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:	1/31/2013
Date of reporting period:	7/31/2012

Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL JENNISON

20/20 FOCUS FUND

SEMIANNUAL REPORT ^· JULY 31, 2012

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, 2012, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Prudential Investments, Prudential, Jennison, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

September 14, 2012

Dear Shareholder:

We hope you find the semiannual report for the Prudential Jennison 20/20 Focus Fund informative and useful. The report covers performance for the six-month period that ended July 31, 2012.

We recognize that ongoing market volatility may make it a difficult time to be an investor. We continue to believe a prudent response to uncertainty is to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. Keep in mind, however, that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

Prudential Investments^® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer the expertise of Prudential Financial’s affiliated asset managers* that strive to be leaders in a broad range of funds to help you stay on course to the future you envision. They also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Jennison 20/20 Focus Fund

* Most of Prudential Investments’ equity funds are advised by Jennison Associates LLC, Quantitative Management Associates LLC (QMA), or Prudential Real Estate Investors. Prudential Investments’ fixed income and money market funds are advised by Prudential Investment Management, Inc. (PIM) through its Prudential Fixed Income unit. Jennison Associates, QMA, and PIM are registered investment advisers and Prudential Financial companies. Prudential Real Estate Investors is a unit of PIM.

Prudential Jennison 20/20 Focus Fund 1

Your Fund’s Performance (Unaudited)

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, 1.17%; Class B, 1.87%; Class C, 1.87%; Class Q, 0.75%; Class R, 1.62%; Class Z, 0.87%. Net operating expenses: Class A, 1.17%; Class B, 1.87%; Class C, 1.87%; Class Q, 0.75%; Class R, 1.37%; Class Z, 0.87%, after contractual reduction through 5/31/2013 for Class R.

Cumulative Total Returns (Without Sales Charges) as of 7/31/12
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class A		–2.68	%		–6.23	%		5.98	%		126.84	%	—
Class B		–3.08			–6.91			2.20			110.74		—
Class C		–3.01			–6.91			2.27			110.86		—
Class Q		–2.45			–5.84			N/A			N/A		–3.63% (3/28/11)
Class R		–2.78			–6.44			4.86			N/A		71.06    (6/14/04)
Class Z		–2.58			–5.96			7.47			132.72		—
S&P 500 Index		6.24			9.11			5.77			84.81		—
Russell 1000® Index		5.54			7.96			6.45			90.51		—
Lipper Large-Cap Core Funds Avg.		4.32			5.43			0.59			73.44		—
Lipper Large-Cap Growth Funds Avg.		3.75			3.38			9.40			76.86		—
Average Annual Total Returns (With Sales Charges) as of 6/30/12
				One Year			Five Years			Ten Years			Since Inception
Class A					–11.37	%		–0.60	%		6.80	%	—
Class B					–11.36			–0.36			6.61		—
Class C					–7.77			–0.18			6.62		—
Class Q					–5.82			N/A			N/A		–2.75% (3/28/11)
Class R					–6.42			0.31			N/A		6.93    (6/14/04)
Class Z					–5.94			0.82			7.69		—
S&P 500 Index					5.43			0.22			5.33		—
Russell 1000® Index					4.37			0.39			5.72		—
Lipper Large-Cap Core Funds Avg.					1.89			–0.71			4.61		—
Lipper Large-Cap Growth Funds Avg.					1.82			1.36			4.83		—

2 Visit our website at www.prudentialfunds.com

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 shares are subject to a maximum front-end sales charge of 5.50% and a 12b-1 fee of 0.30% annually. Investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are not subject to an initial sales charge but are subject to a contingent deferred sales charge (CDSC) of 1%. The CDSC is waived for purchase by certain retirement and/or benefit plans. Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund. Class B shares are subject to a declining CDSC of 5%, 4%, 3%, 2%, 1%, and 1%, respectively, for the first six years after purchase and a 12b-1 fee of 1% annually. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class C shares are not subject to a front-end sales charge, but have a CDSC of 1% for shares redeemed within 12 months from the date of purchase and an annual 12b-1 fee of 1%. Class R shares are not subject to a front-end sales charge, but have an annual 12b-1 fee of 0.75%. Class Q and Class Z shares are not subject to a front-end sales charge or a 12b-1 fee. The returns in the tables reflect the share class expense structure in effect at the close of the fiscal period. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares.

Benchmark Definitions

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 returns as of 7/31/12 are 6.99% for Class Q and 45.50% for Class R. S&P 500 Index Closest Month-End to Inception average annual total returns as of 6/30/12 are 4.40% for Class Q and 4.57% for Class R.

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 returns as of 7/31/12 are 5.74% for Class Q and 48.89% for Class R. Russell 1000 Index Closest Month-End to Inception average annual total returns as of 6/30/12 are 3.59% for Class Q and 4.89% for Class R.

Lipper Large-Cap Core Funds Average

The Funds in the Lipper Large-Cap Core Funds Average (Lipper Large-Cap Core Funds Average) invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s U.S. domestic equity 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 Large-Cap Growth Funds Category, the returns for the Lipper Large-Cap Core Funds Average are also shown, as we believe that the funds included in the Lipper Large-Cap Core Funds Average are more consistent with the management

Prudential Jennison 20/20 Focus Fund 3

Your Fund’s Performance (continued)

of the Fund. Lipper Large-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 7/31/12 are 2.94% for Class Q and 40.20% for Class R. Lipper Large-Cap Core Funds Average Closest Month-End to inception average annual total returns as of 6/30/12 are 1.47% for Class Q and 3.96% for Class R.

Lipper Large-Cap Growth Funds Average

The Funds in the Lipper Large-Cap Growth Funds Average (Lipper Large-Cap Growth Funds Average) invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s U.S. domestic equity large-cap floor. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index. Lipper Large-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 7/31/12 are 2.84% for Class Q and 42.19% for Class R. Lipper Large-Cap Growth Funds Average Closest Month-End to Inception average annual total returns as of 6/30/12 are 1.74% for Class Q and 4.22% for Class R.

Investors cannot invest directly in an index or average. The returns for the Indexes 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 Averages reflect the deduction of operating expenses, but not sales charges or taxes. The Since Inception returns for the Indexes 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 7/31/12
Apple, Inc., Computers & Peripherals	5.0	%
MasterCard, Inc. (Class A Stock), IT Services	2.7
Novo Nordisk A/S (Denmark), ADR, Pharmaceuticals	2.7
Precision Castparts Corp., Aerospace & Defense	2.6
Amazon.com, Inc., Internet & Catalog Retail	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 7/31/12
Bunge Ltd., Food Products	2.6	%
Mosaic Co. (The), Chemicals	2.6
Comcast Corp. (Class A Stock), Media	2.5
Suncor Energy, Inc., Oil, Gas & Consumable Fuels	2.4
Liberty Global, Inc. (Series C Stock), Media	2.4

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

Five Largest Industries expressed as a percentage of net assets as of 7/31/12
Pharmaceuticals	9.0	%
Food Products	8.3
Computers & Peripherals	7.7
Oil, Gas & Consumable Fuels	6.5
Media	5.9

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, 2012, at the beginning of the period, and held through the six-month period ended July 31, 2012. 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

Fees and Expenses (continued)

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, 2012		Ending Account Value July 31, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	973.20		1.17	%	$	5.74
	Hypothetical	$	1,000.00	$	1,019.05		1.17	%	$	5.87
Class B	Actual	$	1,000.00	$	969.20		1.87	%	$	9.16
	Hypothetical	$	1,000.00	$	1,015.56		1.87	%	$	9.37
Class C	Actual	$	1,000.00	$	969.90		1.87	%	$	9.16
	Hypothetical	$	1,000.00	$	1,015.56		1.87	%	$	9.37
Class Q	Actual	$	1,000.00	$	975.50		0.75	%	$	3.68
	Hypothetical	$	1,000.00	$	1,021.13		0.75	%	$	3.77
Class R	Actual	$	1,000.00	$	972.20		1.37	%	$	6.72
	Hypothetical	$	1,000.00	$	1,018.05		1.37	%	$	6.87
Class Z	Actual	$	1,000.00	$	974.20		0.87	%	$	4.27
	Hypothetical	$	1,000.00	$	1,020.54		0.87	%	$	4.37

* 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 182 days in the six-month period ended July 31, 2012, and divided by 366 days. 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, 2012 (Unaudited)

Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS    99.7%
COMMON STOCKS
Aerospace & Defense    4.6%
431,925	Precision Castparts Corp.	$	67,190,253
331,264	TransDigm Group, Inc.*(a)		40,864,727
			108,054,980
Biotechnology    2.2%
494,616	Alexion Pharmaceuticals, Inc.*		51,860,488
Chemicals    4.6%
425,068	Monsanto Co.		36,394,322
1,250,561	Mosaic Co. (The)		72,670,100
			109,064,422
Communications Equipment    1.7%
3,965,065	JDS Uniphase Corp.*		39,016,240
Computers & Peripherals    7.7%
213,030	Apple, Inc.*		130,110,203
1,987,368	EMC Corp.*(a)		52,088,915
			182,199,118
Electronic Equipment & Instruments    2.8%
10,431,507	Flextronics International Ltd.*		66,865,960
Energy Equipment & Services    4.5%
847,510	Ensco PLC (Class A Stock)		46,045,218
844,562	National Oilwell Varco, Inc.		61,061,833
			107,107,051
Food Products    8.3%
1,139,435	Bunge Ltd.		74,940,640
1,697,948	Kraft Foods, Inc. (Class A Stock)		67,425,515
3,613,185	Tyson Foods, Inc. (Class A Stock)		54,233,907
			196,600,062
Healthcare Providers & Services    2.7%
1,237,093	UnitedHealth Group, Inc.		63,203,081
Hotels, Restaurants & Leisure    3.3%
4,886,001	International Game Technology(a)		55,309,531
492,422	Starbucks Corp.		22,296,868
			77,606,399

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 7

Portfolio of Investments

as of July 31, 2012 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Insurance    2.4%
1,820,433	MetLife, Inc.	$	56,014,723
Internet & Catalog Retail    2.8%
281,511	Amazon.com, Inc.*		65,676,516
Internet Software & Services    4.7%
448,266	Baidu, Inc. (China), ADR*		54,025,018
541,563	LinkedIn Corp. (Class A Stock)*(a)		55,591,442
			109,616,460
IT Services    3.0%
160,181	MasterCard, Inc. (Class A Stock)		69,930,219
Media    5.9%
2,153,570	Comcast Corp. (Class A Stock)		70,098,703
1,381,328	Liberty Global, Inc. (Series C Stock)*		68,845,388
			138,944,091
Metals & Mining    5.0%
1,936,454	Freeport-McMoRan Copper & Gold, Inc.		65,200,406
6,433,074	Kinross Gold Corp.		53,458,845
			118,659,251
Oil, Gas & Consumable Fuels    6.5%
939,322	Anadarko Petroleum Corp.		65,226,520
530,653	Southwestern Energy Co.*(a)		17,644,212
2,288,990	Suncor Energy, Inc.		69,905,754
			152,776,486
Personal Products    2.2%
974,741	Estee Lauder Cos., Inc. (The) (Class A Stock)		51,056,934
Pharmaceuticals    9.0%
579,063	Allergan, Inc.		47,523,700
2,429,318	Mylan, Inc.*		55,947,194
446,032	Novo Nordisk A/S (Denmark), ADR		68,929,785
462,010	Shire PLC (Ireland), ADR		39,816,022
			212,216,701
Semiconductors & Semiconductor Equipment    1.5%
1,048,183	Broadcom Corp. (Class A Stock)		35,512,440

See Notes to Financial Statements.

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Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Software    2.3%
442,785	Salesforce.com, Inc.*(a)	$	55,064,743
Specialty Retail    3.2%
1,100,989	Inditex SA (Spain), ADR		22,812,492
4,145,363	Staples, Inc.		52,811,925
			75,624,417
Textiles, Apparel & Luxury Goods    4.7%
971,554	Lululemon Athletica, Inc.*(a)		54,873,370
384,782	Ralph Lauren Corp.		55,539,434
			110,412,804
Wireless Telecommunication Services    4.1%
7,751,785	MetroPCS Communications, Inc.*		67,905,637
4,234,030	NII Holdings, Inc.*(a)		28,579,702
			96,485,339
	Total long-term investments (cost $2,060,230,769)		2,349,568,925
SHORT-TERM INVESTMENT    10.0%
Affiliated Money Market Mutual Fund
235,946,158	Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $235,946,158; includes $201,351,832 of cash collateral received for securities on loan; Note 3)(b)(c)		235,946,158
	Total Investments    109.7% (cost $2,296,176,927; Note 5)		2,585,515,083
	Liabilities in excess of other assets (9.7%)		(229,603,347	)
	Net Assets    100.0%	$	2,355,911,736

The following abbreviation is used in the portfolio descriptions:

ADR—American Depositary Receipt

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $191,981,313; cash collateral of $201,351,832 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(c) 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, 2012 (Unaudited) continued

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2012 were as follows:

Affiliated Money Market Mutual Fund (including 8.5% of collateral received for securities on loan)	10.0	%
Pharmaceuticals	9.0
Food Products	8.3
Computers & Peripherals	7.7
Oil, Gas & Consumable Fuels	6.5
Media	5.9
Metals & Mining	5.0
Internet Software & Services	4.7
Textiles, Apparel & Luxury Goods	4.7
Aerospace & Defense	4.6
Chemicals	4.6
Energy Equipment & Services	4.5
Wireless Telecommunication Services	4.1
Hotels, Restaurants & Leisure	3.3
Specialty Retail	3.2	%
IT Services	3.0

Electronic Equipment & Instruments	2.8
Internet & Catalog Retail	2.8
Healthcare Providers & Services	2.7
Insurance	2.4
Software	2.3
Biotechnology	2.2
Personal Products	2.2
Communications Equipment	1.7
Semiconductors & Semiconductor Equipment	1.5
	109.7
Liabilities in excess of other assets	(9.7	)
	100.0	%

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 generally in active markets for identical securities.

Level 2—other significant observable inputs including, but not limited to, quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates, and amortized cost.

Level 3—significant unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2012 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	2,349,568,925	$	—	$	—
Affiliated Money Market Mutual Fund		235,946,158		—		—
Total	$	2,585,515,083	$	—	$	—

See Notes to Financial Statements.

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PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

FINANCIAL STATEMENTS

(UNAUDITED)

SEMIANNUAL REPORT ^· JULY 31, 2012

Prudential Jennison 20/20 Focus Fund

Statement of Assets and Liabilities

as of July 31, 2012 (Unaudited)

Assets
Investments at value, including securities on loan of $191,981,313:
Unaffiliated investments (cost $2,060,230,769)	$	2,349,568,925
Affiliated investments (cost $235,946,158)		235,946,158
Receivable for investments sold		27,819,447
Receivable for Fund shares sold		2,508,445
Dividends and interest receivable		1,002,261
Total assets		2,616,845,236
Liabilities
Payable to broker for collateral for securities on loan (Note 3)		201,351,832
Payable for investments purchased		32,185,678
Payable for Fund shares reacquired		24,535,563
Management fee payable		1,455,794
Distribution fee payable		718,032
Accrued expenses		570,576
Affiliated transfer agent fee payable		108,653
Payable to custodian		7,372
Total liabilities		260,933,500
Net Assets	$	2,355,911,736
Net assets were comprised of:
Shares of beneficial interest, at par	$	156,516
Paid-in capital in excess of par		2,055,707,908
		2,055,864,424
Accumulated net investment loss		(5,841,835	)
Accumulated net realized gain on investment and foreign currency transactions		16,550,991
Net unrealized appreciation on investments		289,338,156
Net assets, July 31, 2012	$	2,355,911,736

See Notes to Financial Statements.

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Class A
Net asset value and redemption price per share ($1,060,047,688 ÷ 69,396,397 shares of beneficial interest issued and outstanding)	$	15.28
Maximum sales charge (5.50% of offering price)		0.89
Maximum offering price to public	$	16.17
Class B
Net asset value, offering price and redemption price per share ($135,494,644 ÷ 10,020,818 shares of beneficial interest issued and outstanding)	$	13.52
Class C
Net asset value, offering price and redemption price per share ($333,419,865 ÷ 24,646,476 shares of beneficial interest issued and outstanding)	$	13.53
Class Q
Net asset value, offering price and redemption price per share ($17,424,197 ÷ 1,094,867 shares of beneficial interest issued and outstanding)	$	15.91
Class R
Net asset value, offering price and redemption price per share ($113,096,118 ÷ 7,522,549 shares of beneficial interest issued and outstanding)	$	15.03
Class Z
Net asset value, offering price and redemption price per share ($696,429,224 ÷ 43,834,652 shares of beneficial interest issued and outstanding)	$	15.89

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 13

Statement of Operations

Six Months Ended July 31, 2012 (Unaudited)

Net Investment Loss
Income
Unaffiliated dividend income (net of foreign withholding taxes of $322,607)	$	11,437,986
Affiliated income from securities loaned, net		121,560
Affiliated dividend income		38,268
Total income		11,597,814
Expenses
Management fee		9,095,382
Distribution fee—Class A		1,687,154
Distribution fee—Class B		729,336
Distribution fee—Class C		1,796,246
Distribution fee—Class R		286,804
Transfer agent’s fees and expenses (including affiliated expense of $358,900) (Note 3)		1,572,000
Custodian’s fees and expenses		135,000
Reports to shareholders		78,000
Registration fees		70,000
Trustees’ fees		33,000
Insurance		29,000
Legal fees and expenses		20,000
Audit fee		11,000
Loan interest expense (Note 7)		2,902
Miscellaneous		15,767
Total expenses		15,561,591
Net investment loss		(3,963,777	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		35,228,162
Foreign currency transactions		(1,231	)
		35,226,931
Net change in unrealized appreciation (depreciation) on investments		(98,798,486	)
Net loss on investment and foreign currency transactions		(63,571,555	)
Net Decrease In Net Assets Resulting From Operations	$	(67,535,332	)

See Notes to Financial Statements.

14 Visit our website at www.prudentialfunds.com

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended July 31, 2012			Year Ended January 31, 2012
Increase (Decrease) In Net Assets
Operations
Net investment loss	$	(3,963,777	)	$	(4,431,453	)
Net realized gain on investment and foreign currency transactions		35,226,931			166,649,351
Net change in unrealized appreciation (depreciation) on investments		(98,798,486	)		(121,602,111	)
Net increase (decrease) in net assets resulting from operations		(67,535,332	)		40,615,787
Distributions from net realized gains (Note 1)
Class A		(8,470,089	)		(28,947,824	)
Class B		(1,234,355	)		(4,409,155	)
Class C		(3,020,329	)		(10,648,213	)
Class Q		(130,054	)		(505,478	)
Class R		(877,701	)		(2,828,876	)
Class Z		(5,505,174	)		(20,328,644	)
		(19,237,702	)		(67,668,190	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		251,262,718			657,369,910
Net asset value of shares issued in reinvestment of distributions		16,272,224			56,241,500
Cost of shares reacquired		(372,891,324	)		(769,925,558	)
Net decrease in net assets from Fund share transactions		(105,356,382	)		(56,314,148	)
Total decrease		(192,129,416	)		(83,366,551	)
Net Assets:
Beginning of period		2,548,041,152			2,631,407,703
End of period	$	2,355,911,736		$	2,548,041,152

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”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended, (“1940 Act”). The investment objective of the Fund is long-term growth of capital.

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: The Fund holds portfolio securities and other assets that are fair valued at the close of each day the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Trustees has delegated fair valuation responsibilities to Prudential Investments LLC (“PI” or “Manager”) through the adoption of Valuation Procedures for valuation of the Fund’s securities. Under the current Valuation Procedures, a Valuation Committee is established and responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures allow the Fund to utilize independent pricing vendor services, quotations from market makers and other valuation methods in events when market quotations are not readily available. A record of the Valuation Committee’s actions is subject to review, approval and ratification by the Board at its next regularly scheduled quarterly meeting.

Various inputs are used in determining the value of the Fund’s investments, which are summarized in the three broad level hierarchies based on any observable inputs used as described in the table following the Portfolio of Investments. The valuation methodologies and significant inputs used in determining the fair value of securities and other assets classified as Level 1, Level 2 and Level 3 of the hierarchy are as follows:

Common stocks, exchange-traded funds and financial derivative instruments (including futures contracts and certain options contracts on securities), that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 of the fair value hierarchy.

16 Visit our website at www.prudentialfunds.com

In the event there is no sale or official closing price on such day, these securities are valued at the mean between the last reported bid and asked prices, or at the last bid price in absence of an asked price. These securities are classified as Level 2 of the fair value hierarchy as these inputs are considered as significant other observable inputs to the valuation.

For common stocks traded on foreign securities exchanges, certain valuation adjustments will be applied when events occur after the close of the security’s foreign market and before the Fund’s normal pricing time. These securities are valued using pricing vendor services that provide adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such adjustment factors are classified as Level 2 of the fair value hierarchy.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset value as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 as these securities have the ability to be purchased or sold at their net asset value on the date of valuation.

Short-term investments of sufficient credit quality which mature in 60 days or less are valued at amortized cost which approximates fair market value. These securities are categorized as level 2 of the fair value hierarchy.

Securities and other assets that cannot be priced using the methods described above are valued with pricing methodologies approved by the Valuation Committee. In the event there are unobservable inputs used when determining such valuations, the securities will be classified as Level 3 of the fair value hierarchy.

When determining the fair value 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 the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst 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.

Foreign Currency Translation: The books and records of the Fund 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;

Prudential Jennison 20/20 Focus Fund 17

Notes to Financial Statements

(Unaudited) continued

(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 the foreign exchange rates and market values at the close of the period, 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 long-term portfolio securities held at the end of the period. 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 long-term portfolio securities sold during the period. 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 holdings of foreign currencies, currency gains or losses realized between the trade and settlement dates on security 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 amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on 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 and economic instability, or the level of governmental supervision and regulation of foreign securities markets.

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. 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 Fund 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

18 Visit our website at www.prudentialfunds.com

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 from security and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. 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 which may require the use of certain estimates by management. Expenses are allocated to the respective Funds on the basis of relative net assets except for Fund specific expenses which are charged directly at the Fund or class level.

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 adjusted 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. Dividends and distributions to shareholders, 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.

Prudential Jennison 20/20 Focus Fund 19

Notes to Financial Statements

(Unaudited) continued

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, 2012.

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 (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 Fund’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 Q, 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 Q and 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, 2013.

20 Visit our website at www.prudentialfunds.com

PIMS has advised the Fund that it has received $667,915 in front-end sales charges resulting from sales of Class A shares during the six months ended July 31, 2012. 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, 2012, it received $5,106, $144,129 and $12,532 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 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 securities lending agent. For the six months ended July 31, 2012, PIM has been compensated approximately $36,310 for these services.

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

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, other than short-term investments, for the six months ended July 31, 2012, were $669,932,717 and $761,181,538, 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, 2012 were as follows:

Tax Basis of Investments	Appreciation	Depreciation	Net Unrealized Appreciation
$2,314,883,242	$384,408,325	$(113,776,484)	$270,631,841

Prudential Jennison 20/20 Focus Fund 21

Notes to Financial Statements

(Unaudited) continued

The difference between book basis and tax basis is primarily attributable to deferred losses on wash sales as of the most recent fiscal year end.

The Fund utilized approximately $80,071,000 of its capital loss carryforward to offset net taxable gains realized in the year ended January 31, 2012. The Fund elected to treat certain Late-Year ordinary losses of approximately $1,878,000 as having been incurred in the following year (January 2013).

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. 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 Q, 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 Class A 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%. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Class B shares are sold with a CDSC which declines from 5% to zero depending upon the period of time the shares are held. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months after purchases. Class B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. In addition, upon certain limited circumstances, an exchange may be made from Class A or Class C to Class Z shares of the Fund and Class Z shares to Class A or Class Q shares of the Fund. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Q, 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.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest.

There is an unlimited number of shares of beneficial interest, $.001 par value per share, divided into six classes, designated Class A, Class B, Class C, Class Q, Class R and Class Z.

22 Visit our website at www.prudentialfunds.com

During the fiscal year ended January 31, 2011, the Fund received $33,791 related to a former affiliate’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares. The per share effect of this amount is disclosed in the financial highlights. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended July 31, 2012:
Shares sold		7,046,495		$	113,055,526
Shares issued in reinvestment of distributions		508,523			7,398,984
Shares reacquired		(9,578,497	)		(152,691,911	)
Net increase (decrease) in shares outstanding before conversion		(2,023,479	)		(32,237,401	)
Shares issued upon conversion from Class B and Z		357,747			5,684,261
Shares reacquired upon conversion into Class Z		(61,338	)		(972,274	)
Net increase (decrease) in shares outstanding		(1,727,070	)	$	(27,525,414	)
Year ended January 31, 2012:
Shares sold		17,000,963		$	272,729,879
Shares issued in reinvestment of distributions		1,671,056			25,500,303
Shares reacquired		(18,387,416	)		(294,604,257	)
Net increase (decrease) in shares outstanding before conversion		284,603			3,625,925
Shares issued upon conversion from Class B and Z		557,771			8,794,649
Shares reacquired upon conversion into Class Z		(3,761,503	)		(61,946,299	)
Net increase (decrease) in shares outstanding		(2,919,129	)	$	(49,525,725	)
Class B
Six months ended July 31, 2012:
Shares sold		482,880		$	6,912,965
Shares issued in reinvestment of distributions		85,952			1,107,922
Shares reacquired		(785,748	)		(11,115,522	)
Net increase (decrease) in shares outstanding before conversion		(216,916	)		(3,094,635	)
Shares reacquired upon conversion into Class A		(341,332	)		(4,815,483	)
Net increase (decrease) in shares outstanding		(558,248	)	$	(7,910,118	)
Year ended January 31, 2012:
Shares sold		1,007,960		$	14,528,325
Shares issued in reinvestment of distributions		291,575			3,962,497
Shares reacquired		(1,673,478	)		(23,988,335	)
Net increase (decrease) in shares outstanding before conversion		(373,943	)		(5,497,513	)
Shares reacquired upon conversion into Class A		(587,031	)		(8,294,847	)
Net increase (decrease) in shares outstanding		(960,974	)	$	(13,792,360	)

Prudential Jennison 20/20 Focus Fund 23

Notes to Financial Statements

(Unaudited) continued

Class C	Shares			Amount
Six months ended July 31, 2012:
Shares sold		1,630,428		$	23,348,814
Shares issued in reinvestment of distributions		195,592			2,523,140
Shares reacquired		(3,105,721	)		(43,952,320	)
Net increase (decrease) in shares outstanding before conversion		(1,279,701	)		(18,080,366	)
Shares reacquired upon conversion into Class Z		(65,503	)		(940,468	)
Net increase (decrease) in shares outstanding		(1,345,204	)	$	(19,020,834	)
Year ended January 31, 2012:
Shares sold		3,744,214		$	53,762,556
Shares issued in reinvestment of distributions		646,381			8,784,232
Shares reacquired		(6,040,706	)		(86,508,207	)
Net increase (decrease) in shares outstanding before conversion		(1,650,111	)		(23,961,419	)
Shares reacquired upon conversion into Class Z		(72,146	)		(988,477	)
Net increase (decrease) in shares outstanding		(1,722,257	)	$	(24,949,896	)
Class Q
Six months ended July 31, 2012:
Shares sold		82,775		$	1,413,818
Shares issued in reinvestment of distributions		8,584			130,054
Shares reacquired		(263,336	)		(4,492,594	)
Net increase (decrease) in shares outstanding		(171,977	)	$	(2,948,722	)
Period ended January 31, 2012*:
Shares sold		364,504		$	5,750,870
Shares issued in reinvestment of distributions		31,891			505,478
Shares reacquired		(750,507	)		(12,480,432	)
Net increase (decrease) in shares outstanding before conversion		(354,112	)		(6,224,084	)
Shares issued upon conversion from Class Z		1,620,956			27,702,139
Net increase (decrease) in shares outstanding		1,266,844		$	21,478,055
Class R
Six months ended July 31, 2012:
Shares sold		1,391,989		$	21,986,960
Shares issued in reinvestment of distributions		55,944			801,109
Shares reacquired		(963,508	)		(15,147,488	)
Net increase (decrease) in shares outstanding		484,425		$	7,640,581
Year ended January 31, 2012:
Shares sold		2,992,196		$	47,598,116
Shares issued in reinvestment of distributions		170,157			2,559,155
Shares reacquired		(1,970,841	)		(30,957,844	)
Net increase (decrease) in shares outstanding		1,191,512		$	19,199,427

24 Visit our website at www.prudentialfunds.com

Class Z	Shares			Amount
Six months ended July 31, 2012:
Shares sold		5,051,659		$	84,544,635
Shares issued in reinvestment of distributions		285,120			4,311,015
Shares reacquired		(8,802,189	)		(145,491,489	)
Net increase (decrease) in shares outstanding before conversion		(3,465,410	)		(56,635,839	)
Shares issued upon conversion from Class A and C		114,989			1,912,742
Shares reacquired upon conversion into Class A		(52,817	)		(868,778	)
Net increase (decrease) in shares outstanding		(3,403,238	)	$	(55,591,875	)
Year ended January 31, 2012:
Shares sold		15,874,735		$	263,000,164
Shares issued in reinvestment of distributions		942,540			14,929,835
Shares reacquired		(19,576,593	)		(321,386,483	)
Net increase (decrease) in shares outstanding before conversion		(2,759,318	)		(43,456,484	)
Shares issued upon conversion from Class A and C		3,695,004			62,934,776
Shares reacquired upon conversion into Class A and Q		(1,652,145	)		(28,201,941	)
Net increase (decrease) in shares outstanding		(716,459	)	$	(8,723,649	)

* Commencement of offering was March 28, 2011.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period December 16, 2011 through December 14, 2012. The Funds pay an annualized commitment fee of 0.08% of the unused portion of the SCA. Prior to December 16, 2011, the Funds had another Syndicated Credit Agreement of a $750 million commitment with an annualized commitment fee of 0.10% of the unused portion. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund utilized the SCA during the period ended July 31, 2012. The average daily balance for the 39 days that the Fund had loans outstanding during the period was approximately $1,797,000, borrowed at a weighted average interest rate of 1.49%. At July 31, 2012, the Fund did not have an outstanding loan amount.

Note 8. New Accounting Pronouncements

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11 regarding “Disclosures about

Prudential Jennison 20/20 Focus Fund 25

Notes to Financial Statements

(Unaudited) continued

Offsetting Assets and Liabilities”. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not been determined.

26 Visit our website at www.prudentialfunds.com

Financial Highlights

(Unaudited)

Class A Shares
	Six Months Ended July 31,			Year Ended January 31,
	2012			2012			2011			2010			2009			2008
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$15.83			$15.98			$13.84			$9.41			$14.51			$16.37
Income (loss) from investment operations:
Net investment income (loss)		(.02	)		(.02	)		-	(e)		(.02	)		-	(e)		.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.41	)		.29			2.14			4.45			(5.09	)		.10
Total from investment operations		(.43	)		.27			2.14			4.43			(5.09	)		.11
Less Distributions:
Distributions from net realized gains		(.12	)		(.42	)		-			-			(.01	)		(1.97	)
Capital Contributions (Note 6):		-			-			-	(e)		-			-			-
Net asset value, end of period		$15.28			$15.83			$15.98			$13.84			$9.41			$14.51
Total Return(b):		(2.68)%			1.77%			15.46%			47.08%			(35.12)%			.02%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,060,048			$1,125,940			$1,183,059			$1,110,264			$559,685			$755,098
Average net assets (000)		$1,130,949			$1,139,012			$1,143,188			$825,817			$721,935			$771,444
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.17%	(g)		1.18%			1.19%			1.20%			1.21%	(d)		1.17%	(d)
Expenses, excluding distribution and service (12b-1) fees		.87%	(g)		.88%			.89%			.90%			.93%			.92%
Net investment income (loss)		(.26)%	(g)		(.11)%			-	(f)		(.19)%			.03%			.04%
Portfolio turnover rate		27%	(h)		82%			116%			102%			107%			115%

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

(b) 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.

(c) Does not include 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) Less than .005%.

(g) Annualized.

(h) Not annualized.

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 27

Financial Highlights

(Unaudited) continued

Class B Shares
	Six Months Ended July 31,			Year Ended January 31,
	2012			2012			2011			2010			2009			2008
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.08			$14.36			$12.52			$8.58			$13.32			$15.28
Income (loss) from investment operations:
Net investment loss		(.07	)		(.12	)		(.09	)		(.10	)		(.08	)		(.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.37	)		.26			1.93			4.04			(4.65	)		.11
Total from investment operations		(.44	)		.14			1.84			3.94			(4.73	)		.01
Less Distributions:
Distributions from net realized gains		(.12	)		(.42	)		-			-			(.01	)		(1.97	)
Capital Contributions (Note 6):		-			-			-	(d)		-			-			-
Net asset value, end of period		$13.52			$14.08			$14.36			$12.52			$8.58			$13.32
Total Return(b):		(3.08)%			1.06%			14.70%			45.92%			(35.55)%			(.68)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$135,495			$148,930			$165,659			$148,333			$96,772			$163,534
Average net assets (000)		$146,669			$157,386			$155,300			$124,031			$144,411			$181,942
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.87%	(e)		1.88%			1.89%			1.90%			1.93%			1.92%
Expenses, excluding distribution and service (12b-1) fees		.87%	(e)		.88%			.89%			.90%			.93%			.92%
Net investment loss		(.96)%	(e)		(.81)%			(.70)%			(.88)%			(.68)%			(.69)%
Portfolio turnover rate		27%	(f)		82%			116%			102%			107%			115%

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

(b) 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.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

28 Visit our website at www.prudentialfunds.com

Class C Shares
	Six Months Ended July 31,			Year Ended January 31,
	2012			2012			2011			2010			2009			2008
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.08			$14.36			$12.53			$8.58			$13.33			$15.29
Income (loss) from investment operations:
Net investment loss		(.07	)		(.12	)		(.09	)		(.10	)		(.08	)		(.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.36	)		.26			1.92			4.05			(4.66	)		.12
Total from investment operations		(.43	)		.14			1.83			3.95			(4.74	)		.01
Less Distributions:
Distributions from net realized gains		(.12	)		(.42	)		-			-			(.01	)		(1.97	)
Capital Contributions (Note 6):		-			-			-	(d)		-			-			-
Net asset value, end of period		$13.53			$14.08			$14.36			$12.53			$8.58			$13.33
Total Return(b):		(3.01)%			1.06%			14.60%			46.04%			(35.60)%			(.68)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$333,420			$366,089			$398,038			$330,562			$163,325			$214,122
Average net assets (000)		$361,223			$381,245			$370,033			$241,607			$206,434			$217,934
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.87%	(e)		1.88%			1.89%			1.90%			1.93%			1.92%
Expenses, excluding distribution and service (12b-1) fees		.87%	(e)		.88%			.89%			.90%			.93%			.92%
Net investment loss		(.96)%	(e)		(.81)%			(.70)%			(.90)%			(.69)%			(.71)%
Portfolio turnover rate		27%	(f)		82%			116%			102%			107%			115%

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

(b) 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.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 29

Financial Highlights

(Unaudited) continued

Class Q Shares
	Six Months Ended July 31, 2012			March 28, 2011(a) through January 31, 2012
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$16.45			$17.09
Income (loss) from investment operations:
Net investment income		.01			.05
Net realized and unrealized loss on investment and foreign currency transactions		(.43	)		(.27	)
Total from investment operations		(.42	)		(.22	)
Less Distributions:
Distributions from net realized gains		(.12	)		(.42	)
Net asset value, end of period		$15.91			$16.45
Total Return(c):		(2.45)%			(1.21)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$17,424			$20,845
Average net assets (000)		$18,270			$23,124
Ratios to average net assets(d):
Expenses, including distribution and service (12b-1) fees		.75%	(e)		.75%	(e)
Expenses, excluding distribution and service (12b-1) fees		.75%	(e)		.75%	(e)
Net investment income		.17%	(e)		.35%	(e)
Portfolio turnover rate		27%	(f)		82%	(f)

(a) Commencement of offering.

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

(c) 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.

(d) Does not include expenses of the underlying portfolio in which the Fund invests.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

30 Visit our website at www.prudentialfunds.com

Class R Shares
	Six Months Ended July 31,			Year Ended January 31,
	2012			2012			2011			2010			2009			2008
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$15.60			$15.78			$13.70			$9.34			$14.43			$16.32
Income (loss) from investment operations:
Net investment loss		(.04	)		(.05	)		(.03	)		(.05	)		(.03	)		(.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.41	)		.29			2.11			4.41			(5.05	)		.12
Total from investment operations		(.45	)		.24			2.08			4.36			(5.08	)		.08
Less Distributions:
Distributions from net realized gains		(.12	)		(.42	)		-			-			(.01	)		(1.97	)
Capital Contributions (Note 6):		-			-			-	(e)		-			-			-
Net asset value, end of period		$15.03			$15.60			$15.78			$13.70			$9.34			$14.43
Total Return(b):		(2.78)%			1.60%			15.18%			46.68%			(35.24)%			(.18)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$113,096			$109,794			$92,276			$52,022			$27,768			$10,940
Average net assets (000)		$115,352			$102,506			$72,700			$38,041			$18,548			$6,228
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees(d)		1.37%	(f)		1.38%			1.39%			1.40%			1.43%			1.42%
Expenses, excluding distribution and service (12b-1) fees		.87%	(f)		.88%			.89%			.90%			.93%			.92%
Net investment loss		(.46)%	(f)		(.32)%			(.23)%			(.39)%			(.21)%			(.28)%
Portfolio turnover rate		27%	(g)		82%			116%			102%			107%			115%

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

(b) 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.

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

(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, 2013.

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential Jennison 20/20 Focus Fund 31

Financial Highlights

(Unaudited) continued

Class Z Shares
	Six Months Ended July 31,			Year Ended January 31,
	2012			2012			2011			2010		2009			2008
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$16.44			$16.52			$14.27			$9.68		$14.88			$16.69
Income (loss) from investment operations:
Net investment income		-	(d)		.03			.04			.01		.04			.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.43	)		.31			2.21			4.58		(5.23	)		.11
Total from investment operations		(.43	)		.34			2.25			4.59		(5.19	)		.16
Less Distributions:
Distributions from net realized gains		(.12	)		(.42	)		-			-		(.01	)		(1.97	)
Capital Contributions (Note 6):		-			-			-	(d)		-		-			-
Net asset value, end of period		$15.89			$16.44			$16.52			$14.27		$9.68			$14.88
Total Return(b):		(2.58)%			2.14%			15.77%			47.42%		(34.92)%			.33%
Ratios/Supplemental Data:
Net assets, end of period (000)		$696,429			$776,442			$792,376			$666,131		$229,735			$247,873
Average net assets (000)		$769,067			$792,733			$719,773			$438,071		$274,458			$214,692
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		.87%	(e)		.88%			.89%			.90%		.93%			.92%
Expenses, excluding distribution and service (12b-1) fees		.87%	(e)		.88%			.89%			.90%		.93%			.92%
Net investment income		.04%	(e)		.19%			.30%			.09%		.30%			.28%
Portfolio turnover rate		27%	(f)		82%			116%			102%		107%			115%

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

(b) 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.

(c) Does not include expenses of the underlying portfolio in which the Fund Invests.

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

32 Visit our website at www.prudentialfunds.com

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 ten 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 5-7, 2012 and approved the renewal of the agreements through July 31, 2013, 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, as is further discussed below.

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, 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 5-7, 2012.

Prudential Jennison 20/20 Focus Fund

Approval of Advisory Agreements (continued)

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 best interests 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 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.

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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 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. 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. 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. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PI’s costs are not specific to individual funds, but rather are incurred across a variety of products and services.

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 fees received by affiliates of PI for serving as the Fund’s securities lending agent, transfer agency fees received by the Fund’s transfer agent (which is affiliated with PI), as well as benefits to its 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, 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 its 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.

Prudential Jennison 20/20 Focus Fund

Approval of Advisory Agreements (continued)

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2011.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended January 31, 2011. The Board considered the management fee for the Fund as compared to the management fee charged by PI to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe (the Lipper Large-Cap Core Funds Performance Universe¹) and the Peer Group were objectively determined by Lipper Inc. (“Lipper”), an independent provider of mutual fund data. To the extent that PI deemed appropriate, and for reasons addressed in detail with the Board, PI may have provided supplemental data compiled by Lipper for the Board’s consideration. The comparisons placed the Fund in various quartiles, 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).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	1st Quartile	1st Quartile	1st  Quartile
Actual Management Fees: 3rd Quartile
Net Total Expenses: 3rd Quartile

¹  The Fund was compared to the Lipper Large-Cap Core Funds Performance Universe, although Lipper classifies the Fund in the Large-Cap Growth 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.

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• The Board noted that the Fund outperformed its benchmark index over the three-, five- and ten-year periods, though it underperformed over the one-year period.

• The Board concluded that, in light of the Fund’s strong long-term performance, it would be in the best interest of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

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

Prudential Jennison 20/20 Focus Fund

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. 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 Securities and Exchange Commission’s website.

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Judy A. Rice, Vice President • Scott E. Benjamin, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, 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 • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, 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 and summary prospectus contain this and other information about the Fund. An investor may obtain a prospectus and summary prospectus by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. The prospectus and summary 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 email when new materials are available. You can cancel your enrollment or change your email 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 month.

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	Q	R	Z
NASDAQ	PTWAX	PTWBX	PTWCX	PJTQX	JTWRX	PTWZX
CUSIP	74440G107	74440G206	74440G305	74440G602	74440G503	74440G404

MF183E2    0231252-00001-00

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
Date:	September 24, 2012

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/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	September 24, 2012
By:	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer
Date:	September 24, 2012