Target Asset Allocation Funds

0001193125-12-421618.txt : 20121012 0001193125-12-421618.hdr.sgml : 20121012 20121012100016 ACCESSION NUMBER: 0001193125-12-421618 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121012 DATE AS OF CHANGE: 20121012 EFFECTIVENESS DATE: 20121012 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TARGET ASSET ALLOCATION FUNDS CENTRAL INDEX KEY: 0001067442 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-60561 FILM NUMBER: 121141172 BUSINESS ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 9738026469 MAIL ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: STRATEGIC PARTNERS ASSET ALLOCATION FUNDS DATE OF NAME CHANGE: 20010906 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL DIVERSIFIED FUNDS DATE OF NAME CHANGE: 19980930 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL DIVERSIFIED SERIES DATE OF NAME CHANGE: 19980803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TARGET ASSET ALLOCATION FUNDS CENTRAL INDEX KEY: 0001067442 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08915 FILM NUMBER: 121141173 BUSINESS ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 9738026469 MAIL ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: STRATEGIC PARTNERS ASSET ALLOCATION FUNDS DATE OF NAME CHANGE: 20010906 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL DIVERSIFIED FUNDS DATE OF NAME CHANGE: 19980930 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL DIVERSIFIED SERIES DATE OF NAME CHANGE: 19980803

0001067442 S000004703 TARGET CONSERVATIVE ALLOCATION FUND

C000012791 Class X

C000012792 Class R PCLRX

C000012793 Class A PCGAX

C000012794 Class B PBCFX

C000012795 Class C PCCFX

C000012796 Class Z PDCZX

0001067442 S000004704 TARGET MODERATE ALLOCATION FUND

C000012798 Class X

C000012799 Class R SPMRX

C000012800 Class A PAMGX

C000012801 Class B DMGBX

C000012802 Class C PIMGX

C000012803 Class Z PDMZX

0001067442 S000004705 TARGET GROWTH ALLOCATION FUND

C000012805 Class X

C000012806 Class R PGARX

C000012807 Class A PHGAX

C000012808 Class B PIHGX

C000012809 Class C PHGCX

C000012810 Class Z PDHZX

485BPOS 1 d421639d485bpos.htm TARGET ASSET ALLOCATION FUNDS Target Asset Allocation Funds

As filed with the Securities and Exchange Commission on October 12, 2012

Securities Act Registration No. 333-60561

Investment Company Act Registration No. 811-08915

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

PRE-EFFECTIVE AMENDMENT NO.

POST-EFFECTIVE AMENDMENT NO. 25 (X)

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

POST-EFFECTIVE AMENDMENT NO. 25 (X)

Check appropriate box or boxes

Target Asset Allocation Funds

Exact name of registrant as specified in charter

Gateway Center Three, 4th floor

100 Mulberry Street

Newark, New Jersey 07102

Address of Principal Executive Offices including Zip Code

(973) 367-7521

Registrant’s Telephone Number, Including Area Code

Deborah A. Docs

Gateway Center Three, 4th floor

100 Mulberry Street, 4th Floor

Newark, NJ 07102

Name and Address of Agent for Service

It is proposed that this filing will become effective:

(X) immediately upon filing pursuant to paragraph (b)

on ( ) pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on ( ) pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Fund certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Newark, and State of New Jersey, on the 12^th day of October, 2012.

TARGET ASSET ALLOCATION FUNDS

Stuart S. Parker, President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


Signature	Title	Date

*	Trustee
Kevin J. Bannon

*	Trustee
Scott E. Benjamin

*	Trustee
Linda W. Bynoe

*	Trustee
Michael S. Hyland

*	Trustee
Douglas H. McCorkindale

*	Trustee
Stephen P. Munn

*	Trustee and President, Principal Executive Officer
Stuart S. Parker

*	Trustee
Richard A. Redeker

*	Trustee
Robin B. Smith

*	Trustee
Stephen Stoneburn

*	Treasurer, Principal Financial and Accounting
Grace C. Torres	Officer

*By: /s/ Jonathan D. Shain	Attorney-in-Fact	October 12, 2012
Jonathan D. Shain

POWER OF ATTORNEY

The undersigned Directors, Trustees and Officers of the Prudential Investments Mutual Funds, the Target Funds and The Prudential Variable Contract Accounts 2, 10 and 11 (collectively, the “Funds”), hereby constitute, appoint and authorize each of, Andrew French, Claudia DiGiacomo, Deborah A. Docs, Katherine P. Feld, Raymond O’Hara, Amanda Ryan, and Jonathan D. Shain, as true and lawful agents and attorneys-in-fact, to sign, execute and deliver on his or her behalf in the appropriate capacities indicated, any Registration Statements of the Funds on the appropriate forms, any and all amendments thereto (including pre- and post-effective amendments), and any and all supplements or other instruments in connection therewith, including Form N-PX, Forms 3, 4 and 5, as appropriate, to file the same, with all exhibits thereto, with the U.S. Securities and Exchange Commission (the “SEC”) and the securities regulators of appropriate states and territories, and generally to do all such things in his or her name and behalf in connection therewith as said attorney-in-fact deems necessary or appropriate to comply with the provisions of the Securities Act of 1933, section 16(a) of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, all related requirements of the SEC and all requirements of appropriate states and territories. The undersigned do hereby give to said agents and attorneys-in-fact full power and authority to act in these premises, including, but not limited to, the power to appoint a substitute or substitutes to act hereunder with the same power and authority as said agents and attorneys-in-fact would have if personally acting. The undersigned do hereby approve, ratify and confirm all that said agents and attorneys-in-fact, or any substitute or substitutes, may do by virtue hereof.



/s/ Kevin J. Bannon		/s/ Stuart S. Parker
Kevin J. Bannon		Stuart S. Parker

/s/ Scott E. Benjamin		/s/ Richard A. Redeker
Scott E. Benjamin		Richard A. Redeker

/s/ Linda W. Bynoe		/s/ Robin B. Smith
Linda W. Bynoe		Robin B. Smith

/s/ Michael S. Hyland		/s/ Stephen Stoneburn
Michael S. Hyland		Stephen Stoneburn

/s/ Douglas H. McCorkindale		/s/ Grace C. Torres
Douglas H. McCorkindale		Grace C. Torres

/s/ Stephen P. Munn
Stephen P. Munn

Dated: June 6, 2012

Exhibit Index


Exhibit No.		Description
EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 taaf-20120928.xml XBRL INSTANCE DOCUMENT 0001067442 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:C000012807Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:C000012806Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:C000012805Member 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:C000012793Member 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:C000012792Member 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:C000012791Member 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:C000012798Member 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:C000012799Member 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:C000012800Member 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:C000012801Member 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:C000012802Member 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:C000012803Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:C000012808Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:C000012809Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:C000012810Member 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:C000012794Member 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:C000012795Member 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:C000012796Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member rr:AfterTaxesOnDistributionsMember taaf:C000012807Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member rr:AfterTaxesOnDistributionsAndSalesMember taaf:C000012807Member 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:CustomizedBlendIndexMember 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:SAndPFiveHundredIndexMember 2011-09-29 2012-09-28 0001067442 taaf:S000004705Member taaf:LipperLargeCapCoreFundsAverageMember 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member rr:AfterTaxesOnDistributionsMember taaf:C000012793Member 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member rr:AfterTaxesOnDistributionsAndSalesMember taaf:C000012793Member 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:CustomizedBlendIndexMember 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:SAndPFiveHundredIndexMember 2011-09-29 2012-09-28 0001067442 taaf:S000004703Member taaf:LipperMixedAssetTargetAllocationConservativeFundsAverageMember 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member rr:AfterTaxesOnDistributionsAndSalesMember taaf:C000012800Member 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:SAndPFiveHundredIndexMember 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:LipperMixedAssetTargetAllocationGrowthFundsAverageMember 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member taaf:CustomizedBlendIndexMember 2011-09-29 2012-09-28 0001067442 taaf:S000004704Member rr:AfterTaxesOnDistributionsMember taaf:C000012800Member 2011-09-29 2012-09-28 iso4217:USD pure TARGET ASSET ALLOCATION FUNDS 485BPOS 0001067442 2012-09-28 2012-09-28 2012-09-28 2012-07-31 false SUMMARY: CONSERVATIVE ALLOCATION FUND SUMMARY: GROWTH ALLOCATION FUND INVESTMENT OBJECTIVE The investment objective of the Fund is to seek to provide current income and reasonable level of capital appreciation. INVESTMENT OBJECTIVE FUND FEES AND EXPENSES The investment objective of the Fund is to seek to provide long-term 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 53 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 68. Shareholder Fees (fees paid directly from your investment) 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 53 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 68. 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) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. 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. 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. INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. Principal Risks of Investing in the Fund. The Fund is one of three funds which, together, comprise the Target Asset Allocation Funds. The Funds are designed for investors who want investment professionals to make their asset allocation decisions in light of their personal investment goals and risk tolerance. Each Fund pursues its investment objective by investing in a mix of equity and fixed-income securities appropriate for a particular type of investor. Each Fund may serve as the cornerstone of a larger investment portfolio. The risk/return balance of each Fund depends upon the proportion of assets it allocates to different types of investments. Higher risk does not always result in higher returns. The Manager (Prudential Investments LLC) has developed an asset allocation strategy for each Fund designed to provide a mix of investment types and styles that is appropriate for investors with conservative, moderate and aggressive investment orientations. Each Fund has a distinct investment objective and is situated differently along the risk/return spectrum, as illustrated in the following table: <img src="g421639pruriskreturn.jpg"></img> The Target Conservative Allocation Fund may be appropriate for investors, such as those in early retirement, who need to draw income from investments while obtaining a measure of long-term capital growth as a hedge against inflation. The Fund’s focus on bonds for greater stability of principal also makes it suitable for conservative investors seeking income and modest growth, especially those concerned about market volatility. The Manager has contracted with several subadvisers to manage the assets of the Fund. Each subadviser manages a portion of the Fund’s assets, focusing on a particular type and style of investing. The Manager monitors the performance of the Fund’s subadvisers and allocates the Fund’s assets among its subadvisers. The Manager believes that its asset allocation strategy and multi-subadviser approach will enhance the performance of the Fund and minimize its volatility. First, the Manager has identified a select group of experienced subadvisers. Although each subadviser will focus the management of its Fund segment on a particular type and style of investing, the Manager believes that the combined efforts of several subadvisers will result in a prudently diversified Fund. Secondly, the Manager believes that, at any given time, certain investment types and styles will generate higher returns than others. Accordingly, the Manager believes that diversifying the Fund among a variety of investment types and styles will reduce volatility relative to the price movements of a single asset class. Please see How the Funds Invest in this Prospectus for specific information on each subadviser, the Fund segments managed by each subadviser and the allocations among subadvisers as a percentage of long-term investments. The allocations among subadvisers are reviewed by the Manager periodically, and the allocations among subadvisers may be altered or adjusted by the Manager without prior notice to shareholders. Such adjustments will be reflected in an annual update to this Prospectus. In response to market developments, the Manager may rebalance the allocation of the Fund’s assets or may add or eliminate Fund segments in accordance with the Fund’s investment objective and the investment policies of the Fund. Principal Risks of Investing in the Fund. INVESTMENT OBJECTIVE FUND FEES AND EXPENSES Shareholder Fees (fees paid directly from your investment) 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 equity and debt capital markets in the United States and internationally have experienced unprecedented volatility. The financial crisis has caused a significant decline in the value and liquidity of many securities. This environment could make identifying investment risks and opportunities especially difficult for the investment subadvisers. These market conditions may continue or get worse. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support could negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the United States calls for changes in many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be 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. Market Risk for Common Stocks. Since the Fund invests in common stocks, there is the risk that the price of a particular stock owned by the Fund could go down. Generally, the stock price of large companies is more stable than the stock price of smaller companies, but this is not always the case. In addition to an individual stock losing value, the value of a market sector or of the equity market as a whole could go down. In addition, different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Small- and Medium-Size Company Risk. The Fund invests in stocks of small-size (“small-cap”) companies. In addition, each of the subadvisers that invests in stocks may from time to time invest in stocks of medium-size (“mid-cap”) companies. Mid-cap companies are similar to those found in the Russell MidCap Index, a market capitalization weighted index of common stocks designed to track the performance of mid-cap companies. Small- and mid-cap companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and mid-cap companies tend to fluctuate more than the stocks of larger, more established companies. Style Risk. Since some of the Fund segments focus on either a growth or value style, there is the risk that a particular style may be out of favor for a period of time. Political Developments. Political developments may adversely affect the value of the Fund’s foreign securities. Foreign Market Risk. Investing in foreign securities involves more risk than investing in securities of U.S. issuers. Foreign markets—especially emerging markets—tend to be more volatile than U.S. markets and are generally not subject to regulatory requirements comparable to those in the U.S. Currency Risk. Changes in currency exchange rates may affect the value of foreign securities held by the Fund and the amount of income available for distribution. If a foreign currency grows weaker relative to the U.S. dollar, the value of securities denominated in that foreign currency generally decreases in terms of U.S. dollars. If the Fund does not correctly anticipate changes in exchange rates, certain hedging activities may also cause the Fund to lose money and reduce the amount of income available for distribution. Derivatives Risk. The Fund may use derivatives including swaps, options and futures as a principal investment strategy to improve its returns or to protect its assets. When used for hedging purposes, derivatives may not fully offset or match the Fund’s underlying positions and this could result in losses to the Fund that would not otherwise have occurred. Leverage Risk. The Fund may borrow from banks or through reverse repurchase agreements and dollar rolls to take advantage of investment opportunities. This is known as using “leverage.” If the Fund borrows money to purchase securities and those securities decline in value, then the value of the Fund’s shares will decline faster than if the Fund were not leveraged. Management Risk. Actively managed mutual funds are subject to management risk. The subadvisers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the securities selected by the subadvisers may underperform the markets in general, the Fund’s benchmark and other mutual funds with similar investment objectives. Liquidity Risk. The risk that the Fund may invest to a greater degree in securities that trade in lower volumes and may make investments that may be less liquid than other investments. Also, the risk that 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 security 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, please see How the Fund Invests—Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example. 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. The investment objective of Fund is to seek to provide capital appreciation and a reasonable level of current income. 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 53 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 68. <center>Annual Total Returns % (Class A Shares)1</center> 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. Average Annual Total Returns % (as of 12-31-11) www.prudentialfunds.com Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. 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; <center>Annual Total Returns % (Class A Shares)1</center> <div> <div class="MetaData"> <div> </div> <div> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; font-family: Arial; empty-cells: show; margin-bottom: 15pt; font-size: 8pt; border-top: black 1px solid;" cellspacing="0" cellpadding="4" align="center"> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Best Quarter:</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Worst Quarter:</td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">9.80%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">3rd Quarter 2009</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-7.94%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">4th Quarter 2008</td></tr></table></div></div> </div> ° The distributor of the Fund has contractually agreed through November 30, 2013 to reduce its distribution and service (12b-1) fees for Class A shares to an annual rate of .25% of the average daily net assets of Class A shares and its distribution and service (12b-1) fees for Class R shares to an annual rate of .50% of the average daily net assets of Class R shares. These waivers may not be terminated prior to November 30, 2013. The decision on whether to renew, modify or terminate the waivers is subject to review by the distributor and the Fund’s Board of Trustees. ° The distributor of the Fund has contractually agreed through November 30, 2013 to reduce its distribution and service (12b-1) fees for Class A shares to an annual rate of .25% of the average daily net assets of Class A shares and its distribution and service (12b-1) fees for Class R shares to an annual rate of .50% of the average daily net assets of Class R shares. These waivers may not be terminated prior to November 30, 2013. The decision on whether to renew, modify or terminate the waivers is subject to review by the distributor and the Fund’s Board of Trustees. Portfolio Turnover. 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 68% of the average value of its portfolio. 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 248% of the average value of its portfolio. <div> <div class="MetaData"> <div> </div> <div> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; font-family: Arial; empty-cells: show; margin-bottom: 15pt; font-size: 8pt; border-top: black 1px solid;" cellspacing="0" cellpadding="4" align="center"> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Best Quarter:</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Worst Quarter:</td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">17.94%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2003</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-22.16%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">4th Quarter 2008</td></tr></table></div></div> </div> 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 equity and debt capital markets in the United States and internationally have experienced unprecedented volatility. The financial crisis has caused a significant decline in the value and liquidity of many securities. This environment could make identifying investment risks and opportunities especially difficult for the investment subadvisers. These market conditions may continue or get worse. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support could negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the United States calls for changes in many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be 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. Market Risk for Common Stocks. Since the Fund invests in common stocks, there is the risk that the price of a particular stock owned by the Fund could go down. Generally, the stock price of large companies is more stable than the stock price of smaller companies, but this is not always the case. In addition to an individual stock losing value, the value of a market sector or of the equity market as a whole could go down. In addition, different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Small- and Medium-Size Company Risk. The Fund invests in stocks of small-size (“small-cap”) companies. In addition, each of the subadvisers that invests in stocks may from time to time invest in stocks of medium-size (“mid-cap”) companies. Mid-cap companies are similar to those found in the Russell MidCap Index, a market capitalization weighted index of common stocks designed to track the performance of mid-cap companies. Small- and mid-cap companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and mid-cap companies tend to fluctuate more than the stocks of larger, more established companies. Style Risk. Since some of the Fund segments focus on either a growth or value style, there is the risk that a particular style may be out of favor for a period of time. Political Developments. Political developments may adversely affect the value of the Fund’s foreign securities. Foreign Market Risk. Investing in foreign securities involves more risk than investing in securities of U.S. issuers. Foreign markets—especially emerging markets—tend to be more volatile than U.S. markets and are generally not subject to regulatory requirements comparable to those in the U.S. Currency Risk. Changes in currency exchange rates may affect the value of foreign securities held by the Fund and the amount of income available for distribution. If a foreign currency grows weaker relative to the U.S. dollar, the value of securities denominated in that foreign currency generally decreases in terms of U.S. dollars. If the Fund does not correctly anticipate changes in exchange rates, certain hedging activities may also cause the Fund to lose money and reduce the amount of income available for distribution. Derivatives Risk. The Fund may use derivatives including swaps, options and futures as a principal investment strategy to improve its returns or to protect its assets. When used for hedging purposes, derivatives may not fully offset or match the Fund’s underlying positions and this could result in losses to the Fund that would not otherwise have occurred. Leverage Risk. The Fund may borrow from banks or through reverse repurchase agreements and dollar rolls to take advantage of investment opportunities. This is known as using “leverage.” If the Fund borrows money to purchase securities and those securities decline in value, then the value of the Fund’s shares will decline faster than if the Fund were not leveraged. Management Risk. Actively managed mutual funds are subject to management risk. The subadvisers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the securities selected by the subadvisers may underperform the markets in general, the Fund’s benchmark and other mutual funds with similar investment objectives. Liquidity Risk. The risk that the Fund may invest to a greater degree in securities that trade in lower volumes and may make investments that may be less liquid than other investments. Also, the risk that 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 security 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. Interest Rate Risk. Debt obligations with longer maturities typically offer higher yields, but are subject to greater price shifts as a result of interest rate changes than debt obligations with shorter maturities. The prices of debt obligations generally move in the opposite direction to that of market interest rates. Market Risk for Debt Obligations. Debt obligations are subject to market risk, which is the possibility that the market value of an investment may move up or down and that its movement may occur quickly or unpredictably. Market risk may affect an industry, a sector or the entire market. Credit Risk. The debt obligations in which the Fund invests are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due. The Fund may invest in below-investment-grade securities—also known as “junk bonds”—which have a higher risk of default and tend to be less liquid than higher-rated securities. The Fund may also invest in debt obligations of foreign issuers. Investing in foreign securities presents additional risks. Prepayment Risk. The Fund may invest in mortgage-related securities and asset-backed securities, which are subject to prepayment risk. If these securities are prepaid, the Fund may have to replace them with lower-yielding securities. Stripped mortgage-backed securities are generally more sensitive to changes in prepayment and interest rates than other mortgage-related securities. Portfolio Turnover Risk. The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance. 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 total return for Class A shares from 1/1/126/30/12 2012-06-30 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. Best Quarter: 2003-06-30 2004-10-04 2004-10-04 Best Quarter: 2009-09-30 Worst Quarter: 2008-12-31 Worst Quarter: 2008-12-31 The total return for Class A shares from 1/1/126/30/12 2012-06-30 ° 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 Class A shares. After-tax returns for other classes will vary due to differing sales charges and expenses. 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 Class A shares. After-tax returns for other classes will vary due to differing sales charges and expenses. Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. www.prudentialfunds.com 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. If Shares Are Not Redeemed If Shares Are Redeemed INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. ° 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 Class A shares. After-tax returns for other classes will vary due to differing sales charges and expenses. 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 Class A shares. After-tax returns for other classes will vary due to differing sales charges and expenses. Average Annual Total Returns % (as of 12-31-11) <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesTARGETGROWTHALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesTARGETGROWTHALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedTARGETGROWTHALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedTARGETGROWTHALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedTARGETGROWTHALLOCATIONFUND column period compact * ~</div> If Shares Are Not Redeemed If Shares Are Redeemed The Fund is one of three funds which, together, comprise the Target Asset Allocation Funds. The Funds are designed for investors who want investment professionals to make their asset allocation decisions in light of their personal investment goals and risk tolerance. Each Fund pursues its investment objective by investing in a mix of equity and fixed-income securities appropriate for a particular type of investor. Each Fund may serve as the cornerstone of a larger investment portfolio. The risk/return balance of each Fund depends upon the proportion of assets it allocates to different types of investments. Higher risk does not always result in higher returns. The Manager (Prudential Investments LLC) has developed an asset allocation strategy for each Fund designed to provide a mix of investment types and styles that is appropriate for investors with conservative, moderate and aggressive investment orientations. Each Fund has a distinct investment objective and is situated differently along the risk/return spectrum, as illustrated in the following table: <img src="g421639pruriskreturn.jpg"></img> The Target Moderate Allocation Fund may be appropriate for investors looking for a balance of long-term capital growth and current income (e.g., investors in their 50s who are saving on a regular basis for retirement and who plan to retire in their early to mid 60s). The Fund offers a diversified approach to equities for long-term growth, but will normally maintain a substantial component of fixed-income securities to provide current income and a measure of stability. The Manager has contracted with several subadvisers to manage the assets of the Fund. Each subadviser manages a portion of the Fund’s assets, focusing on a particular type and style of investing. The Manager monitors the performance of the Fund’s subadvisers and allocates the Fund’s assets among its subadvisers. The Manager believes that its asset allocation strategy and multi-subadviser approach will enhance the performance of the Fund and minimize its volatility. First, the Manager has identified a select group of experienced subadvisers. Although each subadviser will focus the management of its Fund segment on a particular type and style of investing, the Manager believes that the combined efforts of several subadvisers will result in a prudently diversified Fund. Secondly, the Manager believes that, at any given time, certain investment types and styles will generate higher returns than others. Accordingly, the Manager believes that diversifying the Fund among a variety of investment types and styles will reduce volatility relative to the price movements of a single asset class. Please see How the Funds Invest in this Prospectus for specific information on each subadviser, the Fund segments managed by each subadviser and the allocations among subadvisers as a percentage of long-term investments. The allocations among subadvisers are reviewed by the Manager periodically, and the allocations among subadvisers may be altered or adjusted by the Manager without prior notice to shareholders. Such adjustments will be reflected in an annual update to this Prospectus. In response to market developments, the Manager may rebalance the allocation of the Fund’s assets or may add or eliminate Fund segments in accordance with the Fund’s investment objective and the investment policies of the Fund. 2004-10-04 2004-10-04 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; 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. 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. 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 174% of the average value of its portfolio. INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. The Fund’s Past Performance. 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 equity and debt capital markets in the United States and internationally have experienced unprecedented volatility. The financial crisis has caused a significant decline in the value and liquidity of many securities. This environment could make identifying investment risks and opportunities especially difficult for the investment subadvisers. These market conditions may continue or get worse. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support could negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the United States calls for changes in many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be 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. Market Risk for Common Stocks. Since the Fund invests in common stocks, there is the risk that the price of a particular stock owned by the Fund could go down. Generally, the stock price of large companies is more stable than the stock price of smaller companies, but this is not always the case. In addition to an individual stock losing value, the value of a market sector or of the equity market as a whole could go down. In addition, different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Small- and Medium-Size Company Risk. The Fund invests in stocks of small-size (“small-cap”) companies. In addition, each of the subadvisers that invests in stocks may from time to time invest in stocks of medium-size (“mid-cap”) companies. Mid-cap companies are similar to those found in the Russell MidCap Index, a market capitalization weighted index of common stocks designed to track the performance of mid-cap companies. Small- and mid-cap companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and mid-cap companies tend to fluctuate more than the stocks of larger, more established companies. Style Risk. Since some of the Fund segments focus on either a growth or value style, there is the risk that a particular style may be out of favor for a period of time. Political Developments. Political developments may adversely affect the value of the Fund’s foreign securities. Foreign Market Risk. Investing in foreign securities involves more risk than investing in securities of U.S. issuers. Foreign markets—especially emerging markets—tend to be more volatile than U.S. markets and are generally not subject to regulatory requirements comparable to those in the U.S. Currency Risk. Changes in currency exchange rates may affect the value of foreign securities held by the Fund and the amount of income available for distribution. If a foreign currency grows weaker relative to the U.S. dollar, the value of securities denominated in that foreign currency generally decreases in terms of U.S. dollars. If the Fund does not correctly anticipate changes in exchange rates, certain hedging activities may also cause the Fund to lose money and reduce the amount of income available for distribution. Derivatives Risk. The Fund may use derivatives including swaps, options and futures as a principal investment strategy to improve its returns or to protect its assets. When used for hedging purposes, derivatives may not fully offset or match the Fund’s underlying positions and this could result in losses to the Fund that would not otherwise have occurred. Leverage Risk. The Fund may borrow from banks or through reverse repurchase agreements and dollar rolls to take advantage of investment opportunities. This is known as using “leverage.” If the Fund borrows money to purchase securities and those securities decline in value, then the value of the Fund’s shares will decline faster than if the Fund were not leveraged. Management Risk. Actively managed mutual funds are subject to management risk. The subadvisers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the securities selected by the subadvisers may underperform the markets in general, the Fund’s benchmark and other mutual funds with similar investment objectives. Liquidity Risk. The risk that the Fund may invest to a greater degree in securities that trade in lower volumes and may make investments that may be less liquid than other investments. Also, the risk that a 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 security 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. Interest Rate Risk. Debt obligations with longer maturities typically offer higher yields, but are subject to greater price shifts as a result of interest rate changes than debt obligations with shorter maturities. The prices of debt obligations generally move in the opposite direction to that of market interest rates. Market Risk for Debt Obligations. Debt obligations are also subject to market risk, which is the possibility that the market value of an investment may move up or down and that its movement may occur quickly or unpredictably. Market risk may affect an industry, a sector or the entire market. Credit Risk. The debt obligations in which the Fund invests are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due. The Fund may invest in below-investment-grade securities—also known as “junk bonds”—which have a higher risk of default and tend to be less liquid than higher-rated securities. The Fund may also invest in debt obligations of foreign issuers. Investing in foreign securities presents additional risks. Prepayment Risk. The Fund may invest in mortgage-related securities and asset-backed securities, which are subject to prepayment risk. If these securities are prepaid, the Fund may have to replace them with lower-yielding securities. Stripped mortgage-backed securities are generally more sensitive to changes in prepayment and interest rates than other mortgage-related securities. Portfolio Turnover Risk. The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance. 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. November 30, 2013 2004-10-04 2004-10-04 If Shares Are Redeemed If Shares Are Not Redeemed 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 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. 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. www.prudentialfunds.com Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. <div> <div class="MetaData"> <div> </div> <div> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; font-family: Arial; empty-cells: show; margin-bottom: 15pt; font-size: 8pt; border-top: black 1px solid;" cellspacing="0" cellpadding="4" align="center"> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Best Quarter:</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Worst Quarter:</td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">12.96%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2003</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-13.86%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">4th Quarter 2008</td></tr></table></div></div> </div> Best Quarter: 2003-06-30 The Fund is one of three funds which, together, comprise the Target Asset Allocation Funds. The Funds are designed for investors who want investment professionals to make their asset allocation decisions in light of their personal investment goals and risk tolerance. Each Fund pursues its investment objective by investing in a mix of equity and fixed-income securities appropriate for a particular type of investor. Each Fund may serve as the cornerstone of a larger investment portfolio. The risk/return balance of each Fund depends upon the proportion of assets it allocates to different types of investments. Higher risk does not always result in higher returns. The Manager (Prudential Investments LLC) has developed an asset allocation strategy for each Fund designed to provide a mix of investment types and styles that is appropriate for investors with conservative, moderate and aggressive investment orientations. Each Fund has a distinct investment objective and is situated differently along the risk/return spectrum, as illustrated in the following table: <img src="g421639pruriskreturn.jpg"></img> The Target Growth Allocation Fund may be appropriate for investors seeking long-term capital growth. In addition, investors who already have a diversified portfolio may find this allocation suitable as an additional growth component (e.g., investors in their 20s, 30s or 40s who are saving for retirement and who plan to retire in their early to mid 60s). SUMMARY: MODERATE ALLOCATION FUND Average Annual Total Returns % (as of 12-31-11) ° 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 Class A shares. After-tax returns for other classes will vary due to differing sales charges and expenses. <center>Annual Total Returns % (Class A Shares)1</center> ° The distributor of the Fund has contractually agreed through November 30, 2013 to reduce its distribution and service (12b-1) fees for Class A shares to an annual rate of .25% of the average daily net assets of Class A shares and its distribution and service (12b-1) fees for Class R shares to an annual rate of .50% of the average daily net assets of Class R shares. These waivers may not be terminated prior to November 30, 2013. The decision on whether to renew, modify or terminate the waivers is subject to review by the distributor and the Fund’s Board of Trustees. 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 Class A shares. After-tax returns for other classes will vary due to differing sales charges and expenses. <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesTARGETCONSERVATIVEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesTARGETCONSERVATIVEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedTARGETCONSERVATIVEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedTARGETCONSERVATIVEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedTARGETCONSERVATIVEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsTARGETCONSERVATIVEALLOCATIONFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesTARGETMODERATEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesTARGETMODERATEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedTARGETMODERATEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedTARGETMODERATEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsTARGETMODERATEALLOCATIONFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedTARGETMODERATEALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsTARGETGROWTHALLOCATIONFUNDBarChart column period compact * ~</div> November 30, 2013 November 30, 2013 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. Worst Quarter: 2008-12-31 The total return for Class A shares from 1/1/126/30/12 2012-06-30 25000 25000 15 15 15 0 15 0 686 719 319 169 819 118 982 976 676 576 1076 368 1299 1259 1159 1008 1459 638 2196 2232 2493 2212 2493 1409 686 219 219 169 219 118 982 676 676 576 676 368 1299 1159 1159 1008 1159 638 2196 2.232 2493 2212 2493 1409 699 733 333 183 833 132 1023 1018 718 619 1118 412 1368 1330 1230 1080 1530 713 2342 2378 2636 2359 2636 1568 698 232 232 182 232 131 1020 715 715 616 716 409 1364 1225 1225 1075 1225 708 2331 2368 2626 2626 2349 1556 699 233 233 183 233 132 1023 718 718 619 718 412 1368 1230 1230 1080 1230 713 2342 2378 2636 2359 2636 1568 698 732 332 182 832 131 1020 1015 715 616 1116 409 1364 1325 1225 1075 1525 708 2331 2368 2626 2349 2626 1556 15 15 15 0 15 0 25000 15 15 15 0 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0075 0.0075 0.0075 0 0.01 0.0075 0.01 0.01 0.003 0.0055 0.0055 0.0055 0.0055 0.0055 0.0075 0.0075 0.0075 -0.0005 0 0 -0.0025 0 0 0.0155 0.023 0.023 0.018 0.023 0.013 0.0055 0.013 0.023 0.0205 0.023 0.023 0.016 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0 0.01 0.0075 0.01 0.01 0.003 0.0054 0.0054 0.0054 0.0054 0.0054 0.0054 0.0129 0.0229 0.0204 0.0229 0.0229 0.0159 0 0 -0.0025 0 0 -0.0005 0.0129 0.0229 0.0179 0.0229 0.0229 0.0154 0.055 0 0 0 0 0 0.055 0 0 0 0 0 0.01 0.05 0.01 0 0.06 0 0.01 0.05 0.01 0 0.06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -0.1007 -0.0628 -0.0485 -0.103 -0.0436 -0.0988 -0.0992 -0.0637 -0.0171 0.0209 -0.0067 -0.0385 -0.0366 -0.0319 -0.0376 -0.0271 -0.0405 -0.0442 -0.034 -0.0091 -0.0025 -0.0087 0.0213 0.0214 0.0317 0.0232 0.0191 0.0201 0.038 0.0292 0.0241 0.0235 0.0204 -0.2067 0.3442 0.1398 0.0968 0.1604 0.0622 -0.4021 0.2482 0.1385 -0.0463 0.055 0 0 0 0 0 0.01 0.05 0.01 0 0.06 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0075 0.0075 0.0075 0.0075 0.0075 0.003 0.01 0.01 0.0075 0.01 0.0075 0 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0146 0.0216 0.0216 0.0191 0.0216 0.0116 -0.0005 0 0 0 -0.0025 0 0.0141 0.0216 0.0216 0.0166 0.0216 0.0116 -0.0392 -0.0002 0.0154 -0.0492 0.0201 -0.0382 -0.0422 -0.0233 0.0543 0.0209 0.0206 0.0199 0.0214 0.0267 0.017 0.0319 0.0178 0.0073 0.0101 0.0433 -0.0025 0.0288 0.0378 0.0377 0.0483 0.0396 0.0277 0.0283 0.0524 0.0292 0.0405 0.0404 0.0344 0.0702 0.0693 -0.1827 0.1762 0.1047 0.0178 0.0612 -0.0759 0.2008 0.0876 0.0455 -0.0794 -0.2216 0.098 0.1794 0.0687 2.48 0.68 1.74 0.1296 -0.1341 0.2642 0.112 0.0682 0.121 0.0711 -0.2852 0.2069 0.1166 -0.0111 -0.0137 -0.0699 -0.0407 0.0209 -0.013 0.0189 -0.067 -0.0655 -0.0095 -0.0286 -0.0686 -0.0053 -0.0036 0.0015 -0.0054 0.0064 -0.0073 -0.0142 -0.008 0.0209 -0.0025 0.0063 0.0327 0.0327 0.0429 0.0346 0.0281 0.0484 0.0292 0.038 0.0274 0.0353 0.0315 -0.1386 0.058 0 0 0 0 0 0 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 for Class A shares from 1/1/12-6/30/12 was 6.87%. 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 for Class A shares from 1/1/12-6/30/12 was 6.12%. 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 for Class A shares from 1/1/12-6/30/12 was 5.80%. 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