0001193125-13-075540.txt : 20130226 0001193125-13-075540.hdr.sgml : 20130226 20130226093821 ACCESSION NUMBER: 0001193125-13-075540 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130226 DATE AS OF CHANGE: 20130226 EFFECTIVENESS DATE: 20130226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TARGET PORTFOLIO TRUST CENTRAL INDEX KEY: 0000890339 IRS NUMBER: 137000899 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-50476 FILM NUMBER: 13641178 BUSINESS ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULLBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 9738026469 MAIL ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULLBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TARGET PORTFOLIO TRUST CENTRAL INDEX KEY: 0000890339 IRS NUMBER: 137000899 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07064 FILM NUMBER: 13641179 BUSINESS ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULLBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 9738026469 MAIL ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULLBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 0000890339 S000004682 LARGE CAPITALIZATION GROWTH C000012747 Class T TALGX C000035399 Class R TLCRX 0000890339 S000004684 SMALL CAPITALIZATION GROWTH C000012749 Class T TASGX C000035400 Class R TSCRX 0000890339 S000004685 INTERNATIONAL EQUITY C000012750 Class T TAIEX C000035401 Class R TEQRX C000100447 Class Q TIEQX 0000890339 S000004686 TOTAL RETURN BOND C000012751 Class T TATBX C000035402 Class R TTBRX 0000890339 S000004687 MORTGAGE BACKED SECURITIES C000012752 Class T TGMBX 0000890339 S000004688 LARGE CAPITALIZATION VALUE C000012753 Class T TALVX C000035403 Class R TLVRX 0000890339 S000004689 SMALL CAPITALIZATION VALUE C000012754 Class T TASVX C000035404 Class R TSVRX 0000890339 S000004691 INTERMEDIATE-TERM BOND C000012756 Class T TAIBX 485BPOS 1 d488320d485bpos.htm THE TARGET PORTFOLIO TRUST THE TARGET PORTFOLIO TRUST

As filed with the Securities and Exchange Commission on February 26, 2013

Securities Act File No. 033-50476

Investment Company Act File No. 811-07064

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

Registration Statement Under the Securities Act of 1933

Post-Effective Amendment No. 41 (X)

and/or

Registration Statement Under the Investment Company Act of 1940

Amendment No. 41 (X)

THE TARGET PORTFOLIO TRUST

(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

Newark, New Jersey 07102

Name and Address of Agent for Service

It is proposed that this filing will become effective (check appropriate box):

(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 (    ) 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 26th day of February, 2013.

 

THE TARGET PORTFOLIO TRUST

*

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 Officer    
Grace C. Torres     

*By: /s/ Jonathan D. Shain

    Attorney-in-Fact   February 26,
Jonathan D. Shain      2013

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
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PORTFOLIO TRUST 0000890339 2013-02-15 2013-02-15 2012-10-31 false <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesLARGECAPITALIZATIONVALUE column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedLARGECAPITALIZATIONVALUE column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedLARGECAPITALIZATIONVALUE column period compact * ~</div> 83 133 259 468 450 826 1002 1835 0 0 0 0 0 0 0 0 0 0 83 133 259 468 450 826 1002 1835 0.006 0.006 0 0.0075 0.0021 0.0021 0.0081 0.0156 0 -0.0025 0.0081 0.0131 0.145 0.1417 0.0987 0.139 0.1751 0.1599 0.153 -0.022 -0.0254 -0.0191 -0.0268 0.3638 0.0059 0.1887 0.0166 -0.0006 0.0623 0.065 0.0527 0.1934 0.0535 -0.0075 -0.4044 0.0738 0.1873 0.071 0.132 0.0644 -0.0238 0.145 -0.0078 2006-08-22 The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. <b>PORTFOLIO FEES AND EXPENSES </b> <b>Shareholder Fees (fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <b>Portfolio Turnover.</b> <b>Example.</b> <b>If Shares Are Redeemed</b> <b>If Shares Are Not Redeemed</b> <b>INVESTMENTS, RISKS AND PERFORMANCE </b><br/><br/><b>Principal Investment Strategies.</b> <b>Principal Risks of Investing in the Portfolio.</b> <b>The Portfolio's Past Performance.</b> <b>Average Annual Total Returns % (as of 12/31/2012)</b> The following hypothetical example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the Portfolio's most recent fiscal year, the Portfolio's portfolio turnover rate was 75% of the average value of its portfolio. All investments have risks to some degree. Please remember that an investment in the Portfolio 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. This 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 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>Market Risk.</b> Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money. <br/><br/><b>Risk of Increase in Expenses.</b> Your actual cost of investing in the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio invests could go down. Different sectors of a market can react differently to adverse issuer, market, regulatory, political and economic developments.<br/><br/><b> Style Risk.</b> The risk that the particular investment style followed by the Portfolio may be out of favor for a period of time. <br/><br/><b>Foreign Securities Risk.</b> Investing in securities of non-U.S. issuers generally involves 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 could also affect the value of the assets the Portfolio holds and the Portfolio'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.<br/><br/> In addition, the Portfolio'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, political or financial instability and adverse diplomatic developments. Dividends or interest on, or proceeds from the sale of, non-U.S. securities may be subject to non-U.S. withholding taxes, and special U.S. tax considerations may apply.<br/><br/> For more information on the risks of investing in this Portfolio, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. The following bar chart shows the Portfolio'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 Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. Updated Portfolio performance information is available online at www.prudentialfunds.com. The Portfolio seeks investments that will increase in value as well as pay the Portfolio dividends. To achieve our objective, we invest in large company stocks that we believe are undervalued, and have an above-average potential to increase in price, given the company's sales, earnings, book value, and cash flow. The Portfolio normally invests at least 80% of its investable assets in common stocks and securities convertible into common stocks of large companies. Large companies are defined as companies with market capitalizations like those in the Russell 1000 Index. As of December 31, 2012, the Russell 1000 Index's median market capitalization was approximately $5.799 billion, and the largest company by market capitalization was $498.416 billion. Market capitalization is measured at the time of purchase.<br/><br/>Although the Portfolio invests primarily in common stocks of U.S. companies, the portfolio may also purchase common stocks of foreign companies. The Portfolio may also invest in American Depositary Receipts (ADRs), American Depositary Shares (ADSs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs). ADRs, ADSs, GDRs and EDRs are certificates&#8212;usually issued by a bank or trust company&#8212;that represent an equity investment in a foreign company. ADRs and ADSs are issued by U.S. banks and trust companies and are valued in U.S. dollars. EDRs and GDRs are issued by foreign banks and trust companies and are usually valued in foreign currencies. <br/><br/>The Portfolio may also invest in other equity securities, including, but not limited to, exchange-traded funds, convertible securities, preferred stock and real estate investment trusts. SUMMARY: LARGE CAPITALIZATION VALUE PORTFOLIO <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedLARGECAPITALIZATIONVALUE column period compact * ~</div> <b>PORTFOLIO FEES AND EXPENSES</b> SUMMARY: LARGE CAPITALIZATION GROWTH PORTFOLIO <b>INVESTMENT OBJECTIVE</b> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. <b>Shareholder Fees (fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <b>Portfolio Turnover.</b> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the Portfolio's most recent fiscal year, the Portfolio's portfolio turnover rate was 70% of the average value of its portfolio. <b>Example.</b> The following hypothetical example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. <b>INVESTMENTS, RISKS AND PERFORMANCE <br/><br/>Principal Investment Strategies. The Portfolio seeks investments that will increase in value. To achieve our investment objective, the Portfolio purchases stocks of large companies that the Portfolio believes will experience earnings growth at a rate faster than that of the Standard &amp; Poor's 500<sup>&#174;</sup> Composite Stock Price Index (S&amp;P 500). The Portfolio normally invests at least 80% of its investable assets in common stocks of large companies. Large companies are defined as companies with market capitalizations like those in the Russell 1000 Index. As of December 31, 2012, the Russell 1000 Index's median market capitalization was approximately $5.799 billion, and the largest company by market capitalization was $498.416 billion. Market capitalization is measured at the time of purchase.<br/><br/> Although the Portfolio invests primarily in common stocks of U.S. companies, the portfolio may also purchase common stocks of foreign companies, including foreign companies operating in emerging market countries. The Portfolio may also invest in American Depositary Receipts (ADRs), American Depositary Shares (ADSs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs). ADRs, ADSs, GDRs and EDRs are certificates&#8212;usually issued by a bank or trust company&#8212;that represent an equity investment in a foreign company. ADRs and ADSs are issued by U.S. banks and trust companies and are valued in U.S. dollars. EDRs and GDRs are issued by foreign banks and trust companies and are usually valued in foreign currencies.<br/><br/>The Portfolio may also invest in other equity securities, including, but not limited to, exchange-traded funds, convertible securities, preferred stock and real estate investment trusts. <b>If Shares Are Redeemed</b> <b>If Shares Are Not Redeemed</b> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesSMALLCAPITALIZATIONGROWTH column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedSMALLCAPITALIZATIONGROWTH column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSMALLCAPITALIZATIONGROWTH column period compact * ~</div> <b>Principal Risks of Investing in the Portfolio.</b> All investments have risks to some degree. Please remember that an investment in the Portfolio 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. This 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 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>Market Risk.</b> Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money.<b><br/><br/>Risk of Increase in Expenses.</b> Your actual cost of investing in the Portfolio 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 Portfolio expense ratios are more likely to increase when markets are volatile.<b><br/><br/> Equity Securities Risk.</b> There is the risk that the price of a particular stock the Portfolio 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 Portfolio invests could go down. Different sectors of a market can react differently to adverse issuer, market, regulatory, political and economic developments.<b><br/><br/> Style Risk.</b> The risk that the particular investment style followed by the Portfolio may be out of favor for a period of time.<br/><br/><b>Foreign Securities Risk.</b> Investing in securities of non-U.S. issuers generally involves 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 could also affect the value of the assets the Portfolio holds and the Portfolio'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.<br/><br/> In addition, the Portfolio'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, political or financial instability and adverse diplomatic developments. Dividends or interest on, or proceeds from the sale of, non-U.S. securities may be subject to non-U.S. withholding taxes, and special U.S. tax considerations may apply.<br/><br/> For more information on the risks of investing in this Portfolio, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. <b>The Portfolio's Past Performance. </b> The following bar chart shows the Portfolio'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 Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. Updated Portfolio performance information is available online at www.prudentialfunds.com. <b>Annual Total Returns % (Class T Shares) </b> &#176; The distributor of the Portfolio has contractually agreed through February 28, 2014 to reduce its distribution and service (12b-1) fees for the Portfolio's Class R shares to .50% of the average daily net assets of the Class R shares of the Portfolio. This waiver may not be terminated by the distributor prior to February 28, 2014, and may be renewed, modified or discontinued thereafter. The decision on whether to renew, modify or discontinue the waiver is subject to review by the distributor and the Portfolio's Board of Trustees. <b>Average Annual Total Returns % (as of 12/31/2012)</b> &#176; After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio 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. February 28, 2014 0.7 &#176; After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio 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. and is subject to investment risks, including possible loss of your original investment. Please remember that an investment in the Portfolio is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. &#176; The distributor of the Portfolio has contractually agreed through February 28, 2014 to reduce its distribution and service (12b-1) fees for the Portfolio's Class R shares to .50% of the average daily net assets of the Class R shares of the Portfolio. This waiver may not be terminated by the distributor prior to February 28, 2014, and may be renewed, modified or discontinued thereafter. The decision on whether to renew, modify or discontinue the waiver is subject to review by the distributor and the Portfolio's Board of Trustees. After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. February 28, 2014 0.75 and is subject to investment risks, including possible loss of your original investment. Please remember that an investment in the Portfolio is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Portfolio by showing how returns can change from year to year and by showing how the Portfolio's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. 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. www.prudentialfunds.com Past performance (before and after taxes) does not mean that the Portfolio will achieve similar results in the future. After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. The investment objective of the Large Capitalization Growth Portfolio (Large Cap Growth Portfolio) is <b>long-term capital appreciation.</b> 0 0 0 0 0 0.006 0.006 0 0.0075 0.0032 0.0032 <div> <div class="MetaData"> <p> </p> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; 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"><b>Best Quarter:</b></td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Worst Quarter:</b></td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">16.43%</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">-22.40%</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> 0.0092 0.0167 0 -0.0025 0.0092 0.0142 <b>Best Quarter:</b> 0.1643 2003-06-30 <b>Worst Quarter:</b> 2008-12-31 -0.224 <b>Best Quarter:</b> 2003-06-30 0.201 <b>Worst Quarter:</b> 2008-12-31 -0.2394 94 145 293 502 509 <div> <div class="MetaData"> <p> </p> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; 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"><b>Best Quarter:</b></td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Worst Quarter:</b></td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">20.10%</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">-23.94%</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> 884 1131 1955 0 0 0 0 0 0 0 0 0 0 94 145 0.006 0.006 293 0 0.0075 502 0.0022 0.0022 0.0082 509 0.0157 0 884 -0.0025 0.0082 0.0132 1131 1955 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualPortfolioOperatingExpensesLARGECAPITALIZATIONVALUE column period compact * ~</div> 84 134 0.2658 -0.0136 0.1385 262 0.2819 471 -0.4607 455 0.042 832 0.0762 1014 0.0454 0.1503 1846 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesLARGECAPITALIZATIONGROWTH column period compact * ~</div> 0.3305 <b>INVESTMENT OBJECTIVE</b> The investment objective of the Large Capitalization Value Portfolio (Large Cap Value Portfolio) is <b>total return consisting of capital appreciation and dividend income</b>. 84 134 262 471 455 832 0.1385 1014 1846 0.1385 0.09 -0.0035 -0.0035 -0.003 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsLARGECAPITALIZATIONVALUEBarChart column period compact * ~</div> <b>Annual Total Returns % (Class T Shares)</b> 0.0584 0.0583 0.0513 0.1326 -0.0084 0.0137 0.1459 0.3953 0.0378 0.0674 0.0867 0.0909 -0.3989 0.2802 0.1635 0.1608 -0.0142 0.1464 0.1309 0.0349 0.0356 0.1464 0.1452 0.0967 0.1413 0.1526 0.025 0.1599 0.1527 0.0019 0.0009 0.098 0.0014 -0.0032 0.0312 0.0166 0.0119 0.0634 0.0897 0.0554 0.0752 0.071 0.0668 0.0247 2006-08-22 2006-08-22 0.0589 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedLARGECAPITALIZATIONGROWTH column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsLARGECAPITALIZATIONGROWTHBarChart column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedLARGECAPITALIZATIONGROWTH column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedLARGECAPITALIZATIONGROWTH column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesSMALLCAPITALIZATIONVALUE column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedSMALLCAPITALIZATIONVALUE column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSMALLCAPITALIZATIONVALUE column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedINTERNATIONALEQUITY column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedINTERNATIONALEQUITY column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesINTERMEDIATE-TERMBOND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedINTERMEDIATE-TERMBOND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedINTERMEDIATE-TERMBOND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesTOTALRETURNBOND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedTOTALRETURNBOND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedTOTALRETURNBOND column period compact * ~</div> 0 0 0 The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. 0 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesMORTGAGEBACKEDSECURITIES column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedMORTGAGEBACKEDSECURITIES column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedMORTGAGEBACKEDSECURITIES column period compact * ~</div> SUMMARY: INTERMEDIATE-TERM BOND PORTFOLIO 0 0 0 0 0 0 0 0 0.007 0.007 0.007 0 0.0075 0 0.0025 0.0025 0.0014 0.0095 0.017 0.0084 0 -0.0025 0 0.0095 0.0145 0.0084 69 <b>INVESTMENT OBJECTIVE</b> 120 <b>PORTFOLIO FEES AND EXPENSES</b> <b>Shareholder Fees (fees paid directly from your investment)</b> 218 <b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> 428 <b>Portfolio Turnover.</b> <b>Example.</b> <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/>Principal Investment Strategies.</b> 0 <b>Principal Risks of Investing in the Portfolio.</b> 379 0 758 847 0 1692 0 0 0 0 0 <b>The Portfolio's Past Performance.</b> The following bar chart shows the Portfolio'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 Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. Updated Portfolio performance information is available online at www.prudentialfunds.com. <b>Annual Total Returns % (Class T Shares)</b> <b>Average Annual Total Returns % (as of 12/31/2012)</b> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the Portfolio's most recent fiscal year, the Portfolio's portfolio turnover rate was 71% of the average value of its portfolio. 0 0 0.006 97 0 0.006 69 148 120 86 All investments have risks to some degree. Please remember that an investment in the Portfolio 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. This 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 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>Market Risk.</b> Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money. <br/><br/><b>Risk of Increase in Expenses.</b> Your actual cost of investing in the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio invests could go down. Different sectors of a market can react differently to adverse issuer, market, regulatory, political and economic developments.<br/><br/><b> Style Risk. </b>The risk that the particular investment style followed by the Portfolio may be out of favor for a period of time. <br/><br/><b>Small Company Risk.</b> Small company stocks present above-average risks. This means that when stock prices decline overall, the Portfolio may decline more than a broad-based securities market index. These 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, stocks issued by smaller companies tend to be less liquid and fluctuate in value more than the stocks of larger, more established companies.<br/><br/> For more information on the risks of investing in this Portfolio, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. 0 303 The Portfolio seeks investments that will increase in value. To achieve our objective, we invest in the stocks of small companies that we believe will experience earnings growth at a rate faster than that of the U.S. economy in general. The Portfolio normally invests at least 80% of its investable assets in common stocks of small companies. Small companies are those companies with market capitalizations comparable to those in the Russell 2000 Growth Index. As of December 31, 2012, the Russell 2000 Growth Index median market capitalization was approximately $602 million, and the largest company by market capitalization was $4.664 billion. Market capitalization is measured at the time of purchase.<br/><br/>Because the Portfolio invests in small capitalization companies, the risks associated with an investment in the Portfolio are greater than those associated with an investment in a fund that invests primarily in larger companies, because shares of small companies tend to be less liquid and more volatile than those of large companies. <b>If Shares Are Not Redeemed</b> <b>If Shares Are Redeemed</b> The following hypothetical example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. <div> <div class="MetaData"> <p> </p> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; 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"><b>Best Quarter:</b></td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Worst Quarter:</b></td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">21.32%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2009</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-25.84%</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> <b>INVESTMENT OBJECTIVE </b> The investment objective of the Intermediate-Term Bond Portfolio is <b>current income and reasonable stability of principal. </b> <b>PORTFOLIO FEES AND EXPENSES</b> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. <b>Shareholder Fees (fees paid directly from your investment) </b> <b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> <b>Portfolio Turnover. </b> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the Portfolio's most recent fiscal year, the Portfolio's portfolio turnover rate was 175% of the average value of its portfolio. 511 268 <b>Example.</b> 525 The following hypothetical example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. 0.0075 <b>If Shares Are Redeemed</b> <b>If Shares Are Not Redeemed</b> <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/>Principal Investment Strategies.</b> 900 The Portfolio's investment objective is current income and reasonable stability of principal. This means that we seek investments that we think will pay dividends and other income, while attempting to minimize volatility. To achieve this objective, the Portfolio invests in debt obligations issued or guaranteed by the U.S. Government and its agencies, as well as debt obligations issued by U.S. companies, foreign companies and foreign governments. The Portfolio may invest in mortgage-related securities issued or guaranteed by U.S. Government entities, and up to 25% of its total assets in privately issued mortgage-related securities (not issued or guaranteed by the U.S. Government). These investments may include collateralized mortgage obligations and stripped mortgage-backed securities. Debt obligations in which the Portfolio may invest include structured notes.<br/><br/> The Portfolio normally invests at least 80% of its investable assets in "investment grade" debt obligations&#8212;debt obligations rated at least BBB by S&amp;P, Baa by Moody's, or the equivalent by another major rating service, and unrated debt obligations that we believe are comparable in quality. However, the Portfolio may invest up to 20% of its total assets in high yield debt obligations ("junk bonds") that are rated at least B by S&amp;P, Moody's or another major rating service, and unrated bonds that we believe are comparable in quality (except that within such limitation, the Portfolio may invest in mortgage-related securities rated below B). The Portfolio may continue to hold an obligation if it is later downgraded or no longer rated. The Portfolio may actively and frequently trade its portfolio securities, which may increase transaction costs and taxes. "Intermediate-term" bonds have dollar-weighted maturities of more than 3 years and less than 10 years. The Portfolio will maintain an average duration that normally ranges between two years below and two years above the average duration of the Portfolio's benchmark index, the Barclays Intermediate Government/Credit Bond Index. As of October 31, 2012, the duration of the benchmark index was 3.88 years.<br/><br/> The Portfolio may invest up to 30% of its total assets in foreign currency-denominated debt obligations. The Portfolio's foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) will normally be limited to 20% of the Portfolio's total assets. <br/><br/>The Portfolio may invest up to 20% of its total assets in convertible bonds, convertible preferred stock and non-convertible preferred stock. The Portfolio may also invest in asset-backed securities including collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), collateralized bank obligations (CBOs), automobile loans and credit card receivables. The Portfolio may also use derivatives, such as futures, swaps and options, for hedging purposes or to seek to improve its returns. The Portfolio may engage in short sales. 1037 <b>Principal Risks of Investing in the Portfolio.</b> All investments have risks to some degree. Please remember that an investment in the Portfolio 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. This 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 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> Market Risk.</b> Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money.<br/><br/><b> Risk of Increase in Expenses.</b> Your actual cost of investing in the Portfolio 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 Portfolio expense ratios are more likely to increase when markets are volatile. <br/><br/><b>Credit Risk.</b> The debt obligations in which the Portfolio invests are generally subject to the risk that the issuer may be unable to repay principal and make interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt. Below-investment grade securities&#8212;also known as "junk bonds" &#8212;have a higher risk of default and tend to be less liquid than higher-rated securities. <br/><br/>In addition, some of the U.S. Government securities and mortgage-related securities in which the Portfolio may invest are backed by the full faith and credit of the U.S. Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. These securities include, but are not limited to, direct obligations issued by the U.S. Treasury, and obligations of certain entities that may be chartered or sponsored by Acts of Congress, such as the Government National Mortgage Association. Securities issued by other government entities that may be chartered or sponsored by Acts of Congress in which the Portfolio may invest are not backed by the full faith and credit of the United States. These securities include, but are not limited to, obligations of Freddie Mac and Fannie Mae, each of which has the right to borrow from the U.S. Treasury to meet its obligations.<br/><br/> <b>Interest Rate Risk.</b> This is the risk that the securities in which the Portfolio invests could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Debt obligations with longer maturities generally are more sensitive to interest rate changes. In addition, short-term and long-term interest rates do not necessarily move in the same direction or by the same amount. An instrument's reaction to interest rate changes depends on the timing of its interest and principal payments and the current interest rate for each of those time periods. Instruments with floating interest rates can be less sensitive to interest rate changes. Certain types of debt obligations are also subject to prepayment and extension risk. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." <br/><br/><b>Debt Obligations Risk.</b> Debt obligations are subject to credit risk, market risk and interest rate risk. The Portfolio's holdings, share price, yield and total return may also fluctuate in response to bond market movements.<br/><br/><b> Prepayment Risk.</b> The Portfolio may invest in mortgage-related securities and asset-backed securities, which are subject to prepayment risk. If these securities are prepaid, the Portfolio 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. Unlike mortgage-related securities, asset-backed securities are usually not collateralized. If the issuer of a non-collateralized debt security defaults on the obligation, there is no collateral that the security holder may sell to satisfy the debt. <br/><br/><b>Derivatives Risk. </b>The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or index. The use of derivatives involves costs and can be more volatile than other investment strategies, resulting in greater volatility for the Portfolio, particularly during periods of market decline. Investments in derivatives may not have the intended effects and may result in losses for the Portfolio that may not have otherwise occured or missed opportunities for the Portfolio. Certain types of derivatives involve leverage, which could magnify losses. Derivatives involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, reference rate or index. Investing in derivatives could cause the Portfolio to lose more than the principal amount invested. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet known and may not be known for some time. Derivatives are also subject to liquidity risk, interest rate risk, credit risk, market risk and management risk.<br/><br/><b> U.S. Government and Agency Securities Risk.</b> U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. In addition, to the extent the Portfolio invests in such securities, its potential for capital appreciation may be limited. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. The maximum potential liability of the issuers of some U.S. Government securities held by the Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In September 2008, Fannie Mae and Freddie Mac were placed into a conservatorship by their regulator, the Federal Housing Finance Agency ("FHFA"). It is unclear what effect this conservatorship will have on securities issued or guaranteed by these entities. Although the U.S. Government has provided support to Fannie Mae and Freddie Mac, there can be no assurance that it will support these or other government-sponsored enterprises in the future. <br/><br/><b>Active Trading Risk.</b> The Portfolio actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Portfolio's performance and have adverse tax consequences.<br/><br/><b> Foreign Securities Risk. </b>Investing in securities of non-U.S. issuers generally involves 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 could also affect the value of the assets the Portfolio holds and the Portfolio'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. <br /><br/>In addition, the Portfolio'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, political or financial instability and adverse diplomatic developments. Dividends or interest on, or proceeds from the sale of, non-U.S. securities may be subject to non-U.S. withholding taxes, and special U.S. tax considerations may apply.<br /><br /><b> Short Sales Risk. </b>Short sales are subject to special risks. A short sale involves the sale by the Portfolio of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. The Portfolio may also enter into a short derivative position through a futures contract or swap agreement. If the price of the security or derivative has increased during this time, then the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, in the case of the over-the-counter contracts there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio. <br/><br/><b>Mortgages and Mortgage-Related Securities.</b> Mortgage-related securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. The values of mortgage-related securities vary with changes in market interest rates generally and changes in yields among various kinds of mortgage-related securities. Such values are particularly sensitive to changes in prepayments of the underlying mortgages.<br/><br/><b> Liquidity Risk.</b> Liquidity risk exists when particular investments made by the Portfolio are difficult to purchase or sell. The Portfolio may invest in instruments that trade in lower volumes and may make investments that are less liquid than other investments. Liquidity risk also includes the risk that the Portfolio may make investments that may become less liquid in response to market developments or adverse investor perceptions. If the Portfolio is forced to sell these investments to pay redemption proceeds or for other reasons, the Portfolio may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Portfolio may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Portfolio's value or prevent the Portfolio from being able to take advantage of other investment opportunities.<br/><br/><b> Junk Bonds Risk.</b> High-yield, high-risk bonds have speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.<br/><br/> For more information on the risks of investing in this Portfolio, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. SUMMARY: MORTGAGE-BACKED SECURITIES PORTFOLIO The investment objectives of the Mortgage-Backed Securities Portfolio are <b>high current income</b> 0.0008 with a secondary investment objective of <b>capital appreciation</b>, each to the extent consistent with protection of capital. 0.0008 and is subject to investment risks, including possible loss of your original investment. Please remember that an investment in the Portfolio 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; 0.0068 The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. <b>The Portfolio's Past Performance.</b> <b>Shareholder Fees (fees paid directly from your investment)</b> 0 <b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> The following bar chart shows the Portfolio'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 Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. Updated Portfolio performance information is available online at www.prudentialfunds.com. <b>Example. </b> -0.0025 <b>Annual Total Returns % (Class T Shares) </b> 97 148 The following hypothetical example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. &#176; After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio 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. 0.0068 <b>Average Annual Total Returns % (as of 12/31/2012) </b> <b>If Shares Are Redeemed</b> 218 428 379 <b>If Shares Are Not Redeemed</b> <b>Best Quarter:</b> <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br/><br/><b>Principal Investment Strategies.</b> <b>Worst Quarter:</b> <b>Portfolio Turnover.</b> 303 2008-12-31 511 268 -0.2584 525 900 466 1166 1988 1037 The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the Portfolio's most recent fiscal year, the Portfolio's portfolio turnover rate was 847% of the average value of its portfolio. After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. 2009-06-30 After-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.2132 1.75 &#176; After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Portfolio seeks investments that will pay income and also increase in value, while attempting to reduce volatility. To achieve these objectives, the Portfolio normally invests at least 80% of its investable assets in mortgage-backed debt securities. These securities will usually be mortgage-related securities issued or guaranteed by U.S. Government agencies. However, the Portfolio may invest up to 25% of its total assets in privately issued mortgage-related securities (which are not guaranteed by the U.S. Government).<br/><br/>The Portfolio's investments in mortgage-related securities may include collateralized mortgage obligations and stripped mortgage-backed securities. The Portfolio may also invest in asset-backed securities like automobile loans and credit card receivables. The Portfolio normally purchases debt obligations that are rated at least A by Moody's or S&amp;P, or the equivalent by another major rating service, and unrated bonds we believe are comparable in quality. The Portfolio may continue to hold an obligation if it is later downgraded or no longer rated. The Portfolio may actively and frequently trade its portfolio securities. The Portfolio may use derivatives, such as futures, swaps and options, for hedging purposes or to seek to improve its returns. The Portfolio is managed so that its duration ranges between one year below and one year above the duration of its benchmark, the Barclays Mortgage Backed Securities Index. As of October 31, 2012, the duration of the benchmark index was 2.92 years. &#176; The distributor of the Portfolio has contractually agreed through February 28, 2014 to reduce its distribution and service (12b-1) fees for the Portfolio's Class R shares to .50% of the average daily net assets of the Class R shares of the Portfolio. This waiver may not be terminated by the distributor prior to February 28, 2014, and may be renewed, modified or discontinued thereafter. The decision on whether to renew, modify or discontinue the waiver is subject to review by the distributor and the Portfolio's Board of Trustees. <b>Principal Risks of Investing in the Portfolio.</b> <div> <div class="MetaData"> <p> </p> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; 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"><b>Best Quarter:</b></td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Worst Quarter:</b></td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">4.61%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">4th Quarter 2008</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-1.98%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2004</td></tr></table></div> </div> 0.2876 0.1523 0.1412 0.2902 0.1637 -0.4489 0.3295 0.1069 -0.1206 0.1652 SUMMARY: TOTAL RETURN BOND PORTFOLIO <b>INVESTMENT OBJECTIVE </b> The investment objective of the Total Return Bond Portfolio is <b>total return consisting of income and capital appreciation. </b> <b>PORTFOLIO FEES AND EXPENSES </b> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. <b>Shareholder Fees (fees paid directly from your investment)</b> 0.71 and is subject to investment risks, including possible loss of your original investment. <b>Example.</b> Please remember that an investment in the Portfolio 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; <b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Portfolio by showing how returns can change from year to year and by showing how the Portfolio&#8217;s average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. The following hypothetical example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. www.prudentialfunds.com <b>If Shares Are Redeemed</b> <b>If Shares Are Not Redeemed</b> Past performance (before and after taxes) does not mean that the Portfolio will achieve similar results in the future. &#176; The distributor of the Portfolio has contractually agreed through February 28, 2014 to reduce its distribution and service (12b-1) fees for the Portfolio's Class R shares to .50% of the average daily net assets of the Class R shares of the Portfolio. This waiver may not be terminated by the distributor prior to February 28, 2014, and may be renewed, modified or discontinued thereafter. The decision on whether to renew, modify or discontinue the waiver is subject to review by the distributor and the Portfolio's Board of Trustees. <b>Portfolio Turnover. </b> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the Portfolio's most recent fiscal year, the Portfolio's portfolio turnover rate was 308% of the average value of its portfolio. After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. <b>INVESTMENTS, RISKS AND PERFORMANCE </b><br/><br/><b>Principal Investment Strategies.</b> After-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Portfolio seeks investments that will pay income as well as increase in value. To achieve this objective, we normally invest at least 80% of investable assets in "investment grade" debt obligations issued or guaranteed by the U.S. Government and its agencies, or issued by U.S. companies, foreign companies and foreign governments and their agencies and unrated debt obligations that we believe are comparable in quality. "Investment grade" debt obligations are rated at least BBB by Standard &amp; Poor's Ratings Group (S&amp;P), Baa by Moody's Investors Service (Moody's), or the equivalent by another major rating service. Debt obligations in which the Portfolio may invest include structured notes.<br/><br/> The Portfolio can invest up to 30% of its total assets in foreign currency-denominated debt obligations. The Portfolio's foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) will normally be limited to 20% of the Portfolio's total assets.<br/><br/> The Portfolio invests in mortgage-related securities issued or guaranteed by U.S. Government entities, including securities issued by the Federal National Mortgage Association (FNMA or "Fannie Mae") or the Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac") or guaranteed by the Government National Mortgage Association (GNMA or "Ginnie Mae"). However, the Portfolio may invest up to 25% of the Portfolio's total assets in privately issued mortgage-related securities (those not issued or guaranteed by the U.S. Government). The mortgage-related securities in which the Portfolio may invest may include collateralized mortgage obligations, stripped mortgage-backed securities and multi-class pass through securities. The Portfolio may also use derivatives, such as futures, swaps and options, for hedging purposes or to seek to improve its return. The Portfolio may engage in short sales.<br/><br/> The Portfolio may also invest in asset-backed securities including collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), collateralized bank obligations (CBOs), automobile loans and credit card receivables. In addition, we may invest up to 20% of total assets in convertible bonds, convertible preferred stock and non-convertible preferred stock. The Portfolio may invest up to 20% of its total assets in high yield debt obligations ("junk bonds") that are rated at least B by S&amp;P, Moody's or another major rating service, and unrated debt obligations that we believe are comparable in quality (except that within such limitation, the Portfolio may invest in mortgage-related securities rated below B). The Portfolio may continue to hold an obligation if it is later downgraded or no longer rated. The Portfolio may actively and frequently trade its portfolio securities. The Portfolio will maintain an average duration that normally ranges between two years below and two years above the average duration of the Portfolio's benchmark index, the Barclays U.S. Aggregate Bond Index. As of October 31, 2012, the average duration of the Portfolio's benchmark index was 4.71 years. <b>Principal Risks of Investing in the Portfolio.</b> 0.0143 0.0118 All investments have risks to some degree. Please remember that an investment in the Portfolio 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. This 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 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> Market Risk.</b> Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money. <br/><br/><b>Risk of Increase in Expenses.</b> Your actual cost of investing in the Portfolio 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 Portfolio expense ratios are more likely to increase when markets are volatile.<br/><br/><b> Credit Risk.</b> The debt obligations in which the Portfolio invests are generally subject to the risk that the issuer may be unable to repay principal and make interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt. Below-investment grade securities&#8212;also known as "junk bonds" &#8212;have a higher risk of default and tend to be less liquid than higher-rated securities.<br/><br/> In addition, some of the U.S. Government securities and mortgage-related securities in which the Portfolio may invest are backed by the full faith and credit of the U.S. Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. These securities include, but are not limited to, direct obligations issued by the U.S. Treasury, and obligations of certain entities that may be chartered or sponsored by Acts of Congress, such as the Government National Mortgage Association. Securities issued by other government entities that may be chartered or sponsored by Acts of Congress in which the Portfolio may invest are not backed by the full faith and credit of the United States. These securities include, but are not limited to, obligations of Freddie Mac and Fannie Mae, each of which has the right to borrow from the U.S. Treasury to meet its obligations.<br/><br/><b> Interest Rate Risk.</b> This is the risk that the securities in which the Portfolio invests could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Debt obligations with longer maturities generally are more sensitive to interest rate changes. In addition, short-term and long-term interest rates do not necessarily move in the same direction or by the same amount. An instrument's reaction to interest rate changes depends on the timing of its interest and principal payments and the current interest rate for each of those time periods. Instruments with floating interest rates can be less sensitive to interest rate changes. Certain types of debt obligations are also subject to prepayment and extension risk. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." <br/><br/><b>Debt Obligations Risk.</b> Debt obligations are subject to credit risk, market risk and interest rate risk. The Portfolio's holdings, share price, yield and total return may also fluctuate in response to bond market movements.<br/><br/><b> Prepayment Risk.</b> The Portfolio may invest in mortgage-related securities and asset-backed securities, which are subject to prepayment risk. If these securities are prepaid, the Portfolio 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. Unlike mortgage-related securities, asset-backed securities are usually not collateralized. If the issuer of a non-collateralized debt security defaults on the obligation, there is no collateral that the security holder may sell to satisfy the debt.<br/><br/><b>Derivatives Risk.</b> The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or index. The use of derivatives involves costs and can be more volatile than other investment strategies, resulting in greater volatility for the Portfolio, particularly during periods of market decline. Investments in derivatives may not have the intended effects and may result in losses for the Portfolio that may not have otherwise occured or missed opportunities for the Portfolio. Certain types of derivatives involve leverage, which could magnify losses. Derivatives involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, reference rate or index. Investing in derivatives could cause the Portfolio to lose more than the principal amount invested. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet known and may not be known for some time. Derivatives are also subject to liquidity risk, interest rate risk, credit risk, market risk and management risk. <br/><br/><b>U.S. Government and Agency Securities Risk.</b> U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. In addition, to the extent the Portfolio invests in such securities, its potential for capital appreciation may be limited. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. The maximum potential liability of the issuers of some U.S. Government securities held by the Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In September 2008, Fannie Mae and Freddie Mac were placed into a conservatorship by their regulator, the Federal Housing Finance Agency ("FHFA"). It is unclear what effect this conservatorship will have on securities issued or guaranteed by these entities. Although the U.S. Government has provided support to Fannie Mae and Freddie Mac, there can be no assurance that it will support these or other government-sponsored enterprises in the future. <br/><br/><b>Active Trading Risk.</b> The Portfolio actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Portfolio's performance and have adverse tax consequences.<br/><br/><b> Foreign Securities Risk.</b> Investing in securities of non-U.S. issuers generally involves 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 could also affect the value of the assets the Portfolio holds and the Portfolio'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.<br/><br/> In addition, the Portfolio'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, political or financial instability and adverse diplomatic developments. Dividends or interest on, or proceeds from the sale of, non-U.S. securities may be subject to non-U.S. withholding taxes, and special U.S. tax considerations may apply.<br/><br/><b> Mortgages and Mortgage-Related Securities.</b> Mortgage-related securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. The values of mortgage-related securities vary with changes in market interest rates generally and changes in yields among various kinds of mortgage-related securities. Such values are particularly sensitive to change in prepayments of the underlying mortgages.<br/><br/><b> Short Sales Risk.</b> Short sales are subject to special risks. A short sale involves the sale by the Portfolio of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. The Portfolio may also enter into a short derivative position through a futures contract or swap agreement. If the price of the security or derivative has increased during this time, then the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, in the case of the over-the-counter contracts there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.<br/><br/><b> Junk Bonds Risk.</b> High-yield, high-risk bonds have speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.<br/><br/><b> Liquidity Risk.</b> Liquidity risk exists when particular investments made by the Portfolio are difficult to purchase or sell. The Portfolio may invest in instruments that trade in lower volumes and may make investments that are less liquid than other investments. Liquidity risk also includes the risk that the Portfolio may make investments that may become less liquid in response to market developments or adverse investor perceptions. If the Portfolio is forced to sell these investments to pay redemption proceeds or for other reasons, the Portfolio may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Portfolio may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Portfolio's value or prevent the Portfolio from being able to take advantage of other investment opportunities.<br/><br/> For more information on the risks of investing in this Portfolio, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. 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. 0.1652 0.1611 0.1128 0.16 0.1662 0.1732 0.1761 0.1736 -0.0363 -0.0402 -0.0312 -0.0412 -0.0369 -0.0356 -0.0363 0.0777 0.0687 0.0671 All investments have risks to some degree. Please remember that an investment in the Portfolio 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. This 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 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> Market Risk.</b> Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money.<br/><br/><b>Risk of Increase in Expenses.</b> Your actual cost of investing in the Portfolio 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 Portfolio expense ratios are more likely to increase when markets are volatile.<br/><br/><b> Credit Risk.</b> The debt obligations in which the Portfolio invests are generally subject to the risk that the issuer may be unable to repay principal and make interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt. Below-investment grade securities&#8212;also known as "junk bonds" &#8212;have a higher risk of default and tend to be less liquid than higher-rated securities.<br/><br/> In addition, some of the U.S. Government securities and mortgage-related securities in which the Portfolio may invest are backed by the full faith and credit of the U.S. Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. These securities include, but are not limited to, direct obligations issued by the U.S. Treasury, and obligations of certain entities that may be chartered or sponsored by Acts of Congress, such as the Government National Mortgage Association. Securities issued by other government entities that may be chartered or sponsored by Acts of Congress in which the Portfolio may invest are not backed by the full faith and credit of the United States. These securities include, but are not limited to, obligations of Freddie Mac and Fannie Mae, each of which has the right to borrow from the U.S. Treasury to meet its obligations.<br/><br/><b> Interest Rate Risk.</b> This is the risk that the securities in which the Portfolio invests could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Debt obligations with longer maturities generally are more sensitive to interest rate changes. In addition, short-term and long-term interest rates do not necessarily move in the same direction or by the same amount. An instrument's reaction to interest rate changes depends on the timing of its interest and principal payments and the current interest rate for each of those time periods. Instruments with floating interest rates can be less sensitive to interest rate changes. Certain types of debt obligations are also subject to prepayment and extension risk. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk."<br/><br/><b> Debt Obligations Risk.</b> Debt obligations are subject to credit risk, market risk and interest rate risk. The Portfolio's holdings, share price, yield and total return may also fluctuate in response to bond market movements.<br/><br/><b> Prepayment Risk.</b> The Portfolio may invest in mortgage-related securities and asset-backed securities, which are subject to prepayment risk. If these securities are prepaid, the Portfolio 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. Unlike mortgage-related securities, asset-backed securities are usually not collateralized. If the issuer of a non-collateralized debt security defaults on the obligation, there is no collateral that the security holder may sell to satisfy the debt.<br/><br/><b> Derivatives Risk.</b> The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or index. The use of derivatives involves costs and can be more volatile than other investment strategies, resulting in greater volatility for the Portfolio, particularly during periods of market decline. Investments in derivatives may not have the intended effects and may result in losses for the Portfolio that may not have otherwise occured or missed opportunities for the Portfolio. Certain types of derivatives involve leverage, which could magnify losses. Derivatives involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, reference rate or index. Investing in derivatives could cause the Portfolio to lose more than the principal amount invested. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet known and may not be known for some time. Derivatives are also subject to liquidity risk, interest rate risk, credit risk, market risk and management risk.<br/><br/><b> U.S. Government and Agency Securities Risk.</b> U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. In addition, to the extent the Portfolio invests in such securities, its potential for capital appreciation may be limited. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. The maximum potential liability of the issuers of some U.S. Government securities held by the Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In September 2008, Fannie Mae and Freddie Mac were placed into a conservatorship by their regulator, the Federal Housing Finance Agency ("FHFA"). It is unclear what effect this conservatorship will have on securities issued or guaranteed by these entities. Although the U.S. Government has provided support to Fannie Mae and Freddie Mac, there can be no assurance that it will support these or other government-sponsored enterprises in the future.<br/><br/><b> Mortgages and Mortgage-Related Securities.</b> Mortgage-related securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. The values of mortgage-related securities vary with changes in market interest rates generally and changes in yields among various kinds of mortgage-related securities. Such values are particularly sensitive to change in prepayments of the underlying mortgages.<br/><br/><b> Active Trading Risk.</b> The Portfolio actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Portfolio's performance and have adverse tax consequences.<br/><br/><b> Liquidity Risk.</b> Liquidity risk exists when particular investments made by the Portfolio are difficult to purchase or sell. The Portfolio may invest in instruments that trade in lower volumes and may make investments that are less liquid than other investments. Liquidity risk also includes the risk that the Portfolio may make investments that may become less liquid in response to market developments or adverse investor perceptions. If the Portfolio is forced to sell these investments to pay redemption proceeds or for other reasons, the Portfolio may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Portfolio may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Portfolio's value or prevent the Portfolio from being able to take advantage of other investment opportunities.<br/><br/> For more information on the risks of investing in this Portfolio, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. 0.0821 0.0777 0.076 <b>The Portfolio's Past Performance. </b> 0.0075 0 -0.0106 0 The following bar chart shows the Portfolio'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 Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. Updated Portfolio performance information is available online at www.prudentialfunds.com. 2006-08-22 0 2011-03-01 <b>Annual Total Returns</b> % <b>(Class T Shares) </b> 0 847 0 0.0045 758 0 1692 0.0021 The following bar chart shows the Portfolio'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 Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. Updated Portfolio performance information is available online at www.prudentialfunds.com. <b>The Portfolio's Past Performance.</b> &#176; After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.0066 <b>Annual Total Returns % (Class T Shares)</b> 67 <b>Average Annual Total Returns % (as of 12/31/2012)</b> 211 368 &#176; After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio 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. 822 <div> <div class="MetaData"> <p> </p> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; 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"><b>Best Quarter:</b></td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Worst Quarter:</b></td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">5.72%</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">-1.92%</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> 67 211 8.47 368 and is subject to investment risks, including possible loss of your original investment. Please remember that an investment in the Portfolio 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; 822 The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. 0.0458 After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. 0.0319 0.0972 0.0188 After-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.0412 0.081 0.1414 0.0681 0.1188 0 0.0693 0 0.0576 0 0.074 0.1342 0 &#176; After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio 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. 0.101 <div> <div class="MetaData"> <p> </p> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; 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"><b>Best Quarter:</b></td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Worst Quarter:</b></td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">7.11%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2009</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-3.84%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">3rd Quarter 2008</td></tr></table></div> </div> <b>Best Quarter: </b> <b>Worst Quarter: </b> 0.1359 0.0461 2008-12-31 -0.0198 2004-06-30 0.0045 0.1805 0.074 0.1635 February 28, 2014 0 0.1627 0.0595 0.0479 3.08 0.0048 0.0389 0.471 and is subject to investment risks, including possible loss of your original investment. 0.1474 0.2402 Please remember that an investment in the Portfolio 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; 0.101 0.0093 0.0681 0.1772 0.0774 The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Portfolio by showing how returns can change from year to year and by showing how the Portfolio's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. 0.0524 0.0052 www.prudentialfunds.com 0.0544 -0.2745 0.0482 0.0536 Past performance (before and after taxes) does not mean that the Portfolio will achieve similar results in the future. 0.2669 0.0445 0.2363 0.0518 After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. -0.0048 0.1414 0.0472 After-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.0589 0.0355 0.0603 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. 0.0356 0.0426 0.0328 0.0411 0.1186 0.0408 95 0.0462 0.1069 296 0.0496 0.1024 515 1143 0.095 <b>Best Quarter: </b> 2009-06-30 0.0711 0.0972 0.0988 0.0942 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINTERNATIONALEQUITY column period compact * ~</div> 95 296 <b>Worst Quarter:</b> 515 2008-09-30 -0.0384 1143 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsINTERNATIONALEQUITYBarChart column period compact * ~</div> 0.022 0.0368 0.0229 0.0382 0.0517 0.0577 -0.0228 0.1757 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedSMALLCAPITALIZATIONGROWTH column period compact * ~</div> 0.0993 0.0721 0.037 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsSMALLCAPITALIZATIONGROWTHBarChart column period compact * ~</div> 0.037 0.0259 0.024 0.0259 0.026 0.0429 0.0703 0.0504 0.0482 0.0567 0.0573 0.0515 0.0527 0.0359 0.0356 0.0508 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsSMALLCAPITALIZATIONVALUEBarChart column period compact * ~</div> 0.0513 0.0425 SUMMARY: SMALL CAPITALIZATION GROWTH PORTFOLIO <b>INVESTMENT OBJECTIVE </b> <b>PORTFOLIO FEES AND EXPENSES </b> <b>Shareholder Fees (fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> SUMMARY: SMALL CAPITALIZATION VALUE PORTFOLIO 0 0 0 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualPortfolioOperatingExpensesLARGECAPITALIZATIONGROWTH column period compact * ~</div> 0 0 0 The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. 0 0 0 0 &#176; The distributor of the Portfolio has contractually agreed through February 28, 2014 to reduce its distribution and service (12b-1) fees for the Portfolio's Class R shares to .50% of the average daily net assets of the Class R shares of the Portfolio. This waiver may not be terminated by the distributor prior to February 28, 2014, and may be renewed, modified or discontinued thereafter. The decision on whether to renew, modify or discontinue the waiver is subject to review by the distributor and the Portfolio's Board of Trustees. <b>Portfolio Turnover.</b> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the Portfolio's most recent fiscal year, the Portfolio's portfolio turnover rate was 37% of the average value of its portfolio. <b>Example.</b> The following hypothetical example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Portfolio 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 Portfolio'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> <b>INVESTMENTS, RISKS AND PERFORMANCE <br/><br/>Principal Investment Strategies.</b> The Portfolio seeks investments that will increase in value. To achieve our objective, we invest in stocks of small companies that we believe are undervalued and have an above-average potential to increase in price, given the company's sales, earnings, book value, cash flow and recent performance. The Portfolio normally invests at least 80% of its investable assets in common stocks of small companies. Small companies are those companies with market capitalizations comparable to those in the Russell 2000 Value Index. As of December 31, 2012, the Russell 2000 Value Index median market capitalization was approximately $472 million and the largest company by market capitalization was $4.664 billion. Market capitalization is measured at the time of purchase.<br/><br/> Because the Portfolio invests in small capitalization companies, the risks associated with an investment in the Portfolio are greater than those associated with an investment in a fund that invests primarily in larger companies, because shares of small companies tend to be less liquid and more volatile than those of large companies. <b>Principal Risks of Investing in the Portfolio.</b> All investments have risks to some degree. Please remember that an investment in the Portfolio 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. This 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 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>Market Risk.</b> Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money. <br/><br/><b>Risk of Increase in Expenses.</b> Your actual cost of investing in the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio may decline more than a broad-based securities market index. These 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, stocks issued by smaller companies tend to be less liquid and fluctuate in value more than the stocks of larger, more established companies.<br/><br/><b> Style Risk.</b> The risk that the particular investment style followed by the Portfolio may be out of favor for a period of time.<br/><br/> For more information on the risks of investing in this Portfolio, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. <b>The Portfolio's Past Performance.</b> The following bar chart shows the Portfolio'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 Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. Updated Portfolio performance information is available online at www.prudentialfunds.com. <b>Annual Total Returns % (Class T Shares)</b> <div> <div class="MetaData"> <p> </p> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; 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"><b>Best Quarter:</b></td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Worst Quarter:</b></td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">20.81%</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">-22.11%</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> <b>Average Annual Total Returns % (as of 12/31/2012)</b> 0.0045 The investment objective of the Small Capitalization Growth Portfolio (Small Cap Growth Portfolio) is <b>maximum capital appreciation. </b> 0.0045 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. After-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0 After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. 0.0075 <b>Best Quarter:</b> 2003-06-30 0.2081 0 <b>Worst Quarter:</b> 2008-12-31 0 0 0 -0.2211 0.0018 0 Past performance (before and after taxes) does not mean that the Portfolio will achieve similar results in the future. www.prudentialfunds.com 0.0018 The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Portfolio by showing how returns can change from year to year and by showing how the Portfolio's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. Please remember that an investment in the Portfolio 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; <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualPortfolioOperatingExpensesINTERMEDIATETERMBOND column period compact * ~</div> and is subject to investment risks, including possible loss of your original investment. 0.0063 0.37 February 28, 2014 0.0138 0 -0.0025 <b>Best Quarter:</b> 2009-09-30 0.0572 0.0063 <b>Worst Quarter:</b> 2006-08-22 0.0113 2008-12-31 -0.0192 64 115 202 412 February 28, 2014 351 731 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualPortfolioOperatingExpensesMORTGAGEBACKEDSECURITIES column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualPortfolioOperatingExpensesTOTALRETURNBOND column period compact * ~</div> 786 1636 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedSMALLCAPITALIZATIONVALUE column period compact * ~</div> 64 115 202 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedMORTGAGEBACKEDSECURITIES column period compact * ~</div> <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br/><br/><b>Principal Investment Strategies.</b> 412 The Portfolio seeks investments that will increase in value. To achieve this objective, we purchase stocks of foreign companies. These companies may be based in developed as well as developing countries. The Portfolio normally invests at least 80% of its investable assets in stocks of companies in a diverse array of foreign countries. For purposes of this policy, the Portfolio will invest in stocks of companies that are organized under the laws of a foreign country, companies that derive more than 50% of their revenues from activities in foreign countries, and companies that have at least 50% of their assets located abroad. The foreign securities held by the Portfolio normally will be denominated in foreign currencies, including the euro&#8212;a multinational currency unit. The&nbsp;Portfolio may invest in large-, mid- or small-capitalization companies. To the extent the Portfolio invests in small- or mid-capitalization companies, the risks associated with an investment in the Portfolio are greater than those associated with a fund that invests primarily in larger companies, because shares of small- or mid-capitalization companies tend to be less liquid and more volatile than those of large companies.<br/><br/>The Portfolio may also invest in American Depositary Receipts (ADRs), American Depositary Shares (ADSs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs). ADRs, ADSs, GDRs and EDRs are certificates&#8212;usually issued by a bank or trust company&#8212;that represent an equity investment in a foreign company. ADRs and ADSs are issued by U.S. banks and trust companies and are valued in U.S. dollars. EDRs and GDRs are issued by foreign banks and trust companies and are usually valued in foreign currencies. <b>Principal Risks of Investing in the Portfolio.</b> All investments have risks to some degree. Please remember that an investment in the Portfolio 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. This 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 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>Market Risk.</b> Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money.<br/><br/> <b>Risk of Increase in Expenses.</b> Your actual cost of investing in the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio invests could go down. Different sectors of a market can react differently to adverse issuer, market, regulatory, political and economic developments.<br/><br/> <b>Style Risk.</b> The risk that the particular investment style followed by the Portfolio may be out of favor for a period of time.<br/><br/> <b>Small and Medium Company Risk.</b> Small and medium capitalization company stocks present above-average risks. This means that when stock prices decline overall, the Portfolio 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 small and medium capitalization companies may be less liquid and fluctuate in value more than the stocks of larger, more established companies.<br/><br/> <b>Foreign Securities Risk.</b> Investing in securities of non-U.S. issuers generally involves 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 could also affect the value of the assets the Portfolio holds and the Portfolio'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.<br/><br/>In addition, the Portfolio&#8217;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, political or financial instability and adverse diplomatic developments. Dividends or interest on, or proceeds from the sale of, non-U.S. securities may be subject to non-U.S. withholding taxes, and special U.S. tax considerations may apply.<br/><br/> <b>Derivatives Risk.</b> The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or index. The use of derivatives involves costs and can be more volatile than other investment strategies, resulting in greater volatility for the Portfolio, particularly during periods of market decline. Investments in derivatives may not have the intended effects and may result in losses for the Portfolio that may not have otherwise occured or missed opportunities for the Portfolio. Certain types of derivatives involve leverage, which could magnify losses. Derivatives involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, reference rate or index. Investing in derivatives could cause the Portfolio to lose more than the principal amount invested. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet known and may not be known for some time. Derivatives are also subject to liquidity risk, interest rate risk, credit risk, market risk and management risk.<br/><br/> For more information on the risks of investing in this Portfolio, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. 351 731 SUMMARY: INTERNATIONAL EQUITY PORTFOLIO 786 1636 <b>INVESTMENT OBJECTIVE </b> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsMORTGAGEBACKEDSECURITIESBarChart column period compact * ~</div> <b>PORTFOLIO FEES AND EXPENSES</b> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. <b>Shareholder Fees (fees paid directly from your investment)</b> 0.062 0.0476 <b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> 0.0258 0.0427 0.0893 0.0176 February 28, 2014 0.174 0.0726 <b>Example.</b> 0.0647 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsTOTALRETURNBONDBarChart column period compact * ~</div> 0.0729 The following hypothetical example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. The investment objective of the Small Capitalization Value Portfolio (Small Cap Value Portfolio) is <b>above-average capital appreciation.</b> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINTERMEDIATE-TERMBOND column period compact * ~</div> <b>Portfolio Turnover.</b> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the Portfolio's most recent fiscal year, the Portfolio's portfolio turnover rate was 16% of the average value of its portfolio. 0.16 <b>If Shares Are Redeemed</b> <b>If Shares Are Not Redeemed</b> 0.0729 0.0557 &#176; The distributor of the Portfolio has contractually agreed through February 28, 2014 to reduce its distribution and service (12b-1) fees for the Portfolio's Class R shares to .50% of the average daily net assets of the Class R shares of the Portfolio. This waiver may not be terminated by the distributor prior to February 28, 2014, and may be renewed, modified or discontinued thereafter. The decision on whether to renew, modify or discontinue the waiver is subject to review by the distributor and the Portfolio's Board of Trustees. 0.0472 and is subject to investment risks, including possible loss of your original investment. Please remember that an investment in the Portfolio 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; 0.067 0.0422 0.0687 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsINTERMEDIATE-TERMBONDBarChart column period compact * ~</div> 0.0996 <b>The Portfolio's Past Performance.</b> 0.0792 The following bar chart shows the Portfolio'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 Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. Updated Portfolio performance information is available online at www.prudentialfunds.com. 0.0549 0.0533 0.0737 0.0595 The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Portfolio by showing how returns can change from year to year and by showing how the Portfolio'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 Portfolio will achieve similar results in the future. 0.0591 0.0729 0.0661 0.0453 0.0444 0.0518 0.0497 0.0625 0.0732 2006-08-22 <b>Annual Total Returns % (Class T Shares)</b> <div> <div class="MetaData"> <p> </p> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; 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"><b>Best Quarter:</b></td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Worst Quarter:</b></td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">26.33%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2009</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-21.59%</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> <b>Average Annual Total Returns % (as of 12/31/2012) </b> After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. &#176; After-tax returns are calculated using the highest historical individual federal marginal 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 Portfolio 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. <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedTOTALRETURNBOND column period compact * ~</div> 466 86 <b>Best Quarter:</b> 2009-06-30 0.2633 <b>Worst Quarter:</b> 2008-12-31 -0.2159 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualPortfolioOperatingExpensesSMALLCAPITALIZATIONVALUE column period compact * ~</div> 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. <b>INVESTMENT OBJECTIVES </b> 1988 1166 <b>PORTFOLIO FEES AND EXPENSES </b> <b>Average Annual Total Returns % (as of 12/31/2012)</b> The investment objective of the International Equity Portfolio is <b>capital appreciation</b>. <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualPortfolioOperatingExpensesSMALLCAPITALIZATIONGROWTH column period compact * ~</div> 0 0 0 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesINTERNATIONALEQUITY column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualPortfolioOperatingExpensesINTERNATIONALEQUITY column period compact * ~</div> The Portfolio was compared to the Lipper Small-Cap Value Funds Performance Universe although Lipper classifies the Portfolio in the Lipper Small-Cap Core Funds Performance Universe. The Lipper Small-Cap Value Funds Performance Universe is utilized because the Portfolio's manager believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons. The Portfolio was compared to the Lipper Customized Blend Funds Performance Universe although Lipper classifies the Portfolio in the Lipper International Multi-Cap Core Funds Performance Universe. The Lipper Customized Blend Funds Performance Universe is utilized because the Portfolio's manager believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons. The Portfolio was compared to the Lipper Intermediate Investment-Grade Debt Funds Performance Universe although Lipper classifies the Portfolio in the Lipper Corporate Debt Funds BBB Funds Performance Universe. The Lipper Investment-Grade Debt Funds Performance Universe is utilized because the Portfolio's manager believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons. The Portfolio was compared to the Lipper Small-Cap Value Funds Performance Universe although Lipper classifies the Portfolio in the Lipper Small-Cap Core Funds Performance Universe. The Lipper Small-Cap Value Funds Performance Universe is utilized because the Portfolio's manager believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons. The Portfolio was compared to the Lipper Intermediate Investment-Grade Debt Funds Performance Universe although Lipper classifies the Portfolio in the Lipper Corporate Debt Funds BBB Funds Performance Universe. The Lipper Investment-Grade Debt Funds Performance Universe is utilized because the Portfolio's manager believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons. The Portfolio was compared to the Lipper Customized Blend Funds Performance Universe although Lipper classifies the Portfolio in the Lipper International Multi-Cap Core Funds Performance Universe. The Lipper Customized Blend Funds Performance Universe is utilized because the Portfolio's manager believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons. 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