Prudential Investment Portfolios 18 NPX Annual report of proxy voting record

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08587

Jennison 20/20 Focus Fund

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip Code)

Lori E. Bostrom, Esq.

(Name and address of agent for service)

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

Date of fiscal year-end: January 31, 2004

Date of reporting period: June 30, 2004

Item 1. Proxy Voting Record

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

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: Jennison 20/20 Focus Fund #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Agilent Technologies

00846U101

3/2/04

Annual

Adviser: Jennison Associates

1.00 Elect Walter B. Hewlett

MGMT

YES

FOR

1.00 Elect Robert L. Joss

MGMT

YES

FOR

1.00 Elect James G. Cullen

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

American Express

AXP

025816109

4/26/04

Annual

Adviser: Jennison Associates

1.00 Elect Richard A. McGinn

MGMT

YES

FOR

1.00 Elect Daniel F. Akerson

MGMT

YES

FOR

1.00 Elect Charlene Barshefsky

MGMT

YES

FOR

1.00 Elect William G. Bowen

MGMT

YES

FOR

1.00 Elect Ursula M. Burns

MGMT

YES

FOR

1.00 Elect Kenneth I. Chenault

MGMT

YES

FOR

1.00 Elect Peter R. Dolan

MGMT

YES

FOR

1.00 Elect Jan Leschly

MGMT

YES

FOR

1.00 Elect Edward D. Miller

MGMT

YES

FOR

1.00 Elect Frank P. Popoff

MGMT

YES

FOR

1.00 Elect Robert D. Walter

MGMT

YES

FOR

1.00 Elect Vernon E. Jordan Jr.

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Director Tenure/Retirement Age

SHLDR

YES

AGNST

FOR

4.00 SP-Review Political Spending

SHLDR

YES

AGNST

FOR

BJ Services

BJS

055482103

1/22/04

Annual

Adviser: Jennison Associates

1.00 Elect Don D. Jordan

MGMT

YES

FOR

1.00 Elect William H. White

MGMT

YES

FOR

2.00 Adopt Stock Option Plan

MGMT

YES

FOR

3.00 Develop/report On Country Selection Standards

SHLDR

YES

AGNST

FOR

Page 1 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Cisco Systems

CSCO

17275R102

11/11/03

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

AGNST

2.00 Adopt Employee Stock Purchase Plan

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 SP-Misc. Human/Political Rights Proposal

SHLDR

YES

AGNST

FOR

5.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

FOR

Citigroup

172967101

4/20/04

Annual

Adviser: Jennison Associates

1.00 Elect Charles Prince

MGMT

YES

FOR

1.00 Elect Richard D. Parsons

MGMT

YES

FOR

1.00 Elect Robert B. Willumstad

MGMT

YES

FOR

1.00 Elect Sanford I. Weill

MGMT

YES

FOR

1.00 Elect Robert E. Rubin

MGMT

YES

FOR

1.00 Elect Andrall E. Pearson

MGMT

YES

FOR

1.00 Elect C. Michael Armstrong

MGMT

YES

FOR

1.00 Elect Ann Dibble Jordan

MGMT

YES

FOR

1.00 Elect Roberto H. Ramirez

MGMT

YES

FOR

1.00 Elect John M. Deutch

MGMT

YES

FOR

1.00 Elect Kenneth T. Derr

MGMT

YES

FOR

1.00 Elect George David

MGMT

YES

FOR

1.00 Elect Alain J.P. Belda

MGMT

YES

FOR

1.00 Elect Dudley C. Mecum II

MGMT

YES

FOR

1.00 Elect Franklin A. Thomas

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

FOR

4.00 SP-Review Political Spending

SHLDR

YES

AGNST

FOR

5.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

FOR

6.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

FOR

Page 2 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Dell

DELL

24702R101

7/18/03

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

2.00 Repeal Classified Board

MGMT

YES

FOR

3.00 Approve Name Change

MGMT

YES

FOR

4.00 Approve Annual Bonus Plan

MGMT

YES

FOR

Ebay Inc

EBAY

278642103

6/24/04

Annual

Adviser: Jennison Associates

1.00 Elect Phillipe Bourguignon

MGMT

YES

FOR

1.00 Elect Tomas J. Tierney

MGMT

YES

FOR

1.00 Elect Margaret C. Whitman

MGMT

YES

FOR

2.00 Add Shares to Stock Option Plan

MGMT

YES

FOR

2.00 Limit Per-Employee Awards

MGMT

YES

FOR

3.00 Add Shares to Stock Option Plan

MGMT

YES

FOR

4.00 Increase Authorized Common Stock

MGMT

YES

FOR

5.00 Ratify Selection of Auditors

MGMT

YES

FOR

6.00 SP-Expense Stock Options

SHLDR

YES

AGNST

FOR

Genentech

DNA

368710406

4/16/04

Annual

Adviser: Jennison Associates

1.00 Approve Board Size

MGMT

YES

FOR

2.00 Elect William M. Burns

MGMT

YES

FOR

2.00 Elect Jonathan K. C. Knowles

MGMT

YES

FOR

2.00 Elect Erich Hunziker

MGMT

YES

FOR

2.00 Elect Herbert W. Boyer

MGMT

YES

FOR

2.00 Elect Arthur D. Levinson

MGMT

YES

FOR

2.00 Elect Mark Richmond

MGMT

YES

FOR

2.00 Elect Charles A. Sanders

MGMT

YES

FOR

3.00 Increase Authorized Common Stock

MGMT

YES

FOR

4.00 Adopt Stock Option Plan

MGMT

YES

FOR

5.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 3 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

General Electric

369604103

4/28/04

Annual

Adviser: Jennison Associates

1.00 Elect Claudio X. Gonzalez Laporte

MGMT

YES

FOR

1.00 Elect Robert C. Wright

MGMT

YES

FOR

1.00 Elect Ann M. Fudge

MGMT

YES

FOR

1.00 Elect Dennis D. Dammerman

MGMT

YES

FOR

1.00 Elect James I. Cash Jr.

MGMT

YES

FOR

1.00 Elect Andrea Jung

MGMT

YES

FOR

1.00 Elect Alan G. Lafley

MGMT

YES

FOR

1.00 Elect Kenneth G. Langone

MGMT

YES

FOR

1.00 Elect Ralph S. Larsen

MGMT

YES

FOR

1.00 Elect Rochelle B. Lazarus

MGMT

YES

FOR

1.00 Elect Samuel A. Nunn Jr.

MGMT

YES

FOR

1.00 Elect Roger S. Penske

MGMT

YES

FOR

1.00 Elect Robert J. Swieringa

MGMT

YES

FOR

1.00 Elect Douglas A. Warner III

MGMT

YES

FOR

1.00 Elect Jeffrey R. Immelt

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Amend Long-term Bonus Plan

MGMT

YES

FOR

4.00 SP-Adopt Cumulative Voting

SHLDR

YES

FOR

AGNST

5.00 SP-Review or Promote Animal Welfare

SHLDR

YES

AGNST

FOR

6.00 SP-Review Nuclear Facility/Waste

SHLDR

YES

AGNST

FOR

7.00 SP-Report on Environmental Impact or Plans

SHLDR

YES

AGNST

FOR

8.00 SP-Report on Risk to Image of Globalization Strate

SHLDR

YES

AGNST

FOR

9.00 SP-Report on Sustainability

SHLDR

YES

AGNST

FOR

10.00 SP-Increase Comp Committee Independence

SHLDR

YES

AGNST

FOR

11.00 SP-Link Executive Pay to Social Criteria

SHLDR

YES

AGNST

FOR

12.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

FOR

13.00 SP-Limit Number of Directorships

SHLDR

YES

AGNST

FOR

14.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

FOR

15.00 SP-Study Sale or Spin-off

SHLDR

YES

AGNST

FOR

16.00 SP-Require Option Shares to Be Held

SHLDR

YES

AGNST

FOR

17.00 SP-Increase Board Independence

SHLDR

YES

AGNST

FOR

18.00 SP-Review Political Spending

SHLDR

YES

AGNST

FOR

Page 4 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Gilead Sciences Inc

GILD

375558103

5/25/04

Annual

Adviser: Jennison Associates

1.00 Elect Gayle E. Wilson

MGMT

YES

FOR

1.00 Elect John C. Martin

MGMT

YES

FOR

1.00 Elect Paul Berg

MGMT

YES

FOR

1.00 Elect James M. Denny

MGMT

YES

FOR

1.00 Elect Gordon E. Moore

MGMT

YES

FOR

1.00 Elect Nicholas G. Moore

MGMT

YES

FOR

1.00 Elect George P. Shultz

MGMT

YES

FOR

1.00 Elect Etienne Davignon

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 Increase Authorized Common Stock

MGMT

YES

FOR

Intel Corp

INTC

458140100

5/19/04

Annual

Adviser: Jennison Associates

1.00 Elect David S. Pottruck

MGMT

YES

FOR

1.00 Elect E. John P. Browne

MGMT

YES

FOR

1.00 Elect Charlene Barshefsky

MGMT

YES

FOR

1.00 Elect Craig R. Barrett

MGMT

YES

FOR

1.00 Elect D. James Guzy

MGMT

YES

FOR

1.00 Elect David B. Yoffie

MGMT

YES

FOR

1.00 Elect Jane E. Shaw

MGMT

YES

FOR

1.00 Elect Andrew S. Grove

MGMT

YES

FOR

1.00 Elect Paul S. Otellini

MGMT

YES

FOR

1.00 Elect Reed E. Hundt

MGMT

YES

FOR

1.00 Elect John L. Thornton

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 SP-Expense Stock Options

SHLDR

YES

AGNST

FOR

5.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

FOR

6.00 SP-Award Performance-based Stock Options

SHLDR

YES

AGNST

FOR

Page 5 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

International Rectifier

IRF

460254105

1/26/04

Special

Adviser: Jennison Associates

1.00 Increase Authorized Common Stock

MGMT

YES

FOR

J P Morgan Chase & Co

JPM

46625H100

5/25/04

Annual

Adviser: Jennison Associates

1.00 Approve Common Stock Issuance

MGMT

YES

FOR

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

2.00 Elect Lawrence A. Bossidy

MGMT

YES

FOR

2.00 Elect Ellen V. Futter

MGMT

YES

FOR

2.00 Elect William H. Gray III

MGMT

YES

FOR

2.00 Elect William B. Harrison Jr.

MGMT

YES

FOR

2.00 Elect Helene L. Kaplan

MGMT

YES

FOR

2.00 Elect Frank A. Bennack Jr.

MGMT

YES

FOR

2.00 Elect John H. Biggs

MGMT

YES

FOR

2.00 Elect Hans W. Becherer

MGMT

YES

FOR

2.00 Elect Lee R. Raymond

MGMT

YES

FOR

2.00 Elect John R. Stafford

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

4.00 Reapprove Option/Bonus Plan for OBRA

MGMT

YES

FOR

5.00 Adjourn Meeting

MGMT

YES

FOR

6.00 SP-Director Tenure/Retirement Age

SHLDR

YES

AGNST

FOR

7.00 SP-Limit or End Charitable Giving

SHLDR

YES

AGNST

FOR

8.00 SP-Review Political Spending

SHLDR

YES

AGNST

FOR

9.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

FOR

10.00 SP-Failure to Disclose Derivatives

SHLDR

YES

AGNST

FOR

11.00 SP-Limit Consulting by Auditors

SHLDR

YES

AGNST

FOR

12.00 SP-Restrict Director Compensation

SHLDR

YES

AGNST

FOR

13.00 SP-Link Executive Pay to Social Criteria

SHLDR

YES

AGNST

FOR

KLA-Tencor

KLAC

482480100

11/5/03

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 6 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Merrill Lynch

MER

590188108

4/23/04

Annual

Adviser: Jennison Associates

1.00 Elect David K. Newbigging

MGMT

YES

FOR

1.00 Elect J.W. Prueher

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Adopt Cumulative Voting

SHLDR

YES

FOR

AGNST

4.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

FOR

Microsoft

MSFT

594918104

11/11/03

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

2.00 Amend Stock Option Plan

MGMT

YES

FOR

3.00 Amend Director Stock Option Plan

MGMT

YES

FOR

4.00 SP-Limit or End Charitable Giving

SHLDR

YES

AGNST

FOR

Page 7 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Pfizer

PFE

717081103

4/22/04

Annual

Adviser: Jennison Associates

1.00 Elect Henry A. McKinnell Jr.

MGMT

YES

FOR

1.00 Elect Franklin D. Raines

MGMT

YES

FOR

1.00 Elect Jean-Paul Valles

MGMT

YES

FOR

1.00 Elect Stanley O. Ikenberry

MGMT

YES

FOR

1.00 Elect Ruth J. Simmons

MGMT

YES

FOR

1.00 Elect Michael S. Brown

MGMT

YES

FOR

1.00 Elect Dana G. Mead

MGMT

YES

FOR

1.00 Elect George A. Lorch

MGMT

YES

FOR

1.00 Elect William R. Howell

MGMT

YES

FOR

1.00 Elect Constance J. Horner

MGMT

YES

FOR

1.00 Elect William H. Gray III

MGMT

YES

FOR

1.00 Elect W. Don Cornwell

MGMT

YES

FOR

1.00 Elect Robert N. Burt

MGMT

YES

FOR

1.00 Elect M. Anthony Burns

MGMT

YES

FOR

1.00 Elect William C. Steere Jr.

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 SP-Review AIDS Pandemic’s Impact on Company

SHLDR

YES

AGNST

FOR

5.00 SP-Limit or End Political Spending

SHLDR

YES

AGNST

FOR

6.00 SP-Review Political Spending

SHLDR

YES

AGNST

FOR

7.00 SP-Director Tenure/Retirement Age

SHLDR

YES

AGNST

FOR

8.00 SP-Review Drug Pricing or Distribution

SHLDR

YES

AGNST

FOR

9.00 SP-Restrict Executive Compensation

SHLDR

YES

AGNST

FOR

10.00 SP-Review or Promote Animal Welfare

SHLDR

YES

AGNST

FOR

Starbucks

SBUX

855244109

3/30/04

Annual

Adviser: Jennison Associates

1.00 Elect Orin C. Smith

MGMT

YES

FOR

1.00 Elect Olden Lee

MGMT

YES

FOR

1.00 Elect Gregory B. Maffei

MGMT

YES

FOR

1.00 Elect William W. Bradley

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 8 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

State Street

STT

857477103

4/21/04

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

1.00 Elect Directors

MGMT

YES

FOR

1.00 Elect Directors

MGMT

YES

FOR

1.00 Elect Directors

MGMT

YES

FOR

1.00 Elect Directors

MGMT

YES

FOR

2.00 SP-Opt Out of State Takeover Statute

SHLDR

YES

AGNST

FOR

Texas Instruments

TXN

882508104

4/15/04

Annual

Adviser: Jennison Associates

1.00 Elect Thomas J. Engibous

MGMT

YES

FOR

1.00 Elect James R. Adams

MGMT

YES

FOR

1.00 Elect Gerald W. Fronterhouse

MGMT

YES

FOR

1.00 Elect David R. Goode

MGMT

YES

FOR

1.00 Elect Wayne R. Sanders

MGMT

YES

FOR

1.00 Elect Ruth J. Simmons

MGMT

YES

FOR

1.00 Elect Richard K. Templeton

MGMT

YES

FOR

1.00 Elect Christine Todd Whitman

MGMT

YES

FOR

1.00 Elect David L. Boren

MGMT

YES

FOR

1.00 Elect Daniel A. Carp

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Expense Stock Options

SHLDR

YES

AGNST

FOR

Page 9 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND #19P2

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Tiffany & Co

TIF

886547108

5/20/04

Annual

Adviser: Jennison Associates

1.00 Elect William R. Chaney

MGMT

YES

FOR

1.00 Elect Rose Marie Bravo

MGMT

YES

FOR

1.00 Elect Michael J. Kowalski

MGMT

YES

FOR

1.00 Elect William A. Shutzer

MGMT

YES

FOR

1.00 Elect James E. Quinn

MGMT

YES

FOR

1.00 Elect J. Thomas Presby

MGMT

YES

FOR

1.00 Elect Samuel L. Hayes III

MGMT

YES

FOR

1.00 Elect Charles K. Marquis

MGMT

YES

FOR

1.00 Elect Abby F. Kohnstamm

MGMT

YES

AGNST

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Univision Communications Inc

UVN

914906102

5/12/04

Annual

Adviser: Jennison Associates

1.00 Elect A. Jerrold Perenchio

MGMT

YES

FOR

1.00 Elect Fernando Aguirre

MGMT

YES

FOR

1.00 Elect Harold Gaba

MGMT

YES

FOR

1.00 Elect John G. Perenchio

MGMT

YES

FOR

1.00 Elect McHenry T. Tichenor Jr.

MGMT

YES

FOR

1.00 Elect Alan F. Horn

MGMT

YES

AGNST

1.00 Elect Ray Rodriguez

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

Xilinx

XLNX

983919101

8/7/03

Annual

Adviser: Jennison Associates

1.00 Elect Directors

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 10 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: Jennison 20/20 Focus Fund Value #19P1

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Altria Group

02209S103

4/29/04

Annual

Adviser: Jennison Associates

1.00 Elect Thomas W. Jones

MGMT

YES

FOR

1.00 Elect Stephen M. Wolf

MGMT

YES

FOR

1.00 Elect Carlos Slim Helu

MGMT

YES

FOR

1.00 Elect Lucio A. Noto

MGMT

YES

FOR

1.00 Elect Robert E.R. Huntley

MGMT

YES

FOR

1.00 Elect Dudley Fishburn

MGMT

YES

FOR

1.00 Elect Loius C. Camilleri

MGMT

YES

FOR

1.00 Elect Mathis Cabiallavetta

MGMT

YES

FOR

1.00 Elect Elizabeth E. Bailey

MGMT

YES

FOR

1.00 Elect John S. Reed

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

FOR

4.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

FOR

5.00 SP-Review Political Spending

SHLDR

YES

AGNST

FOR

6.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

FOR

7.00 SP-Review or Reduce Tobacco Harm to Health

SHLDR

YES

AGNST

FOR

8.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

FOR

Boise Cascade

BCC

097383103

12/9/03

Special

Adviser: Jennison Associates

1.00 Approve Common Stock Issuance

MGMT

YES

FOR

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

2.00 Add Shares to Stock Option Plan

MGMT

YES

FOR

Boise Cascade

BCC

097383103

4/15/04

Annual

Adviser: Jennison Associates

1.00 Elect Rakesh Gangwal

MGMT

YES

FOR

1.00 Elect A. William Reynolds

MGMT

YES

FOR

1.00 Elect Claire S. Farley

MGMT

YES

FOR

1.00 Elect Gary G. Michael

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

FOR

Page 11 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND VALUE #19P1

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Cigna

125509109

4/28/04

Annual

Adviser: Jennison Associates

1.00 Elect Robert H. Campbell

MGMT

YES

FOR

1.00 Elect Louis W. Sullivan

MGMT

YES

FOR

1.00 Elect Jane E. Henney

MGMT

YES

FOR

1.00 Elect Charles R. Shoemate

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Georgia-Pacific

373298108

5/4/04

Annual

Adviser: Jennison Associates

1.00 Elect Barbara L. Bowles

MGMT

YES

FOR

1.00 Elect Donald V. Fites

MGMT

YES

FOR

1.00 Elect David R. Goode

MGMT

YES

FOR

1.00 Elect Karen N. Horn

MGMT

YES

FOR

1.00 Elect William R. Johnson

MGMT

YES

FOR

1.00 Elect James B. Williams

MGMT

YES

FOR

2.00 Amend Stock Option Plan

MGMT

YES

FOR

3.00 Reapprove Option/Bonus Plan for OBRA

MGMT

YES

FOR

4.00 Ratify Selection of Auditors

MGMT

YES

FOR

Hewlett-Packard

HPQ

428236103

3/17/04

Annual

Adviser: Jennison Associates

1.00 Elect George A. Keyworth II

MGMT

YES

FOR

1.00 Elect Lucille S. Salhany

MGMT

YES

FOR

1.00 Elect Sanford M. Litvack

MGMT

YES

AGNST

1.00 Elect Robert E. Knowling Jr.

MGMT

YES

FOR

1.00 Elect Carleton S. Fiorina

MGMT

YES

FOR

1.00 Elect Richard A. Hackborn

MGMT

YES

FOR

1.00 Elect Patricia C. Dunn

MGMT

YES

FOR

1.00 Elect Robert L. Ryan

MGMT

YES

FOR

1.00 Elect Lawrence T. Babbio Jr.

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 SP-Expense Stock Options

SHLDR

YES

AGNST

FOR

Page 12 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND VALUE #19P1

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Kroger Co

501044101

6/24/04

Annual

Adviser: Jennison Associates

1.00 Elect John L. Clendenin

MGMT

YES

FOR

1.00 Elect David B. Dillon

MGMT

YES

FOR

1.00 Elect Susan M. Phillips

MGMT

YES

FOR

1.00 Elect David B. Lewis

MGMT

YES

FOR

1.00 Elect Don W. McGeorge

MGMT

YES

FOR

1.00 Elect W. Rodney McMullen

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Repeal Classified Board

SHLDR

YES

FOR

AGNST

4.00 SP-Independent Board Chairman

SHLDR

YES

AGNST

FOR

5.00 SP-Golden Parachutes

SHLDR

YES

AGNST

FOR

Lehman Brothers Holdings

LEH

524908100

4/2/04

Annual

Adviser: Jennison Associates

1.00 Elect Dina Merrill

MGMT

YES

FOR

1.00 Elect Christopher Gent

MGMT

YES

AGNST

1.00 Elect Marsha J. Evans

MGMT

YES

FOR

1.00 Elect Roger S. Berlind

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Approve Other Business

MGMT

YES

AGNST

Liberty Media Corp

530718105

6/9/04

Annual

Adviser: Jennison Associates

1.00 Elect Robert R. Bennett

MGMT

YES

FOR

1.00 Elect John C. Malone

MGMT

YES

FOR

1.00 Elect Paul A. Gould

MGMT

YES

FOR

2.00 Amend Stock Option Plan

MGMT

YES

FOR

3.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 13 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND VALUE #19P1

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Nexen

NXY

65334H102

5/4/04

Annual

Adviser: Jennison Associates

1.00 Elect Charles W. Fischer

MGMT

YES

FOR

1.00 Elect John M. Wilson

MGMT

YES

FOR

1.00 Elect Francis M. Saville

MGMT

YES

FOR

1.00 Elect Thomas C. ONeill

MGMT

YES

FOR

1.00 Elect Richard M. Thomson

MGMT

YES

FOR

1.00 Elect Eric P. Newell

MGMT

YES

FOR

1.00 Elect Dennis G. Flanagan

MGMT

YES

FOR

1.00 Elect David A. Hentschel

MGMT

YES

FOR

1.00 Elect S. Barry Jackson

MGMT

YES

FOR

1.00 Elect Kevin J. Jenkins

MGMT

YES

FOR

1.00 Elect Victor Zaleschuk

MGMT

YES

FOR

2.00 Appoint Auditors and Set Their Fees

MGMT

YES

FOR

3.00 Amend Board Powers/Procedures/Qualifications

MGMT

YES

FOR

3.00 Amend Articles—Technical

MGMT

YES

FOR

4.00 Amend Stock Option Plan

MGMT

YES

FOR

5.00 Amend Stock Option Plan

MGMT

YES

FOR

6.00 SP-Phase Out Stock Options

SHLDR

YES

AGNST

FOR

7.00 SP-Report on Environmental Performance

SHLDR

YES

AGNST

FOR

Northrop Grumman Corp

NOC

666807102

5/18/04

Annual

Adviser: Jennison Associates

1.00 Elect Aulana L. Peters

MGMT

YES

FOR

1.00 Elect Kevin W. Sharer

MGMT

YES

FOR

1.00 Elect J. Michael Cook

MGMT

YES

FOR

1.00 Elect Phillip A. Odeen

MGMT

YES

FOR

1.00 Elect Lewis W. Coleman

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 SP-Review Military Contracting Criteria

SHLDR

YES

AGNST

FOR

4.00 SP-Repeal Classified Board

SHLDR

YES

FOR

AGNST

Page 14 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND VALUE #19P1

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Novartis

NVS

66987V109

2/24/04

Annual

Adviser: Jennison Associates

1.00 Approve Financial Statements

MGMT

YES

AGNST

2.00 Ratify Board Acts-Legal

MGMT

YES

AGNST

3.00 Set Dividend/Allocate Profits

MGMT

YES

AGNST

4.00 Approve Use/Transfer of Reserves

MGMT

YES

AGNST

5.00 Reduce Authorized Capital

MGMT

YES

AGNST

5.00 Cancel Authorized Stock

MGMT

YES

AGNST

6.00 Authorize Share Repurchase

MGMT

YES

AGNST

7.00 Amend Board Election Rules

MGMT

YES

AGNST

8.00 Election of Directors by Slate

MGMT

YES

AGNST

9.00 Appoint Outside Auditors

MGMT

YES

AGNST

Principal Financial Group Inc

PFG

74251V102

5/18/04

Annual

Adviser: Jennison Associates

1.00 Elect Federico F. Pena

MGMT

YES

FOR

1.00 Elect Sandra L. Helton

MGMT

YES

FOR

1.00 Elect David J. Drury

MGMT

YES

FOR

1.00 Elect C. Daniel Gelatt

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Approve Annual Bonus Plan

MGMT

YES

FOR

SBC Communications

SBC

78387G103

4/30/04

Annual

Adviser: Jennison Associates

1.00 Elect S. Donley Ritchey

MGMT

YES

FOR

1.00 Elect James A. Henderson

MGMT

YES

FOR

1.00 Elect John B. McCoy

MGMT

YES

FOR

1.00 Elect Patricia P. Upton

MGMT

YES

FOR

1.00 Elect Joyce M. Roche

MGMT

YES

FOR

1.00 Elect James E. Barnes

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Repeal Classified Board

MGMT

YES

FOR

4.00 SP-Review Political Spending

SHLDR

YES

AGNST

FOR

5.00 SP-Reduce Board Size

SHLDR

YES

AGNST

FOR

Page 15 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND VALUE #19P1

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Schlumberger Ltd.

SLB

806857108

4/14/04

Annual

Adviser: Jennison Associates

1.00 Elect Jamie S. Gorelick

MGMT

YES

FOR

1.00 Elect Andrew Gould

MGMT

YES

FOR

1.00 Elect Tony Isaac

MGMT

YES

FOR

1.00 Elect Adrian Lajous

MGMT

YES

FOR

1.00 Elect Didier Primat

MGMT

YES

FOR

1.00 Elect Tore I. Sandvold

MGMT

YES

FOR

1.00 Elect Nicolas Seydoux

MGMT

YES

FOR

1.00 Elect Linda Gillespie Stuntz

MGMT

YES

FOR

1.00 Elect John M. Deutch

MGMT

YES

FOR

1.00 Elect Andre Levy-Lang

MGMT

YES

FOR

2.00 Approve Financial Statements

MGMT

YES

FOR

3.00 Adopt Director Stock Award Plan

MGMT

YES

FOR

4.00 Ratify Selection of Auditors

MGMT

YES

FOR

Smith International

SII

832110100

4/20/04

Annual

Adviser: Jennison Associates

1.00 Elect James R. Gibbs

MGMT

YES

FOR

1.00 Elect Jerry W. Neely

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 16 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND VALUE #19P1

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Tyco International

TYC

902124106

3/25/04

Annual

Adviser: Jennison Associates

1.00 Elect Sandra S. Wijnberg

MGMT

YES

AGNST

1.00 Elect Brendan R. O’Neill

MGMT

YES

FOR

1.00 Elect Brian Duperreault

MGMT

YES

FOR

1.00 Elect Jerome B. York

MGMT

YES

FOR

1.00 Elect Mackey J. McDonald

MGMT

YES

FOR

1.00 Elect John A. Krol

MGMT

YES

FOR

1.00 Elect Bruce S. Gordon

MGMT

YES

FOR

1.00 Elect George W. Buckley

MGMT

YES

FOR

1.00 Elect Dennis C. Blair

MGMT

YES

FOR

1.00 Elect Edward D. Breen

MGMT

YES

FOR

1.00 Elect H. Carl McCall

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

2.00 Authorize Committee to Set Auditors’ Fees

MGMT

YES

FOR

3.00 Adopt New Bylaws

MGMT

YES

FOR

4.00 Adopt Stock Option Plan

MGMT

YES

FOR

5.00 SP-Review and reduce toxic emissions

SHLDR

YES

AGNST

6.00 Reincorporate to U.S. State

SHLDR

YES

AGNST

FOR

7.00 Implement Executive Compensation Plan

SHLDR

YES

AGNST

FOR

WellPoint Health Networks

WLP

94973H108

6/28/04

Special

Adviser: Jennison Associates

1.00 Approve Merger/Acquisition

MGMT

YES

FOR

Page 17 of 18

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

Trust: Jennison 20/20 Focus Fund

Manager: Prudential

Fund: JENNISON 20/20 FOCUS FUND VALUE #19P1

ISSUER NAME

TICKER

CUSIP

MTG DATE

MTG TYPE

Proposal
Type

Voted?

Vote
Cast

For/Agnst
Mgmt

Xerox Corp

XRX

984121103

5/20/04

Annual

Adviser: Jennison Associates

1.00 Elect Richard J. Harrington

MGMT

YES

FOR

1.00 Elect Anne M. Mulcahy

MGMT

YES

FOR

1.00 Elect N. J. Nicholas, Jr.

MGMT

YES

FOR

1.00 Elect John E. Pepper, Jr.

MGMT

YES

FOR

1.00 Elect Ann N. Reese

MGMT

YES

FOR

1.00 Elect Stephen Robert

MGMT

YES

FOR

1.00 Elect Ralph S. Larsen

MGMT

YES

FOR

1.00 Elect William Curt Hunter

MGMT

YES

FOR

1.00 Elect Hilmar Kopper

MGMT

YES

FOR

1.00 Elect Glenn A. Britt

MGMT

YES

FOR

1.00 Elect Vernon E. Jordan Jr.

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

3.00 Adopt Stock Option Plan

MGMT

YES

FOR

4.00 Adopt Director Stock Option Plan

MGMT

YES

AGNST

XL Capital Ltd.

G98255105

4/30/04

Annual

Adviser: Jennison Associates

1.00 Elect Alan Z. Senter

MGMT

YES

FOR

1.00 Elect Robert S. Parker

MGMT

YES

FOR

1.00 Elect John Loudon

MGMT

YES

FOR

2.00 Ratify Selection of Auditors

MGMT

YES

FOR

Page 18 of 18

SIGNATURES:

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

Jennison 20/20 Focus Fund

/s/ Judy A. Rice

Judy A. Rice, President

Date: August 23, 2004

Prudential Investment Portfolios 18 N-PXAnnual report of proxy voting record