EX-99.77D POLICIES 8 spaaf77d3.txt Strategic Partners Asset Allocation Funds Period ended 07/31/06 File number 811-08915 SUB-ITEM 77D(3) Policies With Respect to Security Investment Jennison 20/20 Focus Fund Dryden Short-Term Bond Fund, Inc. Jennison Blend Fund, Inc. Dryden Small Cap Core Equity Fund, Inc. Jennison Natural Resources Fund, Inc. Dryden Tax-Free Money Fund Jennison Small Company Fund, Inc. Dryden Tax-Managed Funds Jennison U.S. Emerging Growth Fund, Dryden Total Return Bond Fund, Inc. Inc. Jennison Value Fund MoneyMart Assets, Inc. Dryden California Municipal Fund Prudential Investment Portfolios, Inc. Dryden Global Total Return Fund, Inc. Prudential World Fund, Inc. Dryden Government Income Fund, Inc. Nicholas-Applegate Fund, Inc. Dryden Government Securities Trust Strategic Partners Asset Allocation Funds, Inc. Dryden High Yield Fund, Inc. Strategic Partners Mutual Funds, Inc. Dryden Index Series Fund, Inc. Strategic Partners Opportunity Funds Dryden Municipal Bond Fund Strategic Partners Real Estate Fund, Dryden Municipal Series Fund Strategic Partners Style Specific Funds, Inc. Dryden National Municipals Fund, Inc. Supplement dated May 24, 2006 to the Prospectus This supplement amends the Prospectus of each of the funds referenced below and is in addition to any existing supplement to a Fund's Prospectus. JENNISONDRYDEN MUTUAL FUNDS Jennison 20/20 Focus Fund Dryden High Yield Fund Jennison Blend Fund Dryden International Equity Fund Jennison Conservative Growth Fund Dryden Large Cap Core Equity Fund Jennison Equity Opportunity Fund Dryden National Municipals Fund Jennison Financial Services Fund California Income Series Jennison Global Growth Fund California Series Jennison Growth Fund Florida Series Jennison Health Sciences Fund New Jersey Series Jennison Natural Resources Fund New York Series Jennison Select Growth Portfolio Pennsylvania Series Jennison Small Company Fund Dryden Short-Term Corporate Bond Fund Jennison Technology Fund Dryden Small Cap Core Equity Fund Jennison U.S. Emerging Growth Fund Dryden Stock Index Fund Jennison Utility Fund Dryden Strategic Value Fund Jennison Value Fund Dryden Tax-Free Money Fund JennisonDryden Conservative Allocation Dryden Total Return Bond Fund Fund JennisonDryden Growth Allocation Fund Dryden Ultra Short Bond Fund JennisonDryden Moderate Allocation Fund High Income Series Insured Series Dryden Active Allocation Fund Money Market Series MoneyMart Assets Dryden Global Total Return Fund Dryden Government Income Fund STRATEGIC PARTNERS MUTUAL FUNDS Strategic Partners Balanced Fund Strategic Partners Managed OTC Fund Strategic Partners Capital Growth Fund Strategic Partners Mid Cap Growth Strategic Partners Concentrated Growth Strategic Partners Mid Cap Value Fund Fund Strategic Partners Conservative Strategic Partners Moderate Allocation Fund Allocation Fund Strategic Partners Core Value Fund Strategic Partners Money Market Fund Strategic Partners Equity Income Fund Strategic Partners New Era Growth Strategic Partners Growth Allocation Strategic Partners Real Estate Fund Fund Strategic Partners High Yield Bond Fund Strategic Partners Small Cap Growth Fund Strategic Partners International Growth Strategic Partners Small Cap Value Fund Strategic Partners International Value Strategic Partners Technology Fund Fund Strategic Partners Large Cap Value Strategic Partners Total Return Bond Nicholas-Applegate Growth Equity Fund 1. The table captioned "Shareholder Fees" under the caption "Fees and Expenses" is amended by adding the following as the final row in the table: SHAREHOLDER FEES (PAID DIRECTLY FROM YOUR INVESTMENT) Small balance account fee beginning on or about November 17, 2006 Class A $15 Class B $15 Class C $15 Class R None Class Z None Class I None Class Y $15 2. A new second note is added to the "Notes to Fees and Expenses Table," as follows: Beginning on or about November 17, 2006, if the value of your account is less than $2,500, the Fund will deduct a $15 annual small balance account fee from your account. The small balance account fee will also be charged on accounts invested in Class L, M or X shares (these share classes are currently not offered for sale). Thereafter, beginning in 2007, the $15 annual small balance account fee will be assessed during the 4 th calendar quarter of each year. Any applicable CDSC on the shares redeemed to pay the $15 small balance account fee will be waived. The $15 small balance account fee will not be charged on: (i) accounts during the first six months from inception of the account, (ii) omnibus accounts, (iii) institutional accounts, (iv) group retirement plans, and (v) Automatic Investment Plan ("AIP") accounts or employee savings plan accounts. For more information, see "Purchase, Redemption and Pricing of Fund Shares - Small Balance Account Fee" in the Statement of Additional Information. 3. The table under the caption "Share Class Comparison" is amended by deleting the columns headed Class A, Class B and Class C, and replacing them with the following: Minimum purchase amount Class A $1,000 Class B $1,000 Class C $2,500 Minimum purchase amount beginning on or about November 17, 2006 Class A $2,500 Class B $2,500 Class C $2,500 Minimum amount for subsequent purchases Class A $100 Class B $100 Class C $100 Maximum initial sales charge Class A 5.5% of the public offering price Class B None Class C None Contingent Deferred Sales Charge (CDSC)(as a percentage of the lower of original purchase price or sale proceeds) Class A 1% (on investments of $1 million or more redeemed within 1 year) Class B 5% (Year 1) 4% (Year 2) 3% (Year 3) 2% (Year 4) 1% (Year 5/6) 0% (Year 7) Class C 1% (year 1) Annual distribution and service (12b-1) fees(shown as a percentage of average daily net assets) Class A .30 of 1%(.25 of 1% currently) Class B 1% Class C 1% 4. The first note under the caption "Notes to Share Class Comparison Table" is deleted and replaced with the following: The minimum initial and subsequent investment requirements do not apply to employee savings plan accounts or payroll deduction plan accounts. The minimum initial and subsequent investment for purchases made through the Automatic Investment Plan ("AIP") is $50. Effective on or about November 17, 2006: (i) the minimum initial investment for retirement accounts and custodial accounts for minors is $1,000, and (ii) subsequent investments through newly-established AIP accounts must be at least $1,200 annually. Prior thereto, the minimum investment requirements do not apply to certain retirement and custodial accounts for minors. For more information, see "Additional Shareholder Services." 5. The second and third notes under the caption "Notes to Share Class Comparison Table" are deleted and replaced with the following: Beginning on or about November 17, 2006, if the value of your Class A, Class B, Class C or Class Y account is less than $2,500, the Fund will deduct a $15 annual small balance account fee from your account. Thereafter, beginning in 2007, the $15 annual small balance account fee will be assessed during the 4 th calendar quarter of each year. Any applicable CDSC on the shares redeemed to pay the $15 small balance account fee will be waived. The $15 small balance account fee will not be charged on: (i) accounts during the first six months from inception of the account, (ii) omnibus accounts, (iii) institutional accounts, (iv) group retirement plans, and (v) Automatic Investment Plan ("AIP") accounts or employee savings plan accounts. For more information, see "Fees and Expenses" and the table captioned "Shareholder Fees" in this Prospectus, and "Purchase, Redemption and Pricing of Fund Shares - Small Balance Account Fee" in the Statement of Additional Information. For more information about the CDSC and how it is calculated, see "How to Sell Your Shares -- Contingent Deferred Sales Charge (CDSC)." Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a 1% CDSC, although they are not subject to an initial sales charge. The CDSC is waived for purchases by certain retirement or benefit plans. 6. The following is added immediately following the caption "Qualifying for Class Z Shares" Institutional Investors. Various institutional investors may purchase Class Z shares, including corporations, banks, governmental entities, municipalities, and IRS section 501 entities, such as foundations and endowments. The minimum initial investment for such investors is $10 million. Institutional investors are responsible for indicating their eligibility to purchase Class Z Shares at the time of purchase. 7. The section captioned "How to Sell Shares - Small Accounts" is deleted and replaced with the following: Involuntary Redemption of Small Accounts. Beginning on or about November 10, 2006, if the value of your account is less than $500 for any reason, we may sell the rest of your shares (without charging any CDSC) and close your account. We would do this to minimize the Fund's expenses paid by other shareholders. The involuntary sale provisions do not apply to Automatic Investment Plan ("AIP") accounts, employee savings plan accounts, payroll deduction plan accounts, or retirement accounts (such as a 401(k) plan, an IRA or other qualified or tax-deferred plan or account). Prior thereto, if you make a sale that reduces your account value to less than $500, we may sell the rest of your shares (without charging any CDSC) and close your account; this involuntary sale does not apply to shareholders who own their shares as part of a retirement account. For more information, see "Purchase, Redemption and Pricing of Fund Shares - Involuntary Redemption" in the Statement of Additional Information. Note that beginning November 17, 2006, if the value of your account is less than $2,500 (with certain exclusions), a $15 annual small balance account fee will be deducted from your account; any applicable CDSC on the shares redeemed to pay the $15 small balance account fee will be waived. For more information, see "Fees and Expenses" and the table captioned "Shareholder Fees" in this Prospectus, and "Purchase, Redemption and Pricing of Fund Shares - Small Balance Account Fee" in the Statement of Additional Information.