Jennison Equity Income Fund


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4 Stars
Class A, B, C and 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 income and capital appreciation through investing in companies believed to be undervalued by the managers with the ability to sustain and grow their dividends.

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: SPQAX) 11.36 Loss-0.01
Class B (Symbol: JEIBX) 10.78 Loss-0.01
Class C (Symbol: AGOCX) 10.76 Loss-0.01
Class Z (Symbol: JDEZX) 11.37 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 29.44 28.71 28.79 29.56 14.48
1-Year 21.05 22.15 26.22 28.27 28.09 27.15 27.22 28.27 9.29
3-Year -3.48 -3.06 -2.35 N/A -1.64 -2.37 -2.35 N/A -6.51
5-Year 2.86 3.08 3.23 N/A 4.03 3.22 3.23 N/A 1.24
10-Year N/A N/A 2.54 N/A N/A N/A 2.54 N/A 2.12
Since Incpt. 2.16 2.26 3.95 -6.13 3.21 2.39 3.95 -6.13 1.43
See Daily Returns,and Quarterly SEC Standardized Performance, and L, M, and X Performance.
See Calendar Year Performance for the Jennison Equity Income 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 and B, 4/12/2004; Class C, 12/31/1997; Class Z, 8/22/2008.


Morningstar Ratings as of 10/31/2009

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

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Growth of $10,000
Fund ReturnFund Return$12,113
Class A Benchmark Return*Benchmark Return$11,041
Fund/Benchmark Return Chart
*Lipper Equity Income 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. The Lipper Equity Income Funds Average includes funds that seek relatively high current income and growth of income by investing at least 65% of their portfolio in dividend-paying equity securities. These funds' gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe. An investment cannot be made directly in an index.
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Fund Facts & Holdings
Objective: Seeks 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.

The following information is as of 10/31/2009 and is subject to change.
Total Net Assets: $146 million
Largest Stock Holdings (% of Assets)
B&G Foods 3.3 %
Microsoft 2.7
Pfizer 2.5
Consolidated Communications Holdings 2.4
Whiting Petroleum 2.3
ConAgra Foods 2.2
Annaly Capital Management 2.1
Goldman Sachs 2.0
NiSource 2.0
Kimberly-Clark 1.9
Top Ten (of 73) 23.4 %
Sector Breakdown (% of Assets)
Utilities 17.8 %
Financials 16.7
Consumer Staples 16.4
Telecom. Services 10.5
Energy 10.1
Healthcare 8.7
Industrials 8.6
Information Technology 4.2
Other 4.4
Cash & Equivalents 2.6
Largest Industries (% of Assets)
Oil & Gas 10.1 %
Multi-Utilities 8.5
Real Estate Investment Trusts 8.5
Diversified Telecom. Services 7.9
Pharmaceuticals 7.9
Geographic Concentration
United States 75.7 %
Canada 13.9
Brazil 3.7
United Kingdom 1.6
Switzerland 1.5
Italy 1.0
Cash & Equivalents 2.6
Fund Statistics
Average Weighted Market Capitalization ($mil) 25,885.0
Beta (3 Year) 0.97
P/E Ratio 14.1
Standard Deviation (3 Year) 19.91
Turnover Ratio (%) 66
See most recent complete Portfolio Holdings list.

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 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 Lipper Equity Income Index, which is an equal-weighted index that tracks the daily total return performance of the 30 largest funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% of their portfolio dividend-paying equity securities. These funds' gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe. 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 managersfor the Jennison Equity Income Fund.
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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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.

0156932-00001-00        Ed. 7/2009