Jennison Health Sciences Fund


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4 Stars 5 Stars
Class A, B and C Shares Class Z Shares
Morningstar Overall RatingTM out of 151 Health 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.

2009 Lipper Award # 1 Health/Biotechnology fund (Class Z) out of 90 funds for the 5-year period, ending 12/31/2008. The awards are based on the risk-adjusted return for the five-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.

On or about April 20, 2009, Jennison Health Sciences Fund will be reopened to new investors.

The Fund seeks long-term capital appreciation by investing in the stocks of companies primarily engaged in the drug, healthcare, medicine, medical devices, and biotechnology industries.

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: PHLAX) 18.47 Loss-0.01
Class B (Symbol: PHLBX) 16.82 Loss-0.01
Class C (Symbol: PHLCX) 16.82 No Change 0.00
Class Z (Symbol: PHSZX) 19.10 Loss-0.01
# "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 7.90 7.23 7.23 8.09 9.58
1-Year 3.13 3.40 7.40 9.42 9.13 8.40 8.40 9.42 8.16
3-Year -3.85 -3.54 -2.73 -1.77 -2.02 -2.73 -2.73 -1.77 -2.77
5-Year 5.58 5.86 6.01 7.06 6.79 6.01 6.01 7.06 2.80
10-Year 10.67 10.48 10.48 11.60 11.30 10.48 10.48 11.60 6.01
Since Incpt. 10.62 10.40 10.40 11.52 11.23 10.40 10.40 11.52 6.19
See Daily Returns,and Quarterly SEC Standardized Performance, and L, M, and X Performance.
See Calendar Year Performance for the Jennison Health Sciences 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, 6/30/1999.


Morningstar Ratings as of 10/31/2009

Class
Overall
3-Year
5-Year
10-Year
A
4 Stars
out of 151 funds
2 Stars
out of 151 funds
4 Stars
out of 143 funds
5 Stars
out of 60 funds
B
4 Stars
out of 151 funds
3 Stars
out of 151 funds
4 Stars
out of 143 funds
4 Stars
out of 60 funds
C
4 Stars
out of 151 funds
3 Stars
out of 151 funds
4 Stars
out of 143 funds
4 Stars
out of 60 funds
Z
5 Stars
out of 151 funds
3 Stars
out of 151 funds
5 Stars
out of 143 funds
5 Stars
out of 60 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$36,312
Class A Benchmark Return*Benchmark Return$20,597
Fund/Benchmark Return Chart
*Lipper Health/Biotechnology 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 Health/Biotech Funds Average includes funds which invest 65% of their portfolio in shares of companies engaged in healthcare, medicine, and biotechnology. An investment cannot be made directly in an index.
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Fund Facts & Holdings
Objective: Seeks to provide long-term 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: $460 million
Largest Stock Holdings (% of Assets)
Ironwood Pharmaceuticals 5.4 %
AMAG Pharmaceuticals 5.1
Celgene 4.5
Shire Pharmaceuticals 4.4
Alexion Pharmaceuticals 4.4
Vertex Pharmaceuticals 4.3
Mylan Laboratories 3.7
Biomarin Pharmaceuticals 3.4
Allos Therapeutics 3.0
Incyte 2.9
Top Ten (of 66) 41.1 %
Sector Breakdown (% of Assets)
Healthcare 97.2 %
Cash & Equivalents 2.8
Largest Industries (% of Assets)
Biotechnology 52.5 %
Pharmaceuticals 31.3
Healthcare Equipment & Supplies 5.8
Healthcare Providers & Services 5.3
Life Sciences Tools & Services 2.2
Geographic Concentration
United States 84.4 %
Switzerland 4.8
Ireland 4.4
Israel 2.3
China 1.2
United Kingdom 0.0
Cash & Equivalents 2.8
Fund Statistics
Average Weighted Market Capitalization ($mil) 13,884.9
Beta (3 Year) 1.07
Standard Deviation (3 Year) 19.81
Turnover Ratio (%) 90
All data is unaudited and subject to change.

The Fund may not be appropriate for all investors. The Fund focuses its investments in the health sciences 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 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 S&P SuperComposite Health Care Index which is an unmanaged capitalization-weighted index that measures the performance of the health care sector of the S&P SC 1500 Index. 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. Michael Del Balso and David Chan are the portfolio managers for the Jennison Health Sciences Fund.
Photo of Michael Del Balso Michael Del Balso is managing director, director of research for Growth Equity, and Large Cap Growth equity portfolio manager. Michael has over 40 years of investment experience. He joined Jennison Associates in 1972 as a research analyst, and has been director of research for growth equity since 1994. He became a portfolio manager in 1999. Michael joined Jennison after four years at White, Weld & Company where he was a vice president, and followed growth companies with emphasis on the consumer area. He is a graduate of Yale University and received an M.B.A. from Columbia University. Michael is a member of the New York Society of Security Analysts.
Photo of David Chan David Chan, CFA, is managing director and Health Sciences Equity portfolio manager/research analyst. David has over 20 years of investment experience and joined Jennison Associates in May 1992. He was previously with the Boston Consulting Group where he was a team leader and consultant on projects in a wide variety of industries, but with a special focus in the healthcare area. David has also worked in various positions in the film and television industry. He graduated with a B.A. in biochemistry from Harvard University in 1983 and received an M.B.A. from Columbia University in 1989.
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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.

0156941-00003-00        Ed. 11/2009