Dryden International Equity Fund


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The Fund seeks long-term growth of capital and to outperform the international equity market, as defined by the MSCI EAFE index, by investing in both growth and value stocks of foreign-based companies.

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: PJRAX) 5.91 Loss-0.05
Class B (Symbol: PJRBX) 5.70 Loss-0.04
Class C (Symbol: PJRCX) 5.69 Loss-0.05
Class Z (Symbol: PJIZX) 5.97 Loss-0.05
# "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 Z A B C Z
Year-to-Date N/A N/A N/A N/A 23.55 22.74 22.74 23.57 23.22
1-Year 17.80 18.82 22.83 24.95 24.65 23.82 23.83 24.95 23.97
3-Year -10.92 -10.72 -9.88 -9.00 -9.22 -9.88 -9.88 -9.00 -5.80
5-Year 1.29 1.50 1.69 2.69 2.44 1.69 1.69 2.69 4.46
10-Year N/A N/A N/A N/A N/A N/A N/A N/A 1.53
Since Incpt. -4.93 -5.09 -5.09 -4.17 -4.38 -5.09 -5.09 -4.17 0.09
See Daily Returns, Quarterly SEC Standardized Performance, Class F Performance, and L, M, and X Performance.
See Calendar Year Performance for the Dryden International Equity 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, B, C, and Z, 3/1/2000.
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Growth of $10,000
Fund ReturnFund Return$6,633
Class A Benchmark Return*Benchmark Return$10,638
Fund/Benchmark Return Chart
*Lipper International Large-Cap Core 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 International Large-Cap Core Funds have at least 75% of their assets invested in companies strictly outside the U.S. with market capitalizations greater than the 250th largest company in the S&P/Citigroup World ex-U.S. Broad Market Index, have more latitude in companies in which they invest, and typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P/Citigroup World ex-U.S. Broad Market Index. S&P/Citigroup World ex-U.S. Broad Market Index is a world market-capitalization-weighted index measuring capital appreciation, excluding the U.S., representing companies with capitalizations equal-to or greater-than U.S. $100 million. An investment cannot be made directly in an index.
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Fund Facts & Holdings
Objective: Seeks 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 10/31/2009 and is subject to change.
Total Net Assets: $575 million
Largest Stock Holdings (% of Assets)
BP 1.8 %
HSBC Holdings 1.8
Banco Santander Central Hispano 1.7
Vodafone Group 1.6
Novartis 1.4
Total 1.4
Nestle 1.4
Telefonica 1.4
Sanofi-Synthelabo 1.3
GlaxoSmithKline 1.2
Top Ten (of 368) 15.0 %
Sector Breakdown (% of Assets)
Financials 26.4 %
Consumer Discretionary 10.3
Industrials 10.2
Consumer Staples 9.6
Materials 8.7
Healthcare 8.4
Energy 8.0
Telecom. Services 6.6
Other 10.1
Cash & Equivalents 1.7
Geographic Concentration
United Kingdom 21.7 %
Japan 20.1
France 9.2
Australia 7.3
Germany 7.2
Switzerland 7.1
Spain 5.5
Italy 3.6
Other 16.6
Cash & Equivalents 1.7
Fund Statistics
Average Weighted Market Capitalization ($mil) 47,576.5
Beta (3 Year) 1.09
P/E Ratio 13.6
Standard Deviation (3 Year) 25.67
Turnover Ratio (%) 74
All data is unaudited and subject to change.

The Fund invests in foreign securities, which are subject to currency fluctuation and political uncertainty; 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. Price-to-Earnings ratio (P/E), measures overall valuation. It is calculated using a harmonic weighted average, which represents the ratio of the portfolio's total market value to the total earnings of the portfolio. 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 MSCI EAFE, an unmanaged index, which reflects stock price movements in Europe, Australia, and the Far East and is a broad indicator of how foreign stocks have performed. 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) and Lipper Inc. PIM is a Prudential Financial company. Source of Sector classification: S&P/MSCI.
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Fund Managers
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The Dryden International Equity Fund is co-managed by Ted Lockwood, Margaret Stumpp, John Van Belle, Peter Xu, and Betty Tong, each a member of Quantitative Management Associates (QMA). Quantitative Management Associates, LLC is a wholly owned subsidiary of Prudential Investment Management, Inc., a Prudential Financial company.
Photo of Ted Lockwood Ted Lockwood is a Managing Director of QMA. He is responsible for managing portfolios, investment research, and new product development for QMA. Mr. Lockwood joined QMA's predecessor in 1988. Previously, he was with AT&T and a member of the technical staff at AT&T Bell Laboratories. Mr. Lockwood graduated summa cum laude with a BS in Engineering from SUNY-Stony Brook University and received an MS in Engineering and an MBA in Finance from Columbia University.
Photo of Margaret Stumpp Margaret S. Stumpp, Ph.D. is the Chief Investment Officer of QMA. Ms. Stumpp is responsible for portfolio management and investment strategy for the Fund. She is portfolio manager for QMA's enhanced index equity portfolios for institutional investors and mutual fund clients. She is extensively involved in quantitative research in asset allocation, security selection and portfolio construction for QMA. Previously, Ms. Stumpp was employed by the AT&T Treasury department and by Price Waterhouse as a senior consultant. In both positions, she was responsible for providing expert testimony on economic and financial matters. She has published articles on finance and economics in numerous publications, including The Financial Analysts Journal, The Journal of Portfolio Management, The Journal of Investment Management and Award Papers in Public Utility Economics. Ms. Stumpp earned a BA cum laude with distinction in Economics from Boston University, and holds an MA and a PhD in Economics from Brown University.
Photo of John Van Belle John Van Belle, Ph.D., is a managing director of QMA and has over 35 years of investment experience. John manages global, international, emerging markets, and regional equity portfolios. Previously John was a vice president in Currency Management Consulting Groups at both Bankers Trust and Citibank. He began his career in the research department at the Federal Reserve Bank of New York. He taught economics and finance at the University of Virginia and Rutgers Graduate School of Management. He has published numerous articles in the fields of economics and finance. John earned a B.S. in economics from St. Joseph's College and holds a Ph.D. in economics from the University of Virginia.
Photo of Peter Xu Peter Xu, Ph.D., is a managing director at QMA and has over 15 years of investment experience. He conducts equity market research, the results of which are used in the stock selection process for all quantitative core equity portfolios. He has published articles in various journals, including The Financial Analysts Journal, The Journal of Portfolio Management, Review of Quantitative Finance and Accounting, and Review of Pacific Basin Financial Markets and Policies. Previously, Peter taught at the business school at the University of Houston. He earned a B.S. in nuclear physics from Fudan University in Shanghai, an M.A. in economics from Rice University, and a Ph.D. in finance from the University of Houston.
Photo of Betty Tong Betty Sit Tong is a senior investment associate for QMA and has over 24 years of investment experience. She co-manages the global index portfolios benchmarked against MSCI-developed index series. She is also responsible for trading foreign and domestic equities, foreign exchange, and derivative instruments. In addition to the developed index series, she has experience with funds benchmarked against the MSCI small-cap and emerging market index series. Previously, Betty was employed by Prudential Equity Management Associates. She joined Prudential Financial in 1981. Betty earned a B.A. in psychology from Princeton University.
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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.

0156958-00002-00        Ed. 9/2009