0001035018 pipi2:S000002192Member 2012-01-01 2012-12-31 0001035018 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:C000005675Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:C000005676Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:C000005677Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:C000095829Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:C000095830Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:C000005680Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:C000068069Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member rr:AfterTaxesOnDistributionsMember pipi2:C000005675Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member rr:AfterTaxesOnDistributionsAndSalesMember pipi2:C000005675Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:LipperEquityIncomeFundsIndexMember 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:SAndPFiveHundredIndexMember 2012-01-01 2012-12-31 0001035018 pipi2:S000002192Member pipi2:LipperEquityIncomeFundsAverageMember 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:C000060787Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:C000005603Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:C000095828Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:C000005600Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:C000005599Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:C000005598Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member rr:AfterTaxesOnDistributionsMember pipi2:C000005598Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member rr:AfterTaxesOnDistributionsAndSalesMember pipi2:C000005598Member 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:RussellMidcapValueIndexMember 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:SAndPMidcapFourHundredIndexMember 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:RussellMidcapIndexMember 2012-01-01 2012-12-31 0001035018 pipi2:S000002179Member pipi2:LipperMidCapValueFundsAverageMember 2012-01-01 2012-12-31 pure iso4217:USD <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPRUDENTIALJENNISONEQUITYINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPRUDENTIALJENNISONEQUITYINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPRUDENTIALJENNISONEQUITYINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPRUDENTIALJENNISONEQUITYINCOMEFUND column period compact * ~</div> 2012-12-31 485BPOS PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 10 0001035018 2012-12-28 2012-12-31 false 2012-10-31 PRUDENTIAL JENNISON EQUITY INCOME FUND FUND SUMMARY INVESTMENT OBJECTIVE The investment objective of the Fund is to seek income and capital appreciation. FUND FEES AND EXPENSES The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. More information about these discounts is available from your financial professional and is explained in Reducing or Waiving Class A's Initial Sales Charge on page 20 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 46. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio. Example. The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. If Shares Are Redeemed If Shares Are Not Redeemed <ul type="square"><li style="margin-left:-20px" >The distributor of the Fund has contractually agreed until February 28, 2014 to reduce its distribution and service (12b-1) fees for Class A shares to .25% of the average daily net assets of the Class A shares, and to reduce its distribution and service (12b-1) fees for Class R shares to .50% of the average daily net assets of the Class R shares. These waivers may not be terminated by the distributor prior to February 28, 2014. The decision on whether to renew, modify or discontinue the waivers is subject to review by the distributor and the Fund’s Board of Directors. </li></ul> INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. The Fund will invest under normal circumstances at least 65% of its total assets in income-producing equity and equity-related securities. Equity and equity-related securities include common stocks, securities convertible or exchangeable for common stock or the cash value of such common stock, nonconvertible preferred stocks and convertible securities, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and joint ventures and business development companies, securities of real estate investment trusts (REITs) and income and royalty trusts, publicly-traded master limited partnerships, American Depositary Receipts (ADRs) and other similar securities. The Fund may invest in securities of non-U.S. issuers, which we refer to as foreign securities, including stocks and other equity-related securities, money market instruments and other fixed-income securities of foreign issuers. We do not consider American Depositary Receipts (“ADRs”), American Depositary Shares (“ADSs”) and other similar receipts or shares traded in U.S. markets in which the Fund may invest to be foreign securities. The Fund may invest in exchange traded funds (ETFs), and other investment companies subject to the limitations under the Investment Company Act of 1940. The Fund may also participate in the initial public offering (IPO) market. The Fund will seek companies with the ability to sustain and/or grow their dividends. The Fund will employ a value strategy to identify such companies, seeking companies the investment subadviser believes to be fundamentally sound, but are being valued at a discount to their true worth, as defined by the value of their earnings, free cash flow, the value of their assets, their private market value, or some combination of these factors. While we make every effort to achieve the Fund’s objective, we cannot guarantee success. Principal Risks of Investing in the Fund. All investments have risks to some degree. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment. Recent Market Events. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities. In response to the crisis, the U.S. and other governments and U.S. and foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Risk of Increase in Expenses. Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Equity Securities Risk. There is the risk that the price of a particular stock the Fund owns could go down and you could lose money. In addition to an individual stock losing value, the value of the equity markets or a sector of them in which the Fund invests could go down. Different sectors of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Value Style Risk. Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for a period of time, that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced. Historically, value stocks have performed best during periods of economic recovery. Foreign Securities Risk. The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. We do not consider American Depositary Receipts (“ADRs”), American Depositary Shares (“ADSs”) and other similar receipts or shares traded in U.S. markets in which the Fund may invest to be foreign securities. Management Risk. The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect. Market Risk. The securities markets are volatile and the market prices of the Fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. Real Estate Investment Trust (REIT) Risk. An investment in a REIT may be subject to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. In addition, an investment in a REIT is subject to additional risks, such as poor performance by the manager of the REIT, adverse changes to the tax laws or failure by the REIT to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and to the effect of general declines in stock prices. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming. As a shareholder in a REIT, the Fund could bear its ratable share of the REIT’s expenses and would at the same time continue to pay its own fees and expenses. The Fund’s investments in REITs may subject the Fund to duplicate management and/or advisory fees. Illiquid Securities Risk. The Fund may invest to a greater degree in instruments that trade in lower volumes and may make investments that may be less liquid than other investments. The Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. For more information on the risks of investing in this Fund, including the risks of foreign securities, please see How the Fund Invests—Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. The Fund's Past Performance. The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Updated Fund performance information is available online at www.prudentialfunds.com. Annual Total Returns % (Class A Shares)1,2,3 <table cellspacing="0" cellpadding="4" align="center" style="color: rgb(0, 0, 0); font-size: 8pt; text-align: left; background-color: rgb(255, 255, 255); border-left-color: black; border-left-width: 1px; border-left-style: solid; line-height: 10pt; width: 549px; border-collapse: collapse; font-family: Arial; empty-cells: show; margin-bottom: 15pt; border-top-color: black; border-top-width: 1px; border-top-style: solid;"><tr><td valign="bottom" colspan="2" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">Best Quarter:</td><td valign="bottom" colspan="2" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">Worst Quarter:</td></tr><tr><td valign="top" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">19.85%</td><td valign="top" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">2nd Quarter 2009</td><td valign="top" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">-19.33%</td><td valign="top" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">4th Quarter 2008</td></tr></table> Average Annual Total Returns % (including sales charges) (as of 12-31-11) <ul type="square"><li style="margin-left:-20px" >After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. </li></ul> 0.055 0 0 0 0 0 0 0.05 0.01 0 0 0.06 0 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 15 15 0 0 15 0 0.0078 0.0078 0.0078 0.0078 0.0078 0.0078 0.0078 0.003 0.01 0.01 0 0.0075 0.01 0 0.0014 0.0014 0.0014 0.0003 0.0014 0.0014 0.0014 0.0122 0.0192 0.0192 0.0081 0.0167 0.0192 0.0092 -0.0005 0 0 0 -0.0025 0 0 0.0117 0.0192 0.0192 0.0081 0.0142 0.0192 0.0092 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPRUDENTIALMID-CAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPRUDENTIALMID-CAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPRUDENTIALMID-CAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPRUDENTIALMID-CAPVALUEFUND column period compact * ~</div> 695 295 83 145 94 663 911 903 603 502 259 293 1179 1137 1037 450 884 509 1942 1976 2243 1002 1955 1131 663 195 195 83 145 195 94 911 603 603 259 502 603 293 1179 1037 1037 884 1037 450 509 1976 1942 2243 1002 1955 2243 1131 795 1003 1337 2243 -0.0177 -0.0569 -0.0665 -0.0557 0.0011 -0.0608 -0.0293 0.0266 0.0209 0.0307 0.0271 0.0287 0.0251 0.0246 0.0117 0.02 -0.0072 -0.0025 0.0044 0.0426 0.0429 0.0368 0.0292 0.0442 0.0511 0.0616 0.0516 0.0427 0.0441 2004-04-12 2011-01-18 2011-01-18 2008-08-25 2004-04-12 2004-04-12 2004-04-12 0 15 0 15 15 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.01 0.05 0.01 0 0.06 0 0 0 0 0 0 0.055 0.009 0.009 0.009 0.009 0.009 0.009 0.003 0.01 0.01 0 0.01 0 0.0052 0.0052 0.0026 0.0052 0.0052 0.0052 0.0172 0.0242 0.0242 0.0116 0.0242 0.0142 -0.0005 0 0 0 0 0 0.0167 0.0242 0.0242 0.0116 0.0242 0.0142 PRUDENTIAL MID-CAP VALUE FUND FUND SUMMARY INVESTMENT OBJECTIVE FUND FEES AND EXPENSES The investment objective of the Fund is to seek capital growth. The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. <ul type="square"><li style="margin-left:-20px">For the period ending February 28, 2014, the distributor of the Fund has contractually agreed to reduce its distribution and service (12b-1) fees for Class A shares to 0.25% of the average daily net assets of the Class A shares. This waiver may not be terminated by the distributor prior to February 28, 2014. The decision on whether to renew, modify or discontinue the waiver is subject to review by the distributor and the Fund’s Board of Directors.</li></ul> The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. More information about these discounts is available from your financial professional and is explained in Reducing or Waiving Class A's Initial Sales Charge on page 21 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 46. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio. Example. If Shares Are Redeemed If Shares Are Not Redeemed INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. The Fund invests in a diversified portfolio of mid-cap company stocks that the subadviser believes are attractively priced when evaluated using quantitative measures such as price-to-earnings (P/E) ratios. Although the strategy emphasizes attractive valuations, the subadviser also considers other quantifiable characteristics. Such characteristics may include measures of earnings quality, external financing, or trends in the earnings outlook. The emphasis placed on valuation and other factors may vary over time and with market conditions. Quantitative techniques also guide portfolio construction. To manage risk, we limit certain exposures such as the proportion of assets invested in an individual stock or industry. Although the strategy is primarily quantitative, the investment management team may also exercise judgment when evaluating underlying data and positions recommended by our computer models. The subadviser normally invests at least 80% of the Fund’s investable assets in common stocks and securities convertible into common stocks of mid-cap companies, which we consider to be companies with market capitalizations within the market cap range of companies included in the Russell Midcap Index (measured at the time of purchase). The market capitalizations will vary, but as of October 30, 2012, the market capitalization of the largest company in the Russell Midcap Index was approximately $19.56 billion. The Fund will provide 60 days' prior written notice to shareholders of a change in its non-fundamental policy of investing at least 80% of the Fund’s investable assets in common stocks and securities convertible into common stocks of mid-cap companies. The Fund may also invest up to 25% of total assets in real estate investment trusts (REITs). While we make every effort to achieve our investment objective, we can’t guarantee success. The Fund may hold in excess of 200 securities. Principal Risks of Investing in the Fund. All investments have risks to some degree. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment. Recent Market Events. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities. In response to the crisis, the U.S. and other governments and U.S. and foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Risk of Increase in Expenses. Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Equity Securities Risk. There is the risk that the price of a particular stock the Fund owns could go down and you could lose money. In addition to an individual stock losing value, the value of the equity markets or a sector of them in which the Fund invests could go down. Different sectors of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Value Style Risk. Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for a period of time, that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced. Historically, value stocks have performed best during periods of economic recovery. Medium Capitalization (Mid-Cap) Company Risk. The Fund’s investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies’ securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small or large capitalization companies. Real Estate Investment Trust (REIT) Risk. An investment in a REIT may be subject to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. In addition, an investment in a REIT is subject to additional risks, such as poor performance by the manager of the REIT, adverse changes to the tax laws or failure by the REIT to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and to the effect of general declines in stock prices. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming. As a shareholder in a REIT, the Fund could bear its ratable share of the REIT’s expenses and would at the same time continue to pay its own fees and expenses. The Fund’s investments in REITs may subject the Fund to duplicate management and/or advisory fees. Management Risk. The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect. Market Risk. The securities markets are volatile and the market prices of the Fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. For more information on the risks of investing in this Fund, please see How the Fund Invests—Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. The Fund's Past Performance. The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Updated Fund performance information is available online at www.prudentialfunds.com. Annual Total Returns% (Class A Shares)1,2,3 Average Annual Total Returns % (including sales charges) (as of 12-31-11) <ul type="square"><li style="margin-left:-20px">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. </li></ul> 710 745 345 118 February 28, 2014 845 0.72 145 You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. 25000 February 28, 2014 0.25 You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. 25000 and is subject to investment risks, including possible loss of your original investment. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. and is subject to investment risks, including possible loss of your original investment. www.prudentialfunds.com Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. 1057 1055 755 368 These annual total returns do not include sales charges. If the sales charges were included, the annual total returns would be lower than those shown. 1155 www.prudentialfunds.com 449 Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. These annual total returns do not include sales charges. If the sales charges were included, the annual total returns would be lower than those shown. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. 1428 1391 1291 638 1591 776 2465 2502 2756 1409 2756 1702 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. The return for Class A shares from 1-1-12 to 9-30-12 2012-09-30 0.1081 Best Quarter: 2009-06-30 0.1985 2008-12-31 Worst Quarter: -0.1933 The total return of Class A shares from 1-1-12 to 9-30-12 2012-09-30 0.108 Best Quarter: 2009-09-30 0.2352 0.0416 0.1853 0.1062 -0.363 0.4274 0.1888 710 245 245 118 -0.0007 Worst Quarter: 245 145 2008-12-31 1057 755 755 368 -0.2409 755 449 1428 1291 1291 776 1291 638 2465 2502 2756 1409 2756 1702 -0.0078 0.208 0.3726 -0.3507 -0.0099 0.1064 0.1158 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsPRUDENTIALMID-CAPVALUEFUNDBarChart column period compact * ~</div> -0.0644 -0.0243 -0.0667 -0.0044 -0.0623 -0.0635 -0.0391 0.0024 0.0038 0.008 0.0143 -0.0001 -0.0091 -0.0017 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsPRUDENTIALJENNISONEQUITYINCOMEFUNDBarChart column period compact * ~</div> 0.0598 0.0652 0.045 0.0318 0.0452 0.0309 0.0365 2004-04-12 2011-01-18 2005-11-28 2004-04-12 2004-04-12 2004-04-12 -0.0138 -0.0173 -0.0155 -0.0465 0.0004 0.0332 0.0141 -0.0053 0.0767 0.0704 0.0699 0.0584 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPRUDENTIALJENNISONEQUITYINCOMEFUND column period compact * ~</div> <table cellspacing="0" cellpadding="4" align="center" style="color: rgb(0, 0, 0); font-size: 8pt; text-align: left; background-color: rgb(255, 255, 255); border-left-color: black; border-left-width: 1px; border-left-style: solid; line-height: 10pt; width: 549px; border-collapse: collapse; font-family: Arial; empty-cells: show; margin-bottom: 15pt; border-top-color: black; border-top-width: 1px; border-top-style: solid;"><tr><td valign="bottom" colspan="2" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">Best Quarter:</td><td valign="bottom" colspan="2" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">Worst Quarter:</td></tr><tr><td valign="top" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">23.52%</td><td valign="top" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">3rd Quarter 2009</td><td valign="top" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">-24.09%</td><td valign="top" align="center" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; border-right-color: black; border-right-width: 1px; border-right-style: solid;">4th Quarter 2008</td></tr></table> 0 0 0 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPRUDENTIALMID-CAPVALUEFUND column period compact * ~</div> The Fund's prospectus previously displayed annual total returns for Class L shares. Class L returns are no longer utilized because Class L shares no longer exist. Although Class X and Class C shares have 10 calendar years of returns, returns for Class A shares are displayed above because Class X shares are closed to new investors and displaying the returns for Class A shares is consistent with the prospectuses issued by the other funds in the Prudential Investments fund family. The Fund's prospectus previously displayed annual total returns for Class L shares. Class L returns are no longer utilized because Class L shares no longer exist. Although Class X and Class C shares have 10 calendar years of returns, returns for Class A shares are displayed above because Class X shares are closed to new investors and displaying the returns for Class A shares is consistent with the prospectuses issued by the other funds in the Prudential Investments fund family. These annual total returns do not include sales charges. If the sales charges were included, the annual total returns would be lower than those shown. Without the distribution and service (12b-1) fee waiver, the annual returns would have been lower too. The total return of Class A shares from 1-1-12 to 9-30-12 was 10.80%. The Fund's prospectus previously displayed annual total returns for Class L shares. Class L returns are no longer utilized because Class L shares no longer exist. Although Class X and Class C shares have 10 calendar years of returns, returns for Class A shares are displayed above because Class X shares are closed to new investors and displaying the returns for Class A shares is consistent with the prospectuses issued by the other funds in the Prudential Investments fund family. Quantitative Management Associates LLC became the subadviser to the Fund on January 26, 2007. Performance prior to that date is attributable to another subadviser. These annual total returns do not include sales charges. If the sales charges were included, the annual total returns would be lower than those shown. Without the distribution and service (12b-1) fee waiver, the annual returns would have been lower too. The return for Class A shares from 1-1-12 to 9-30-12 was 10.81%. The Fund's prospectus previously displayed annual total returns for Class L shares. Class L returns are no longer utilized because Class L shares no longer exist. Although Class X and Class C shares have 10 calendar years of returns, returns for Class A shares are displayed above because Class X shares are closed to new investors and displaying the returns for Class A shares is consistent with the prospectuses issued by the other funds in the Prudential Investments fund family. Jennison Associates LLC became the subadviser to the Fund on January 12, 2007. Performance prior to that date is attributable to another subadviser.