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

JennisonDryden Portfolios

Exact name of registrant as specified in charter:

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

Address of principal executive offices:

Deborah A. Docs

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

Name and address of agent for service:

Registrant’s telephone number, including area code: 800-225-1852

Date of fiscal year end: 8/31/2008

Date of reporting period: 2/29/2008

Item 1 – Reports to Stockholders

FEBRUARY 29, 2008 SEMIANNUAL REPORT

Jennison Value Fund

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.

The accompanying financial statements as of February 29, 2008, were not audited and, accordingly, no auditor’s opinion is expressed on them.

JennisonDryden, Jennison, Prudential Financial and the Rock Prudential logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.

April 15, 2008

Dear Shareholder:

On the following pages, you’ll find your Fund’s semiannual report, including a table showing fund performance over the first half of the fiscal year and for longer periods. The report also contains a listing of the Fund’s holdings at period-end. The semiannual report is an interim statement furnished between the Fund’s annual reports, which include an analysis of Fund performance over the fiscal year in addition to other data.

Mutual fund prices and returns will rise or fall over time, and asset managers tend to have periods when they perform better or worse than their long-term average. The best measures of a mutual fund’s quality are its return compared to that of similar investments and the variability of its return over the long term. We recommend that you review your portfolio regularly with your financial adviser.

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 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 as of the most recent month-end by visiting our website at www.jennisondryden.com or by calling (800) 225-1852. Class A and Class L shares have a maximum initial sales charge of 5.50% and 5.75%, respectively. Gross operating expenses: Class A, 1.02%; Class B, 1.72%; Class C, 1.72%; Class L, 1.22%; Class M, 1.72%; Class R, 1.47%; Class X, 1.72%; Class Z, 0.72%. Net operating expenses apply to: Class A, 0.97%; Class B, 1.72%; Class C, 1.72%; Class L, 1.22%; Class M, 1.72%; Class R, 1.22%; Class X, 1.72%; Class Z, 0.72%, after contractual reduction through 2/28/2008 for Class A shares and 12/31/2008 for Class R shares.

Cumulative Total Returns as of 2/29/08
	Six Months		One Year		Five Years		Ten Years		Since Inception1
Class A	–9.57	%	–5.63	%	100.13	%	73.10	%	—
Class B	–9.94		–6.37		92.88		60.58		—
Class C	–9.89		–6.32		92.98		60.66		—
Class L	–9.68		N/A		N/A		N/A		–4.91% (3/16/07)
Class M	–9.89		N/A		N/A		N/A		–5.36    (3/16/07)
Class R	–9.63		–5.82		N/A		N/A		25.95    (6/3/05)
Class X	–9.94		N/A		N/A		N/A		–5.41    (3/16/07)
Class Z	–9.45		–5.39		102.72		77.59		—
Russell 1000 Value Index2	–10.38		–7.91		91.63		83.25		**
S&P 500 Index3	–8.79		–3.60		73.32		48.98		***
Lipper Multi-Cap Value Funds Avg.4	–10.67		–8.33		85.80		83.51		****

2 Visit our website at www.jennisondryden.com

Average Annual Total Returns5 as of 3/31/08
	One Year		Five Years		Ten Years		Since Inception1
Class A	–15.61	%	13.05	%	4.00	%	—
Class B	–15.09		13.34		3.80		—
Class C	–12.14		13.46		3.80		—
Class L	–16.07		N/A		N/A		–13.37% (3/16/07)
Class M	–15.80		N/A		N/A		–12.41    (3/16/07)
Class R	–10.90		N/A		N/A		7.00    (6/3/05)
Class X	–15.84		N/A		N/A		–12.46    (3/16/07)
Class Z	–10.52		14.59		4.85		—
Russell 1000 Value Index2	–9.99		13.68		5.54		**
S&P 500 Index3	–5.08		11.32		3.50		***
Lipper Multi-Cap Value Funds Avg.4	–11.06		12.62		5.43		****

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. The average annual total returns assume the payment of the maximum applicable sales charge. Class A and Class L shares are subject to a maximum front-end sales charge of 5.50% and 5.75%, respectively. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class L, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 1%, 6%, and 6%, respectively. Class R and Class Z shares are not subject to a sales charge.

Source: Prudential Investments LLC and Lipper Inc. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, total returns would be lower.

¹Inception date returns are provided for any share class with less than 10 calendar years.

²The Russell 1000 Value Index is an unmanaged index comprising those securities in the Russell 1000 Index with a less-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.

³The S&P 500 Index is an unmanaged index of 500 stocks of large U.S. public companies. It gives an indicating of how U.S. stock prices have performed.

⁴The 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.

⁵The average annual total returns take into account applicable sales charges. Class A, Class B, Class C, Class L, Class M, Class R, and Class X shares are subject to an annual distribution and service (12b-1) fee of up to 0.30%, 1.00%, 1.00%, 0.50%, 1.00%, 0.75%, and 1.00%, respectively. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Approximately eight years after purchase, Class M shares will automatically convert to Class A shares on a quarterly basis. Approximately 10 years after purchase (eight years in the case of shares purchased prior to August 19, 1998),

Jennison Value Fund 3

Your Fund’s Performance (continued)

Class X 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.

**Russell 1000 Value Index Closest Month-End to Inception cumulative total return as of 2/29/08 is –9.31% for Class L, Class M, and Class X; and 19.37% for Class R. Russell 1000 Value Index Closest Month-End to Inception average annual total returns as of 3/31/08 are –9.99% for Class L, Class M, and Class X; and 6.16% for Class R.

***S&P 500 Index Closest Month-End to Inception cumulative total return as of 2/29/08 is –4.67% for Class L, Class M, and Class X; and 17.66% for Class R. S&P 500 Index Closest Month-End to Inception average annual total returns as of 3/31/08 are –5.08% for Class L, Class M, and Class X; and 5.74% for Class R.

****Lipper Average Closest Month-End to Inception cumulative total return as of 2/29/08 is –9.41% for Class L, Class M, and Class X; and 16.12% for Class R. Lipper Average Closest Month-End to Inception average annual total returns as of 3/31/08 are –11.06% for Class L, Class M, and Class X; and 4.67% for Class R.

Investors cannot invest directly in an index. The returns for the Russell 1000 Value Index, the S&P 500 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.

Five Largest Holdings expressed as a percentage of net assets as of 2/29/08
Comcast Corp., Media	3.0	%
Cadbury Schweppes PLC, Food Products	2.7
Kroger Co. (The), Food & Staples Retailing	2.6
Waste Management, Inc., Commercial Services & Supplies	2.5
H & R Block, Inc., Diversified Consumer Services	2.5

Holdings reflect only long-term investments and are subject to change.

Five Largest Industries expressed as a percentage of net assets as of 2/29/08
Oil, Gas & Consumable Fuels	17.9	%
Media	7.0
Pharmaceuticals	6.0
Food & Staples Retailing	5.7
Insurance	5.1

Industry weightings reflect only long-term investments and are subject to change.

4 Visit our website at www.jennisondryden.com

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 September 1, 2007, at the beginning of the period, and held through the six-month period ended February 29, 2008. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

The Fund’s transfer agent 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) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of JennisonDryden 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 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

Jennison Value Fund 5

Fees and Expenses (continued)

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 September 1, 2007		Ending Account Value February 29, 2008		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	904.30	0.97	%	$	4.59
	Hypothetical	$	1,000.00	$	1,020.04	0.97	%	$	4.87
Class B	Actual	$	1,000.00	$	900.60	1.72	%	$	8.13
	Hypothetical	$	1,000.00	$	1,016.31	1.72	%	$	8.62
Class C	Actual	$	1,000.00	$	901.10	1.72	%	$	8.13
	Hypothetical	$	1,000.00	$	1,016.31	1.72	%	$	8.62
Class L	Actual	$	1,000.00	$	903.20	1.22	%	$	5.77
	Hypothetical	$	1,000.00	$	1,018.80	1.22	%	$	6.12
Class M	Actual	$	1,000.00	$	901.10	1.72	%	$	8.13
	Hypothetical	$	1,000.00	$	1,016.31	1.72	%	$	8.62
Class R	Actual	$	1,000.00	$	903.70	1.22	%	$	5.77
	Hypothetical	$	1,000.00	$	1,018.80	1.22	%	$	6.12
Class X	Actual	$	1,000.00	$	900.60	1.72	%	$	8.13
	Hypothetical	$	1,000.00	$	1,016.31	1.72	%	$	8.62
Class Z	Actual	$	1,000.00	$	905.50	0.72	%	$	3.41
	Hypothetical	$	1,000.00	$	1,021.28	0.72	%	$	3.62

* Fund expenses (net of fee waivers or subsidies, if any) 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 182 days in the six-month period ended February 29, 2008, and divided by the 366 days in the Fund’s fiscal year ending August 31, 2008 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Portfolio of Investments

as of February 29, 2008 (Unaudited)

Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS    98.0%
COMMON STOCKS    97.3%
Biotechnology    1.8%
429,900	Amgen, Inc.(a)	$	19,569,048
Capital Markets    3.2%
363,562	Bank of New York Mellon Corp. (The)		15,949,465
196,300	Merrill Lynch & Co., Inc.(b)		9,728,628
530,700	TD Ameritrade Holding Corp.(a)(b)		9,711,810
			35,389,903
Commercial Banks    1.2%
1,738,269	Royal Bank of Scotland Group PLC (United Kingdom)		13,142,192
Commercial Services & Supplies    2.5%
838,760	Waste Management, Inc.		27,536,491
Communications Equipment    1.5%
381,900	QUALCOMM, Inc.		16,181,103
Computers & Peripherals    3.1%
424,700	Lexmark International, Inc.(a)(b)		14,027,841
925,700	Seagate Technology(b)		19,967,349
			33,995,190
Consumer Finance    1.4%
795,600	SLM Corp.(b)		15,601,716
Diversified Consumer Services    3.8%
948,700	Career Education Corp.(a)(b)		14,088,195
1,473,100	H&R Block, Inc.		27,473,315
			41,561,510
Diversified Financial Services    2.2%
609,200	Citigroup, Inc.		14,444,132
120,000	KKR Private Equity Investors LLP		1,800,000
	KKR Private Equity Investors LLP—RDU, Private Placement, 144A
536,200	(cost $13,370,899; purchased 5/3/06 - 5/5/06)(f)(g)		8,043,000
			24,287,132
Diversified Telecommunication Services    0.8%
243,450	Verizon Communications, Inc.		8,842,104

See Notes to Financial Statements.

Jennison Value Fund 7

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Electric Utilities    2.3%
133,200	Entergy Corp.	$	13,684,968
268,000	Progress Energy, Inc.		11,231,880
			24,916,848
Food & Staples Retailing    5.7%
386,200	CVS Caremark Corp.		15,594,756
1,165,900	Kroger Co. (The)		28,273,075
378,100	Wal-Mart Stores, Inc.(b)		18,749,979
			62,617,810
Food Products    5.0%
676,300	Cadbury Schweppes PLC, ADR (United Kingdom)		30,332,055
1,100,600	ConAgra Foods, Inc.		24,323,260
			54,655,315
Healthcare Providers & Services    2.3%
715,400	Omnicare, Inc.(b)		15,009,092
155,300	WellPoint, Inc.(a)		10,883,424
			25,892,516
Household Products    1.8%
307,100	Kimberly-Clark Corp.		20,016,778
Independent Power Producers & Energy Traders    1.9%
516,600	NRG Energy, Inc.(a)(b)		21,320,082
Industrial Conglomerates    1.8%
584,900	General Electric Co.		19,383,586
Insurance    5.1%
471,100	American International Group, Inc.		22,075,746
338,700	Axis Capital Holdings Ltd.		12,487,869
527,400	Loews Corp.		22,066,416
			56,630,031
Internet & Catalog Retail    1.5%
853,300	IAC/InterActiveCorp.(a)(b)		16,980,670
Media    7.0%
1,691,800	Comcast Corp. (Class A)(a)(b)		33,057,772
687,212	Liberty Global, Inc. (Series C)(a)		24,100,525

See Notes to Financial Statements.

8 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Media (cont’d.)
42,000	Time Warner, Inc.	$	655,620
1,619,200	XM Satellite Radio Holdings, Inc. (Class A)(a)(b)		19,106,560
			76,920,477
Metals & Mining    0.7%
79,232	Freeport-McMoRan Copper & Gold, Inc. (Class B)(b)		7,991,340
Multi-Utilities    2.0%
414,400	Sempra Energy		22,017,072
Office Electronics    1.5%
1,143,800	Xerox Corp.		16,813,860
Oil, Gas & Consumable Fuels    17.9%
229,700	Devon Energy Corp.		23,594,784
396,500	Marathon Oil Corp.		21,077,940
217,100	Murphy Oil Corp.		17,450,498
607,800	Nexen, Inc.		18,951,204
351,100	Occidental Petroleum Corp.		27,164,607
227,900	Petroleo Brasileiro SA, ADR (Brazil)		26,741,786
168,700	Suncor Energy, Inc.		17,409,840
780,600	Talisman Energy, Inc.		13,231,170
	Trident Resources Corp., Private (Canada)
236,629	(cost $9,942,621; purchased 3/11/05 - 1/5/06)(a)(f)(g)		2,404,155
316,200	Williams Cos., Inc. (The)		11,389,524
288,700	XTO Energy, Inc.		17,815,677
			197,231,185
Paper & Forest Products    0.9%
1,611,300	Domtar Corp.(a)		10,263,981
Pharmaceuticals    6.0%
257,800	Abbott Laboratories		13,805,190
959,100	Mylan, Inc.		11,355,744
845,700	Schering-Plough Corp.		18,351,690
510,800	Wyeth		22,281,096
			65,793,720
Semiconductors & Semiconductor Equipment    1.6%
958,900	Marvell Technology Group Ltd.(a)		10,845,159
2,407,700	Spansion, Inc. (Class A)(a)(b)		6,621,175
			17,466,334

See Notes to Financial Statements.

Jennison Value Fund 9

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Software    4.2%
497,700	CA, Inc.	$	11,387,376
452,200	Microsoft Corp.		12,308,884
1,352,100	Symantec Corp.(a)		22,769,364
			46,465,624
Thrifts & Mortgage Finance    2.3%
434,225	Fannie Mae		12,006,321
819,240	People’s United Financial, Inc.(b)		13,812,387
			25,818,708
Tobacco    1.2%
185,140	Altria Group, Inc.		13,541,140
Wireless Telecommunication Services    3.1%
469,000	NII Holdings, Inc.(a)		18,633,370
1,124,725	Sprint Nextel Corp.		7,996,795
1,539,600	Virgin Mobile USA, Inc.(a)(b)		7,805,772
			34,435,937
	TOTAL COMMON STOCKS (cost $1,060,481,571)		1,073,279,403
Principal Amount (000)#
CORPORATE BONDS    0.7%
Oil, Gas & Consumable Fuels
	Trident Resources Corp., Note, Private, (Canada), (PIK)
	10.64%, 8/12/12(f)(g)
$       7,850	(cost $7,475,688; purchased 8/20/07)		7,414,541
Units
WARRANTS
Oil, Gas & Consumable Fuels
	Trident Resources Corp., Private, (Canada) expiring 1/01/15(a)(f)(g)
730,398	(cost $0; purchased 8/20/07)		74
	TOTAL LONG-TERM INVESTMENTS (cost $1,067,957,259)		1,080,694,018

See Notes to Financial Statements.

10 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
SHORT-TERM INVESTMENT    22.0%
Affiliated Money Market Mutual Fund
	Dryden Core Investment Fund - Taxable Money Market Series
243,266,783	(cost $243,266,783; includes $219,441,143 of cash collateral received for securities on loan) (Note 3)(c)(d)	$	243,266,783
	TOTAL INVESTMENTS(e)    120.0% (cost $1,311,224,042; Note 5)		1,323,960,801
	Liabilities in excess of other assets    (20.0%)		(220,645,284	)
	NET ASSETS    100.0%	$	1,103,315,517

The following abbreviations are used in portfolio descriptions:

144A—Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

ADR—American Depositary Receipt

RDU—Restricted Depositary Unit

# Principal amount is shown in U.S. dollars unless otherwise stated.

(a) Non-income producing security.

(b) All or a portion of security is on loan. The aggregate market value of such securities is $202,638,617; cash collateral of $219,441,143 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(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) As of February 29, 2008, five securities valued at $31,003,962 and representing 2.8% of net assets were fair valued in accordance with the policies adopted by the Board of Trustees.

(f) Indicates an illiquid security.

(g) Indicates a security restricted to resale. The aggregate cost of such a security is $30,789,208. The aggregate value of $17,861,770 is approximately 1.6% of net assets.

See Notes to Financial Statements.

Jennison Value Fund 11

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of nets assets as of February 29, 2008 were as follows:

Affiliated Money Market Mutual Fund (including 19.9% of collateral received for securities on loan)	22.0	%
Oil, Gas & Consumable Fuels	18.6
Media	7.0
Pharmaceuticals	6.0
Food & Staples Retailing	5.7
Insurance	5.1
Food Products	5.0
Software	4.2
Diversified Consumer Services	3.8
Capital Markets	3.2
Computers & Peripherals	3.1
Wireless Telecommunication Services	3.1
Commercial Services & Supplies	2.5
Electric Utilities	2.3
Healthcare Providers & Services	2.3
Thrifts & Mortgage Finance	2.3
Diversified Financial Services	2.2
Multi-Utilities	2.0
Independent Power Producers & Energy Traders	1.9
Biotechnology	1.8
Household Products	1.8
Industrial Conglomerates	1.8
Semiconductors & Semiconductor Equipment	1.6
Communications Equipment	1.5
Internet & Catalog Retail	1.5
Office Electronics	1.5
Consumer Finance	1.4
Commercial Banks	1.2
Tobacco	1.2
Paper & Forest Products	0.9
Diversified Telecommunication Services	0.8
Metals & Mining	0.7
	120.0
Liabilities in excess of other assets	(20.0	)
	100.0	%

See Notes to Financial Statements.

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Financial Statements

(Unaudited)

FEBRUARY 29, 2008 SEMIANNUAL REPORT

Jennison Value Fund

Statement of Assets and Liabilities

as of February 29, 2008 (Unaudited)

Assets
Investments at value, including securities on loan of $202,638,617:
Unaffiliated investments (cost $1,067,957,259)	$	1,080,694,018
Affiliated investments (cost $243,266,783)		243,266,783
Foreign currency, at value (cost $12,990)		13,338
Receivable for investments sold		44,856,838
Dividends and interest receivable		1,598,373
Receivable for Fund shares sold		623,789
Foreign tax reclaim receivable		294,729
Prepaid expenses		12,737
Total assets		1,371,360,605
Liabilities
Payable to broker for collateral for securities on loan		219,441,143
Payable for investments purchased		41,538,781
Payable for Fund shares reacquired		4,949,905
Payable to custodian		632,662
Management fee payable		485,088
Accrued expenses		468,001
Distribution fee payable		296,415
Affiliated transfer agent fee payable		224,008
Deferred trustees’ fees		9,085
Total liabilities		268,045,088
Net Assets	$	1,103,315,517
Net assets were comprised of:
Shares of beneficial interest, at par	$	664,731
Paid-in capital in excess of par		1,042,960,891
		1,043,625,622
Undistributed net investment income		1,397,254
Accumulated net realized gain on investment and foreign currency transactions		45,552,253
Net unrealized appreciation on investments and foreign currencies		12,740,388
Net assets, February 29, 2008	$	1,103,315,517

See Notes to Financial Statements.

14 Visit our website at www.jennisondryden.com

Class A
Net asset value and redemption price per share
($852,487,888 ÷ 51,282,811 shares of beneficial interest issued and outstanding)	$	16.62
Maximum sales charge (5.50% of offering price)		.97
Maximum offering price to public	$	17.59
Class B
Net asset value, offering price and redemption price per share
($83,504,565 ÷ 5,087,040 shares of beneficial interest issued and outstanding)	$	16.42
Class C
Net asset value, offering price and redemption price per share
($51,620,360 ÷ 3,144,396 shares of beneficial interest issued and outstanding)	$	16.42
Class L
Net asset value, offering price and redemption price per share
($3,844,055 ÷ 231,982 shares of beneficial interest issued and outstanding)	$	16.57
Class M
Net asset value, offering price and redemption price per share
($8,852,877 ÷ 539,025 shares of beneficial interest issued and outstanding)	$	16.42
Class R
Net asset value, offering price and redemption price per share
($3,423,526 ÷ 206,532 shares of beneficial interest issued and outstanding)	$	16.58
Class X
Net asset value, offering price and redemption price per share
($2,737,099 ÷ 166,761 shares of beneficial interest issued and outstanding)	$	16.41
Class Z
Net asset value, offering price and redemption price per share
($96,845,147 ÷ 5,814,552 shares of beneficial interest issued and outstanding)	$	16.66

See Notes to Financial Statements.

Jennison Value Fund 15

Statement of Operations

Six Months Ended February 29, 2008 (Unaudited)

Net Investment Income
Income
Unaffiliated dividends (net of foreign withholding taxes of $97,603)	$	9,748,142
Affiliated income from securities loaned, net		566,671
Unaffiliated interest income		476,022
Affiliated dividend income		375,609
Total income		11,166,444
Expenses
Management fee		3,349,394
Distribution fee—Class A		1,207,365
Distribution fee—Class B		501,429
Distribution fee—Class C		306,084
Distribution fee—Class L		12,046
Distribution fee—Class M		62,821
Distribution fee—Class R		6,361
Distribution fee—Class X		16,934
Transfer agent’s fees and expenses (including affiliated expense of $507,000) (Note 3)		925,000
Custodian’s fees and expenses		81,000
Registration fees		60,000
Reports to shareholders		45,000
Trustees’ fees		17,000
Legal fees and expenses		16,000
Insurance		15,000
Audit fee		10,000
Interest expense		9,569
Miscellaneous		9,361
Total expenses		6,650,364
Net investment income		4,516,080
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain on:
Investment transactions		63,592,019
Foreign currency transactions		13,617
		63,605,636
Net change in unrealized appreciation (depreciation) on:
Investments		(187,774,063	)
Foreign currencies		(4,967	)
		(187,779,030	)
Net loss on investment and foreign currency transactions		(124,173,394	)
Net Decrease In Net Assets Resulting From Operations	$	(119,657,314	)

See Notes to Financial Statements.

16 Visit our website at www.jennisondryden.com

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended February 29, 2008			Ten Months Ended August 31, 2007			Year Ended October 31, 2006
Increase (Decrease) In Net Assets
Operations
Net investment income	$	4,516,080		$	8,928,425		$	10,437,490
Net realized gain on investments and foreign currency transactions		63,605,636			172,850,967			118,734,873
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(187,779,030	)		(72,511,058	)		61,050,342
Net increase (decrease) in net assets resulting from operations		(119,657,314	)		109,268,334			190,222,705
Dividends and distributions (Note 1)
Dividends from net investment income:
Class A		(9,073,325	)		(8,164,199	)		(5,369,140	)
Class B		(292,113	)		(147,136	)		—
Class C		(178,854	)		(45,182	)		—
Class L		(36,658	)		—			—
Class M		(35,867	)		—			—
Class R		(18,636	)		(393	)		(12	)
Class X		(9,700	)		—			—
Class Z		(1,205,555	)		(1,038,985	)		(420,806	)
		(10,850,708	)		(9,395,895	)		(5,789,958	)
Distributions from net realized gains:
Class A		(145,035,070	)		(95,071,115	)		(35,966,579	)
Class B		(15,566,446	)		(10,773,756	)		(5,595,023	)
Class C		(9,531,318	)		(3,308,355	)		(971,592	)
Class L		(732,602	)		—			—
Class M		(1,911,149	)		—			—
Class R		(372,374	)		(7,650	)		(128	)
Class X		(516,833	)		—			—
Class Z		(15,416,633	)		(9,486,716	)		(2,054,591	)
		(189,082,425	)		(118,647,592	)		(44,587,913	)

See Notes to Financial Statements.

Jennison Value Fund 17

Statement of Changes in Net Assets

(Unaudited) continued

	Six Months Ended February 29, 2008			Ten Months Ended August 31, 2007			Year Ended October 31, 2006
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold	$	72,032,096		$	129,130,638		$	213,569,167
Net asset value of shares issued in connection with merger (Note 7)		—			127,217,340			—
Net asset value of shares issued in reinvestment of dividends and distributions		188,800,001			120,759,467			47,372,650
Cost of shares reacquired		(155,881,547	)		(217,035,433	)		(177,217,214	)
Net increase in net assets from Fund share transactions		104,950,550			160,072,012			83,724,603
Total increase (decrease)		(214,639,897	)		141,296,859			223,569,437
Net Assets
Beginning of period		1,317,955,414			1,176,658,555			953,089,118
End of period(a)	$	1,103,315,517		$	1,317,955,414		$	1,176,658,555
(a) Includes undistributed net investment income of:	$	1,397,254		$	7,731,882		$	8,195,035

See Notes to Financial Statements.

18 Visit our website at www.jennisondryden.com

Notes to Financial Statements

(Unaudited)

JennisonDryden Portfolios, Inc. (the “Portfolios”) is registered under the Investment Company Act of 1940 as a diversified, open-end, management investment company consisting of two portfolios: Jennison Value Fund (the “Fund”) and Dryden US Equity Active Extension Fund. The financial statements of the other portfolio is not represented herein. 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.

The Fund’s fiscal year has changed from an annual reporting period that ends October 31 to one that ends August 31. This change should have no impact on the way the Fund is managed. Shareholders will receive future annual and semi-annual reports on the new fiscal year-end schedule.

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 Fund’s normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. When determining the fair

Jennison Value Fund 19

Notes to Financial Statements

(Unaudited) continued

valuation of securities some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values. As of February 29, 2008, there was one security whose value was impacted by events occurring after the close of the security’s foreign market.

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 debt 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 debt securities which mature in more than 60 days are valued at current market quotations.

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.

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

20 Visit our website at www.jennisondryden.com

included in the reported net realized gains or losses on investment transactions. 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 period 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.

Restricted Securities: The Fund may hold up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities held by the Fund at the end of the fiscal period may include registration rights under which the Fund may demand registration by the issuers, of which the Fund may bear the cost of such registration. Restricted securities are valued pursuant to the valuation procedures noted above.

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 purposes, 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.

Jennison Value Fund 21

Notes to Financial Statements

(Unaudited) continued

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 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 Fund 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 Portfolios have 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.

22 Visit our website at www.jennisondryden.com

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 .53 of 1% of the Fund’s average daily net assets for the six months ended February 29, 2008.

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, Class L, Class M, Class R, Class X and Class Z shares. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C, Class L, Class M, Class R and Class X shares, pursuant to plans of distribution (the “Class A, B, C, L, M, R and X 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, C, L, M, R and X Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30 of 1%, 1%, 1%, .50 of 1%, 1%, .75 of 1% and 1% of the average daily net assets of the Class A, B, C, L, M, R and X shares, respectively. For the six months ended February 29, 2008, PIMS contractually agreed to limit such fees to .25 of 1% of the average daily net assets of the Class A shares through February 28, 2008 and .50% of 1% of the average daily net assets of the Class R shares.

PIMS has advised the Fund that it has received approximately $162,400 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 29, 2008. 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 February 29, 2008, it received approximately $100, $55,500, $9,000, $12,900 and $2,000 in contingent deferred sales charges imposed upon certain redemptions by Class A, Class B, Class C, Class M and Class X shareholders, respectively.

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

The Portfolios, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with two banks. The SCA provides for a commitment of $500 million. Interest on any borrowings under the SCA is incurred at contracted market rates and a commitment fee for the unused amount is accrued daily and paid quarterly. Effective October 26, 2007, the Funds renewed the SCA with the two banks. The Funds pay a commitment fee of .06 of 1%

Jennison Value Fund 23

Notes to Financial Statements

(Unaudited) continued

of the unused portion of the SCA. The expiration date of SCA is October 24, 2008. For the period October 27, 2006 through October 26, 2007, the Funds paid a commitment fee of .07 of 1% of the unused portion of the agreement. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions.

The Fund utilized the line of credit during the six months ended February 29, 2008. The average daily balance for the 6 days the Fund had an outstanding balance was approximately $1,009,500 at a weighted average interest rate of approximately 5.41%. At February 29, 2008, the Fund did not have an outstanding loan amount.

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 including fees relating to the services of Wachovia Securities, LLC (“Wachovia”) and First Clearing, LLC (“First Clearing”), affiliates of PI. These networking fees are payments made to broker/dealers that clear mutual fund transactions through a national clearing system. For the six months ended February 29, 2008, the Fund incurred approximately $185,200 in total networking fees, of which approximately $83,900 was paid to First Clearing. These amounts are included in transfer agent’s fees and expenses in the Statement of Operations.

Prudential Investment Management, Inc. (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Fund’s security lending agent. For the six months ended February 29, 2008, PIM has been compensated approximately $242,900 for these services.

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

24 Visit our website at www.jennisondryden.com

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the six months ended February 29, 2008 were $283,927,153 and $394,031,532, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 29, 2008 were as follows:

Tax Basis	Appreciation	Depreciation	Net Unrealized Appreciation
$1,321,097,152	$160,876,777	$(158,013,128)	$2,863,649

The difference between book basis and tax basis is primarily attributable to the difference in the treatment of losses on wash sales and other book to tax differences.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of February 29, 2008, no provision for income tax would be required in the Funds’ financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class L, Class M, Class R, Class X and Class Z shares. Class A and Class L shares are sold with a front-end sales charge of up to 5.50% and 5.75%, respectively. All investors who purchase Class A or Class L 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 M and Class X shares are sold with a contingent deferred sales charge which declines from 6% to zero depending on the period of time the shares are held. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class M shares automatically convert to Class A shares approximately eight years after purchase. Class X shares automatically convert to Class A shares on a quarterly basis approximately ten years (eight years in the case of

Jennison Value Fund 25

Notes to Financial Statements

(Unaudited) continued

shares purchased prior to August 19, 1998) after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class L shares are closed to most new purchases (with the exception of reinvested dividends). Class L and Class M shares are only exchangeable with Class L and Class M shares, respectively, offered by certain other Strategic Partners Funds. Class X shares are closed to new purchases. Class R and Class Z shares are not subject to any sales or redemption charge and are available 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 eight classes, designated Class A, Class B, Class C, Class L, Class M, Class R, Class X and Class Z.

Transactions in shares of beneficial interest were as follows:

Class A	Shares		Amount
Six months ended February 29, 2008:
Shares sold	1,869,407		$	36,234,382
Shares issued in reinvestment of dividends and distributions	7,997,024			145,465,344
Shares reacquired	(5,517,299	)		(105,386,243	)
Net increase (decrease) in shares outstanding before conversion	4,349,132			76,313,483
Shares issued upon conversion from Class B and Class M	626,900			12,215,533
Net increase (decrease) in shares outstanding	4,976,032		$	88,529,016
Ten-month period ended August 31, 2007:
Shares sold	3,332,640		$	72,760,145
Shares issued in connection with the merger	2,232,067			46,198,226
Shares issued in reinvestment of dividends and distributions	4,759,755			97,051,409
Shares reacquired	(7,031,586	)		(154,093,876	)
Net increase (decrease) in shares outstanding before conversion	3,292,876			61,915,904
Shares issued upon conversion from Class B, Class M and Class X	935,606			20,149,514
Net increase (decrease) in shares outstanding	4,228,482		$	82,065,418
Year ended October 31, 2006:
Shares sold	6,622,418		$	139,018,128
Shares issued in reinvestment of dividends and distributions	1,959,077			38,613,402
Shares reacquired	(6,950,376	)		(145,837,152	)
Net increase (decrease) in shares outstanding before conversion	1,631,119			31,794,378
Shares issued upon conversion from Class B	1,414,535			29,084,598
Net increase (decrease) in shares outstanding	3,045,654		$	60,878,976

26 Visit our website at www.jennisondryden.com

Class B	Shares		Amount
Six months ended February 29, 2008:
Shares sold	138,651		$	2,694,564
Shares issued in reinvestment of dividends and distributions	851,426			15,317,190
Shares reacquired	(610,336	)		(11,508,478	)
Net increase (decrease) in shares outstanding before conversion	379,741			6,503,276
Shares reacquired upon conversion into Class A	(502,307	)		(9,692,017	)
Net increase (decrease) in shares outstanding	(122,566	)	$	(3,188,741	)
Ten-month period ended August 31, 2007:
Shares sold	414,740		$	8,955,241
Shares issued in connection with the merger	1,047,992			21,471,958
Shares issued in reinvestment of dividends and distributions	519,027			10,499,923
Shares reacquired	(682,047	)		(14,796,064	)
Net increase (decrease) in shares outstanding before conversion	1,299,712			26,131,058
Shares reacquired upon conversion into Class A	(860,546	)		(18,277,134	)
Net increase (decrease) in shares outstanding	439,166		$	7,853,924
Year ended October 31, 2006:
Shares sold	597,144		$	12,499,038
Shares issued in reinvestment of dividends and distributions	274,279			5,367,640
Shares reacquired	(776,972	)		(16,100,691	)
Net increase (decrease) in shares outstanding before conversion	94,451			1,765,987
Shares reacquired upon conversion into Class A	(1,427,998	)		(29,084,598	)
Net increase (decrease) in shares outstanding	(1,333,547	)	$	(27,318,611	)
Class C
Six months ended February 29, 2008:
Shares sold	290,018		$	5,792,847
Shares issued in reinvestment of dividends and distributions	470,674			8,472,370
Shares reacquired	(623,712	)		(11,689,452	)
Net increase (decrease) in shares outstanding	136,980		$	2,575,765
Ten-month period ended August 31, 2007:
Shares sold	408,595		$	8,780,853
Shares issued in connection with the merger	1,514,551			31,036,065
Shares issued in reinvestment of dividends and distributions	146,223			2,958,100
Shares reacquired	(512,780	)		(11,178,671	)
Net increase (decrease) in shares outstanding	1,556,589		$	31,596,347
Year ended October 31, 2006:
Shares sold	640,946		$	13,451,472
Shares issued in reinvestment of dividends and distributions	47,187			923,919
Shares reacquired	(289,618	)		(6,006,912	)
Net increase (decrease) in shares outstanding	398,515		$	8,368,479

Jennison Value Fund 27

Notes to Financial Statements

(Unaudited) continued

Class L	Shares		Amount
Six months ended February 29, 2008:
Shares sold	1,626		$	30,138
Shares issued in reinvestment of dividends and distributions	41,847			759,124
Shares reacquired	(55,231	)		(1,037,668	)
Net increase (decrease) in shares outstanding	(11,758	)	$	(248,406	)
March 16, 2007* through August 31, 2007:
Shares sold	4,049		$	86,210
Shares issued in connection with the merger	284,025			5,865,932
Shares reacquired	(44,334	)		(993,357	)
Net increase (decrease) in shares outstanding	243,740		$	4,958,785
Class M
Six months ended February 29, 2008:
Shares sold	17,181		$	339,626
Shares issued in reinvestment of dividends and distributions	100,755			1,813,578
Shares reacquired	(155,247	)		(2,997,988	)
Net increase (decrease) in shares outstanding before conversion	(37,311	)		(844,784	)
Shares reacquired upon conversion into Class A	(132,319	)		(2,523,516	)
Net increase (decrease) in shares outstanding	(169,630	)	$	(3,368,300	)
March 16, 2007* through August 31, 2007:
Shares sold	32,745		$	709,825
Shares issued in connection with the merger	911,413			18,673,645
Shares reacquired	(152,598	)		(3,395,448	)
Net increase (decrease) in shares outstanding before conversion	791,560			15,988,022
Shares reacquired upon conversion into Class A	(82,905	)		(1,839,714	)
Net increase (decrease) in shares outstanding	708,655		$	14,148,308
Class R
Six months ended February 29, 2008:
Shares sold	121,527		$	2,310,622
Shares issued in reinvestment of dividends and distributions	21,518			390,552
Shares reacquired	(21,947	)		(407,751	)
Net increase (decrease) in shares outstanding	121,098		$	2,293,423
Ten-month period ended August 31, 2007:
Shares sold	90,036		$	1,970,956
Shares issued in reinvestment of dividends and distributions	379			7,717
Shares reacquired	(7,827	)		(172,132	)
Net increase (decrease) in shares outstanding	82,588		$	1,806,541
Year ended October 31, 2006:
Shares sold	2,949		$	63,162
Shares issued in reinvestment of dividends and distributions	—	**		3
Shares reacquired	(242	)		(4,980	)
Net increase (decrease) in shares outstanding	2,707		$	58,185

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Class X	Shares		Amount
Six months ended February 29, 2008:
Shares sold	1,954		$	33,685
Shares issued in reinvestment of dividends and distributions	28,949			520,780
Shares reacquired	(38,386	)		(726,340	)
Net increase (decrease) in shares outstanding before conversion	(7,483	)		(171,875	)
Shares reacquired upon conversion into Class A	—			—
Net increase (decrease) in shares outstanding	(7,483	)	$	(171,875	)
March 16, 2007* through August 31, 2007:
Shares sold	13,800		$	301,628
Shares issued in connection with the merger	193,839			3,971,514
Shares reacquired	(31,949	)		(699,454	)
Net increase (decrease) in shares outstanding before conversion	175,690			3,573,688
Shares reacquired upon conversion into Class A	(1,446	)		(32,666	)
Net increase (decrease) in shares outstanding	174,244		$	3,541,022
Class Z
Six months ended February 29, 2008:
Shares sold	1,291,145		$	24,596,232
Shares issued in reinvestment of dividends and distributions	881,507			16,061,063
Shares reacquired	(1,147,802	)		(22,127,627	)
Net increase (decrease) in shares outstanding	1,024,850		$	18,529,668
Ten-month period ended August 31, 2007:
Shares sold	1,634,144		$	35,565,780
Shares issued in reinvestment of dividends and distributions	501,829			10,242,318
Shares reacquired	(1,436,065	)		(31,706,431	)
Net increase (decrease) in shares outstanding	699,908		$	14,101,667
Year ended October 31, 2006:
Shares sold	2,294,435		$	48,537,367
Shares issued in reinvestment of dividends and distributions	125,136			2,467,686
Shares reacquired	(440,315	)		(9,267,479	)
Net increase (decrease) in shares outstanding	1,979,256		$	41,737,574

* Inception date.

** Less than .5 share.

Note 7. Reorganization

On March 16, 2007, the Fund acquired all of the net assets of Strategic Partners Core Value Fund and Strategic Partners Large Capitalization Value Fund (the merged funds) pursuant to a plan of reorganization approved by the Strategic Partners Core Value Fund and Strategic Partners Large Capitalization Value Fund shareholders on December 14, 2006. The acquisition was accomplished by a tax-free issue of Class A,

Jennison Value Fund 29

Notes to Financial Statements

(Unaudited) continued

Class B, Class C, Class L, Class M and Class X shares for the corresponding classes of shares of Strategic Partners Core Value Fund and Strategic Partners Large Capitalization Value Fund. The following table shows the number of shares of the merged funds and how many shares they became in the Jennison Value Fund and the total value.

Strategic Partners Core Value Fund		Jennison Value Fund
Class	Shares	Class	Shares	Value
A	465,322	A	289,328	$	5,988,365
B	106,392	B	66,858		1,369,838
C	683,831	C	429,581		8,802,951
L	456,096	L	284,025		5,865,932
M	1,454,212	M	911,413		18,673,645
X	308,721	X	193,839		3,971,514
Strategic Partners Large Capitalization Value Fund		Jennison Value Fund
Class	Shares	Class	Shares	Value
A	3,013,804	A	1,942,739	$	40,209,861
B	1,543,177	B	981,134		20,102,120
C	1,706,263	C	1,084,970		22,233,114

The aggregate net assets and net unrealized appreciation/(depreciation) of the merged funds immediately before the acquisition were:

	Total Net Assets		Net Unrealized Appreciation
Strategic Partners Core Value Fund	$	44,672,245	$	10,466,895
Strategic Partners Large Capitalization Value Fund		82,545,095		14,505,336

The aggregate net assets of Jennison Value Fund immediately before the acquisition were $1,197,808,121.

Note 8. New Accounting Pronouncements

On September 20, 2006, the Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (FAS 157). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about

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fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. At this time, management is evaluating the implications of FAS 157 and its impact, if any, in the financial statements has not yet been determined.

Jennison Value Fund 31

Financial Highlights

(Unaudited)

	Class A
	Six Months Ended February 29, 2008(a)			Ten-Month Period Ended August 31, 2007(a)(c)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	21.81		$	22.49
Income (loss) from investment operations:
Net investment income		.08			.16
Net realized and unrealized gain (loss) on investment transactions		(1.87	)		1.61
Total from investment operations		(1.79	)		1.77
Less Dividends and Distributions:
Dividends from net investment income		(.20	)		(.19	)
Distributions from net realized gains		(3.20	)		(2.26	)
Total dividends and distributions		(3.40	)		(2.45	)
Net asset value, end of period	$	16.62		$	21.81
Total Return(b):		(9.57	)%		8.66	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	852,488		$	1,010,160
Average net assets (000)	$	971,199		$	1,028,798
Ratios to average net assets(g):
Expenses, including distribution and service (12b-1) fees(d)		.97	%(e)		.95	%(e)
Expenses, excluding distribution and service (12b-1) fees		.72	%(e)		.70	%(e)
Net investment income		.81	%(e)		.90	%(e)
Portfolio turnover rate		23	%(f)		55	%(f)

(a) Calculated based upon average shares outstanding during the period.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principals. Total returns for periods less than a full year are not annualized.

(c) For the ten-month period ended August 31, 2007. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 2007.

(d) The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .25 of 1% of the average daily net assets of the Class A shares.

(e) Annualized.

(f) Not annualized.

(g) Does not include expenses of the underlying portfolios in which the Fund invests.

See Notes to Financial Statements.

32 Visit our website at www.jennisondryden.com

Class A
Year Ended October 31,
2006(a)			2005(a)			2004(a)			2003(a)
$	19.77		$	16.71		$	14.50		$	12.17
	.22			.14			.11			.11
	3.56			3.07			2.22			2.31
	3.78			3.21			2.33			2.42
	(.14	)		(.15	)		(.12	)		(.09	)
	(.92	)		—			—			—
	(1.06	)		(.15	)		(.12	)		(.09	)
$	22.49		$	19.77		$	16.71		$	14.50
	19.85	%		19.31	%		16.21	%		19.97	%
$	946,315		$	771,540		$	610,345		$	559,230
$	872,078		$	699,013		$	598,375		$	529,960
	.98	%		1.04	%		1.07	%		1.12	%
	.73	%		.79	%		.82	%		.87	%
	1.05	%		.77	%		.68	%		.88	%
	49	%		56	%		56	%		97	%

See Notes to Financial Statements.

Jennison Value Fund 33

Financial Highlights

(Unaudited) continued

	Class B
	Six Months Ended February 29, 2008(a)			Ten-Month Period Ended August 31, 2007(a)(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	21.52		$	22.18
Income (loss) from investment operations:
Net investment income (loss)		.01			.03
Net realized and unrealized gain (loss) on investment transactions		(1.85	)		1.60
Total from investment operations		(1.84	)		1.63
Less Dividends and Distributions:
Dividends from net investment income		(.06	)		(.03	)
Distributions from net realized gains		(3.20	)		(2.26	)
Total dividends and distributions		(3.26	)		(2.29	)
Net asset value, end of period	$	16.42		$	21.52
Total Return(c):		(9.94	)%		8.02	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	83,505		$	112,108
Average net assets (000)	$	100,837		$	112,785
Ratios to average net assets(e):
Expenses, including distribution and service (12b-1) fees		1.72	%(d)		1.70	%(d)
Expenses, excluding distribution and service (12b-1) fees		.72	%(d)		.70	%(d)
Net investment income (loss)		.06	%(d)		.15	%(d)

(a) Calculated based upon average shares outstanding during the period.

(b) For the ten-month period ended August 31, 2007. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 2007.

(c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principals. Total returns for periods less than a full year are not annualized.

(d) Annualized.

(e) Does not include expenses of the underlying portfolios in which the Fund invests.

See Notes to Financial Statements.

34 Visit our website at www.jennisondryden.com

Class B
Year Ended October 31,
2006(a)			2005(a)			2004(a)			2003(a)
$	19.52		$	16.49		$	14.31		$	12.02
	.07			.02			(.01	)		.02
	3.51			3.02			2.20			2.27
	3.58			3.04			2.19			2.29
	—			(.01	)		(0.01	)		—
	(.92	)		—			—			—
	(.92	)		(.01	)		(0.01	)		—
$	22.18		$	19.52		$	16.49		$	14.31
	18.96	%		18.44	%		15.34	%		19.05	%
$	105,824		$	119,151		$	193,230		$	215,039
$	112,070		$	161,840		$	212,833		$	221,850
	1.73	%		1.79	%		1.82	%		1.87	%
	.73	%		.79	%		.82	%		.87	%
	.32	%		.04	%		(.06	)%		.13	%

See Notes to Financial Statements.

Jennison Value Fund 35

Financial Highlights

(Unaudited) continued

	Class C
	Six Months Ended February 29, 2008(a)			Ten-Month Period Ended August 31, 2007(a)(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	21.52		$	22.19
Income (loss) from investment operations:
Net investment income (loss)		.01			.02
Net realized and unrealized gain (loss) on investment transactions		(1.85	)		1.60
Total from investment operations		(1.84	)		1.62
Less Dividends and Distributions:
Dividends from net investment income		(.06	)		(.03	)
Distributions from net realized gains		(3.20	)		(2.26	)
Total dividends and distributions		(3.26	)		(2.29	)
Net asset value, end of period	$	16.42		$	21.52
Total Return(c):		(9.89	)%		7.98	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	51,620		$	64,731
Average net assets (000)	$	61,553		$	52,776
Ratios to average net assets(e):
Expenses, including distribution and service (12b-1) fees		1.72	%(d)		1.70	%(d)
Expenses, excluding distribution and service (12b-1) fees		.72	%(d)		.70	%(d)
Net investment income (loss)		.06	%(d)		.11	%(d)

(a) Calculated based upon average shares outstanding during the period.

(b) For the ten-month period ended August 31, 2007. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 2007.

(c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principals. Total returns for periods less than a full year are not annualized.

(d) Annualized.

(e) Does not include expenses of the underlying portfolios in which the Fund invests.

See Notes to Financial Statements.

36 Visit our website at www.jennisondryden.com

Class C
Year Ended October 31,
2006(a)			2005(a)			2004(a)			2003(a)
$	19.52		$	16.49		$	14.31		$	12.02
	.06			.01			(.01	)		.02
	3.53			3.03			2.20			2.27
	3.59			3.04			2.19			2.29
	—			(.01	)		(.01	)		—
	(.92	)		—			—			—
	(.92	)		(.01	)		(.01	)		—
$	22.19		$	19.52		$	16.49		$	14.31
	18.95	%		18.44	%		15.34	%		19.05	%
$	32,189		$	20,540		$	20,006		$	21,268
$	24,812		$	20,814		$	21,130		$	22,008
	1.73	%		1.79	%		1.82	%		1.87	%
	.73	%		.79	%		.82	%		.87	%
	.29	%		.05	%		(.07	)%		.13	%

See Notes to Financial Statements.

Jennison Value Fund 37

Financial Highlights

(Unaudited) continued

	Class L
	Six Months Ended February 29, 2008(b)			March 16, 2007(a) Through August 31, 2007(b)(c)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	21.74		$	20.65
Income (loss) from investment operations:
Net investment income		.06			.05
Net realized and unrealized gain (loss) on investment transactions		(1.87	)		1.04
Total from investment operations		(1.81	)		1.09
Less Dividends and Distributions:
Dividends from net investment income		(.16	)		—
Distributions from net realized gains		(3.20	)		—
Total dividends and distributions		(3.36	)		—
Net asset value, end of period	$	16.57		$	21.74
Total Return(d):		(9.68	)%		5.28	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	3,844		$	5,299
Average net assets (000)	$	4,845		$	3,274
Ratios to average net assets(f):
Expenses, including distribution and service (12b-1) fees		1.22	%(e)		1.20	%(e)
Expenses, excluding distribution and service (12b-1) fees		.72	%(e)		.70	%(e)
Net investment income		.56	%(e)		.51	%(e)

(a) Inception date of Class L shares.

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

(c) For the period ended August 31, 2007. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 2007.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principals. Total returns for periods less than a full year are not annualized.

(e) Annualized.

(f) Does not include expenses of the underlying portfolios in which the Fund invests.

See Notes to Financial Statements.

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	Class M
	Six Months Ended February 29, 2008(b)			March 16, 2007(a) Through August 31, 2007(b)(c)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	21.53		$	20.49
Income (loss) from investment operations
Net investment income		.01			—	(e)
Net realized and unrealized gain (loss) on investment transactions		(1.86	)		1.04
Total from investment operations		(1.85	)		1.04
Less Dividends and Distributions:
Dividends from net investment income		(.06	)		—
Distributions from net realized gains		(3.20	)		—
Total dividends and distributions		(3.26	)		—
Net asset value, end of period	$	16.42		$	21.53
Total Return(d):		(9.89	)%		5.08	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	8,853		$	15,256
Average net assets (000)	$	12,633		$	9,920
Ratios to average net assets(g):
Expenses, including distribution and service (12b-1) fees		1.72	%(f)		1.70	%(f)
Expenses, excluding distribution and service (12b-1) fees		.72	%(f)		.70	%(f)
Net investment income		.06	%(f)		.01	%(f)

(a) Inception date of Class M shares.

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

(c) For the period ended August 31, 2007. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 2007.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principals. Total returns for periods less than a full year are not annualized.

(e) Less than $.005 per share.

(f) Annualized.

(g) Does not include expenses of the underlying portfolios in which the Fund invests.

See Notes to Financial Statements.

Jennison Value Fund 39

Financial Highlights

(Unaudited) continued

	Class R
	Six Months Ended February 29, 2008(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	21.75
Income (loss) from investment operations:
Net investment income		.05
Net realized and unrealized gain (loss) on investment transactions		(1.86	)
Total from investment operations		(1.81	)
Less Dividends and Distributions:
Dividends from net investment income		(.16	)
Distributions from net realized gains		(3.20	)
Total dividends and distributions		(3.36	)
Net asset value, end of period	$	16.58
Total Return(d):		(9.63	)%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	3,424
Average net assets (000)	$	2,559
Ratios to average net assets(g):
Expenses, including distribution and service (12b-1) fees(e)		1.22	%(f)
Expenses, excluding distribution and service (12b-1) fees		.72	%(f)
Net investment income		.56	%(f)

(a) Inception date of Class R shares.

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

(c) For the ten-month period ended August 31, 2007. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 2007.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principals. Total returns for periods less than a full year are not annualized.

(e) The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .50 of 1% of the average daily net assets of the Class R shares.

(f) Annualized.

(g) Does not include expenses of the underlying portfolios in which the Fund invests.

See Notes to Financial Statements.

40 Visit our website at www.jennisondryden.com

Class R
Ten-Month Period Ended August 31, 2007(b)(c)			Year Ended October 31, 2006(b)			June 3, 2005(a) Through October 31, 2005(b)
$	22.39		$	19.74		$	18.31
	.05			.13			.01
	1.69			3.53			1.42
	1.74			3.66			1.43
	(.12	)		(.09	)		—
	(2.26	)		(.92	)		—
	(2.38	)		(1.01	)		—
$	21.75		$	22.39		$	19.74
	8.44	%		19.21	%		7.81	%
$	1,858		$	64		$	3
$	685		$	21		$	3
	1.20	%(f)		1.23	%		1.29	%(f)
	.70	%(f)		.73	%		.79	%(f)
	.62	%(f)		.61	%		.19	%(f)

See Notes to Financial Statements.

Jennison Value Fund 41

Financial Highlights

(Unaudited) continued

	Class X
	Six Months Ended February 29, 2008(b)			March 16, 2007(a) Through August 31, 2007(b)(c)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	21.52		$	20.49
Income (loss) from investment operations
Net investment income		.01			—	(e)
Net realized and unrealized gain (loss) on investment transactions		(1.86	)		1.03
Total from investment operations		(1.85	)		1.03
Less Dividends and Distributions:
Dividends from net investment income		(.06	)		—
Distributions from net realized gains		(3.20	)		—
Total dividends and distributions		(3.26	)		—
Net asset value, end of period	$	16.41		$	21.52
Total Return(d):		(9.94	)%		5.03	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	2,737		$	3,749
Average net assets (000)	$	3,405		$	2,334
Ratios to average net assets(g):
Expenses, including distribution and service (12b-1) fees		1.72	%(f)		1.70	%(f)
Expenses, excluding distribution and service (12b-1) fees		.72	%(f)		.70	%(f)
Net investment income		.06	%(f)		.02	%(f)

(a) Inception date of Class X shares.

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

(c) For the period ended August 31, 2007. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 2007.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principals. Total returns for periods less than a full year are not annualized.

(e) Less than $.005 per share.

(f) Annualized.

(g) Does not include expenses of the underlying portfolios in which the Fund invests.

See Notes to Financial Statements.

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This Page Intentionally Left Blank

Financial Highlights

(Unaudited) continued

	Class Z
	Six Months Ended February 29, 2008(a)			Ten-Month Period Ended August 31, 2007(a)(c)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	21.88		$	22.56
Income (loss) from investment operations:
Net investment income		.10			.23
Net realized and unrealized gain (loss) on investment transactions		(1.87	)		1.60
Total from investment operations		(1.77	)		1.83
Less Dividends and Distributions:
Dividends from net investment income		(.25	)		(.25	)
Distributions from net realized gains		(3.20	)		(2.26	)
Total dividends and distributions		(3.45	)		(2.51	)
Net asset value, end of period	$	16.66		$	21.88
Total Return(b):		(9.45	)%		8.91	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	96,845		$	104,793
Average net assets (000)	$	103,094		$	105,962
Ratios to average net assets(e):
Expenses, including distribution and service (12b-1) fees		.72	%(d)		.70	%(d)
Expenses, excluding distribution and service (12b-1) fees		.72	%(d)		.70	%(d)
Net investment income		1.06	%(d)		1.16	%(d)

(a) Calculated based upon average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principals. Total returns for periods less than a full year are not annualized.

(c) For the ten-month period ended August 31, 2007. The Fund changed its fiscal year end from October 31 to August 31, effective August 31, 2007.

(d) Annualized.

(e) Does not include expenses of the underlying portfolios in which the Fund invests.

See Notes to Financial Statements.

44 Visit our website at www.jennisondryden.com

Class Z
Year Ended October 31,
2006(a)			2005(a)			2004(a)			2003(a)
$	19.83		$	16.76		$	14.54		$	12.21
	.27			.19			.15			.15
	3.57			3.07			2.23			2.30
	3.84			3.26			2.38			2.45
	(.19	)		(.19	)		(.16	)		(.12	)
	(.92	)		—			—			—
	(1.11	)		(.19	)		(.16	)		(.12	)
$	22.56		$	19.83		$	16.76		$	14.54
	20.15	%		19.59	%		16.49	%		20.26	%
$	92,267		$	41,856		$	26,725		$	32,340
$	65,638		$	32,824		$	25,857		$	31,275
	.73	%		.79	%		.82	%		.87	%
	.73	%		.79	%		.82	%		.87	%
	1.28	%		1.00	%		.93	%		1.13	%

See Notes to Financial Statements.

Jennison Value Fund 45

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 of the Fund has delegated to the Fund’s investment subadviser 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 website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Commission’s website.

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 • Kathryn L. Quirk, Chief Legal Officer • Deborah A. Docs, Secretary • Timothy J. Knierim, Chief Compliance Officer • Valerie M. Simpson, Deputy Chief Compliance Officer • Noreen M. Fierro, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • John P. Schwartz, Assistant Secretary • Andrew R. French, Assistant Secretary • M. Sadiq Peshimam, Assistant Treasurer • Peter Parrella, Assistant Treasurer

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT SUBADVISER	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	The Bank of New York	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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.

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 can communicate directly with the Board of Trustees by writing to the Chair of the Board, Jennison Value Fund, Prudential Investments, Attn: Board of Trustees, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange 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 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’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each 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	L	M	R	X	Z
	NASDAQ	PBEAX	PBQIX	PEICX	N/A	N/A	JDVRX	N/A	PEIZX
	CUSIP	476297106	476297205	476297304	476297601	476297700	476297502	476297809	476297403

MF131E2    IFS-A146676    Ed. 04/2008

FEBRUARY 29, 2008 SEMIANNUAL REPORT

Dryden US Equity Active Extension Fund

FUND TYPE

Large-capitalization stock

OBJECTIVE

Long-term 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.

The accompanying financial statements as of February 29, 2008, were not audited and, accordingly, no auditor’s opinion is expressed on them.

JennisonDryden, Dryden, Prudential Financial and the Rock Prudential logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.

April 15, 2008

Dear Shareholder:

On the following pages, you’ll find your Fund’s semiannual report, including a table showing fund performance since the Fund’s inception. The report also contains a listing of the Fund’s holdings at period-end. The semiannual report is an interim statement furnished between the Fund’s annual reports, which include an analysis of Fund performance over the fiscal year in addition to other data.

Mutual fund prices and returns will rise or fall over time, and asset managers tend to have periods when they perform better or worse than their long-term average. The best measures of a mutual fund’s quality are its return compared to that of similar investments and the variability of its return over the long term. We recommend that you review your portfolio regularly with your financial adviser.

Sincerely,

Judy A. Rice, President

Dryden US Equity Active Extension Fund

Dryden US Equity Active Extension Fund 1

Your Fund’s Performance

Fund objective

The investment objective of the Dryden US Equity Active Extension 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 as of the most recent month-end by visiting our website at www.jennisondryden.com or by calling (800) 225-1852. Class A shares have a maximum initial sales charge of 5.50%. Gross operating expenses: Class A, 1.79%; Class Z, 1.49%. Net operating expenses apply to: Class A, 1.74%; Class Z, 1.49%, after contractual reduction through 12/31/2008.

Cumulative Total Returns as of 2/29/08
	Since Inception1
Class A	–9.50%
Class Z	–9.40
Russell 1000 Index2	–8.87
Lipper Long/Short Equity Funds Avg.3	–7.29

Average Annual Total Returns4 as of 3/31/08
	Since Inception1
Class A	N/A
Class Z	N/A
Russell 1000 Index2	N/A
Lipper Long/Short Equity Funds Avg.3	N/A

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. The average annual total returns assume the payment of the maximum applicable sales charge. 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 Z shares are not subject to a sales charge.

Source: Prudential Investments LLC and Lipper Inc. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, total returns would be lower.

¹Inception date: 12/27/07.

2 Visit our website at www.jennisondryden.com

²The Russell 1000 Index includes the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Index represents the universe of stocks from which most active money managers typically select. The Russell 1000 Index return reflects adjustments for income dividends and capital gains distributions reinvested as of the ex-dividend dates.

³Lipper Long/Short Equity Funds Average (Lipper Average) are Funds that employ portfolio strategies combining long holdings of equities with short sales of equity, equity options, or equity index options. The funds may be either net long or net short, depending on the portfolio manager’s view of the market.

⁴The average annual total returns take into account applicable sales charges. Class A shares are subject to an annual distribution and service (12b-1) fee of up to 0.25%. 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.

Investors cannot invest directly in an index. The returns for the Russell 1000 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.

Five Largest Holdings expressed as a percentage of net assets as of 2/29/08
Exxon Mobil Corp., Oil, Gas & Consumable Fuels	4.0	%
General Electric Co., Industrial Conglomerates	3.1
Microsoft Corp., Software	2.1
Procter & Gamble Co., Household Products	2.1
Chevron Corp., Oil, Gas & Consumable Fuels	2.0

Holdings reflect only long-term investments and are subject to change.

Five Largest Industries expressed as a percentage of net assets as of 2/29/08
Oil, Gas & Consumable Fuels	13.7	%
Pharmaceuticals	7.2
Insurance	5.9
Computer & Peripherals	5.3
Software	5.0

Industry weightings reflect only long-term investments and are subject to change.

Dryden US Equity Active Extension 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 September 1, 2007, at the beginning of the period, and held through the six-month period ended February 29, 2008. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

The Fund’s transfer agent 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) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of JennisonDryden 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.

Dryden US Equity Active Extension Fund		Beginning Account Value September 1, 2007		Ending Account Value February 29, 2008		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*
Class A	Actual**	$	1,000.00	$	905.00	1.74	%	$	2.94
	Hypothetical	$	1,000.00	$	1,016.76	1.74	%	$	8.72
Class Z	Actual**	$	1,000.00	$	906.00	1.49	%	$	2.52
	Hypothetical	$	1,000.00	$	1,018.00	1.49	%	$	7.47

* Fund expenses (net of fee waivers or subsidies, if any) 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 182 days in the six-month period ended February 29, 2008, and divided by the 366 days in the Fund’s fiscal year ending August 31, 2008 (to reflect the six-month period) with the exception of the Class A and Class Z “Actual” information which reflects the 65 day period ended February 29, 2008 due to its inception date of December 27, 2007. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

** Class A and Z shares commenced operations on December 27, 2007.

Dryden US Equity Active Extension Fund 5

Portfolio of Investments

as of February 29, 2008 (Unaudited)

Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS    127.1%
COMMON STOCKS
Aerospace/Defense    4.0%
2,200	Boeing Co.	$	182,138
1,600	Lockheed Martin Corp.		165,120
2,000	Northrop Grumman Corp.		157,220
200	Precision Castparts Corp.		22,078
2,500	Raytheon Co.		162,100
500	Rockwell Collins, Inc.		29,450
			718,106
Air Freight & Logistics    0.3%
900	United Parcel Service, Inc. (Class B)		63,216
Airlines    0.6%
8,000	Pinnacle Airlines Corp.(a)		89,680
700	Republic Airways Holdings, Inc.(a)		13,685
			103,365
Automobiles    0.5%
3,200	Thor Industries, Inc.		97,536
Beverages    3.3%
3,300	Anheuser-Busch Cos., Inc.		155,397
1,200	Coca-Cola Co. (The)		70,152
2,400	Molson Coors Brewing Co. (Class B)		129,504
3,200	Pepsi Bottling Group, Inc.		108,832
1,900	PepsiCo, Inc.		132,164
			596,049
Biotechnology    1.6%
4,000	Amgen, Inc.(a)		182,080
8,300	Millennium Pharmaceuticals, Inc.(a)		116,117
			298,197
Building Products
100	Lennox International, Inc.		3,764
Capital Markets    3.7%
5,700	Charles Schwab Corp. (The)		111,777
1,100	Goldman Sachs Group, Inc. (The)		186,593
1,800	Investment Technology Group, Inc.(a)		83,844

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 7

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
3,900	Janus Capital Group, Inc.	$	94,458
1,700	Lazard Ltd. (Class A)		64,923
1,100	MCG Capital Corp.		13,200
800	Merrill Lynch & Co., Inc.		39,648
4,100	MF Global Ltd.(a)		71,955
			666,398
Chemicals    3.4%
4,200	Dow Chemical Co. (The)		158,298
2,600	E.I. Du Pont de Nemours & Co.		120,692
1,800	Eastman Chemical Co.		118,458
2,200	H.B. Fuller Co.		50,050
1,000	Lubrizol Corp.		58,300
6,100	Olin Corp.		117,242
			623,040
Commercial Banks    3.5%
2,800	BB&T Corp.		87,164
1,100	Colonial BancGroup, Inc. (The)		13,288
5,300	Fifth Third Bancorp.		121,370
2,200	Huntington Bancshares, Inc.		26,884
5,900	Regions Financial Corp.		125,080
5,800	Wachovia Corp.		177,596
1,900	Wells Fargo & Co.		55,537
700	Zions Bancorp.		33,425
			640,344
Commercial Services & Supplies    1.8%
1,400	Avery Dennison Corp.		71,848
2,000	Corporate Executive Board Co.		81,220
200	Herman Miller, Inc.		5,966
800	Manpower, Inc.		45,360
1,900	PeopleSupport, Inc.(a)		22,059
6,900	Steelcase, Inc.		97,842
			324,295
Communications Equipment    2.5%
4,000	Anaren Microwave, Inc.(a)		50,560
7,200	Cisco Systems, Inc.(a)		175,464
600	Corning, Inc.		13,938

See Notes to Financial Statements.

8 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Communications Equipment (cont’d.)
5,200	QUALCOMM, Inc.	$	220,324
			460,286
Computers & Peripherals    5.3%
300	Apple, Inc.(a)		37,506
11,400	Brocade Communications Systems, Inc.(a)		87,666
2,500	Hewlett-Packard Co.		119,425
2,200	International Business Machines Corp.		250,492
5,200	Network Appliance, Inc.(a)		112,424
1,700	Novatel Wireless, Inc.(a)		17,986
8,500	QLogic Corp.(a)		134,725
5,300	Seagate Technology		114,321
5,300	Sun Microsystems, Inc.(a)		86,920
			961,465
Consumer Finance    0.8%
3,000	Capital One Financial Corp.		138,090
Containers & Packaging    0.1%
1,000	Packaging Corp of America		22,790
Diversified Consumer Services    0.8%
900	Apollo Group, Inc. (Class A)(a)		55,242
400	Capella Education Co.(a)		21,084
1,400	ITT Educational Services, Inc.(a)		77,308
			153,634
Diversified Financial Services    2.7%
3,100	Bank of America Corp.		123,194
10,600	Citigroup, Inc.		251,326
1,800	JPMorgan Chase & Co.		73,170
1,100	MSCI, Inc.(a)		32,703
			480,393
Diversified Telecommunication Services    3.1%
7,700	AT&T, Inc.		268,191
3,000	CenturyTel, Inc.		108,570
2,100	Verizon Communications, Inc.		76,272
9,900	Windstream Corp.		116,424
			569,457

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 9

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Electric Utilities    2.4%
3,100	American Electric Power Co., Inc.	$	126,852
2,600	Edison International		128,440
900	FPL Group, Inc.		54,261
2,800	PPL Corp.		127,064
			436,617
Electrical Equipment     1.7%
500	First Solar, Inc.(a)		102,600
2,300	Hubbell, Inc. (Class B)		104,351
300	Polypore International, Inc.(a)		5,391
1,300	Rockwell Automation, Inc.		71,123
600	Thomas & Betts Corp.(a)		24,090
			307,555
Electronic Equipment & Instruments    1.4%
6,700	Ingram Micro, Inc. (Class A)(a)		102,309
5,900	Jabil Circuit, Inc.		76,228
2,300	Tech Data Corp.(a)		76,705
			255,242
Energy Equipment & Services    2.9%
2,300	Halliburton Co.		88,090
800	Helmerich & Payne, Inc.		35,864
1,000	National-Oilwell Varco, Inc.(a)		62,300
400	Schlumberger Ltd.		34,580
1,300	SEACOR Holdings, Inc.(a)		124,787
600	Tidewater, Inc.		33,690
2,600	Unit Corp.(a)		143,390
			522,701
Food & Staples Retailing    3.1%
3,100	CVS Caremark Corp.		125,178
5,400	Kroger Co.		130,950
1,100	Safeway, Inc.		31,614
5,400	Wal-Mart Stores, Inc.		267,786
			555,528
Food Products    0.4%
5,400	Sara Lee Corp.		68,202

See Notes to Financial Statements.

10 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Healthcare Equipment & Supplies    2.3%
1,400	Analogic Corp.	$	81,914
2,900	Baxter International, Inc.		171,158
700	Edwards Lifesciences Corp.(a)		30,527
400	Intuitive Surgical, Inc.(a)		112,768
500	Merit Medical Systems, Inc.(a)		7,925
600	STERIS Corp.		14,772
			419,064
Healthcare Providers & Services    4.8%
2,600	Cardinal Health, Inc.		153,764
2,000	Express Scripts, Inc.(a)		118,200
3,500	Lincare Holdings, Inc.(a)		113,750
3,000	Medco Health Solutions, Inc.(a)		132,930
4,200	UnitedHealth Group, Inc.		195,216
2,100	Well Point, Inc.(a)		147,168
			861,028
Hotels, Restaurants & Leisure    2.0%
5,400	Brinker International, Inc.		99,576
4,500	Jack in the Box, Inc.(a)		118,215
4,500	PF Chang’s China Bistro, Inc.(a)		128,385
900	Wyndham Worldwide Corp.		19,953
			366,129
Household Durables    1.1%
600	Garmin Ltd.		35,226
4,300	Kimball International (Class B)		44,935
2,400	Stanley Works (The)		116,496
			196,657
Household Products    2.9%
2,300	Kimberly-Clark Corp.		149,914
5,800	Procter & Gamble Co.		383,844
			533,758
Independent Power Producers & Energy Traders    0.4%
400	AES Corp.(a)		7,192
700	Constellation Energy Group, Inc.		61,845
			69,037

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 11

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Industrial Conglomerates    4.1%
17,100	General Electric Co.	$	566,694
500	Textron, Inc.		27,085
3,600	Tyco International Ltd.		144,216
			737,995
Insurance    5.9%
2,400	Allied World Assurance Co. Holdings Ltd.		104,520
4,200	American Financial Group, Inc.		108,654
1,500	American International Group, Inc.		70,290
1,800	Arch Capital Group Ltd.(a)		123,264
3,100	Axis Capital Holdings Ltd.		114,297
1,300	Everest Re Group Ltd.		125,944
300	Hartford Financial Services Group, Inc.		20,970
2,000	Montpelier Re Holdings Ltd.		31,820
1,600	PartnerRe Ltd.		123,024
2,900	Travelers Cos., Inc. (The)		134,589
2,300	W.R. Berkley Corp.		66,217
1,200	XL Capital Ltd. (Class A)		43,272
			1,066,861
Internet & Catalog Retail    0.5%
4,600	IAC/InterActive Corp.(a)		91,540
Internet Software & Services    1.2%
5,500	eBay, Inc.(a)		144,980
100	Google, Inc. (Class A)(a)		47,118
2,300	Vignette Corp.(a)		29,095
			221,193
IT Services    1.5%
1,400	Accenture Ltd.		49,350
3,400	Automatic Data Processing, Inc.		135,830
100	Integral Systems, Inc.		2,434
400	Mastercard, Inc. (Class A)		76,000
			263,614
Life Sciences, Tools & Services    1.5%
3,800	Applera Corp. - Applied Biosystems Group		128,098
900	Covance, Inc.(a)		75,969
1,000	Dionex Corp.(a)		73,820
			277,887

See Notes to Financial Statements.

12 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Machinery    2.0%
2,200	Cummins, Inc.	$	110,836
300	Illinois Tool Works, Inc.		14,721
2,900	Ingersoll-Rand Co.		121,394
1,800	Parker Hannifin Corp.		116,334
			363,285
Media    3.6%
2,600	CBS Corp. (Class B)		59,332
8,800	Comcast Corp. (Class A)		171,952
6,400	DIRECTV Group, Inc. (The)(a)		160,320
600	Lamar Advertising Co.		22,866
800	Marvel Entertainment, Inc.(a)		20,120
10,800	Time Warner, Inc.		168,588
1,600	Walt Disney Co. (The)		51,856
			655,034
Metals & Mining    0.7%
3,500	Alcoa, Inc.		129,990
Multi-line Retail    0.2%
1,300	Macy’s, Inc.		32,084
Multi-Utilities    0.1%
1,800	CMS Energy Corp.		25,902
Office Electronics    0.7%
8,600	Xerox Corp.		126,420
100	Zebra Technologies Corp.(a)		3,332
			129,752
Oil, Gas & Consumable Fuels    13.7%
2,600	Chesapeake Energy Corp.		117,572
4,100	Chevron Corp.		355,306
3,500	ConocoPhillips		289,485
1,400	Devon Energy Corp.		143,808
8,300	Exxon Mobil Corp.		722,183
1,500	Frontier Oil Corp.		53,565
2,400	Holly Corp.		128,136
300	Marathon Oil Corp.		15,948
2,000	Massey Energy Co.		76,520

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 13

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
1,400	Overseas Shipholding Group, Inc.	$	87,808
3,200	Quicksilver Resources, Inc.(a)		110,080
2,600	Sandridge Energy, Inc.(a)		97,864
1,800	Sunoco, Inc.		109,944
4,100	Williams Cos., Inc.		147,682
			2,455,901
Paper & Forest Products    0.5%
3,100	International Paper Co.		98,270
Personal Products
200	Nu Skin Enterprises, Inc. (Class A)		3,312
Pharmaceuticals    7.2%
6,400	Bristol-Myers Squibb Co.		144,704
3,100	Eli Lilly & Co.		155,062
1,800	Forest Laboratories, Inc.(a)		71,586
2,400	Johnson & Johnson		148,704
4,600	Merck & Co., Inc.		203,780
3,900	Par Pharmaceutical Cos., Inc.(a)		68,991
14,600	Pfizer, Inc.		325,288
4,100	Sepracor, Inc.(a)		88,027
4,700	Warner Chilcott Ltd. (Class A)(a)		79,289
100	Wyeth		4,362
			1,289,793
Real Estate Investment Trust    3.3%
2,000	Arbor Realty Trust, Inc.		32,160
6,600	Brandywine Realty Trust		110,484
5,000	CBL & Associates Properties, Inc.		116,750
1,300	Cedar Shopping Centers, Inc.		15,106
1,900	Hospitality Properties Trust		69,027
3,600	Parkway Properties, Inc.		128,700
3,700	Weingarten Realty Investors		118,807
			591,034
Road & Rail    1.1%
1,200	CSX Corp.		58,224
700	Landstar System, Inc.		32,466
2,000	Norfolk Southern Corp.		105,780
			196,470

See Notes to Financial Statements.

14 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment    3.4%
11,000	Intel Corp.	$	219,450
900	LSI Corp.(a)		4,536
4,800	NVIDIA Corp.(a)		102,672
4,700	Texas Instruments, Inc.		140,812
6,200	Xilinx, Inc.		138,632
1,000	Zoran Corp.(a)		13,730
			619,832
Software    5.0%
3,600	Adobe Systems, Inc.(a)		121,140
13,800	Compuware Corp.(a)		109,848
800	Factset Research Systems, Inc.		42,112
700	Lawson Software, Inc.(a)		5,460
14,200	Microsoft Corp.		386,524
5,500	Oracle Corp.(a)		103,400
8,500	Symantec Corp.(a)		143,140
			911,624
Specialty Retail    2.5%
6,000	American Eagle Outfitters, Inc.		128,220
2,700	Best Buy Co., Inc.		116,127
6,200	Cache, Inc.(a)		61,752
1,700	Petsmart, Inc.		36,601
2,100	Rent-A-Center, Inc.(a)		36,015
2,800	Tween Brands, Inc.(a)		82,880
			461,595
Textiles, Apparel & Luxury Goods    1.2%
5,900	Jones Apparel Group, Inc.		83,249
3,400	Warnaco Group, Inc. (The)(a)		127,704
			210,953
Thrifts & Mortgage Finance    0.8%
8,600	Hudson City Bancorp, Inc.		136,482
Tobacco    1.2%
1,300	Altria Group, Inc.		95,082
2,000	Reynolds American, Inc.		127,440
			222,522

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 15

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Trading Companies & Distributors    1.3%
4,300	Aircastle Ltd.	$	88,580
2,200	Nuco2, Inc.(a)		60,786
1,600	United Rental, Inc.(a)		32,160
1,400	WESCO International, Inc.(a)		56,000
			237,526
Wireless Telecommunication Services    0.5%
12,700	Sprint Nextel Corp.		90,297
	Total long-term investments (cost $25,284,319)		23,032,691
SHORT-TERM INVESTMENTS    1.4%
Affiliated Mutual Funds    1.3%
	Dryden Core Investment Fund - Taxable Money Market Series
241,027	(cost $241,027)(Note 3)(b)		241,027
U.S. Government Treasury Security    0.1%
Principal Amount
	United States Treasury Bill, 3.16%, 3/20/2008(c)(d)
$25,000	(cost $24,958)		24,975
	Total short-term investments (cost $265,985)		266,002
	Total Investments, Before Securities Sold Short    128.6% (cost $25,550,304)		23,298,693
SECURITIES SOLD SHORT    (29.1)%
COMMON STOCKS
Aerospace/Defense    (0.1)%
500	BE Aerospace, Inc.(a)		(17,150	)
Air Freight & Logistics    (0.5)%
2,300	Expeditors International Washington, Inc.		(90,436	)
Airlines    (1.1)%
7,700	AMR Corp.(a)		(98,637	)
7,400	Delta Airlines, Inc.(a)		(98,790	)
			(197,427	)

See Notes to Financial Statements.

16 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Biotechnology    (0.7)%
3,000	Amylin Pharmaceuticals, Inc.(a)	$	(79,410	)
200	Genentech, Inc.(a)		(15,150	)
1,400	Vertex Pharmaceuticals, Inc.(a)		(24,500	)
			(119,060	)
Chemicals    (0.2)%
1,100	Cabot Corp.		(30,140	)
Commercial Banks    (0.7)%
2,700	Bancorpsouth, Inc.		(60,696	)
800	Commerce Bancshares, Inc.		(33,320	)
2,100	Valley National Bancorp.		(39,228	)
			(133,244	)
Commercial Services & Supplies    (0.4)%
600	Mines Safety Appliances Co.		(24,066	)
2,800	Navigant Consulting, Inc.(a)		(45,668	)
			(69,734	)
Communications Equipment    (0.8)%
4,000	F5 Networks, Inc.(a)		(88,640	)
4,700	Foundry Networks, Inc.(a)		(55,789	)
			(144,429	)
Computers & Peripherals    (0.1)%
600	SanDisk Corp.(a)		(14,130	)
Construction & Engineering    (0.7)%
5,400	Quanta Services, Inc.(a)		(128,952	)
Consumer Finance    (0.6)%
5,200	SLM Corp.		(101,972	)
Diversified Financial Services
200	Nasdaq OMX Group (The)(a)		(8,302	)
Electronic Equipment & Instruments    (1.0)%
2,300	Amphenol Corp. (Class A)		(85,031	)
3,700	Trimble Navigation Ltd.(a)		(101,158	)
			(186,189	)

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 17

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Energy Equipment & Services    (1.4)%
400	Exterran Holdings, Inc.(a)	$	(27,860	)
2,000	Grant Prideco, Inc.(a)		(100,940	)
400	Transocean, Inc.		(56,204	)
900	Weatherford International Ltd.(a)		(62,028	)
			(247,032	)
Food Products    (0.1)%
600	Tootsie Roll Industries, Inc.		(14,538	)
Healthcare Equipment & Supplies    (0.5)%
2,300	Resmed, Inc.(a)		(93,127	)
Healthcare Providers & Services    (2.3)%
3,100	Community Health Systems, Inc.(a)		(96,317	)
2,000	Davita, Inc.(a)		(99,260	)
1,800	Henry Schein, Inc.(a)		(107,676	)
3,500	Psychiatric Solutions, Inc.(a)		(99,015	)
500	Wellcare Health Plans, Inc.(a)		(23,870	)
			(426,138	)
Hotels, Restaurants & Leisure    (1.0)%
2,000	Orient Express Hotels Ltd.		(108,340	)
3,400	Scientific Games Corp.(a)		(70,278	)
			(178,618	)
Household Durables    (0.6)%
5,500	Toll Brothers, lnc.(a)		(116,655	)
Independent Power Producers & Energy Traders    (0.4)%
9,900	Dynegy, Inc.(a)		(73,260	)
Insurance    (1.8)%
1,400	AON Corp.		(58,254	)
6,200	Fidelity National Title		(109,182	)
3,300	First American Corp.		(114,939	)
100	White Mountains Insurance Group Ltd.		(49,340	)
			(331,715	)
Internet Software & Services    (0.6)%
2,900	VeriSign, Inc.(a)		(100,920	)

See Notes to Financial Statements.

18 Visit our website at www.jennisondryden.com

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
IT Services    (0.4)%
1,600	Fidelity National Information Services, Inc.	$	(66,384	)
Life Sciences, Tools & Services    (0.1)%
300	Pharmaceutical Product Development, Inc.		(13,521	)
Machinery    (0.6)%
1,700	Joy Global, Inc.		(112,829	)
Media    (1.3)%
3,300	Clear Channel Outdoor Holdings, Inc. (Class A)(a)		(76,758	)
4,000	CTC Media, Inc.(a)		(117,440	)
2,700	News Corp. (Class A)		(49,707	)
			(243,905	)
Metals & Mining    (0.1)%
1,000	Titanium Metals Corp.		(20,620	)
Multi-line Retail    (0.3)%
1,200	Target Corp.		(63,132	)
Oil, Gas & Consumable Fuels    (3.1)%
2,000	Bill Barrett Corp.(a)		(92,680	)
600	Cabot Oil And Gas Corp.		(29,850	)
2,200	Foundation Coal Holdings, Inc.		(127,094	)
1,300	Peabody Energy Corp.		(73,606	)
2,100	Range Resources Corp.		(128,478	)
1,700	Southwestern Energy Co.(a)		(110,891	)
			(562,599	)
Pharmaceuticals    (0.9)%
1,200	Allergan, Inc.		(71,076	)
7,700	Mylan, Inc.		(91,168	)
			(162,244	)
Real Estate Investment Trust    (2.1)%
400	Alexandria Real Estate Equities, Inc.		(36,720	)
900	Essex Property Trust, Inc.		(94,536	)
700	Health Care Property Investors, Inc.		(20,426	)
2,300	Plum Creek Timber Co., Inc.		(93,587	)
800	Rayonier, Inc.		(34,040	)
2,500	Ventas, Inc.		(104,550	)
			(383,859	)

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 19

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment    (2.2)%
4,900	Applied Materials, Inc.	$	(93,933	)
5,500	Cypress Semiconductor Corp.(a)		(119,570	)
15,300	Micron Technology, Inc.(a)		(115,056	)
2,900	Novellus Systems, Inc.(a)		(64,032	)
			(392,591	)
Software    (0.6)%
100	Advent Software, Inc.(a)		(4,494	)
2,100	Electronic Arts, Inc.(a)		(99,309	)
			(103,803	)
Specialty Retail    (0.5)%
3,500	O’Reilly Automotive, Inc.(a)		(94,360	)
Textiles, Apparel & Luxury Goods    (0.3)%
2,400	CROCS, Inc.(a)		(58,368	)
Wireless Telecommunication Services    (1.0)%
6,000	MetroPCS Communications, Inc.(a)		(95,700	)
2,300	Nii Holdings, Inc.(a)		(91,379	)
			(187,079	)
	Total securities sold short (cost $5,760,305)		(5,288,462	)
	Total Investments, Net of Securities Sold Short    99.4% (cost $19,789,999)		18,010,231
	Other assets in excess of liabilities(e)    0.6%		106,914
	Net Assets    100.0%	$	18,117,145

(a) Non-income producing security.

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

(c) Percentage quoted represent yield-to-maturity as of purchase date.

(d) Security segregated as collateral for future contracts

(e) Other assets in excess of liabilities include net unrealized depreciation on financial futures contracts as follows:

See Notes to Financial Statements.

20 Visit our website at www.jennisondryden.com

Open futures contracts outstanding at February 29, 2008:

Number of Contracts	Type	Expiration Date	Value at February 29, 2008		Value at Trade Date		Unrealized Depreciation
	Long Position:
4	Russell 1000 Mini Futures	Mar. 08	$	290,720	$	301,759	$	(11,039	)

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

Level 1 - quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of February 29, 2008 in valuing the Fund’s assets carried at fair value:

Valuation inputs	Investments in Securities		Other Financial Instruments*
Level 1 - Quoted Prices	$	17,985,256	$	290,720
Level 2 - Other Significant Observable Inputs		24,975		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	18,010,231	$	290,720

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

As of February 29, 2008, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of Investments

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2008 were as follows:

Oil, Gas & Consumable Fuels	13.7	%
Pharmaceuticals	7.2
Insurance	5.9
Computers & Peripherals	5.3
Software	5.0

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 21

Portfolio of Investments

as of February 29, 2008 (Unaudited) continued

Industry (cont’d.)
Healthcare Providers & Services	4.8
Industrial Conglomerates	4.1
Aerospace/Defense	4.0
Capital Markets	3.7
Media	3.6
Commercial Banks	3.5
Chemicals	3.4
Semiconductors & Semiconductor Equipment	3.4
Beverages	3.3
Real Estate Investment Trust	3.3
Diversified Telecommunication Services	3.1
Food & Staples Retailing	3.1
Energy Equipment & Services	2.9
Household Products	2.9
Diversified Financial Services	2.7
Communications Equipment	2.5
Specialty Retail	2.5
Electric Utilities	2.4
Healthcare Equipment & Supplies	2.3
Hotel, Restaurants & Leisure	2.0
Machinery	2.0
Commercial Services & Supplies	1.8
Electrical Equipment	1.7
Biotechnology	1.6
IT Services	1.5
Life Sciences, Tools & Services	1.5
Electronic Equipment & Instruments	1.4
Affiliated Money Market Mutual Fund	1.3
Trading Companies & Distributors	1.3
Internet Software & Services	1.2
Textiles, Apparel & Luxury Goods	1.2
Tobacco	1.2
Household Durables	1.1
Road & Rail	1.1
Consumer Finance	0.8
Diversified Consumer Services	0.8
Thrifts & Mortgage Finance	0.8
Metals & Mining	0.7
Office Electronics	0.7
Airlines	0.6
Automobiles	0.5
Internet & Catalog Retail	0.5
Paper & Forest Products	0.5
Wireless Telecommunication Services	0.5
Food Products	0.4
Independent Power Producers & Energy Traders	0.4
Air Freight & Logistics	0.3
Multi-line Retail	0.2

See Notes to Financial Statements.

22 Visit our website at www.jennisondryden.com

Industry (cont’d.)
Containers & Packaging	0.1
Multi-Utilities	0.1
U.S. Government Treasury Security	0.1
Aerospace/Defense	(0.1	)
Computers & Peripherals	(0.1	)
Food Products	(0.1	)
Life Sciences, Tools & Services	(0.1	)
Metals & Mining	(0.1	)
Chemicals	(0.2	)
Multi-line Retail	(0.3	)
Textiles, Apparel & Luxury Goods	(0.3	)
Commercial Services & Supplies	(0.4	)
Independent Power Producers & Energy Traders	(0.4	)
IT Services	(0.4	)
Air Freight & Logistics	(0.5	)
Healthcare Equipment & Supplies	(0.5	)
Specialty Retail	(0.5	)
Consumer Finance	(0.6	)
Household Durables	(0.6	)
Internet Software & Services	(0.6	)
Machinery	(0.6	)
Software	(0.6	)
Biotechnology	(0.7	)
Commercial Banks	(0.7	)
Construction & Engineering	(0.7	)
Communications Equipment	(0.8	)
Pharmaceuticals	(0.9	)
Electronic Equipment & Instruments	(1.0	)
Hotel, Restaurants & Leisure	(1.0	)
Wireless Telecommunication Services	(1.0	)
Airlines	(1.1	)
Media	(1.3	)
Energy Equipment & Services	(1.4	)
Insurance	(1.8	)
Real Estate Investment Trust	(2.1	)
Semiconductors & Semiconductor Equipment	(2.2	)
Healthcare Providers & Services	(2.3	)
Oil, Gas & Consumable Fuels	(3.1	)
	99.4
Other assets in excess of liabilities	0.6
	100.0	%

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 23

Statement of Assets and Liabilities

as of February 29, 2008 (Unaudited)

Assets
Investments at value:
Unaffiliated investments (cost $25,309,277)	$	23,057,666
Affiliated investments (cost $241,027)		241,027
Prepaid expenses		29,841
Cash		24,746
Dividends and interest receivable		48,019
Due from advisor		12,657
Total assets		23,413,956
Liabilities
Securities sold short, at value (proceeds $5,760,305)		5,288,462
Due to broker—variation margin		7,480
Dividends on securities sold short		852
Affiliated transfer agent fee payable		17
Total liabilities		5,296,811
Net Assets	$	18,117,145
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,000
Paid-in capital in excess of par		20,002,502
		20,004,502
Undistributed net investment income		58,330
Accumulated net realized loss on investment, short sales and futures transactions		(154,880	)
Net unrealized depreciation on investments, short sales and futures		(1,790,807	)
Net assets, February 29, 2008	$	18,117,145

Class A
Net asset value and redemption price per share ($3,330 ÷ 368 shares of beneficial interest issued and outstanding)	$	9.05
Maximum sales charge (5.50% of offering price)		.53
Maximum offering price to public	$	9.58
Class Z
Net asset value, offering price and redemption price per share ($18,113,815 ÷ 2,000,100 shares of beneficial interest issued and outstanding)	$	9.06

See Notes to Financial Statements.

24 Visit our website at www.jennisondryden.com

Statement of Operations

For the period December 27, 2007(a) through February 29, 2008 (Unaudited)

Net Investment Loss
Income
Unaffiliated dividends	$	88,152
Affiliated dividend income		18,274
Interest		804
Total income		107,230
Expenses
Management fee		32,802
Distribution fee—Class A		1
Legal fees and expenses		27,000
Custodian’s fees and expenses		19,000
Registration fees		10,000
Audit fee		5,000
Broker fees and expenses on short sales		4,348
Trustees’ fees		3,000
Transfer agent’s fees and expenses (including affiliated expenses of $17) (Note 3)		1,000
Dividend income on short positions		3,552
Reports to shareholders		1,000
Miscellaneous		2,111
Total expenses		108,814
Less: Management fee waiver		(59,914	)
Net expenses		48,900
Net investment income		58,330
Realized And Unrealized Loss On Investments, Short Sales and Futures
Net realized gain (loss) on:
Investment transactions		(212,730	)
Short sale transactions		63,661
Financial futures transactions		(5,811	)
		(154,880	)
Net unrealized depreciation on:
Investments		(2,251,611	)
Short sales		471,843
Financial futures contracts		(11,039	)
		(1,790,807	)
Net loss on investments, short sales and futures		(1,945,687	)
Net Decrease In Net Assets Resulting From Operations	$	(1,887,357	)

(a) Commencement of investment operations.

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 25

Statement of Cash Flows

For the period December 27, 2007(a) through February 29, 2008

Increase (Decrease) in Cash
Cash flows provided from (used in) operating activities:
Interest and dividends received (excluding discount accretion of $129)	$	56,382
Operating expenses paid		(87,829	)
Decrease in variation margin payable		(9,370	)
Purchases of short-term portfolio investments, net		(265,856	)
Purchases of long-term portfolio investments		(28,114,201	)
Increase in proceeds from securities sold short		6,752,158
Decrease in purchases to cover		(928,193	)
Proceeds from disposition of long-term portfolio investments		2,617,153
Net cash used in operating activities		(19,979,756	)
Cash flows provided from (used in) financing activities:
Increase in shares of beneficial interest sold		20,004,502
Net cash provided from financing activities		20,004,502
Net increase in cash		24,746
Cash at beginning of period		—
Cash at end of period	$	24,746
Reconciliation of Net Increase in Net Assets to Net Cash Provided from (used in) Operating Activities
Net decrease in net assets resulting from operations	$	(1,887,357	)
Increase in investments		(25,244,380	)
Net realized loss on investment transactions		154,880
Increase in net unrealized depreciation on investments		1,790,807
Increase in interest and dividends receivable		(48,019	)
Increase in receivable from advisor		(12,657	)
Increase in prepaid expenses		(29,824	)
Increase in variation margin payable		7,480
Increase in securities sold short, at value		5,288,462
Increase in dividends payable on securities sold short		852
Total adjustments		(18,092,399	)
Net cash used in operating activities	$	(19,979,756	)

(a) Commencement of investment operations.

See Notes to Financial Statements.

26 Visit our website at www.jennisondryden.com

Statement of Changes in Net Assets

(Unaudited)

	December 27, 2007* through February 29, 2008
Increase In Net Assets
Operations
Net investment income	$	58,330
Net realized loss on investment, short sale and futures transactions		(154,880	)
Net unrealized depreciation on investments, short sales and futures		(1,790,807	)
Net decrease in net assets resulting from operations		(1,887,357	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		20,004,502
Net asset value of shares issued in reinvestment of dividends		—
Cost of shares reacquired		—
Net increase in net assets from Fund share transactions		20,004,502
Total increase		18,117,145
Net Assets
Beginning of period		—
End of period(a)	$	18,117,145
(a) Includes undistributed net investment income of:	$	58,330

* Commencement of investment operations.

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 27

Notes to Financial Statements

(Unaudited)

JennisonDryden Portfolios, Inc. (the “Portfolios”) is registered under the Investment Company Act of 1940 as a diversified, open-end, management investment company and currently consists of two funds: Dryden US Equity Active Extension Fund (the “Fund”) and Jennison Value Fund. These financial statements relate to the Dryden US Equity Active Extension Fund. The financial statements of the other fund are not represented herein. The Fund commenced investment operations on December 27, 2007. The investment objective of the Fund is long-term capital appreciation. The Fund seeks to achieve its objective through the use of a long/short investment strategy.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolios and 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 that are actively 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. Future 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 bid and asked prices on such exchange or board of trade or at the last bid price in the absence of an asked price. 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 Fund’s normal pricing time, are valued at fair value in accordance with the Board of Directors’ approved fair valuation procedures. When determining the fair valuation of securities some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any

28 Visit our website at www.jennisondryden.com

recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

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 debt 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 debt securities which mature in more than 60 days are valued at current market quotations.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on financial futures transactions.

The Fund invests in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates or market conditions. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets.

Financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

Dryden US Equity Active Extension Fund 29

Notes to Financial Statements

(Unaudited) continued

Short Sales: The Fund engages in short sales (selling securities it does not own) as part of its normal investment activities. These short sales are collateralized at all times by cash deposits with the prime broker and securities held in a segregated account at the custodian. The short stock rebate is included in the Statements of Operations represents the net income earned on short sale proceeds held on deposit with the prime broker and margin interest earned or incurred on short sale transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales. Dividends declared on short positions are recorded on the ex-dividend date as an expense on the Statement of Operations and included in the expense ratio in the Financial Highlights. Liability for securities sold short is reported at market value on the Statement of Assets and Liabilities. The Fund records a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund records a gain if the price of the security declines between those dates. Short selling involves the off-balance sheet risk of potentially unlimited increase in the market value of the security sold short, which could result in potentially unlimited loss for the Fund. The Fund is subject to risk of loss if the broker were to fail to perform its obligation under contractual terms.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses on sales of securities are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount on debt securities as required, is recorded on an accrual basis. Expenses are recorded on an accrual basis. The Fund amortizes premiums and discounts on purchases of debt securities as adjustments to interest income.

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.

Dividends and Distributions: The Fund expects to pay dividends of net investment income and distributions of net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences

30 Visit our website at www.jennisondryden.com

relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-in capital in excess of par, as appropriate.

Taxes: For federal income tax purposes, it is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment 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.

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 Portfolios have a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the sub-advisor’s performance of such services. PI has entered into a subadvisory agreement with Quantitative Management Associates (“QMA”). The subadvisory agreement provides that QMA furnishes investment advisory services in connection with the management of the Fund. In connection therewith, QMA is obligated to keep certain books and records of the Fund. PI pays for the services of QMA, the compensation of officers 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 1.00 of 1% of the average daily net assets of the Fund.

PI has contractually agreed until December 31, 2008 to waive a portion of their management fee and/or reimburse the Fund in order to limit operating expenses (excluding distribution and service (12b-1) fees, dividend expenses related to short sales, taxes, interest, brokerage commissions and certain extraordinary expenses) to each class of shares do not exceed 1.25% of the Fund’s daily average net assets.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A shares pursuant to plans of distribution (the “Class A Plan”), regardless of

Dryden US Equity Active Extension Fund 31

Notes to Financial Statements

(Unaudited) continued

expenses actually incurred by PIMS. 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 Plan, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30 of 1% of the average daily net assets of the Class A shares, respectively. PIMS contractually agreed to limit such fees to .25 of 1% of the average daily net assets of the Class A shares.

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

The Portfolios, along with other affiliated registered investment companies (the “Funds”), is a party to a syndicated credit agreement (“SCA”) with two banks. The SCA provides for a commitment of $500 million. Interest on any borrowings under the SCA is incurred at contracted market rates and a commitment fee for the unused amount is accrued daily and paid quarterly. Effective October 26, 2007, the Funds renewed SCA with the banks. The commitment under the renewed SCA continues to be $500 million. The Funds pay a commitment fee of .06 of 1% of the unused portion of the renewed SCA. The expiration date of the renewed SCA will be October 24, 2008. For the period from October 27, 2006 through October 26, 2007, the Funds paid a commitment fee of .07 of 1% of the unused portion of the agreement. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The Fund did not borrow any amounts pursuant to the SCA during the period ended February 29, 2008.

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’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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.

32 Visit our website at www.jennisondryden.com

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the period ended February 29, 2008 were $28,114,202 and $2,617,153, respectively. Short sales and purchases to cover were $6,752,159 and $928,193, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Funds’ investments and the net unrealized depreciation as of February 29, 2008 were as follows:

Tax Basis of Investments	Appreciation	Depreciation	Net Unrealized Depreciation
$19,791,290	$915,193	$(2,696,252)	$(1,781,059)

The difference between book basis and tax basis is primarily attributable to deferred losses on wash sales.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of February 29, 2008, no provision for income tax would be required in the Funds’ financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund consists of Class A, Class B, Class C and Class Z shares. For the period ended February 29, 2008, only Class A and Class Z were available for investment. 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 Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

At February 29, 2008, 99.9% of the shares outstanding were owned by the Manager and its affiliates.

Dryden US Equity Active Extension Fund 33

Notes to Financial Statements

(Unaudited) continued

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.

Transactions in shares of common stock were as follows:

Class A	Shares	Amount
Period ended February 29, 2008:*
Shares sold	368	$	3,502
Shares issued in reinvestment of dividends	—		—
Shares reacquired	—		—
Net increase (decrease) in shares outstanding	368	$	3,502
Class Z
Period ended February 29, 2008:*
Shares sold	2,000,100	$	20,001,000
Shares issued in reinvestment of dividends	—		—
Shares reacquired	—		—
Net increase (decrease) in shares outstanding	2,000,100	$	20,001,000

* Commenced operations on December 27, 2007.

34 Visit our website at www.jennisondryden.com

Financial Highlights

	Class A
	December 27, 2007(a) Through February 29, 2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	10.00
Income from investment operations:
Net investment income		.01
Net realized and unrealized loss on investment transactions		(.96	)
Total from investment operations		(.95	)
Net asset value, end of period	$	9.05
Total Return(b):		(9.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	3
Average net assets (000)	$	1
Ratios to average net assets(c)(d):
Expenses, including distribution and service (12b-1) fees		1.74	%(e)
Expenses, excluding distribution and service (12b-1) fees		1.49	%(e)
Expenses, excluding distribution and service (12b-1) fees and short sale expenses		1.25	%(e)
Net investment income		1.53	%(e)
Portfolio turnover rate		21	%(f)

(a) Inception date of Class A shares.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share 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 less than a full year are not annualized. Total investment returns may reflect adjustments to conform to generally accepted accounting principles.

(c) Does not include expenses of the underlying portfolios in which the Fund invests.

(d) The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .25 of 1% of the average daily net assets of the Class A shares.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Dryden US Equity Active Extension Fund 35

Financial Highlights

(Unaudited) continued

	Class Z
	December 27, 2007(a) Through February 29, 2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	10.00
Income (loss) from investment operations:
Net investment income		.03
Net realized and unrealized loss on investment transactions		(.97	)
Total from investment operations		(.94	)
Net asset value, end of period	$	9.06
Total Return(b):		(9.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	18,114
Average net assets (000)	$	18,758
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.49	%(d)
Expenses, excluding distribution and service (12b-1) fees		1.49	%(d)
Expenses, excluding distribution and service (12b-1) fees and short sale expenses		1.25	%(d)
Net investment income		1.78	%(d)

(a) Inception date of Class Z shares.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share 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 less than a full year are not annualized. Total investment returns may reflect adjustments to conform to generally accepted accounting principles.

(c) Does not include expenses of the underlying portfolios in which the Fund invests.

(d) Annualized.

See Notes to Financial Statements.

36 Visit our website at www.jennisondryden.com

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 of the Fund has delegated to the Fund’s investment subadviser 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 website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Commission’s website.

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 • Kathryn L. Quirk, Chief Legal Officer • Deborah A. Docs, Secretary • Timothy J. Knierim, Chief Compliance Officer • Valerie M. Simpson, Deputy Chief Compliance Officer • Noreen M. Fierro, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • John P. Schwartz, Assistant Secretary • Andrew R. French, Assistant Secretary • M. Sadiq Peshimam, Assistant Treasurer • Peter Parrella, Assistant Treasurer

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT SUBADVISER	Quantitative Management Associates LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
CUSTODIAN	The Bank of New York	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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.

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 can communicate directly with the Board of Trustees by writing to the Chair of the Board, Dryden US Equity Active Extension Fund, Prudential Investments, Attn: Board of Trustees, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange 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 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’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each 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

Dryden US Equity Active Extension Fund
	Share Class	A	Z
	NASDAQ	DUEAX	DUEZX
	CUSIP	476297858	476297866

MF200E2    IFS-A146558    Ed. 04/2008

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

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an 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 has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

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)    JennisonDryden Portfolios

By (Signature and Title)*	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary

Date    April 23, 2008

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    April 23, 2008

By (Signature and Title)*	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer

Date    April 23, 2008

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

EX-99.CERT

Item 12

JennisonDryden Portfolios

Semi-Annual period ending 02/29/08

File No. 811-04864

CERTIFICATIONS

I, Judy A. Rice, certify that:

1. I have reviewed this report on Form N-CSR of JennisonDryden Portfolios;

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 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 second fiscal quarter of the period covered by this 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: April 23, 2008

/s/ Judy A. Rice

Judy A. Rice

President and Principal Executive Officer

Item 12

JennisonDryden Portfolios

Semi-Annual period ending 02/29/08

File No. 811-04864

CERTIFICATIONS

I, Grace C. Torres, certify that:

1. I have reviewed this report on Form N-CSR of JennisonDryden Portfolios;

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 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 second fiscal quarter of the period covered by this 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: April 23, 2008

/s/ Grace C. Torres

Grace C. Torres

Treasurer and Principal Financial Officer

EX-99.906CERT

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:    JennisonDryden Portfolios

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: April 23, 2008	/s/ Judy A. Rice
	Judy A. Rice
	President and Principal Executive Officer
Date: April 23, 2008	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer