N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-08565
Exact name of registrant as specified in charter:	Dryden Global Real Estate Fund
Address of principal executive offices:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	3/31/2010
Date of reporting period:	6/30/2009

Item 1. Schedule of Investments

Dryden Global Real Estate Fund

SCHEDULE OF INVESTMENTS

as of June 30, 2009 (Unaudited)

Shares		Description	Value
LONG-TERM INVESTMENTS 95.1%
COMMON STOCKS 94.9%
Australia 8.5%
	515,822	Babcock & Brown Japan Property Trust, REIT	$	153,524
	534,000	CFS Retail Property Trust, REIT		707,440
	1,186,900	Commonwealth Property Office Fund, REIT		792,668
	3,013,026	Dexus Property Group, REIT		1,812,805
	2,955,120	ING Office Fund, REIT		1,092,899
	255,376	Lend Lease Corp. Ltd.		1,437,134
	822,900	Macquarie CountryWide Trust, REIT		358,255
	2,310,000	Mirvac Industrial Trust, REIT		147,008
	1,327,825	Stockland, REIT		3,425,165
	1,126,279	Westfield Group, REIT		10,308,055
				20,234,953
Brazil 2.3%
	31,600	BR Malls Participacoes SA(a)		239,641
	193,600	Cyrela Brazil Realty SA		1,452,371
	144,251	Gafisa SA		1,188,902
	150,000	Multiplan Empreendimentos Imobiliarios SA		1,530,237
	64,033	PDG Realty SA Empreendimentos e Participacoes		677,093
	56,000	Sao Carlos Empreendimentos e Participacoes SA		444,399
				5,532,643
Canada 0.8%
	115,700	Chartwell Seniors Housing Real Estate Investment Trust, REIT		539,134
	20,500	Primaris Retail Real Estate Investment Trust, REIT		208,675
	81,835	RioCan Real Estate Investment Trust, REIT		1,075,045
				1,822,854
Finland 0.2%
	73,514	Citycon Oyj		191,986
	80,000	Sponda Oyj(a)		227,935
				419,921
France 4.0%
	4,253	Fonciere des Regions, REIT		320,668
	5,548	GECINA SA, REIT		344,210
	47,244	Klepierre, REIT		1,224,315
	51,233	Unibail-Rodamco, REIT		7,660,067
				9,549,260
Hong Kong 16.6%
	765,776	Cheung Kong Holdings Ltd.		8,755,975
	67,000	Hang Lung Group Ltd.		313,518
	718,469	Hang Lung Properties Ltd.		2,365,941
	560,794	Henderson Land Development Co. Ltd.		3,200,016
	888,000	Hongkong Land Holdings Ltd.		3,143,520
	769,999	Hysan Development Co. Ltd.		1,971,674
	409,392	Kerry Properties Ltd.		1,783,317
	1,852,219	Link (The), REIT		3,936,538
	714,000	New World China Land Ltd.		394,748

	384,000	New World Development Ltd.	691,211
	190,000	Shimao Property Holdings Ltd.	366,320
	779,000	Sino Land Co.	1,282,433
	719,935	Sun Hung Kai Properties Ltd.	8,940,012
	101,000	Wharf Holdings Ltd.	425,843
	675,000	Wheelock & Co. Ltd.	1,734,743
			39,305,809
Italy 0.1%
	259,632	Beni Stabili SpA	203,711
Japan 15.9%
	49,500	Aeon Mall Co. Ltd.	939,392
	391	Japan Real Estate Investment Corp., REIT	3,243,315
	703,780	Mitsubishi Estate Co. Ltd.	11,683,927
	578,339	Mitsui Fudosan Co. Ltd.	10,030,807
	15	Nippon Accommodations Fund, Inc., REIT	67,334
	529	Nippon Building Fund, Inc., REIT	4,521,876
	551	Nomura Real Estate Office Fund, Inc., REIT	3,502,978
	207,952	Sumitomo Realty & Development Co. Ltd.	3,796,933
			37,786,562
Netherlands 2.8%
	33,236	Corio NV, REIT	1,620,917
	28,837	Eurocommercial Properties NV, REIT	890,613
	59,409	Nieuwe Steen Investments Funds NV, REIT	918,550
	23,384	Vastned Retail NV, REIT	1,164,548
	28,111	Wereldhave NV, REIT	2,095,556
			6,690,184
New Zealand 0.1%
	252,300	AMP NZ Office Trust, REIT	114,000
Singapore 6.0%
	1,544,000	Ascendas Real Estate Investment Trust, REIT	1,683,329
	5,784,000	CapitaCommercial Trust, REIT	3,258,587
	764,000	CapitaLand Ltd.	1,942,505
	379,673	CapitaMall Trust, REIT	365,159
	261,058	City Developments Ltd.	1,538,417
	787,651	Frasers Centrepoint Trust, REIT	468,636
	1,225,000	K-REIT Asia, REIT	821,222
	518,600	Keppel Land Ltd.	786,250
	326,000	Singapore Land Ltd.	1,201,628
	948,000	Starhill Global, REIT	414,210
	1,991,000	Suntec Real Estate Investment Trust, REIT	1,179,140
	304,000	Yanlord Land Group Ltd.	476,592
			14,135,675
Sweden 1.2%
	73,950	Castellum AB	472,213
	94,918	Hufvudstaden AB (Class A Stock)	590,554
	499,118	Klovern AB	1,171,626
	44,400	Wihlborgs Fastigheter AB	598,370
			2,832,763

Switzerland 0.8%
	40,817	PSP Swiss Property AG(a)	1,950,139
United Kingdom 5.2%
	255,800	Big Yellow Group PLC, REIT(a)	1,443,106
	446,398	British Land Co. PLC, REIT	2,810,899
	190,300	Brixton PLC, REIT	126,118
	44,703	Derwent London PLC, REIT	688,546
	387,016	Great Portland Estates PLC, REIT	1,402,508
	442,174	Hammerson PLC, REIT	2,242,157
	241,366	Land Securities Group PLC, REIT	1,876,992
	2,583,300	Segro PLC, REIT	1,033,035
	3,105	Shaftesbury PLC, FPR, REIT(a)	15,121
	131,917	Shaftesbury PLC, REIT	656,368
			12,294,850
United States 30.4%
	71,605	AMB Property Corp., REIT	1,346,890
	38,975	AvalonBay Communities, Inc., REIT	2,180,261
	83,059	Boston Properties, Inc., REIT	3,961,914
	215,857	Brandywine Realty Trust, REIT	1,608,135
	74,831	BRE Properties, Inc., REIT	1,777,985
	133,402	Camden Property Trust, REIT	3,681,895
	340,365	CBL & Associates Properties, Inc., REIT	1,834,567
	200,764	Cogdell Spencer, Inc., REIT	861,278
	27,700	Corporate Office Properties Trust, REIT	812,441
	121,618	DiamondRock Hospitality Co., REIT	761,329
	92,815	Digital Realty Trust, Inc., REIT	3,327,418
	54,869	Douglas Emmett, Inc., REIT	493,272
	46,935	Equity Residential, REIT	1,043,365
	88,950	Extra Space Storage, Inc., REIT	742,732
	45,800	Federal Realty Investment Trust, REIT	2,359,616
	122,224	First Potomac Realty Trust, REIT	1,191,684
	319,731	Host Hotels & Resorts, Inc., REIT	2,682,543
	136,443	Kilroy Realty Corp., REIT	2,802,539
	119,941	Kimco Realty Corp., REIT	1,205,407
	97,832	LaSalle Hotel Properties, REIT	1,207,247
	119,168	Macerich Co. (The), REIT	2,098,551
	98,215	Mack-Cali Realty Corp., REIT	2,239,302
	56,496	Mid-America Apartment Communities, Inc., REIT	2,073,968
	72,875	Morgans Hotel Group Co.(a)	279,111
	100,847	Post Properties, Inc., REIT	1,355,384
	200,500	ProLogis, REIT	1,616,030
	83,882	Public Storage, Inc., REIT	5,492,593
	74,720	Regency Centers Corp., REIT	2,608,475
	190,616	Simon Property Group, Inc., REIT	9,803,401
	30,057	SL Green Realty Corp., REIT	689,508
	45,861	Sovran Self Storage, Inc., REIT	1,128,181
	156,794	U-Store-It Trust, REIT	768,291
	128,000	Ventas, Inc., REIT	3,822,080
	49,918	Vornado Realty Trust, REIT	2,247,825
			72,105,218
		TOTAL COMMON STOCKS (cost $276,001,022)	224,978,542

PREFERRED STOCK 0.2%
United States 0.2%
	25,200	Taubman Centers, Inc., 8.00% (cost $389,340)		482,580
		TOTAL LONG-TERM INVESTMENTS (cost $276,390,362)		225,461,122
SHORT-TERM INVESTMENT 4.3%
AFFILIATED MONEY MARKET MUTUAL FUND
	10,237,261	Dryden Core Investment Fund - Taxable Money Market Series(b) (cost $10,237,261)		10,237,261
		TOTAL INVESTMENTS(c)—99.4% (cost $286,627,623)(d)		235,698,383
		Other assets in excess of liabilities—0.6%		1,322,236
		NET ASSETS—100%	$	237,020,619

The following abbreviations are used in the Schedule of Investments:

FPR Fully Paid Rights

REIT Real Estate Investment Trust

(a) Non-income producing security.

(b) Prudential Investments LLC, the manager of the Fund also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

(c) As of June 30, 2009, 72 securities representing $142,374,307 and 60.1% of net assets were fair valued in accordance with the policies adopted by the Board of Trustees.

(d) The United States federal income tax basis of the Fund’s investments was $307,413,309; accordingly, net unrealized depreciation on investments for federal income tax purposes was $71,714,926 (gross unrealized appreciation - $12,736,727; gross unrealized depreciation - $84,451,653). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund’s assets carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3
Common Stocks:
Australia	$	—	$	20,234,953	$	—
Brazil		5,532,643		—		—
Canada		1,822,854		—		—
Finland		—		419,921		—
France		—		9,549,260		—
Hong Kong		3,143,520		36,162,289		—
Italy		—		203,711		—
Japan		—		37,786,562		—
Netherlands		—		6,690,184		—
New Zealand		—		114,000		—
Singapore		—		14,135,675		—
Sweden		—		2,832,763		—
Switzerland		—		1,950,139		—
United Kingdom		—		12,294,850		—
United States		72,105,218		—		—
Preferred Stocks		482,580		—		—
Affiliated Money Market Mutual Fund		10,237,261		—		—
		93,324,076		142,374,307		—
Other Financial Instruments*		—		—		—
Total	$	93,324,076	$	142,374,307	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

As of March 31, 2009 and June 30, 2009, the Fund did not use any significant unobservable inputs (Level 3) in determining the value of investments.

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2009 were as follows:

Diversified	35.7	%
Retail Property	20.2
Office Space	15.1
Affiliated Money Market Mutual Fund	4.3
Storage Property	4.0
Residential	3.3
Shopping Centers	3.1
Real Estate Operation & Development	2.3
Healthcare Property	2.2
Industrial Property	2.2
Hotel / Resort & Entertainment Property	2.0
Apartments	1.9
Development Companies	1.3
Real Estate Management / Service	0.9
Financial Services	0.7
Regional Malls	0.2
	99.4
Other assets in excess of liabilities	0.6
	100.0	%

Notes to Schedule of Investments (Unaudited)

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence if an asked price. Securities traded via Nasdaq are valued at the Nasdaq official closing price (“NOCP”) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”) in consultation with the subadviser to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or more than one principal market maker.

Securities for which market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. When determining the fair valuation of securities some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

Market value of investments traded in a foreign currency are translated into U.S. dollars at the current rates of exchange.

Investments in mutual funds are valued at the net asset value as of the close of the New York Stock Exchange on the date of valuation.

Short-term debt securities which mature in sixty days or less, are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term debt securities which mature in more than sixty days are valued at current market quotations.

The Fund invests in the Taxable Money Market Series (the “Series”), a portfolio of Dryden Core Investment Fund. The Series is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Dryden Global Real Estate Fund
By (Signature and Title)*	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary of the Fund
Date August 25, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Judy A. Rice
	Judy A. Rice
	President and Principal Executive Officer
Date August 25, 2009

By (Signature and Title)*	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer
Date August 25, 2009

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

CERTIFICATIONS

I, Judy A. Rice, certify that:

1. I have reviewed this report on Form N-Q of Dryden Global Real Estate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 25, 2009	/s/ Judy A. Rice
	Judy A. Rice
	President and Principal Executive Officer

CERTIFICATIONS

I, Grace C. Torres, certify that:

1. I have reviewed this report on Form N-Q of Dryden Global Real Estate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 25, 2009	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer