Jennison Value Fund

N-PX 1 dnpx.htm JENNISON VALUE FUND Jennison Value Fund

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-04864

Jennison Value Fund

(Exact name of registrant as specified in charter)

100 Mulberry Street, Gateway Center Three, 4^th Floor, Newark, NJ 07102

(Address of principal executive offices) (Zip Code)

Lori E. Bostrom, Esq.

(Name and address of agent for service)

Registrant’s telephone number, including area code: 973-802-2991

Date of fiscal year-end: October 31, 2004

Date of reporting period: June 30, 2004

Item 1. Proxy Voting Record

In determining votes against management, any ballot that management did not make a recommendation is considered to be ‘FOR’ regardless of the vote cast. Any ‘Abstain’ vote cast is considered as voted, and to be against the management recommendation.

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: Jennison Value Fund #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Agilent Technologies

00846U101

3/2/2004

Annual

Adviser: Jennison Associates

1.01 Elect James G. Cullen

MGMT

YES

FOR

1.02 Elect Robert L. Joss

MGMT

YES

FOR

1.03 Elect Walter B. Hewlett

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Allied Waste Industries

019589308

12/18/2003

Special

Adviser: Jennison Associates

1.00 Approve Common Stock Issuance

MGMT

YES

FOR

Allied Waste Industries Inc

019589308

5/21/2004

Annual

Adviser: Jennison Associates

1.01 Elect Thomas H. Van Weelden

MGMT

YES

FOR

1.02 Elect Robert M. Agate

MGMT

YES

FOR

1.03 Elect Leon D. Black

MGMT

YES

FOR

1.04 Elect James W. Crownover

MGMT

YES

FOR

1.05 Elect Michael S. Gross

MGMT

YES

FOR

1.06 Elect Dennis R. Hendrix

MGMT

YES

FOR

1.07 Elect J. Tomilson Hill

MGMT

YES

FOR

1.08 Elect Lawrence V. Jackson

MGMT

YES

FOR

1.09 Elect Nolan Lehmann

MGMT

YES

FOR

1.10 Elect Howard A. Lipson

MGMT

YES

FOR

1.11 Elect Antony P. Ressler

MGMT

YES

FOR

1.12 Elect Warren B. Rudman

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Expense Stock Options

SHLDR

YES

AGNST

4.00 SP-Report on Efforts to Oppose Privatization

SHLDR

YES

AGNST

Page 1 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Allstate Corp

ALL

020002101

5/18/2004

Annual

Adviser: Jennison Associates

1.01 Elect F. Duane Ackerman

MGMT

YES

FOR

1.02 Elect James G. Andress

MGMT

YES

FOR

1.03 Elect Edward A. Brennan

MGMT

YES

FOR

1.04 Elect W. James Farrell

MGMT

YES

FOR

1.05 Elect Jack M. Greenberg

MGMT

YES

FOR

1.06 Elect Ronald T. LeMay

MGMT

YES

FOR

1.07 Elect Edward M. Liddy

MGMT

YES

FOR

1.08 Elect J. Christopher Reyes

MGMT

YES

FOR

1.09 Elect H. John Riley Jr.

MGMT

YES

FOR

1.10 Elect Joshua I. Smith

MGMT

YES

FOR

1.11 Elect Judith A. Sprieser

MGMT

YES

FOR

1.12 Elect Mary Alice Taylor

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Approve Annual Bonus Plan

MGMT

YES

AGNST

4.00 Approve Long-Term Bonus Plan

MGMT

YES

AGNST

5.00 SP-Adopt Cumulative Voting

SHLDR

YES

FOR

AGNST

Page 2 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Altria Group

02209S103

4/29/2004

Annual

Adviser: Jennison Associates

1.01 Elect Elizabeth E. Bailey

MGMT

YES

FOR

1.02 Elect Mathis Cabiallavetta

MGMT

YES

FOR

1.03 Elect Loius C. Camilleri

MGMT

YES

FOR

1.04 Elect Dudley Fishburn

MGMT

YES

FOR

1.05 Elect Robert E.R. Huntley

MGMT

YES

FOR

1.06 Elect Thomas W. Jones

MGMT

YES

FOR

1.07 Elect Lucio A. Noto

MGMT

YES

FOR

1.08 Elect John S. Reed

MGMT

YES

FOR

1.09 Elect Carlos Slim Helu

MGMT

YES

FOR

1.10 Elect Stephen M. Wolf

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

4.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

5.00 SP-Review Political Spending

SHLDR

YES

AGNST

6.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

7.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

8.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

Page 3 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

American Express

AXP

025816109

4/26/2004

Annual

Adviser: Jennison Associates

1.01 Elect Daniel F. Akerson

MGMT

YES

FOR

1.02 Elect Charlene Barshefsky

MGMT

YES

FOR

1.03 Elect William G. Bowen

MGMT

YES

FOR

1.04 Elect Ursula M. Burns

MGMT

YES

FOR

1.05 Elect Kenneth I. Chenault

MGMT

YES

FOR

1.06 Elect Peter R. Dolan

MGMT

YES

FOR

1.07 Elect Vernon E. Jordan Jr.

MGMT

YES

FOR

1.08 Elect Jan Leschly

MGMT

YES

FOR

1.09 Elect Richard A. McGinn

MGMT

YES

FOR

1.10 Elect Edward D. Miller

MGMT

YES

FOR

1.11 Elect Frank P. Popoff

MGMT

YES

FOR

1.12 Elect Robert D. Walter

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Director Tenure/Retirement Age

SHLDR

YES

AGNST

4.00 SP-Review Political Spending

SHLDR

YES

AGNST

Anthem Inc

ATH

03674B104

5/17/2004

Annual

Adviser: Jennison Associates

1.01 Elect Victor S. Liss

MGMT

YES

FOR

1.02 Elect James W. McDowell, Jr.

MGMT

YES

FOR

1.03 Elect George A. Schaefer Jr.

MGMT

YES

FOR

1.04 Elect Jackie M. Ward

MGMT

YES

FOR

Anthem Inc

ATH

03674B104

6/28/2004

Special

Adviser: Jennison Associates

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

1.00 Approve Common Stock Issuance

MGMT

YES

FOR

2.00 Approve Name Change

MGMT

YES

FOR

Apache

APA

037411105

12/18/2003

Special

Adviser: Jennison Associates

1.00 Increase Authorized Common Stock

MGMT

YES

FOR

Page 4 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Apache

APA

037411105

5/6/2004

Annual

Adviser: Jennison Associates

1.01 Elect Eugene C. Fiedorek

MGMT

YES

FOR

1.02 Elect Patricia Albjerg Graham

MGMT

YES

FOR

1.03 Elect F.H. Merelli

MGMT

YES

FOR

1.04 Elect Raymond Plank

MGMT

YES

FOR

2.00 SP-Report or Take Action on Climate Change

SHLDR

YES

AGNST

AT&T Wireless Services Inc

AWE

00209A106

5/19/2004

Special

Adviser: Jennison Associates

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

2.01 Elect Nobuharu Ono

MGMT

YES

FOR

2.02 Elect Carolyn M. Ticknor

MGMT

YES

FOR

2.03 Elect John D. Zeglis

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

5.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

6.00 SP-Require Majority Vote to Elect Directors

SHLDR

YES

AGNST

Baker Hughes

BHI

057224107

4/28/2004

Annual

Adviser: Jennison Associates

1.01 Elect Edward P. Djerejian

MGMT

YES

FOR

1.02 Elect H. John Riley Jr.

MGMT

YES

FOR

1.03 Elect Charles L. Watson

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Repeal Classified Board

SHLDR

YES

FOR

AGNST

4.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

Page 5 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Bank of America Corp

BAC

060505104

5/26/2004

Annual

Adviser: Jennison Associates

1.01 Elect William Barnet III

MGMT

YES

FOR

1.02 Elect Charles W. Coker

MGMT

YES

FOR

1.03 Elect John T. Collins

MGMT

YES

FOR

1.04 Elect Gary L. Countryman

MGMT

YES

FOR

1.05 Elect Paul Fulton

MGMT

YES

FOR

1.06 Elect Charles K. Gifford

MGMT

YES

FOR

1.07 Elect Donald E. Guinn

MGMT

YES

FOR

1.08 Elect James H. Hance Jr.

MGMT

YES

FOR

1.09 Elect Kenneth D. Lewis

MGMT

YES

FOR

1.10 Elect Walter E. Massey

MGMT

YES

FOR

1.11 Elect J. Thomas May

MGMT

YES

FOR

1.12 Elect C. Steven McMillan

MGMT

YES

FOR

1.13 Elect Eugene M. McQuade

MGMT

YES

FOR

1.14 Elect Patricia E. Mitchell

MGMT

YES

FOR

1.15 Elect Edward L. Romero

MGMT

YES

FOR

1.16 Elect Thomas M. Ryan

MGMT

YES

FOR

1.17 Elect O. Temple Sloan Jr.

MGMT

YES

FOR

1.18 Elect Meredith R. Spangler

MGMT

YES

FOR

1.19 Elect Jackie M. Ward

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Change Annual Meeting Date

SHLDR

YES

AGNST

4.00 SP-Double Board Nominees

SHLDR

YES

AGNST

5.00 SP-Limit or End Charitable Giving

SHLDR

YES

AGNST

6.00 SP-Mutual Funds Review Committee

SHLDR

YES

AGNST

7.00 SP-Ensure Customer Privacy

SHLDR

YES

AGNST

Page 6 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Bank Of New York

064057102

4/13/2004

Annual

Adviser: Jennison Associates

1.01 Elect Frank J. Biondi Jr.

MGMT

YES

FOR

1.02 Elect Nicholas M. Donofrio

MGMT

YES

FOR

1.03 Elect Alan R. Griffith

MGMT

YES

FOR

1.04 Elect Gerald L. Hassell

MGMT

YES

FOR

1.05 Elect Richard J. Kogan

MGMT

YES

FOR

1.06 Elect Michael J. Kowalski

MGMT

YES

FOR

1.07 Elect John A. Luke Jr.

MGMT

YES

FOR

1.08 Elect John C. Malone

MGMT

YES

FOR

1.09 Elect Paul Myners

MGMT

YES

FOR

1.10 Elect Robert C. Pozen

MGMT

YES

FOR

1.11 Elect Catherine A. Rein

MGMT

YES

FOR

1.12 Elect Thomas A. Renyi

MGMT

YES

FOR

1.13 Elect William C. Richardson

MGMT

YES

FOR

1.14 Elect Brian L. Roberts

MGMT

YES

FOR

1.15 Elect Samuel C. Scott III

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Amend Annual Bonus Plan

MGMT

YES

FOR

4.00 SP-Review Political Spending

SHLDR

YES

AGNST

5.00 Implement Executive Compensation Plan

MGMT

YES

AGNST

6.00 SP-Increase Risk Committee Independence

SHLDR

YES

AGNST

7.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

Boise Cascade

097383103

12/9/2003

Special

Adviser: Jennison Associates

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

1.00 Approve Common Stock Issuance

MGMT

YES

FOR

2.00 Add Shares to Stock Option Plan

MGMT

YES

FOR

Page 7 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Boise Cascade

097383103

4/15/2004

Annual

Adviser: Jennison Associates

1.01 Elect Claire S. Farley

MGMT

YES

FOR

1.02 Elect Rakesh Gangwal

MGMT

YES

FOR

1.03 Elect Gary G. Michael

MGMT

YES

FOR

1.04 Elect A. William Reynolds

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

Cendant

151313103

4/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect M. Brian Mulroney

MGMT

YES

FOR

1.02 Elect Ronald L. Nelson

MGMT

YES

FOR

1.03 Elect Robert W. Pittman

MGMT

YES

FOR

1.04 Elect Myra J. Biblowit

MGMT

YES

FOR

1.05 Elect Sheli Z. Rosenberg

MGMT

YES

FOR

2.00 Repeal Classified Board

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

5.00 SP-Cap Executive Pay

SHLDR

YES

FOR

AGNST

Cigna

125509109

4/28/2004

Annual

Adviser: Jennison Associates

1.01 Elect Robert H. Campbell

MGMT

YES

FOR

1.02 Elect Jane E. Henney

MGMT

YES

FOR

1.03 Elect Charles R. Shoemate

MGMT

YES

FOR

1.04 Elect Louis W. Sullivan

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 8 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Citigroup

172967101

4/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect C. Michael Armstrong

MGMT

YES

FOR

1.02 Elect Alain J.P. Belda

MGMT

YES

FOR

1.03 Elect George David

MGMT

YES

FOR

1.04 Elect Kenneth T. Derr

MGMT

YES

FOR

1.05 Elect John M. Deutch

MGMT

YES

FOR

1.06 Elect Roberto H. Ramirez

MGMT

YES

FOR

1.07 Elect Ann Dibble Jordan

MGMT

YES

FOR

1.08 Elect Dudley C. Mecum II

MGMT

YES

FOR

1.09 Elect Richard D. Parsons

MGMT

YES

FOR

1.10 Elect Andrall E. Pearson

MGMT

YES

FOR

1.11 Elect Charles Prince

MGMT

YES

FOR

1.12 Elect Robert E. Rubin

MGMT

YES

FOR

1.13 Elect Franklin A. Thomas

MGMT

YES

FOR

1.14 Elect Sanford I. Weill

MGMT

YES

FOR

1.15 Elect Robert B. Willumstad

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

4.00 SP-Review Political Spending

SHLDR

YES

AGNST

5.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

6.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

ConAgra Foods

CAG

205887102

9/25/2003

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Review or Curb Bioengineering

SHLDR

YES

AGNST

4.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

5.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

Page 9 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

DIRECTV Group Inc

DTV

25459L106

6/2/2004

Annual

Adviser: Jennison Associates

1.01 Elect K. Rupert Murdoch

MGMT

YES

FOR

1.02 Elect Neil R. Austrian

MGMT

YES

FOR

1.03 Elect Charles R. Lee

MGMT

YES

FOR

2.00 Adopt Stock Option Plan

MGMT

YES

FOR

3.00 Approve Annual Bonus Plan

MGMT

YES

FOR

4.00 Ratify Selection of Auditors

MGMT

YES

FOR

Ensco International Inc

ESV

26874Q100

5/11/2004

Annual

Adviser: Jennison Associates

1.01 Elect David M. Carmichael

MGMT

YES

FOR

1.02 Elect Thomas L. Kelly II

MGMT

YES

FOR

1.03 Elect Rita M. Rodriguez

MGMT

YES

FOR

Exelon

EXC

30161N101

4/27/2004

Annual

Adviser: Jennison Associates

1.01 Elect Nicholas DeBenedictis

MGMT

YES

FOR

1.02 Elect G. Fred DiBona Jr.

MGMT

YES

FOR

1.03 Elect Sue L. Gin

MGMT

YES

FOR

1.04 Elect Edgar D. Jannotta

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Approve Annual Bonus Plan

MGMT

YES

FOR

Page 10 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Express Scripts Inc

ESRX

302182100

5/26/2004

Annual

Adviser: Jennison Associates

1.01 Elect Gary G. Benanav

MGMT

YES

FOR

1.02 Elect Frank J. Borelli

MGMT

YES

FOR

1.03 Elect Nicholas J. LaHowchic

MGMT

YES

FOR

1.04 Elect Thomas P. Mac Mahon

MGMT

YES

AGNST

1.05 Elect John O. Parker Jr.

MGMT

YES

FOR

1.06 Elect George Paz

MGMT

YES

FOR

1.07 Elect Samuel K. Skinner

MGMT

YES

FOR

1.08 Elect Seymour Sternberg

MGMT

YES

FOR

1.09 Elect Barrett A. Toan

MGMT

YES

FOR

1.10 Elect Howard L. Waltman

MGMT

YES

FOR

2.00 Increase Authorized Common Stock

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 11 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Exxon Mobil Corp

XOM

30231G102

5/26/2004

Annual

Adviser: Jennison Associates

1.01 Elect Michael J. Boskin

MGMT

YES

FOR

1.02 Elect James R. Houghton

MGMT

YES

FOR

1.03 Elect William R. Howell

MGMT

YES

FOR

1.04 Elect Reatha Clark King

MGMT

YES

FOR

1.05 Elect Philip E. Lippincott

MGMT

YES

FOR

1.06 Elect Harry J. Longwell

MGMT

YES

FOR

1.07 Elect Henry A. McKinnell Jr.

MGMT

YES

FOR

1.08 Elect Marilyn Carlson Nelson

MGMT

YES

FOR

1.09 Elect Lee R. Raymond

MGMT

YES

FOR

1.10 Elect Walter V. Shipley

MGMT

YES

FOR

1.11 Elect Rex W. Tillerson

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Director Stock Award Plan

MGMT

YES

FOR

4.00 SP-Affirm Political Nonpartisanship

SHLDR

YES

AGNST

5.00 SP-Review Political Spending

SHLDR

YES

AGNST

6.00 SP-Review Operations’ Impact on Local Groups

SHLDR

YES

AGNST

7.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

8.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

9.00 SP-Link Executive Pay to Social Criteria

SHLDR

YES

AGNST

10.00 SP-Adopt Sexual Orientation Anti-Bias Policy

SHLDR

YES

AGNST

11.00 SP-Report or Take Action on Climate Change

SHLDR

YES

AGNST

Page 12 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

FirstEnergy Corp

337932107

5/18/2004

Annual

Adviser: Jennison Associates

1.01 Elect Paul T. Addison

MGMT

YES

FOR

1.02 Elect Ernest J. Novak Jr.

MGMT

YES

FOR

1.03 Elect John M. Pietruski

MGMT

YES

FOR

1.04 Elect Catherine A. Rein

MGMT

YES

FOR

1.05 Elect Robert C. Savage

MGMT

YES

AGNST

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Repeal Classified Board

MGMT

YES

FOR

4.00 Eliminate Supermajority Requirement

MGMT

YES

FOR

5.00 Adopt Deferred Compensation Plan

MGMT

YES

FOR

6.00 Adopt Deferred Compensation Plan

MGMT

YES

FOR

7.00 SP-Expense Stock Options

SHLDR

YES

AGNST

8.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

9.00 SP-Review Political Spending

SHLDR

YES

AGNST

10.00 SP-Golden Parachutes

SHLDR

YES

FOR

AGNST

FleetBoston Financial

FBF

339030108

3/17/2004

Special

Adviser: Jennison Associates

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

2.00 Adjourn Meeting

MGMT

YES

FOR

Page 13 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

General Dynamics

369550108

5/5/2004

Annual

Adviser: Jennison Associates

1.01 Elect Nicholas D. Chabraja

MGMT

YES

FOR

1.02 Elect James S. Crown

MGMT

YES

FOR

1.03 Elect Lester Crown

MGMT

YES

FOR

1.04 Elect William P. Fricks

MGMT

YES

FOR

1.05 Elect Charles H. Goodman

MGMT

YES

FOR

1.06 Elect Jay L. Johnson

MGMT

YES

FOR

1.07 Elect George A. Joulwan

MGMT

YES

FOR

1.08 Elect Paul G. Kaminski

MGMT

YES

FOR

1.09 Elect John M. Keane

MGMT

YES

FOR

1.10 Elect Lester L. Lyles

MGMT

YES

FOR

1.11 Elect Carl E. Mundy Jr.

MGMT

YES

FOR

1.12 Elect Robert Walmsley

MGMT

YES

FOR

2.00 Adopt Stock Option Plan

MGMT

YES

FOR

3.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

4.00 SP-Review Foreign Military Sales

SHLDR

YES

AGNST

General Motors

370442832

10/3/2003

Special

Adviser: Jennison Associates

1.00 Approve Non-Technical Charter Amendm

MGMT

YES

FOR

2.00 Ratify Spin-Off Company Charter

MGMT

YES

FOR

3.00 Approve Spin-off

MGMT

YES

FOR

4.00 Approve Sale of Assets

MGMT

YES

FOR

5.00 Approve Sale of Assets

MGMT

YES

FOR

6.00 Eliminate Dual Class Stock

MGMT

YES

FOR

Page 14 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Georgia-Pacific

373298108

5/4/2004

Annual

Adviser: Jennison Associates

1.01 Elect Barbara L. Bowles

MGMT

YES

FOR

1.02 Elect Donald V. Fites

MGMT

YES

FOR

1.03 Elect David R. Goode

MGMT

YES

FOR

1.04 Elect Karen N. Horn

MGMT

YES

FOR

1.05 Elect William R. Johnson

MGMT

YES

FOR

1.06 Elect James B. Williams

MGMT

YES

FOR

2.00 Amend Stock Option Plan

MGMT

YES

FOR

3.00 Reapprove Option/Bonus Plan for OBRA

MGMT

YES

FOR

4.00 Ratify Selection of Auditors

MGMT

YES

FOR

GlobalSantaFe Corp

GSF

G3930E101

6/9/2004

Annual

Adviser: Jennison Associates

1.01 Elect Ferdinand A. Berger

MGMT

YES

FOR

1.02 Elect Khaled R. Al-Haroon

MGMT

YES

FOR

1.03 Elect Edward R. Muller

MGMT

YES

FOR

1.04 Elect Paul J. Powers

MGMT

YES

FOR

1.05 Elect John L. Whitmire

MGMT

YES

FOR

2.00 Approve Non-Technical Charter Amendments

MGMT

YES

FOR

3.00 Approve Non-Technical Charter Amendments

MGMT

YES

FOR

4.00 Ratify Selection of Auditors

MGMT

YES

FOR

Goldman Sachs Group

38141G104

3/31/2004

Annual

Adviser: Jennison Associates

1.01 Elect John P. Browne of Madingley

MGMT

YES

FOR

1.02 Elect Claes Dahlback

MGMT

YES

FOR

1.03 Elect James A. Johnson

MGMT

YES

FOR

1.04 Elect Lois D. Juliber

MGMT

YES

FOR

1.05 Elect Lloyd C. Blankfein

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Repeal Classified Board

SHLDR

YES

FOR

AGNST

Page 15 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Halliburton Co

HAL

406216101

5/19/2004

Annual

Adviser: Jennison Associates

1.01 Elect Robert L. Crandall

MGMT

YES

FOR

1.02 Elect Kenneth T. Derr

MGMT

YES

FOR

1.03 Elect Charles J. DiBona

MGMT

YES

FOR

1.04 Elect William R. Howell

MGMT

YES

FOR

1.05 Elect Ray L. Hunt

MGMT

YES

FOR

1.06 Elect David J. Lesar

MGMT

YES

FOR

1.07 Elect Aylwin B. Lewis

MGMT

YES

FOR

1.08 Elect J. Landis Martin

MGMT

YES

FOR

1.09 Elect Jay A. Precourt

MGMT

YES

FOR

1.10 Elect Debra L. Reed

MGMT

YES

FOR

1.11 Elect C. J. Silas

MGMT

YES

FOR

2.00 Increase Authorized Common Stock

MGMT

YES

FOR

3.00 SP-Report on Ties to State Sponsors of Terror

SHLDR

YES

AGNST

4.00 SP-Require Majority Vote to Elect Directors

SHLDR

YES

FOR

AGNST

5.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

Harris

HRS

413875105

10/24/2003

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 16 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Hartford Financial Services Group Inc

HIG

416515104

5/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect Ramani Ayer

MGMT

YES

FOR

1.02 Elect Ronald E. Ferguson

MGMT

YES

FOR

1.03 Elect Edward J. Kelly III

MGMT

YES

FOR

1.04 Elect Paul G. Kirk Jr.

MGMT

YES

FOR

1.05 Elect Thomas M. Marra

MGMT

YES

FOR

1.06 Elect Gail J. McGovern

MGMT

YES

FOR

1.07 Elect Robert W. Selander

MGMT

YES

FOR

1.08 Elect Charles B. Strauss

MGMT

YES

FOR

1.09 Elect H. Patrick Swygert

MGMT

YES

FOR

1.10 Elect Gordon I. Ulmer

MGMT

YES

FOR

1.11 Elect David K. Zwiener

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

Hewlett-Packard

HPQ

428236103

3/17/2004

Annual

Adviser: Jennison Associates

1.01 Elect Lawrence T. Babbio Jr.

MGMT

YES

FOR

1.02 Elect Patricia C. Dunn

MGMT

YES

FOR

1.03 Elect Carleton S. Fiorina

MGMT

YES

FOR

1.04 Elect Richard A. Hackborn

MGMT

YES

FOR

1.05 Elect George A. Keyworth II

MGMT

YES

FOR

1.06 Elect Robert E. Knowling Jr.

MGMT

YES

FOR

1.07 Elect Sanford M. Litvack

MGMT

YES

AGNST

1.08 Elect Robert L. Ryan

MGMT

YES

FOR

1.09 Elect Lucille S. Salhany

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 SP-Expense Stock Options

SHLDR

YES

AGNST

Page 17 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

IMC Global Inc

IGL

449669100

5/14/2004

Annual

Adviser: Jennison Associates

1.01 Elect Donald F. Mazankowski

MGMT

YES

FOR

1.02 Elect Douglas A. Pertz

MGMT

YES

FOR

1.03 Elect Richard L. Thomas

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

International Paper Co

460146103

5/11/2004

Annual

Adviser: Jennison Associates

1.01 Elect Martha F. Brooks

MGMT

YES

FOR

1.02 Elect James A. Henderson

MGMT

YES

FOR

1.03 Elect Robert D. Kennedy

MGMT

YES

FOR

1.04 Elect W. Craig McClelland

MGMT

YES

FOR

1.05 Elect Robert M. Amen

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Amend Stock Option Plan

MGMT

YES

FOR

3.00 Add Shares to Stock Option Plan

MGMT

YES

FOR

4.00 Reapprove Option/Bonus Plan for OBRA

MGMT

YES

FOR

5.00 SP-Cap Executive Pay

SHLDR

YES

AGNST

Page 18 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

J P Morgan Chase & Co

JPM

46625H100

5/25/2004

Annual

Adviser: Jennison Associates

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

1.00 Approve Common Stock Issuance

MGMT

YES

FOR

2.01 Elect Hans W. Becherer

MGMT

YES

FOR

2.02 Elect Frank A. Bennack Jr.

MGMT

YES

FOR

2.03 Elect John H. Biggs

MGMT

YES

FOR

2.04 Elect Lawrence A. Bossidy

MGMT

YES

FOR

2.05 Elect Ellen V. Futter

MGMT

YES

FOR

2.06 Elect William H. Gray III

MGMT

YES

FOR

2.07 Elect William B. Harrison Jr.

MGMT

YES

FOR

2.08 Elect Helene L. Kaplan

MGMT

YES

FOR

2.09 Elect Lee R. Raymond

MGMT

YES

FOR

2.10 Elect John R. Stafford

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 Reapprove Option/Bonus Plan for OBRA

MGMT

YES

FOR

5.00 Adjourn Meeting

MGMT

YES

FOR

6.00 SP-Director Tenure/Retirement Age

SHLDR

YES

AGNST

7.00 SP-Limit or End Charitable Giving

SHLDR

YES

AGNST

8.00 SP-Review Political Spending

SHLDR

YES

AGNST

9.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

10.00 SP-Failure to Disclose Derivatives

SHLDR

YES

AGNST

11.00 SP-Limit Consulting by Auditors

SHLDR

YES

AGNST

12.00 SP-Restrict Director Compensation

SHLDR

YES

AGNST

13.00 SP-Link Executive Pay to Social Criteria

SHLDR

YES

AGNST

Kerr-McGee Corp

KMG

492386107

6/25/2004

Special

Adviser: Jennison Associates

1.00 Approve Common Stock Issuance

MGMT

YES

FOR

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

Page 19 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Kimberly-Clark

KMB

494368103

4/29/2004

Annual

Adviser: Jennison Associates

1.01 Elect Pastora San Juan Cafferty

MGMT

YES

FOR

1.02 Elect Claudio X. Gonzalez Laporte

MGMT

YES

FOR

1.03 Elect Linda Johnson Rice

MGMT

YES

FOR

1.04 Elect Marc J. Shapiro

MGMT

YES

FOR

2.00 Amend Stock Option Plan

MGMT

YES

FOR

2.00 Add Shares to Stock Option Plan

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

Kroger Co

509971928

6/24/2004

Annual

Adviser: Jennison Associates

1.01 Elect John L. Clendenin

MGMT

YES

FOR

1.02 Elect David B. Dillon

MGMT

YES

FOR

1.03 Elect David B. Lewis

MGMT

YES

FOR

1.04 Elect Don W. McGeorge

MGMT

YES

FOR

1.05 Elect W. Rodney McMullen

MGMT

YES

FOR

1.06 Elect Susan M. Phillips

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Repeal Classified Board

SHLDR

YES

FOR

AGNST

4.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

5.00 SP-Golden Parachutes

SHLDR

YES

AGNST

Page 20 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Laboratory Corp of America Holdings

50540R409

5/12/2004

Annual

Adviser: Jennison Associates

1.01 Elect Thomas P. Mac Mahon

MGMT

YES

FOR

1.02 Elect Jean-Luc Belingard

MGMT

YES

FOR

1.03 Elect Wendy E. Lane

MGMT

YES

FOR

1.04 Elect Robert E. Mittelstaedt Jr.

MGMT

YES

FOR

1.05 Elect Andrew G. Wallace

MGMT

YES

FOR

1.06 Elect M. Keith Weikel

MGMT

YES

FOR

1.07 Elect Craig M. Watson

MGMT

YES

FOR

2.00 Adopt Employee Stock Purchase Plan

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

Lehman Brothers Holdings

LEH

524908100

4/2/2004

Annual

Adviser: Jennison Associates

1.01 Elect Roger S. Berlind

MGMT

YES

FOR

1.02 Elect Marsha J. Evans

MGMT

YES

FOR

1.03 Elect Christopher Gent

MGMT

YES

AGNST

1.04 Elect Dina Merrill

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Approve Other Business

MGMT

YES

AGNST

Liberty Media Corp

530718105

6/9/2004

Annual

Adviser: Jennison Associates

1.01 Elect Robert R. Bennett

MGMT

YES

FOR

1.02 Elect Paul A. Gould

MGMT

YES

FOR

1.03 Elect John C. Malone

MGMT

YES

FOR

2.00 Amend Stock Option Plan

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 21 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Limited Brands Inc

LTD

532716107

5/17/2004

Annual

Adviser: Jennison Associates

1.01 Elect Eugene M. Freedman

MGMT

YES

FOR

1.02 Elect V. Ann Hailey

MGMT

YES

FOR

1.03 Elect David T. Kollat

MGMT

YES

FOR

1.04 Elect Leslie H. Wexner

MGMT

YES

FOR

2.00 Adopt Stock Option Plan

MGMT

YES

FOR

Loews Corp

LTR

540424207

5/11/2004

Annual

Adviser: Jennison Associates

1.01 Elect Joseph L. Bower

MGMT

YES

FOR

1.02 Elect John Brademas

MGMT

YES

FOR

1.03 Elect Charles M. Diker

MGMT

YES

FOR

1.04 Elect Paul J. Fribourg

MGMT

YES

FOR

1.05 Elect Philip A. Laskawy

MGMT

YES

FOR

1.06 Elect Gloria R. Scott

MGMT

YES

FOR

1.07 Elect Andrew H. Tisch

MGMT

YES

FOR

1.08 Elect James S. Tisch

MGMT

YES

FOR

1.09 Elect Jonathan M. Tisch

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Adopt Cumulative Voting

SHLDR

YES

FOR

AGNST

4.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

5.00 SP-Limit or End Charitable Giving

SHLDR

YES

AGNST

Page 22 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Lyondell Chemical

LYO

552078107

5/6/2004

Annual

Adviser: Jennison Associates

1.01 Elect Carol A. Anderson

MGMT

YES

FOR

1.02 Elect William T. Butler

MGMT

YES

FOR

1.03 Elect Stephen I. Chazen

MGMT

YES

FOR

1.04 Elect Travis Engen

MGMT

YES

AGNST

1.05 Elect Stephen F. Hinchliffe, Jr.

MGMT

YES

FOR

1.06 Elect Danny W. Huff

MGMT

YES

FOR

1.07 Elect Ray R. Irani

MGMT

YES

FOR

1.08 Elect David J. Lesar

MGMT

YES

FOR

1.09 Elect Dudley C. Mecum II

MGMT

YES

FOR

1.10 Elect Dan F. Smith

MGMT

YES

FOR

1.11 Elect William R. Spivey

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

McDonald’s Corp

MCD

580135101

5/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect Edward A. Brennan

MGMT

YES

FOR

1.02 Elect Walter E. Massey

MGMT

YES

FOR

1.03 Elect John W. Rogers Jr.

MGMT

YES

FOR

1.04 Elect Anne-Marie Slaughter

MGMT

YES

FOR

1.05 Elect Roger W. Stone

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Add Shares to Stock Option Plan

MGMT

YES

FOR

3.00 Amend Stock Option Plan

MGMT

YES

FOR

4.00 Approve Annual Bonus Plan

MGMT

YES

FOR

4.00 Approve Long-Term Bonus Plan

MGMT

YES

FOR

Medco Health Solutions

MHS

58405U102

4/21/2004

Annual

Adviser: Jennison Associates

1.01 Elect David B. Snow, Jr.

MGMT

YES

FOR

1.02 Elect Howard W. Barker Jr.

MGMT

YES

FOR

1.03 Elect Brian L. Strom

MGMT

YES

AGNST

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 23 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

MedImmune Inc

MEDI

584699102

5/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect Wayne T. Hockmeyer

MGMT

YES

FOR

1.02 Elect David M. Mott

MGMT

YES

FOR

1.03 Elect David Baltimore

MGMT

YES

FOR

1.04 Elect M. James Barrett

MGMT

YES

FOR

1.05 Elect Melvin D. Booth

MGMT

YES

FOR

1.06 Elect James H. Cavanaugh

MGMT

YES

FOR

1.07 Elect Barbara Hackman Franklin

MGMT

YES

FOR

1.08 Elect Gordon S. Macklin

MGMT

YES

FOR

1.09 Elect Elizabeth Wyatt

MGMT

YES

FOR

2.00 Adopt Stock Option Plan

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

Mellon Financial

MEL

58551A108

4/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect Jared L. Cohon

MGMT

YES

FOR

1.02 Elect Ira J. Gumberg

MGMT

YES

FOR

1.03 Elect Martin G. McGuinn

MGMT

YES

FOR

1.04 Elect David S. Shapira

MGMT

YES

FOR

1.05 Elect John P. Surma

MGMT

YES

FOR

1.06 Elect Edward J. McAniff

MGMT

YES

FOR

2.00 Adopt Stock Option Plan

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 24 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Mentor Graphics Corp

MENT

587200106

5/19/2004

Annual

Adviser: Jennison Associates

1.01 Elect Peter Bonfield

MGMT

YES

FOR

1.02 Elect Marsha B. Congdon

MGMT

YES

FOR

1.03 Elect James R. Fiebiger

MGMT

YES

FOR

1.04 Elect Gregory K. Hinckley

MGMT

YES

FOR

1.05 Elect Kevin C. McDonough

MGMT

YES

FOR

1.06 Elect Patrick B. McManus

MGMT

YES

FOR

1.07 Elect Walden C. Rhines

MGMT

YES

FOR

1.08 Elect Fontaine K. Richardson

MGMT

YES

FOR

2.00 Add Shares to Employee Stock Purchase Plan

MGMT

YES

FOR

3.00 Adopt Employee Stock Purchase Plan

MGMT

YES

FOR

4.00 Add Shares to Stock Option Plan

MGMT

YES

FOR

5.00 Increase Authorized Common Stock

MGMT

YES

FOR

Merrill Lynch

MER

590188108

4/23/2004

Annual

Adviser: Jennison Associates

1.01 Elect David K. Newbigging

MGMT

YES

FOR

1.02 Elect J.W. Prueher

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Adopt Cumulative Voting

SHLDR

YES

FOR

AGNST

4.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

Microsoft

MSFT

594918104

11/11/2003

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

2.00 Amend Stock Option Plan

MGMT

YES

FOR

3.00 Amend Director Stock Option Plan

MGMT

YES

FOR

4.00 SP-Limit or End Charitable Giving

SHLDR

YES

AGNST

Page 25 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Morgan Stanley

MWD

617446448

4/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect John W. Madigan

MGMT

YES

FOR

1.02 Elect Klaus Zumwinkel

MGMT

YES

FOR

1.03 Elect Howard Davies

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Repeal Classified Board

SHLDR

YES

FOR

AGNST

4.00 SP-Golden Parachutes

SHLDR

YES

FOR

AGNST

5.00 SP-Review Political Spending

SHLDR

YES

AGNST

Motorola

MOT

620076109

5/3/2004

Annual

Adviser: Jennison Associates

1.01 Elect Edward J. Zander

MGMT

YES

FOR

1.02 Elect H. Laurance Fuller

MGMT

YES

FOR

1.03 Elect Judy C. Lewent

MGMT

YES

FOR

1.04 Elect Walter E. Massey

MGMT

YES

FOR

1.05 Elect Nicholas Negroponte

MGMT

YES

FOR

1.06 Elect Indra K. Nooyi

MGMT

YES

FOR

1.07 Elect John E. Pepper Jr.

MGMT

YES

FOR

1.08 Elect Samuel C. Scott III

MGMT

YES

FOR

1.09 Elect Douglas A. Warner III

MGMT

YES

FOR

1.10 Elect John A. White

MGMT

YES

FOR

1.11 Elect Mike S. Zafirovski

MGMT

YES

FOR

2.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

3.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

Navistar International

NAV

63934E108

2/17/2004

Annual

Adviser: Jennison Associates

1.01 Elect Michael N. Hammes

MGMT

YES

FOR

1.02 Elect James H. Keyes

MGMT

YES

FOR

1.03 Elect Southwood J. Morcott

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

Page 26 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

New York Times

NYT

650111107

4/13/2004

Annual

Adviser: Jennison Associates

1.01 Elect Raul E. Cesan

MGMT

YES

FOR

1.02 Elect William E. Kennard

MGMT

YES

FOR

1.03 Elect Thomas Middelhoff

MGMT

YES

FOR

1.04 Elect Henry B. Schacht

MGMT

YES

FOR

1.05 Elect Donald M. Stewart

MGMT

YES

FOR

2.00 Adopt Director Stock Option Plan

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

Nexen

#Null#

65334H102

5/4/2004

Annual

Adviser: Jennison Associates

1.01 Elect Charles W. Fischer

MGMT

YES

FOR

1.02 Elect Dennis G. Flanagan

MGMT

YES

FOR

1.03 Elect David A. Hentschel

MGMT

YES

FOR

1.04 Elect S. Barry Jackson

MGMT

YES

FOR

1.05 Elect Kevin J. Jenkins

MGMT

YES

FOR

1.06 Elect Eric P. Newell

MGMT

YES

FOR

1.07 Elect Thomas C. ONeill

MGMT

YES

FOR

1.08 Elect Francis M. Saville

MGMT

YES

FOR

1.09 Elect Richard M. Thomson

MGMT

YES

FOR

1.10 Elect John M. Wilson

MGMT

YES

FOR

1.11 Elect Victor Zaleschuk

MGMT

YES

FOR

2.00 Appoint Auditors and Set Their Fees

MGMT

YES

FOR

3.00 Amend Articles—Technical

MGMT

YES

FOR

3.00 Amend Board Powers/Procedures/Qualifications

MGMT

YES

FOR

4.00 Amend Stock Option Plan

MGMT

YES

FOR

5.00 Amend Stock Option Plan

MGMT

YES

FOR

6.00 SP-Phase Out Stock Options

SHLDR

YES

AGNST

7.00 SP-Report on Environmental Performance

SHLDR

YES

AGNST

Page 27 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Northrop Grumman Corp

NOC

666807102

5/18/2004

Annual

Adviser: Jennison Associates

1.01 Elect Lewis W. Coleman

MGMT

YES

FOR

1.02 Elect J. Michael Cook

MGMT

YES

FOR

1.03 Elect Phillip A. Odeen

MGMT

YES

FOR

1.04 Elect Aulana L. Peters

MGMT

YES

FOR

1.05 Elect Kevin W. Sharer

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Review Military Contracting Criteria

SHLDR

YES

AGNST

4.00 SP-Repeal Classified Board

SHLDR

YES

FOR

AGNST

Novartis

NOV

66987V109

2/24/2004

Special

Adviser: Jennison Associates

1.00 Approve Financial Statements

MGMT

YES

AGNST

2.00 Ratify Board Acts-Legal

MGMT

YES

AGNST

3.00 Set Dividend/Allocate Profits

MGMT

YES

AGNST

4.00 Approve Use/Transfer of Reserves

MGMT

YES

AGNST

5.00 Reduce Authorized Capital

MGMT

YES

AGNST

5.00 Cancel Authorized Stock

MGMT

YES

AGNST

6.00 Authorize Share Repurchase

MGMT

YES

AGNST

7.00 Amend Board Election Rules

MGMT

YES

AGNST

8.00 Election of Directors by Slate

MGMT

YES

AGNST

9.00 Appoint Outside Auditors

MGMT

YES

AGNST

Page 28 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Occidental Petroleum

OXY

674599105

4/30/2004

Annual

Adviser: Jennison Associates

1.01 Elect Ronald W. Burkle

MGMT

YES

FOR

1.02 Elect John S. Chalsty

MGMT

YES

FOR

1.03 Elect Edward P. Djerejian

MGMT

YES

FOR

1.04 Elect R. Chad Dreier

MGMT

YES

FOR

1.05 Elect John E. Feick

MGMT

YES

FOR

1.06 Elect Ray R. Irani

MGMT

YES

FOR

1.07 Elect Dale R. Laurance

MGMT

YES

FOR

1.08 Elect Irvin W. Maloney

MGMT

YES

FOR

1.09 Elect Rodolfo Segovia

MGMT

YES

FOR

1.10 Elect Aziz D. Syriani

MGMT

YES

FOR

1.11 Elect Rosemary Tomich

MGMT

YES

FOR

1.12 Elect Walter L. Weisman

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Add Shares to Director Stock Award Plan

MGMT

YES

FOR

4.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

Page 29 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Pfizer

PFE

717081103

4/22/2004

Annual

Adviser: Jennison Associates

1.01 Elect Michael S. Brown

MGMT

YES

FOR

1.02 Elect M. Anthony Burns

MGMT

YES

FOR

1.03 Elect Robert N. Burt

MGMT

YES

FOR

1.04 Elect W. Don Cornwell

MGMT

YES

FOR

1.05 Elect William H. Gray III

MGMT

YES

FOR

1.06 Elect Constance J. Horner

MGMT

YES

FOR

1.07 Elect William R. Howell

MGMT

YES

FOR

1.08 Elect Stanley O. Ikenberry

MGMT

YES

FOR

1.09 Elect George A. Lorch

MGMT

YES

FOR

1.10 Elect Henry A. McKinnell Jr.

MGMT

YES

FOR

1.11 Elect Dana G. Mead

MGMT

YES

FOR

1.12 Elect Franklin D. Raines

MGMT

YES

FOR

1.13 Elect Ruth J. Simmons

MGMT

YES

FOR

1.14 Elect William C. Steere Jr.

MGMT

YES

FOR

1.15 Elect Jean-Paul Valles

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 SP-Review AIDS Pandemic’s Impact on Company

SHLDR

YES

AGNST

5.00 SP-Limit or End Political Spending

SHLDR

YES

AGNST

6.00 SP-Review Political Spending

SHLDR

YES

AGNST

7.00 SP-Director Tenure/Retirement Age

SHLDR

YES

AGNST

8.00 SP-Review Drug Pricing or Distribution

SHLDR

YES

AGNST

9.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

10.00 SP-Review or Promote Animal Welfare

SHLDR

YES

AGNST

Page 30 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

PG&E

PCG

69331C108

4/21/2004

Annual

Adviser: Jennison Associates

1.01 Elect David R. Andrews

MGMT

YES

FOR

1.02 Elect Leslie S. Biller

MGMT

YES

FOR

1.03 Elect David A. Coulter

MGMT

YES

FOR

1.04 Elect C. Lee Cox

MGMT

YES

FOR

1.05 Elect Robert D. Glynn Jr.

MGMT

YES

FOR

1.06 Elect David M. Lawrence

MGMT

YES

FOR

1.07 Elect Mary S. Metz

MGMT

YES

FOR

1.08 Elect Barry L. Williams

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

4.00 SP-Golden Parachutes

SHLDR

YES

FOR

AGNST

5.00 SP-Increase Board Independence

SHLDR

YES

AGNST

6.00 SP-Review Nuclear Facility/Waste

SHLDR

YES

AGNST

7.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

8.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

Principal Financial Group Inc

PFG

74251V102

5/18/2004

Annual

Adviser: Jennison Associates

1.01 Elect David J. Drury

MGMT

YES

FOR

1.02 Elect C. Daniel Gelatt

MGMT

YES

FOR

1.03 Elect Sandra L. Helton

MGMT

YES

FOR

1.04 Elect Federico F. Pena

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Approve Annual Bonus Plan

MGMT

YES

FOR

Page 31 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Safeway Inc

SWY

786514208

5/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect Steven A. Burd

MGMT

YES

FOR

1.02 Elect Robert I. MacDonnell

MGMT

YES

FOR

1.03 Elect William Y. Tauscher

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Repeal Classified Board

MGMT

YES

FOR

4.00 Exchange Underwater Options

MGMT

YES

AGNST

5.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

6.00 SP-Adopt Cumulative Voting

SHLDR

YES

FOR

AGNST

7.00 SP-Review or Curb Bioengineering

SHLDR

YES

AGNST

8.00 SP-Report on Sustainability

SHLDR

YES

AGNST

9.00 SP-Review Political Spending

SHLDR

YES

AGNST

10.00 SP-Expense Stock Options

SHLDR

YES

AGNST

SBC Communications

SBC

78387G103

4/30/2004

Annual

Adviser: Jennison Associates

1.01 Elect James E. Barnes

MGMT

YES

FOR

1.02 Elect James A. Henderson

MGMT

YES

FOR

1.03 Elect John B. McCoy

MGMT

YES

FOR

1.04 Elect S. Donley Ritchey

MGMT

YES

FOR

1.05 Elect Joyce M. Roche

MGMT

YES

FOR

1.06 Elect Patricia P. Upton

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Repeal Classified Board

MGMT

YES

FOR

4.00 SP-Review Political Spending

SHLDR

YES

AGNST

5.00 SP-Reduce Board Size

SHLDR

YES

AGNST

Page 32 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Schlumberger Ltd.

SLB

806857108

4/14/2004

Annual

Adviser: Jennison Associates

1.01 Elect John M. Deutch

MGMT

YES

FOR

1.02 Elect Jamie S. Gorelick

MGMT

YES

FOR

1.03 Elect Andrew Gould

MGMT

YES

FOR

1.04 Elect Tony Isaac

MGMT

YES

FOR

1.05 Elect Adrian Lajous

MGMT

YES

FOR

1.06 Elect Andre Levy-Lang

MGMT

YES

FOR

1.07 Elect Didier Primat

MGMT

YES

FOR

1.08 Elect Tore I. Sandvold

MGMT

YES

FOR

1.09 Elect Nicolas Seydoux

MGMT

YES

FOR

1.10 Elect Linda Gillespie Stuntz

MGMT

YES

FOR

2.00 Approve Financial Statements

MGMT

YES

FOR

3.00 Adopt Director Stock Award Plan

MGMT

YES

FOR

4.00 Ratify Selection of Auditors

MGMT

YES

FOR

Sempra Energy

SRE

816851109

5/4/2004

Annual

Adviser: Jennison Associates

1.01 Elect Stephen L. Baum

MGMT

YES

FOR

1.02 Elect Wilford D. Godbold Jr.

MGMT

YES

FOR

1.03 Elect Richard G. Newman

MGMT

YES

FOR

2.00 Reapprove Option/Bonus Plan for OBRA

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 SP-Repeal Classified Board

SHLDR

YES

FOR

AGNST

5.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

6.00 SP-Limit Consulting by Auditors

SHLDR

YES

AGNST

7.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

Page 33 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Sprint

FON

852061506

4/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect Gordon M. Bethune

MGMT

YES

FOR

1.02 Elect E. Linn Draper Jr.

MGMT

YES

FOR

1.03 Elect Deborah A. Henretta

MGMT

YES

FOR

1.04 Elect Linda Koch Lorimer

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Award Performance-based Stock Options

SHLDR

YES

FOR

AGNST

4.00 SP-Cap Executive Pay

SHLDR

YES

AGNST

5.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

6.00 SP-Report on Risk to Image of Globalization Strate

SHLDR

YES

AGNST

Suncor Energy

#Null#

867229106

4/29/2004

Annual

Adviser: Jennison Associates

1.01 Elect Mel E. Benson

MGMT

YES

FOR

1.02 Elect Brian Canfield

MGMT

YES

FOR

1.03 Elect Susan E. Crocker

MGMT

YES

FOR

1.04 Elect Bryan P. Davies

MGMT

YES

FOR

1.05 Elect Brian A. Felesky

MGMT

YES

FOR

1.06 Elect John T. Ferguson

MGMT

YES

FOR

1.07 Elect W. Douglas Ford

MGMT

YES

FOR

1.08 Elect Richard L. George

MGMT

YES

FOR

1.09 Elect John R. Huff

MGMT

YES

FOR

1.10 Elect Robert W. Korthals

MGMT

YES

FOR

1.11 Elect M. Ann McCaig

MGMT

YES

FOR

1.12 Elect Michael W. O’Brien

MGMT

YES

FOR

1.13 Elect JR Shaw

MGMT

YES

FOR

2.00 Appoint Auditors and Set Their Fees

MGMT

YES

FOR

3.00 SP-Oppose/Change Executive Pay

SHLDR

YES

AGNST

Page 34 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Tenet Healthcare

THC

88033G100

7/23/2003

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

2.00 Repeal Classified Board

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 SP-Increase Board Independence

SHLDR

YES

AGNST

Time Warner Inc

TWX

887317105

5/21/2004

Annual

Adviser: Jennison Associates

1.01 Elect James L. Barksdale

MGMT

YES

FOR

1.02 Elect Stephen F. Bollenbach

MGMT

YES

FOR

1.03 Elect Stephen M. Case

MGMT

YES

FOR

1.04 Elect Frank J. Caufield

MGMT

YES

FOR

1.05 Elect Robert C. Clark

MGMT

YES

FOR

1.06 Elect Miles R. Gilburne

MGMT

YES

FOR

1.07 Elect Carla A. Hills

MGMT

YES

FOR

1.08 Elect Reuben Mark

MGMT

YES

FOR

1.09 Elect Michael A. Miles

MGMT

YES

FOR

1.10 Elect Kenneth J. Novack

MGMT

YES

FOR

1.11 Elect Richard D. Parsons

MGMT

YES

FOR

1.12 Elect Robert E. Turner

MGMT

YES

FOR

1.13 Elect Francis T. Vincent Jr.

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-China—Adopt Code of Conduct

SHLDR

YES

AGNST

4.00 SP-Link Executive Pay to Social Criteria

SHLDR

YES

AGNST

Page 35 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

TOTAL

#Null#

89151E109

4/28/2004

Annual

Adviser: Jennison Associates

1.00 Approve Financial Statements

MGMT

YES

AGNST

2.00 Approve Financial Statements

MGMT

YES

AGNST

3.00 Set Dividend/Allocate Profits

MGMT

YES

AGNST

4.00 Approve Related Party Transactions

MGMT

YES

AGNST

5.00 Authorize Trade in Company Stock

MGMT

YES

AGNST

6.00 Issue Debt Instruments

MGMT

YES

AGNST

7.00 Elect Thierry Demarest

MGMT

YES

AGNST

8.00 Elect Thierry de Rudder

MGMT

YES

AGNST

9.00 Elect Serge Tchuruk

MGMT

YES

AGNST

10.00 Elect Shareholder Representative Daniel Boeuf

MGMT

YES

AGNST

11.00 Elect Shareholder Representative P. Marchandise

MGMT

YES

AGNST

12.00 Elect Shareholder Representative Cyril Mouche

MGMT

YES

AGNST

13.00 Elect Shareholder Representative Alan Cramer

MGMT

YES

AGNST

14.00 Appoint Outside Auditors

MGMT

YES

AGNST

15.00 Appoint Outside Auditors

MGMT

YES

AGNST

16.00 Appoint Outside Auditors

MGMT

YES

AGNST

17.00 Appoint Outside Auditors

MGMT

YES

AGNST

18.00 Approve Directors’ Fees

MGMT

YES

AGNST

19.00 Approve Stock Option Grants

MGMT

YES

AGNST

20.00 Issue Stock w/ Preemptive Rights

MGMT

YES

AGNST

20.00 Increase Authorized Capital

MGMT

YES

AGNST

21.00 Increase Authorized Capital

MGMT

YES

AGNST

21.00 Issue Stock w/o Preemptive Rights

MGMT

YES

AGNST

22.00 Increase Authorized Capital

MGMT

YES

AGNST

22.00 Issue Stock w/o Preemptive Rights

MGMT

YES

AGNST

Page 36 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Toys ‘R’ Us Inc

TOY

892335100

6/2/2004

Annual

Adviser: Jennison Associates

1.01 Elect RoAnn Costin

MGMT

YES

FOR

1.02 Elect John Eyler

MGMT

YES

FOR

1.03 Elect Roger N. Farah

MGMT

YES

FOR

1.04 Elect Peter A. Georgescu

MGMT

YES

FOR

1.05 Elect Cinda A. Hallman

MGMT

YES

FOR

1.06 Elect Calvin Hill

MGMT

YES

FOR

1.07 Elect Nancy J. Karch

MGMT

YES

FOR

1.08 Elect Norman S. Matthews

MGMT

YES

FOR

1.09 Elect Arthur B. Newman

MGMT

YES

FOR

1.10 Elect Frank R. Noonan

MGMT

YES

FOR

2.00 SP-Require Majority Vote to Elect Directors

SHLDR

YES

AGNST

Travelers Property Casualty

TAP

89420G406

3/19/2004

Special

Adviser: Jennison Associates

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

TXU Corp

TXU

873168108

5/21/2004

Annual

Adviser: Jennison Associates

1.01 Elect Derek C. Bonham

MGMT

YES

FOR

1.02 Elect E. Gail De Planque

MGMT

YES

FOR

1.03 Elect William M. Griffin

MGMT

YES

FOR

1.04 Elect Kerney Laday

MGMT

YES

FOR

1.05 Elect Jack E. Little

MGMT

YES

FOR

1.06 Elect Erle Nye

MGMT

YES

FOR

1.07 Elect James E. Oesterreicher

MGMT

YES

FOR

1.08 Elect Michael W. Ranger

MGMT

YES

FOR

1.09 Elect Herbert H. Richardson

MGMT

YES

FOR

1.10 Elect C. John Wilder

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Require Option Shares to Be Held

SHLDR

YES

AGNST

Page 37 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Tyco International

TYC

902124106

3/25/2004

Annual

Adviser: Jennison Associates

1.01 Elect Dennis C. Blair

MGMT

YES

FOR

1.02 Elect Edward D. Breen

MGMT

YES

FOR

1.03 Elect George W. Buckley

MGMT

YES

FOR

1.04 Elect Bruce S. Gordon

MGMT

YES

FOR

1.05 Elect John A. Krol

MGMT

YES

FOR

1.06 Elect H. Carl McCall

MGMT

YES

FOR

1.07 Elect Mackey J. McDonald

MGMT

YES

FOR

1.08 Elect Brendan R. O’Neill

MGMT

YES

FOR

1.09 Elect Sandra S. Wijnberg

MGMT

YES

AGNST

1.10 Elect Jerome B. York

MGMT

YES

FOR

1.11 Elect Brian Duperreault

MGMT

YES

FOR

2.00 Authorize Committee to Set Auditors’ Fees

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt New Bylaws

MGMT

YES

FOR

4.00 Adopt Stock Option Plan

MGMT

YES

FOR

5.00 SP-Review and reduce toxic emissions

MGMT

YES

AGNST

6.00 Reincorporate to U.S. State

MGMT

YES

AGNST

7.00 Implement Executive Compensation Plan

MGMT

YES

AGNST

Page 38 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Union Pacific

UNP

907818108

4/16/2004

Annual

Adviser: Jennison Associates

1.01 Elect Phillip F. Anschutz

MGMT

YES

FOR

1.02 Elect Richard K. Davidson

MGMT

YES

FOR

1.03 Elect Thomas J. Donohue

MGMT

YES

FOR

1.04 Elect Archie W. Dunham

MGMT

YES

FOR

1.05 Elect Spencer F. Eccles

MGMT

YES

FOR

1.06 Elect Ivor J. Evans

MGMT

YES

FOR

1.07 Elect Judith R. Hope

MGMT

YES

FOR

1.08 Elect Michael W. McConnell

MGMT

YES

FOR

1.09 Elect Steven R. Rogel

MGMT

YES

FOR

1.10 Elect Ernesto Zedillo

MGMT

YES

FOR

2.00 Adopt Stock Option Plan

MGMT

YES

AGNST

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 Performance/Time-Based Restricted Shares

MGMT

YES

AGNST

5.00 SP-Report on Political Donations and Policy

SHLDR

YES

AGNST

Page 39 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Verizon Communications

92343V104

4/28/2004

Annual

Adviser: Jennison Associates

1.01 Elect James R. Barker

MGMT

YES

FOR

1.02 Elect Richard L. Carrion

MGMT

YES

FOR

1.03 Elect Robert W. Lane

MGMT

YES

FOR

1.04 Elect Sandra O. Moose

MGMT

YES

FOR

1.05 Elect Joseph Neubauer

MGMT

YES

FOR

1.06 Elect Thomas H. O’Brien

MGMT

YES

FOR

1.07 Elect Hugh B. Price

MGMT

YES

FOR

1.08 Elect Ivan G. Seidenberg

MGMT

YES

FOR

1.09 Elect Walter V. Shipley

MGMT

YES

FOR

1.10 Elect John R. Stafford

MGMT

YES

FOR

1.11 Elect Robert D. Storey

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Adopt Cumulative Voting

SHLDR

YES

FOR

AGNST

4.00 SP-Increase Board Independence

SHLDR

YES

FOR

AGNST

5.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

6.00 SP-Redeem or Vote on Poison Pill

SHLDR

YES

FOR

AGNST

7.00 SP-Approve Extra Benefits Under Serps

SHLDR

YES

AGNST

8.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

9.00 SP-Link Executive Pay to Social Criteria

SHLDR

YES

AGNST

10.00 SP-Review Political Spending

SHLDR

YES

AGNST

11.00 SP-Collecting Service Fees

SHLDR

YES

AGNST

Page 40 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Waste Management Inc

WMI

94106L109

5/14/2004

Annual

Adviser: Jennison Associates

1.01 Elect Pastora San Juan Cafferty

MGMT

YES

FOR

1.02 Elect Frank M. Clark Jr.

MGMT

YES

FOR

1.03 Elect Robert Stevens Miller Jr.

MGMT

YES

FOR

1.04 Elect A. Maurice Myers

MGMT

YES

FOR

1.05 Elect John C. Pope

MGMT

YES

FOR

1.06 Elect W. Robert Reum

MGMT

YES

FOR

1.07 Elect Steven G. Rothmeier

MGMT

YES

FOR

1.08 Elect David P. Steiner

MGMT

YES

FOR

1.09 Elect Carl W. Vogt

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 Approve Annual Bonus Plan

MGMT

YES

FOR

WellPoint Health Networks

WLP

94973H108

6/28/2004

Special

Adviser: Jennison Associates

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

Page 41 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Wyeth

WYE

983024100

4/22/2004

Annual

Adviser: Jennison Associates

1.01 Elect Clifford L. Alexander Jr.

MGMT

YES

FOR

1.02 Elect Frank A. Bennack Jr.

MGMT

YES

FOR

1.03 Elect Richard L. Carrion

MGMT

YES

FOR

1.04 Elect Robert Essner

MGMT

YES

FOR

1.05 Elect John D. Feerick

MGMT

YES

FOR

1.06 Elect Robert S. Langer

MGMT

YES

FOR

1.07 Elect John P. Mascotte

MGMT

YES

FOR

1.08 Elect Mary Lake Polan

MGMT

YES

FOR

1.09 Elect Ivan G. Seidenberg

MGMT

YES

FOR

1.10 Elect Walter V. Shipley

MGMT

YES

FOR

1.11 Elect John R. Torell III

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Review Drug Pricing or Distribution

SHLDR

YES

AGNST

4.00 SP-Review or Promote Animal Welfare

SHLDR

YES

AGNST

Xerox Corp

XRX

984121103

5/20/2004

Annual

Adviser: Jennison Associates

1.01 Elect Glenn A. Britt

MGMT

YES

FOR

1.02 Elect Richard J. Harrington

MGMT

YES

FOR

1.03 Elect William Curt Hunter

MGMT

YES

FOR

1.04 Elect Vernon E. Jordan Jr.

MGMT

YES

FOR

1.05 Elect Hilmar Kopper

MGMT

YES

FOR

1.06 Elect Ralph S. Larsen

MGMT

YES

FOR

1.07 Elect Anne M. Mulcahy

MGMT

YES

FOR

1.08 Elect N. J. Nicholas, Jr.

MGMT

YES

FOR

1.09 Elect John E. Pepper, Jr.

MGMT

YES

FOR

1.10 Elect Ann N. Reese

MGMT

YES

FOR

1.11 Elect Stephen Robert

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 Adopt Director Stock Option Plan

MGMT

YES

AGNST

Page 42 of 43

Form N-PX Proxy Voting Record 7/1/03—6/30/04

Trust: Jennison Value Fund

Manager: Prudential

Fund: JENNISON VALUE FUND #1990

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

XL Capital Ltd.

G98255105

4/30/2004

Annual

Adviser: Jennison Associates

1.01 Elect John Loudon

MGMT

YES

FOR

1.02 Elect Robert S. Parker

MGMT

YES

FOR

1.03 Elect Alan Z. Senter

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 43 of 43

SIGNATURES:

Pursuant to the requirements of 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.

Jennison Value Fund

/s/ Judy A. Rice

Judy A. Rice, President

Date: August 23, 2004