0001193125-12-416373.txt : 20121005 0001193125-12-416373.hdr.sgml : 20121005 20121005115654 ACCESSION NUMBER: 0001193125-12-416373 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121005 DATE AS OF CHANGE: 20121005 EFFECTIVENESS DATE: 20121005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL INVESTMENT PORTFOLIOS 5 CENTRAL INDEX KEY: 0001090155 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-82621 FILM NUMBER: 121131416 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 STYLE SPECIFIC FUNDS DATE OF NAME CHANGE: 20010906 FORMER COMPANY: FORMER CONFORMED NAME: TARGET FUNDS DATE OF NAME CHANGE: 19990709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL INVESTMENT PORTFOLIOS 5 CENTRAL INDEX KEY: 0001090155 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09439 FILM NUMBER: 121131417 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 STYLE SPECIFIC FUNDS DATE OF NAME CHANGE: 20010906 FORMER COMPANY: FORMER CONFORMED NAME: TARGET FUNDS DATE OF NAME CHANGE: 19990709 0001090155 S000004718 PRUDENTIAL JENNISON CONSERVATIVE GROWTH FUND C000012847 Class A TBDAX C000012848 Class B TBDBX C000012849 Class C TBDCX C000038958 Class New X 0001090155 S000004721 PRUDENTIAL SMALL CAP VALUE FUND C000012858 Class X C000012859 Class A PZVAX C000012860 Class B PZVBX C000012861 Class C PZVCX C000098068 Class R PSVRX C000098069 Class Z PSVZX 485BPOS 1 d418567d485bpos.htm PRUDENTIAL INVESTMENT PORTFOLIOS 5 Prudential Investment Portfolios 5

As filed with the Securities and Exchange Commission on October 5, 2012

Securities Act Registration No. 333-82621

Investment Company Act Registration No. 811-09439

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. 28 (X)

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

POST-EFFECTIVE AMENDMENT NO. 28 (X)

Check appropriate box or boxes

Prudential Investment Portfolios 5

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 5th of October, 2012.

 

Prudential Investment Portfolios 5

*

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

*

Kevin J. Bannon

    Trustee  

*

Scott E. Benjamin

    Trustee  

*

Linda W. Bynoe

    Trustee  

*

Michael S. Hyland

    Trustee  

*

Douglas H. McCorkindale

    Trustee  

*

Stephen P. Munn

    Trustee  

*

Stuart S. Parker

    Trustee and President, Principal Executive Officer  

*

Richard A. Redeker

    Trustee  

*

Robin B. Smith

    Trustee  

*

Stephen Stoneburn

    Trustee  

*

Grace C. Torres

    Treasurer, Principal Financial and Accounting Officer  

*By: /s/ Jonathan D. Shain

Jonathan D. Shain

    Attorney-in-Fact   October 5, 2012

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

Kevin J. Bannon

      

/s/ Stuart S. Parker

Stuart S. Parker

  

/s/ Scott E. Benjamin

Scott E. Benjamin

      

/s/ Richard A. Redeker

Richard A. Redeker

  

/s/ Linda W. Bynoe

Linda W. Bynoe

      

/s/Robin B. Smith

Robin B. Smith

  

/s/ Michael S. Hyland

Michael S. Hyland

      

/s/ Stephen Stoneburn

Stephen Stoneburn

  

/s/ Douglas H. McCorkindale

Douglas H. McCorkindale

      

/s/ Grace C. Torres

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 pip5-20120928.xml XBRL INSTANCE DOCUMENT 0001090155 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:C000012859Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:C000012860Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:C000012861Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:C000098068Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:C000012858Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:C000098069Member 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member pip5:C000012847Member 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member pip5:C000012848Member 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member pip5:C000012849Member 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member pip5:C000038958Member 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member rr:AfterTaxesOnDistributionsMember pip5:C000012847Member 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member rr:AfterTaxesOnDistributionsAndSalesMember pip5:C000012847Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member rr:AfterTaxesOnDistributionsMember pip5:C000012859Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member rr:AfterTaxesOnDistributionsAndSalesMember pip5:C000012859Member 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:RussellTwoThousandValueIndexMember 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:RussellTwoThousandIndexMember 2011-09-29 2012-09-28 0001090155 pip5:S000004721Member pip5:LipperSmallCapValueFundsAverageMember 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member pip5:RussellThousandGrowthIndexMember 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member pip5:SAndPFiveHundredIndexMember 2011-09-29 2012-09-28 0001090155 pip5:S000004718Member pip5:LipperLargeCapGrowthFundsAverageMember 2011-09-29 2012-09-28 iso4217:USD pure 2012-07-31 485BPOS PRUDENTIAL INVESTMENT PORTFOLIOS 5 0001090155 2012-09-28 2012-09-28 <font style="Arial; MARGIN-BOTTOM: 3%;FONT-SIZE: 14pt"><b>PRUDENTIAL SMALL CAP VALUE FUND</b></font><br/><br/><font style="Arial; MARGIN-BOTTOM: 3%;FONT-SIZE: 14pt">FUND SUMMARY</font> <b>INVESTMENT OBJECTIVE</b> <b>FUND FEES AND EXPENSES</b> The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund.<br /><br />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 <i>Reducing or Waiving Class A's Initial Sales Charge</i> on page 23 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in <i>Rights of Accumulation </i> on page 45. <b>Shareholder Fees (fees paid directly from your investment)</b> 0.055 0 0 0 0 0 0.01 0.05 0.01 0 0.06 0 0 0 0 0 0 0 15 15 15 0 15 0 <font style="Arial; MARGIN-BOTTOM: 3%;FONT-SIZE: 14pt"><b>PRUDENTIAL JENNISON CONSERVATIVE GROWTH FUND</b></font><br/><br/><font style="Arial; MARGIN-BOTTOM: 3%;FONT-SIZE: 14pt">FUND SUMMARY</font> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <b>INVESTMENT OBJECTIVE</b> <b>FUND FEES AND EXPENSES</b> The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund.<br/><br/>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 <i>Reducing or Waiving Class A's Initial Sales Charge</i> on page 19 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in <i>Rights of Accumulation</i> on page 45. <b>Shareholder Fees (fees paid directly from your investment)</b> 0.003 0.01 0.01 0.0075 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.<br/><br/><b>Recent Market Events.</b> 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 subadviser. 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.<br/><br/><b>Risk of Increase in Expenses. </b> 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.<br/><br/><b>Equity Securities Risk. </b> 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.<br/><br/><b>Small Company Risk.</b> Small company stocks present above-average risks. This means that when stock prices decline overall, the Fund may decline more than a broad-based securities market index. These companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management depth. As a result, stocks issued by smaller companies may be less liquid and fluctuate in value more than the stocks of larger, more established companies.<br/><br/><b>Value Style Risk. </b> 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.<br/><br/><b>Market Risk. </b> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money.<br/><br/><b>Management Risk. </b> Actively managed mutual funds are subject to management risk. The subadviser 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 subadviser may underperform the markets in general, the Fund's benchmark and other mutual funds with similar investment objectives.<br/><br/><b>Real Estate Investment Trust (REIT) Risk. </b> 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&#146;s expenses and would at the same time continue to pay its own fees and expenses. The Fund&#146;s investments in REITs may subject the Fund to duplicate management and/or advisory fees.<br/><br/><b>Foreign Securities Risk. </b> Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) generally involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the U.S. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system. In general, less information is publicly available about non-U.S. companies than about U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines. We do not consider American Depositary Receipts (&#147;ADRs&#148;), American Depositary Shares (&#147;ADSs&#148;) and other similar receipts or shares traded in U.S. markets in which the Fund may invest to be foreign securities.<br/><br/>In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.<br/><br/>For more information on the risks of investing in this Fund, please see <i>How the Fund Invests&#151;Investment Risks</i> in the Prospectus and <i>Investment Risks </i>and Considerations in the SAI. -0.0015 -0.0015 -0.0015 -0.004 -0.0015 -0.0015 0.0146 0.0216 0.0216 0.0191 0.0216 0.0116 0.055 0 0 0 0.01 0.05 0.01 0.06 0 0 0 0 15 15 15 15 <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> 0.022 0.022 0.015 0.022 -0.0005 0 0 0 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPRUDENTIALSMALLCAPVALUEFUND column period compact * ~</div> <b>Example.</b> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPRUDENTIALSMALLCAPVALUEFUND column period compact * ~</div> 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. <b>If Shares Are Redeemed</b> <b>If Shares Are Not Redeemed</b> 676 704 304 154 804 103 972 962 662 561 1062 354 1290 1246 1146 995 1446 624 The Fund invests in a diversified portfolio of small 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.<br/><br/>The subadviser normally invests at least 80% of the Fund&#146;s investable assets in common stocks and securities convertible into common stocks of small-cap companies, which we consider to be companies with market capitalizations within the market cap range of companies included in the Russell 2000 Index or the Standard &amp; Poor&#146;s SmallCap 600 Index (measured at the time of purchase). The market capitalization within the range will vary, but as of June 30, 2012, the market capitalization range of the Russell 2000 Index was from approximately $47 million to approximately $3.8 billion. As of June 30, 2012, the market capitalization range of the Standard &amp; Poor&#146;s SmallCap 600 Index was from approximately $39 million to approximately $3.3 billion.<br/><br/>The subadviser may invest up to 20% of the Fund&#146;s assets in foreign securities, including stocks and other equity-related investments and other investment-grade fixed-income securities of foreign issuers. The Fund&#146;s investments in foreign securities may include issuers located in emerging markets. American Depositary Receipts (ADRs), American Depositary Shares (ADSs) and other similar receipts or shares traded in U.S. markets are not considered to be foreign securities. The Fund&#146;s investments in ADRs, ADSs and other similar receipts or shares may include unsponsored receipts of shares.<br/><br/>The subadviser may also invest up to 25% of Fund assets in real estate investment trusts (REITs).<br/><br/>While we make every effort to achieve our investment objective, we can&#146;t guarantee success. <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPRUDENTIALSMALLCAPVALUEFUND column period compact * ~</div> <b>Example.</b> 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. 676 204 204 154 204 103 972 662 662 561 662 354 1290 1146 1146 995 1146 624 2188 2481 2220 2200 2481 1396 689 723 323 823 993 988 688 1088 1319 1280 1180 1480 689 223 223 223 993 688 688 688 1319 1180 1180 1180 2238 2274 2534 2534 <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 208% of the average value of its portfolio. <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br /><br /><b>Principal Investment Strategies.</b> We seek investments that will increase in value. To achieve our investment objective, we purchase stocks of large companies we believe will experience earnings growth at a rate faster than that of the Russell 1000 Index. The market capitalization within the range will vary, but as of July 31, 2012, the average market capitalization of companies included in the Russell 1000 Index was approximately $14.9 billion, and the market capitalization of the largest company included in the Russell 1000 Index was approximately $572.5 billion.<br /><br />We normally invest at least 80% of the Fund&#146;s investable assets in equity and equity-related securities of companies with market capitalizations comparable to those found in the Russell 1000 Index (measured at the time of purchase). This is a non-fundamental policy of the Fund, and it may be changed upon 60 days&#146; prior written notice to shareholders. The Fund may actively and frequently trade its portfolio securities.<br /><br />While we make every effort to achieve the investment objective of the Fund, we can&#146;t guarantee success. <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 46% of the average value of its portfolio. <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br /><b>Principal Investment Strategies.</b> 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.<br/><br/><b>Recent Market Events.</b> 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 subadviser. 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.<br/><br/><b>Risk of Increase in Expenses.</b> 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.<br/><br/><b>Market Risk.</b> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money.<br/><br/><b>Management Risk.</b> Actively managed mutual funds are subject to management risk. The subadviser 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 subadviser may underperform the markets in general, the Fund's benchmark and other mutual funds with similar investment objectives.<br/><br/><b>Large Capitalization Company Risk.</b> Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.<br/><br/><b>Growth Style Risk.</b> The Fund's growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.<br/><br/><b>Equity Securities Risk.</b> 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.<br/><br/><b>Portfolio Turnover Risk.</b> 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&#146;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&#146;s investment performance.<br/><br/>For more information on the risks of investing in this Fund, please see <i>How the Fund Invests&#151;Investment Risks</i> in the Prospectus and <i>Investment Risks and Considerations</i> in the SAI. <center><b>Annual Total Returns (Class A Shares)<sup>1</sup></b></center> -0.3188 0.3759 0.0856 -0.3646 -0.0061 -0.0954 0.4545 0.0743 -0.2669 -0.0103 <div> <div class="MetaData"> <div>&nbsp;</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">16.14%</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">-22.99%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">3rd Quarter 2002</td></tr></table></div></div> </div> -0.0637 -0.0243 -0.0722 -0.0607 -0.0608 -0.0394 0.0064 0.0064 0.0084 0.006 0.0072 <b>Average Annual Total Returns % (as of 12-31-11)</b> 2007-03-26 &#176; 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&#146;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. 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 <b>If Shares Are Redeemed</b> <b>If Shares Are Not Redeemed</b> and is subject to investment risks, including possible loss of your original investment. 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 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. 2003-06-30 0.1614 Worst Quarter: 2002-09-30 2012-06-30 0.0872 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPRUDENTIALJENNISONCONSERVATIVEGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPRUDENTIALJENNISONCONSERVATIVEGROWTHFUND column period compact * ~</div> 2012-06-30 0.0449 2003-06-30 0.2014 Worst Quarter: 2008-12-31 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPRUDENTIALJENNISONCONSERVATIVEGROWTHFUND column period compact * ~</div> -0.0659 -0.0274 -0.0693 -0.0647 -0.0658 -0.0408 0.0622 0.0621 0.0638 0.0528 0.0532 2011-04-08 2005-08-22 2011-04-08 -0.055 -0.0418 -0.052 0.064 0.0562 0.069 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsPRUDENTIALJENNISONCONSERVATIVEGROWTHFUNDBarChart column period compact * ~</div> &#176; 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&#146;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. November 30, 2013 &#176; The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .50% of the average daily net assets of the Class R shares through November 30, 2013. This waiver may not be terminated prior to November 30, 2013. The decision on whether to renew, modify or terminate the waiver is subject to review by the distributor and the Fund's Board of Trustees.<br/>&#176; The manager of the Fund has contractually agreed through November 30, 2013 to reimburse up to 15 basis points to the extent that the Fund&#146;s annual operating expenses (exclusive of 12b-1 fees and certain other fees) exceed .94% of the Fund&#146;s average net assets. The decision on whether to renew, modify or terminate the reimbursement arrangement is subject to review by the Manager and the Fund&#146;s Board of Trustees. November 30, 2013 &#176; 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 .25% of the average daily net assets of the Class A shares. This waiver may not be terminated prior to November 30, 2013. The decision on whether to renew, modify or terminate the waiver is subject to review by the distributor and the Fund&#146;s Board of Trustees. and is subject to investment risks, including possible loss of your original investment. 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 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsPRUDENTIALSMALLCAPVALUEFUNDBarChart column period compact * ~</div> false <div> <div class="MetaData"> <div>&nbsp;</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">20.14%</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">-22.19%</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> <center><b>Annual Total Returns (Class A Shares)<sup>1</sup></b></center> <b>Average Annual Total Returns % (as of 12-31-11)</b> 0.0264 0.0209 -0.0191 0.026 0.0292 0.0194 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 The investment objective of the Fund is <b>above-average capital appreciation.</b> 0 0 0 0 0 0 0 0 0 0 0 0 The investment objective of the Fund is long-term capital appreciation. 0.007 0.007 0.007 0.007 0.007 0.007 0.01 0 0.0046 0.0046 0.0046 0.0046 0.0046 0.0046 0.0131 0.0201 0.0201 0.0151 0.0201 0.0101 0 0 0 0 0 0 0 0 0.007 0.007 0.007 0.007 0.003 0.01 0.01 0.01 0.005 0.005 0.005 0.005 0.0145 0.022 0.022 0.022 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPRUDENTIALSMALLCAPVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPRUDENTIALSMALLCAPVALUEFUND column period compact * ~</div> 2188 2220 2481 2200 2481 1396 2274 2534 2534 2238 <b>Principal Risks of Investing in the Fund.</b> <b>Principal Risks of Investing in the Fund.</b> <b>The Fund&#8217;s Past Performance.</b> 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.<br /><br />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. <b>The Fund&#8217;s Past Performance.</b> 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.<br/><br/>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. 0.0369 0.0437 0.103 0.3226 0.0717 0.2335 0.1731 -0.0953 0.1744 0.2456 -0.0005 0.0012 -0.0025 -0.0073 -0.0021 -0.0069 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; Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. 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. Best Quarter: -0.2299 The total return of the Fund&#146;s Class A shares from January 1, 2012 to June 30, 2012 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPRUDENTIALJENNISONCONSERVATIVEGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPRUDENTIALJENNISONCONSERVATIVEGROWTHFUND column period compact * ~</div> The return for Class A shares from January 1, 2012 to June 30, 2012 Best Quarter: -0.2219 -0.0164 -0.015 -0.0127 -0.0192 -0.0265 -0.0169 0.0157 -0.0187 0.0015 -0.0008 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. These annual total returns do not include deductions for sales charges. If the sales charges were included, the annual total returns would be lower than those shown. 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; 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. 2012-09-28 0.025 -0.0025 0.0096 2.08 0.46 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 management fee waiver and distribution and service (12b-1) fee waiver, the annual returns would have been lower, too. The return for Class A shares from January 1, 2012 to June 30, 2012 was 4.49%. These annual total returns do not include deductions for 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 the Fund's Class A shares from January 1, 2012 to June 30, 2012 was 8.72%. 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