Jennison Utility Fund


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The Fund seeks total return through a combination of capital appreciation and current income, by investing at least 80% of its assets in electric and gas utilities; gas pipeline, telecommunications, water, cable, and toll road companies; airports, and seaports. It may also selectively invest up to 20% of its assets in the stocks of companies from related non-utility sectors, such as energy, that may benefit the Fund's total return without materially increasing its overall risk.

See quarterly PDF version of this Fund Fact Sheet.
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Performance
Fund Share Prices as of market close, 11/20/2009
NAV# CHANGE##
Class A (Symbol: PRUAX) 8.48 Gain+0.01
Class B (Symbol: PRUTX) 8.46 Gain+0.01
Class C (Symbol: PCUFX) 8.46 Gain+0.01
Class R (Symbol: JDURX) 8.48 Gain+0.01
Class Z (Symbol: PRUZX) 8.49 Gain+0.02
# "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 12.64 12.12 11.98 12.49 12.87 6.20
1-Year -0.56 -0.38 3.50 5.15 5.54 5.22 4.62 4.50 5.15 5.54 6.71
3-Year -10.45 -10.00 -9.41 -9.06 -8.51 -8.75 -9.40 -9.41 -9.06 -8.51 -4.16
5-Year 4.24 4.55 4.66 N/A 5.69 5.43 4.68 4.66 N/A 5.69 5.08
10-Year 4.72 4.54 4.53 N/A 5.56 5.31 4.54 4.53 N/A 5.56 2.87
Since Incpt. 8.53 11.81 7.87 -7.26 8.52 8.84 11.81 7.87 -7.26 8.52 7.72
See Daily Returns and Quarterly SEC Standardized Performance.
See Calendar Year Performance for the Jennison Utility 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, 8/10/1981; Class C, 8/1/1994; Class R, 8/22/2006; Class Z, 3/1/1996.
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Growth of $10,000
Fund ReturnFund Return$18,122
Class A Benchmark Return*Benchmark Return$14,800
Fund/Benchmark Return Chart
*Lipper Utility 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 Utility Funds Average includes funds which invest 65% of their equity portfolio in utility shares. An investment cannot be made directly in an index.
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Fund Facts & Holdings
Objective: Seeks total return through a combination of current income and capital appreciation. There can be no assurance that the Fund's objective will be achieved.
Dividends: Paid quarterly, 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: $2.533 Billion
Largest Stock Holdings (% of Assets)
NRG Energy 4.0 %
Sempra Energy 3.5
Constellation Energy Group 3.1
NII Holdings 2.6
Crown Castle International 2.6
Entergy 2.5
American Tower 2.3
CMS Energy 2.2
Chunghwa Telecom 2.1
NiSource 2.1
Top Ten (of 83) 27.0 %
Sector Breakdown (% of Assets)
Utilities 62.3 %
Telecom. Services 16.0
Energy 10.9
Industrials 6.4
Consumer Discretionary 1.6
Financials 0.6
Cash & Equivalents 2.2
Largest Industries (% of Assets)
Electric Utilities 25.1 %
Multi-Utilities 17.7
Indep. Pwr Producers & Energy Traders 11.4
Oil & Gas 10.9
Wireless Telecommunication Services 10.2
Geographic Concentration
United States 76.4 %
Brazil 5.9
Spain 2.6
Canada 2.6
Netherlands 2.5
Taiwan 2.1
China 1.8
Czech Republic 1.1
Other 2.8
Cash & Equivalents 2.2
Fund Statistics
Average Weighted Market Capitalization ($mil) 9,630.6
Beta (3 Year) 1.15
Standard Deviation (3 Year) 22.06
Turnover Ratio (%) 38
All data is unaudited and subject to change.

The Fund may not be appropriate for all investors. The Fund focuses its investments in the utility sector, thereby increasing its vulnerability to any single economic, political, or regulatory developments. The Fund is nondiversified, so a loss resulting from a particular security or sector will have a greater impact on the Fund's return. The Fund may invest in foreign securities, which are subject to currency fluctuation and political uncertainty; short sales, which involve costs and the risk 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 corporations in a fund weighted by the percentage of the holding in the fund. Beta measures a fund's sensitivity to changes in the overall market over the past three years relative to the fund's benchmark. Standard deviation is a statistical measurement that depicts how widely returns varied over the past three years. The measurement is generally used to understand the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the range of performance may be wider, implying greater volatility. Turnover is annual sales divided by the average portfolio value. It tells us the weighted average holding period over a 12-month timeframe of the portfolio. Beta is benchmarked against the Standard & Poor's Utility Index which is an unmanaged, market capitalization-weighted index representing three utility groups and, within the three groups, 43 of the largest utility companies listed on the New York Stock Exchange, including 23 electric power companies, 12 natural gas distributors and eight telephone companies. An investment cannot be made directly in an index. Due to data availability, statistics may not be as of the 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.
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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. Shaun Hong and Bobby Edemeka are the portfolio managers.
Photo of Shaun Hong Shaun Hong, CFA, is managing director and Equity portfolio manager/research analyst. Shaun has over 17 years of investment experience. He joined Jennison in September 2000 as a result of the merger of Prudential's public equity asset management capabilities into Jennison's organization. Shaun, who was named co-manager of the Jennison Utility Fund in October 2000, and Jennison Equity Income Fund in January 2007, joined Prudential in 1999 as an analyst responsible for power, natural gas, and telecommunication industries within Prudential's Public Equity unit. He began his career in 1992 as a research analyst covering telecommunications and technology companies at Parker/Hunter Inc. In 1994 Shaun joined Equinox Capital Management, where he worked for five years researching utility, consumer products, commodities, and technology sectors. He received a B.S. in industrial management from Carnegie Mellon University. He has been a member of the New York Society of Security Analysts and CFA Institute since 1995.
Photo of Bobby Edemeka Ubong "Bobby" Edemeka is a managing director and Equity portfolio manager/research analyst. He joined Jennison Associates in March 2002 and has over 12 years of investment experience. He was named co-manager of the Jennison Utility Fund in January 2005 and co-manager of the Jennison Equity Income Fund in January 2007. Bobby began as an equity analyst at Prudential Investments in the Equity Mutual Funds group in 1997. His responsibilities included coverage of the domestic utilities sector and presenting investment recommendations for the Prudential Utility Fund (currently Jennison Utility Fund). Previously he was with SSB Citi Asset Management group on the Global Utilities team before joining Goldman Sachs as a sell-side analyst. At Goldman, Bobby covered domestic electric utilities and independent power producers. He received a B.A. in government from Harvard University.
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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.

0155427-00001-00        Ed. 7/2009