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Accordingly, we express no such opinion. Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A Fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A Fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Fund are being made only in accordance with authorizations of management and directors of the Fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Fund's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of July 31, 2009. This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ KPMG LLP New York, New York September 25, 2009 EX-99.77B ACCT LTTR 3 target77b2.txt Report of Independent Registered Public Accounting Firm The Board of Trustees and Shareholders Target Asset Allocation Funds - Target Growth Allocation Fund: In planning and performing our audit of the financial statements of Target Asset Allocation Funds - Target Growth Allocation Fund (hereafter referred to as the "Fund") as of and for the year ended July 31, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A Fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A Fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Fund are being made only in accordance with authorizations of management and directors of the Fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Fund's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of July 31, 2009. This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ KPMG LLP New York, New York September 25, 2009 EX-99.77B ACCT LTTR 4 target77b3.txt Report of Independent Registered Public Accounting Firm The Board of Trustees and Shareholders Target Asset Allocation Funds - Target Moderate Allocation Fund: In planning and performing our audit of the financial statements of Target Asset Allocation Funds - Target Moderate Allocation Fund (hereafter referred to as the "Fund") as of and for the year ended July 31, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A Fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A Fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Fund are being made only in accordance with authorizations of management and directors of the Fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Fund's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of July 31, 2009. This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ KPMG LLP New York, New York September 25, 2009 EX-99.77D POLICIES 5 target77d.txt Target Asset Allocation Funds For the fiscal period ended 07/31/2009 File number 811-08915 SUB-ITEM 77D Policies With Respect to Security Investment TARGET PORTFOLIO TRUST TARGET ASSET ALLOCATION FUNDS Supplement dated May 19, 2009 to the Target Portfolio Trust SAI dated February 2, 2009, and the Target Asset Allocation Funds SAI dated October 1, 2008 The portfolio holding disclosure policy for the Target Portfolio Trust and the Target Asset Allocation Funds is hereby amended. To further reflect this change, the section titled Disclosure of Portfolio Holdings in Part II of the SAI is hereby deleted and replaced with the following: A Fund's portfolio holdings as of the end of the second and fourth fiscal quarters are made public, as required by law, in the Fund's annual and semi-annual reports. These reports are filed with the Commission on Form N-CSR and mailed to shareholders within 60 days after the end of the second and fourth fiscal quarters. A Fund's annual and semi-annual reports are posted on the Fund's website at www.jennisondryden.com (for the JennisonDryden Funds) or at www.prudential.com (for certain other funds, including The Target Portfolio Trust and the Target Asset Allocations Funds, advised by Prudential Investments LLC). A Fund's portfolio holdings as of the end of the first and third fiscal quarters are made public and filed with the Commission on Form N-Q within 60 days after the end of the Fund's first and third fiscal quarters, and may be accessed at www.sec.gov. A Fund generally posts on its website a detailed list of the Fund's portfolio holdings as of the end of each calendar month within approximately 30 days following the end of the month. A Fund's detailed list of portfolio holdings will generally remain available on the Fund's website for approximately one month, at which time the list will be replaced. ( Note: The Target Portfolio Trust and the Target Asset Allocation Funds do not post portfolio holdings as of the end of each calendar month). In addition, a Fund may also release its top ten holdings, sector and country breakdowns, and largest industries on a quarterly or monthly basis, with the information as of a date 15 days prior to the release. Such information will be posted on the Fund's website and will generally be available for viewing until replaced at the end of the subsequent quarter. Portfolio holdings information which appears on a Fund's website may also be made available in printed form. When authorized by a Fund's Chief Compliance Officer and another officer of the Fund, portfolio holdings information may be disseminated more frequently or at different periods than as described above. The Fund has entered into ongoing arrangements to make available information about the Fund's portfolio holdings. Parties receiving this information may include intermediaries that distribute the Fund's shares, third-party providers of auditing, custody, proxy voting and other services for the Fund, rating and ranking organizations, and certain affiliated persons of the Fund, as described below. The procedures utilized to determine eligibility are set forth below: Procedures for Release of Portfolio Holdings Information: 1. A request for release of fund holdings shall be provided by such third party setting forth a legitimate business purpose for such release which shall specify the Fund, the terms of such release, and frequency (e.g., level of detail, staleness). The request shall address whether there are any conflicts of interest between the Fund and the investment adviser, sub-adviser, principal underwriter or any affiliated person thereof and how such conflicts shall be dealt with to demonstrate that the disclosure is in the best interest of the shareholders of the Fund. 2. The request shall be forwarded to the Chief Compliance Officer of the Fund, or his delegate, for review and approval. 3. A confidentiality agreement in the form approved by an officer of the Fund must be executed with the recipient of the fund holdings information. 4. An officer of the Fund shall approve the release and agreement. Copies of the release and agreement shall be sent to PI's law department. 5. Written notification of the approval shall be sent by such officer to PI's Fund Administration Department to arrange the release of fund holdings information. 6. PI's Fund Administration Department shall arrange for the release of fund holdings information by the Fund's custodian bank(s). As of the date of this SAI, each Fund will provide: 1. Traditional External Recipients/Vendors .. Full holdings on a daily basis to RiskMetrics Group and Broadridge Financial Solutions, Inc. (proxy voting administrator / agents) at the end of each day; .. Full holdings on a daily basis to RiskMetrics Group (securities class action claims administrator) at the end of each day; .. Full holdings on a daily basis to a Fund's Subadviser(s), Custodian Bank, sub-custodian (if any) and accounting agents (which includes the Custodian Bank and any other accounting agent that may be appointed) at the end of each day. When a Fund has more than one Subadviser, each Subadviser receives holdings information only with respect to the "sleeve" or segment of the Fund for which the Subadviser has responsibility; .. Full holdings to a Fund's independent registered public accounting firm as soon as practicable following the Fund's fiscal year- end or on an as-needed basis; and .. Full holdings to financial printers as soon as practicable following the end of a Fund's quarterly, semi-annual and annual period- ends. 2. Analytical Service Providers .. Fund trades on a quarterly basis to Abel/Noser Corp. (an agency-only broker and transaction cost analysis company) as soon as practicable following a Fund's fiscal quarter-end; .. Full holdings on a daily basis to FT Interactive Data (a fair value information service) at the end of each day; .. Full holdings on a daily basis to FactSet Reasearch Systems Inc. and Lipper, Inc. (investment research providers) at the end of each day; .. Full holdings on a daily basis to Vestek (for preparation of fact sheets) at the end of each day (Target Portfolio Trust, and selected JennisonDryden and Strategic Partners Funds only); .. Full holdings on a daily basis to Electra Information Systems, Inc. (Target Portfolio Trust -- Small Capitalization Growth Portfolio -- securities managed by Ashfield only); .. Full holdings to Frank Russell Company (investment research provider) at the end of each month (Jennison Small Company Fund only); .. Full holdings on a monthly basis to Fidelity Advisors (wrap program provider) approximately five days after the end of each month (Jennison Growth Fund and certain other selected JennisonDryden and/or Strategic Partners Funds only); .. Full holdings on a weekly basis to SG Constellation (a financing company) approximately one day after the end of the week (Strategic Partners Mutual Funds, Inc. only); .. Full holdings on a daily basis to Brown Brothers Harriman & Co (operations support) (Dryden Financial Services Fund only); .. Full holdings on a weekly basis to Investment Technology Group, Inc. (analytical service provider) (Dryden Financial Services Fund only); and .. Full holdings on a daily basis to State Street Bank & Trust Company (operations service provider) (Dryden Financial Services Fund only). In each case, the information disclosed must be for a legitimate business purpose and is subject to a confidentiality agreement intended to prohibit the recipient from trading on or further disseminating such information (except for legitimate business purposes). Such arrangements will be monitored on an ongoing basis and will be reviewed by a Fund's Chief Compliance Officer and PI's Law Department on an annual basis. In addition, certain authorized employees of PI receive portfolio holdings information on a quarterly, monthly or daily basis or upon request, in order to perform their business functions. All PI employees are subject to the requirements of the personal securities trading policy of Prudential Financial, Inc., which prohibits employees from trading on or further disseminating confidential information, including portfolio holdings information. The Board has approved PI's Policy for the Dissemination of Portfolio Holdings. The Board shall, on a quarterly basis, receive a report from PI detailing the recipients of the portfolio holdings information and the reason for such disclosure. The Board has delegated oversight over a Fund's disclosure of portfolio holdings to the Chief Compliance Officer. There can be no assurance that a Fund's policies and procedures on portfolio holdings information will protect the Fund from the potential misuse of such information by individuals or entities that come into possession of the information. EX-99.77O RULE 10F-3 6 target77o.txt For the fiscal period ended 07/31/2009 File number 811-08915 SUB-ITEM 77-0 EXHIBITS Transactions Effected Pursuant to Rule 10f-3 I. Name of Funds: Target Asset Allocation Funds - Target Conservative Allocation Fund Target Moderate Allocation Fund Target Growth Allocation Fund 1. Name of Issuer: Waste Connections, Inc. 2. Date of Purchase: September 24, 2008 3. Number of Securities Purchased: Target Conservative Allocation Fund 175 Target Moderate Allocation Fund 455 Target Growth Allocation Fund 450 4. Dollar Amount of Purchase: Target Conservative Allocation Fund $5,687.50 Target Moderate Allocation Fund $14,787.50 Target Growth Allocation Fund $14,625.00 5. Price Per Unit: $32.50 6. Name(s) of Underwriter(s) or Dealer(s) From whom Purchased: J.P. Morgan Securities, Inc. 7. Other Members of the Underwriting Syndicate See Exhibit A EXHIBIT A UNDERWRITER Merrill Lynch, Pierce, Fenner & Smith Incorporated Banc of America Securities LLC Credit Suisse Securities (USA) LLC Citigroup Global Markets Inc. Deutsche Bank Securities Inc. First Analysis Securities Corporation Friedman, Billings, Ramsey & Co., Inc. Morgan Stanley & Co. Incorporated Raymond James & Associates, Inc. EX-99 7 target77q31.txt This page being FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 1. EXPENSES (Negative answers are allowed For the period covered by this form on this screen for 72Z only) ($000's omitted) 72.Y) Expense reimbursements ----------------------------- $ 0 Z) Net investment income ------------------------------ $ 0 AA) Realized capital gains ----------------------- $ 0 BB) Realized capital losses ---------------------- $ 0 CC) 1. Net unrealized appreciation during the period --- $ 0 2. Net unrealized depreciation during the period --- $ 0 DD) 1. Total income dividends for which record date passed during the period ------------------------ $ 0 2. Dividends for a second class of open-end company shares -----------------------------------$ 0 EE) Total capital gains distributions for which record date passed during the period --------------- $ 0 73. Distributions per share for which record date passed during the period: NOTE: Show in fractions of a cent if so declared. " A) 1. Dividends from net investment income $ 0.3656,$0.3356 " 2. Dividends for a second class of open-end company shares ------------$ 0.3356,$0.3356,$.3556,$0.3356,$0.3755 B) Distribution of capital gains ---------------$ 0.00 C) Other distributions --------------------------------- $ 0.0000 SCREEN NUMBER: 34 This page being (Continued from Screen 35) filed for series 1. Condensed balance sheet data: As of the end of current reporting period (000's omitted except for per share amounts and number of accounts) 74.O) Payables for portfolio instruments purchased --------------- $ 0 P) Amounts owed to affiliated persons --------------------------$ 0 Q) Senior long-term debt ---------------------------------------$ 0 R) Other liabilities:1. Reverse repurchase agreements --------- $ 0 2. Short sales --------------------------- $ 0 3. Written options ----------------------- $ 0 4. All other liabilities ----------------- $ 0 S) Senior equity -----------------------------------------------$ 0 T) Net assets of common shareholders ---------------------------$ 0 U) 1. Number of shares outstanding -----------------------------$ 0 2. Number of shares outstanding of a second class of shares of open-end company --------------------------------------- 0 " V) 1. Net asset value per share(to nearest cent)$8.48,$8.43 " 2. Net asset value per share of a second class of open-end company shares (to nearest cent) $8.43,$8.43,$8.48,$8.43,$8.50 W) Mark-to-market net asset value per share for money market funds only (to 4 decimals) -----------------$ 0.0000 X) Total number of shareholder accounts ------------------------$ 0 Y) Total value of assets in segregated accounts ----------------$ 0 SCREEN NUMBER: 36 Because the electronic format for filing Form N-SAR does not provide "adequate space for responding to Items 73A 1&2 and 74V1&2 correctly, " the correct answers are as above. EX-99 8 target77q32.txt This page being FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 2. EXPENSES (Negative answers are allowed For the period covered by this form on this screen for 72Z only) ($000's omitted) 72.Y) Expense reimbursements ----------------------------- $ 0 Z) Net investment income ------------------------------ $ 0 AA) Realized capital gains ----------------------- $ 0 BB) Realized capital losses ---------------------- $ 0 CC) 1. Net unrealized appreciation during the period --- $ 0 2. Net unrealized depreciation during the period --- $ 0 DD) 1. Total income dividends for which record date passed during the period ------------------------ $ 0 2. Dividends for a second class of open-end company shares -----------------------------------$ 0 EE) Total capital gains distributions for which record date passed during the period --------------- $ 0 73. Distributions per share for which record date passed during the period: NOTE: Show in fractions of a cent if so declared. " A) 1. Dividends from net investment income $ 0.2450,$0.1356 " 2. Dividends for a second class of open-end company shares ------------$ 0.1356,$0.1356,$0.2294,$0.1356,$0.2745 B) Distribution of capital gains ---------------$ 0.00 C) Other distributions --------------------------------- $ 0.0000 SCREEN NUMBER: 34 This page being (Continued from Screen 35) filed for series 2. Condensed balance sheet data: As of the end of current reporting period (000's omitted except for per share amounts and number of accounts) 74.O) Payables for portfolio instruments purchased --------------- $ 0 P) Amounts owed to affiliated persons --------------------------$ 0 Q) Senior long-term debt ---------------------------------------$ 0 R) Other liabilities:1. Reverse repurchase agreements --------- $ 0 2. Short sales --------------------------- $ 0 3. Written options ----------------------- $ 0 4. All other liabilities ----------------- $ 0 S) Senior equity -----------------------------------------------$ 0 T) Net assets of common shareholders ---------------------------$ 0 U) 1. Number of shares outstanding -----------------------------$ 0 2. Number of shares outstanding of a second class of shares of open-end company --------------------------------------- 0 " V) 1. Net asset value per share(to nearest cent)$8.97,$8.97 " 2. Net asset value per share of a second class of open-end company shares (to nearest cent) $8.97,$8.95,$8.97,$8.97,$8.98 W) Mark-to-market net asset value per share for money market funds only (to 4 decimals) -----------------$ 0.0000 X) Total number of shareholder accounts ------------------------$ 0 Y) Total value of assets in segregated accounts ----------------$ 0 SCREEN NUMBER: 36 Because the electronic format for filing Form N-SAR does not provide "adequate space for responding to Items 73A 1&2 and 74V1&2 correctly," the correct answers are as above. EX-99 9 target77q33.txt This page being FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 3. EXPENSES (Negative answers are allowed For the period covered by this form on this screen for 72Z only) ($000's omitted) 72.Y) Expense reimbursements ----------------------------- $ 0 Z) Net investment income ------------------------------ $ 0 AA) Realized capital gains ----------------------- $ 0 BB) Realized capital losses ---------------------- $ 0 CC) 1. Net unrealized appreciation during the period --- $ 0 2. Net unrealized depreciation during the period --- $ 0 DD) 1. Total income dividends for which record date passed during the period ------------------------ $ 0 2. Dividends for a second class of open-end company shares -----------------------------------$ 0 EE) Total capital gains distributions for which record date passed during the period --------------- $ 0 73. Distributions per share for which record date passed during the period: NOTE: Show in fractions of a cent if so declared. " A) 1. Dividends from net investment income $ 0.1135, 0.0523 " 2. Dividends for a second class of open-end company shares ------------$ 0.0523,$0.0523,$.0931,$0.0523,$0.1339 B) Distribution of capital gains ---------------$ 0.00 C) Other distributions --------------------------------- $ 0.0000 SCREEN NUMBER: 34 This page being (Continued from Screen 35) filed for series 1. Condensed balance sheet data: As of the end of current reporting period (000's omitted except for per share amounts and number of accounts) 74.O) Payables for portfolio instruments purchased --------------- $ 0 P) Amounts owed to affiliated persons --------------------------$ 0 Q) Senior long-term debt ---------------------------------------$ 0 R) Other liabilities:1. Reverse repurchase agreements --------- $ 0 2. Short sales --------------------------- $ 0 3. Written options ----------------------- $ 0 4. All other liabilities ----------------- $ 0 S) Senior equity -----------------------------------------------$ 0 T) Net assets of common shareholders ---------------------------$ 0 U) 1. Number of shares outstanding -----------------------------$ 0 2. Number of shares outstanding of a second class of shares of open-end company --------------------------------------- 0 " V) 1. Net asset value per share(to nearest cent)$8.77,$8.13 " 2. Net asset value per share of a second class of open-end company shares (to nearest cent) $8.13,$8.15,$8.71,$8.17,$8.99 W) Mark-to-market net asset value per share for money market funds only (to 4 decimals) -----------------$ 0.0000 X) Total number of shareholder accounts ------------------------$ 0 Y) Total value of assets in segregated accounts ----------------$ 0 SCREEN NUMBER: 36 Because the electronic format for filing Form N-SAR does not provide "adequate space for responding to Items 73A 1&2 and 74V1&2 correctly, " the correct answers are as above. -----END PRIVACY-ENHANCED MESSAGE-----