N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-04864
Exact name of registrant as specified in charter:	Jennison Value 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:	973-367-7521
Date of fiscal year end:	10/31/2005
Date of reporting period:	4/30/2005

Item 1 – Reports to Stockholders – [ INSERT REPORT ]

Jennison Value Fund

APRIL 30, 2005 SEMIANNUAL REPORT

FUND TYPE

Large-capitalization stock

OBJECTIVE

Capital appreciation

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

JennisonDryden is a registered trademark of The Prudential Insurance Company of America.

Dear Shareholder,

June 17, 2005

We hope that you find the semiannual report for the Jennison Value Fund informative and useful. As a JennisonDryden Mutual Fund shareholder, you may be thinking about where you can find additional growth opportunities. You could invest in last year’s top-performing asset class and hope that history repeats itself or you could stay in cash while waiting for the “right moment” to invest.

We believe it is wise to take advantage of developing domestic and global investment opportunities through a diversified portfolio of stock and bond mutual funds. A diversified asset allocation offers two advantages. It helps you manage downside risk by not being overly exposed to any particular asset class, plus it gives you a better opportunity to have at least some of your assets in the right place at the right time. Your financial professional can help you create a diversified investment plan that may include mutual funds that cover all the basic asset classes and is reflective of your personal investor profile and tolerance for risk.

JennisonDryden Mutual Funds give you a wide range of choices that can help you make progress toward your financial goals. Our funds offer the experience, resources, and professional discipline of three leading asset managers. They are recognized and respected in the institutional market and by discerning investors for excellence in their respective strategies. JennisonDryden equity funds are advised by Jennison Associates LLC and/or Quantitative Management Associates LLC (QMA). Prudential Investment Management, Inc. (PIM) advises the JennisonDryden fixed income and money market funds. Jennison Associates, QMA, and PIM are registered investment advisers and Prudential Financial companies.

Thank you for choosing JennisonDryden Mutual Funds.

Sincerely,

Judy A. Rice, President

Jennison Value Fund

Jennison Value Fund 1

Your Fund’s Performance

Fund objective

The investment objective of the Jennison Value Fund (the Fund) is capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data current to the most recent month-end by visiting our website at www.jennisondryden.com or by calling (800) 225-1852. The maximum initial sales charge is 5.50% (Class A shares).

Cumulative Total Returns1 as of 4/30/05
	Six Months		One Year		Five Years		Ten Years		Since Inception2
Class A	6.51	%	10.55	%	33.28	%	152.52	%	365.99%
Class B	6.19		9.78		28.33		134.31		409.95 (409.66)
Class C	6.19		9.78		28.33		134.31		148.65
Class Z	6.69		10.85		34.96		N/A		122.09
S&P 500 Index3	3.28		6.33		–13.86		165.55		***
Russell 1000 Value Index4	6.72		13.92		27.97		217.65		****
Lipper Multi-Cap Value Funds Avg.5	5.15		9.72		27.85		168.56		*****
Average Annual Total Returns1 as of 3/31/05
			One Year		Five Years		Ten Years		Since Inception2
Class A			5.50	%	5.34	%	9.80	%	10.47%
Class B			5.87		5.58		9.60		9.56 (9.55)
Class C			9.87		5.74		9.60		9.23
Class Z			11.95		6.81		N/A		9.54
S&P 500 Index3			6.69		–3.16		10.79		***
Russell 1000 Value Index4			13.17		5.19		12.81		****
Lipper Multi-Cap Value Funds Avg.5			9.96		5.21		10.87		*****

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total returns performance quoted. Class A shares are subject to a maximum front-end sales charge of 5.50%. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B and Class C shares are subject to a maximum CDSC of 5% and 1% respectively. Class Z shares are not subject to a sales charge.

2 Visit our website at www.jennisondryden.com

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns take into account applicable sales charges. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and expense reimbursements, the returns for the share classes would have been lower, as indicated in parentheses. Class A, Class B, and Class C shares are subject to an annual distribution and service (12b-1) fee of up to 0.30%, 1.00%, and 1.00% respectively. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class Z shares are not subject to a 12b-1 fee. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Without waiver of fees and/or expense subsidization, the Fund’s returns would have been lower, as indicated in parentheses.

²Inception dates: Class A, 1/22/90; Class B, 1/22/87; Class C, 8/1/94; and Class Z, 3/1/96.

³The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. companies. It gives a broad look at how stock prices have performed in the United States.

⁴The Russell 1000 Value Index is an unmanaged index comprising those securities in the Russell 1000 Index with a lesser-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

⁵The Lipper Multi-Cap Value Funds Average (Lipper Average) represents returns based on an average return of all funds in the Lipper Multi-Cap Value Funds category for the periods noted. Funds in the Lipper Average typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SuperComposite 1500 Index.

Investors cannot invest directly in an index. The returns for the S&P 500 Index, the Russell 1000 Value Index, and the Lipper Average would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.

***S&P 500 Index Since Inception cumulative total returns as of 4/30/05 are 387.42% for Class A, 547.16% for Class B, 204.54% for Class C, and 108.98% for Class Z. S&P 500 Index Since Inception average annual total returns as of 3/31/05 are 11.15% for Class A, 10.94% for Class B, 11.20% for Class C, and 8.68% for Class Z.

**** Russell 1000 Value Index Since Inception cumulative total returns as of 4/30/05 are 475.98% for Class A, 650.32% for Class B, 251.39% for Class C, and 149.66% for Class Z. Russell 1000 Value Index Since Inception average annual total returns as of 3/31/05 are 12.37% for Class A, 11.84% for Class B, 12.69% for Class C, and 10.82% for Class Z.

*****Lipper Average Since Inception cumulative total returns as of 4/30/05 are 399.55% for Class A, 518.66% for Class B, 198.99% for Class C, and 117.46% for Class Z. Lipper Average Since Inception average annual total returns as of 3/31/05 are 11.25% for Class A, 10.51% for Class B, 10.97% for Class C, and 9.10% for Class Z.

Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Citigroup, Inc., Diversified Financial Services	3.0	%
Altria Group, Inc., Tobacco	2.7
The Kroger Co., Food & Staples Retailing	2.4
TXU Corp., Electric Utilities	2.3
Occidental Petroleum Corp., Oil & Gas	2.3

Holdings are subject to change.

Five Largest Industries expressed as a percentage of net assets as of 4/30/05
Oil & Gas	11.5	%
Diversified Financial Services	7.3
Insurance	6.6
Capital Markets	6.1
Healthcare Providers & Services	5.1

Industry weightings are subject to change.

Jennison Value Fund 3

Fees and Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on November 1, 2004, at the beginning of the period, and held through the six-month period ended April 30, 2005.

The Fund may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to Individual Retirement Accounts (IRAs), Section 403(b) accounts, and Section 529 plan accounts. As of the close of the six-month period covered by the table, IRA fees included a setup fee of $5, a maintenance fee of up to $36 annually ($18 for the six-month period), and a termination fee of $10. Section 403(b) accounts and Section 529 plan accounts are each charged an annual $25 fiduciary maintenance fee ($12.50 for the six-month period). Some of the fees vary in amount, or are waived, based on your total account balance or the number of JennisonDryden or Strategic Partners funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on

4 Visit our website at www.jennisondryden.com

the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges (loads). Therefore the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Jennison Value Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six- Month Period*
Class A	Actual	$	1,000.00	$	1,065.11	1.02	%	$	5.22
	Hypothetical	$	1,000.00	$	1,019.74	1.02	%	$	5.11
Class B	Actual	$	1,000.00	$	1,061.89	1.77	%	$	9.05
	Hypothetical	$	1,000.00	$	1,016.02	1.77	%	$	8.85
Class C	Actual	$	1,000.00	$	1,061.89	1.77	%	$	9.05
	Hypothetical	$	1,000.00	$	1,016.02	1.77	%	$	8.85
Class Z	Actual	$	1,000.00	$	1,066.90	0.77	%	$	3.95
	Hypothetical	$	1,000.00	$	1,020.98	0.77	%	$	3.86

* Fund expenses for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2005, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2005 (to reflect the six-month period).

Jennison Value Fund 5

This Page Intentionally Left Blank

Portfolio of Investments

as of April 30, 2005 (Unaudited)

Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS    98.7%
COMMON STOCKS
Aerospace & Defense    3.2%
324,600	Empresa Brasileira de Aeronautica SA, ADR (Brazil)(b)	$	9,361,464
160,500	Lockheed Martin Corp.		9,782,475
154,900	Northrop Grumman Corp.		8,494,716
			27,638,655
Biotechnology    0.6%
215,800	MedImmune, Inc.(a)(b)		5,474,846
Capital Markets    6.1%
191,300	Lehman Brothers Holdings, Inc.(b)		17,546,036
232,800	Mellon Financial Corp.		6,446,232
323,100	Merrill Lynch & Co., Inc.		17,424,783
403,800	The Bank of New York Co., Inc.		11,282,172
			52,699,223
Chemicals    2.7%
210,500	E.I. du Pont de Nemours & Co.		9,916,655
258,500	Huntsman Corp.(a)(b)		5,438,840
660,800	The Mosaic Co.(a)(b)		8,491,280
			23,846,775
Commercial Banks    2.0%
385,818	Bank of America Corp.		17,377,243
Commercial Services & Supplies    4.0%
510,400	Cendant Corp.		10,162,064
499,220	PHH Corp.(a)		11,157,567
466,800	Waste Management, Inc.		13,299,132
			34,618,763
Communications Equipment    1.6%
837,500	Avaya, Inc.(a)		7,269,500
2,477,700	Nortel Networks Corp.(a)(b)		6,169,473
			13,438,973
Computers & Peripherals    2.1%
247,100	Dell, Inc.(a)		8,606,493
522,600	Seagate Technology		9,187,308
			17,793,801

See Notes to Financial Statements.

Jennison Value Fund 7

Portfolio of Investments

as of April 30, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
Consumer Finance    1.3%
103,600	American Express Co.	$	5,459,720
315,800	MBNA Corp.		6,237,050
			11,696,770
Diversified Financial Services    6.0%
556,800	Citigroup, Inc.		26,147,328
362,200	J. P. Morgan Chase & Co.		12,854,478
337,200	Principal Financial Group, Inc.		13,177,776
			52,179,582
Diversified Telecommunication Services    2.3%
153,000	ALLTEL Corp.		8,714,880
485,300	SBC Communications, Inc.		11,550,140
			20,265,020
Electric Utilities    4.4%
232,800	E.ON AG, ADR (Germany)		6,588,240
234,100	Exelon Corp.		11,587,950
235,000	TXU Corp.		20,160,650
			38,336,840
Energy Equipment & Services    3.4%
127,400	ENSCO International, Inc.		4,153,240
391,300	GlobalSantaFe Corp.		13,147,680
288,700	Halliburton Co.		12,007,033
			29,307,953
Food Products    1.7%
366,800	Cadbury Schweppes PLC, ADR (United Kingdom)		14,910,420
Food & Staples Retailing    2.4%
1,338,000	The Kroger Co.(a)(b)		21,100,260
Health Care Providers & Services    5.1%
192,300	CIGNA Corp.		17,687,754
209,000	Express Scripts, Inc.(a)(b)		18,734,760
162,670	Medco Health Solutions, Inc.(a)(b)		8,291,290
			44,713,804

See Notes to Financial Statements.

8 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
Hotels Restaurants & Leisure    1.6%
251,300	GTECH Holdings Corp.(b)	$	6,149,311
274,800	McDonald’s Corp.		8,054,388
			14,203,699
Household Products    1.3%
177,500	Kimberly-Clark Corp.		11,084,875
Industrial Conglomerates    3.8%
467,200	General Electric Co.		16,912,640
500,000	Tyco International Ltd.		15,655,000
			32,567,640
Insurance    6.6%
295,600	American International Group, Inc.		15,031,260
338,800	Genworth Financial, Inc. (Class A)		9,469,460
201,700	Loews Corp.		14,296,496
143,100	MBIA, Inc.(b)		7,495,578
151,500	XL Capital Ltd. (Class A)(b)		10,650,450
			56,943,244
Internet & Catalog Retail    0.7%
287,500	IAC / InterActiveCorp(a)(b)		6,250,250
IT Services    2.2%
412,300	Accenture Ltd. (Class A)(a)		8,946,910
306,100	SunGuard Data Systems, Inc.(a)		10,223,740
			19,170,650
Media    2.9%
309,400	EchoStar Communications Corp. (Class A)(b)		8,957,130
494,990	News Corp. (Class A)		7,563,447
259,215	Viacom, Inc. (Class B)		8,974,023
			25,494,600
Metals & Mining    2.3%
292,200	Inco Ltd.(a)		10,443,228
115,100	Phelps Dodge Corp.(b)		9,881,335
			20,324,563

See Notes to Financial Statements.

Jennison Value Fund 9

Portfolio of Investments

as of April 30, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
Multi-Utilities    2.6%
171,600	Dominion Resources, Inc.	$	12,938,640
230,700	Sempra Energy		9,315,666
			22,254,306
Office Electronics    1.7%
1,096,800	Xerox Corp.(a)		14,532,600
Oil & Gas    11.5%
125,300	Eni S.p.A., ADR (Italy)		15,720,138
137,200	Exxon Mobil Corp.		7,824,516
357,200	Nexen, Inc.		17,056,300
288,100	Occidental Petroleum Corp.		19,878,900
492,300	Suncor Energy, Inc.		18,146,178
137,900	Total S.A., ADR (France)(b)		15,294,489
157,929	Trident Resources Corp. (Canada) (cost $6,560,148; purchase date 3/11/05)(a)(f)(g)		6,275,491
			100,196,012
Paper & Forest Products    1.2%
305,000	Georgia-Pacific Corp.		10,452,350
Pharmaceuticals    4.7%
147,600	Eli Lilly & Co.		8,630,172
289,100	Novartis A.G., ADR (Switzerland)		14,087,843
398,700	Pfizer, Inc.		10,832,679
229,100	Teva Pharmaceutical Industries Ltd. ADR (Israel)(b)		7,157,084
			40,707,778
Software    0.9%
292,600	Microsoft Corp.		7,402,780
Thrifts & Mortgage Finance    1.1%
159,400	Freddie Mac		9,806,288
Tobacco    2.7%
366,500	Altria Group, Inc.		23,818,835
Wireless Telecommunication Services    2.0%
614,000	Nextel Communications, Inc. (Class A)(a)		17,185,860
	Total long-term investments (cost $701,472,440)		857,795,258

See Notes to Financial Statements.

10 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
SHORT-TERM INVESTMENTS    14.6%
Mutual Fund    14.6%
126,599,527	Dryden Core Investment Fund-Taxable Money Market Series(c)(d)
	(cost $126,599,527; Note 3)	$	126,599,527
Repurchase Agreement
Principal Amount (000)
$30	State Street Bank & Trust Co. Repurchase Agreement, dated 4/29/05, 0.75%, due 5/2/05(e) (cost $30,000)		30,000
	Total short-term investments (cost $126,629,527)		126,629,527
	Total Investments    113.3% (cost $828,101,967; Note 5)		984,424,785
	Liabilities in excess of other assets    ( 13.3%)		(115,299,591	)
	Net Assets    100%	$	869,125,194

(a) Non-income producing security.

(b) All or a portion of security is on loan. The aggregate market value of such securities is $102,095,584; cash collateral of $112,629,239 (included in liabilities) was received with which the portfolio purchased highly liquid short-term investments. See Note 4.

(c) Represents security, or portion thereof, purchased with cash collateral received for securities on loan.

(d) Prudential Investments LLC, the Manager of the Fund also serves as Manager of the Dryden Core Investment Fund—Taxable Money Market Series.

(e) Repurchase price of $30,002. Collateralized by $30,000 U.S. Treasury Notes with a rate of 5.5%, maturity date of 08/15/28, and aggregate market value, including accrued interest of $34,523.

(f) Indicates a fair valued security.

(g) Indicates a restricted security and deemed illiquid. The aggregate cost is $6,560,148. The aggregate value of $6,275,491 at April 30, 2005 is approximately 0.72% of net assets.

ADR—American Depositary Receipt.

See Notes to Financial Statements.

Jennison Value Fund 11

Portfolio of Investments

as of April 30, 2005 (Unaudited) Cont’d.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 was as follows:

Mutual Fund	14.6	%
Oil & Gas	11.5
Insurance	6.6
Capital Markets	6.1
Diversified Financial Services	6.0
Health Care Providers & Services	5.1
Pharmaceuticals	4.7
Electric Utilities	4.4
Commercial Services & Supplies	4.0
Industrial Conglomerates	3.8
Energy Equipment & Services	3.4
Aerospace & Defense	3.2
Media	2.9
Tobacco	2.7
Chemicals	2.7
Multi-Utilities	2.6
Food & Staples Retailing	2.4
Metals & Mining	2.3
Diversified Telecommunication Services	2.3
IT Services	2.2
Computers & Peripherals	2.1
Wireless Telecommunication Services	2.0
Commercial Banks	2.0
Office Electronics	1.7
Food Products	1.7
Hotels Restaurants & Leisure	1.6
Communications Equipment	1.5
Consumer Finance	1.4
Household Products	1.3
Paper & Forest Products	1.2
Thrifts & Mortgage Finance	1.1
Software	0.9
Internet & Catalog Retail	0.7
Biotechnology	0.6
	113.3
Liabilities in excess of other assets	(13.3	)
Total	100.0	%

See Notes to Financial Statements.

12 Visit our website at www.jennisondryden.com

Financial Statements

APRIL 30, 2005 SEMIANNUAL REPORT

Jennison Value Fund

Statement of Assets and Liabilities

as of April 30, 2005 (Unaudited)

Assets
Investments, at value including securities on loan of $102,095,584:
Unaffiliated investments (cost $701,502,440)	$	857,825,258
Affiliated investments (cost $126,599,527)		126,599,527
Foreign currency, at value (cost $112,604)		108,731
Cash		6,137
Receivable for investments sold		21,390,761
Dividends and interest receivable		1,216,118
Receivable for Fund shares sold		761,591
Prepaid expenses		24,406
Tax reclaim receivable		14,350
Total assets		1,007,946,879
Liabilities
Payable to broker for collateral for securities on loan (Note 4)		112,629,239
Payable for investments purchased		22,809,393
Payable for Fund shares reacquired		1,914,181
Accrued expenses		675,252
Management fee payable		405,765
Distribution fee payable		288,719
Transfer agent fee payable		96,301
Deferred trustees’ fees		2,835
Total liabilities		138,821,685
Net Assets	$	869,125,194
Net assets were comprised of:
Shares of beneficial interest, at par	$	493,312
Paid-in capital in excess of par		737,654,775
		738,148,087
Undistributed net investment income		1,659,144
Accumulated net realized loss on investments and foreign currency transactions		(27,000,982	)
Net unrealized appreciation on investments and foreign currencies		156,318,945
Net assets, April 30, 2005	$	869,125,194

See Notes to Financial Statements.

14 Visit our website at www.jennisondryden.com

Class A
Net asset value and redemption price per share
($659,633,556 ÷ 37,375,936 shares of beneficial interest issued and outstanding)	$	17.65
Maximum sales charge (5.5% of offering price)		1.03
Maximum offering price to public	$	18.68
Class B
Net asset value, offering price and redemption price per share ($159,429,910 ÷ 9,112,508 shares of beneficial interest issued and outstanding)	$	17.50
Class C
Net asset value, offering price and redemption price per share ($19,621,668 ÷ 1,121,545 shares of beneficial interest issued and outstanding)	$	17.50
Class Z
Net asset value, offering price and redemption price per share ($30,440,060 ÷ 1,721,215 shares of beneficial interest issued and outstanding)	$	17.69

See Notes to Financial Statements.

Jennison Value Fund 15

Statement of Operations

Six Months Ended April 30, 2005 (Unaudited)

Net Investment Income
Unaffiliated dividends and Interest (net of foreign withholding taxes of $150,022)	$	9,075,364
Affiliated dividend income		147,731
Affiliated income from securities loaned, (net)		61,014
Total income		9,284,109
Expenses
Management fee		2,469,733
Distribution fee—Class A		819,859
Distribution fee—Class B		913,499
Distribution fee—Class C		103,464
Transfer agent’s fees and expenses (including affiliated expense of $576,500)		683,000
Custodian’s fees and expenses		87,000
Reports to shareholders		75,000
Registration fees		31,000
Legal fees and expenses		25,000
Insurance		14,000
Trustees’ fees		10,000
Audit fee		8,000
Miscellaneous		9,053
Total expenses		5,248,608
Net investment income		4,035,501
Realized And Unrealized Gain On Investments And Foreign Currency Transactions
Net realized gain on:
Investment transactions		47,517,569
Foreign currency transactions		53,697
		47,571,266
Net change in unrealized appreciation (depreciation) on:
Investments		3,494,311
Foreign currencies		(3,873	)
		3,490,438
Net gain on investments and foreign currencies		51,061,704
Net Increase In Net Assets Resulting From Operations	$	55,097,205

See Notes to Financial Statements.

16 Visit our website at www.jennisondryden.com

Statement of Changes in Net Assets

For the Six Months and Year Ended Periods (Unaudited)

	Six Months Ended April 30, 2005			Year Ended October 31, 2004
Increase In Net Assets
Operations
Net investment income	$	4,035,501		$	4,155,218
Net realized gain on investments and foreign currency transactions		47,571,266			50,465,675
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		3,490,438			72,355,125
Net increase in net assets resulting from operations		55,097,205			126,976,018
Dividends from net investment income (Note 1)
Class A		(5,295,657	)		(4,751,361	)
Class B		(115,838	)		(208,524	)
Class C		(12,108	)		(20,158	)
Class Z		(307,762	)		(351,330	)
		(5,731,365	)		(5,331,373	)
Fund share transactions (net of share conversions) (Note 6)
Net proceeds from shares sold		49,355,914			73,749,089
Net asset value of shares issued in reinvestment of dividends		5,283,292			4,922,847
Cost of shares reacquired		(85,185,497	)		(177,888,261	)
Net decrease in net assets from Fund share
transactions		(30,546,291	)		(99,216,325	)
Total increase		18,819,549			22,428,320
Net Assets
Beginning of period		850,305,645			827,877,325
End of period (a)	$	869,125,194		$	850,305,645
(a) Includes undistributed net investment income of:	$	1,659,144		$	3,355,008

See Notes to Financial Statements.

Jennison Value Fund 17

Notes to Financial Statements

(Unaudited)

Jennison Value Fund (the “Fund”) is registered under the Investment Company Act of 1940 as a diversified, open-end, management investment company. The investment objective of the Fund is capital appreciation. It seeks to achieve this objective by investing primarily in common stocks and convertible securities that provide investment income returns above those of the Standard & Poor’s 500 Composite Stock Price Index or the NYSE Composite Index.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Securities Valuation: Securities listed on a securities exchange 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 of an asked price. Securities traded via Nasdaq are valued at the official closing price provided by Nasdaq. 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 subadvisor, to be over-the-counter are valued at market value using prices provided by an independent pricing agent or principal market maker. Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted prices on such exchange or board of trade or at the last bid price in the absence of an asked price. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities for which reliable 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 Series’ normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. 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. As of April 30, 2005, there were no securities whose values were impacted by events occurring after the close of the security’s foreign market.

18 Visit our website at www.jennisondryden.com

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

Short-term securities which mature in 60 days or less are valued at amortized cost, which approximates market-value. The amortized cost method includes 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 securities which mature in more than 60 days are valued at current market quotations.

Repurchase Agreements: In connection with transactions in repurchase agreements with United States financial institutions, it is the Fund’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked to market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities-at the current rates of exchange;

(ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the fiscal year, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long term securities held at the end of the fiscal year. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the fiscal year. Accordingly, realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

Jennison Value Fund 19

Notes to Financial Statements

Cont’d

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at year end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses from investment and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis.

Net investment income or loss, (other than distribution fees, which are charged directly to the respective class) and unrealized and realized gains or losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.

Taxes: For federal income tax purpose, it is the Fund’s policy to continue to meet the requirements under the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income and capital gains, if any, to shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends are recorded net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Fund expects to pay dividends of net investment income and distributions of net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance

20 Visit our website at www.jennisondryden.com

with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date.

Securities Lending: The Fund may lend its portfolio securities to broker-dealers. The loans are secured by collateral at least equal, at all times, to the market value of the securities loaned. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities using the collateral in the open market. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The Fund also continues to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognizes any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

Estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisors’ performance of such services. PI has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison furnishes investment advisory services in connection with the management of the Fund. In connection therewith, Jennison assumes the day-to-day management responsibilities of the Fund and is obligated to keep certain books and records of the Fund. PI pays for the services of Jennison, the cost of compensation of officers and employees of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly at an annual rate of .60 of 1% of the Fund’s average daily net assets up to $500 million, .50 of 1% of the next $500 million, .475 of 1% of the next $500 million and .45 of 1% of the average daily net assets in excess of $1.5 billion. The effective management fee rate was .56 of 1% of the Fund’s average daily net assets for the period ended April 30, 2005.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C

Jennison Value Fund 21

Notes to Financial Statements

Cont’d

and Class Z shares. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B and Class C shares, pursuant to plans of distribution (the “Class A, B and C Plans”), regardless of expenses actually incurred. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z shares of the Fund.

Pursuant to the Class A, B and C Plans, the Fund compensates PIMS for distribution-related activities at an annual rate of up to .30 of 1%, 1% and 1%, of the average daily net assets of the Class A, B and C shares, respectively. For the six months ended April 30, 2005, PIMS contractually agreed to limit such fees to ..25 of 1% of the average daily net assets of the Class A shares.

PIMS has advised the Fund that it has received approximately $103,900 in front-end sales charges resulting from sales of Class A shares, during the six months ended April 30, 2005. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2005, it received approximately $400, $91,700, and $400 in contingent deferred sales charges imposed upon certain redemptions by Class A, Class B and Class C shareholders, respectively.

PI, PIMS and Jennison are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a syndicated credit agreement (”SCA”) with two banks. The commitment under the credit agreement is $500 million. The Funds pay a commitment fee of .075% of 1% of the unused portion of the agreement. The commitment fee is accrued daily and paid quarterly and is allocated to the Funds pro-rata based on net assets. The expiration of the SCA is October 28, 2005. The Fund did not borrow any amounts pursuant to the SCA during the six months ended April 30, 2005.

22 Visit our website at www.jennisondryden.com

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund pays networking fees to affiliated and unaffiliated broker/dealers. These networking fees are payments made to broker/dealers that clear mutual fund transactions through a national clearing system. The Fund incurred approximately $110,600 in total networking fees. These amounts are included in transfer agent’s fees and expenses in the Statement of Operations.

PIM is the securities lending agent for the Fund. For the six months ended April 30, 2005, PIM has been compensated by the Fund approximately $21,491 for these services.

The Fund invests in the Taxable Money Market Series (the “Portfolio”), a portfolio of Dryden Core Investment Fund, pursuant to an exemptive order received from the Securities and Exchange Commission. The portfolio is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI.

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the six months ended April 30, 2005 were $238,036,671 and $257,820,613, respectively.

As of April 30, 2005, the Fund had securities on loan with an aggregate market value of $102,095,584. The Fund received $112,629,239 in cash as collateral for securities on loan which was used to purchase highly liquid short-term investments in accordance with the Fund’s securities lending procedures.

Note 5. Tax Information

As of October 31, 2004, the Fund had a capital loss carryforward for federal income tax purposes of approximately $71,833,000 which $37,003,000 expires in 2010 and $34,830,000 expires in 2011. Accordingly, no capital gains distribution is expected to be paid to shareholders until net gains have been realized in excess of such carryforward.

Jennison Value Fund 23

Notes to Financial Statements

Cont’d

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2005 were as follows:

Tax Basis	Appreciation	Depreciation	Net Unrealized Appreciation
$829,489,621	$179,148,393	$24,213,229	$154,935,164

The difference between book basis is primarily attributable to the difference in the treatment of wash sale losses for book and tax purposes.

Note 6. Capital

The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are sold with a front-end sales charge of up to 5.5%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1%, including investors who purchase their shares through broker-dealers affiliated with Prudential. Class B shares are sold with a contingent deferred sales charge which declines from 5% to zero depending on the period of time the shares are held. Class C shares are sold with a contingent deferred sales charge of 1% during the first 12 months. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

The Fund has authorized an unlimited number of shares of beneficial interest at $.01 par value divided into four classes, designated Class A, Class B, Class C and Class Z.

24 Visit our website at www.jennisondryden.com

Transactions in shares of beneficial interest were as follows:

Class A	Shares		Amount
Six months ended April 30, 2005:
Shares sold	1,939,211		$	34,614,343
Shares issued in reinvestment of dividends	279,079			4,855,978
Shares reacquired	(3,476,488	)		(62,043,371	)
Net increase (decrease) in shares outstanding before conversion	(1,258,198	)		(22,573,050	)
Shares issued upon conversion from Class B	2,101,064			37,804,376
Net increase (decrease) in shares outstanding	842,866		$	15,231,326
Year ended October 31, 2004:
Shares sold	2,332,662		$	37,341,107
Shares issued in reinvestment of dividends	293,250			4,360,621
Shares reacquired	(6,760,856	)		(107,958,726	)
Net increase (decrease) in shares outstanding before conversion	(4,134,944	)		(66,256,998	)
Shares issued upon conversion from Class B	2,092,635			33,622,904
Net increase (decrease) in shares outstanding	(2,042,309	)	$	(32,634,094	)
Class B
Six months ended April 30, 2005:
Shares sold	423,080		$	7,493,552
Shares issued in reinvestment of dividends	6,332			109,543
Shares reacquired	(916,451	)		(16,196,529	)
Net increase (decrease) in shares outstanding before conversion	(487,039	)		(8,593,434	)
Shares issued upon conversion into Class A	(2,115,386	)		(37,804,376	)
Net increase (decrease) in shares outstanding	(2,602,425	)	$	(46,397,810	)
Year ended October 31, 2004:
Shares sold	989,495		$	15,686,689
Shares reacquired	13,323			196,920
	(2,198,494	)		(34,764,429	)
Net increase (decrease) in shares outstanding before conversion
Shares reacquired upon conversion into Class A	(1,195,676	)		(18,880,820	)
	(2,112,319	)		(33,622,904	)
Net increase (decrease) in shares outstanding	(3,307,995	)	$	(52,503,724	)

Jennison Value Fund 25

Notes to Financial Statements

Cont’d

Class C	Shares		Amount
Six months ended April 30, 2005:
Shares sold	85,573		$	1,509,236
Shares issued in reinvestment of dividends	661			11,439
Shares reacquired	(177,615	)		(3,152,120	)
Net increase (decrease) in shares outstanding	(91,381	)	$	(1,631,445	)
Year ended October 31, 2004:
Shares sold	195,705		$	3,114,846
Shares issued in reinvestment of dividends	1,292			19,103
Shares reacquired	(469,869	)		(7,381,699	)
Net increase (decrease) in shares outstanding	(272,872	)	$	(4,247,750	)
Class Z
Six months ended April 30, 2005:
Shares sold	322,390		$	5,738,783
Shares issued in reinvestment of dividends	17,585			306,332
Shares reacquired	(213,283	)		(3,793,477	)
Net increase (decrease) in shares outstanding	126,692		$	2,251,638
Year ended October 31, 2004:
Shares sold	1,090,896		$	17,606,447
Shares issued in reinvestment of dividends	23,251			346,203
Shares reacquired	(1,743,995	)		(27,783,407	)
Net increase (decrease) in shares outstanding	(629,848	)	$	(9,830,757	)

26 Visit our website at www.jennisondryden.com

Financial Highlights

APRIL 30, 2005 SEMIANNUAL REPORT

Jennison Value Fund

Financial Highlights

(Unaudited)

	Class A
	Six Months Ended April 30, 2005
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	16.71
Income (loss) from investment operations
Net investment income		.09
Net realized and unrealized gain (loss) on investment transactions		1.00
Total from investment operations		1.09
Less distributions
Dividends from net investment income		(.15	)
Distributions from net realized gains		—
Total distributions		(.15	)
Net asset value, end of period	$	17.65
Total Return(a):		6.51	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	659,634
Average net assets (000)	$	661,323
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees(b)		1.02	%(d)
Expenses, excluding distribution and service (12b-1) fees		.77	%(d)
Net investment income		1.06	%(d)
For Class A, B, C, and Z shares:
Portfolio turnover rate(e)		27	%

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods of less than a full year are not annualized.

(b) The distributor of the Fund contractually agreed to limits its distribution and services (12b-1) fees to .25 of 1% of the average net assets of the Class A shares.

(c) Calculated based upon average shares outstanding during the year.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

28 Visit our website at www.jennisondryden.com

Class A
Year Ended October 31,
2004(c)			2003(c)			2002(c)			2001			2000
$	14.50		$	12.17		$	16.09		$	18.49		$	18.12
	.11			.11			.11			.16			.31
	2.22			2.31			(2.43	)		(1.22	)		2.49
	2.33			2.42			(2.32	)		(1.06	)		2.80
	(.12	)		(.09	)		(.10	)		(.12	)		(.25	)
	—			—			(1.50	)		(1.22	)		(2.18	)
	(.12	)		(.09	)		(1.60	)		(1.34	)		(2.43	)
$	16.71		$	14.50		$	12.17		$	16.09		$	18.49
	16.21	%		19.97	%		(16.56	)%		(6.21	)%		17.60	%
$	610,345		$	559,230		$	516,702		$	690,433		$	634,991
$	598,375		$	529,960		$	657,772		$	714,431		$	571,048
	1.07	%		1.12	%		1.04	%		1.08	%		1.16	%
	.82	%		.87	%		.79	%		.83	%		.91	%
	.68	%		.88	%		.74	%		.83	%		1.83	%
	56	%		97	%		72	%		179	%		64	%

See Notes to Financial Statements.

Jennison Value Fund 29

Financial Highlights

(Unaudited) Cont’d

	Class B
	Six Months Ended April 30, 2005
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	16.49
Income (loss) from investment operations
Net investment income (loss)		.03
Net realized and unrealized gain (loss) on investment transactions		.99
Total from investment operations		1.02
Less distributions
Dividends from net investment income		(.01	)
Distributions from net realized gains		—
Total distributions		(.01	)
Net asset value, end of period	$	17.50
Total Return(a):		6.19	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	159,430
Average net assets (000)	$	184,214
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		1.77	%(d)
Expenses, excluding distribution and service (12b-1) fees		.77	%(d)
Net investment income (loss)		.38	%(d)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods of less than a full year are not annualized.

(b) Less than $.005 per share.

(c) Calculated based upon average shares outstanding during the year.

(d) Annualized.

See Notes to Financial Statements.

30 Visit our website at www.jennisondryden.com

Class B
Year Ended October 31,
2004(c)			2003(c)			2002(c)			2001			2000
$	14.31		$	12.02		$	15.92		$	18.38		$	18.06
	(.01	)		.02			—	(b)		.03			.20
	2.20			2.27			(2.40	)		(1.22	)		2.46
	2.19			2.29			(2.40	)		(1.19	)		2.66
	(.01	)		—			—			(.05	)		(.16	)
	—			—			(1.50	)		(1.22	)		(2.18	)
	(.01	)		—			(1.50	)		(1.27	)		(2.34	)
$	16.49		$	14.31		$	12.02		$	15.92		$	18.38
	15.34	%		19.05	%		(17.21	)%		(6.93	)%		16.71	%
$	193,230		$	215,039		$	241,923		$	395,833		$	639,755
$	212,833		$	221,850		$	347,114		$	529,705		$	778,722
	1.82	%		1.87	%		1.79	%		1.83	%		1.91	%
	.82	%		.87	%		.79	%		.83	%		.91	%
	(.06	)%		.13	%		(.01	)%		.12	%		1.13	%

See Notes to Financial Statements.

Jennison Value Fund 31

Financial Highlights

(Unaudited) Cont’d

	Class C
	Six Months Ended April 30, 2005
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	16.49
Income (loss) from investment operations
Net investment income (loss)		.03
Net realized and unrealized gain (loss) on investment transactions		.99
Total from investment operations		1.02
Less distributions
Dividends from net investment income		(.01	)
Distributions from net realized gains		—
Total distributions		(.01	)
Net asset value, end of period	$	17.50
Total Return(a):		6.19	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	19,622
Average net assets (000)	$	20,864
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		1.77	%(e)
Expenses, excluding distribution and service (12b-1) fees		.77	%(e)
Net investment income (loss)		.33	%(e)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods of less than a full year are not annualized.

(b) Less than $.005 per share.

(c) Less than .005%.

(d) Calculated based upon average shares outstanding during the year.

(e) Annualized.

See Notes to Financial Statements.

32 Visit our website at www.jennisondryden.com

Class C
Year Ended October 31,
2004(d)			2003(d)			2002(d)			2001			2000
$	14.31		$	12.02		$	15.92		$	18.38		$	18.06
	(.01	)		.02			—	(b)		.02			.19
	2.20			2.27			(2.40	)		(1.21	)		2.47
	2.19			2.29			(2.40	)		(1.19	)		2.66
	(.01	)		—			—			(.05	)		(.16	)
	—			—			(1.50	)		(1.22	)		(2.18	)
	(.01	)		—			(1.50	)		(1.27	)		(2.34	)
$	16.49		$	14.31		$	12.02		$	15.92		$	18.38
	15.34	%		19.05	%		(17.21	)%		(6.93	)%		16.71	%
$	20,006		$	21,268		$	22,728		$	30,459		$	28,032
$	21,130		$	22,008		$	29,071		$	31,358		$	27,782
	1.82	%		1.87	%		1.79	%		1.83	%		1.91	%
	.82	%		.87	%		.79	%		.83	%		.91	%
	(.07	)%		.13	%		0	%(c)		.08	%		1.10	%

See Notes to Financial Statements.

Jennison Value Fund 33

Financial Highlights

(Unaudited) Cont’d

	Class Z
	Six Months Ended April 30, 2005
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	16.76
Income (loss) from investment operations
Net investment income		.12
Net realized and unrealized gain (loss) on investment transactions		1.00
Total from investment operations		1.12
Less distributions
Dividends from net investment income		(.19	)
Distributions from net realized gains		—
Total distributions		(.19	)
Net asset value, end of period	$	17.69
Total Return(a):		6.69	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	30,440
Average net assets (000)	$	29,679
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		.77	%(c)
Expenses, excluding distribution and service (12b-1) fees		.77	%(c)
Net investment income		1.31	%(c)

(a) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods of less than a full year are not annualized.

(b) Calculated based upon average shares outstanding during the year.

(c) Annualized.

See Notes to Financial Statements.

34 Visit our website at www.jennisondryden.com

Class Z
Year Ended October 31,
2004(b)			2003(b)			2002(b)			2001			2000
$	14.54		$	12.21		$	16.14		$	18.52		$	18.13
	.15			.15			.14			.28			.35
	2.23			2.30			(2.43	)		(1.30	)		2.50
	2.38			2.45			(2.29	)		(1.02	)		2.85
	(.16	)		(.12	)		(.14	)		(.14	)		(.28	)
	—			—			(1.50	)		(1.22	)		(2.18	)
	(.16	)		(.12	)		(1.64	)		(1.36	)		(2.46	)
$	16.76		$	14.54		$	12.21		$	16.14		$	18.52
	16.49	%		20.26	%		(16.34	)%		(5.98	)%		17.94	%
$	26,725		$	32,340		$	31,300		$	62,366		$	153,246
$	25,857		$	31,275		$	58,256		$	69,810		$	141,384
	.82	%		.87	%		.79	%		.83	%		.91	%
	.82	%		.87	%		.79	%		.83	%		.91	%
	.93	%		1.13	%		.98	%		1.11	%		2.07	%

See Notes to Financial Statements.

Jennison Value Fund 35

n  MAIL	n  TELEPHONE	n  WEBSITE
Gateway Center Three 100 Mulberry Street Newark, NJ 07102	(800) 225-1852	www.jennisondryden.com

PROXY VOTING

The Board of Trustees for the Fund has delegated to the Fund’s investment adviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s (the Commission) website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2004, is available on the Fund’s website at http://www.prudential.com and on the Commission’s website at http://www.sec.gov.

TRUSTEES

Linda W. Bynoe • David E.A. Carson • Robert F. Gunia • Robert E. La Blanc • Douglas H. McCorkindale • Richard A. Redeker • Judy A. Rice • Robin B. Smith • Stephen G. Stoneburn • Clay T. Whitehead

OFFICERS

Judy A. Rice, President • Robert F. Gunia, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • William V. Healey, Chief Legal Officer •
Deborah A. Docs, Secretary • Jonathan D. Shain, Assistant Secretary • Maryanne Ryan, Anti-Money Laundering Officer • Helene Gurian, Acting Anti-Money Laundering Compliance Officer • Lee D. Augsburger, Chief Compliance Officer

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT ADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
CUSTODIAN*	State Street Bank and Trust Company	One Heritage Drive North Quincy, MA 02171
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 8098 Philadelphia, PA 19176
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Sullivan & Cromwell LLP	125 Broad Street New York, NY 10004

Jennison Value Fund
	Share Class	A	B	C	Z
	NASDAQ	PBEAX	PBQIX	PEICX	PEIZX
	CUSIP	476297106	476297205	476297304	476297403

* On or about June 27, 2005, the Fund’s Custodian will be The Bank of New York, One Wall Street, New York, NY 10005.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus for the Fund contains this and other information about the Fund. An investor may obtain a prospectus by visiting our website at www.jennisondryden.com or by calling (800) 225-1852. The prospectus should be read carefully before investing.

Prudential Fixed Income is a business unit of Prudential Investment Management, Inc. (PIM). Quantitative Management Associates LLC, Jennison Associates LLC, and PIM are registered investment advisers and Prudential Financial companies.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter. The accompanying financial statements as of April 30, 2005, were not audited, and accordingly, no auditor’s opinion is expressed on them.

E-DELIVERY

To receive your mutual fund documents on-line, go to www.icsdelivery.com/prudential/funds
and enroll. Instead of receiving printed documents by mail, you will receive notification via e-mail when new materials are available. You can cancel your enrollment or change your e-mail
address at any time by clicking on the change/cancel enrollment option at the icsdelivery
website address.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders of the Fund can communicate directly with the Board of Trustees by writing to the Chair of the Board, Jennison Value Fund, PO Box 13964, Philadelphia, PA 19176. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at Jennison Value Fund, PO Box 13964, Philadelphia, PA 19176. Such communications to the Board or individual Trustees are not screened before being delivered to the addressee.

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (800) SEC-0330 (732-0330). The Fund will provide a full list of its portfolio holdings as of the end of each fiscal quarter on its website at www.jennisondryden.com approximately 60 days after the end of the fiscal quarter.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

Jennison Value Fund
	Share Class	A	B	C	Z
	NASDAQ	PBEAX	PBQIX	PEICX	PEIZX
	CUSIP	476297106	476297205	476297304	476297403

MF131E2      IFS-A105352      Ed. 05/2005

Item 2 – Code of Ethics — Not required as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not applicable with semi-annual filing

Item 4 – Principal Accountant Fees and Services – Not applicable with semi-annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 – 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 12 – Exhibits

(a) Code of Ethics – Not applicable with semi-annual filing.

(b) Certifications pursuant to Section 302 and 906 of the Sarbanes-Oxley Act – 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)	Jennison Value Fund
By (Signature and Title)*	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date June 27, 2005

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 June 27, 2005
By (Signature and Title)*	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer
Date June 27, 2005

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

EX-99.CERT

Item 12

Jennison Value Fund

Semi-Annual period ending 04/30/05

File No. 811-04864

CERTIFICATIONS

I, Judy A. Rice, certify that:

1. I have reviewed this report on Form N-CSR of Jennison Value 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

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 the 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 half-year (the registrant’s second fiscal half-year in the case of an annual report) 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 officers 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 controls 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: June 27, 2005

/s/ Judy A. Rice

Judy A. Rice

President and Principal Executive Officer

Item 12

Jennison Value Fund

Semi-Annual period ending 04/30/05

File No. 811-04864

CERTIFICATIONS

I, Grace C. Torres, certify that:

1. I have reviewed this report on Form N-CSR of Jennison Value 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

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 the 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 half-year (the registrant’s second fiscal half-year in the case of an annual report) 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 officers 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 controls 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: June 27, 2005

/s/ Grace C. Torres

Grace C. Torres

Treasurer and Chief Financial Officer

EX-99.906CT

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Jennison Value Fund

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date: June 27, 2005	/s/ Judy A. Rice
	Judy A. Rice
	President and Principal Executive Officer
Date: June 27, 2005	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer