Prudential Investment Portfolios 18 N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-08587
Exact name of registrant as specified in charter:	Prudential Jennison 20/20 Focus Fund
Address of principal executive offices:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	1/31/2011
Date of reporting period:	7/31/2010

Item 1 – Reports to Stockholders

SEMIANNUAL REPORT JULY 31, 2010

Prudential Jennison 20/20 Focus Fund

(Formerly known as Jennison 20/20 Focus Fund)

Fund Type Large cap stock   Objective Long-term growth of capital This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.   The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.   The accompanying financial statements as of July 31, 2010, were not audited and, accordingly, no auditor’s opinion is expressed on them.   Prudential Investments, Prudential, Jennison, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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

September 15, 2010

Dear Shareholder:

Recently we announced the renaming of JennisonDryden, Prudential Financial’s mutual fund family, to Prudential Investments. As a result of this change, each of our funds has been renamed to feature “Prudential” as part of its new name. The name of your fund has changed from the Jennison 20/20 Focus Fund to the Prudential Jennison 20/20 Focus Fund.

While the name of your fund has changed, its investment objectives and portfolio management team remain the same. No action is required on your part. If you participate in an automatic investment plan, your account continues to be invested in the Fund under its new name.

Featuring the Prudential name in our funds creates an immediate connection to the experience and heritage of Prudential, a name recognized by millions for helping people grow and protect their wealth.

On the following pages, you will find your fund’s semiannual report, including a table showing fund performance over the first half of the fiscal year and for longer periods. If you have questions about your fund or the renaming of our mutual fund family, please contact your financial professional or visit our website at www.prudentialfunds.com.

Sincerely,

Judy A. Rice, President

Prudential Jennison 20/20 Focus Fund

Prudential Jennison 20/20 Focus Fund 1

Your Fund’s Performance

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. The maximum initial sales charge is 5.50% (Class A shares). Gross operating expenses: Class A, 1.16%; Class B, 1.86%; Class C, 1.86%; Class R, 1.61%; Class Z, 0.86%. Net operating expenses apply to: Class A, 1.16%; Class B, 1.86%; Class C, 1.86%; Class R, 1.36%; Class Z, 0.86%, after contractual reduction through 5/31/2011 for Class R.

Cumulative Total Returns (Without Sales Charges) as of 7/31/10
	Six Months		One Year		Five Years		Ten Years		Since Inception
Class A	–2.46	%	8.61	%	19.35	%	44.40	%	—
Class B	–2.80		7.79		15.08		34.05		—
Class C	–2.79		7.88		15.16		34.14		—
Class R	–2.55		8.36		18.10		N/A		46.51% (6/14/04)
Class Z	–2.31		8.91		21.03		48.14		—
Russell 1000® Index	3.84		14.51		0.12		–3.84		—
S&P 500 Index	3.62		13.84		–0.85		–7.35		—
Lipper Multi-Cap Core Funds Avg.	3.63		13.92		1.29		21.80		—
Lipper Large-Cap Core Funds Avg.	2.15		11.36		–1.90		–0.36		—
Average Annual Total Returns (With Sales Charges) as of 6/30/10
			One Year		Five Years		Ten Years		Since Inception
Class A			4.95	%	2.35	%	2.69	%	—
Class B			5.35		2.60		2.52		—
Class C			9.25		2.77		2.52		—
Class R			10.81		3.30		N/A		5.52% (6/14/04)
Class Z			11.42		3.79		3.54		—
Russell 1000® Index			15.24		–0.56		–1.22		—
S&P 500 Index			14.43		–0.79		–1.59		—
Lipper Multi-Cap Core Funds Avg.			15.17		–0.37		0.67		—
Lipper Large-Cap Core Funds Avg.			12.10		–1.10		–1.19		—

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Source: Prudential Investments LLC and Lipper Inc. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, total returns would be lower.

Inception returns are provided for any share class with less than 10 calendar years of returns.

The average annual total returns take into account applicable sales charges. Class A, Class B, Class C, and Class R shares are subject to an annual distribution and service (12b-1) fee of up to 0.30%, 1.00%, 1.00%, and 0.75%, respectively. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class Z shares are not subject to an annual 12b-1 fee. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or following the redemption of Fund shares. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B and Class C shares are subject to a maximum CDSC of 5% and 1%, respectively. Class R and Class Z shares are not subject to a sales charge.

Benchmark Definitions

Russell 1000 Index

The Russell 1000 Index is an unmanaged index that consists of the stocks of the 1,000 largest firms in the Russell 3000^® Index, an index that represents approximately 98% of the U.S. market. Russell 1000 Index Closest Month-End to Inception cumulative total return as of 7/31/10 is 14.28% for Class R. Russell 1000 Index Closest Month-End to Inception average annual total return as of 6/30/10 is 1.10% for Class R.

S&P 500 Index

The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. public companies. It gives an indication of how stock prices in the United States have performed. S&P 500 Index Closest Month-End to Inception cumulative total return as of 7/31/10 is 11.46% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 6/30/10 is 0.67% for Class R.

Lipper Multi-Cap Core Funds Average

The Lipper Multi-Cap Core Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Multi-Cap Core Funds category. Funds in the Lipper Average invest in a variety of market-capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time. Lipper Multi-Cap Core Funds Average Closest Month-End to Inception cumulative total return as of 7/31/10 is 15.64% for Class R. Lipper Multi-Cap Core Funds Average Closest Month-End to Inception average annual total return as of 6/30/10 is 1.15% for Class R.

Lipper Large-Cap Core Funds Average

The Lipper Large-Cap Core Funds Average (Lipper Average) invests at least 75% of their equity assets in companies with market capitalization (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index. Although Lipper classifies the Fund in the Lipper Multi-Cap Core Funds Category, the returns for the Lipper Large-Cap Core Funds Average are also shown as we believe the Lipper Large-Cap Core Funds Average is more consistent with the management of the Fund. Lipper Large-Cap Core Funds Average Closest Month-End to Inception cumulative total return as of 7/31/10 is 10.67% for Class R. Lipper Large-Cap Core Funds Average Closest Month-End to inception average annual total return as of 6/30/10 is 0.46% for Class R.

Prudential Jennison 20/20 Focus Fund 3

Your Fund’s Performance (continued)

Investors cannot invest directly in an index or average. The returns for the S&P 500 Index and the Russell 1000 Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes. The Since Inception returns for the S&P 500 Index, Russell 1000 Index, and Lipper Average are measured from the closest month-end to inception date, and not from the Fund’s actual inception date.

Five Largest Growth Holdings expressed as a percentage of net assets as of 7/31/10
Apple, Inc., Computers & Peripherals	3.4	%
NetApp, Inc., Computers & Peripherals	2.7
Precision Castparts Corp., Aerospace & Defense	2.7
Hewlett Packard Co., Computers & Peripherals	2.6
Walt Disney Co. (The), Media	2.5

Holdings reflect only long-term investments and are subject to change.

Five Largest Value Holdings expressed as a percentage of net assets as of 7/31/10
Bunge Ltd., Food Services	3.2	%
Viacom, Inc. (Class B Stock), Media	3.1
Newmont Mining Corp., Metals & Mining	3.1
H&R Block, Inc., Diversified Consumer Services	2.9
Liberty Global, Inc. (Class C Stock), Media	2.9

Holdings reflect only long-term investments and are subject to change.

Five Largest Industries expressed as a percentage of net assets as of 7/31/10
Oil, Gas & Consumable Fuels	12.1	%
Food Products	8.7
Computers & Peripherals	8.7
Media	8.5
Software	7.5

Industry weightings reflect only long-term investments and are subject to change.

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Fees and Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on February 1, 2010, at the beginning of the period, and held through the six-month period ended July 31, 2010. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of Prudential Investments Funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before

Prudential Jennison 20/20 Focus Fund 5

expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Prudential Jennison 20/20 Focus Fund		Beginning Account Value February 1, 2010		Ending Account Value July 31, 2010		Annualized Expense Ratio Based on the Six-Month Period		Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	975.40	1.16	%	$	5.68
	Hypothetical	$	1,000.00	$	1,019.04	1.16	%	$	5.81
Class B	Actual	$	1,000.00	$	972.00	1.86	%	$	9.09
	Hypothetical	$	1,000.00	$	1,015.57	1.86	%	$	9.30
Class C	Actual	$	1,000.00	$	972.10	1.86	%	$	9.09
	Hypothetical	$	1,000.00	$	1,015.57	1.86	%	$	9.30
Class R	Actual	$	1,000.00	$	974.50	1.36	%	$	6.66
	Hypothetical	$	1,000.00	$	1,018.05	1.36	%	$	6.80
Class Z	Actual	$	1,000.00	$	976.90	0.86	%	$	4.22
	Hypothetical	$	1,000.00	$	1,020.53	0.86	%	$	4.31

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended July 31, 2010, and divided by the 365 days in the Fund’s fiscal year ending January 31, 2011 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Portfolio of Investments

as of July 31, 2010 (Unaudited)

Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS    98.7%
COMMON STOCKS
Aerospace & Defense    5.1%
809,314	Boeing Co. (The)	$	55,146,656
508,117	Precision Castparts Corp.		62,086,816
			117,233,472
Biotechnology    2.0%
848,034	Celgene Corp.(a)		46,769,075
Chemicals    2.2%
1,855,192	Dow Chemical Co. (The)		50,702,397
Commercial Services & Supplies    2.7%
1,855,635	Waste Management, Inc.(b)		62,998,808
Communications Equipment    2.4%
1,973,100	Juniper Networks, Inc.(a)		54,812,718
Computers & Peripherals    8.7%
303,358	Apple, Inc.(a)		78,038,846
1,286,600	Hewlett-Packard Co.		59,235,064
1,493,224	NetApp, Inc.(a)(b)		63,163,375
			200,437,285
Diversified Consumer Services    2.9%
4,316,099	H&R Block, Inc.		67,676,432
Diversified Financial Services    2.1%
1,231,956	JPMorgan Chase & Co.		49,623,188
Electronic Equipment & Instruments    2.6%
9,561,505	Flextronics International Ltd.(a)		59,472,561
Energy Equipment & Services    1.6%
630,689	Schlumberger Ltd.		37,626,906
Food Products    8.7%
1,482,523	Bunge Ltd.(b)		73,607,267
2,634,814	ConAgra Foods, Inc.		61,865,432
2,238,580	Kraft Foods, Inc. (Class A Stock)		65,388,922
			200,861,621

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 7

Portfolio of Investments

as of July 31, 2010 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Healthcare Providers & Services    1.9%
957,993	Express Scripts, Inc.(a)	$	43,282,124
Internet & Catalog Retail    2.5%
484,766	Amazon.com, Inc.(a)		57,149,064
Internet Software & Services    4.7%
92,247	Google, Inc. (Class A Stock)(a)		44,725,958
2,591,320	IAC/InterActiveCorp(a)		64,783,000
			109,508,958
IT Services    4.3%
244,100	MasterCard, Inc. (Class A Stock)(b)		51,270,764
653,632	Visa, Inc. (Class A Stock)		47,943,907
			99,214,671
Media    8.5%
2,296,476	Liberty Global, Inc. (Class C Stock)(a)(b)		67,171,923
2,158,078	Viacom, Inc. (Class B Stock)		71,302,897
1,727,651	Walt Disney Co. (The)		58,204,562
			196,679,382
Metals & Mining    5.1%
646,048	Freeport-McMoRan Copper & Gold, Inc.		46,218,274
1,264,644	Newmont Mining Corp.		70,693,600
			116,911,874
Multiline Retail    2.2%
1,757,167	Dollar General Corp.(a)(b)		51,274,133
Multi-Utilities    2.8%
1,309,949	Sempra Energy		65,169,963
Oil, Gas & Consumable Fuels    12.1%
1,313,449	Anadarko Petroleum Corp.		64,569,153
1,789,528	Canadian Natural Resources Ltd.		61,595,554
491,076	EOG Resources, Inc.		47,879,910
550,704	Occidental Petroleum Corp.		42,916,363
1,738,639	Southwestern Energy Co.(a)		63,373,391
			280,334,371

See Notes to Financial Statements.

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Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Pharmaceuticals    1.6%
754,621	Novartis AG (Switzerland), ADR	$	36,780,228
Semiconductors & Semiconductor Equipment    2.1%
1,313,927	Broadcom Corp. (Class A Stock)		47,340,790
Software    7.5%
1,830,000	Adobe Systems, Inc.(a)		52,557,600
3,027,277	CA, Inc.		59,213,538
4,725,481	Symantec Corp.(a)		61,289,489
			173,060,627
Textiles, Apparel & Luxury Goods    2.4%
758,493	NIKE, Inc. (Class B Stock)(b)		55,855,424
	Total long-term investments (cost $2,078,213,386)		2,280,776,072
SHORT-TERM INVESTMENT    11.5%
Affiliated Money Market Mutual Fund
264,873,447	Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $264,873,447; includes $204,357,175 of cash collateral received for securities on loan; Note 3)(c)(d)		264,873,447
	Total Investments    110.2% (cost $2,343,086,833; Note 5)		2,545,649,519
	Liabilities in excess of other assets (10.2%)		(236,094,027	)
	Net Assets    100.0%	$	2,309,555,492

The following abbreviation is used in the portfolio descriptions:

ADR—American Depositary Receipt.

(a) Non-income producing security.

(b) All or a portion of security is on loan. The aggregate market value of such securities is $203,510,053; cash collateral of $204,357,175 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(c) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund.

(d) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 9

Portfolio of Investments

as of July 31, 2010 (Unaudited) continued

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

Level 1—quoted prices in active markets for identical securities

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of July 31, 2010 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	2,280,776,072	$	—	$	—
Affiliated Money Market Mutual Fund		264,873,447		—		—
Total	$	2,545,649,519	$	—	$	—

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2010 were as follows:

Oil, Gas & Consumable Fuels	12.1	%
Affiliated Money Market Mutual Fund (including 8.8% of collateral received for securities on loan)	11.5
Food Products	8.7
Computers & Peripherals	8.7
Media	8.5
Software	7.5
Aerospace & Defense	5.1
Metals & Mining	5.1
Internet Software & Services	4.7
IT Services	4.3
Diversified Consumer Services	2.9
Multi-Utilities	2.8
Commercial Services & Supplies	2.7
Electronic Equipment & Instruments	2.6
Internet & Catalog Retail	2.5
Communications Equipment	2.4
Textiles, Apparel & Luxury Goods	2.4
Chemicals	2.2
Multiline Retail	2.2
Diversified Financial Services	2.1
Semiconductors & Semiconductor Equipment	2.1
Biotechnology	2.0
Health Care Providers & Services	1.9
Energy Equipment & Services	1.6
Pharmaceuticals	1.6
	110.2
Liabilities in excess of other assets	(10.2	)
	100.0	%

See Notes to Financial Statements.

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Financial Statements

JULY 31, 2010 SEMIANNUAL REPORT

Prudential Jennison 20/20 Focus Fund

Statement of Assets and Liabilities

as of July 31, 2010 (Unaudited)

Assets
Investments, at value including securities on loan of $203,510,053:
Unaffiliated investments (cost $2,078,213,386)	$	2,280,776,072
Affiliated investments (cost $264,873,447)		264,873,447
Receivable for investments sold		37,570,213
Receivable for Fund shares sold		5,160,956
Dividends and interest receivable		834,455
Foreign tax reclaims receivable		119,856
Prepaid expenses		13,015
Total assets		2,589,348,014
Liabilities
Payable to broker for collateral for securities on loan (Note 3)		204,357,175
Payable for investments purchased		66,348,172
Payable for Fund shares reacquired		6,251,021
Management fee payable		1,400,496
Distribution fee payable		719,072
Loan payable (Note 7)		438,000
Affiliated transfer agent fee payable		123,831
Accrued expenses		115,822
Payable to custodian		36,228
Deferred trustees’ fees		2,705
Total liabilities		279,792,522
Net Assets	$	2,309,555,492
Net assets were comprised of:
Shares of beneficial interest, at par	$	173,618
Paid-in capital in excess of par		2,313,625,482
		2,313,799,100
Undistributed net investment income		1,349,579
Accumulated net realized loss on investment and foreign currency transactions		(208,155,873	)
Net unrealized appreciation on investments		202,562,686
Net assets, July 31, 2010	$	2,309,555,492

See Notes to Financial Statements.

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Class A
Net asset value and redemption price per share ($1,066,296,705 ÷ 78,984,558 shares of beneficial interest issued and outstanding)	$	13.50
Maximum sales charge (5.50% of offering price)		.79
Maximum offering price to public	$	14.29
Class B
Net asset value, offering price and redemption price per share ($146,970,901 ÷ 12,074,720 shares of beneficial interest issued and outstanding)	$	12.17
Class C
Net asset value, offering price and redemption price per share ($356,017,158 ÷ 29,234,288 shares of beneficial interest issued and outstanding)	$	12.18
Class R
Net asset value, offering price and redemption price per share ($69,866,016 ÷ 5,233,160 shares of beneficial interest issued and outstanding)	$	13.35
Class Z
Net asset value, offering price and redemption price per share ($670,404,712 ÷ 48,091,487 shares of beneficial interest issued and outstanding)	$	13.94

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 13

Statement of Operations

Six Months Ended July 31, 2010 (Unaudited)

Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $572,379)	$	15,918,607
Affiliated dividend income		112,038
Affiliated income from securities loaned, net		104,766
Total income		16,135,411
Expenses
Management fee		8,716,574
Distribution fee—Class A		1,712,866
Distribution fee—Class B		762,340
Distribution fee—Class C		1,800,063
Distribution fee—Class R		155,727
Transfer agent’s fees and expenses (including affiliated expense of $392,500) (Note 3)		1,238,000
Custodian’s fees and expenses		105,000
Registration fees		97,000
Reports to shareholders		91,000
Trustees’ fees		35,000
Insurance		21,000
Legal fees and expenses		20,000
Audit fee		11,000
Loan interest expense (Note 7)		1,757
Miscellaneous		15,800
Total expenses		14,783,127
Net investment income		1,352,284
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		52,542,704
Foreign currency transactions		(777	)
		52,541,927
Net change in unrealized appreciation (depreciation) on investments		(122,975,482	)
Net loss on investments		(70,433,555	)
Net Decrease In Net Assets Resulting From Operations	$	(69,081,271	)

See Notes to Financial Statements.

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Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended July 31, 2010			Year Ended January 31, 2010
Increase (Decrease) In Net Assets
Operations
Net investment income (loss)	$	1,352,284		$	(4,620,665	)
Net realized gain (loss) on investment transactions		52,541,927			42,805,995
Net change in unrealized appreciation (depreciation) on investments		(122,975,482	)		524,424,133
Net increase (decrease) in net assets resulting from operations		(69,081,271	)		562,609,463
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		570,230,907			1,084,191,580
Cost of shares reacquired		(498,939,851	)		(416,774,114	)
Net increase in net assets from Fund share transactions		71,291,056			667,417,466
Capital Contributions (Note 6)
Proceeds from regulatory settlement		33,791			—
Total increase		2,243,576			1,230,026,929
Net Assets
Beginning of period(a)		2,307,311,916			1,077,284,987
End of period	$	2,309,555,492		$	2,307,311,916
(a) Includes undistributed net investment income	$	1,349,579		$	—

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 15

Notes to Financial Statements

(Unaudited)

Prudential Jennison 20/20 Focus Fund (the “Fund”) (formerly Jennison 20/20 Focus Fund), is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The investment objective of the Fund is long-term growth of capital. The Fund normally invests at least 80% of its total assets in approximately 40 (which may range up to 45) equity and equity-related securities of companies that are selected by the Fund’s two portfolio managers as having strong capital appreciation potential.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and ask prices, or at the last bid price on such day in the absence of an asked price. Securities traded via Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”) in consultation with the subadviser, to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics.

Securities for which reliable market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. When determining the fair valuation of securities, some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst

16 Visit our website at www.prudentialfunds.com

media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values. As of July 31, 2010, there were no securities valued in accordance with such procedures.

Investments in mutual funds are valued at their net asset value as of the close of the New York Stock Exchange on the date of valuation.

Short-term debt securities which mature in sixty days or less are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term debt securities which mature in more than sixty days are valued at current market quotations.

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

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

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

Although the net assets of the Fund are presented at foreign exchange rates and market values at the close of the fiscal year, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities held at the end of the fiscal year. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the fiscal year. Accordingly, these realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holding of foreign currencies, currency gains or losses realized between the trade date and settlement date on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent

Prudential Jennison 20/20 Focus Fund 17

Notes to Financial Statements

(Unaudited) continued

amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at fiscal year end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on investments and foreign currencies.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability, or the level of governmental supervision and regulation of foreign securities markets.

Securities Lending: The Fund may lend its portfolio securities to broker-dealers. The loans are secured by collateral at least equal, at all times, to the market value of the securities loaned. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities using the collateral in the open market. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The Fund also continues to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognizes any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized and unrealized gains or losses on sales of security and foreign currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis.

Net investment income or loss (other than distribution fees which are charged directly to the respective class) and unrealized and realized gains or losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.

Dividends and Distributions: The Fund expects to pay dividends from net investment income and distributions from net realized capital gains, if any, at least annually.

18 Visit our website at www.prudentialfunds.com

Dividends and distributions which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-in capital in excess of par, as appropriate.

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

Withholding taxes on foreign dividends are recorded net of reclaimable amounts, at the time the related income is earned.

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

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison furnishes investment advisory services in connection with the management of the Fund. In connection therewith, Jennison is obligated to keep certain books and records of the Fund. PI pays for the services of Jennison, the cost of compensation of officers, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is accrued daily and payable monthly, at an annual rate of .75% of the Fund’s average daily net assets up to and including $1 billion and .70% of such average daily net assets in excess of $1 billion. The effective management fee rate was .72% of the Fund’s average daily net assets for the six months ended July 31, 2010.

There are two Portfolio Managers at Jennison, both of which manage approximately 50% of the Fund’s assets. In general, in order to maintain an approximately equal division of assets between the two portfolio managers, all daily cash inflows

Prudential Jennison 20/20 Focus Fund 19

Notes to Financial Statements

(Unaudited) continued

(i.e. subscriptions and reinvested distributions) and outflows (i.e. redemptions and expense items) are divided between the two portfolio managers as PI deems appropriate. In addition, periodic rebalancing of the portfolio’s assets may occur to account for market fluctuations in order to maintain an approximately equal allocation between the two portfolio managers.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class R and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C and Class R shares, pursuant to plans of distribution (the “Class A, B, C and R Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z shares of the Fund.

Pursuant to the Class A, B, C and R Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30%, 1%, 1% and .75% of the average daily net assets of the Class A, B, C and R shares, respectively. PIMS contractually agreed to limit such fees to .50% of the average daily net assets of the Class R shares through May 31, 2011.

PIMS has advised the Fund that it has received $1,376,207 in front-end sales charges resulting from sales of Class A shares during the six months ended July 31, 2010. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended July 31, 2010, it received $32,052, $240,150 and $57,098 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively.

PI, PIMS and Jennison are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer

20 Visit our website at www.prudentialfunds.com

agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Prudential Investment Management, Inc. (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Fund’s security lending agent. For the six months ended July 31, 2010, PIM has been compensated approximately $36,700 for these services.

The Fund invests in the Prudential Core Taxable Money Market Fund (the “Portfolio”), a portfolio of Prudential Investment Portfolios 2. The Portfolio is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI. Earnings from the Fund are disclosed on the Statement of Operations as affiliated dividend income.

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the six months ended July 31, 2010, were $1,530,550,774 and $1,351,758,179, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2010 were as follows:

Tax Basis of Investments	Appreciation	Depreciation	Net Unrealized Appreciation
$2,365,123,188	$275,810,113	$(95,283,782)	$180,526,331

The difference between book basis and tax basis is primarily attributable to deferred losses on wash sales.

For federal income tax purposes, the Fund had a capital loss carryforward as of January 31, 2010 of approximately $219,741,000 of which $154,098,000 expires in 2017 and $65,643,000 expires in 2018. Accordingly, no capital gains distribution is expected to be paid to shareholders until net gains have been realized in excess of such carryforwards. It is uncertain if the Fund will be able to realize the full benefit of the remaining carryforwards prior to the expiration date.

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years and has concluded that as of July 31, 2010, no

Prudential Jennison 20/20 Focus Fund 21

Notes to Financial Statements

(Unaudited) continued

provisions for income tax would be required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class R and Class Z shares. Class A shares are sold with a front-end sales charge of up to 5.50%. All investors who purchase in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1%, including investors who purchase their shares through broker/dealers affiliated with Prudential. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class C shares are sold with a CDSC of 1% during the first 12 months. Class B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

For the six months ended July 31, 2010, the Fund received $33,791 related to an affiliate’s settlement of regulatory proceedings involving allegations of improper trading. This amount is presented in the Fund’s Statement of Changes in Net Assets. The Fund was not involved in the proceedings or the calculation of the payment.

22 Visit our website at www.prudentialfunds.com

There is an unlimited number of shares of beneficial interest, $.001 par value per share, divided into five classes, designated Class A, Class B, Class C, Class R and Class Z. Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended July 31, 2010:
Shares sold	17,333,808			$	246,060,547
Shares reacquired	(18,741,578	)			(261,816,390	)
Net increase (decrease) in shares outstanding before conversion	(1,407,770	)			(15,755,843	)
Shares issued upon conversion from Class B	187,876				2,659,208
Net increase (decrease) in shares outstanding	(1,219,894	)		$	(13,096,635	)
Year ended January 31, 2010:
Shares sold	35,392,650			$	446,119,842
Shares reacquired	(15,715,422	)			(190,245,660	)
Net increase (decrease) in shares outstanding before conversion	19,677,228		��		255,874,182
Shares issued upon conversion from Class B	1,055,912				11,745,534
Net increase (decrease) in shares outstanding	20,733,140			$	267,619,716
Class B
Six months ended July 31, 2010:
Shares sold	1,580,786			$	20,474,223
Shares reacquired	(1,142,304	)			(14,512,765	)
Net increase (decrease) in shares outstanding before conversion	438,482				5,961,458
Shares issued upon conversion into Class A	(208,057	)			(2,659,208	)
Net increase (decrease) in shares outstanding	230,425			$	3,302,250
Year ended January 31, 2010:
Shares sold	3,676,131			$	40,943,684
Shares reacquired	(1,953,630	)			(21,288,228	)
Net increase (decrease) in shares outstanding before conversion	1,722,501				19,655,456
Shares reacquired upon conversion into Class A	(1,162,317	)			(11,745,534	)
Net increase (decrease) in shares outstanding	560,184			$	7,909,922
Class C
Six months ended July 31, 2010:
Shares sold	5,712,066			$	74,031,130
Shares reacquired	(2,858,181	)			(35,831,398	)
Net increase (decrease) in shares outstanding	2,853,885			$	38,199,732
Year ended January 31, 2010:
Shares sold	11,160,594			$	127,727,776
Shares reacquired	(3,813,734	)			(40,309,700	)
Net increase (decrease) in shares outstanding	7,346,860			$	87,418,076

Prudential Jennison 20/20 Focus Fund 23

Notes to Financial Statements

(Unaudited) continued

Class R	Shares		Amount
Six months ended July 31, 2010:
Shares sold	2,230,318		$	31,104,663
Shares reacquired	(793,566	)		(11,160,585	)
Net increase (decrease) in shares outstanding	1,436,752		$	19,944,078
Year ended January 31, 2010:
Shares sold	2,737,620		$	34,524,147
Shares reacquired	(1,915,081	)		(23,057,514	)
Net increase (decrease) in shares outstanding	822,539		$	11,466,633
Class Z
Six months ended July 31, 2010:
Shares sold	13,509,230		$	198,560,344
Shares reacquired	(12,089,535	)		(175,618,713	)
Net increase (decrease) in shares outstanding	1,419,695		$	22,941,631
Year ended January 31, 2010:
Shares sold	35,250,202		$	434,876,131
Shares reacquired	(12,320,566	)		(141,873,012	)
Net increase (decrease) in shares outstanding	22,929,636		$	293,003,119

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with two banks. The SCA provides for a commitment of $500 million. Interest on any borrowings under the SCA is incurred at contracted market rates and a commitment fee for the unused amount is accrued daily and paid quarterly. The Funds pay a commitment fee of .15% of the unused portion of the renewed SCA. The expiration date of the SCA will be October 20, 2010. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions.

The Fund utilized the line of credit during the six months ended July 31, 2010. The average daily balance for the 22 days the Fund had loans outstanding during the period was $1,968,500 at a weighted average interest rate of 1.46%. At July 31, 2010, the Fund had an outstanding loan amount of $438,000.

24 Visit our website at www.prudentialfunds.com

Note 8. New Accounting Pronouncement

In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. ASU 2010-06 will require reporting entities to make new disclosures about amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements and input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, and information on purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2009 except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for interim and annual reporting periods beginning after December 15, 2010. At this time, management is evaluating the implications of ASU No. 2010-06 and its impact on the financial statements has not been determined.

Prudential Jennison 20/20 Focus Fund 25

Financial Highlights

(Unaudited)

CLASS A SHARES

Class A Shares
	Six Months Ended July 31, 2010(b)		Year Ended January 31,
			2010(b)		2009(b)		2008(b)		2007(b)		2006
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$13.84		$9.41		$14.51		$16.37		$15.88		$12.07
Income (loss) from investment operations:
Net investment income (loss)	.01		(0.02	)	-	(e)	.01		.04		.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions	(.35	)	4.45		(5.09	)	.10		1.61		3.80
Total from investment operations	(.34	)	4.43		(5.09	)	.11		1.65		3.81
Less Dividends and Distributions:
Dividends from net investment income	-		-		-		-		(.04	)	-
Distributions from net realized gains	-		-		(.01	)	(1.97	)	(1.12	)	-
Total dividends and distributions	-		-		(.01	)	(1.97	)	(1.16	)	-
Capital Contributions	-	(e)	-		-		-		-		-
Net asset value, end of period	$13.50		$13.84		$9.41		$14.51		$16.37		$15.88
Total Return(a):	(2.46)%		47.08%		(35.12)%		.02%		11.24%		31.57%
Ratios/Supplemental Data:
Net assets, end of period (000)	$1,066,297		$1,110,264		$559,685		$755,098		$698,219		$575,331
Average net assets (000)	$1,151,614		$825,817		$721,935		$771,444		$600,513		$314,392
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees	1.16%	(f)	1.20%		1.21%	(d)	1.17%	(d)	1.18%	(d)	1.28%	(d)
Expenses, excluding distribution and service (12b-1) fees	.86%	(f)	.90%		.93%		.92%		.93%		1.03%
Net investment income (loss)	.18%	(f)	(.19)%		.03%		.04%		.29%		.04%
For Class A, B, C, R and Z shares:
Portfolio turnover	58%	(g)	102%		107%		115%		114%		106%

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include the expenses of the underlying Portfolio in which the Fund invests.

(d) The distributor of the Fund contractually agreed to limit its distribution and service (12b-1) fees to .25% of the average daily net assets of the Class A shares through May 31, 2008.

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

26 Visit our website at www.prudentialfunds.com

CLASS B SHARES

Class B Shares
	Six Months Ended July 31, 2010(b)		Year Ended January 31,
			2010(b)		2009(b)		2008(b)		2007(b)		2006
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$12.52		$8.58		$13.32		$15.28		$14.98		$11.47
Income (loss) from investment operations:
Net investment loss	(.03	)	(.10	)	(.08	)	(.10	)	(.06	)	(.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions	(.32	)	4.04		(4.65	)	.11		1.48		3.60
Total from investment operations	(.35	)	3.94		(4.73	)	.01		1.42		3.51
Less Distributions:
Distributions from net realized gains	-		-		(.01	)	(1.97	)	(1.12	)	-
Capital Contributions	-	(d)	-		-		-		-		-
Net asset value, end of period	$12.17		$12.52		$8.58		$13.32		$15.28		$14.98
Total Return(a):	(2.80)%		45.92%		(35.55)%		(.68)%		10.34%		30.60%
Ratios/Supplemental Data:
Net assets, end of period (000)	$146,971		$148,333		$96,772		$163,534		$191,220		$225,046
Average net assets (000)	$153,761		$124,031		$144,411		$181,942		$201,727		$283,592
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees	1.86%	(e)	1.90%		1.93%		1.92%		1.93%		2.03%
Expenses, excluding distribution and service (12b-1) fees	.86%	(e)	.90%		.93%		.92%		.93%		1.03%
Net investment loss	(.52)%	(e)	(.88)%		(.68)%		(.69)%		(.42)%		(.67)%

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include the expenses of the underlying Portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) Annualized.

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 27

Financial Highlights

(Unaudited) continued

CLASS C SHARES

Class C Shares
	Six Months Ended July 31, 2010(b)		Year Ended January 31,
			2010(b)		2009(b)		2008(b)		2007(b)		2006
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$12.53		$8.58		$13.33		$15.29		$14.98		$11.47
Income (loss) from investment operations:
Net investment loss	(.03	)	(.10	)	(.08	)	(.11	)	(.07	)	(.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions	(.32	)	4.05		(4.66	)	.12		1.50		3.60
Total from investment operations	(.35	)	3.95		(4.74	)	.01		1.43		3.51
Less Distributions:
Distributions from net realized gains	-		-		(.01	)	(1.97	)	(1.12	)	-
Capital Contributions	-	(d)	-		-		-		-		-
Net asset value, end of period	$12.18		$12.53		$8.58		$13.33		$15.29		$14.98
Total Return(a):	(2.79)%		46.04%		(35.60)%		(.68)%		10.41%		30.60%
Ratios/Supplemental Data:
Net assets, end of period (000)	$356,017		$330,562		$163,325		$214,122		$195,094		$124,608
Average net assets (000)	$363,067		$241,607		$206,434		$217,934		$159,196		$81,239
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees	1.86%	(e)	1.90%		1.93%		1.92%		1.93%		2.03%
Expenses, excluding distribution and service (12b-1) fees	.86%	(e)	.90%		.93%		.92%		.93%		1.03%
Net investment loss	(.52)%	(e)	(.90)%		(.69)%		(.71)%		(.48)%		(.70)%

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include the expenses of the underlying Portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) Annualized.

See Notes to Financial Statements.

28 Visit our website at www.prudentialfunds.com

CLASS R SHARES

Class R Shares
	Six Months Ended July 31, 2010(b)		Year Ended January 31,
			2010(b)		2009(b)		2008(b)		2007(b)		2006
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$13.70		$9.34		$14.43		$16.32		$15.86		$12.07
Income (loss) from investment operations:
Net investment income (loss)	-	(f)	(.05	)	(.03	)	(.04	)	(.02	)	(.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions	(.35	)	4.41		(5.05	)	.12		1.63		3.82
Total from investment operations	(.35	)	4.36		(5.08	)	.08		1.61		3.79
Less Dividends and Distributions:
Dividends from net investment income	-		-		-		-		(.03	)	-
Distributions from net realized gains	-		-		(.01	)	(1.97	)	(1.12	)	-
Total dividends and distributions	-		-		(.01	)	(1.97	)	(1.15	)	-
Capital Contributions	-	(f)	-		-		-		-		-
Net asset value, end of period	$13.35		$13.70		$9.34		$14.43		$16.32		$15.86
Total Return(a):	(2.55)%		46.68%		(35.24)%		(.18)%		11.05%		31.40%
Ratios/Supplemental Data:
Net assets, end of period (000)	$69,866		$52,022		$27,768		$10,940		$2,623		$10,511	(e)
Average net assets (000)	$62,821		$38,041		$18,548		$6,228		$591		$3,472	(e)
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees(d)	1.36%	(g)	1.40%		1.43%		1.42%		1.43%		1.53%
Expenses, excluding distribution and service (12b-1) fees	.86%	(g)	.90%		.93%		.92%		.93%		1.03%
Net investment loss	(.02)%	(g)	(.39)%		(.21)%		(.28)%		(.12)%		(.22)%

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include the expense of the underlying Portfolio in which the Fund invest.

(d) The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .50% of the average daily net assets of the Class R shares through May 31, 2011.

(e) Amount is actual and not rounded.

(f) Less than $.005 per share.

(g) Annualized.

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 29

Financial Highlights

(Unaudited) continued

CLASS Z SHARES

Class Z Shares
	Six Months Ended July 31, 2010(b)		Year Ended January 31,
			2010(b)	2009(b)		2008(b)		2007(b)		2006
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$14.27		$9.68	$14.88		$16.69		$16.15		$12.25
Income (loss) from investment operations:
Net investment income	.03		.01	.04		.05		.08		.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions	(.36	)	4.58	(5.23	)	.11		1.63		3.86
Total from investment operations	(.33	)	4.59	(5.19	)	.16		1.71		3.90
Less Dividends and Distributions:
Dividends from net investment income	-		-	-		-		(.05	)	-
Distributions from net realized gains	-		-	(.01	)	(1.97	)	(1.12	)	-
Total dividends and distributions	-		-	(.01	)	(1.97	)	(1.17	)	-
Capital Contributions	-	(d)	-	-		-		-		-
Net asset value, end of period	$13.94		$14.27	$9.68		$14.88		$16.69		$16.15
Total Return(a):	(2.31)%		47.42%	(34.92)%		.33%		11.49%		31.84%
Ratios/Supplemental Data:
Net assets, end of period (000)	$670,405		$666,131	$229,735		$247,873		$173,890		$113,845
Average net assets (000)	$708,793		$438,071	$274,458		$214,692		$143,907		$63,511
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees	.86%	(e)	.90%	.93%		.92%		.93%		1.03%
Expenses, excluding distribution and service (12b-1) fees	.86%	(e)	.90%	.93%		.92%		.93%		1.03%
Net investment income	.48%	(e)	.09%	.30%		.28%		.53%		.28%

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(c) Does not include the expenses of the underlying Portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) Annualized.

See Notes to Financial Statements.

30 Visit our website at www.prudentialfunds.com

Results of Proxy Voting

(Unaudited)

At a special meeting of shareholders held on March 9, 2010, Fund shareholders approved a proposal to elect Trustees.

The individuals listed in the table below were elected as trustees of each Fund.* All trustees, with the exception of Mr. Benjamin, served as trustees to each Fund prior to the shareholder meeting.

Trustee	For	Withheld
Kevin J. Bannon	125,362,328	1,883,483
Linda W. Bynoe	125,264,119	1,931,693
Michael S. Hyland	125,316,776	1,879,036
Douglas H. McCorkindale	125,263,218	1,932,593
Stephen P. Munn	125,366,528	1,829,284
Richard A. Redeker	125,333,340	1,862,471
Robin B. Smith	125,265,136	1,930,675
Stephen G. Stoneburn	125,303,704	1,892,108
Judy A. Rice	125,310,082	1,885,730
Scott E. Benjamin	125,357,332	1,838,480

* Results are for all funds within the same investment company.

Prudential Jennison 20/20 Focus Fund 31

Approval of Advisory Agreements

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of Prudential Jennison 20/20 Focus Fund (the “Fund”) consists of 10 individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established three standing committees: the Audit Committee, the Nominating and Governance Committee, and the Investment Committee. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with Prudential Investments LLC (“PI”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 21-23, 2010 and approved the renewal of the agreements through July 31, 2011, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PI and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups. The mutual funds included in each Peer Universe or Peer Group were objectively determined by Lipper Inc. (“Lipper”), an independent provider of mutual fund data. To the extent that PI deems appropriate, and for reasons addressed in detail with the Board, PI may provide supplemental data compiled by Lipper for the Board’s consideration. The comparisons placed the Fund in various quartiles over the one-, three-, five- and 10-year periods ending December 31, 2009, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PI and the subadviser, the performance of the Fund, the profitability of PI and its affiliates, expenses and fees,

Prudential Jennison 20/20 Focus Fund

Approval of Advisory Agreements (continued)

and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PI throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 21-23, 2010.

The Trustees determined that the overall arrangements between the Fund and PI, which serves as the Fund’s investment manager pursuant to a management agreement, and between PI and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PI, are in the interest of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

Several of the material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality, and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PI and Jennison. The Board considered the services provided by PI, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PI’s oversight of the subadviser, the Board noted that PI’s Strategic Investment Research Group (“SIRG”), which is a business unit of PI, is responsible for monitoring and reporting to PI’s senior management on the performance and operations of the subadviser. The Board also considered that PI pays the salaries of all of the officers and non-independent Trustees of the Fund. The Board also considered the investment subadvisory services provided by Jennison, as well as compliance with the Fund’s investment restrictions, policies and procedures. The Board considered PI’s evaluation of Jennison, as well as PI’s recommendation, based on its review of Jennison, to renew the subadvisory agreement.

The Board reviewed the qualifications, backgrounds and responsibilities of PI’s senior management responsible for the oversight of the Fund and Jennison, and also reviewed the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PI’s and Jennison’s organizational structure, senior management, investment operations, and other relevant information

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pertaining to both PI and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PI and Jennison. The Board noted that Jennison is affiliated with PI.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PI and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PI and Jennison under the management and subadvisory agreements.

Performance of the Fund

The Board received and considered information about the Fund’s historical performance. The Board noted that the Fund’s gross performance in relation to its Peer Universe (the Lipper Large-Cap Core Funds Performance Universe)¹ was in the first quartile for the one-, three-, five-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark index for the same periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders for the Fund to renew the agreements.

Fees and Expenses

The Board considered that the Fund’s actual management fee (which reflects any subsidies, expense caps or waivers) and total expenses ranked in the Expense Group’s third quartile. The Board considered information furnished by PI indicating that the Fund’s actual management fee was 1.8 basis points higher than the median of all mutual funds included in the Expense Group. The Board also considered information furnished by PI indicating that the Fund’s total expenses were less than one basis point above the median of all mutual funds included in the Expense Group.

The Board concluded that the management fees and total expenses were reasonable in light of the services provided and the Fund’s competitive performance.

Costs of Services and Profits Realized by PI

The Board was provided with information on the profitability of PI and its affiliates in serving as the Fund’s investment manager. The Board discussed with PI the methodology utilized in assembling the information regarding profitability and

¹ The Fund was compared to the Lipper Large-Cap Core Funds Performance Universe, although Lipper classifies the Fund in the Multi-Cap Core Funds Performance Universe. The Lipper Large-Cap Core Funds Performance Universe was utilized because PI believes that the funds included in this Universe provide a more appropriate basis for Fund performance comparisons.

Prudential Jennison 20/20 Focus Fund

Approval of Advisory Agreements (continued)

considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. The Board did not separately consider the profitability of the subadviser, an affiliate of PI, as its profitability was reflected in the profitability report for PI. Taking these factors into account, the Board concluded that the profitability of PI and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase, and that at its current level of assets the Fund’s effective fee rate reflected some of those rate reductions. The Board received and discussed information concerning whether PI realizes economies of scale as the Fund’s assets grow beyond current levels. The Board took note that the Fund’s fee structure currently results in benefits to Fund shareholders whether or not PI realizes any economies of scale.

Other Benefits to PI and Jennison

The Board considered potential ancillary benefits that might be received by PI and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PI included brokerage commissions received by affiliates of PI, transfer agency fees received by the Fund’s transfer agent (which is affiliated with PI), as well as benefits to the reputation or other intangible benefits resulting from PI’s association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, brokerage commissions received by affiliates of Jennison, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to the reputation. The Board concluded that the benefits derived by PI and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

After full consideration of these factors, the Board concluded that the approval of the agreements was in the interest of the Fund and its shareholders.

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n MAIL	n TELEPHONE	n WEBSITE
Gateway Center Three 100 Mulberry Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s investment subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Commission’s website.

TRUSTEES

Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe •Michael S. Hyland • Douglas H. McCorkindale • Stephen P. Munn •Richard A. Redeker • Judy A. Rice •
Robin B. Smith •Stephen G. Stoneburn

OFFICERS

Judy A. Rice, President • Scott E. Benjamin, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Kathryn L. Quirk, Chief Legal Officer • Deborah A. Docs, Secretary • Timothy J. Knierim, Chief Compliance Officer • Valerie M. Simpson, Deputy Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Noreen M. Fierro, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • John P. Schwartz, Assistant Secretary • Andrew R. French, Assistant Secretary • M. Sadiq Peshimam, Assistant Treasurer • Peter Parrella, Assistant Treasurer

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Jennison 20/20 Focus Fund, Prudential Investments, Attn: Board of Trustees, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each fiscal quarter.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

Prudential Jennison 20/20 Focus Fund
Share Class	A	B	C	R	Z
NASDAQ	PTWAX	PTWBX	PTWCX	JTWRX	PTWZX
CUSIP	74440G107	74440G206	74440G305	74440G503	74440G404

MF183E2    0186777-00001-00

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 – Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant Prudential Jennison 20/20 Focus Fund

By:	/S/    DEBORAH A. DOCS
	Deborah A. Docs
	Secretary

September 22, 2010

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

By:	/S/    JUDY A. RICE
	Judy A. Rice
	President and Principal Executive Officer
September 22, 2010
By:	/S/    GRACE C. TORRES
	Grace C. Torres
	Treasurer and Principal Financial Officer
September 22, 2010