EX-99.77D POLICIES 5 exhibit77d2.txt Strategic Partners Asset Allocation Funds For the period ended 01/31/05 File number 811-08915 SUB-ITEM 77D Policies With Respect to Security Investment JennisonDryden Mutual Funds Strategic Partners Mutual Funds Supplement dated January 3, 2005 The section of the Prospectus entitled "How to Buy, Sell and Exchange Shares of the Fund - Payments to Third Parties" is hereby deleted and replaced with the new section set forth below. For Strategic Partners Mutual Funds, Inc. only, the new section set forth below is hereby added: Payments to Financial Services Firms The Manager, Distributor or their affiliates have entered into revenue sharing or other similar arrangements with financial services firms, including affiliates of the Manager. These revenue sharing arrangements are intended to promote the sale of Fund shares or to compensate the financial services firms for marketing or marketing support activities in connection with the sale of Fund shares. Revenue sharing payments may be used by financial services firms in a variety of ways, including defraying costs incurred by the firms to educate their registered representatives about the Fund, as well as defraying costs incurred by the firms in providing or facilitating shareholder recordkeeping as well as the servicing or maintenance of shareholder accounts. In exchange for revenue sharing payments, the Fund may receive placementon a financial service firm's preferred or recommended product list.Financial services firms and registered representatives participating in a revenue sharing program may receive greater compensation for selling shares of the Fund than for selling other mutual funds , and your individual registered representative may receive some or all of the revenue sharing amounts paid to the firm that employs him or her. Revenue sharing payments may provide an incentive for financial services firms and their registered representatives to recommend or sell shares of the Fund to you and in doing so may create conflicts of interest between the firms' financial interests and their duties to customers. In exchange for revenue sharing payments,the Fund also may receive preferred access to registered representatives of a financial services firm (for example the ability to make presentations in branch offices or at conferences) or preferred access to customers of the financial services firm (for example the ability to advertise to the firm's customers). Payments under revenue sharing arrangements are made out the Manager's or Distributor's own resources and without additional direct cost to the Fund or its shareholders. Revenue sharing payments may be in addition to the sales charges (including Rule 12b-1 fees) or other amounts paid by the Funds, which are also used to compensate financial services firms and their registered representatives for marketing and distribution of the Funds. Revenue sharing payments are usually calculated based on a percentage of Fund sales and/or Fund assets attributable to a particular financial services firm. Revenue sharing payments may also be based on other criteria or factors, such as a percentage of a registered representative's charges applicable to the sale of Fund shares, a networking fee based on the number of accounts at the firm holding shares of the Fund, a periodic flat fee for set-up and maintenance of the Fund on the computer systems of a financial services firm, or a flat fee for marketing services, such as access to registered representatives. Specific payment formulas are negotiated based on a number of factors including, but not limited to, reputation in the industry, ability to attract and retain assets,target markets, customer relationships and scope and quality of services provided. The amount of revenue sharing also may vary based on the class of shares purchased. No one factor is determinative of the type or amount of additional compensation to be provided. Please contact your financial service provider for details about any revenue sharing payments it may receive. Listed below are the names of the Funds and the dates of the Prospectuses to which this Supplement relates: Fund Name Prospectus Date Strategic Partners Style Specific Funds November 22, 2004 Strategic Partners Asset Allocation Funds October 1, 2004 Strategic Partners Opportunity Funds June 30, 2004 Strategic Partners Mutual Funds, Inc. March 1, 2004 Strategic Partners Equity Fund, Inc. February 25, 2004 Strategic Partners Real Estate Securities Fund February 28, 2004 Dryden California Municipal Fund - California Income Series October 31, 2004 - California Series October 31, 2004 Dryden Global Total Return Fund, Inc. March 1, 2004 Dryden Government Securities Trust - Money Market Series February 19, 2004 Dryden High Yield Fund, Inc. February 27, 2004 Dryden Stock Index Fund November 29, 2004 The Prudential Investment Portfolios, Inc. - Dryden Active Allocation Fund November 23, 2004 - Jennison Growth Fund November 23, 2004 - Jennison Equity Opportunity Fund November 23, 2004 - JennisonDryden Asset Allocation Funds November 23, 2004 Dryden Municipal Bond Fund - High Income Series June 29, 2004 - Insured Series June 29, 2004 Dryden Municipal Series Fund - Florida Series October 31, 2004 - New Jersey Series October 31, 2004 - New York Series October 31, 2004 - Pennsylvania Series October 31, 2004 Dryden National Municipals Fund, Inc. February 27, 2004 Jennison Natural Resources Fund, Inc. July 28, 2004 Jennison Sector Funds - Jennison Financial Services Fund January 2, 2004 - Jennison Health Sciences Fund January 2, 2004 - Jennison Technology Fund January 2, 2004 - Jennison Utility Fund January 2, 2004 Dryden Short-Term Corporate Bond Fund April 30, 2004 Dryden Ultra Short Bond Fund April 30, 2004 Jennison Small Company Fund, Inc. November 30, 2004 Dryden Small-Cap Core Equity Fund, Inc. January 30, 2004 Dryden Large-Cap Core Equity Fund January 30, 2004 Dryden Total Return Bond Fund, Inc. February 27, 2004 Jennison 20/20 Focus Fund February 28, 2004 Jennison U.S. Emerging Growth Fund, Inc. Jennison Value Fund January 30, 2004 Jennison Global Growth Fund January 29, 2004 Dryden International Equity Fund January 29, 2004 Strategic Partners International Value Fund January 29, 2004 Nicholas-Applegate Growth Equity Fund February 27, 2004 Cash Accumulation Trust - Liquid Assets Fund November 24, 2004 - National Money Market Fund November 24, 2004 MoneyMart Assets, Inc. February 27, 2004 Special Money Market Fund, Inc. September 1, 2004 Dryden Tax-Free Money Fund March 29, 2004 Dryden Government Income Fund, Inc. April 30, 2004