Certificates(c)		9.681			07/02/26		11,755		7,993,400
Red Oak Power LLC, Series B, Sr. Sec’d. Notes (original cost $224,500; purchased 05/27/15)(c)(d)		9.200			11/30/29		200		206,000
Stoneway Capital Corp. (Argentina), Sr. Sec’d. Notes, 144A		10.000			03/01/27		10,085		10,185,850
									274,933,451

See Notes to Financial Statements.

Prudential High Yield Fund 17

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electrical Components & Equipment    0.1%
Belden, Inc., Gtd. Notes, 144A(b)		5.500	%		09/01/22		3,800	$	3,918,750
General Cable Corp., Gtd. Notes(b)		5.750	(a)		10/01/22		5,487		5,377,260
									9,296,010
Engineering & Construction    0.2%
AECOM, Gtd. Notes(b)		5.875			10/15/24		10,025		10,952,313
Entertainment    4.2%
AMC Entertainment Holdings, Inc., Gtd. Notes(b)		5.750			06/15/25		9,275		9,611,219
Gtd. Notes, 144A		5.875			11/15/26		10,175		10,407,193
Carmike Cinemas, Inc., Gtd. Notes, 144A		6.000			06/15/23		6,650		7,082,250
CCM Merger, Inc., Gtd. Notes, 144A(c)		9.125			05/01/19		10,020		10,333,112
Cinemark USA, Inc., Gtd. Notes		4.875			06/01/23		15,014		15,389,350
Gtd. Notes		5.125			12/15/22		9,425		9,707,750
Eldorado Resorts, Inc., Gtd. Notes(b)		7.000			08/01/23		16,435		17,462,187
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		4.375			04/15/21		965		1,004,806
Gtd. Notes		4.875			11/01/20		475		498,750
Gtd. Notes(b)		5.375			11/01/23		5,677		6,082,906
Gtd. Notes(b)		5.375			04/15/26		5,600		5,859,000
Greektown Holdings LLC/Greektown Mothership Corp., Sec’d. Notes, 144A(b)		8.875			03/15/19		3,351		3,514,361
International Game Technology PLC, Sr. Sec’d. Notes, 144A		6.500			02/15/25		11,756		12,843,430
Isle of Capri Casinos, Inc., Gtd. Notes		5.875			03/15/21		2,292		2,366,490
Gtd. Notes		8.875			06/15/20		4,675		4,879,531
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		3,575		3,673,313
Mood Media Corp., Gtd. Notes, 144A(c)		9.250			10/15/20		3,825		2,620,125
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., Sr. Sec’d. Notes, 144A(c)		5.000			08/01/18		2,400		2,421,000
National CineMedia LLC, Sr. Sec’d. Notes		6.000			04/15/22		4,725		4,884,469
Sr. Unsec’d. Notes		5.750			08/15/26		5,550		5,661,000
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625			01/15/27		5,025		5,043,844
Pinnacle Entertainment, Inc., Sr. Unsec’d. Notes, 144A(b)		5.625			05/01/24		19,225		19,561,437
Regal Entertainment Group, Sr. Unsec’d. Notes(b)		5.750			03/15/22		2,050		2,144,813
Sr. Unsec’d. Notes		5.750			02/01/25		3,170		3,265,100

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Entertainment (cont’d)
Scientific Games Corp., Gtd. Notes		8.125	%		09/15/18		2,540	$	2,546,350
Scientific Games International, Inc., Gtd. Notes(b)		6.625			05/15/21		24,065		22,621,100
Gtd. Notes(b)		10.000			12/01/22		43,164		45,807,795
Sr. Sec’d. Notes, 144A		7.000			01/01/22		9,925		10,557,719
									247,850,400
Environmental Control    0.4%
Advanced Disposal Services, Inc., Gtd. Notes, 144A		5.625			11/15/24		10,925		11,170,813
Clean Harbors, Inc., Gtd. Notes		5.125			06/01/21		5,200		5,317,000
Gtd. Notes		5.250			08/01/20		4,900		5,005,350
									21,493,163
Food    2.8%
Albertsons Cos LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, Sr. Unsec’d. Notes, 144A		5.750			03/15/25		12,225		12,247,922
Darling Ingredients, Inc., Gtd. Notes(b)		5.375			01/15/22		5,194		5,395,268
Hearthside Group Holdings LLC/Hearthside Finance Co., Gtd. Notes, 144A		6.500			05/01/22		13,600		13,634,000
Ingles Markets, Inc., Sr. Unsec’d. Notes		5.750			06/15/23		16,475		17,010,437
JBS USA LLC/JBS USA Finance, Inc. (Brazil), Gtd. Notes, 144A(c)		5.750			06/15/25		26,065		26,912,112
Gtd. Notes, 144A(c)		5.875			07/15/24		14,563		15,218,335
Gtd. Notes, 144A(c)		7.250			06/01/21		4,175		4,300,250
Gtd. Notes, 144A(c)		7.250			06/01/21		11,475		11,819,250
Lamb Weston Holdings, Inc., Gtd. Notes, 144A		4.875			11/01/26		650		660,075
Pilgrim’s Pride Corp., Gtd. Notes, 144A(b)		5.750			03/15/25		4,925		5,060,438
Post Holdings, Inc., Gtd. Notes, 144A		5.000			08/15/26		5,650		5,462,816
Gtd. Notes, 144A		6.000			12/15/22		9,325		9,837,875
Gtd. Notes, 144A		6.750			12/01/21		3,375		3,623,063
Gtd. Notes, 144A		7.750			03/15/24		5,414		6,009,540
Gtd. Notes, 144A(b)		8.000			07/15/25		5,575		6,285,812
SUPERVALU, Inc., Sr. Unsec’d. Notes(b)		6.750			06/01/21		9,310		9,286,725
Sr. Unsec’d. Notes(b)		7.750			11/15/22		11,375		11,232,812
									163,996,730
Food Service    0.1%
AdvancePierre Foods Holdings, Inc., Gtd. Notes, 144A		5.500			12/15/24		4,500		4,578,750

See Notes to Financial Statements.

Prudential High Yield Fund 19

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Forest Products & Paper    0.1%
Mercer International, Inc. (Canada), Sr. Unsec’d. Notes, 144A		6.500	%		02/01/24		3,175	$	3,238,500
Smurfit Kappa Acquisitions Unltd. Co. (Ireland), Gtd. Notes, 144A		4.875			09/15/18		4,900		5,054,840
									8,293,340
Gas    0.4%
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes		5.625			05/20/24		6,050		6,261,750
Sr. Unsec’d. Notes		5.875			08/20/26		9,700		10,015,250
NGL Energy Partners LP/NGL Energy Finance Corp., Gtd. Notes, 144A		7.500			11/01/23		7,150		7,525,375
									23,802,375
Hand/Machine Tools    0.1%
Apex Tool Group LLC, Gtd. Notes, 144A(c)		7.000			02/01/21		7,870		7,555,200
Healthcare-Products    1.0%
Greatbatch Ltd., Gtd. Notes, 144A(b)		9.125			11/01/23		18,145		19,415,150
Mallinckrodt International Finance SA, Gtd. Notes(b)		4.750			04/15/23		13,945		12,411,050
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Gtd. Notes, 144A(b)		5.500			04/15/25		2,425		2,255,250
Gtd. Notes, 144A(b)		5.625			10/15/23		5,516		5,295,360
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, Sr. Unsec’d. Notes, 144A(b)		6.625			05/15/22		19,650		17,537,625
									56,914,435
Healthcare-Services    6.0%
Acadia Healthcare Co., Inc., Gtd. Notes		5.125			07/01/22		4,651		4,685,883
Gtd. Notes(b)		5.625			02/15/23		14,913		15,323,107
Gtd. Notes		6.125			03/15/21		2,870		2,941,750
Gtd. Notes		6.500			03/01/24		6,899		7,330,187
Centene Corp., Sr. Unsec’d. Notes		4.750			05/15/22		10,175		10,543,844
CHS/Community Health Systems, Inc., Gtd. Notes(b)		6.875			02/01/22		38,330		33,634,575
Gtd. Notes(b)		7.125			07/15/20		26,600		25,004,000
Gtd. Notes(b)		8.000			11/15/19		4,277		4,180,768

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
HCA, Inc., Gtd. Notes(b)		5.375	%		02/01/25		34,675	$	36,278,719
Gtd. Notes(b)		5.875			05/01/23		4,700		5,111,250
Gtd. Notes(b)		5.875			02/15/26		5,295		5,678,887
Gtd. Notes(b)		7.500			02/15/22		1,750		2,019,063
Gtd. Notes		7.500			12/15/23		10,400		11,726,000
Sr. Sec’d. Notes		5.250			06/15/26		3,000		3,168,750
HealthSouth Corp., Gtd. Notes		5.125			03/15/23		1,525		1,525,000
Gtd. Notes(b)		5.750			11/01/24		9,125		9,307,500
Gtd. Notes(b)		5.750			09/15/25		6,625		6,707,812
Kindred Healthcare, Inc., Gtd. Notes(b)		6.375			04/15/22		3,550		3,279,313
Gtd. Notes(b)		8.000			01/15/20		17,950		18,129,500
Gtd. Notes(b)		8.750			01/15/23		12,476		12,117,315
LifePoint Health, Inc., Gtd. Notes(b)		5.500			12/01/21		1,200		1,248,750
Gtd. Notes(b)		5.875			12/01/23		3,675		3,776,063
MPH Acquisition Holdings LLC, Gtd. Notes, 144A		7.125			06/01/24		5,450		5,872,375
Select Medical Corp., Gtd. Notes(b)		6.375			06/01/21		23,150		23,294,687
Surgery Center Holdings, Inc., Gtd. Notes, 144A(b)		8.875			04/15/21		7,800		8,346,000
Tenet Healthcare Corp., Sec’d. Notes, 144A		7.500			01/01/22		850		920,125
Sr. Sec’d. Notes(b)		4.375			10/01/21		5,575		5,616,813
Sr. Sec’d. Notes		4.750			06/01/20		3,425		3,493,500
Sr. Sec’d. Notes(b)		6.000			10/01/20		800		848,000
Sr. Unsec’d. Notes		6.750			02/01/20		16,575		16,865,062
Sr. Unsec’d. Notes(b)		6.750			06/15/23		26,324		26,093,665
Sr. Unsec’d. Notes(b)		8.000			08/01/20		10,050		10,276,125
Sr. Unsec’d. Notes(b)		8.125			04/01/22		24,815		25,993,712
Universal Health Services, Inc., Sr. Sec’d. Notes, 144A		4.750			08/01/22		7,100		7,313,000
									358,651,100
Home Builders    3.7%
Beazer Homes USA, Inc., Gtd. Notes(b)		5.750			06/15/19		7,225		7,509,665
Gtd. Notes		7.250	(a)		02/01/23		8,561		8,753,622
Gtd. Notes(b)		7.500			09/15/21		12,350		12,844,000
Gtd. Notes, 144A		8.750			03/15/22		12,026		13,046,767
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A(b)		6.375			05/15/25		5,100		5,227,500
Gtd. Notes, 144A		6.500			12/15/20		400		411,760

See Notes to Financial Statements.

Prudential High Yield Fund 21

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Home Builders (cont’d)
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		6.125	%		07/01/22		6,623	$	6,821,690
CalAtlantic Group, Inc., Gtd. Notes(b)		5.250			06/01/26		7,800		7,809,750
Gtd. Notes		5.375			10/01/22		3,675		3,858,750
Gtd. Notes(b)		5.875			11/15/24		1,752		1,879,020
Gtd. Notes(b)		6.250			12/15/21		5,975		6,557,562
Gtd. Notes(b)		8.375			01/15/21		2,700		3,155,625
KB Home, Gtd. Notes(b)		7.000			12/15/21		3,662		4,009,890
Gtd. Notes(b)		7.500			09/15/22		1,575		1,724,625
Gtd. Notes		7.625			05/15/23		11,575		12,529,937
Lennar Corp., Gtd. Notes(b)		4.750			05/30/25		9,898		10,021,725
Gtd. Notes		4.875			12/15/23		4,575		4,723,688
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		5,550		5,827,500
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A(c)		6.875			12/15/23		8,725		9,117,625
Meritage Homes Corp., Gtd. Notes(b)		6.000			06/01/25		3,575		3,718,000
PulteGroup, Inc., Gtd. Notes(b)		5.000			01/15/27		7,900		7,892,100
Gtd. Notes(b)		5.500			03/01/26		12,560		13,031,000
Shea Homes LP/Shea Homes Funding Corp., Gtd. Notes, 144A		6.125			04/01/25		5,805		5,906,587
Taylor Morrison Communities, Inc./Monarch Communities, Inc., Gtd. Notes, 144A		5.250			04/15/21		1,000		1,025,000
Gtd. Notes, 144A		5.625			03/01/24		10,273		10,581,190
Gtd. Notes, 144A(b)		5.875			04/15/23		11,954		12,581,585
Toll Brothers Finance Corp., Gtd. Notes		4.000			12/31/18		350		359,188
WCI Communities, Inc./Lennar Corp., Gtd. Notes		6.875			08/15/21		9,375		9,855,469
William Lyon Homes, Inc., Gtd. Notes		7.000			08/15/22		12,444		12,941,760
Gtd. Notes, 144A		5.875			01/31/25		13,775		13,792,219
									217,514,799
Home Furnishings    0.1%
Tempur Sealy International, Inc., Gtd. Notes(b)		5.500			06/15/26		5,975		5,870,438
Household Products/Wares    0.1%
ACCO Brands Corp., Gtd. Notes, 144A		5.250			12/15/24		6,925		7,011,563

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Housewares    0.1%
Scotts Miracle-Gro Co. (The), Gtd. Notes		6.000	%		10/15/23		2,825	$	3,010,377
Iron/Steel    0.8%
AK Steel Corp., Sr. Sec’d. Notes		7.500			07/15/23		9,300		10,160,250
ArcelorMittal (Luxembourg), Sr. Unsec’d. Notes		10.600			06/01/19		14,010		16,426,725
Cliffs Natural Resources, Inc., Gtd. Notes, 144A		5.750			03/01/25		4,650		4,561,650
Signode Industrial Group US, Inc., Gtd. Notes, 144A(b)(c)		6.375			05/01/22		13,650		14,025,375
									45,174,000
Leisure Time    0.6%
Carlson Travel, Inc., Sr. Sec’d. Notes, 144A		6.750			12/15/23		3,250		3,404,375
Royal Caribbean Cruises Ltd., Sr. Unsec’d. Notes		7.250			03/15/18		2,300		2,420,750
Silversea Cruise Finance Ltd. (Bahamas), Sr. Sec’d. Notes, 144A		7.250			02/01/25		8,100		8,444,250
Viking Cruises Ltd., Sr. Unsec’d. Notes, 144A(c)		6.250			05/15/25		11,000		10,587,500
Sr. Unsec’d. Notes, 144A(c)		8.500			10/15/22		9,124		9,534,580
									34,391,455
Lodging    2.1%
Boyd Gaming Corp., Gtd. Notes(b)		6.375			04/01/26		8,775		9,487,969
Gtd. Notes(b)		6.875			05/15/23		20,954		22,630,320
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties, Sr. Sec’d. Notes		8.000	(a)		10/01/20		5,050		5,283,562
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A		8.500			12/01/21		22,090		23,581,075
Interval Acquisition Corp., Gtd. Notes		5.625			04/15/23		6,000		6,195,000
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sec’d. Notes, 144A		10.250			11/15/22		8,125		8,734,375
Sr. Sec’d. Notes, 144A		6.750			11/15/21		8,250		8,559,375
MGM Resorts International, Gtd. Notes(b)		5.250			03/31/20		3,500		3,683,750
Gtd. Notes		6.000			03/15/23		3,000		3,270,000
Gtd. Notes(b)		6.625			12/15/21		8,511		9,500,404
Gtd. Notes		6.750			10/01/20		1,050		1,157,310
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A(b)(c)		6.375			06/01/21		20,692		20,898,920
									122,982,060

See Notes to Financial Statements.

Prudential High Yield Fund 23

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Machinery-Construction & Mining    0.2%
BlueLine Rental Finance Corp., Sec’d. Notes, 144A(b)(c)		7.000	%		02/01/19		2,250	$	2,295,000
Vander Intermediate Holding II Corp., Sr. Unsec’d. Notes, PIK, 144A		9.750			02/01/19		8,973		9,017,689
									11,312,689
Machinery-Diversified    0.5%
ATS Automation Tooling Systems, Inc. (Canada), Sr. Unsec’d. Notes, 144A		6.500			06/15/23		4,400		4,598,000
Case New Holland Industrial, Inc. (United Kingdom), Gtd. Notes		7.875			12/01/17		4,335		4,508,400
Cleaver-Brooks, Inc., Sr. Sec’d. Notes, 144A(c)		8.750			12/15/19		3,525		3,679,219
Cloud Crane LLC, Sec’d. Notes, 144A(c)		10.125			08/01/24		11,195		12,286,512
CNH Industrial Capital LLC, Gtd. Notes(b)		3.625			04/15/18		3,027		3,079,973
Manitowoc Foodservice, Inc., Sr. Unsec’d. Notes		9.500			02/15/24		2,925		3,382,031
									31,534,135
Media    8.7%
Altice Financing SA (Luxembourg), Sr. Sec’d. Notes, 144A(b)		7.500			05/15/26		8,925		9,583,219
Altice US Finance I Corp., Sr. Sec’d. Notes, 144A(b)		5.375			07/15/23		9,495		9,898,537
Belo Corp., Gtd. Notes		7.750			06/01/27		2,795		3,039,563
Block Communications, Inc., Sr. Unsec’d. Notes, 144A(c)		6.875			02/15/25		6,065		6,414,344
Cablevision Systems Corp., Sr. Unsec’d. Notes		7.750			04/15/18		7,455		7,827,750
Sr. Unsec’d. Notes		8.625			09/15/17		16,975		17,505,469
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes		5.125			02/15/23		4,729		4,924,071
Sr. Unsec’d. Notes(b)		5.250			09/30/22		1,120		1,164,800
Sr. Unsec’d. Notes, 144A		5.125			05/01/23		2,650		2,749,375
Sr. Unsec’d. Notes, 144A		5.375			05/01/25		3,150		3,299,625
Sr. Unsec’d. Notes, 144A(b)		5.500			05/01/26		8,375		8,887,969
Sr. Unsec’d. Notes, 144A		5.750			02/15/26		10,073		10,778,110
Sr. Unsec’d. Notes, 144A		5.875			04/01/24		2,950		3,163,875
Sr. Unsec’d. Notes, 144A(b)		5.875			05/01/27		26,282		28,229,496
Cequel Communications Holdings I LLC/ Cequel Capital Corp., Sr. Sec’d. Notes, 144A(b)		7.750			07/15/25		44,397		49,169,677
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		15,090		15,245,729
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		25,197		25,646,011
Sr. Unsec’d. Notes, 144A		6.375			09/15/20		17,440		17,974,100

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media (cont’d)
Clear Channel Worldwide Holdings, Inc., Series A, Gtd. Notes		6.500	%		11/15/22		8,929	$	9,018,290
Series A, Gtd. Notes		7.625			03/15/20		6,750		6,631,875
Series B, Gtd. Notes(b)		6.500			11/15/22		3,074		3,183,496
Series B, Gtd. Notes		7.625			03/15/20		7,440		7,495,800
DISH DBS Corp., Gtd. Notes(b)		5.875			07/15/22		3,075		3,297,938
Gtd. Notes		7.750			07/01/26		40,715		47,636,550
Gray Television, Inc., Gtd. Notes, 144A(b)		5.875			07/15/26		16,808		17,044,489
Liberty Interactive LLC, Sr. Unsec’d. Notes		8.250			02/01/30		2,000		2,140,000
Mediacom Broadband LLC/Mediacom Broadband Corp., Sr. Unsec’d. Notes		5.500			04/15/21		7,094		7,271,350
Sr. Unsec’d. Notes		6.375			04/01/23		4,870		5,113,500
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A		6.875			08/15/23		11,345		12,224,237
Nexstar Broadcast, Inc., Gtd. Notes, 144A(b)		5.625			08/01/24		6,075		6,211,688
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A(b)		5.000			04/15/22		2,925		3,012,750
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes		5.750			01/15/23		14,766		15,744,247
SFR Group SA (France), Sr. Sec’d. Notes, 144A		6.250			05/15/24		4,300		4,364,457
Sr. Sec’d. Notes, 144A		7.375			05/01/26		60,215		62,397,794
Sinclair Television Group, Inc., Gtd. Notes		5.375			04/01/21		5,050		5,201,500
Gtd. Notes(b)		6.125			10/01/22		1,990		2,082,038
Gtd. Notes, 144A		5.125			02/15/27		4,550		4,379,375
Gtd. Notes, 144A(b)		5.625			08/01/24		4,295		4,418,481
Gtd. Notes, 144A(b)		5.875			03/15/26		2,275		2,334,719
TEGNA, Inc., Gtd. Notes, 144A(b)		5.500			09/15/24		2,250		2,306,250
Time, Inc., Gtd. Notes, 144A(b)		5.750			04/15/22		9,173		9,459,656
Tribune Media Co., Gtd. Notes(b)		5.875			07/15/22		11,710		11,958,837
Unitymedia GmbH (Germany), Sec’d. Notes, 144A		6.125			01/15/25		3,875		4,097,813
Univision Communications, Inc., Sr. Sec’d. Notes, 144A(b)(c)		5.125			02/15/25		8,922		8,799,322
Sr. Sec’d. Notes, 144A(c)		6.750			09/15/22		4,907		5,152,350
UPCB Finance IV Ltd. (Netherlands), Sr. Sec’d. Notes, 144A		5.375			01/15/25		7,025		7,183,062
Ziggo Bond Finance BV (Netherlands), Sr. Unsec’d. Notes, 144A		6.000			01/15/27		10,711		10,751,166
									516,414,750

See Notes to Financial Statements.

Prudential High Yield Fund 25

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Metal Fabricate & Hardware    0.6%
Grinding Media, Inc./MC Grinding Media Canada, Inc., Sr. Sec’d. Notes, 144A		7.375	%		12/15/23		4,425	$	4,734,750
Novelis Corp., Gtd. Notes, 144A(b)		5.875			09/30/26		8,400		8,641,500
Gtd. Notes, 144A		6.250			08/15/24		3,250		3,445,000
Zekelman Industries, Inc., Sr. Sec’d. Notes, 144A(b)		9.875			06/15/23		15,830		17,887,900
									34,709,150
Mining    4.0%
Alamos Gold, Inc. (Canada), Sec’d. Notes, 144A		7.750			04/01/20		1,400		1,459,500
Alcoa Nederland Holding BV, Gtd. Notes, 144A(b)		6.750			09/30/24		4,500		4,893,750
Gtd. Notes, 144A(b)		7.000			09/30/26		4,350		4,774,125
Eldorado Gold Corp. (Canada), Gtd. Notes, 144A		6.125			12/15/20		9,285		9,540,337
Ferroglobe PLC/Globe Specialty Metals, Inc., Gtd. Notes, 144A		9.375			03/01/22		2,225		2,330,688
First Quantum Minerals Ltd. (Canada), Gtd. Notes, 144A(b)		7.000			02/15/21		2,581		2,672,948
Gtd. Notes, 144A(b)		7.250			05/15/22		3,850		3,979,938
FMG Resources August 2006 Pty Ltd. (Australia), Sr. Sec’d. Notes, 144A(b)		9.750			03/01/22		14,425		16,687,994
Freeport-McMoRan, Inc., Gtd. Notes(b)		3.550			03/01/22		12,630		11,730,112
Gtd. Notes(b)		3.875			03/15/23		18,485		17,006,200
Gtd. Notes(b)		4.550			11/14/24		10,175		9,513,625
Gtd. Notes, 144A		6.500			11/15/20		3,472		3,567,480
Gtd. Notes, 144A		6.625			05/01/21		8,167		8,330,340
Gtd. Notes, 144A		6.750			02/01/22		6,525		6,786,000
International Wire Group, Inc., Sec’d. Notes, 144A(c)		10.750			08/01/21		10,345		10,034,650
Joseph T. Ryerson & Son, Inc., Sr. Sec’d. Notes, 144A(b)		11.000			05/15/22		7,997		8,916,655
Kinross Gold Corp. (Canada), Gtd. Notes(b)		5.950			03/15/24		7,588		8,024,310
Gtd. Notes		6.875			09/01/41		2,950		2,986,875
Lundin Mining Corp. (Canada), Sr. Sec’d. Notes, 144A		7.500			11/01/20		7,150		7,596,875
Sr. Sec’d. Notes, 144A(b)		7.875			11/01/22		9,575		10,484,625
New Gold, Inc. (Canada), Gtd. Notes, 144A(b)		6.250			11/15/22		24,920		25,231,500
Gtd. Notes, 144A		7.000			04/15/20		5,445		5,540,288

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Mining (cont’d)
Teck Resources Ltd. (Canada), Gtd. Notes		3.000	%		03/01/19		7,621	$	7,805,428
Gtd. Notes(b)		4.750			01/15/22		35,597		36,976,384
Gtd. Notes(b)		6.000			08/15/40		1,950		1,954,875
Gtd. Notes(b)		6.250			07/15/41		11,040		11,454,000
									240,279,502
Miscellaneous Manufacturing    0.9%
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A		5.750			03/15/22		1,413		1,407,701
Sr. Unsec’d. Notes, 144A(b)		6.000			10/15/22		2,550		2,553,187
Sr. Unsec’d. Notes, 144A		6.125			01/15/23		1,832		1,832,000
Sr. Unsec’d. Notes, 144A(b)		7.500			03/15/25		5,575		5,798,000
Sr. Unsec’d. Notes, 144A		8.750			12/01/21		28,600		31,674,500
EnPro Industries, Inc., Gtd. Notes		5.875			09/15/22		4,575		4,717,969
Gates Global LLC/Gates Global Co., Gtd. Notes, 144A(b)(c)		6.000			07/15/22		6,550		6,599,125
									54,582,482
Office/Business Equipment    0.2%
CDW LLC/CDW Finance Corp., Gtd. Notes		5.000			09/01/25		2,900		2,941,702
Gtd. Notes		5.500			12/01/24		10,085		10,589,250
									13,530,952
Oil & Gas    5.3%
Alta Mesa Holdings LP/Alta Mesa Finance Sevices Corp., Gtd. Notes, 144A		7.875			12/15/24		5,125		5,419,688
Antero Resources Corp., Gtd. Notes		5.375			11/01/21		5,150		5,265,875
Gtd. Notes		5.625			06/01/23		6,425		6,505,313
California Resources Corp., Gtd. Notes(b)		6.000			11/15/24		1,609		1,230,885
Sec’d. Notes, 144A(b)		8.000			12/15/22		12,337		10,548,135
Concho Resources, Inc., Gtd. Notes(b)		5.500			04/01/23		7,325		7,581,375
Diamondback Energy, Inc., Gtd. Notes, 144A		5.375			05/31/25		6,975		7,219,125
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A(b)		7.000			08/15/21		11,420		11,876,800
Sr. Unsec’d. Notes, 144A		8.125			09/15/23		9,821		10,668,061
Halcon Resources Corp., Gtd. Notes, 144A		6.750			02/15/25		23,725		23,487,750

See Notes to Financial Statements.

Prudential High Yield Fund 27

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Oil & Gas (cont’d)
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A(b)(c)		5.750	%		10/01/25		10,400	$	10,322,000
MEG Energy Corp. (Canada), Gtd. Notes, 144A		6.375			01/30/23		8,075		7,166,563
Gtd. Notes, 144A(b)		6.500			03/15/21		20,875		21,344,687
Gtd. Notes, 144A		7.000			03/31/24		2,000		1,800,000
Sec’d. Notes, 144A(b)		6.500			01/15/25		12,850		12,560,875
Murphy Oil Corp., Sr. Unsec’d. Notes(b)		6.875			08/15/24		2,550		2,729,775
Newfield Exploration Co., Sr. Unsec’d. Notes(b)		5.375			01/01/26		9,625		10,034,062
Sr. Unsec’d. Notes(b)		5.750			01/30/22		1,906		2,034,655
Noble Holding International Ltd. (United Kingdom), Gtd. Notes(b)		7.750			01/15/24		7,150		6,953,375
Parker Drilling Co., Gtd. Notes		7.500			08/01/20		500		487,500
Precision Drilling Corp. (Canada), Gtd. Notes		6.500			12/15/21		1,730		1,777,575
Gtd. Notes		6.625			11/15/20		1,196		1,222,725
Gtd. Notes, 144A		7.750			12/15/23		5,650		6,116,125
QEP Resources, Inc., Sr. Unsec’d. Notes		5.250			05/01/23		445		438,325
Sr. Unsec’d. Notes(b)		5.375			10/01/22		2,300		2,311,500
Range Resources Corp., Gtd. Notes		4.875			05/15/25		4,700		4,447,375
Gtd. Notes, 144A(b)		5.000			08/15/22		3,182		3,102,450
Gtd. Notes, 144A(b)		5.000			03/15/23		1,450		1,404,688
Gtd. Notes, 144A		5.875			07/01/22		21,518		22,002,155
Rice Energy, Inc., Gtd. Notes		6.250			05/01/22		4,625		4,726,195
Gtd. Notes(b)		7.250			05/01/23		8,487		8,975,002
RSP Permian, Inc., Gtd. Notes, 144A		5.250			01/15/25		9,962		10,211,050
Seventy Seven Energy, Inc., Sr. Unsec’d. Notes^(c)		6.500	(e)		07/15/22		1,800		18
Sunoco LP/Sunoco Finance Corp., Gtd. Notes		5.500			08/01/20		4,025		4,055,188
Gtd. Notes(b)		6.250			04/15/21		3,000		3,045,000
Gtd. Notes		6.375			04/01/23		12,425		12,549,250
Tesoro Corp., Gtd. Notes, 144A		4.750			12/15/23		6,700		6,934,500
Gtd. Notes, 144A		5.125			12/15/26		11,350		12,002,625
Tullow Oil PLC (United Kingdom), Gtd. Notes, 144A		6.000			11/01/20		7,150		6,738,875
Western Refining Logistics LP/WNRL Finance Corp., Gtd. Notes(b)		7.500			02/15/23		8,324		9,031,540

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Oil & Gas (cont’d)
Western Refining, Inc., Gtd. Notes		6.250	%		04/01/21		7,750	$	8,011,562
Whiting Petroleum Corp., Gtd. Notes(b)		6.250			04/01/23		775		776,938
WPX Energy, Inc., Sr. Unsec’d. Notes(b)		6.000			01/15/22		9,858		10,067,482
Sr. Unsec’d. Notes		7.500			08/01/20		3,375		3,636,563
Sr. Unsec’d. Notes		8.250			08/01/23		4,925		5,516,000
									314,337,205
Oil & Gas Services
SESI LLC, Gtd. Notes		6.375			05/01/19		1,148		1,152,305
Gtd. Notes(b)		7.125			12/15/21		435		446,963
									1,599,268
Packaging & Containers    2.1%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, PIK, 144A		7.125			09/15/23		9,625		10,046,094
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), Gtd. Notes, 144A		6.000			06/30/21		1,725		1,789,688
Gtd. Notes, 144A		6.000			02/15/25		8,625		8,862,187
Gtd. Notes, 144A		6.250			01/31/19		2,825		2,869,663
Gtd. Notes, 144A		6.750			01/31/21		2,543		2,636,582
Gtd. Notes, 144A		6.750			05/15/24	EUR	1,000		1,171,962
Gtd. Notes, 144A		7.250			05/15/24		23,450		25,560,500
Coveris Holdings SA (Luxembourg), Gtd. Notes, 144A		7.875			11/01/19		16,620		16,412,250
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A(b)		5.875			08/15/23		2,209		2,371,914
Gtd. Notes, 144A		6.375			08/15/25		1,275		1,384,172
PaperWorks Industries, Inc., Sr. Sec’d. Notes, 144A		9.500			08/15/19		9,005		7,451,638
Plastipak Holdings, Inc., Sr. Unsec’d. Notes, 144A(c)		6.500			10/01/21		15,929		16,645,805
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (New Zealand), Gtd. Notes, 144A(b)		7.000			07/15/24		13,660		14,693,037
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Sr. Sec’d. Notes		5.750			10/15/20		725		746,750
Sealed Air Corp., Gtd. Notes, 144A(b)		4.875			12/01/22		3,225		3,333,844
Gtd. Notes, 144A(b)		5.125			12/01/24		4,000		4,180,000
Gtd. Notes, 144A		5.250			04/01/23		3,025		3,176,250
									123,332,336

See Notes to Financial Statements.

Prudential High Yield Fund 29

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pharmaceuticals    3.0%
Endo Finance LLC, Gtd. Notes, 144A(b)		5.750	%		01/15/22		5,825	$	5,402,687
Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A		5.375			01/15/23		11,425		10,111,125
Gtd. Notes, 144A		7.250			01/15/22		3,625		3,509,453
Endo Ltd./Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A(b)		6.000			07/15/23		15,580		14,333,600
Gtd. Notes, 144A(b)		6.000			02/01/25		19,975		17,852,656
Grifols Worldwide Operations Ltd. (Spain), Gtd. Notes(b)		5.250			04/01/22		4,450		4,616,875
Horizon Pharma, Inc., Gtd. Notes(b)		6.625			05/01/23		10,625		10,292,969
Horizon Pharma, Inc./Horizon Pharma USA, Inc., Gtd. Notes, 144A(b)		8.750			11/01/24		5,350		5,590,750
Nature’s Bounty Co. (The), Sr. Unsec’d. Notes, 144A(b)(c)		7.625			05/15/21		19,575		20,676,094
Valeant Pharmaceuticals International, Inc., Gtd. Notes, 144A(b)		5.375			03/15/20		5,000		4,481,250
Gtd. Notes, 144A		5.500			03/01/23		9,400		7,578,750
Gtd. Notes, 144A		5.625			12/01/21		1,750		1,474,375
Gtd. Notes, 144A		5.875			05/15/23		3,750		3,051,563
Gtd. Notes, 144A(b)		6.125			04/15/25		11,140		8,870,225
Gtd. Notes, 144A(b)		7.000			10/01/20		3,500		3,255,000
Gtd. Notes, 144A(b)		7.500			07/15/21		34,250		31,467,187
Vizient, Inc., Sr. Unsec’d. Notes, 144A		10.375			03/01/24		23,050		26,392,250
									178,956,809
Pipelines    1.3%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes, 144A		5.375			09/15/24		3,725		3,780,875
Energy Transfer Equity LP, Sr. Sec’d. Notes		7.500			10/15/20		3,650		4,101,687
Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes(b)		6.000			05/15/23		9,400		9,517,500
Gtd. Notes		6.750			08/01/22		5,575		5,811,937
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A(c)		5.625			04/15/20		6,775		7,147,625
Sr. Unsec’d. Notes, 144A(c)		6.000			01/15/19		4,300		4,515,000
Sr. Unsec’d. Notes, 144A(c)		6.875			04/15/40		2,732		2,909,580
Rose Rock Midstream LP/Rose Rock Finance Corp., Gtd. Notes		5.625			11/15/23		925		901,875
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			09/15/24		8,650		8,736,500

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pipelines (cont’d)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes(b)		6.750	%		03/15/24		4,900	$	5,353,250
Gtd. Notes, 144A(b)		5.125			02/01/25		4,350		4,524,000
Gtd. Notes, 144A(b)		5.375			02/01/27		4,375		4,560,937
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Gtd. Notes		5.875			10/01/20		2,650		2,731,488
Gtd. Notes		6.125			10/15/21		3,050		3,183,438
Gtd. Notes		6.250			10/15/22		2,475		2,648,250
Gtd. Notes		6.375			05/01/24		4,050		4,402,674
									74,826,616
Real Estate    0.7%
CBRE Services, Inc., Gtd. Notes		5.000			03/15/23		7,575		7,848,276
Crescent Communities LLC/Crescent Venture, Inc., Sr. Sec’d. Notes, 144A		8.875			10/15/21		15,150		15,850,687
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A(c)		8.250			12/01/22		8,750		9,537,500
Realogy Group LLC/Realogy Co-Issuer Corp., Gtd. Notes, 144A(b)		4.875			06/01/23		9,425		9,283,625
									42,520,088
Real Estate Investment Trusts (REITs)    1.1%
CyrusOne LP/CyrusOne Finance Corp., Gtd. Notes		6.375			11/15/22		6,500		6,859,255
FelCor Lodging LP, Gtd. Notes(b)		6.000			06/01/25		4,400		4,675,000
Sr. Sec’d. Notes		5.625			03/01/23		1,475		1,544,886
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., Gtd. Notes, 144A		4.500			09/01/26		9,100		8,849,750
Gtd. Notes, 144A(b)		5.625			05/01/24		6,825		7,217,437
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		5.250			08/01/26		5,450		5,504,500
Gtd. Notes		5.500			05/01/24		3,500		3,596,250
Gtd. Notes		6.375			03/01/24		4,250		4,536,875
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes		5.000			04/15/21		3,550		3,629,875
Gtd. Notes		5.000			04/15/23		5,157		5,266,586
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes		5.375			06/01/23		5,225		5,225,000
Gtd. Notes		5.500			02/01/21		1,600		1,660,000

See Notes to Financial Statements.

Prudential High Yield Fund 31

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d)
Senior Housing Properties Trust, Sr. Unsec’d. Notes		6.750	%		12/15/21		5,475	$	6,111,912
									64,677,326
Retail    4.6%
1011778 BC ULC/New Red Finance, Inc. (Canada), Sec’d. Notes, 144A(b)		6.000			04/01/22		6,375		6,647,850
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24		5,650		5,551,125
Caleres, Inc., Gtd. Notes		6.250			08/15/23		6,429		6,734,377
CEC Entertainment, Inc., Gtd. Notes		8.000			02/15/22		10,350		10,893,375
Claire’s Stores, Inc., Sr. Sec’d. Notes, 144A		6.125			03/15/20		3,675		1,548,094
Sr. Sec’d. Notes, 144A		9.000			03/15/19		8,225		3,762,938
CST Brands, Inc., Gtd. Notes		5.000			05/01/23		2,150		2,230,625
Dollar Tree, Inc., Gtd. Notes(b)		5.750			03/01/23		7,805		8,283,056
Ferrellgas LP/Ferrellgas Finance Corp., Gtd. Notes(b)		6.750			06/15/23		3,775		3,661,750
Sr. Unsec’d. Notes		6.500			05/01/21		4,275		4,178,813
Sr. Unsec’d. Notes(b)		6.750			01/15/22		6,064		5,882,080
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsec’d. Notes(b)		8.625			06/15/20		5,955		5,865,675
Sr. Unsec’d. Notes, 144A		8.625			06/15/20		11,925		11,746,125
Hot Topic, Inc., Sr. Sec’d. Notes, 144A(b)(c)		9.250			06/15/21		13,025		13,220,375
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Gtd. Notes, 144A		5.250			06/01/26		6,775		7,003,656
L Brands, Inc., Gtd. Notes(b)		6.750			07/01/36		13,700		13,170,221
Gtd. Notes		6.875			11/01/35		6,325		6,079,906
Landry’s, Inc., Sr. Unsec’d. Notes, 144A(c)		6.750			10/15/24		19,175		19,942,000
Men’s Wearhouse, Inc. (The), Gtd. Notes(b)		7.000			07/01/22		16,777		15,854,265
Neiman Marcus Group Ltd., LLC, Gtd. Notes, 144A(b)		8.000			10/15/21		42,358		26,579,645
PetSmart, Inc., Sr. Unsec’d. Notes, 144A(b)		7.125			03/15/23		31,537		30,945,681
PF Chang’s China Bistro, Inc., Gtd. Notes, 144A(b)		10.250			06/30/20		11,640		11,581,800
Rite Aid Corp., Gtd. Notes, 144A(b)		6.125			04/01/23		22,375		23,709,669
Ruby Tuesday, Inc., Gtd. Notes(b)		7.625			05/15/20		11,475		11,130,750
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes(b)		5.625			12/01/25		5,682		5,781,435
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes		5.500			06/01/24		5,725		5,782,250
Tops Holding LLC/Tops Markets II Corp., Sr. Sec’d. Notes, 144A(c)		8.000			06/15/22		9,728		7,976,960
									275,744,496

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Semiconductors    1.3%
Micron Technology, Inc., Sr. Sec’d. Notes, 144A(b)		7.500	%		09/15/23		7,000	$	7,805,000
Sr. Unsec’d. Notes(b)		5.500			02/01/25		7,610		7,857,325
Sr. Unsec’d. Notes, 144A		5.250			08/01/23		11,900		12,004,125
Sr. Unsec’d. Notes, 144A		5.250			01/15/24		5,000		5,062,500
Sr. Unsec’d. Notes, 144A		5.625			01/15/26		13,625		13,999,687
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A		4.625			06/15/22		6,125		6,507,813
Gtd. Notes, 144A		5.750			02/15/21		3,635		3,741,778
Sensata Technologies BV, Gtd. Notes, 144A		4.875			10/15/23		6,075		6,204,094
Gtd. Notes, 144A		5.000			10/01/25		2,000		2,030,000
Gtd. Notes, 144A		5.625			11/01/24		3,560		3,755,800
Sensata Technologies UK Financing Co. PLC, Gtd. Notes, 144A(b)		6.250			02/15/26		6,195		6,675,112
									75,643,234
Software    5.3%
BMC Software Finance, Inc., Sr. Unsec’d. Notes, 144A(b)		8.125			07/15/21		66,455		67,451,825
BMC Software, Inc., Sr. Unsec’d. Notes		7.250			06/01/18		9,500		9,785,000
Boxer Parent Co., Inc., Sr. Unsec’d. Notes, PIK, 144A(b)		9.000			10/15/19		25,795		25,891,731
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., Sr. Unsec’d. Notes, 144A		5.750			03/01/25		10,025		10,353,920
Donnelley Financial Solutions, Inc., Sr. Unsec’d. Notes, 144A		8.250			10/15/24		3,855		3,999,563
First Data Corp., Gtd. Notes, 144A(b)		7.000			12/01/23		68,110		73,218,250
Sec’d. Notes, 144A(b)		5.750			01/15/24		11,170		11,574,913
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl, Gtd. Notes, 144A		10.000			11/30/24		10,825		11,772,188
Infor Software Parent LLC/Infor Software Parent, Inc., Gtd. Notes, PIK, 144A(b)(c)		7.125			05/01/21		32,219		33,105,022
Infor US, Inc., Gtd. Notes(b)(c)		6.500			05/15/22		17,363		18,057,520
Informatica LLC, Sr. Unsec’d. Notes, 144A		7.125			07/15/23		18,300		17,677,800
Nuance Communications, Inc., Gtd. Notes, 144A		5.375			08/15/20		4,194		4,275,699
Gtd. Notes, 144A		6.000			07/01/24		12,775		13,206,156
Rackspace Hosting, Inc., Gtd. Notes, 144A(b)		8.625			11/15/24		8,825		9,299,344
RP Crown Parent LLC, Sr. Sec’d. Notes, 144A		7.375			10/15/24		4,825		5,066,250
									314,735,181

See Notes to Financial Statements.

Prudential High Yield Fund 33

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications    5.6%
Aegis Merger Sub., Inc., Sr. Unsec’d. Notes, 144A		10.250	%		02/15/23		5,225	$	5,799,750
Anixter, Inc., Gtd. Notes		5.500			03/01/23		1,975		2,068,813
Avaya, Inc., Sec’d. Notes, 144A(b)(c)		10.500	(e)		03/01/21		14,305		3,933,875
CenturyLink, Inc., Series G, Sr. Unsec’d. Notes(b)		6.875			01/15/28		4,700		4,553,125
CommScope Technologies Finance LLC, Gtd. Notes, 144A(b)		6.000			06/15/25		15,684		16,781,880
CommScope, Inc., Gtd. Notes, 144A		5.500			06/15/24		3,925		4,111,438
Digicel Group Ltd. (Jamaica), Sr. Unsec’d. Notes, 144A		7.125			04/01/22		780		632,011
Sr. Unsec’d. Notes, 144A		8.250			09/30/20		10,100		8,925,875
Digicel Ltd. (Jamaica), Gtd. Notes, 144A(b)		6.750			03/01/23		9,820		9,034,400
Frontier Communications Corp., Sr. Unsec’d. Notes(b)		6.250			09/15/21		1,475		1,408,625
Sr. Unsec’d. Notes		6.875			01/15/25		2,100		1,769,250
Sr. Unsec’d. Notes(b)		8.750			04/15/22		3,400		3,400,000
Sr. Unsec’d. Notes		9.250			07/01/21		850		894,625
Sr. Unsec’d. Notes(b)		11.000			09/15/25		27,455		27,592,275
GTT Escrow Corp., Gtd. Notes, 144A		7.875			12/31/24		8,130		8,516,175
Inmarsat Finance PLC (United Kingdom), Gtd. Notes, 144A		4.875			05/15/22		5,610		5,610,000
Gtd. Notes, 144A(b)		6.500			10/01/24		6,143		6,342,647
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes(b)		5.500			08/01/23		17,000		13,982,500
Gtd. Notes(b)		7.250			10/15/20		4,600		4,255,000
Intelsat Luxembourg SA (Luxembourg), Gtd. Notes(b)		7.750			06/01/21		11,510		6,474,375
Gtd. Notes(b)		8.125			06/01/23		13,375		7,222,500
Level 3 Financing, Inc., Gtd. Notes		5.125			05/01/23		5,500		5,610,000
Gtd. Notes		5.375			05/01/25		4,425		4,568,813
Gtd. Notes, 144A		5.250			03/15/26		7,702		7,769,392
Sprint Capital Corp., Gtd. Notes(b)		6.875			11/15/28		21,145		22,545,856
Gtd. Notes		6.900			05/01/19		5,660		6,029,711
Gtd. Notes		8.750			03/15/32		5,200		6,240,000
Sprint Communications, Inc., Gtd. Notes, 144A(c)		7.000			03/01/20		1,313		1,434,453
Gtd. Notes, 144A(c)		9.000			11/15/18		2,265		2,477,344
Sprint Corp., Gtd. Notes(b)(c)		7.125			06/15/24		11,990		12,945,483
Gtd. Notes(b)(c)		7.625			02/15/25		30,638		34,161,370
Gtd. Notes(b)(c)		7.875			09/15/23		3,890		4,327,625

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications (cont’d)
T-Mobile USA, Inc., Gtd. Notes(b)		6.375	%		03/01/25		7,375	$	7,927,977
Gtd. Notes(b)		6.500			01/15/26		12,800		14,064,000
Gtd. Notes		6.633			04/28/21		5,900		6,137,180
Telecom Italia SpA (Italy), Sr. Unsec’d. Notes, 144A(b)		5.303			05/30/24		7,400		7,529,500
West Corp., Gtd. Notes, 144A		5.375			07/15/22		7,775		7,467,887
Wind Acquisition Finance SA (Italy), Sec’d. Notes, 144A		7.375			04/23/21		24,550		25,562,687
Sr. Sec’d. Notes, 144A		6.500			04/30/20		3,300		3,424,080
Windstream Services LLC, Gtd. Notes(b)		6.375			08/01/23		6,725		6,119,750
									329,652,247
Textiles    0.4%
Springs Industries, Inc., Sr. Sec’d. Notes		6.250			06/01/21		24,861		25,668,982
Transportation    0.6%
Hornbeck Offshore Services, Inc., Gtd. Notes		5.000			03/01/21		3,625		2,347,187
Gtd. Notes		5.875			04/01/20		5,750		3,823,750
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., Sr. Sec’d. Notes, 144A		7.375			01/15/22		6,100		4,605,500
XPO Logistics, Inc., Gtd. Notes, 144A		6.125			09/01/23		9,850		10,342,500
Gtd. Notes, 144A(b)		6.500			06/15/22		14,685		15,419,250
									36,538,187
TOTAL CORPORATE BONDS (cost $5,226,349,188)									5,379,573,483
NON-CORPORATE FOREIGN AGENCIES    0.6%
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		10.750			02/15/20		9,600		10,416,000
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A(b)		5.000			05/01/25		4,100		4,151,250
Petrobras Global Finance BV (Brazil), Gtd. Notes		6.125			01/17/22		1,265		1,299,787
Gtd. Notes		7.375			01/17/27		4,705		4,921,430
Gtd. Notes		8.375			05/23/21		7,000		7,807,100
Gtd. Notes		8.750			05/23/26		8,000		9,076,000
TOTAL NON-CORPORATE FOREIGN AGENCIES (cost $36,018,595)									37,671,567

See Notes to Financial Statements.

Prudential High Yield Fund 35

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Description	Shares		Value (Note 1)
COMMON STOCKS
Consumer
WKI Holding Co., Inc.^(c)		6,031	$	189,916
Energy Equipment & Services
Seventy Seven Energy, Inc.		2,860		140,140
Oil, Gas & Consumable Fuels
Pacific Exploration & Production Corp. (Colombia)(b)		27,914		1,134,887
TOTAL COMMON STOCKS (cost $2,539,422)				1,464,943
PREFERRED STOCKS    0.2%
Banks    0.1%
Citigroup Capital XIII, (Capital security, fixed to floating preferred), 7.409%(a)(b)		153,000		4,031,550
Building Materials & Construction
New Millennium Homes LLC*^(c)		2,000		90,000
Cable
Adelphia Communications Corp. (Class A Stock)*^(c)(e)		20,000		20
Capital Markets
Goldman Sachs Group, Inc. (The), Series K, (fixed to floating preferred), 6.375%(a)(b)(c)		87,000		2,489,940
Independent Power & Renewable Electricity Producers    0.1%
Dynegy, Inc., Series A, (fixed to floating preferred), 5.375%(b)(c)		162,812		4,871,335
TOTAL PREFERRED STOCKS (cost $14,748,960)				11,482,845
	Units
WARRANTS*
Chemicals
Hercules, Inc., expiring 03/31/29(c)		230		—
Energy Equipment & Services
Seventy Seven Energy, Inc., expiring 08/01/21		15,529		382,013
Media & Entertainment
MediaNews Group, Inc., expiring 03/19/17^(c)		6,854		69
TOTAL WARRANTS (cost $69,881)				382,082
TOTAL LONG-TERM INVESTMENTS (cost $5,355,955,710)				5,500,772,693

See Notes to Financial Statements.

36

Description	Shares		Value (Note 1)
SHORT-TERM INVESTMENTS    30.9%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Short-Term Bond Fund(f)		48,809	$	452,946
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(f)		328,612,944		328,612,944
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $1,501,038,715; includes $1,500,178,530 of cash collateral for securities on loan)(f)(g)		1,500,918,038		1,501,368,313
TOTAL SHORT-TERM INVESTMENTS (cost $1,830,125,286)(Note 3)				1,830,434,203
TOTAL INVESTMENTS    123.6% (cost $7,186,080,996)(Note 5)				7,331,206,896
Liabilities in excess of other assets(h)    (23.6)%				(1,401,301,760	)
NET ASSETS    100.0%			$	5,929,905,136

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.

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

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

* Non-income producing security.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $6,275,195 and 0.1% of net assets.

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2017.

(b) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,469,100,165; cash collateral of $1,500,178,530 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(c) Indicates a security or securities that have been deemed illiquid; the aggregate value of $569,854,885 is approximately 9.6% of net assets.

(d) Indicates a restricted security; the aggregate original cost of such securities is $52,007,450. The aggregate value of $43,276,285 is approximately 0.7% of net assets.

(e) Represents issuer in default on interest payments. Non-income producing security.

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

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

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

See Notes to Financial Statements.

Prudential High Yield Fund 37

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Futures contracts outstanding at February 28, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at February 28, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	768	2 Year U.S. Treasury Notes		Jun. 2017	$	166,158,637	$	166,200,000	$	41,363
	1,003	10 Year U.S. Treasury Notes		Jun. 2017		124,799,707		124,951,859		152,152
	374	20 Year U.S. Treasury Bonds		Jun. 2017		56,183,582		56,719,437		535,855
	165	30 Year U.S. Ultra Treasury Bonds		Jun. 2017		26,316,189		26,693,906		377,717
									$	1,107,087

Cash of $4,020,000 has been segregated with Citigroup to cover requirements for open future contracts at February 28, 2017.

Forward foreign currency exchange contracts outstanding at February 28, 2017:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
Euro,
Expiring 03/02/17	Morgan Stanley		EUR	1,033	$	1,093,133	$	1,094,162	$	1,029

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
Euro,
Expiring 03/02/17	Morgan Stanley		EUR	1,033	$	1,105,316	$	1,094,162	$	11,154
Expiring 04/04/17	Morgan Stanley		EUR	1,033		1,094,950		1,096,035		(1,085	)
					$	2,200,266	$	2,190,197		10,069
									$	11,098

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

38

The following is a summary of the inputs used as of February 28, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Bank Loans	$	—	$	64,205,276	$	5,992,497
Corporate Bonds		—		5,379,570,790		2,693
Non-Corporate Foreign Agencies		—		37,671,567		—
Common Stocks		1,275,027		—		189,916
Preferred Stocks		11,392,825		—		90,020
Warrants		382,013		—		69
Affiliated Mutual Funds		1,830,434,203		—		—
Other Financial Instruments*
Futures Contracts		1,107,087		—		—
OTC Forward Foreign Currency Exchange Contracts		—		11,098		—
Total	$	1,844,591,155	$	5,481,458,731	$	6,275,195

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

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2017 were as follows:

Affiliated Mutual Funds (including 25.3% of collateral for securities on loan)	30.9	%
Media	8.7
Healthcare-Services	6.0
Telecommunications	5.6
Software	5.3
Oil & Gas	5.3
Electric	4.7
Retail	4.6
Chemicals	4.3
Entertainment	4.2
Mining	4.0
Home Builders	3.7
Commercial Services	3.1
Pharmaceuticals	3.0
Food	2.8
Packaging & Containers	2.1
Lodging	2.1	%
Building Materials	1.9
Diversified Financial Services	1.8
Auto Parts & Equipment	1.3
Semiconductors	1.3
Pipelines	1.3
Computers	1.2
Real Estate Investment Trusts (REITs)	1.1
Distribution/Wholesale	1.0
Healthcare-Products	1.0
Miscellaneous Manufacturing	0.9
Iron/Steel	0.8
Real Estate	0.7
Technology	0.7
Coal	0.6
Non-Corporate Foreign Agencies	0.6
Transportation	0.6

See Notes to Financial Statements.

Prudential High Yield Fund 39

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

Metal Fabricate & Hardware	0.6	%
Leisure Time	0.6
Aerospace & Defense	0.6
Machinery-Diversified	0.5
Textiles	0.4
Gas	0.4
Banks	0.4
Environmental Control	0.4
Advertising	0.3
Office/Business Equipment	0.2
Machinery-Construction & Mining	0.2
Engineering & Construction	0.2
Biotechnology	0.2
Electrical Components & Equipment	0.1
Forest Products & Paper	0.1
Agriculture	0.1
Hand/Machine Tools	0.1	%
Gaming	0.1
Household Products/Wares	0.1
Auto Manufacturers	0.1
Home Furnishings	0.1
Beverages	0.1
Independent Power & Renewable Electricity Producers	0.1
Food Service	0.1
Capital Goods	0.1
Retailers	0.1
Housewares	0.1
	123.6
Liabilities in excess of other assets	(23.6	)
	100.0	%

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

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

Fair values of derivative instruments as of February 28, 2017 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Equity contracts	Unaffiliated Investments	$	382,082		—	$	—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		12,183		Unrealized depreciation on OTC forward foreign currency exchange contracts		1,085
Interest rate contracts	Due to/from broker—variation margin futures		1,107,087	*	—		—
		$	1,501,352			$	1,085

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

See Notes to Financial Statements.

40

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2017 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Warrants(1)			Futures			Forward Currency Exchange Contracts(2)		Swaps			Total
Credit contracts	$	—		$	—		$	—	$	(4,578,442	)	$	(4,578,442	)
Equity contracts		(2	)		—			—		—			(2	)
Foreign exchange contracts		—			—			40,027		—			40,027
Interest rate contracts		—			(3,687,033	)		—		—			(3,687,033	)
Total	$	(2	)	$	(3,687,033	)	$	40,027	$	(4,578,442	)	$	(8,225,450	)

(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.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Warrants(1)		Futures		Forward Currency Exchange Contracts(2)		Total
Equity contracts	$	320,422	$	—	$	—	$	320,422
Foreign exchange contracts		—		—		27,234		27,234
Interest rate contracts		—		1,267,872		—		1,267,872
Total	$	320,422	$	1,267,872	$	27,234	$	1,615,528

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

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

For the six months ended February 28, 2017, the Portfolio’s average volume of derivative activities are as follows:

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)		Forward Foreign Currency Exchange Contracts— Purchased(2)		Forward Foreign Currency Exchange Contracts— Sold(2)		Credit Default Swap Agreements— Buy Protection(3)
$	294,979,736	$	55,237,814	$	1,117,477	$	2,243,510	$	33,333,333

(1) Value at Trade Date.

(2) Value at Settlement Date.

(3) Notional Amount in USD.

See Notes to Financial Statements.

Prudential High Yield Fund 41

Portfolio of Investments (unaudited) (continued)

as of February 28, 2017

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

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

Offsetting of financial transaction assets and liabilities:

Description	Gross Amounts of Recognized Assets(3)		Collateral Received(4)			Net Amount
Securities on Loan	$	1,469,100,165	$	(1,469,100,165	)	$  —

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts Available for Offset			Collateral Received(4)	Net Amount
Morgan Stanley	$	12,183		$	(1,085	)	$  —	$	11,098
Counterparty	Gross Amounts of Recognized Liabilities(2)			Gross Amounts Available for Offset			Collateral Pledged(4)	Net Amount
Morgan Stanley	$	(1,085	)	$	1,085		$  —		$  —

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

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

(3) Amount represents market value.

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

See Notes to Financial Statements.

42

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Statement of Assets & Liabilities (unaudited)

as of February 28, 2017

Assets
Investments at value, including securities on loan of $1,469,100,165:
Unaffiliated investments (cost $5,355,955,710)	$	5,500,772,693
Affiliated investments (cost $1,830,125,286)		1,830,434,203
Cash		63,712
Foreign currency, at value (cost $35,789)		35,556
Deposit with broker for futures		4,020,000
Dividends and interest receivable		98,983,979
Receivable for Fund shares sold		26,139,528
Receivable for investments sold		14,489,906
Due from broker—variation margin futures		93,885
Unrealized appreciation on OTC forward foreign currency exchange contracts		12,183
Prepaid expenses		24,277
Total assets		7,475,069,922
Liabilities
Payable to broker for collateral for securities on loan		1,500,178,530
Payable for investments purchased		19,542,293
Payable for Fund shares reacquired		18,688,483
Dividends payable		2,914,820
Management fee payable		1,749,300
Accrued expenses and other liabilities		1,312,214
Distribution fee payable		585,800
Affiliated transfer agent fee payable		184,076
Deferred directors’ fees		8,185
Unrealized depreciation on OTC forward foreign currency exchange contracts		1,085
Total liabilities		1,545,164,786
Net Assets	$	5,929,905,136
Net assets were comprised of:
Common stock, at par	$	10,644,109
Paid-in capital in excess of par		5,901,735,682
		5,912,379,791
Undistributed net investment income		4,173,302
Accumulated net realized loss on investment and foreign currency transactions		(132,892,224	)
Net unrealized appreciation on investments and foreign currencies		146,244,267
Net assets, February 28, 2017	$	5,929,905,136

See Notes to Financial Statements.

44

Class A
Net asset value and redemption price per share ($1,338,381,807 ÷ 240,463,217 shares of common stock issued and outstanding)	$	5.57
Maximum sales charge (4.50% of offering price)		0.26
Maximum offering price to public	$	5.83
Class B
Net asset value, offering price and redemption price per share ($177,469,303 ÷ 31,925,705 shares of common stock issued and outstanding)	$	5.56
Class C
Net asset value, offering price and redemption price per share ($264,560,484 ÷ 47,596,569 shares of common stock issued and outstanding)	$	5.56
Class Q
Net asset value, offering price and redemption price per share ($1,504,289,702 ÷ 270,192,538 shares of common stock issued and outstanding)	$	5.57
Class R
Net asset value, offering price and redemption price per share ($61,974,679 ÷ 11,138,211 shares of common stock issued and outstanding)	$	5.56
Class Z
Net asset value, offering price and redemption price per share ($2,583,229,161 ÷ 463,094,628 shares of common stock issued and outstanding)	$	5.58

See Notes to Financial Statements.

Prudential High Yield Fund 45

Statement of Operations (unaudited)

Six Months Ended February 28, 2017

Net Investment Income (Loss)
Income
Interest income	$	177,731,195
Income from securities lending, net (including affiliated income of $775,620)		1,681,313
Affiliated dividend income		788,719
Unaffiliated dividend income		648,181
Total income		180,849,408
Expenses
Management fee		10,448,865
Distribution fee—Class A		1,648,408
Distribution fee—Class B		666,055
Distribution fee—Class C		1,268,992
Distribution fee—Class R		219,094
Transfer agent’s fees and expenses (including affiliated expense of $457,200)		2,652,000
Custodian and accounting fees		244,000
Registration fees		206,000
Shareholders’ reports		129,000
Directors’ fees		41,000
Insurance expenses		29,000
Legal fees and expenses		21,000
Audit fee		19,000
Miscellaneous		13,411
Total expenses		17,605,825
Less: Distribution fee waiver—Class R		(73,033	)
Net expenses		17,532,792
Net investment income (loss)		163,316,616
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(276))		11,175,522
Futures transactions		(3,687,033	)
Swap agreement transactions		(4,578,442	)
Foreign currency transactions		39,236
		2,949,283
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $328,634)		118,271,077
Futures		1,267,872
Foreign currencies		26,872
		119,565,821
Net gain (loss) on investment and foreign currency transactions		122,515,104
Net Increase (Decrease) In Net Assets Resulting From Operations	$	285,831,720

See Notes to Financial Statements.

46

Statement of Changes in Net Assets (unaudited)

	Six Months Ended February 28, 2017			Year Ended August 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	163,316,616		$	229,527,207
Net realized gain (loss) on investment and foreign currency transactions		2,949,283			(31,419,690	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		119,565,821			146,770,981
Net increase (decrease) in net assets resulting from operations		285,831,720			344,878,498
Dividends from net investment income (Note 1)
Class A		(40,688,014	)		(75,405,006	)
Class B		(5,042,367	)		(11,275,345	)
Class C		(6,885,567	)		(12,620,814	)
Class Q		(19,597,269	)		(12,161,646	)
Class R		(1,732,685	)		(3,128,553	)
Class Z		(92,090,355	)		(122,673,401	)
		(166,036,257	)		(237,264,765	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		1,663,671,283			2,159,239,037
Net asset value of shares issued in reinvestment of dividends and distributions		146,988,943			208,297,523
Cost of shares reacquired		(787,979,358	)		(978,102,009	)
Net increase (decrease) in net assets from Fund share transactions		1,022,680,868			1,389,434,551
Total increase (decrease)		1,142,476,331			1,497,048,284
Net Assets:
Beginning of period		4,787,428,805			3,290,380,521
End of period(a)	$	5,929,905,136		$	4,787,428,805
(a) Includes undistributed net investment income of:	$	4,173,302		$	6,892,943

See Notes to Financial Statements.

Prudential High Yield Fund 47

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended, (“1940 Act”) as a diversified, open-end management investment company. The Company consists of two investment portfolios: Prudential High Yield Fund (the “Fund”) and Prudential Short Duration High Yield Income Fund. These financial statements relate to Prudential High Yield Fund.

The Fund’s investment objective is to maximize current income. As a secondary investment objective, the Fund seeks capital appreciation but only when consistent with the Fund’s primary objective of current income.

Note 1. Accounting Policies

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

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

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

Derivative instruments such as futures or options that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale

48

price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing recent transaction prices for identical or comparable securities.

Bank loans 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.

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.

Prudential High Yield Fund 49

Notes to Financial Statements (unaudited) (continued)

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 Directors of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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

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

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from

50

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

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

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. The contracts are valued daily at current 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. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The 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.

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

Prudential High Yield Fund 51

Notes to Financial Statements (unaudited) (continued)

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 on 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. 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.

Swap Agreements: The Fund may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with 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 a 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.

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.

52

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 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 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.

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

Prudential High Yield Fund 53

Notes to Financial Statements (unaudited) (continued)

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the 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.

54

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 February 28, 2017, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

Warrants and Rights: The Fund may hold warrants and rights acquired either through a direct purchase, included as part of private placement, or pursuant to corporate actions. 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. Such warrants and rights are held as long positions by the Fund until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board of Directors’ approved fair valuation procedures.

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.

Delayed-Delivery Transactions: The Fund may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a capital gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

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

Prudential High Yield Fund 55

Notes to Financial Statements (unaudited) (continued)

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an 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 expects to declare dividends each business day and pay monthly from net investment income; and pay distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may

56

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

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

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

Note 2. Agreements

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

The management fee paid to PGIM Investments is accrued daily and payable monthly, at an annual rate of .50% of the Fund’s average daily net assets up to $250 million, .475% of the next $500 million, .45% of the next $750 million, .425% of the next $500 million, .40% of the next $500 million, .375% of the next $500 million and .35% of the Fund’s average daily net assets in excess of $3 billion. The effective management fee rate was .40% for the six months ended February 28, 2017.

The Company, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class Q, Class R and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C and Class R 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 an annual rate of up to .25%, .75%, 1% and .75% of the average daily net assets of the Class A, B, C and R shares, respectively. PIMS has contractually agreed through December 31, 2017 to limit such expenses to .50% of the average daily net assets of the Class R shares.

Prudential High Yield Fund 57

Notes to Financial Statements (unaudited) (continued)

PIMS has advised the Fund that it has received $1,358,256 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 28, 2017. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended February 28, 2017 it received $62,823 and $19,800 in contingent deferred sales charges imposed upon certain redemptions by Class B and Class C shareholders, respectively.

PGIM Investments, 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 PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s fees and expenses on the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”) and its securities lending cash collateral in the Prudential Institutional Money Market Fund, (the “Money Market Fund”), each a series of Prudential Investments Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. The Fund also invests in the Prudential Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities Exchange Commission (“SEC”), a series of Prudential Investment Portfolios 2 (together with Prudential Core Ultra Short Bond Fund, the “Core Funds”), registered under the 1940 Act and managed by PGIM Investments. For the period ended February 28, 2017, PGIM, Inc. was compensated $395,963 for managing the Fund’s securities lending cash collateral through its subadvisory services to the Money Market Fund. Earnings from the Core Funds and the Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

58

Note 4. Portfolio Securities

The aggregate cost of purchases and the proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for the six months ended February 28, 2017, were $1,712,879,376 and $943,873,751, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2017 were as follows:

Tax Basis	$	7,198,521,784
Appreciation		230,905,355
Depreciation		(98,220,243	)
Net Unrealized Appreciation	$	132,685,112

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

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Fund is permitted to carryforward capital losses realized on or after September 1, 2011 (“post-enactment losses”) for an unlimited period. Post-enactment losses are required to be utilized before the utilization of losses incurred prior to the effective date of the Act. As a result of this ordering rule, capital loss carryforwards related to taxable years ending before August 31, 2012 (“pre-enactment losses”) may have an increased likelihood to expire unused. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses. As of August 31, 2016, the pre and post-enactment losses were approximately:

Post-Enactment Losses:	$	74,760,000
Pre-Enactment Losses:
Expiring 2018	$	49,857,000

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

Note 6. Capital

The Fund offers Class A, Class 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

Prudential High Yield Fund 59

Notes to Financial Statements (unaudited) (continued)

subject to an initial sales charge. The Class A CDSC is waived for purchases by certain retirement or benefit 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.

The Company is authorized to issue 6 billion shares of common stock, $01 par value per share, which have been classified and designated for the Fund into seven classes, designated Class A, Class B, Class C, Class Q, Class R, Class Z and Class T common stock. Of the authorized shares of common stock of the Fund, 665 million are designated for Class A common stock, 50 million are designated for Class B common stock, 200 million are designated for Class C common stock, 1 billion are designated for Class Q common stock, 150 million are designated for Class R common stock, 2.6 billion are designated for Class Z common stock and 750 million are designated for Class T common stock. The Fund currently does not have any Class T shares outstanding.

At reporting period end, 5 shareholders of record held 47% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended February 28, 2017:
Shares sold		36,307,291		$	198,011,905
Shares issued in reinvestment of dividends and distributions		6,211,905			33,937,972
Shares reacquired		(27,411,456	)		(149,138,483	)
Net increase (decrease) in shares outstanding before conversion		15,107,740			82,811,394
Shares issued upon conversion from other share class(es)		1,818,925			9,877,057
Shares reacquired upon conversion into other share class(es)		(15,400,070	)		(84,960,057	)
Net increase (decrease) in shares outstanding		1,526,595		$	7,728,394
Year ended August 31, 2016:
Shares sold		56,268,426		$	293,394,788
Shares issued in reinvestment of dividends and distributions		12,093,016			62,948,624
Shares reacquired		(55,399,875	)		(287,064,270	)
Net increase (decrease) in shares outstanding before conversion		12,961,567			69,279,142
Shares issued upon conversion from other share class(es)		1,779,444			9,278,767
Shares reacquired upon conversion into other share class(es)		(2,241,792	)		(11,774,975	)
Net increase (decrease) in shares outstanding		12,499,219		$	66,782,934

60

Class B	Shares			Amount
Six months ended February 28, 2017:
Shares sold		130,474		$	711,306
Shares issued in reinvestment of dividends and distributions		764,644			4,170,598
Shares reacquired		(2,025,508	)		(11,026,245	)
Net increase (decrease) in shares outstanding before conversion		(1,130,390	)		(6,144,341	)
Shares reacquired upon conversion into other share class(es)		(1,476,229	)		(8,018,951	)
Net increase (decrease) in shares outstanding		(2,606,619	)	$	(14,163,292	)
Year ended August 31, 2016:
Shares sold		488,276		$	2,506,254
Shares issued in reinvestment of dividends and distributions		1,781,912			9,254,370
Shares reacquired		(6,223,869	)		(32,141,255	)
Net increase (decrease) in shares outstanding before conversion		(3,953,681	)		(20,380,631	)
Shares reacquired upon conversion into other share class(es)		(1,610,858	)		(8,404,551	)
Net increase (decrease) in shares outstanding		(5,564,539	)	$	(28,785,182	)
Class C
Six months ended February 28, 2017:
Shares sold		6,512,079		$	35,483,197
Shares issued in reinvestment of dividends and distributions		1,077,317			5,877,169
Shares reacquired		(4,693,053	)		(25,546,687	)
Net increase (decrease) in shares outstanding before conversion		2,896,343			15,813,679
Shares reacquired upon conversion into other share class(es)		(1,243,436	)		(6,773,465	)
Net increase (decrease) in shares outstanding		1,652,907		$	9,040,214
Year ended August 31, 2016:
Shares sold		13,626,241		$	70,885,406
Shares issued in reinvestment of dividends and distributions		2,043,839			10,628,774
Shares reacquired		(13,155,122	)		(67,789,742	)
Net increase (decrease) in shares outstanding before conversion		2,514,958			13,724,438
Shares reacquired upon conversion into other share class(es)		(598,077	)		(3,141,716	)
Net increase (decrease) in shares outstanding		1,916,881		$	10,582,722
Class Q
Six months ended February 28, 2017:
Shares sold		38,311,875		$	210,206,439
Shares issued in reinvestment of dividends and distributions		3,396,244			18,684,047
Shares reacquired		(11,158,221	)		(61,109,160	)
Net increase (decrease) in shares outstanding before conversion		30,549,898			167,781,326
Shares issued upon conversion from other share class(es)		179,607,387			987,840,628
Shares reacquired upon conversion into other share class(es)		(30,429	)		(167,360	)
Net increase (decrease) in shares outstanding		210,126,856		$	1,155,454,594
Year ended August 31, 2016:
Shares sold		51,581,818		$	264,441,391
Shares issued in reinvestment of dividends and distributions		2,246,447			11,745,056
Shares reacquired		(4,615,331	)		(23,834,099	)
Net increase (decrease) in shares outstanding before conversion		49,212,934			252,352,348
Shares issued upon conversion from other share class(es)		4,958			26,228
Net increase (decrease) in shares outstanding		49,217,892		$	252,378,576

Prudential High Yield Fund 61

Notes to Financial Statements (unaudited) (continued)

Class R	Shares			Amount
Six months ended February 28, 2017:
Shares sold		1,968,438		$	10,727,279
Shares issued in reinvestment of dividends and distributions		316,806			1,730,507
Shares reacquired		(1,702,159	)		(9,260,040	)
Net increase (decrease) in shares outstanding		583,085		$	3,197,746
Year ended August 31, 2016:
Shares sold		3,171,239		$	16,472,414
Shares issued in reinvestment of dividends and distributions		600,526			3,125,205
Shares reacquired		(2,831,632	)		(14,694,374	)
Net increase (decrease) in shares outstanding		940,133		$	4,903,245
Class Z
Six months ended February 28, 2017:
Shares sold		221,252,911		$	1,208,531,157
Shares issued in reinvestment of dividends and distributions		15,095,194			82,588,650
Shares reacquired		(97,507,831	)		(531,898,743	)
Net increase (decrease) in shares outstanding before conversion		138,840,274			759,221,064
Shares issued upon conversion from other share class(es)		16,595,375			91,549,933
Shares reacquired upon conversion into other share class(es)		(179,559,147	)		(989,347,785	)
Net increase (decrease) in shares outstanding		(24,123,498	)	$	(138,576,788	)
Year ended August 31, 2016:
Shares sold		289,691,300		$	1,511,538,784
Shares issued in reinvestment of dividends and distributions		21,142,763			110,595,494
Shares reacquired		(106,351,890	)		(552,578,269	)
Net increase (decrease) in shares outstanding before conversion		204,482,173			1,069,556,009
Shares issued upon conversion from other share class(es)		2,825,728			14,876,731
Shares reacquired upon conversion into other share class(es)		(166,016	)		(860,484	)
Net increase (decrease) in shares outstanding		207,141,885		$	1,083,572,256

Note 7. Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. Prior to October 6, 2016, the Funds had a prior SCA that provided a commitment of $900 million in which the Funds paid an annualized commitment fee of .11% of the unused portion of the prior SCA. For the SCA and the prior SCA, the Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid

62

quarterly. The interest on borrowings under each SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

The Fund did not utilize the SCA during the six months ended February 28, 2017.

Note 8. Recent Accounting Pronouncements and Reporting Updates

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

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

Prudential High Yield Fund 63

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.45			$5.38			$5.80			$5.60			$5.59			$5.34
Income (loss) from investment operations:
Net investment income (loss)		.16			.32			.33			.33			.34			.37
Net realized and unrealized gain (loss) on investment transactions		.13			.08			(.41	)		.22			.04			.27
Total from investment operations		.29			.40			(.08	)		.55			.38			.64
Less Dividends:
Dividends from net investment income		(.17	)		(.33	)		(.34	)		(.35	)		(.37	)		(.39	)
Net asset value, end of period		$5.57			$5.45			$5.38			$5.80			$5.60			$5.59
Total Return(b):		5.36%			7.96%			(1.39)%			10.11%			6.85%			12.55%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,338,382			$1,302,432			$1,218,179			$1,347,911			$1,327,678			$1,339,113
Average net assets (000)		$1,329,657			$1,180,916			$1,290,432			$1,355,610			$1,385,567			$1,187,666
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement(d)		.78%	(e)		.82%			.83%			.82%			.83%			.87%
Expenses before waivers and/or expense reimbursement(d)		.78%	(e)		.82%			.85%			.87%			.88%			.92%
Net investment income (loss)		6.08%	(e)		6.18%			5.88%			5.78%			6.04%			6.75%
Portfolio turnover rate		19%	(f)		28%			48%			51%			55%			48%

(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 portfolios in which the Fund invests.

(d) The distributor of the Fund had contractually agreed to limit its distribution and service (12b-1) fees to 25% of the average daily net assets through March 8, 2015. Effective March 9, 2015, the contractual distribution and service (12b-1) fees were reduced from .30% to .25% of the average daily net assets and the .05% contractual 12b-1 fee waiver was terminated.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

64

Class B Shares
	Six Months Ended February 28,			Year Ended August 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.44			$5.37			$5.80			$5.60			$5.59			$5.34
Income (loss) from investment operations:
Net investment income (loss)		.15			.29			.30			.30			.32			.34
Net realized and unrealized gain (loss) on investment transactions		.12			.09			(.42	)		.23			.03			.28
Total from investment operations		.27			.38			(.12	)		.53			.35			.62
Less Dividends:
Dividends from net investment income		(.15	)		(.31	)		(.31	)		(.33	)		(.34	)		(.37	)
Net asset value, end of period		$5.56			$5.44			$5.37			$5.80			$5.60			$5.59
Total Return(b):		5.11%			7.43%			(2.06)%			9.57%			6.33%			12.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$177,469			$188,011			$215,462			$259,756			$213,714			$163,309
Average net assets (000)		$179,086			$191,578			$235,221			$239,412			$194,916			$131,650
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.28%	(d)		1.32%			1.33%			1.32%			1.33%			1.37%
Expenses before waivers and/or expense reimbursement		1.28%	(d)		1.32%			1.33%			1.32%			1.33%			1.37%
Net investment income (loss)		5.57%	(d)		5.67%			5.38%			5.27%			5.53%			6.25%
Portfolio turnover rate		19%	(e)		28%			48%			51%			55%			48%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential High Yield Fund 65

Financial Highlights (unaudited)(continued)

Class C Shares
	Six Months Ended February 28,			Year Ended August 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.44			$5.37			$5.80			$5.59			$5.58			$5.33
Income (loss) from investment operations:
Net investment income (loss)		.14			.28			.29			.29			.30			.32
Net realized and unrealized gain (loss) on investment transactions		.13			.08			(.42	)		.23			.04			.28
Total from investment operations		.27			.36			(.13	)		.52			.34			.60
Less Dividends:
Dividends from net investment income		(.15	)		(.29	)		(.30	)		(.31	)		(.33	)		(.35	)
Net asset value, end of period		$5.56			$5.44			$5.37			$5.80			$5.59			$5.58
Total Return(b):		4.98%			7.16%			(2.31)%			9.49%			6.07%			11.74%
Ratios/Supplemental Data:
Net assets, end of period (000)		$264,560			$250,106			$236,533			$270,142			$247,992			$229,715
Average net assets (000)		$255,904			$224,095			$254,515			$258,825			$260,306			$172,185
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.53%	(d)		1.57%			1.58%			1.57%			1.58%			1.62%
Expenses before waivers and/or expense reimbursement		1.53%	(d)		1.57%			1.58%			1.57%			1.58%			1.62%
Net investment income (loss)		5.33%	(d)		5.42%			5.13%			5.03%			5.29%			5.98%
Portfolio turnover rate		19%	(e)		28%			48%			51%			55%			48%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

66

Class Q Shares
	Six Months Ended February 28,			Year Ended August 31,												October 31, 2011(a) through August 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$5.46			$5.39			$5.81			$5.61			$5.61			$5.41
Income (loss) from investment operations:
Net investment income (loss)		.17			.34			.35			.35			.37			.35
Net realized and unrealized gain (loss) on investment transactions		.12			.08			(.41	)		.23			.02			.19
Total from investment operations		.29			.42			(.06	)		.58			.39			.54
Less Dividends:
Dividends from net investment income		(.18	)		(.35	)		(.36	)		(.38	)		(.39	)		(.34	)
Net asset value, end of period		$5.57			$5.46			$5.39			$5.81			$5.61			$5.61
Total Return(c):		5.37%			8.36%			(1.01)%			10.50%			7.04%			10.41%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,504,290			$327,725			$58,416			$14,336			$7,901			$63,914
Average net assets (000)		$601,196			$178,565			$44,388			$10,563			$52,463			$48,841
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		.42%	(e)		.45%			.46%			.46%			.47%			.50%	(e)
Expenses before waivers and/or expense reimbursement		.42%	(e)		.45%			.46%			.46%			.47%			.50%	(e)
Net investment income (loss)		6.45%	(e)		6.61%			6.27%			6.12%			6.40%			6.97%	(e)
Portfolio turnover rate		19%	(f)		28%			48%			51%			55%			48%	(f)

(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 portfolios in which the Fund invests.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential High Yield Fund 67

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended February 28,			Year Ended August 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$5.45			$5.38			$5.80			$5.60			$5.59			$5.34
Income (loss) from investment operations:
Net investment income (loss)		.16			.31			.31			.32			.33			.35
Net realized and unrealized gain (loss) on investment transactions		.11			.08			(.40	)		.22			.04			.28
Total from investment operations		.27			.39			(.09	)		.54			.37			.63
Less Dividends:
Dividends from net investment income		(.16	)		(.32	)		(.33	)		(.34	)		(.36	)		(.38	)
Net asset value, end of period		$5.56			$5.45			$5.38			$5.80			$5.60			$5.59
Total Return(b):		5.05%			7.70%			(1.63)%			9.84%			6.59%			12.26%
Ratios/Supplemental Data:
Net assets, end of period (000)		$61,975			$57,520			$51,716			$57,502			$50,732			$36,886
Average net assets (000)		$58,911			$50,921			$54,089			$55,379			$47,639			$27,717
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.03%	(d)		1.07%			1.08%			1.07%			1.08%			1.12%
Expenses before waivers and/or expense reimbursement		1.28%	(d)		1.32%			1.33%			1.32%			1.33%			1.37%
Net investment income (loss)		5.83%	(d)		5.93%			5.63%			5.53%			5.78%			6.47%
Portfolio turnover rate		19%	(e)		28%			48%			51%			55%			48%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

68

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$5.46			$5.39			$5.82			$5.62			$5.61			$5.35
Income (loss) from investment operations:
Net investment income (loss)		.17			.34			.34			.35			.36			.38
Net realized and unrealized gain (loss) on investment transactions		.13			.08			(.41	)		.22			.04			.29
Total from investment operations		.30			.42			(.07	)		.57			.40			.67
Less Dividends:
Dividends from net investment income		(.18	)		(.35	)		(.36	)		(.37	)		(.39	)		(.41	)
Net asset value, end of period		$5.58			$5.46			$5.39			$5.82			$5.62			$5.61
Total Return(b):		5.51%			8.26%			(1.29)%			10.38%			7.13%			13.07%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,583,229			$2,661,635			$1,510,074			$1,336,453			$1,010,477			$725,367
Average net assets (000)		$2,881,161			$1,842,948			$1,394,662			$1,254,191			$911,701			$479,766
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.53%	(d)		.57%			.58%			.57%			.58%			.62%
Expenses before waivers and/or expense reimbursement		.53%	(d)		.57%			.58%			.57%			.58%			.62%
Net investment income (loss)		6.34%	(d)		6.44%			6.13%			6.02%			6.29%			6.97%
Portfolio turnover rate		19%	(e)		28%			48%			51%			55%			48%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential High Yield Fund 69

∎   MAIL	∎   TELEPHONE	∎   WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.pgiminvestments.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. 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 • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential High Yield Fund, PGIM 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 HIGH YIELD FUND

SHARE CLASS	A	B	C	Q	R	Z
NASDAQ	PBHAX	PBHYX	PRHCX	PHYQX	JDYRX	PHYZX
CUSIP	74440Y108	74440Y207	74440Y306	74440Y884	74440Y603	74440Y801

MF110E2    

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. 15
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	April 21, 2017

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	April 21, 2017
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	April 21, 2017