EX-99.77D POLICIES 9 spaaf77d4.txt Strategic Partners Asset Allocation Funds Period ended 07/31/06 File number 811-08915 SUB-ITEM 77D(4) Policies With Respect to Security Investment Jennison 20/20 Focus Fund Jennison Blend Fund, Inc. Jennison Natural Resources Fund, Inc. Jennison Small Company Fund, Inc. Jennison U.S. Emerging Growth Fund, Inc. Jennison Value Fund Dryden California Municipal Fund Dryden Global Total Return Fund, Inc. Dryden Government Income Fund, Inc. Dryden Government Securities Trust Dryden High Yield Fund, Inc. Dryden Index Series Fund, Inc. Dryden Municipal Bond Fund Dryden Municipal Series Fund Dryden National Municipals Fund, Inc. Dryden Short-Term Bond Fund, Inc. Dryden Small Cap Core Equity Fund, Inc. Dryden Tax-Free Money Fund Dryden Tax-Managed Funds Dryden Total Return Bond Fund, Inc. MoneyMart Assets, Inc. Prudential Investment Portfolios, Inc. Prudential World Fund, Inc. Nicholas-Applegate Fund, Inc. Strategic Partners Asset Allocation Funds, Inc. Strategic Partners Mutual Funds, Inc. Strategic Partners Opportunity Funds Strategic Partners Real Estate Fund, and Strategic Partners Style Specific Funds, Inc. SUPPLEMENT DATED MAY 24, 2006 TO THE STATEMENT OF ADDITIONAL INFORMATION This supplement amends the Statement of Additional Information ("SAI") of each of the funds referenced below and is in addition to any existing supplement to a Fund's SAI. JENNISONDRYDEN MUTUAL FUNDS Jennison 20/20 Focus Fund Jennison Blend Fund Jennison Conservative Growth Fund Jennison Equity Opportunity Fund Jennison Financial Services Fund Jennison Global Growth Fund Jennison Growth Fund Jennison Health Sciences Fund Jennison Natural Resources Fund Jennison Select Growth Portfolio Jennison Small Company Fund Jennison Technology Fund Jennison U.S. Emerging Growth Fund Jennison Utility Fund Jennison Value Fund JennisonDryden Conservative Allocation Fund JennisonDryden Growth Allocation Fund JennisonDryden Moderate Allocation Fund Dryden Active Allocation Fund Dryden Global Total Return Fund Dryden Government Income Fund Dryden High Yield Fund Dryden International Equity Fund Dryden Large Cap Core Equity Fund Dryden National Municipals Fund California Income Series California Series Florida Series New Jersey Series New York Series Pennsylvania Series Dryden Short-Term Corporate Bond Fund Dryden Small Cap Core Equity Fund Dryden Stock Index Fund Dryden Strategic Value Fund Dryden Tax-Free Money Fund Dryden Total Return Bond Fund Dryden Ultra Short Bond Fund High Income Series Insured Series Money Market Series MoneyMart Assets STRATEGIC PARTNERS MUTUAL FUNDS Strategic Partners Balanced Fund Strategic Partners Capital Growth Fund Strategic Partners Concentrated Growth Fund Strategic Partners Conservative Allocation Fund Strategic Partners Core Value Fund Strategic Partners Equity Income Fund Strategic Partners Growth Allocation Fund Strategic Partners High Yield Bond Fund Strategic Partners International Growth Fund Strategic Partners International Value Fund Strategic Partners Large Cap Value Strategic Partners Managed OTC Fund Strategic Partners Mid Cap Growth Fund Strategic Partners Mid Cap Value Fund Strategic Partners Moderate Allocation Fund Strategic Partners Money Market Fund Strategic Partners New Era Growth Strategic Partners Real Estate Fund Strategic Partners Small Cap Growth Fund Strategic Partners Small Cap Value Strategic Partners Technology Fund Strategic Partners Total Return Bond Nicholas-Applegate Growth Equity Fund 1. The section captioned "Purchase, Redemption and Pricing of Fund Shares - Involuntary Redemption" is deleted and replaced with the following: Involuntary Redemption. 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. The involuntary sale provisions do not apply to: (i) an IRA or other qualified or tax-deferred retirement plan or account, (ii) Automatic Investment Plan ("AIP") accounts, employee savings plan accounts or payroll deduction plan accounts, (iii) accounts with the same registration associated with multiple share classes within the Fund, or (iv) clients with assets more than $50,000 across the Strategic Partners and JennisonDryden families of mutual funds. "Client" for this purpose has the same definition as for purposes of Rights of Accumulation, i.e., an investor and an eligible group of related investors. For more information, see "Reducing or Waiving Class A's Initial Sales Charge" in the Prospectus. 2. A new section captioned "Small Balance Account Fee" is added immediately following "Purchase, Redemption and Pricing of Fund Shares - Involuntary Redemption": Small Balance Account Fee. In order to offset the disproportionate effect (in basis points) of expenses associated with servicing small balance accounts, beginning on or about November 17, 2006, if the value of your account is less than $2,500, a $15 annual small balance account fee will be deducted from your account. Thereafter, beginning in 2007, the $15 annual small balance account fee will be assessed during the 4th 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 (including SIMPLE IRA plans, profit-sharing plans, money purchase pension plans, Keogh plans, defined compensation plans, defined benefit plans and 401(k) plans), (v) Automatic Investment Plan ("AIP") accounts or employee savings plan accounts, (vi) accounts with the same registration associated with multiple share classes within the Fund, or (vii) clients with assets more than $50,000 across the Strategic Partners and JennisonDryden families of mutual funds. "Client" for this purpose has the same definition as for purposes of Rights of Accumulation, i.e., an investor and an eligible group of related investors. For more information, see "Reducing or Waiving Class A's Initial Sales Charge" in the Prospectus. 3. The first and second sentences of the first paragraph under "Purchase, Redemption and Pricing of Fund Shares -Contingent Deferred Sales Charge (CDSC)" is deleted and replaced with the following: 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. The Class A CDSC is waived (i) for certain retirement and/or benefit plans, or (ii) if you purchase Class Z shares (see "Qualifying for Class Z Shares" in the Prospectus) within 5 days of redemption of your Class A shares that you had purchased directly through the Fund's transfer agent, we will credit your account with the appropriate number of shares to reflect any CDSC you paid on the reinvested portion of your redemption proceeds. 4. The paragraph captioned "Purchase, Redemption and Pricing of Fund Shares -Waiver of CDSC - Class A Shares" deleted and replaced with the following: Waiver of CDSC - Class A Shares. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%. The Class A CDSC is waived (i) for certain retirement and/or benefit plans, or (ii) if you purchase Class Z shares (see "Qualifying for Class Z Shares" in the Prospectus) within 5 days of redemption of your Class A shares that you had purchased directly through the Fund's transfer agent, we will credit your account with the appropriate number of shares to reflect any CDSC you paid on the reinvested portion of your redemption proceeds. 5. The last paragraph under "Purchase, Redemption and Pricing of Fund Shares - Waiver of CDSC - Class B Shares" is deleted and replaced with the following: Finally, the CDSC will be waived to the extent you exchange shares your shares for shares of other JennisonDryden or Strategic Partners mutual funds, The Guaranteed Investment Account, the Guaranteed Insulated Separate Account or units of The Stable Value Fund. See "Shareholder Services - Exchange Privilege," below, for more information regarding the Exchange Privilege. 6. The first paragraph under "Shareholder Services" is deleted and replaced with the following: Upon the initial purchase of Fund shares, a Shareholder Investment Account is established for each investor under which a record of the shares is maintained by the Transfer Agent. Effective on or about November 17, 2006, share certificates will no longer be issued for shares of the Fund. Prior to that date: (i) if a stock certificate is desired it must be requested in writing for each transaction, (ii) there is no charge to the investor for issuance of a certificate, and (iii) certificates are issued only for full shares and may be re-deposited in the Shareholder Investment Account at any time. The Fund makes available to its shareholders the following privileges and plans.