Jennison Value Fund


 PrintPrinter-friendly version
3 Stars 4 Stars
Class A Shares Class Z Shares
Morningstar Overall RatingTM out of 1,124 Large Value funds, as of 10/31/2009.
Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund's 3-, 5-, and 10-year star rating.

The Fund seeks capital appreciation by investing in the stocks of large-cap companies believed to be undervalued by the managers and have catalysts that can unlock their true value.

See quarterly PDF version of this Fund Fact Sheet.
Stylebox
Performance
Fund Share Prices as of market close, 11/20/2009
NAV# CHANGE##
Class A (Symbol: PBEAX) 12.61 Loss-0.06
Class B (Symbol: PBQIX) 12.43 Loss-0.07
Class C (Symbol: PEICX) 12.43 Loss-0.06
Class R (Symbol: JDVRX) 12.58 Loss-0.06
Class Z (Symbol: PEIZX) 12.64 Loss-0.06
# "NAV" (Net Asset Value) is the $U.S. value of a single share of a fund, excluding any sales charges.
## "CHANGE" shows the change in $U.S. value over the previous day:Gain= Gain, Loss= Loss,  No Change = No Change.
See Prices and Yields of other JennisonDryden mutual funds.



Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. Maximum sales charges: Class A, 5.5%; Class B, 5.0%; and Class C, 1.0%.
Average Annual Total Returns
Total Return
(with sales charges)
as of 10/31/2009		 Total Return
(without sales charges)
as of 10/31/2009		 Lipper
Average
as of
10/31/2009
Class A B C R Z A B C R Z
Year-to-Date N/A N/A N/A N/A N/A 28.96 28.20 28.09 28.77 29.17 19.67
1-Year 14.11 14.97 18.87 20.45 20.97 20.75 19.97 19.87 20.45 20.97 13.06
3-Year -9.05 -8.60 -8.01 -7.52 -7.09 -7.32 -7.97 -8.01 -7.52 -7.09 -8.86
5-Year 1.47 1.76 1.87 N/A 2.88 2.62 1.89 1.87 N/A 2.88 -0.07
10-Year 3.27 3.09 3.08 N/A 4.12 3.86 3.09 3.08 N/A 4.12 3.22
Since Incpt. 8.15 7.57 6.38 0.37 6.61 8.46 7.57 6.38 0.37 6.61 8.16
See Daily Returns,and Quarterly SEC Standardized Performance, and L, M, and X Performance.
See Calendar Year Performance for the Jennison Value Fund.
Total return describes the return to the investor before any sales charges are imposed. Lipper average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Lipper averages and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class A inception date. SEC standardized return describes the return to the investor after maximum sales charges are imposed. All returns assume share price changes, as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower.

Inception: Class A, 1/22/1990; Class B, 1/22/1987; Class C, 8/1/1994; Class R, 6/6/2005; Class Z, 3/1/1996.


Morningstar Ratings as of 10/31/2009

Class
Overall
3-Year
5-Year
10-Year
A
3 Stars
out of 1,124 funds
3 Stars
out of 1,124 funds
3 Stars
out of 934 funds
3 Stars
out of 450 funds
B
3 Stars
out of 1,124 funds
3 Stars
out of 1,124 funds
3 Stars
out of 934 funds
3 Stars
out of 450 funds
C
3 Stars
out of 1,124 funds
3 Stars
out of 1,124 funds
4 Stars
out of 934 funds
3 Stars
out of 450 funds
R
3 Stars
out of 1,124 funds
3 Stars
out of 1,124 funds
4 Stars
out of 934 funds
3 Stars
out of 450 funds
Z
4 Stars
out of 1,124 funds
3 Stars
out of 1,124 funds
4 Stars
out of 934 funds
4 Stars
out of 450 funds

The Morningstar Rating may not be customarily calculated based on adjusted historical returns. If so, this investment's independent Morningstar Rating metric is compared against the retail mutual fund universe breakpoints to determine its hypothetical rating for certain time periods. Other share classes may have different performance characteristics. Past performance does not guarantee future results. For each fund with at least a 3-year history, Morningstar calculates a Morningstar rating (based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, and the next 35% receive 3 stars (each share class is rated separately, which may cause slight variations in the distribution percentages). The overall Morningstar rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar rating metrics. The Fund was rated against U.S.-domiciled funds.
© 2009 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

back to top
Growth of $10,000
Fund ReturnFund Return$15,054
Class A Benchmark Return*Benchmark Return$14,826
Fund/Benchmark Return Chart
*Lipper Multi-Cap Value Funds Average
This chart represents historical performance and does not assume the effects of sales charges. If shown with sales charges, performance would have been lower. Lipper Multi-Cap Value Funds usually have between 25% and 75% of their assets invested in companies with market capitalizations above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index, typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index. The S&P SuperComposite 1500 Index offers diversified market-cap U.S. market coverage. An investment cannot be made directly in an index.
back to top
Fund Facts & Holdings
Objective: Capital Appreciation. There can be no assurance that the Fund's objective will be achieved.
Dividends: Paid annually, if any.
Capital Gains: Paid annually, if any.

See Dividend and Capital Gains Distributions.

See most recent complete Portfolio Holdings list.
The following information is as of 10/31/2009 and is subject to change.
Total Net Assets: $876 million
Largest Stock Holdings (% of Assets)
Symantec 3.3 %
Computer Associates 3.1
NII Holdings 2.6
IAC/InterActiveCorp 2.4
CVS 2.4
Kimberly-Clark 2.3
XTO Energy 2.3
Kroger 2.3
H & R Block 2.3
Liberty Global 2.2
Top Ten (of 73) 25.2 %
Sector Breakdown (% of Assets)
Energy 17.1 %
Information Technology 14.9
Financials 14.4
Consumer Staples 13.6
Healthcare 12.1
Consumer Discretionary 11.2
Utilities 4.9
Industrials 4.8
Other 4.8
Cash & Equivalents 2.2
Largest Industries (% of Assets)
Oil & Gas 17.1 %
Software 9.0
Pharmaceuticals 7.0
Capital Markets 6.3
Food & Staples Retailing 6.2
Fund Statistics
Average Weighted Market Capitalization ($mil) 27,530.4
Beta (3 Year) 0.93
P/E Ratio 14.7
Standard Deviation (3 Year) 21.81
Turnover Ratio (%) 51
All data is unaudited and subject to change.

The Fund may invest in foreign securities, which are subject to currency fluctuation and political uncertainty; short sales, which involve costs and the risks of potentially unlimited losses; and derivative securities, which may carry market, credit, and liquidity risks. These risks may result in greater share price volatility. There is no assurance the Fund's objective will be achieved.

Average weighted market capitalization is the average market capitalization of stocks in a fund, each weighted by its proportion of assets. Beta measures a fund's sensitivity to changes in the overall market relative to its benchmark. P/E is the ratio of the sum of all market capitalizations in the portfolio divided by the sum of the total earnings of the same stocks. Standard deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Turnover (12-month) is the rate of trading in a portfolio; higher values imply more frequent trading. Beta is benchmarked against the Russell 1000® Value Index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The index and Russell are trademarks of the Frank Russell Company. An investment cannot be made directly in an index. Due to data availability, statistics may not be as of current reporting period.

Source: Prudential Investment Management, Inc. (PIM), Jennison Associates (both Prudential Financial Companies), and Lipper Inc. Source of Sector classification: S&P/MSCI.
back to top
Fund Managers
New No Logo
Jennison Associates is one of the nation's leading managers of growth, value, blend, and specialty equity strategies. It has earned a reputation for excellence by fulfilling the needs of clients for more than 40 years. David Kiefer and Avi Berg are the portfolio managers for the Jennison Value Fund.
Photo of David Kiefer David A. Kiefer, CFA, is a managing director and Large Cap Value/Blend equity portfolio manager. He has over 20 years of investment experience and joined Jennison in September 2000 as a result of the merger of Prudential's public equity asset management capabilities into Jennison's organization. David has been managing large-cap diversified assets since 1999 and the Large Cap Blend Equity strategy since 2000. Additionally, he became head of large cap value equity and began co-managing the Large Cap Value Equity strategy in 2004 and the Natural Resources Equity strategy in 2005. He managed the Jennison Utility Fund (formerly Prudential) from 1994 to June 2005. David joined Prudential's management training program in 1986. From 1988 to 1990 he worked at Prudential Power Funding Associates making loans to the utility and power industry. He left to attend business school, rejoining Prudential in equity asset management in 1992. David earned a B.S. from Princeton University and an M.B.A. from Harvard Business School.
Photo of Avi Berg Avi Z. Berg is a managing director and Large Cap Value Equity portfolio manager. He has over 14 years of investment experience and joined Jennison in January 2001. In May 2003, he began co-managing the Large Cap Value Equity strategy. Since 2006 Avi has been an adjunct associate professor of security analysis at Columbia Business School. Prior to joining Jennison he was with Goldman Sachs Asset Management as an equity research associate for their small- and mid-cap value funds. Avi has also worked in equity research at Fir Tree Partners and was a consultant with Price Waterhouse LLP. He received an A.B. in economics magna cum laude from Harvard University and an M.B.A. in finance and accounting with honors and distinctions from Columbia Business School.
back to top
This Fund is available in the QP(k) and Lin(k) programs. As of August 1, 2002, establishing new qualified plans in these programs was discontinued. Current plan participants in qualified plans may continue to make contributions.
Consider a fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other information about the fund. Read it carefully before investing. For more information about a fund, click on the prospectus link above.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. JennisonDryden, Jennison, Dryden, Target, Pru, Prudential Financial, and the Rock Prudential logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.

Mutual funds are not insured by the FDIC or any federal government agency, are not a deposit of or guaranteed by any bank or any bank affiliate, and may lose value.

0155921-00002-00        Ed. 10/2009