Jennison Natural Resources Fund


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3 Stars 4 Stars
Class A Shares Class C and Z Shares
Morningstar Overall RatingTM out of 91 Natural Resources funds, as of 12/31/2009.
Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund's 3-, 5-, and 10-year star rating.

2009 Lipper Award # 1 Global Natural Resources fund (Class Z) out of 30 for the 10-year period, ending 12/31/2008. The awards are based on the risk-adjusted return for the ten-year period ended 12/31/2008.
In the Lipper Fund Awards, funds had to be registered for sale in the respective country as of the end of 2008 and the fund had to have at least 36 months of performance history as of the end of the evaluation year. S&P 500 Index funds, specialty diversified equity funds and specialty/miscellaneous funds were not eligible to receive classification awards. Rankings do not take sales charges into account. Past performance is no guarantee of future results.

The Fund seeks long-term growth of capital by investing in the stocks of companies that own, explore, mine, process, or otherwise develop natural resource commodities. Key areas of investment generally include oil and natural gas exploration and production companies, drilling services companies, and producers of industrial and precious metals.

See quarterly PDF version of this Fund Fact Sheet.
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Performance
Fund Share Prices as of market close, 2/8/2010
NAV# CHANGE##
Class A (Symbol: PGNAX) 40.79 Loss-0.56
Class B (Symbol: PRGNX) 34.72 Loss-0.47
Class C (Symbol: PNRCX) 34.73 Loss-0.47
Class R (Symbol: JNRRX) 40.68 Loss-0.55
Class Z (Symbol: PNRZX) 41.71 Loss-0.56
# "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 1/31/2010		 Total Return
(without sales charges)
as of 1/31/2010		 Lipper
Average
as of
1/31/2010
Class A B C R Z A B C R Z
Year-to-Date N/A N/A N/A N/A N/A -8.04 -8.09 -8.11 -8.06 -8.02 -6.18
1-Year 51.06 53.80 57.73 59.62 60.40 59.85 58.80 58.73 59.62 60.40 42.68
3-Year 1.18 1.50 2.37 2.91 3.40 3.11 2.37 2.37 2.91 3.40 -1.09
5-Year 13.88 14.23 14.35 N/A 15.49 15.18 14.35 14.35 N/A 15.49 9.89
10-Year 16.90 16.69 16.69 N/A 17.88 17.56 16.69 16.69 N/A 17.88 14.26
Since Incpt. 11.73 10.60 13.39 3.92 13.98 12.05 10.60 13.39 3.92 13.98 9.32
See Daily Returns and Quarterly SEC Standardized Performance.
See Calendar Year Performance for the Jennison Natural Resources 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, 9/28/1987; Class C, 8/1/1994; Class R, 8/22/2006; Class Z, 9/16/1996.


Morningstar Ratings as of 12/31/2009

Class
Overall
3-Year
5-Year
10-Year
A
3 Stars
out of 91 funds
2 Stars
out of 91 funds
3 Stars
out of 67 funds
4 Stars
out of 44 funds
B
3 Stars
out of 91 funds
2 Stars
out of 91 funds
3 Stars
out of 67 funds
4 Stars
out of 44 funds
C
4 Stars
out of 91 funds
2 Stars
out of 91 funds
4 Stars
out of 67 funds
4 Stars
out of 44 funds
R
3 Stars
out of 91 funds
3 Stars
out of 91 funds
4 Stars
out of 67 funds
4 Stars
out of 44 funds
Z
4 Stars
out of 91 funds
3 Stars
out of 91 funds
4 Stars
out of 67 funds
5 Stars
out of 44 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.

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Growth of $10,000
Fund ReturnFund Return$53,977
Class A Benchmark Return*Benchmark Return$41,510
Fund/Benchmark Return Chart
*Lipper Global Natural Resources 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 Global Natural Resource Funds Average includes funds that invest primarily in the equity securities of domestic and foreign companies engaged in natural resources. An investment cannot be made directly in an index.
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Fund Facts & Holdings
Objective: Long-term growth of capital. 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 12/31/2009 and is subject to change.
Total Net Assets: $3.663 Billion
Largest Stock Holdings (% of Assets)
Southwestern Energy 2.6 %
Freeport-McMoRan Copper & Gold 2.2
Occidental Petroleum 2.1
Halliburton 2.1
Apache 1.9
Petrobras Brasileiro 1.8
Pacific Rubiales Energy 1.8
OGX Petroleo e Gas Participacoes 1.8
Cameron International 1.8
Vale SA - ADR 1.7
Top Ten (of 116) 19.8 %
Sector Breakdown (% of Assets)
Energy* 60.0 %
Materials 32.7
Utilities 1.7
Industrials 1.2
Consumer Staples 0.7
Cash & Equivalents 3.7
Largest Industries (% of Assets)
Oil, Gas & Consumable Fuels* 44.5 %
Metals & Mining 32.1
Energy Equipment & Services 15.3
Gas Utilities 1.1
Transportation Infrastructure 0.8
Geographic Concentration
United States 46.0 %
Canada 20.0
Brazil 7.3
Australia 4.3
United Kingdom 4.1
South Africa 3.3
Switzerland 2.7
India 2.2
Other 6.4
Cash & Equivalents 3.7
Fund Statistics
Average Weighted Market Capitalization ($mil) 23,381.8
Beta (3 Year) 1.06
Standard Deviation (3 Year) 35.81
Turnover Ratio (%) 51
All data is unaudited and subject to change.

The Fund may not be appropriate for all investors. The Fund focuses its investments in the natural resources 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 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. 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 Lipper Natural Resources Index which is an unmanaged equally weighted index of the largest mutual funds in the Lipper Natural Resources category of funds, adjusted for the reinvestment of capital gains distributions and income dividends. 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.
*This figure is comprised of companies that have been classified by S&P/MSCI GICS or classified by Jennison Associates LLC. Companies classified by Jennison Associates LLC are not sponsored by the S&P/MSCI GICS classification system.
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Fund Managers
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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, Jay Saunders, and Neil Brown are the portfolio managers for the Jennison Natural Resources 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 Jay Saunders John "Jay" Saunders is a managing director and equity research analyst. He joined Jennison in October 2005 after working for the Global Oil team as a vice president at Deutche Bank Securities, where he covered North American integrated oils, independent refiners and exploration & production companies. From 1997 to 2000 Jay worked at the Energy Intelligence Group, becoming managing editor for the Oil Market Intelligence newsletter, reporting on a broad range of energy topics. Jay was also with Hart publications, Inc./The Oil Daily Co., where he was an associate editor responsible for oil-related publications. Jay received a B.A. from the College of William and Mary and a masters in print journalism from American University. He was ranked as the number 1 refiners analyst by Zach's Investment Research in 2005.
Photo of Neil Brown Neil P. Brown, CFA, is a principal and equity research analyst. He joined Jennison in November 2005 after working on the North American Oil and Gas Exploration and Production team as an equity research associate/analyst at Deutsche Bank Securities. Prior to joining Deutsche Bank, Neil worked at Donaldson, Lufkin, and Jenrette as a research associate covering the Exploration and Production sector. He also worked as an analyst in Metropolitan Life Insurance Company's Institutional Finance department. Neil received a B.A. in mathematics and history from Duke University and is a member of the New York Society of Securities Analysts.
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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.

0155928-00007-00        Ed. 1/2010