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0001193125-06-200367.txt : 20060929
0001193125-06-200367.hdr.sgml : 20060929
20060929172111
ACCESSION NUMBER: 0001193125-06-200367
CONFORMED SUBMISSION TYPE: N-CSR
PUBLIC DOCUMENT COUNT: 25
CONFORMED PERIOD OF REPORT: 20060731
FILED AS OF DATE: 20060929
DATE AS OF CHANGE: 20060929
EFFECTIVENESS DATE: 20060929
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: STRATEGIC PARTNERS ASSET ALLOCATION FUNDS
CENTRAL INDEX KEY: 0001067442
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0731
FILING VALUES:
FORM TYPE: N-CSR
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-08915
FILM NUMBER: 061118167
BUSINESS ADDRESS:
STREET 1: GATEWAY CENTER THREE, 4TH FLOOR
STREET 2: 100 MULBERRY STREET
CITY: NEWARK
STATE: NJ
ZIP: 07102
BUSINESS PHONE: 9738026469
MAIL ADDRESS:
STREET 1: GATEWAY CENTER THREE, 4TH FLOOR
STREET 2: 100 MULBERRY STREET
CITY: NEWARK
STATE: NJ
ZIP: 07102
FORMER COMPANY:
FORMER CONFORMED NAME: PRUDENTIAL DIVERSIFIED FUNDS
DATE OF NAME CHANGE: 19980930
FORMER COMPANY:
FORMER CONFORMED NAME: PRUDENTIAL DIVERSIFIED SERIES
DATE OF NAME CHANGE: 19980803
0001067442
S000004703
STRATEGIC PARTNERS CONSERVATIVE ALLOCATION FUND
C000012790
Class M
C000012791
Class X
C000012792
Class R
PCLRX
C000012793
Class A
PCGAX
C000012794
Class B
PBCFX
C000012795
Class C
PCCFX
C000012796
Class Z
PDCZX
0001067442
S000004704
STRATEGIC PARTNERS MODERATE ALLOCATION FUND
C000012797
Class M
C000012798
Class X
C000012799
Class R
SPMRX
C000012800
Class A
PAMGX
C000012801
Class B
DMGBX
C000012802
Class C
PIMGX
C000012803
Class Z
PDMZX
0001067442
S000004705
STRATEGIC PARTNERS GROWTH ALLOCATION FUND
C000012804
Class M
C000012805
Class X
C000012806
Class R
PGARX
C000012807
Class A
PHGAX
C000012808
Class B
PIHGX
C000012809
Class C
PHGCX
C000012810
Class Z
PDHZX
N-CSR
1
dncsr.htm
TARGET ASSET ALLOCATION FUNDS
Target Asset Allocation Funds
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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Investment Company Act file number: |
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811-08915 |
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Exact name of registrant as specified in charter: |
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Target Asset Allocation |
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Funds (fka Strategic Partners |
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Asset Allocation Funds) |
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Address of principal executive offices: |
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Gateway Center 3, |
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100 Mulberry Street, |
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Newark, New Jersey 07102 |
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Name and address of agent for service: |
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Deborah A. Docs |
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Gateway Center 3, |
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100 Mulberry Street, |
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Newark, New Jersey 07102 |
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Registrants telephone number, including area code: |
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973-367-7521 |
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Date of fiscal year end: |
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7/31/2006 |
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Date of reporting period: |
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7/31/2006 |
Item 1 Reports to Stockholders
ANNUAL REPORT
JULY 31, 2006
TARGET CONSERVATIVE ALLOCATION FUND
OBJECTIVE
Seeks
current income and a reasonable level of 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 Funds portfolio holdings are for the
period covered by this report and are subject to change thereafter.
September 15, 2006
Dear Shareholder:
We hope that you find the annual report for the Target Conservative Allocation Fund (formerly Strategic
Partners Conservative Allocation Fund) informative and useful.
Target Asset Allocation
Funds will be managed exactly as they have been in the past, with institutional-quality asset managers selected, matched, and monitored by the same research team as before. Portions of the Funds assets are assigned to carefully chosen asset
managers, with the allocations actively managed on the basis of our projections for the financial markets and the managers individual strengths. This approach has led to competitive long-term performance.
You also will retain exchange privileges with any fund in Prudentials JennisonDryden mutual fund
family.
We believe your Target Conservative Allocation Fund will remain an excellent way
for you to achieve broad, actively managed diversification at a targeted risk/return balance with a single investment purchase. We appreciate your continued confidence in us.
Sincerely,
Judy A. Rice, President
Target Asset Allocation Funds
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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1 |
Your Funds Performance
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 investors 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.strategicpartners.com or by calling (800) 225-1852. The maximum initial
sales charge is 5.50% (Class A shares).
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Cumulative Total Returns as of 7/31/06 |
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One Year |
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Five Years |
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Since Inception1 |
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Class A |
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2.20 |
% |
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29.47 |
% |
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53.89 |
% |
Class B |
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1.40 |
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24.71 |
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45.38 |
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Class C |
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1.40 |
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24.71 |
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45.38 |
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Class M |
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1.41 |
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N/A |
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9.32 |
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Class R |
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1.93 |
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N/A |
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10.34 |
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Class X |
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1.41 |
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N/A |
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9.22 |
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Class Z |
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2.47 |
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31.15 |
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56.86 |
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S&P 500 Index2 |
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5.38 |
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14.93 |
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** |
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Customized Blend3 |
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2.98 |
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25.93 |
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*** |
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Lipper Mixed-Asset Target Allocation Conservative Funds Avg.4 |
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3.09 |
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23.31 |
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**** |
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Average Annual Total Returns5 as of 6/30/06 |
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One Year |
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Five Years |
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Since Inception1 |
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Class A |
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2.41 |
% |
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4.14 |
% |
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4.98 |
% |
Class B |
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2.12 |
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4.39 |
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4.99 |
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Class C |
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1.64 |
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4.56 |
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4.99 |
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Class M |
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3.03 |
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N/A |
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2.39 |
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Class R |
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3.00 |
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N/A |
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5.61 |
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Class X |
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2.95 |
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N/A |
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2.39 |
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Class Z |
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3.54 |
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5.61 |
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6.03 |
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S&P 500 Index2 |
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8.62 |
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2.49 |
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** |
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Customized Blend3 |
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3.31 |
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4.70 |
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*** |
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Lipper Mixed-Asset Target Allocation Conservative Funds Avg.4 |
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3.27 |
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4.27 |
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**** |
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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. 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 B and Class C shares are subject to a maximum CDSC of 5% and 1%, respectively. Class M and Class X shares are subject to a maximum CDSC of 6%. Class R and Class
Z shares are not subject to a sales charge.
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2 |
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Visit our website at www.strategicpartners.com |
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 dates: Class A, B, C, and Z, 11/18/98; Class M, R, and X, 10/04/04.
2The Standard & Poors 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how U.S. stock prices have performed.
3The Customized Benchmark for Target Conservative Allocation Fund (Customized Blend) is a model portfolio consisting of the Russell 3000 Index (40%) and the Lehman
Brothers U.S. Aggregate Bond Index (60%). The Customized Blend is an unmanaged index generally considered as representing the performance of the Funds asset classes. The Customized Blend is intended to provide a theoretical comparison of the
Funds performance, based on the amounts allocated to each asset class rather than on amounts allocated to various Fund segments. The Customized Blend does not reflect deductions for any sales charges or operating expenses of a mutual fund.
4The Lipper Mix-Asset Target Allocation Conservative Funds Average (Lipper Average) represents returns based on the average return of all funds in the
Lipper Mixed-Equity Funds category for the periods noted. Funds in the Lipper Average have a primary investment objective of conserving principal by maintaining at all times a balanced portfolio of both stocks and bonds. Mixed-Asset Funds are funds
that, by portfolio practice, maintain a mix of between 20% and 40% equity securities, with the remainder invested in bonds, cash, and cash equivalents.
5The average annual total returns take into account applicable sales charges. Class A, Class B, Class C, 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%, 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), 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.
Investors cannot invest directly in an index. The returns for the S&P 500 Index and the Customized
Blend 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. The Since Inception
returns for the S&P 500 Index, the Customized Blend, and the Lipper Average are measured from the closest month-end to inception date, and not from the Funds actual inception date.
**S&P 500 Index Closest Month-End to Inception cumulative total returns as of 7/31/06 are 23.54%
for Classes A, B, C, and Z; and 18.41% for Classes M, R, and X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 6/30/06 are 2.74% for Classes A, B, C, and Z; and 9.75% for Classes M, R, and X.
***Customized Blend Closest Month-End to Inception cumulative total returns as of 7/31/06 are 45.41% for Classes A, B, C, and Z; and 10.57% for Classes M, R, and X. Customized
Blend Closest Month-End to Inception average annual total returns as of 6/30/06 are 4.95% for Classes A, B, C, and Z; and 5.44% for Classes M, R, and X.
****Lipper
Average Closest Month-End to Inception cumulative total returns as of 7/31/06 are 40.94% for Classes A, B, C, and Z; and 8.32% for Classes M, R, and X. Lipper Average Closest Month-End to Inception average annual total returns as of 6/30/06 are
4.46% for Classes A, B, C, and Z; and 4.27% for Classes M, R, and X.
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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3 |
Your Funds Performance (continued)
Fund objective
The investment objective of the Target
Conservative Allocation Fund (the Fund) is current income and a reasonable level of capital appreciation. There can be no assurance that the Fund will achieve its investment objective.
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4 |
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Visit our website at www.strategicpartners.com |
Source: Lipper Inc.
The chart above shows the total returns for 12 months ended July 31, 2006, of various securities indexes that are generally considered representative of broad market sectors. It
does not reflect a mutual funds expenses. The performance cited does not represent the performance of the Target Conservative Allocation Fund. Past performance is not indicative of future results. Investors cannot invest directly in an index.
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98%
of the investable U.S. equity market.
The Lehman Brothers U.S. Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the U.S.
government and its agencies, and by corporations with between 1 and 10 years remaining to maturity. It gives a broad look at how short- and intermediate-term bonds have performed.
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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5 |
Investment Advisors Report
The U.S. economy, in particular, and the global economy overall continued
to grow comfortably throughout the 12 months ended July 31, 2006, but the stock markets went through four distinct phases in this period. These reflected changing confidence that growth would continue and not be choked off by rising interest rates.
As the period began, there was concern that high oil prices would slow global economic
growth. The stock markets declined gradually while bonds had a good August. Then a combination of evidence of robust international growth and the prospect of domestic rebuilding after Hurricane Katrina kicked off a rapid rise in share prices in the
last quarter of 2005 and the first four months of 2006. Emerging market stocks, underpinned by several favorable long-term trends, had a particularly strong run. In the U.S. market, shares of smaller companies with rapid earnings growth (small-cap
growth stocks) led because their earnings tend to be particularly responsive to changes in the economic climate. Among large-cap stocks, value stocks (shares that are inexpensive compared to a firms assets or earnings prospects) took the lead.
Bond investors faced evidence that the Federal Reserve would continue its long sequence of small interest-rate boosts. Since rising rates drive down the prices of bonds already on the market, most bond returns were low. In bond sectors where credit
concerns have a larger impact on pricessuch as high yield, non-investmentgrade municipal, and emerging market bondsperformance was somewhat better.
However, new data in the second quarter of 2006 showed inflation pressures building up and consumer spending flagging. In the second week of May,
stock markets plunged around the world. The more volatile asset classes, which had benefited from the strong markets earlier, now fell most. Emerging market stocks fell almost 25% peak to trough. Among domestic stocks, small-cap growth stocks fell
furthest. The markets stabilized in June and finished the reporting period on a gradual recovering trend, but value stocks continued to outperform in both large-cap and small-cap markets as investor confidence continued to be weak.
Over the Funds full 12-month fiscal year, value investing was significantly ahead of growth
investing in both capitalization ranges, providing a moderate return in small caps and a good one in large caps. International stocks performed much better than domestic stocks. Some of the return in developed market countries was due to the rise in
asset prices as the dollar dropped sharply against other major currencies, but returns measured in local currencies also were good. A very strong Japanese stock market contributed to the excellent performance. Bond prices were held down by concerns
about rising inflation and interest rates throughout the 12-month period, and generally provided lower returns than cash equivalents.
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6 |
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Visit our website at www.strategicpartners.com |
In terms of industries, oil and other energy industries led the domestic large-cap and small-cap markets, and energy equipment & services had a very substantial advance in the international markets. Materials &
processing stocks, particularly metals, and the financial services sector also produced significant above-average returns globally. Domestic stocks of firms dependent on consumer discretionary spending declined substantially, but the international
textiles & apparel industry made significant advances and other international consumer stocks generally fared well.
Analysis of the funds performance
The Target Conservative Allocation
Funds performance is compared with a customized benchmark composed of broad indexes for stocks and bonds in a 40%/60% asset allocation that is considered appropriate for a conservative balance of risk and return potential. The Fund is one
of three Target Asset Allocation Funds. Institutional investment managers are subadvisors for these funds, one or more managing each asset class. The Fund actively manages its allocations to these subadvisors based on its projection of how their
asset classes and investment styles are likely to perform in the near future. The Funds Class A shares returned 2.20% over the reporting period, slightly below its benchmark (+2.98%) and the Lipper Mixed-Asset Target Allocation
Conservative Funds Average (+3.09%). Including the one-time sales charge on Class A shares, the return was 3.42%.
Strategic Partners Asset Allocation Funds were renamed Target Asset Allocation Funds as of 9/29/2006. Their management did not change.
The Funds performance relative to its benchmark can be analyzed into two components:
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Asset allocation decisions. Did differences between the Funds asset allocation and the distribution of different asset classes within the custom benchmark index help or hurt its return?
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Asset managers performance. Did the various asset managers outperform or underperform their asset class indexes? |
The Funds asset composition benefited from allocations to high yield bonds and cash (very
short-term investments), neither of which is represented in its benchmark. High yield (junk) bonds have lower credit ratings than investment-grade bonds and normally carry higher yields as a result. In a growing economy, investors were
less concerned about credit quality and more concerned about rising interest rates, a favorable environment for high yield bonds. Their contribution to the Funds return was enhanced by the performance of Goldman Sachs Asset Management, which
outperformed its benchmark for high yield bonds. The Fund also benefited from its
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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7 |
Investment Advisors Report (continued)
overweight in small-cap value stocks. It was hurt by its underweight in core bonds, although the strong performance of Pacific Investment Management Company (PIMCO)
managing the core bond portfolio offset much of the impact. Underweights in large-cap stocks tended to hurt in a market that generally favored larger companies. Overall, however, active asset allocation made a positive contribution to the
Funds performance.
Of the Funds asset managers, in addition to the strong
performances already mentioned, both Goldman Sachs Asset Management and Marsico Capital Management added value to the Funds large-cap growth holdings, somewhat offsetting the weakness of the asset class generally. However, the performance of
its value stocks detracted from its relative performance. Hotchkis and Wileys large-cap value holdings suffered from a substantial underweight in the energy sector and from not holding positions in several sizable constituents of the Index
that performed particularly well. This underperformance was the largest asset management factor in the Funds underperformance. In the Funds much smaller allocation to small-cap value stocks, EARNEST Partners overweights in certain
home builders detracted significantly as fear of rising interest rates and a cooling housing market hurt home builders.
The Portfolio of Investments following this report shows the size of the Funds positions at period-end.
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8 |
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Visit our website at www.strategicpartners.com |
Target Asset Allocation Funds
Strategic policy development
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Each funds strategic (long-term) asset allocation strategy is based on research into the historical and expected returns of various asset classes and their associated risks.
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We analyze worldwide economic and market factors to arrive at an outlook for the economy and the capital markets. These views guide our decisions about each funds equity and fixed
income allocations. |
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We analyze the investment strategies of different asset managers and how they have performed in various economic and market environments. |
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Each fund uses a diversified mix of asset classes with proven money managers investing in their area of expertise. |
Dynamic management
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We make dynamic (medium-term) asset allocation adjustments based on our perspective of the macroeconomic environment, the capital markets, and the investment strengths of the various asset
managers. Our asset allocation team draws upon its own research into current market conditions, Wall Street research, and the asset managers insights. |
We monitor changes in personnel, practices, and performance at the various asset management companies. Managers may be changed or new portions added
to a fund if we think it will improve the funds performance.
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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9 |
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 February 1, 2006, at the beginning of the period, and held through the six-month period ended July 31, 2006.
The Funds 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 or Strategic Partners Funds, including the Target Asset Allocation Funds 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 Funds actual expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Funds actual return. The hypothetical account values and
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10 |
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Visit our website at www.strategicpartners.com |
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.
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Target Conservative Allocation Fund |
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Beginning Account Value February 1, 2006 |
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Ending Account Value July 31, 2006 |
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Annualized Expense Ratio Based on the Six-Month Period |
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Expenses Paid During the Six- Month Period* |
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Class A |
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Actual |
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$ |
1,000.00 |
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$ |
992.80 |
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1.35 |
% |
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$ |
6.67 |
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Hypothetical |
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$ |
1,000.00 |
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$ |
1,018.10 |
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1.35 |
% |
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$ |
6.76 |
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Class B |
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Actual |
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$ |
1,000.00 |
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$ |
989.00 |
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2.10 |
% |
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$ |
10.36 |
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Hypothetical |
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$ |
1,000.00 |
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$ |
1,014.38 |
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2.10 |
% |
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$ |
10.49 |
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Class C |
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Actual |
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$ |
1,000.00 |
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$ |
989.00 |
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2.10 |
% |
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$ |
10.36 |
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Hypothetical |
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$ |
1,000.00 |
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$ |
1,014.38 |
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2.10 |
% |
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$ |
10.49 |
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Class M |
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Actual |
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$ |
1,000.00 |
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$ |
989.00 |
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2.10 |
% |
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$ |
10.36 |
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Hypothetical |
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$ |
1,000.00 |
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$ |
1,014.38 |
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2.10 |
% |
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$ |
10.49 |
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Class R |
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Actual |
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$ |
1,000.00 |
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$ |
990.60 |
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1.60 |
% |
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$ |
7.90 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,016.86 |
|
1.60 |
% |
|
$ |
8.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class X |
|
Actual |
|
$ |
1,000.00 |
|
$ |
988.10 |
|
2.10 |
% |
|
$ |
10.35 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,014.38 |
|
2.10 |
% |
|
$ |
10.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class Z |
|
Actual |
|
$ |
1,000.00 |
|
$ |
993.20 |
|
1.10 |
% |
|
$ |
5.44 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,019.34 |
|
1.10 |
% |
|
$ |
5.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 181 days in the six-month period ended July 31, 2006, and divided by the 365 days in the Funds fiscal year ended July 31,
2006 (to reflect the six-month period).
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
11 |
This Page Intentionally Left Blank
Portfolio of Investments
as of July 31, 2006
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
LONG-TERM INVESTMENTS 90.3% |
|
|
|
COMMON STOCKS 39.2% |
|
|
|
|
|
Advertising |
|
|
|
3,160 |
|
Marchex, Inc. (Class B Stock) |
|
$ |
40,290 |
|
|
Aerospace 1.0% |
|
|
|
665 |
|
Alliant Techsystems, Inc.(a) |
|
|
53,293 |
4,300 |
|
Boeing Co. (The) |
|
|
332,906 |
695 |
|
DRS Technologies, Inc.(a) |
|
|
32,172 |
875 |
|
Esterline Technologies Corp.(a) |
|
|
37,039 |
7,458 |
|
General Dynamics Corp. |
|
|
499,835 |
6,056 |
|
Lockheed Martin Corp. |
|
|
482,542 |
2,725 |
|
Moog, Inc. (Class A Stock)(a) |
|
|
94,530 |
7,805 |
|
United Technologies Corp. |
|
|
485,393 |
|
|
|
|
|
|
|
|
|
|
|
2,017,710 |
|
|
Aerospace & Defense 0.4% |
|
|
|
450 |
|
Goodrich Corp. |
|
|
18,166 |
1,100 |
|
Heico Corp. |
|
|
33,935 |
400 |
|
Honeywell International, Inc. |
|
|
15,480 |
7,300 |
|
Northrop Grumman Corp. |
|
|
483,187 |
6,500 |
|
Raytheon Co. |
|
|
292,955 |
|
|
|
|
|
|
|
|
|
|
|
843,723 |
|
|
Apparel Manufacturers |
|
|
|
2,810 |
|
Carters, Inc. |
|
|
61,286 |
|
|
Auto Components 0.2% |
|
|
|
3,500 |
|
Johnson Controls, Inc. |
|
|
268,660 |
1,000 |
|
Magna International, Inc. (Class A Stock) |
|
|
73,490 |
|
|
|
|
|
|
|
|
|
|
|
342,150 |
|
|
Auto Parts & Related 0.1% |
|
|
|
8,400 |
|
Autonation, Inc.(a) |
|
|
165,480 |
|
|
Automobile Manufacturers 0.3% |
|
|
|
4,766 |
|
Toyota Motor Corp., ADR (Japan) |
|
|
501,479 |
900 |
|
Winnebago Industries, Inc. |
|
|
26,019 |
|
|
|
|
|
|
|
|
|
|
|
527,498 |
|
|
Automotive Parts 0.2% |
|
|
|
3,100 |
|
Autoliv, Inc. |
|
|
174,127 |
3,000 |
|
Paccar, Inc. |
|
|
242,250 |
|
|
|
|
|
|
|
|
|
|
|
416,377 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
13 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Banks 0.1% |
|
|
|
1,800 |
|
BankAtlantic Bancorp, Inc. (Class A Stock) |
|
$ |
24,984 |
1,600 |
|
Comerica, Inc. |
|
|
93,680 |
2,710 |
|
Virginia Commerce Bancorp.(a) |
|
|
63,550 |
|
|
|
|
|
|
|
|
|
|
|
182,214 |
|
|
Beverages 0.3% |
|
|
|
2,400 |
|
Anheuser-Busch Cos., Inc. |
|
|
115,560 |
4,300 |
|
Coca-Cola Co. (The) |
|
|
191,350 |
11,050 |
|
Coca-Cola Enterprises, Inc. |
|
|
237,133 |
1,800 |
|
PepsiCo, Inc. |
|
|
114,084 |
|
|
|
|
|
|
|
|
|
|
|
658,127 |
|
|
Biotechnology 0.9% |
|
|
|
6,700 |
|
Amgen, Inc.(a) |
|
|
467,258 |
2,000 |
|
Applera Corp. - Applied Biosystems Group |
|
|
64,300 |
11,711 |
|
Genentech, Inc.(a) |
|
|
946,483 |
3,703 |
|
Genzyme Corp.(a) |
|
|
252,841 |
730 |
|
Illumina, Inc.(a) |
|
|
27,908 |
2,220 |
|
Lifecell Corp.(a) |
|
|
63,425 |
|
|
|
|
|
|
|
|
|
|
|
1,822,215 |
|
|
Broadcast & Cable/Satellite TV 0.1% |
|
|
|
5,900 |
|
Clear Channel Communications, Inc. |
|
|
170,805 |
|
|
Building Products 0.1% |
|
|
|
1,735 |
|
Lennox International, Inc. |
|
|
39,575 |
9,500 |
|
Masco Corp. |
|
|
253,935 |
|
|
|
|
|
|
|
|
|
|
|
293,510 |
|
|
Business Services 0.1% |
|
|
|
1,300 |
|
Administaff, Inc. |
|
|
41,093 |
1,090 |
|
Ctrip.com International Ltd., ADR (China)(a) |
|
|
55,170 |
2,900 |
|
Manpower, Inc. |
|
|
172,492 |
400 |
|
WESCO International, Inc.(a) |
|
|
23,300 |
|
|
|
|
|
|
|
|
|
|
|
292,055 |
|
|
Capital Markets |
|
|
|
900 |
|
SEI Investments Co. |
|
|
43,974 |
|
|
Chemicals 0.6% |
|
|
|
1,480 |
|
Air Products & Chemicals, Inc. |
|
|
94,616 |
1,600 |
|
Airgas, Inc. |
|
|
58,000 |
See Notes to Financial Statements.
|
|
|
14 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
455 |
|
Cytec Industries, Inc. |
|
$ |
24,302 |
12,000 |
|
Dow Chemical Co. |
|
|
414,960 |
3,900 |
|
Eastman Chemical Co. |
|
|
193,557 |
1,800 |
|
PPG Industries, Inc. |
|
|
110,772 |
4,500 |
|
Praxair, Inc. |
|
|
246,780 |
1,600 |
|
Rohm & Haas Co. |
|
|
73,792 |
1,100 |
|
Valspar Corp. |
|
|
27,093 |
|
|
|
|
|
|
|
|
|
|
|
1,243,872 |
|
|
Clothing & Apparel 0.1% |
|
|
|
1,400 |
|
Coach, Inc.(a) |
|
|
40,194 |
5,220 |
|
Iconix Brand Group, Inc.(a) |
|
|
73,080 |
2,100 |
|
Phillips-Van Heusen Corp. |
|
|
74,613 |
|
|
|
|
|
|
|
|
|
|
|
187,887 |
|
|
Commercial Banks 0.3% |
|
|
|
1,900 |
|
First Horizon National Corp. |
|
|
79,610 |
10,400 |
|
KeyCorp |
|
|
383,760 |
1,600 |
|
UnionBanCal Corp. |
|
|
98,864 |
|
|
|
|
|
|
|
|
|
|
|
562,234 |
|
|
Commercial Services 0.6% |
|
|
|
1,940 |
|
Aaron Rents, Inc. |
|
|
46,832 |
1,075 |
|
Ace Cash Express, Inc.(a) |
|
|
31,680 |
975 |
|
Dollar Thrifty Automotive Group, Inc.(a) |
|
|
43,641 |
4,130 |
|
FirstService Corp. (Canada) |
|
|
101,515 |
1,400 |
|
Healthcare Services Group, Inc. |
|
|
30,254 |
3,800 |
|
McGrath Rentcorp |
|
|
102,676 |
4,300 |
|
McKesson Corp. |
|
|
216,677 |
465 |
|
Monro Muffler Brake, Inc.(a) |
|
|
14,420 |
3,800 |
|
Moodys Corp. |
|
|
208,544 |
3,700 |
|
Pharmaceutical Product Development, Inc.(a) |
|
|
142,376 |
1,950 |
|
Providence Service Corp. |
|
|
47,912 |
4,480 |
|
Rollins, Inc. |
|
|
94,662 |
2,100 |
|
Steiner Leisure Ltd. |
|
|
84,378 |
275 |
|
Strayer Education, Inc. |
|
|
29,796 |
3,505 |
|
Team, Inc. |
|
|
86,644 |
700 |
|
United Rentals, Inc.(a) |
|
|
19,544 |
1,525 |
|
Universal Technical Institute, Inc.(a) |
|
|
30,698 |
|
|
|
|
|
|
|
|
|
|
|
1,332,249 |
|
|
Commercial Services & Supplies 0.1% |
|
|
|
9,800 |
|
Cendant Corp. |
|
|
147,098 |
2,900 |
|
Waste Management, Inc. |
|
|
99,702 |
|
|
|
|
|
|
|
|
|
|
|
246,800 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
15 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Computer Hardware 0.6% |
|
|
|
9,000 |
|
Cadence Design System, Inc.(a) |
|
$ |
145,710 |
3,300 |
|
Computer Sciences Corp.(a) |
|
|
172,887 |
5,600 |
|
IBM Corp. |
|
|
433,496 |
5,360 |
|
Optimal Group, Inc. (Class A Stock) (Canada) |
|
|
79,006 |
2,000 |
|
Oracle Corp.(a) |
|
|
29,940 |
875 |
|
Reynolds & Reynolds Co. (Class A Stock) |
|
|
30,966 |
4,500 |
|
Synopsys, Inc.(a) |
|
|
80,550 |
1,740 |
|
Synplicity, Inc. |
|
|
9,953 |
1,700 |
|
Tyler Technologies, Inc.(a) |
|
|
20,434 |
9,600 |
|
Western Digital Corp.(a) |
|
|
168,384 |
|
|
|
|
|
|
|
|
|
|
|
1,171,326 |
|
|
Computer Services & Software 0.1% |
|
|
|
2,800 |
|
Autodesk, Inc. |
|
|
95,508 |
275 |
|
Blackbaud, Inc. |
|
|
5,737 |
640 |
|
Micros Systems, Inc.(a) |
|
|
25,600 |
2,260 |
|
The9 Ltd., ADR (China)(a) |
|
|
55,302 |
|
|
|
|
|
|
|
|
|
|
|
182,147 |
|
|
Computer Software 0.1% |
|
|
|
7,800 |
|
Red Hat, Inc.(a) |
|
|
184,704 |
|
|
Computers & Peripherals 0.1% |
|
|
|
54,400 |
|
Sun Microsystems, Inc. |
|
|
236,640 |
|
|
Conglomerates |
|
|
|
142 |
|
GenTek, Inc. |
|
|
4,225 |
|
|
Construction 0.2% |
|
|
|
1,050 |
|
Dycom Industries, Inc. |
|
|
18,890 |
1,900 |
|
Hovnanian Enterprises, Inc. (Class A Stock)(a) |
|
|
52,041 |
4,291 |
|
KB Home |
|
|
182,453 |
1,200 |
|
Meritage Homes Corp.(a) |
|
|
46,524 |
2,300 |
|
Standard - Pacific Corp. |
|
|
51,359 |
1,600 |
|
Toll Brothers, Inc.(a) |
|
|
40,912 |
|
|
|
|
|
|
|
|
|
|
|
392,179 |
|
|
Consumer Products & Services 1.0% |
|
|
|
15,150 |
|
Altria Group, Inc. |
|
|
1,211,546 |
2,150 |
|
Central Garden & Pet Co. |
|
|
85,011 |
1,800 |
|
Elizabeth Arden, Inc.(a) |
|
|
30,384 |
12,987 |
|
Procter & Gamble Co. |
|
|
729,869 |
See Notes to Financial Statements.
|
|
|
16 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
1,100 |
|
Scott`s Miracle-Gro Co. (Class A Stock) |
|
$ |
43,153 |
1,400 |
|
Snap-On, Inc. |
|
|
58,814 |
|
|
|
|
|
|
|
|
|
|
|
2,158,777 |
|
|
Distribution/Wholesale 0.1% |
|
|
|
1,540 |
|
MWI Veterinary Supply, Inc. |
|
|
57,704 |
1,300 |
|
Watsco, Inc. |
|
|
57,616 |
|
|
|
|
|
|
|
|
|
|
|
115,320 |
|
|
Diversified |
|
|
|
1,600 |
|
Ingersoll-Rand Co. Ltd. (Class A Stock) (Bermuda) |
|
|
57,280 |
|
|
Diversified Financial Services 0.2% |
|
|
|
8,600 |
|
E*Trade Financial Corp.(a) |
|
|
200,466 |
1,150 |
|
GFI Group, Inc.(a) |
|
|
65,964 |
4,800 |
|
JPMorgan Chase & Co. |
|
|
218,976 |
|
|
|
|
|
|
|
|
|
|
|
485,406 |
|
|
Diversified Manufacturing Operations 0.2% |
|
|
|
14,850 |
|
Hewlett-Packard Co. |
|
|
473,864 |
|
|
Electric Utilities 0.4% |
|
|
|
6,100 |
|
CMS Energy Corp.(a) |
|
|
85,461 |
1,500 |
|
Entergy Corp. |
|
|
115,650 |
1,300 |
|
FirstEnergy Corp. |
|
|
72,800 |
9,400 |
|
FPL Group, Inc. |
|
|
405,516 |
5,100 |
|
Sierra Pacific Resources(a) |
|
|
73,695 |
|
|
|
|
|
|
|
|
|
|
|
753,122 |
|
|
Electronic Components 0.3% |
|
|
|
500 |
|
Agilent Technologies, Inc.(a) |
|
|
14,220 |
800 |
|
Arrow Electronics, Inc.(a) |
|
|
22,608 |
2,100 |
|
Checkpoint Systems, Inc.(a) |
|
|
34,650 |
150 |
|
EDO Corp. |
|
|
3,366 |
1,700 |
|
Emerson Electric Co. |
|
|
134,164 |
1,700 |
|
Energizer Holdings, Inc.(a) |
|
|
108,171 |
3,300 |
|
FLIR Systems, Inc.(a) |
|
|
79,233 |
1,000 |
|
Harman International Industries, Inc. |
|
|
80,200 |
2,100 |
|
International Displayworks, Inc.(a) |
|
|
9,996 |
1,900 |
|
Pike Electric Corp.(a) |
|
|
34,219 |
11,700 |
|
Sanmina-SCI Corp.(a) |
|
|
40,482 |
11,540 |
|
SRS Labs, Inc. |
|
|
57,585 |
500 |
|
Waters Corp.(a) |
|
|
20,340 |
|
|
|
|
|
|
|
|
|
|
|
639,234 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
17 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Electronic Equipment & Instruments |
|
|
|
4,400 |
|
Avnet, Inc.(a) |
|
$ |
80,080 |
|
|
Energy Equipment & Services 0.2% |
|
|
|
5,500 |
|
GlobalSantaFe Corp. |
|
|
302,115 |
700 |
|
Tidewater, Inc. |
|
|
33,397 |
|
|
|
|
|
|
|
|
|
|
|
335,512 |
|
|
Engineering/Construction |
|
|
|
1,500 |
|
URS Corp.(a) |
|
|
59,400 |
|
|
Entertainment & Leisure 0.3% |
|
|
|
7,798 |
|
Century Casinos, Inc. |
|
|
86,558 |
5,324 |
|
Las Vegas Sands, Inc.(a) |
|
|
330,248 |
300 |
|
Mattel, Inc. |
|
|
5,412 |
3,480 |
|
Scientific Games Corp. (Class A Stock) |
|
|
118,215 |
|
|
|
|
|
|
|
|
|
|
|
540,433 |
|
|
Environmental Services 0.1% |
|
|
|
5,200 |
|
Allied Waste Industries, Inc.(a) |
|
|
52,832 |
3,000 |
|
Republic Services, Inc. |
|
|
120,480 |
1,320 |
|
Waste Connections, Inc.(a) |
|
|
49,342 |
|
|
|
|
|
|
|
|
|
|
|
222,654 |
|
|
Exchange Traded Funds |
|
|
|
10 |
|
iShares Russell 1000 Value Index Fund |
|
|
747 |
889 |
|
iShares Russell 2000 Value Index Fund |
|
|
63,412 |
|
|
|
|
|
|
|
|
|
|
|
64,159 |
|
|
Farming & Agriculture 0.2% |
|
|
|
7,630 |
|
Monsanto Co. |
|
|
328,014 |
|
|
Financial-Bank & Trust 2.2% |
|
|
|
800 |
|
AmSouth Bancorp |
|
|
22,928 |
2,750 |
|
Astoria Financial Corp. |
|
|
81,813 |
25,403 |
|
Bank of America Corp. |
|
|
1,309,017 |
1,200 |
|
BankUnited Financial Corp. (Class A Stock)(a) |
|
|
35,508 |
500 |
|
BB&T Corp. |
|
|
20,995 |
2,410 |
|
Boston Private Financial Holdings, Inc. |
|
|
60,563 |
200 |
|
Compass Bancshares, Inc. |
|
|
11,788 |
13,500 |
|
Hudson City Bancorp, Inc. |
|
|
175,095 |
2,950 |
|
Marshall & Ilsley Corp. |
|
|
138,561 |
915 |
|
MB Financial, Inc. |
|
|
32,537 |
See Notes to Financial Statements.
|
|
|
18 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
1,700 |
|
North Fork Bancorp, Inc. |
|
$ |
48,161 |
900 |
|
Oriental Financial Group, Inc. |
|
|
11,313 |
1,700 |
|
Pacific Capital Bancorp |
|
|
50,082 |
2,325 |
|
PrivateBancorp, Inc. |
|
|
109,298 |
2,100 |
|
Regions Financial Corp. |
|
|
76,209 |
1,600 |
|
State Street Corp. |
|
|
96,096 |
1,200 |
|
Sterling Financial Corp.(a) |
|
|
38,364 |
2,250 |
|
TCF Financial Corp. |
|
|
60,548 |
10,800 |
|
U.S. Bancorp |
|
|
345,600 |
12,236 |
|
UBS AG (Switzerland) |
|
|
665,638 |
1,025 |
|
UCBH Holdings, Inc. |
|
|
17,097 |
1,600 |
|
Wachovia Corp. |
|
|
85,808 |
12,935 |
|
Wells Fargo & Co. |
|
|
935,718 |
600 |
|
Zions Bancorp |
|
|
49,284 |
|
|
|
|
|
|
|
|
|
|
|
4,478,021 |
|
|
Financial Services 2.3% |
|
|
|
900 |
|
Accredited Home Lenders Holding Co.(a) |
|
|
40,797 |
375 |
|
Affiliated Managers Group, Inc.(a) |
|
|
34,331 |
6,400 |
|
AmeriCredit Corp.(a) |
|
|
157,376 |
960 |
|
Ameriprise Financial, Inc. |
|
|
42,816 |
2,200 |
|
Asset Acceptance Capital Corp.(a) |
|
|
39,996 |
150 |
|
Capital One Financial Corp. |
|
|
11,603 |
729 |
|
Chicago Mercantile Exchange Holdings, Inc. |
|
|
336,215 |
3,100 |
|
CIT Group, Inc. |
|
|
142,321 |
23,900 |
|
Citigroup, Inc. |
|
|
1,154,609 |
2,500 |
|
Eaton Vance Corp. |
|
|
61,900 |
750 |
|
Financial Federal Corp. |
|
|
20,153 |
325 |
|
First Cash Financial Services, Inc.(a) |
|
|
6,185 |
100 |
|
Franklin Resources, Inc. |
|
|
9,145 |
4,818 |
|
Goldman Sachs Group, Inc. |
|
|
735,949 |
1,000 |
|
Greenhill & Co, Inc. |
|
|
57,960 |
400 |
|
International Securities Exchange, Inc. |
|
|
16,276 |
1,840 |
|
Investment Technology Group, Inc.(a) |
|
|
92,662 |
3,400 |
|
Jefferies Group, Inc. |
|
|
88,332 |
11,565 |
|
Lehman Brothers Holdings, Inc. |
|
|
751,147 |
2,200 |
|
Merrill Lynch & Co., Inc. |
|
|
160,204 |
5,650 |
|
Morgan Stanley Dean Witter & Co. |
|
|
375,725 |
2,480 |
|
Optionsxpress Holding, Inc. |
|
|
64,926 |
2,110 |
|
Portfolio Recovery Associates, Inc.(a) |
|
|
90,350 |
4,072 |
|
Raymond James Financial, Inc. |
|
|
118,332 |
300 |
|
Student Loan Corp. (The) |
|
|
53,925 |
|
|
|
|
|
|
|
|
|
|
|
4,663,235 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
19 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Food Products 0.2% |
|
|
|
6,377 |
|
Archer-Daniels-Midland Co. |
|
$ |
280,588 |
3,900 |
|
Sara Lee Corp. |
|
|
65,910 |
6,480 |
|
Unilever PLC, ADR (United Kingdom) |
|
|
154,807 |
|
|
|
|
|
|
|
|
|
|
|
501,305 |
|
|
Foods 0.2% |
|
|
|
1,100 |
|
Corn Products International, Inc. |
|
|
36,586 |
6,600 |
|
Kraft Foods, Inc. (Class A Stock) |
|
|
213,840 |
3,900 |
|
Kroger Co. (The)(a) |
|
|
89,427 |
800 |
|
Sysco Corp. |
|
|
22,080 |
|
|
|
|
|
|
|
|
|
|
|
361,933 |
|
|
Healthcare Equipment & Supplies |
|
|
|
1,580 |
|
Kyphon, Inc.(a) |
|
|
53,815 |
|
|
Healthcare Providers & Services 0.2% |
|
|
|
2,700 |
|
Cigna Corp. |
|
|
246,375 |
3,600 |
|
HCA, Inc. |
|
|
176,976 |
15,300 |
|
Tenet Healthcare Corp.(a) |
|
|
90,576 |
|
|
|
|
|
|
|
|
|
|
|
513,927 |
|
|
Healthcare Services 1.2% |
|
|
|
1,200 |
|
Aetna, Inc.(a) |
|
|
37,788 |
325 |
|
Amedisys, Inc.(a) |
|
|
12,412 |
2,200 |
|
AMERIGROUP Corp.(a) |
|
|
64,020 |
400 |
|
Biogen Idec, Inc.(a) |
|
|
16,848 |
1,700 |
|
Covance, Inc.(a) |
|
|
108,392 |
8,500 |
|
Five Star Quality Care, Inc. |
|
|
91,800 |
2,825 |
|
Healthsouth Rehabilitation Corp.(a) |
|
|
11,159 |
1,700 |
|
Healthways, Inc.(a) |
|
|
91,324 |
3,500 |
|
Humana, Inc. |
|
|
195,755 |
1,375 |
|
LHC Group, Inc.(a) |
|
|
29,068 |
1,175 |
|
Pediatrix Medical Group, Inc.(a) |
|
|
49,820 |
1,728 |
|
Quest Diagnostics, Inc. |
|
|
103,887 |
6,620 |
|
Solexa, Inc.(a) |
|
|
58,653 |
1,900 |
|
Sunrise Senior Living, Inc.(a) |
|
|
54,872 |
830 |
|
Triad Hospitals, Inc.(a) |
|
|
32,345 |
28,403 |
|
UnitedHealth Group, Inc. |
|
|
1,358,515 |
2,200 |
|
WellPoint, Inc.(a) |
|
|
163,900 |
|
|
|
|
|
|
|
|
|
|
|
2,480,558 |
See Notes to Financial Statements.
|
|
|
20 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Healthcare-Products |
|
|
|
1,400 |
|
Dade Behring Holdings, Inc. |
|
$ |
57,022 |
|
|
Hotels & Motels 0.5% |
|
|
|
2,600 |
|
Choice Hotels International, Inc. |
|
|
110,812 |
1,200 |
|
Hilton Hotels Corp. |
|
|
28,716 |
11,000 |
|
MGM Mirage(a) |
|
|
390,940 |
2,688 |
|
Station Casinos, Inc. |
|
|
147,464 |
6,900 |
|
Wynn Resorts Ltd.(a) |
|
|
441,669 |
|
|
|
|
|
|
|
|
|
|
|
1,119,601 |
|
|
Hotels, Restaurants & Leisure 0.2% |
|
|
|
3,600 |
|
Carnival Corp. |
|
|
140,256 |
1,670 |
|
Harrahs Entertainment, Inc. |
|
|
100,384 |
3,850 |
|
McDonalds Corp. |
|
|
136,251 |
|
|
|
|
|
|
|
|
|
|
|
376,891 |
|
|
Household Durables 0.4% |
|
|
|
2,300 |
|
Centex Corp. |
|
|
108,813 |
1,300 |
|
Fortune Brands, Inc. |
|
|
94,276 |
13,179 |
|
Lennar Corp. (Class A Stock) |
|
|
589,497 |
600 |
|
Lennar Corp. (Class B Stock) |
|
|
24,996 |
|
|
|
|
|
|
|
|
|
|
|
817,582 |
|
|
Household Products 0.1% |
|
|
|
3,700 |
|
Kimberly-Clark Corp. |
|
|
225,885 |
|
|
Household/Personal Care 0.1% |
|
|
|
2,800 |
|
Colgate-Palmolive Co. |
|
|
166,096 |
|
|
Independent Power Producers & Energy Traders 0.4% |
|
|
|
11,300 |
|
TXU Corp. |
|
|
725,799 |
|
|
Industrial Conglomerates 0.2% |
|
|
|
2,800 |
|
3M Co. |
|
|
197,120 |
11,600 |
|
Tyco International Ltd. (Bermuda) |
|
|
302,644 |
|
|
|
|
|
|
|
|
|
|
|
499,764 |
|
|
Insurance 2.5% |
|
|
|
10,400 |
|
Allstate Corp. (The) |
|
|
590,928 |
1,400 |
|
Ambac Financial Group, Inc. |
|
|
116,354 |
2,250 |
|
American International Group, Inc. |
|
|
136,508 |
7,590 |
|
Amerisafe, Inc.(a) |
|
|
85,008 |
2,200 |
|
Assurant, Inc. |
|
|
105,974 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
21 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
200 |
|
Chubb Corp. |
|
$ |
10,084 |
1,800 |
|
Commerce Group, Inc. |
|
|
54,378 |
1,425 |
|
Delphi Financial Group, Inc. (Class A Stock) |
|
|
54,278 |
14,102 |
|
Genworth Financial, Inc. (Class A Stock) |
|
|
483,699 |
2,200 |
|
Hanover Insurance Group, Inc. (The) |
|
|
101,816 |
2,300 |
|
Hartford Financial Service Group, Inc. |
|
|
195,132 |
1,762 |
|
HCC Insurance Holdings, Inc.(a) |
|
|
53,723 |
880 |
|
Hilb, Rogal & Hobbs Co. |
|
|
35,640 |
1,600 |
|
Lincoln National Corp. |
|
|
90,688 |
4,800 |
|
Loews Corp.(a) |
|
|
177,888 |
5,000 |
|
Marsh & McLennan Cos., Inc. |
|
|
135,150 |
6,330 |
|
MBIA, Inc. |
|
|
372,267 |
12,300 |
|
MetLife, Inc. |
|
|
639,600 |
2,190 |
|
Navigators Group, Inc.(a) |
|
|
93,097 |
2,933 |
|
Philadelphia Consolidated Holding Corp.(a) |
|
|
99,341 |
6,792 |
|
Progressive Corp. |
|
|
164,298 |
1,700 |
|
Protective Life Corp. |
|
|
78,727 |
16,301 |
|
St. Paul Travelers Cos., Inc. (The) |
|
|
746,586 |
1,800 |
|
State Auto Financial Corp. |
|
|
54,360 |
2,340 |
|
United Fire & Casualty Co. |
|
|
69,872 |
9,100 |
|
UnumProvident Corp. |
|
|
147,693 |
3,050 |
|
W.R. Berkley Corp. |
|
|
109,800 |
1,400 |
|
XL Capital Ltd. (Class A Stock) |
|
|
89,180 |
|
|
|
|
|
|
|
|
|
|
|
5,092,069 |
|
|
Internet Services 0.4% |
|
|
|
400 |
|
eBay, Inc.(a) |
|
|
9,628 |
1,600 |
|
Equinix, Inc. |
|
|
83,808 |
900 |
|
Google, Inc. (Class A Stock)(a) |
|
|
347,940 |
3,530 |
|
J2 Global Communications, Inc.(a) |
|
|
98,840 |
2,870 |
|
NetFlix, Inc.(a) |
|
|
59,380 |
1,520 |
|
Nutri/System, Inc.(a) |
|
|
80,438 |
9,220 |
|
Online Resources Corp.(a) |
|
|
96,718 |
5,190 |
|
Radvision Ltd. (Israel)(a) |
|
|
75,774 |
800 |
|
Vignette Corp. |
|
|
10,392 |
|
|
|
|
|
|
|
|
|
|
|
862,918 |
|
|
IT Services 0.3% |
|
|
|
18,400 |
|
Electronic Data Systems Corp. |
|
|
439,760 |
3,600 |
|
First Data Corp. |
|
|
147,060 |
|
|
|
|
|
|
|
|
|
|
|
586,820 |
|
|
Machinery 0.8% |
|
|
|
500 |
|
Briggs & Stratton Corp. |
|
|
12,800 |
11,362 |
|
Caterpillar, Inc. |
|
|
805,225 |
See Notes to Financial Statements.
|
|
|
22 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
4,606 |
|
Deere & Co. |
|
$ |
334,257 |
5,250 |
|
Flow International Corp.(a) |
|
|
70,875 |
2,170 |
|
Gardner Denver, Inc. |
|
|
75,190 |
500 |
|
IDEX Corp. |
|
|
21,725 |
1,900 |
|
Intevac, Inc.(a) |
|
|
40,033 |
700 |
|
Nordson Corp. |
|
|
31,850 |
1,270 |
|
Regal-Beloit Corp. |
|
|
50,483 |
3,400 |
|
SPX Corp. |
|
|
185,810 |
|
|
|
|
|
|
|
|
|
|
|
1,628,248 |
|
|
Manufacturing 0.6% |
|
|
|
600 |
|
Actuant Corp. (Class A Stock) |
|
|
26,406 |
1,500 |
|
Eaton Corp. |
|
|
96,150 |
25,700 |
|
General Electric Co. |
|
|
840,133 |
900 |
|
Harsco Corp. |
|
|
72,549 |
7,000 |
|
Hexcel Corp.(a) |
|
|
100,590 |
1,875 |
|
Jacuzzi Brands, Inc.(a) |
|
|
15,750 |
3,000 |
|
Terex Corp.(a) |
|
|
134,520 |
|
|
|
|
|
|
|
|
|
|
|
1,286,098 |
|
|
Media 1.1% |
|
|
|
20,700 |
|
CBS Corp. (Class B Stock) |
|
|
567,801 |
20,652 |
|
Comcast Corp. (Class A Stock) |
|
|
710,016 |
500 |
|
E.W. Scripps Co. (Class A Stock) |
|
|
21,365 |
200 |
|
EchoStar Communications Corp. (Class A Stock) |
|
|
7,010 |
7,000 |
|
Gannett Co., Inc. |
|
|
364,840 |
5,400 |
|
News Corp. (Class A Stock) |
|
|
103,896 |
17,200 |
|
Time Warner, Inc. |
|
|
283,800 |
7,900 |
|
Walt Disney Co. |
|
|
234,551 |
|
|
|
|
|
|
|
|
|
|
|
2,293,279 |
|
|
Media & Communications 0.1% |
|
|
|
3,300 |
|
McGraw-Hill Cos., Inc. |
|
|
185,790 |
|
|
Medical Products |
|
|
|
1,000 |
|
Becton Dickinson & Co. |
|
|
65,920 |
|
|
Medical Supplies & Equipment 1.4% |
|
|
|
2,840 |
|
Angiodynamics, Inc.(a) |
|
|
65,320 |
100 |
|
Baxter International, Inc. |
|
|
4,200 |
2,500 |
|
Cardinal Health, Inc. |
|
|
167,500 |
1,400 |
|
Cooper Cos, Inc. (The) |
|
|
61,880 |
2,875 |
|
Immucor, Inc.(a) |
|
|
57,241 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
23 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
11,500 |
|
Johnson & Johnson |
|
$ |
719,325 |
790 |
|
LCA-Vision, Inc. |
|
|
34,089 |
725 |
|
Medical Action Industries, Inc.(a) |
|
|
16,073 |
4,700 |
|
Medtronic, Inc. |
|
|
237,444 |
2,800 |
|
Novamed, Inc. |
|
|
20,776 |
4,100 |
|
NuVasive, Inc.(a) |
|
|
71,709 |
12,430 |
|
Orthovita, Inc. |
|
|
49,844 |
35,900 |
|
Pfizer, Inc. |
|
|
933,041 |
2,434 |
|
PolyMedica Corp. |
|
|
94,220 |
1,780 |
|
Resmed, Inc.(a) |
|
|
82,610 |
900 |
|
Sepracor, Inc.(a) |
|
|
44,460 |
1,650 |
|
SonoSite, Inc. |
|
|
53,262 |
8,000 |
|
Spectranetics Corp. |
|
|
103,120 |
1,850 |
|
Vital Signs, Inc. |
|
|
95,257 |
200 |
|
Zimmer Holdings, Inc.(a) |
|
|
12,648 |
|
|
|
|
|
|
|
|
|
|
|
2,924,019 |
|
|
Metals & Mining 0.8% |
|
|
|
17,700 |
|
Alcoa, Inc. |
|
|
530,115 |
1,600 |
|
Bucyrus International, Inc. (Class A Stock) |
|
|
77,936 |
5,526 |
|
Companhia Vale Do Rio Doce, ADR (Brazil) |
|
|
128,203 |
1,820 |
|
Dynamic Materials Corp. |
|
|
55,983 |
1,025 |
|
Gibraltar Industries, Inc. |
|
|
28,321 |
2,050 |
|
Joy Global, Inc. |
|
|
76,916 |
700 |
|
Newmont Mining Corp. |
|
|
35,861 |
400 |
|
Nucor Corp. |
|
|
21,268 |
6,994 |
|
Peabody Energy Corp. |
|
|
349,001 |
3,000 |
|
Phelps Dodge Corp. |
|
|
262,020 |
2,100 |
|
Timken Co. |
|
|
67,620 |
1,600 |
|
United States Steel Corp. |
|
|
100,912 |
|
|
|
|
|
|
|
|
|
|
|
1,734,156 |
|
|
Multi-Line Retail 0.1% |
|
|
|
4,400 |
|
Federated Department Stores, Inc. |
|
|
154,484 |
|
|
Multi-Utilities 0.1% |
|
|
|
2,100 |
|
Public Service Enterprise Group, Inc. |
|
|
141,603 |
|
|
Multimedia 0.1% |
|
|
|
3,100 |
|
Viacom Inc. (Class B Stock)(a) |
|
|
108,035 |
|
|
Office Equipment |
|
|
|
1,200 |
|
School Specialty, Inc. |
|
|
38,400 |
See Notes to Financial Statements.
|
|
|
24 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 3.2% |
|
|
|
6,100 |
|
Apache Corp.(a) |
|
$ |
429,867 |
1,300 |
|
Arena Resources, Inc. |
|
|
48,100 |
300 |
|
Ashland, Inc. |
|
|
19,953 |
2,850 |
|
Birch Mountain Resources Ltd.(a) |
|
|
12,056 |
2,600 |
|
Cabot Oil & Gas Corp. |
|
|
137,150 |
8,100 |
|
Chevron Corp. |
|
|
532,818 |
12,300 |
|
ConocoPhillips |
|
|
844,272 |
4,400 |
|
Devon Energy Corp. |
|
|
284,416 |
3,100 |
|
EOG Resources, Inc. |
|
|
229,865 |
15,400 |
|
Exxon Mobil Corp. |
|
|
1,043,196 |
2,325 |
|
Gulfport Energy Corp. |
|
|
28,435 |
12,834 |
|
Halliburton Co. |
|
|
428,142 |
3,000 |
|
Helmerich & Payne, Inc. |
|
|
83,040 |
1,100 |
|
Houston Exploration Co.(a) |
|
|
70,246 |
440 |
|
Hydril Co.(a) |
|
|
30,479 |
400 |
|
Kerr-McGee Corp. |
|
|
28,080 |
1,370 |
|
Maverick Tube Corp.(a) |
|
|
87,392 |
3,100 |
|
Occidental Petroleum Corp. |
|
|
334,025 |
2,433 |
|
Oceaneering International, Inc.(a) |
|
|
106,371 |
2,420 |
|
Oil States International, Inc.(a) |
|
|
77,827 |
1,600 |
|
ONEOK, Inc. |
|
|
59,536 |
8,298 |
|
Schlumberger Ltd. |
|
|
554,721 |
1,100 |
|
Sunoco, Inc. |
|
|
76,494 |
2,510 |
|
Superior Energy Services, Inc. |
|
|
85,967 |
1,400 |
|
Swift Energy Co.(a) |
|
|
67,200 |
1,100 |
|
Tesoro Corp. |
|
|
82,280 |
1,050 |
|
Unit Corp.(a) |
|
|
61,572 |
1,075 |
|
Universal Compression Holdings, Inc.(a) |
|
|
68,477 |
6,900 |
|
Valero Energy Corp. |
|
|
465,267 |
3,040 |
|
Warrior Energy Service Corp.(a) |
|
|
65,786 |
1,100 |
|
Weatherford International, Inc., Ltd. |
|
|
51,524 |
500 |
|
XTO Energy, Inc. |
|
|
23,495 |
|
|
|
|
|
|
|
|
|
|
|
6,518,049 |
|
|
Paper & Forest Products 0.2% |
|
|
|
500 |
|
Smurfit-Stone Container Corp.(a) |
|
|
5,060 |
300 |
|
Temple-Inland, Inc. |
|
|
12,762 |
5,500 |
|
Weyerhaeuser Co. |
|
|
322,630 |
|
|
|
|
|
|
|
|
|
|
|
340,452 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
25 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Personal Services 0.1% |
|
|
|
4,440 |
|
AMN Healthcare Services, Inc.(a) |
|
$ |
99,722 |
4,150 |
|
Barrett Business Services(a) |
|
|
89,225 |
|
|
|
|
|
|
|
|
|
|
|
188,947 |
|
|
Pharmaceuticals 1.0% |
|
|
|
3,624 |
|
Abbott Laboratories |
|
|
173,118 |
5,300 |
|
American Medical Systems Holdings, Inc.(a) |
|
|
96,725 |
6,292 |
|
Amylin Pharmaceuticals, Inc.(a) |
|
|
307,050 |
900 |
|
Barr Pharmaceuticals, Inc.(a) |
|
|
44,784 |
4,700 |
|
Celgene Corp.(a) |
|
|
225,083 |
1,000 |
|
Eli Lilly & Co. |
|
|
56,770 |
5,900 |
|
Endo Pharmaceuticals Holdings, Inc.(a) |
|
|
183,313 |
1,900 |
|
Express Scripts, Inc.(a) |
|
|
146,357 |
2,200 |
|
Hospira, Inc. |
|
|
96,118 |
13,979 |
|
Merck & Co., Inc. |
|
|
562,934 |
1,800 |
|
Schering-Plough Corp. |
|
|
36,792 |
4,600 |
|
Wyeth |
|
|
222,962 |
|
|
|
|
|
|
|
|
|
|
|
2,152,006 |
|
|
Pipelines |
|
|
|
1,300 |
|
Dynegy, Inc. (Class A Stock)(a) |
|
|
7,319 |
|
|
Real Estate 0.1% |
|
|
|
2,559 |
|
CB Richard Ellis Group, Inc. (Class A Stock)(a) |
|
|
60,213 |
2,860 |
|
St. Joe Co. (The) |
|
|
128,414 |
|
|
|
|
|
|
|
|
|
|
|
188,627 |
|
|
Real Estate Investment Trust - Other Reit 0.2% |
|
|
|
5,000 |
|
Equity Office Properties Trust |
|
|
189,550 |
3,000 |
|
Simon Property Group, Inc. |
|
|
256,590 |
|
|
|
|
|
|
|
|
|
|
|
446,140 |
|
|
Real Estate Investment Trusts 0.7% |
|
|
|
3,000 |
|
Apartment Investment & Management Co. (Class A Stock) |
|
|
144,270 |
1,225 |
|
Ashford Hospitality Trust, Inc.(a) |
|
|
14,394 |
1,200 |
|
Crescent Real Estate Equities Co. |
|
|
23,424 |
825 |
|
Healthcare Realty Trust, Inc. |
|
|
27,299 |
1,550 |
|
Highland Hospitality Corp. |
|
|
20,693 |
1,200 |
|
Hospitality Properties Trust |
|
|
52,284 |
6,600 |
|
Host Marriot Corp. |
|
|
140,052 |
1,800 |
|
Jones Lang Lasal, Inc. |
|
|
147,060 |
See Notes to Financial Statements.
|
|
|
26 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
400 |
|
Kilroy Realty Corp. |
|
$ |
29,556 |
3,080 |
|
KKR Financial Corp.(a) |
|
|
71,333 |
600 |
|
Liberty Property Trust |
|
|
28,110 |
600 |
|
Mack-Cali Realty Corp. |
|
|
28,986 |
3,500 |
|
MFA Mortgage Investments, Inc. |
|
|
24,010 |
4,600 |
|
New Century Financial Corp. |
|
|
200,836 |
2,000 |
|
Plum Creek Timber Co. |
|
|
68,120 |
3,600 |
|
Prologis |
|
|
199,260 |
1,300 |
|
Realty Income Corp. |
|
|
29,744 |
530 |
|
Redwood Trust, Inc. |
|
|
25,217 |
700 |
|
SL Green Realty Corp. |
|
|
80,010 |
|
|
|
|
|
|
|
|
|
|
|
1,354,658 |
|
|
Retail & Merchandising 1.8% |
|
|
|
750 |
|
Abercrombie & Fitch Co. (Class A Stock) |
|
|
39,720 |
600 |
|
Best Buy Co., Inc. |
|
|
27,204 |
1,400 |
|
Brinker International, Inc.(a) |
|
|
45,360 |
5,770 |
|
Cache, Inc.(a) |
|
|
103,918 |
257 |
|
CEC Entertainment, Inc.(a) |
|
|
7,589 |
6,800 |
|
Circuit City Stores, Inc. |
|
|
166,600 |
4,000 |
|
Costco Wholesale Corp. |
|
|
211,040 |
5,300 |
|
Darden Restaurants, Inc. |
|
|
179,140 |
4,200 |
|
Dillards, Inc. (Class A Stock) |
|
|
126,126 |
1,800 |
|
J. C. Penney Co., Inc. |
|
|
113,328 |
2,312 |
|
Jos. A. Bank Clothiers, Inc.(a) |
|
|
58,216 |
500 |
|
Kohls Corp.(a) |
|
|
28,315 |
18,021 |
|
Lowes Cos., Inc. |
|
|
510,895 |
100 |
|
Mills Corp. (The) |
|
|
2,318 |
600 |
|
Nordstrom, Inc. |
|
|
20,580 |
4,700 |
|
Office Depot, Inc.(a) |
|
|
169,435 |
595 |
|
Regis Corp. |
|
|
20,040 |
3,300 |
|
Safeway, Inc. |
|
|
92,664 |
3,417 |
|
Sonic Corp.(a) |
|
|
67,247 |
1,200 |
|
Staples, Inc. |
|
|
25,944 |
15,179 |
|
Starbucks Corp.(a) |
|
|
520,032 |
2,200 |
|
Stein Mart, Inc. |
|
|
28,358 |
500 |
|
Supervalu, Inc. |
|
|
13,555 |
5,153 |
|
Target Corp. |
|
|
236,626 |
2,250 |
|
Triarc Cos., Inc. (Class B Stock) |
|
|
31,477 |
1,300 |
|
United Auto Group, Inc. |
|
|
27,807 |
12,000 |
|
Wal-Mart Stores, Inc. |
|
|
534,000 |
8,617 |
|
Yum! Brands, Inc. |
|
|
387,765 |
|
|
|
|
|
|
|
|
|
|
|
3,795,299 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
27 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Semiconductors 0.4% |
|
|
|
3,000 |
|
Advanced Mirco Devices, Inc.(a) |
|
$ |
58,170 |
800 |
|
Altera Corp.(a) |
|
|
13,848 |
850 |
|
ATMI, Inc.(a) |
|
|
22,584 |
1,000 |
|
Broadcom Corp. (Class A Stock)(a) |
|
|
23,990 |
6,300 |
|
Intel Corp. |
|
|
113,400 |
250 |
|
KLA-Tencor Corp. |
|
|
10,548 |
15,090 |
|
Texas Instruments, Inc. |
|
|
449,380 |
9,000 |
|
Triquint Semiconductor, Inc. |
|
|
42,480 |
3,560 |
|
Volterra Semiconductor Corp. |
|
|
51,905 |
900 |
|
Xilinx, Inc. |
|
|
18,261 |
|
|
|
|
|
|
|
|
|
|
|
804,566 |
|
|
Semiconductors/Semi Cap 0.1% |
|
|
|
7,600 |
|
Micron Technology, Inc. |
|
|
118,484 |
|
|
Software 0.8% |
|
|
|
8,400 |
|
BMC Software, Inc.(a) |
|
|
196,728 |
16,900 |
|
CA, Inc. |
|
|
354,224 |
5,390 |
|
Concur Technologies, Inc.(a) |
|
|
70,394 |
1,100 |
|
Fair Isaac Corp. |
|
|
37,158 |
5,656 |
|
Global Payments, Inc. |
|
|
240,606 |
27,000 |
|
Microsoft Corp. |
|
|
648,810 |
1,900 |
|
MoneyGram International, Inc. |
|
|
58,235 |
5,200 |
|
Omniture, Inc. |
|
|
37,492 |
|
|
|
|
|
|
|
|
|
|
|
1,643,647 |
|
|
Specialty Retail 0.3% |
|
|
|
8,462 |
|
Home Depot, Inc. |
|
|
293,716 |
9,300 |
|
Limited Brands, Inc. |
|
|
233,988 |
900 |
|
MSC Industrial Direct Co., Inc. |
|
|
37,107 |
|
|
|
|
|
|
|
|
|
|
|
564,811 |
|
|
Telecom-Integrated/Services |
|
|
|
14,992 |
|
Netia Holdings (Poland) |
|
|
20,400 |
|
|
Telecommunications 1.6% |
|
|
|
9,169 |
|
America Movil SA de CV, ADR (Mexico) |
|
|
328,067 |
4,200 |
|
AmerisourceBergen Corp. |
|
|
180,600 |
22,800 |
|
AT&T, Inc. |
|
|
683,772 |
100 |
|
BellSouth Corp. |
|
|
3,917 |
1,700 |
|
CenturyTel, Inc. |
|
|
65,569 |
27,350 |
|
Cisco Systems, Inc.(a) |
|
|
488,197 |
4,000 |
|
Corning, Inc.(a) |
|
|
76,280 |
See Notes to Financial Statements.
|
|
|
28 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
778 |
|
Embarq Corp. |
|
$ |
35,204 |
2,200 |
|
Juniper Networks, Inc.(a) |
|
|
29,590 |
5,800 |
|
Motorola, Inc. |
|
|
132,008 |
9,200 |
|
QUALCOMM, Inc. |
|
|
324,392 |
10,267 |
|
Sprint Nextel Corp. |
|
|
203,287 |
2,050 |
|
Tekelec(a) |
|
|
21,095 |
20,450 |
|
Verizon Communications, Inc. |
|
|
691,619 |
|
|
|
|
|
|
|
|
|
|
|
3,263,597 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
3,300 |
|
Jones Apparel Group, Inc. |
|
|
97,680 |
|
|
Thrifts & Mortgage Finance 0.7% |
|
|
|
10,700 |
|
Countrywide Financial Corp. |
|
|
383,381 |
4,000 |
|
Fannie Mae |
|
|
191,640 |
5,700 |
|
Freddie Mac |
|
|
329,802 |
10,600 |
|
Washington Mutual, Inc. |
|
|
473,820 |
|
|
|
|
|
|
|
|
|
|
|
1,378,643 |
|
|
Tobacco |
|
|
|
200 |
|
Reynolds America, Inc. |
|
|
25,356 |
400 |
|
UST, Inc. |
|
|
20,220 |
|
|
|
|
|
|
|
|
|
|
|
45,576 |
|
|
Transportation 1.3% |
|
|
|
350 |
|
Amerco(a) |
|
|
30,870 |
1,070 |
|
American Commercial Lines, Inc.(a) |
|
|
58,796 |
1,810 |
|
American Railcar Industries, Inc. |
|
|
50,047 |
1,200 |
|
Arlington Tankers Ltd. |
|
|
26,748 |
9,441 |
|
Burlington North Santa Fe Corp. |
|
|
650,579 |
1,300 |
|
CSX Corp. |
|
|
78,884 |
6,617 |
|
FedEx Corp. |
|
|
692,866 |
475 |
|
Genesee & Wyoming, Inc. (Class A Stock)(a) |
|
|
12,497 |
720 |
|
Landstar System, Inc.(a) |
|
|
30,737 |
8,250 |
|
Norfolk Southern Corp. |
|
|
358,215 |
1,522 |
|
Old Dominion Freight Line(a) |
|
|
49,587 |
300 |
|
Overseas Shipholding Group, Inc. |
|
|
19,317 |
5,688 |
|
Union Pacific Corp. |
|
|
483,480 |
2,860 |
|
Vitran Corp., Inc. (Canada) |
|
|
59,088 |
|
|
|
|
|
|
|
|
|
|
|
2,601,711 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
29 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Utilities 0.5% |
|
|
|
3,700 |
|
American Electric Power Co., Inc. |
|
$ |
133,644 |
1,600 |
|
Consolidated Edison, Inc. |
|
|
74,992 |
5,000 |
|
Duke Energy Corp. |
|
|
151,600 |
3,700 |
|
Edison International |
|
|
153,106 |
2,101 |
|
Headwaters, Inc.(a) |
|
|
48,617 |
2,850 |
|
Northeast Utilities |
|
|
63,840 |
2,500 |
|
PG&E Corp. |
|
|
104,200 |
1,200 |
|
Pinnacle West Capital Corp. |
|
|
51,612 |
1,700 |
|
PNM Resources, Inc. |
|
|
45,577 |
450 |
|
PPL Corp. |
|
|
15,309 |
1,200 |
|
Scana Corp. |
|
|
47,988 |
1,550 |
|
Westar Energy, Inc. |
|
|
35,805 |
900 |
|
Wisconsin Energy Corp. |
|
|
37,980 |
3,700 |
|
Xcel Energy, Inc.(a) |
|
|
74,148 |
|
|
|
|
|
|
|
|
|
|
|
1,038,418 |
|
|
Wireless Telecommunication Services |
|
|
|
200 |
|
American Tower Corp. (Class A Stock)(a) |
|
|
6,760 |
|
|
|
|
|
|
|
|
Total common stocks (cost $72,951,711) |
|
|
80,653,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited)
|
|
Principal Amount (000)#
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES 0.6% |
Aaa |
|
$ |
238 |
|
Argent Securities Inc., Series 2005-W3, Class A2A 5.485%, 11/25/35 |
|
$ |
237,632 |
Aaa |
|
|
16 |
|
Federal National Mortgage Assoc., Series 2005-73, Class A1A 5.425%, 07/25/35 |
|
|
16,060 |
Aaa |
|
|
900 |
|
Nissan Auto Receivables Owner Trust, Series 2006-B Class A2 5.18%, 08/15/08 |
|
|
898,037 |
Aaa |
|
|
56 |
|
Quest Trust, Series 2004-X2, Class A1, 144A 5.945%, 06/25/34 |
|
|
56,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total asset-backed securities (cost $1,209,430) |
|
|
1,207,960 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
30 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS 1.9% |
Aaa |
|
$ |
341 |
|
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-4, Class 23A2 5.409%, 05/25/35(b) |
|
$ |
338,323 |
Aaa |
|
|
176 |
|
Federal Home Loan Mortgage Corp., Series 41, Class F 10.00%, 05/15/20 |
|
|
175,545 |
Aaa |
|
|
1,590 |
|
Federal Home Loan Mortgage Corp., Structured Pass Through Securities, Series T-61, Class 1A1 5.54%, 07/25/44(b) |
|
|
1,604,820 |
Aaa |
|
|
35 |
|
Federal National Mortgage Assoc., Series 1992-146, Class PZ 8.00%, 08/25/22 |
|
|
36,708 |
Aaa |
|
|
435 |
|
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1 4.54%, 09/25/35 |
|
|
425,867 |
Aaa |
|
|
37 |
|
Mellon Residential Funding Corp., Series 1999-TBCZ, Class A3 4.658%, 07/25/29(b) |
|
|
37,192 |
Aaa |
|
|
217 |
|
Vendee Mortgage Trust, Series 2001-1, Class 1A 6.819%, 01/15/30 |
|
|
220,596 |
Aaa |
|
|
1,165 |
|
Washington Mutual, Inc., Series 2003-R1, Class A1 5.655%, 12/25/27(b) |
|
|
1,164,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total collateralized mortgage obligations (cost $4,007,095) |
|
|
4,003,720 |
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 14.1% |
|
Aerospace 0.3% |
B3 |
|
|
125 |
|
BE Aerospace, Inc., Sr. Sub. Notes 8.875%, 05/01/11 |
|
|
130,312 |
Ba3 |
|
|
125 |
|
Esterline Technologies Corp., Sr. Sub. Notes 7.75%, 06/15/13 |
|
|
126,250 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
31 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Caa1 |
|
$ |
125 |
|
K & F Acquisition, Inc., Gtd. Notes 7.75%, 11/15/14 |
|
$ |
122,813 |
B1 |
|
|
125 |
|
Sequa Corp., Sr. Notes 8.875%, 04/01/08 |
|
|
130,156 |
Caa1 |
|
|
25 |
|
Standard Aero Holdings, Inc., Gtd. Notes 8.25%, 09/01/14 |
|
|
24,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
533,594 |
|
Agriculture |
Ba2 |
|
|
80 |
|
Smithfield Foods, Inc., Sr. Notes 8.00%, 10/15/09 |
|
|
81,600 |
|
Airlines |
Ba2 |
|
|
35 |
|
Continental Airlines, Inc., Pass Thru Certificates 6.748%, 09/15/18 |
|
|
32,921 |
|
Automobile Manufacturers 0.4% |
A3 |
|
|
700 |
|
DaimlerChrysler NA Holding Corp., Gtd. Notes 5.486%, 03/07/07(b) |
|
|
700,248 |
BBB(c) |
|
|
100 |
|
DaimlerChrysler NA Holding Corp., Notes 6.16%, 08/08/06(b) |
|
|
100,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800,254 |
|
Automotive |
B3 |
|
|
63 |
|
Visteon Corp., Sr. Notes 8.25%, 08/01/10 |
|
|
57,960 |
|
Automotive - OEM 0.2% |
B2 |
|
|
62 |
|
Ford Motor Co., Notes 7.45%, 07/16/31 |
|
|
45,570 |
Ba3 |
|
|
125 |
|
Ford Motor Credit Corp., Sr. Notes 7.25%, 10/25/11 |
|
|
113,528 |
Ba1 |
|
|
125 |
|
General Motors Acceptance Corp., Notes 6.75%, 12/01/14 |
|
|
117,665 |
See Notes to Financial Statements.
|
|
|
32 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Ba1 |
|
$ |
125 |
|
6.875%, 09/15/11 |
|
$ |
121,037 |
Ba1 |
|
|
62 |
|
General Motors Acceptance Corp., Bonds 8.00%, 11/01/31 |
|
|
60,803 |
Caa1 |
|
|
62 |
|
General Motors Corp., Debs. 8.375%, 07/15/33 |
|
|
50,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
509,443 |
|
Automotive Parts 0.1% |
Caa2 |
|
|
62 |
|
Affinia Group, Inc., Gtd. Notes 9.00%, 11/30/14 |
|
|
56,420 |
B3 |
|
|
125 |
|
Goodyear Tire & Rubber Co., Notes 7.857%, 08/15/11 |
|
|
115,625 |
B3 |
|
|
50 |
|
Tenneco Co., Gtd. Notes 8.625%, 11/15/14 |
|
|
49,625 |
Ba3 |
|
|
59 |
|
TRW Automotive, Inc., Sr. Notes 9.375%, 02/15/13 |
|
|
62,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
284,357 |
|
Broadcasting |
B3 |
|
|
63 |
|
CMP Susquehanna Corp., Sr. Sub. Notes, 144A 9.875%, 05/15/14 |
|
|
58,590 |
|
Building Materials - Fixtures & Fittings 0.3% |
B3 |
|
|
187 |
|
Goodman Global Holdings, Sr. Sub. Notes 7.875%, 12/15/12(b) |
|
|
173,442 |
B2 |
|
|
105 |
|
Goodman Global Holdings, Sr. Notes 8.329%, 06/15/12(b) |
|
|
105,263 |
Caa1 |
|
EUR |
125 |
|
Grohe Holding GmbH, Gtd. Notes (Denmark) 8.625%, 10/01/14 |
|
|
153,288 |
Caa1 |
|
|
125 |
|
Nortek, Inc., Sr. Sub. Notes 8.50%, 09/01/14 |
|
|
116,875 |
Caa1 |
|
|
62 |
|
Panolam Industries International, Inc., Sr. Sub. Notes, 144A 10.75%, 10/01/13 |
|
|
60,140 |
B3 |
|
|
62 |
|
Ply Gem Industries, Inc., Sr. Sub Notes 9.00%, 02/15/12 |
|
|
54,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
663,258 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
33 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Capital Goods - Others |
B3 |
|
$ |
40 |
|
Mueller Group, Inc., Sr. Sub. Notes 10.00%, 05/01/12 |
|
$ |
43,200 |
|
Chemicals 0.9% |
Caa2 |
|
|
125 |
|
Crystal US Holdings, Sr. Disc. Notes, Zero Coupon (until 10/01/09) 10.50%(i), 10/01/14 |
|
|
97,500 |
B1 |
|
|
105 |
|
Equistar Chemicals LP, Gtd. Notes 10.125%, 09/01/08 |
|
|
110,513 |
Ba1 |
|
|
150 |
|
Hercules, Inc., Debs. 6.60%, 08/01/27 |
|
|
149,250 |
B3 |
|
|
50 |
|
Hexion US Financecorp / Nova Scotia Finance ULC, Secd. Notes 9.00%, 07/15/14 |
|
|
51,125 |
|
|
|
|
|
Huntsman ICI International LLC, Gtd. Notes |
|
|
|
B2 |
|
|
125 |
|
9.875%, 03/01/09 |
|
|
130,156 |
B3 |
|
|
14 |
|
10.125%, 07/01/09 |
|
|
14,210 |
B1 |
|
|
125 |
|
IMC Global, Inc., Debs. 6.875%, 07/15/07 |
|
|
124,687 |
Ba3 |
|
|
90 |
|
IMC Global, Inc., Gtd. Notes 11.25%, 06/01/11 |
|
|
95,288 |
B2 |
|
EUR |
62 |
|
Ineos Group Holdings PLC, Bonds (United Kingdom) 7.875%, 02/15/16 |
|
|
74,051 |
B2 |
|
|
125 |
|
Ineos Group Holdings PLC., Notes, 144A (United Kingdom) 8.50%, 02/15/16 |
|
|
117,187 |
Ba3 |
|
|
62 |
|
Invista, Notes, 144A 9.25%, 05/01/12 |
|
|
64,170 |
B3 |
|
|
125 |
|
KRATON Polymers LLC, Co. Gtd. Notes 8.125%, 01/15/14 |
|
|
121,250 |
Ba3 |
|
|
44 |
|
Lyondell Chemical Co., Gtd. Notes 9.50%, 12/15/08 |
|
|
45,210 |
Ba3 |
|
|
25 |
|
Lyondell Chemical Co., Secd. Notes 11.125%, 07/15/12 |
|
|
27,219 |
B2 |
|
|
125 |
|
Nell AF SARL, Sr. Notes, (Luxembourg) 8.375%, 08/15/15 |
|
|
121,406 |
B3 |
|
|
75 |
|
PQ Corp., Gtd. Notes 7.50%, 02/15/13 |
|
|
72,000 |
See Notes to Financial Statements.
|
|
|
34 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Caa1 |
|
$ |
59 |
|
Rhodia SA, Sr. Sub. Notes (France) 8.875%, 06/01/11 |
|
$ |
60,033 |
B3 |
|
|
130 |
|
Rhodia SA, Sr. Notes (France) 10.25%, 06/01/10 |
|
|
140,725 |
B3 |
|
EUR |
125 |
|
Rockwood Specialties Group, Inc., Gtd. Notes 7.625%, 11/15/14 |
|
|
162,469 |
B3 |
|
|
87 |
|
Rockwood Specialties Group, Inc., Sr. Sub. Notes 10.625%, 05/15/11 |
|
|
93,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,871,974 |
|
Conglomerates 0.1% |
B2 |
|
|
75 |
|
Blount, Inc., Sr. Sub. Notes 8.875%, 08/01/12 |
|
|
75,750 |
Ba2 |
|
|
62 |
|
Bombardier, Inc., Unsecd Notes, 144A (Canada) 6.75%, 05/01/12 |
|
|
57,350 |
B2 |
|
|
75 |
|
GenTek Escrow Bond, (d) Zero Coupon, 11/10/33 |
|
|
0 |
B2 |
|
|
26 |
|
Invensys PLC, Sr. Notes, 144A (United Kingdom) 9.875%, 03/15/11 |
|
|
27,950 |
B2 |
|
|
100 |
|
Manitowoc Co., Gtd. Notes 10.50%, 08/01/12 |
|
|
108,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
269,050 |
|
Consumer Products & Services 0.2% |
A3 |
|
|
500 |
|
Clorox Co., Sr. Notes 5.444%, 12/14/07(b) |
|
|
500,677 |
|
Consumer Products 0.1% |
Caa2 |
|
|
125 |
|
Jostens Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08) 10.25%(i), 12/01/13 |
|
|
98,750 |
Caa1 |
|
|
62 |
|
Solo Cup Co., Sr. Sub. Notes 8.50%, 02/15/14 |
|
|
53,630 |
Caa2 |
|
|
125 |
|
Visant Holding Corp., Sr. Notes, 144A 8.75%, 12/01/13 |
|
|
119,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
272,067 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
35 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Consumer Products - Household & Leisure 0.1% |
B3 |
|
$ |
63 |
|
Affinion Group, Inc., Gtd. Notes, 144A 10.125%, 10/15/13 |
|
$ |
64,575 |
Caa2 |
|
|
125 |
|
Spectrum Brands, Inc., Gtd. Notes 7.375%, 02/01/15 |
|
|
94,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
158,638 |
|
Consumer Products - Industrial 0.1% |
Caa1 |
|
|
75 |
|
Johnson Diversey Holdings, Inc., Disc. Notes (until 05/15/07) 10.67%(i), 05/15/13 |
|
|
63,750 |
Caa1 |
|
|
75 |
|
Johnson Diversey, Inc., Gtd. Notes 9.625%, 05/15/12 |
|
|
74,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
138,000 |
|
Consumer Products - Non Durable 0.1% |
Ba3 |
|
|
125 |
|
Church & Dwight Co. Inc., Gtd. Notes 6.00%, 12/15/12 |
|
|
116,719 |
Caa1 |
|
|
125 |
|
Playtex Products, Inc., Gtd. Notes 9.375%, 06/01/11 |
|
|
130,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
247,187 |
|
Defense 0.2% |
B2 |
|
|
62 |
|
Alliant Techsystems, Inc., Gtd. Notes 6.75%, 04/01/16 |
|
|
60,140 |
B3 |
|
|
62 |
|
DRS Technologies, Inc., Gtd. Notes 7.625%, 02/01/18 |
|
|
61,845 |
Ba3 |
|
|
125 |
|
L-3 Communications Corp., Sr. Sub. Notes 6.375%, 10/15/15 |
|
|
120,000 |
Ba3 |
|
|
100 |
|
L-3 Communications Corp., Gtd. Notes 7.625%, 06/15/12 |
|
|
101,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
343,235 |
|
Energy |
B1 |
|
|
63 |
|
Massey Energy Co., Gtd. Notes 6.875%, 12/15/13 |
|
|
58,118 |
See Notes to Financial Statements.
|
|
|
36 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Energy - Coal |
Ba3 |
|
$ |
50 |
|
Arch Western Finance LLC, Secd. Notes 6.75%, 07/01/13 |
|
$ |
47,625 |
B1 |
|
|
50 |
|
Foundation PA Coal Co., Sr. Notes 7.25%, 08/01/14 |
|
|
48,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,125 |
|
Energy - Exploration & Production 0.2% |
|
|
|
|
|
Chesapeake Energy Corp., Sr. Notes |
|
|
|
Ba2 |
|
|
150 |
|
6.375%, 06/15/15 |
|
|
141,000 |
Ba2 |
|
|
125 |
|
6.875%, 01/15/16 |
|
|
120,625 |
|
|
|
|
|
Encore Acquisition Co., Sr. Sub. Notes |
|
|
|
B2 |
|
|
62 |
|
6.00%, 07/15/15 |
|
|
56,730 |
B2 |
|
|
25 |
|
6.25%, 04/15/14 |
|
|
23,187 |
Ba3 |
|
|
30 |
|
Forest Oil Corp., Sr. Notes 8.00%, 12/15/11 |
|
|
30,825 |
Ba3 |
|
|
8 |
|
Magnum Hunter Resources, Inc., Gtd. Notes 9.60%, 03/15/12 |
|
|
8,470 |
A3 |
|
|
50 |
|
Vintage Petroleum, Inc., Sr. Notes 8.25%, 05/01/12 |
|
|
52,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
433,730 |
Energy - Refining |
Baa3 |
|
|
75 |
|
Premcor Refining Group, Inc., Co. Gtd. Notes 6.75%, 05/01/14 |
|
|
76,677 |
|
Energy - Services 0.1% |
B3 |
|
|
75 |
|
Hanover Compressor Co., Gtd. Notes 8.625%, 12/15/10 |
|
|
77,437 |
B2 |
|
|
50 |
|
Hanover Equipment Trust, Secd. Notes 8.75%, 09/01/11 |
|
|
52,125 |
B2 |
|
|
100 |
|
Parker Drilling Co., Sr. Notes 9.625%, 10/01/13 |
|
|
108,500 |
Ba2 |
|
|
25 |
|
Pride International, Inc., Sr. Notes 7.375%, 07/15/14 |
|
|
25,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
263,312 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
37 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Entertainment & Leisure 0.4% |
B2 |
|
$ |
100 |
|
AMC Entertainment, Inc., Gtd. Notes 8.625%, 08/15/12 |
|
$ |
102,125 |
Baa3 |
|
|
500 |
|
Harrahs Operating Co., Inc., Notes, 144A 6.10%, 02/08/08(b) |
|
|
501,096 |
B1 |
|
|
75 |
|
Intrawest Corp., Sr. Notes (Canada) 7.50%, 10/15/13 |
|
|
74,719 |
Caa2 |
|
|
45 |
|
Six Flags, Inc., Sr. Notes 9.625%, 06/01/14 |
|
|
40,838 |
B3 |
|
|
50 |
|
Universal City Florida, Holding Co., Sr. Notes 8.375%, 05/01/10 |
|
|
50,500 |
B2 |
|
|
125 |
|
Warner Music Group, Sr. Sub. Notes 7.375%, 04/15/14 |
|
|
120,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
889,903 |
|
Environmental 0.1% |
B2 |
|
|
25 |
|
Allied Waste North America, Inc., Sr. Notes 7.875%, 04/15/13 |
|
|
25,250 |
B2 |
|
|
220 |
|
Allied Waste North America, Inc., Sr. Notes, Series B 8.50%, 12/01/08 |
|
|
228,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
253,500 |
Environmental Services |
B2 |
|
|
62 |
|
WCA Waste Corp., Sr. Notes, 144A 9.25%, 06/15/14 |
|
|
63,085 |
|
Finance |
Ba2 |
|
|
62 |
|
E*Trade Group Corp., Sr. Notes 7.375%, 09/15/13 |
|
|
62,155 |
|
Financial - Bank & Trust 0.2% |
Aa2 |
|
|
400 |
|
HSBC Bank USA NA, Sr. Notes 5.494%, 09/21/07(b) |
|
|
400,382 |
|
Financial Services 0.3% |
Aaa |
|
JPY |
67,000 |
|
General Electric Capital Corp., Sr. Unsub. Notes (United States) 1.40%, 11/02/06 |
|
|
585,907 |
See Notes to Financial Statements.
|
|
|
38 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Foods 0.1% |
B3 |
|
$ |
8 |
|
Agrilink Foods, Inc., Gtd. Notes 11.875%, 11/01/08 |
|
$ |
8,150 |
|
|
|
|
|
Dole Foods Co., Inc., Sr. Notes |
|
|
|
B3 |
|
|
38 |
|
8.625%, 05/01/09 |
|
|
36,290 |
B3 |
|
|
18 |
|
8.875%, 03/15/11 |
|
|
16,830 |
B3 |
|
|
63 |
|
Pinnacle Foods Holding Co., Sr. Sub. Notes 8.25%, 12/01/13 |
|
|
61,740 |
B3 |
|
EUR |
125 |
|
United Biscuits Co., Gtd. Notes (United Kingdom) 10.625%, 04/15/11 |
|
|
168,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291,467 |
|
Gaming 0.8% |
B1 |
|
|
175 |
|
Boyd Gaming Corp., Sr. Sub. Notes 8.75%, 04/15/12 |
|
|
182,875 |
B2 |
|
EUR |
62 |
|
Codere Finance SA, Sr. Notes (Luxembourg) 8.25%, 06/15/15 |
|
|
82,268 |
B2 |
|
|
50 |
|
Isle of Capri Casinos, Inc., Sr. Sub. Notes 7.00%, 03/01/14 |
|
|
47,750 |
Ba2 |
|
|
250 |
|
MGM Mirage, Inc., Gtd. Notes 6.00%, 10/01/09 |
|
|
243,125 |
Ba3 |
|
|
130 |
|
MGM Mirage, Inc., Gtd. Notes 9.75%, 06/01/07 |
|
|
133,412 |
Ba2 |
|
|
125 |
|
MGM Mirage, Inc., Gtd. Notes, 144A 6.625%, 07/15/15 |
|
|
117,969 |
Ba2 |
|
|
125 |
|
MGM Mirage, Inc., Sr. Notes 6.75%, 04/01/13 |
|
|
120,000 |
Ba3 |
|
|
100 |
|
Mohegan Tribal Gaming Authority, Sr. Sub. Notes 8.00%, 04/01/12 |
|
|
102,000 |
Baa3 |
|
|
130 |
|
Park Place Entertainment Corp., Sr. Notes 7.50%, 09/01/09 |
|
|
135,549 |
|
|
|
|
|
Park Place Entertainment Corp., Sr. Sub. Notes |
|
|
|
Ba1 |
|
|
35 |
|
8.125%, 05/15/11 |
|
|
36,750 |
Ba1 |
|
|
20 |
|
8.875%, 09/15/08 |
|
|
20,925 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
39 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Ba1 |
|
$ |
20 |
|
9.375%, 02/15/07 |
|
$ |
20,275 |
B1 |
|
|
25 |
|
Penn National Gaming, Inc., Sr. Sub. Notes 6.75%, 03/01/15 |
|
|
23,500 |
B1 |
|
|
62 |
|
Seneca Gaming Corp., Sr. Unsecd. Notes 7.25%, 05/01/12 |
|
|
60,450 |
Ba3 |
|
|
90 |
|
Station Casinos, Inc., Sr. Notes 6.00%, 04/01/12 |
|
|
84,488 |
B1 |
|
|
125 |
|
Station Casinos, Inc., Sr. Sub. Notes 6.875%, 03/01/16 |
|
|
115,000 |
B2 |
|
|
118 |
|
Wynn Las Vegas LLC, First Mortgage 6.625%, 12/01/14 |
|
|
111,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,637,551 |
|
Healthcare 0.1% |
Caa1 |
|
|
125 |
|
VWR International, Inc., Sr. Sub. Notes 8.00%, 04/15/14 |
|
|
122,813 |
Caa1 |
|
|
125 |
|
Warner Chilcott Corp., Gtd. Notes 8.75%, 02/01/15 |
|
|
124,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
246,875 |
Healthcare & Pharmaceutical |
NR |
|
EUR |
66 |
|
Nycomed A/S, Sr. Notes, PIK (Denmark) 11.75%, 09/15/13 |
|
|
89,302 |
|
Healthcare - Services 0.4% |
Caa1 |
|
|
125 |
|
Accellant, Inc., Co. Gtd. Notes 10.50%, 12/01/13 |
|
|
128,750 |
B3 |
|
|
25 |
|
Alliance Imaging, Inc., Sr. Sub. Notes 7.25%, 12/15/12 |
|
|
22,750 |
B3 |
|
|
125 |
|
Concentra Operating Corp., Gtd. Notes 9.125%, 06/01/12 |
|
|
129,687 |
Ba1 |
|
|
45 |
|
Coventry Health Care, Inc., Sr. Notes 8.125%, 02/15/12 |
|
|
46,913 |
Ba2 |
|
|
180 |
|
HCA, Inc., Debs. 7.50%, 12/15/23 |
|
|
140,425 |
See Notes to Financial Statements.
|
|
|
40 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Ba2 |
|
$ |
60 |
|
HCA, Inc., Notes 9.00%, 12/15/14 |
|
$ |
56,034 |
B3 |
|
|
50 |
|
Select Medical Corp., Gtd. Notes 7.625%, 02/01/15 |
|
|
42,500 |
Ba2 |
|
|
60 |
|
Senior Housing Properties Trust, Sr. Notes 8.625%, 01/15/12 |
|
|
63,000 |
B3 |
|
|
35 |
|
Tenet Healthcare Corp., Sr. Notes 6.50%, 06/01/12 |
|
|
29,575 |
B3 |
|
|
50 |
|
Tenet Healthcare Corp., Sr. Notes, 144A 9.25%, 02/01/15 |
|
|
46,125 |
Caa1 |
|
|
75 |
|
Vanguard Health Holdings Co. LLC II, Sr. Sub. Notes 9.00%, 10/01/14 |
|
|
72,563 |
Ba2 |
|
|
110 |
|
Ventas Realty LP /Ventas Capital Corp., Gtd. Notes 9.00%, 05/01/12 |
|
|
120,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
898,497 |
|
Healthcare - Pharma 0.1% |
B2 |
|
|
125 |
|
Biovail Corp., Sr. Sub. Notes (Canada) 7.875%, 04/01/10 |
|
|
126,875 |
B3 |
|
|
25 |
|
Elan Finance PLC, Co. Gtd. Notes (Ireland) 7.75%, 11/15/11 |
|
|
24,000 |
Ba1 |
|
|
62 |
|
Mylan Laboratories, Inc., Co. Gtd. Notes 6.375%, 08/15/15 |
|
|
59,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
210,705 |
|
Home Construction 0.2% |
Baa3 |
|
|
100 |
|
D.R. Horton, Inc., Sr. Notes 7.875%, 08/15/11 |
|
|
105,340 |
|
|
|
|
|
K Hovnanian Enterprises, Inc., Co. Gtd. Notes |
|
|
|
Ba1 |
|
|
25 |
|
6.25%, 01/15/15 |
|
|
21,625 |
Ba1 |
|
|
63 |
|
7.50%, 05/15/16 |
|
|
57,188 |
Ba2 |
|
|
65 |
|
KB Home, Sr. Sub. Notes 8.625%, 12/15/08 |
|
|
67,367 |
Ba2 |
|
|
125 |
|
Meritage Homes Corp., Gtd. Notes 6.25%, 03/15/15 |
|
|
102,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
354,332 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
41 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Lodging 0.3% |
|
|
|
|
|
Host Marriott LP, Sr. Notes |
|
|
|
Ba2 |
|
$ |
75 |
|
7.00%, 08/15/12 |
|
$ |
75,000 |
Ba2 |
|
|
40 |
|
7.125%, 11/01/13 |
|
|
40,050 |
Ba2 |
|
|
125 |
|
Host Marriott LP, Gtd. Notes 9.50%, 01/15/07 |
|
|
126,719 |
Ba1 |
|
|
175 |
|
ITT Corp., Debs. 7.375%, 11/15/15 |
|
|
179,812 |
Ba1 |
|
|
125 |
|
Royal Caribbean Cruises Ltd., Sr. Notes (Liberia) 8.00%, 05/15/10 |
|
|
131,364 |
Ba1 |
|
|
125 |
|
Starwood Hotels & Resorts Worldwide, Inc., Co. Gtd. Notes 7.875%, 05/01/12 |
|
|
131,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
684,820 |
|
Machinery |
|
|
|
|
|
Terex Corp., Co. Gtd. Notes |
|
|
|
B2 |
|
|
20 |
|
9.25%, 07/15/11 |
|
|
21,200 |
B2 |
|
|
60 |
|
10.375%, 04/01/11 |
|
|
63,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84,313 |
|
Media 0.1% |
Ba2 |
|
|
43 |
|
DirecTV Holdings LLC / DirecTV Financing Co., Sr. Notes 8.375%, 03/15/13 |
|
|
45,043 |
Ba3 |
|
|
125 |
|
Echostar DBS Corp., Co. Gtd. Notes 6.625%, 10/01/14 |
|
|
120,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165,668 |
|
Media - Broadcasting & Radio 0.1% |
B2 |
|
|
125 |
|
Emmis Operating Co., Sr. Sub. Notes 6.875%, 05/15/12 |
|
|
122,656 |
B1 |
|
|
62 |
|
Lin Television Corp., Gtd. Notes 6.50%, 05/15/13 |
|
|
56,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
179,154 |
|
Media - Cable 0.2% |
NR |
|
|
50 |
|
Callahan Nordrhein-Westfalen GmbH, Sr. Disc. Notes, (Germany) 16.00%, 07/15/10(d) |
|
|
1 |
See Notes to Financial Statements.
|
|
|
42 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Ca |
|
$ |
121 |
|
CCH I Holdings LLC, Zero coupon (until 5/15/11) Co. Gtd. Notes 11.75%, 05/15/14 |
|
$ |
81,675 |
Caa1 |
|
|
100 |
|
Charter Communications Holdings II, Sr. Notes 10.25%, 09/15/10 |
|
|
101,000 |
B2 |
|
|
50 |
|
CSC Holdings, Inc., Sr. Notes, 144A 7.25%, 07/15/08 |
|
|
50,312 |
|
|
|
|
|
CSC Holdings, Inc., Sr. Notes |
|
|
|
B2 |
|
|
50 |
|
7.25%, 04/15/12 |
|
|
48,312 |
B2 |
|
|
25 |
|
7.625%, 04/01/11 |
|
|
25,156 |
B2 |
|
|
30 |
|
7.875%, 12/15/07 |
|
|
30,488 |
B2 |
|
|
60 |
|
Kabel Deutschland GmbH, Gtd. Notes, 144A (Germany) 10.625%, 07/01/14 |
|
|
63,600 |
B3 |
|
EUR |
63 |
|
Ono Finance PLC, Sr. Notes (United Kingdom) 8.00%, 05/16/14 |
|
|
74,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
474,582 |
|
Media - Diversified 0.1% |
Ba3 |
|
|
150 |
|
Sun Media Corp., Gtd. Notes (Canada) 7.625%, 02/15/13 |
|
|
151,875 |
|
Media - Non Cable |
B2 |
|
|
62 |
|
Quebecor Media, Sr. Notes (Canada) 7.75%, 03/15/16 |
|
|
60,915 |
|
Metals 0.4% |
B1 |
|
|
50 |
|
AK Steel Corp., Co. Gtd. Notes 7.75%, 06/15/12 |
|
|
49,250 |
B1 |
|
|
100 |
|
7.875%, 02/15/09 |
|
|
99,500 |
Baa3 |
|
|
125 |
|
Ispat Inland ULC, Secd Notes (Canada) 9.75%, 04/01/14 |
|
|
138,750 |
B2 |
|
EUR |
62 |
|
Kloeckner Investment SCA, Sr. Notes (Luxembourg) 10.50%, 05/15/15 |
|
|
91,475 |
B1 |
|
|
125 |
|
Novelis, Inc., Sr. Notes, 144A (Canada) 7.25%, 02/15/15 |
|
|
120,937 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
43 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Baa1 |
|
$ |
250 |
|
Pemex Project Funding Master Trust, Gtd. Notes 9.75%, 03/30/18 |
|
$ |
298,750 |
Ba1 |
|
|
89 |
|
United States Steel Corp. LLC, Sr. Notes 10.75%, 08/01/08 |
|
|
96,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
894,782 |
|
Mining |
Caa1 |
|
|
45 |
|
OM Group, Inc., Gtd. Notes 9.25%, 12/15/11 |
|
|
46,575 |
|
Oil & Gas 0.2% |
Baa1 |
|
|
478 |
|
Petroleum Export Ltd., Sr. Notes, 144A (Cayman Islands) 5.265%, 06/15/11 |
|
|
466,125 |
|
Packaging 0.4% |
B1 |
|
|
125 |
|
Crown Americas LLC, Sr. Notes, 144A 7.75%, 11/15/15 |
|
|
123,281 |
Caa1 |
|
|
62 |
|
Graham Packaging Co., Gtd. Notes 8.50%, 10/15/12 |
|
|
60,140 |
Caa2 |
|
|
200 |
|
Graham Packaging Co., Sub. Notes 9.875%, 10/15/14 |
|
|
194,500 |
B3 |
|
|
125 |
|
Graphic Packaging International Corp., Sr. Sub. Notes 9.50%, 08/15/13 |
|
|
125,000 |
B1 |
|
|
180 |
|
Owens Brockway Glass Container, Inc., Secd. Notes 8.75%, 11/15/12 |
|
|
189,900 |
B2 |
|
|
63 |
|
Plastipak Holdings, Inc., Sr. Notes, 144A 8.50%, 12/15/15 |
|
|
62,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
755,191 |
|
Paper 0.4% |
B1 |
|
|
125 |
|
Abitibi-Consolidated, Inc., Notes (Canada) 5.25%, 06/20/08 |
|
|
118,125 |
B2 |
|
|
85 |
|
Ainsworth Lumber Co. Ltd., Sr. Notes (Canada) 6.75%, 03/15/14 |
|
|
62,475 |
See Notes to Financial Statements.
|
|
|
44 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B2 |
|
$ |
62 |
|
Ainsworth Lumber Co. Ltd., Gtd. Notes (Canada) 7.25%, 10/01/12 |
|
$ |
48,670 |
B2 |
|
|
100 |
|
Cellu Tissue Holdings, Inc., Secd. Notes 9.75%, 03/15/10 |
|
|
97,500 |
|
|
|
|
|
Georgia-Pacific Corp., Notes |
|
|
|
B2 |
|
|
125 |
|
8.125%, 05/15/11 |
|
|
124,687 |
B2 |
|
|
75 |
|
8.875%, 05/15/31 |
|
|
74,719 |
|
|
|
|
|
Jefferson Smurfit Corp., Gtd. Notes |
|
|
|
B2 |
|
|
125 |
|
7.50%, 06/01/13 |
|
|
113,125 |
B2 |
|
|
50 |
|
8.25%, 10/01/12 |
|
|
47,250 |
B3 |
|
|
125 |
|
JSG Funding PLC, Sr. Notes (Ireland) 9.625%, 10/01/12 |
|
|
129,375 |
Caa2 |
|
EUR |
66 |
|
JSG Holding PLC, Sr. Notes, PIK (Ireland) 11.50%, 10/01/15 |
|
|
85,218 |
Caa1 |
|
|
25 |
|
Mercer International, Inc., Sr. Notes 9.25%, 02/15/13 |
|
|
22,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
923,457 |
|
Printing |
Caa2 |
|
|
55 |
|
Vertis, Inc., Gtd. Notes, Series B 10.875%, 06/15/09 |
|
|
54,519 |
|
Publishing 0.4% |
B1 |
|
|
107 |
|
Dex Media East LLC, Gtd. Notes 12.125%, 11/15/12 |
|
|
119,572 |
B2 |
|
|
142 |
|
Dex Media West Finance, Sr. Sub. Notes 9.875%, 08/15/13 |
|
|
153,005 |
Caa1 |
|
|
125 |
|
Houghton Mifflin Co., Sr. Sub. Notes 9.875%, 02/01/13 |
|
|
129,531 |
B2 |
|
EUR |
125 |
|
Lighthouse International Co. SA, Gtd. Notes (Luxembourg) 8.00%, 04/30/14 |
|
|
170,653 |
B2 |
|
|
75 |
|
Medianews Group, Inc., Sr. Sub. Notes 6.875%, 10/01/13 |
|
|
68,719 |
B2 |
|
|
50 |
|
Primedia, Inc., Gtd. Notes 8.875%, 05/15/11 |
|
|
47,625 |
Caa1 |
|
EUR |
125 |
|
WDAC Subsidiary Corp., Sr. Notes 8.50%, 12/01/14 |
|
|
158,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
847,183 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
45 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust - Office Industrial |
B1 |
|
$ |
62 |
|
Crescent Real Estate Equities LP, Sr. Notes 9.25%, 04/15/09 |
|
$ |
64,170 |
|
Restaurants 0.1% |
B2 |
|
|
125 |
|
Landrys Restaurants, Inc., Gtd. Notes 7.50%, 12/15/14 |
|
|
115,938 |
|
Retail & Merchandising 0.1% |
B3 |
|
|
125 |
|
General Nutrition Center, Inc., Co. Gtd. Notes 8.625%, 01/15/11 |
|
|
124,688 |
|
Retailers |
B2 |
|
|
63 |
|
Neiman Marcus Group, Inc., Gtd. Notes 9.00%, 10/15/15 |
|
|
66,386 |
|
Retailers - Food & Drug |
Ba1 |
|
|
25 |
|
Ahold Finance USA, Inc., Notes 8.25%, 07/15/10 |
|
|
26,125 |
B3 |
|
|
25 |
|
Jean Coutu Group PJC, Inc., Sr. Notes (Canada) 7.625%, 08/01/12 |
|
|
24,313 |
Caa2 |
|
|
50 |
|
Jean Coutu Group PJC, Inc., Sr. Sub. Notes (Canada) 8.50%, 08/01/14 |
|
|
46,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97,125 |
|
Services Cyclical - Business Services 0.1% |
Caa2 |
|
|
35 |
|
Great Lakes Dredge & Dock Corp., Sr. Sub. Notes 7.75%, 12/15/13 |
|
|
32,550 |
B3 |
|
|
75 |
|
Iron Mountain, Inc., Gtd. Notes 8.625%, 04/01/13 |
|
|
76,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109,050 |
|
Services Cyclical - Distribution/Logistical 0.2% |
Caa1 |
|
|
EUR 312 |
|
Ray Acquisition SCA, Sec`d. Notes (France) 9.375%, 03/15/15 |
|
|
428,938 |
See Notes to Financial Statements.
|
|
|
46 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Services Cyclical - Rental Equipment 0.2% |
B1 |
|
$ |
250 |
|
Hertz Corp., Sr. Notes, 144A 8.875%, 01/01/14 |
|
$ |
260,625 |
B3 |
|
|
62 |
|
Hertz Corp., Sr. Sub. Notes, 144A 10.50%, 01/01/16 |
|
|
67,425 |
B3 |
|
|
25 |
|
United Rentals NA, Inc., Gtd. Notes 6.50%, 02/15/12 |
|
|
23,625 |
Caa1 |
|
|
50 |
|
United Rentals NA, Inc., Sr. Sub. Notes 7.75%, 11/15/13 |
|
|
47,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
399,300 |
|
Technology 0.1% |
|
|
|
|
|
Sungard Data Systems, Inc., Gtd. Notes |
|
|
|
B3 |
|
|
125 |
|
9.125%, 08/15/13 |
|
|
127,656 |
Caa1 |
|
|
125 |
|
10.25%, 08/15/15 |
|
|
126,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,375 |
|
Technology - Hardware 0.1% |
B3 |
|
|
62 |
|
Avago Technologies Financial, Sr. Notes, 144A (Singapore) 10.125%, 12/01/13 |
|
|
65,100 |
Ba2 |
|
|
75 |
|
Flextronics International Ltd., Sr. Sub. Notes (Singapore) 6.25%, 11/15/14 |
|
|
71,625 |
B3 |
|
|
20 |
|
Nortel Networks Corp., Co. Gtd. Notes (Canada) 4.25%, 09/01/08 |
|
|
18,750 |
Ba2 |
|
|
75 |
|
Xerox Corp., Sr. Notes 7.625%, 06/15/13 |
|
|
75,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
231,225 |
|
Technology - Software/Services 0.1% |
B3 |
|
|
250 |
|
UGS Corp., Gtd. Notes 10.00%, 06/01/12 |
|
|
269,062 |
|
Telecommunications 0.9% |
A2 |
|
|
73 |
|
AT&T Corp., Sr. Notes 7.30%, 11/15/11 |
|
|
78,128 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
47 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B3 |
|
$ |
50 |
|
Cincinnati Bell, Inc., Sr. Sub. Notes 8.375%, 01/15/14 |
|
$ |
49,000 |
Ba3 |
|
|
125 |
|
Citizens Communications Co., Notes 9.25%, 05/15/11 |
|
|
135,625 |
Ba3 |
|
|
100 |
|
Citizens Communications Co., Sr. Notes 6.25%, 01/15/13 |
|
|
95,250 |
B2 |
|
|
50 |
|
Eircom Funding, Gtd. Notes (Ireland) 8.25%, 08/15/13 |
|
|
54,000 |
Baa3 |
|
|
900 |
|
Embarq Corp., Notes 6.738%, 06/01/13 |
|
|
908,643 |
B2 |
|
|
62 |
|
Intelsat Bermuda Ltd., Gtd. Notes, 144A 9.25%, 06/15/16 |
|
|
63,395 |
B2 |
|
EUR |
125 |
|
Nordic Tel Co. Holdings., Sr. Notes, 144A (Denmark) 8.25%, 05/01/16 |
|
|
166,262 |
B3 |
|
|
125 |
|
Qwest Capital Funding, Co. Gtd. Notes 7.00%, 08/03/09 |
|
|
124,062 |
Ba3 |
|
|
100 |
|
Qwest Corp., Sr. Notes 7.875%, 09/01/11 |
|
|
103,500 |
Ba3 |
|
|
62 |
|
Windstream Corp., Sr. Notes, 144A 8.625%, 08/01/16 |
|
|
64,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,842,345 |
|
Telecommunications - Cellular 0.9% |
Caa1 |
|
|
50 |
|
Alamosa Delaware, Inc., Gtd. Notes 11.00%, 07/31/10 |
|
|
54,625 |
Caa1 |
|
|
75 |
|
Alamosa Delaware, Inc., Sr. Notes 8.50%, 01/31/12 |
|
|
79,500 |
B1 |
|
|
125 |
|
American Tower Corp., Sr. Notes 7.50%, 05/01/12 |
|
|
127,500 |
B3 |
|
|
100 |
|
Centennial Communications Corp., Sr. Notes 8.125%, 02/01/14 |
|
|
97,250 |
Caa2 |
|
|
125 |
|
Dobson Communications Corp., Sr. Notes 8.875%, 10/01/13 |
|
|
123,750 |
Ba3 |
|
|
1,000 |
|
Qwest Corp., Sr. Notes 7.625%, 06/15/15 |
|
|
1,016,250 |
Ba2 |
|
|
75 |
|
Rogers Wireless, Inc., Secd. Notes (Canada) 7.50%, 03/15/15 |
|
|
76,875 |
See Notes to Financial Statements.
|
|
|
48 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Ba3 |
|
$ |
75 |
|
Rogers Wireless, Inc., Sr. Sub. Notes (Canada) 8.00%, 12/15/12 |
|
$ |
77,250 |
B2 |
|
|
125 |
|
Wind Acquisition Finance SA, Gtd. Notes, 144A (Luxembourg) 10.75%, 12/01/15 |
|
|
134,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,787,687 |
|
Telecommunications - Satellites 0.1% |
B2 |
|
|
125 |
|
Intelsat Bermuda Ltd., Sr. Notes (Bermuda) 8.25%, 01/15/13 |
|
|
122,188 |
B2 |
|
|
125 |
|
PanAmSat Corp., Gtd. Notes 9.00%, 08/15/14 |
|
|
127,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
249,219 |
Textiles & Apparel 0.1% |
B3 |
|
|
75 |
|
Propex Fabrics, Inc., Co. Gtd. Notes 10.00%, 12/01/12 |
|
|
66,750 |
B1 |
|
|
125 |
|
Quicksilver, Inc., Co. Gtd. Notes 6.875%, 04/15/15 |
|
|
115,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
182,375 |
|
Tobacco |
B3 |
|
|
62 |
|
Alliance One International, Gtd. Notes 11.00%, 05/15/12 |
|
|
60,295 |
|
Transportation |
Ba3 |
|
|
75 |
|
Stena AB, Sr. Notes (Sweden) 7.50%, 11/01/13 |
|
|
72,563 |
|
Utilities - Distribution 0.1% |
B1 |
|
|
50 |
|
Inergy LP Inergy Finance Corp., Sr. Notes 6.875%, 12/15/14 |
|
|
47,125 |
B1 |
|
|
125 |
|
Suburban Propane Partners LP, Sr. Notes 6.875%, 12/15/13 |
|
|
118,437 |
B3 |
|
|
40 |
|
Transmontaigne, Inc., Sr. Sub. Notes 9.125%, 06/01/10 |
|
|
42,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
208,162 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
49 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Utilities - Electric 0.8% |
B1 |
|
$ |
195 |
|
AES Corp., Sr. Notes 9.375%, 09/15/10 |
|
$ |
207,919 |
Ba1 |
|
|
126 |
|
AES Eastern Energy LP, Pass Thru Certificates 9.00%, 01/02/17 |
|
|
136,809 |
Ba3 |
|
|
30 |
|
Allegheny Energy Supply Co. LLC, Sr. Unsecd Notes, 144A 8.25%, 04/15/12 |
|
|
31,950 |
D(c) |
|
|
125 |
|
Calpine Corp., Secd. Notes, 144A(d) 8.75%, 07/15/13 |
|
|
120,625 |
B1 |
|
|
50 |
|
CMS Energy Corp., Sr. Notes 8.50%, 04/15/11 |
|
|
52,625 |
B2 |
|
|
62 |
|
Dynegy Holdings, Inc., Sr. Unsecd. Notes, 144A 8.375%, 05/01/16 |
|
|
60,915 |
B1 |
|
|
75 |
|
Edison Mission Energy, Sr. Notes 7.73%, 06/15/09 |
|
|
76,125 |
Ba2 |
|
|
69 |
|
Homer City Funding LLC, Co. Gtd. Notes 8.137%, 10/01/19 |
|
|
73,485 |
|
|
|
|
|
Midwest Generation LLC, Pass Thru Certificates |
|
|
|
B1 |
|
|
30 |
|
8.30%, 07/02/09 |
|
|
30,125 |
B1 |
|
|
50 |
|
8.56%, 01/02/16 |
|
|
52,655 |
Ba3 |
|
|
125 |
|
8.75%, 05/01/34 |
|
|
132,969 |
B2 |
|
|
125 |
|
Mirant North America LLC, Secd Notes, 144A 7.375%, 12/31/13 |
|
|
120,156 |
B2 |
|
|
35 |
|
Mission Energy Holding Co., Secd. Notes 13.50%, 07/15/08 |
|
|
39,113 |
Ba1 |
|
|
60 |
|
Nevada Power Co., General Refinance Mortgage 6.50%, 04/15/12 |
|
|
60,398 |
B1 |
|
|
125 |
|
NRG Energy, Inc., Co. Gtd. Notes 7.375%, 02/01/16 |
|
|
122,187 |
B3 |
|
|
50 |
|
Orion Power Holdings, Inc., Sr. Notes 12.00%, 05/01/10 |
|
|
57,125 |
B2 |
|
|
62 |
|
Reliant Energy Mid-Atlantic Power Holdings LLC, Series B, Pass Thru Certificates 9.237%, 07/02/17 |
|
|
66,757 |
See Notes to Financial Statements.
|
|
|
50 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B2 |
|
$ |
60 |
|
Reliant Energy, Inc., Secd. Notes 9.50%, 07/15/13 |
|
$ |
61,500 |
B1 |
|
|
40 |
|
Sierra Pacific Resources, Sr. Notes 8.625%, 03/15/14 |
|
|
42,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,545,796 |
Utility - Pipelines 0.6% |
B2 |
|
|
125 |
|
El Paso Corp., Notes 7.875%, 06/15/12 |
|
|
127,812 |
B2 |
|
|
125 |
|
El Paso Corp., Sr. Notes 7.80%, 08/01/31 |
|
|
123,750 |
Ba2 |
|
|
125 |
|
El Paso Natural Gas Co., Bonds 8.375%, 06/15/32 |
|
|
135,427 |
B1 |
|
|
125 |
|
El Paso Production Holding Co., Gtd. Notes 7.75%, 06/01/13 |
|
|
127,031 |
Ba2 |
|
|
50 |
|
Pacific Energy Partners LP, Sr. Notes 7.125%, 06/15/14 |
|
|
50,500 |
Ba2 |
|
|
50 |
|
Southern Natural Gas Co., Unsub. Notes 8.875%, 03/15/10 |
|
|
52,838 |
|
|
|
|
|
Tennessee Gas Pipeline Co., Debs. |
|
|
|
Ba2 |
|
|
110 |
|
7.00%, 03/15/27 |
|
|
110,542 |
Ba2 |
|
|
50 |
|
7.00%, 10/15/28 |
|
|
47,155 |
Ba2 |
|
|
125 |
|
7.625%, 04/01/37 |
|
|
124,907 |
Ba2 |
|
|
150 |
|
Williams Cos., Inc., Notes 7.125%, 09/01/11 |
|
|
151,125 |
Ba2 |
|
|
125 |
|
Williams Cos., Inc., Sr. Notes 7.625%, 07/15/19 |
|
|
126,250 |
Ba2 |
|
|
45 |
|
Williams Cos., Inc., Sr. Unsecd. Notes 8.125%, 03/15/12 |
|
|
47,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,224,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total corporate bonds (cost $28,918,311) |
|
|
28,899,960 |
|
|
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT BONDS 5.4% |
|
|
|
|
|
Federal Republic of Brazil |
|
|
|
B1 |
|
|
45 |
|
8.25%, 01/20/34 |
|
|
49,995 |
Ba3 |
|
|
25 |
|
8.875%, 10/14/19 |
|
|
29,000 |
Ba3 |
|
|
25 |
|
8.875%, 04/15/24 |
|
|
29,050 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
51 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B1 |
|
$ |
55 |
|
10.00%, 08/07/11 |
|
$ |
63,662 |
Aaa |
|
EUR |
8,000 |
|
Federal Republic of Germany 2.50%, 09/22/06 |
|
|
10,210,843 |
|
|
|
|
|
Federal Republic of Italy |
|
|
|
Aa2 |
|
JPY |
5,000 |
|
0.375%, 10/10/06 |
|
|
43,625 |
Aa2 |
|
JPY |
3,000 |
|
3.80%, 03/27/08 |
|
|
27,445 |
Ba1 |
|
|
180 |
|
Republic of Panama 9.625%, 02/08/11 |
|
|
202,500 |
Aaa |
|
GBP |
200 |
|
United Kingdom Treasury Bond 5.75%, 12/07/09 |
|
|
385,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total foreign government bonds (cost $10,876,071) |
|
|
11,041,378 |
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 1.0% |
Aaa |
|
|
200 |
|
Georgia State Road & Tollway Authority Revenue Bonds 5.00%, 03/01/21 |
|
|
208,894 |
|
|
|
|
|
Golden State Tobacco Settlement Revenue Bonds Series 2003-A-1 |
|
|
|
Baa3 |
|
|
250 |
|
6.25%, 06/01/33 |
|
|
273,167 |
Baa3 |
|
|
100 |
|
6.75%, 06/01/39 |
|
|
112,476 |
Aa2 |
|
|
500 |
|
New York State Dormitory Authority, Revenue Bonds 6.65%, 08/15/30 |
|
|
567,530 |
Aaa |
|
|
200 |
|
South Carolina State Highway, Series B 5.00%, 04/01/17 |
|
|
209,936 |
|
|
|
|
|
Tobacco Settlement Financing Corp., New Jersey |
|
|
|
Baa3 |
|
|
300 |
|
6.00%, 06/01/37 |
|
|
316,701 |
Baa3 |
|
|
250 |
|
6.375%, 06/01/32 |
|
|
272,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total municipal bonds (cost $1,765,724) |
|
|
1,961,089 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
52 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
Principal Amount (000)# |
|
|
Description |
|
Value (Note 1) |
|
U.S. GOVERNMENT MORTGAGE BACKED OBLIGATIONS 22.1% |
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corp. |
|
|
|
$ |
489 |
|
|
5.00%, 11/01/35 |
|
$ |
462,323 |
|
488 |
|
|
5.00%, 01/01/36 |
|
|
461,623 |
|
17 |
|
|
5.76%, 08/01/23 |
|
|
17,698 |
|
251 |
|
|
6.00%, 09/01/22 |
|
|
252,313 |
|
|
|
|
Federal National Mortgage Assoc. |
|
|
|
|
982 |
|
|
4.00%, 08/01/18 - 06/01/19 |
|
|
917,823 |
|
2,000 |
|
|
4.50%, TBA |
|
|
1,837,500 |
|
99 |
|
|
4.50%, 11/01/35 |
|
|
90,851 |
|
1,000 |
|
|
5.00%, TBA |
|
|
946,250 |
|
79 |
|
|
5.00%, 01/01/19 |
|
|
76,654 |
|
109 |
|
|
5.079%, 05/01/36 |
|
|
108,862 |
|
39,872 |
|
|
5.50%, 09/01/33 - 08/14/36 |
|
|
38,782,788 |
|
189 |
|
|
6.00%, 05/01/16 - 01/01/17 |
|
|
190,818 |
|
|
(g) |
|
6.00%, 12/01/17 |
|
|
929 |
|
49 |
|
|
6.50%, 01/01/16 |
|
|
49,914 |
|
171 |
|
|
7.50%, 01/01/32 |
|
|
176,693 |
|
|
|
|
Government National Mortgage Assoc. |
|
|
|
|
64 |
|
|
4.50%, 08/15/33 - 09/15/33 |
|
|
59,753 |
|
11 |
|
|
4.75%, 09/20/22 |
|
|
11,230 |
|
1,000 |
|
|
6.00%, 08/21/36 |
|
|
1,000,000 |
|
94 |
|
|
8.50%, 02/20/30 - 06/15/30 |
|
|
101,487 |
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. government mortgage backed obligations (cost $46,589,595) |
|
|
45,545,509 |
|
|
|
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS 6.0% |
|
|
|
|
|
|
|
United States Treasury Bonds |
|
|
|
|
650 |
|
|
4.25%, 11/15/14 |
|
|
618,744 |
|
400 |
|
|
12.00%, 08/15/13 |
|
|
454,234 |
|
|
|
|
United States Treasury Inflation Index Bonds |
|
|
|
|
300 |
|
|
2.375%, 04/15/11 |
|
|
305,923 |
|
190 |
|
|
3.875%, 04/15/29 |
|
|
295,560 |
|
|
|
|
United States Treasury Notes |
|
|
|
|
1,900 |
|
|
3.875%, 09/15/10 |
|
|
1,827,044 |
|
1,000 |
|
|
4.00%, 06/15/09 |
|
|
975,469 |
|
300 |
|
|
4.25%, 10/15/10 |
|
|
292,547 |
|
500 |
|
|
4.375%, 12/15/10 |
|
|
489,590 |
|
1,300 |
|
|
4.50%, 11/15/10 - 11/15/15 |
|
|
1,273,812 |
|
1,400 |
|
|
4.75%, 03/31/11 |
|
|
1,390,266 |
|
2,200 |
|
|
4.875%, 04/30/11 |
|
|
2,195,703 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
53 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
$ |
1,750 |
|
6.50%, 11/15/26 |
|
$ |
2,039,296 |
|
500 |
|
United States Treasury Strip Coupon Zero, 02/15/22 |
|
|
223,484 |
|
|
|
|
|
|
|
|
|
|
Total U.S. treasury obligations (cost $12,405,525) |
|
|
12,381,672 |
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
WARRANTS(a) |
|
|
|
|
|
|
|
|
|
Telecommunications |
|
|
|
|
|
|
300,000 |
|
United Mexican States, Series E, expiring 06/30/07 (cost $30) |
|
|
7,950 |
|
|
|
|
|
|
|
|
|
|
Total long-term investments (cost $178,723,492) |
|
|
185,703,233 |
|
|
|
|
|
|
|
|
|
Contracts/Notional Amount
|
|
|
|
|
SHORT-TERM INVESTMENTS 17.6% |
|
|
OUTSTANDING OPTIONS PURCHASED(a) 0.1% |
|
|
|
|
Call Options |
|
|
|
|
|
|
500,000 |
|
Swap Option 3 month LIBOR expiring 04/27/2009 @ 5.75% |
|
|
32,674 |
|
5,900,000 |
|
Swap Option 3 month LIBOR expiring 10/18/2006 @ 4.50% |
|
|
30 |
|
8,600,000 |
|
Swap Option 3 month LIBOR expiring 07/02/2007 @ 5.37% |
|
|
54,318 |
|
1,200,000 |
|
Swap Option 3 month LIBOR expiring 08/08/2006 @ 4.75% |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
87,022 |
|
|
|
|
|
|
|
|
|
|
|
Put Options |
|
|
|
|
|
|
500,000 |
|
Swap Option 3 month LIBOR expiring 04/27/2009 @ 6.25% |
|
|
18,676 |
|
450,000,000 |
|
Eurodollar Futures expiring 12/18/2006 @ 91.75% |
|
|
2,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
21,488 |
|
|
|
|
|
|
|
|
|
|
Total outstanding options purchased (cost $129,589) |
|
|
108,510 |
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
54 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
U.S. TREASURY OBLIGATIONS 0.2% |
|
|
|
|
U.S. Treasury Bills(e) |
|
|
|
|
20 |
|
4.72%, 09/14/06 |
|
19,883 |
|
|
330 |
|
4.805%, 09/14/06 |
|
328,078 |
|
|
|
|
|
|
|
|
|
|
|
Total U.S. treasury obligations (cost $347,947) |
|
347,961 |
|
|
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY OBLIGATIONS 0.4% |
|
|
900 |
|
Federal National Mortgage Assoc. 5.14%, 08/01/06 (cost $900,000) |
|
900,000 |
|
|
|
|
|
|
|
|
CERTIFICATES OF DEPOSIT 0.4% |
|
|
900,000 |
|
Countrywide Bank NA 5.38%, 10/18/06 (cost $900,000) |
|
899,991 |
|
|
|
|
|
|
|
|
COMMERCIAL PAPER 2.9% |
A1+ |
|
1,200 |
|
Abbey National North America LLC 5.22%, 08/08/06 |
|
1,198,780 |
|
|
|
|
HBOS Treasury Services |
|
|
A1+ |
|
700 |
|
5.17%, 09/12/06 |
|
693,232 |
A1+ |
|
800 |
|
5.35%, 10/26/06 |
|
788,902 |
A1 |
|
800 |
|
Swedbank 5.33%, 11/01/06 |
|
788,446 |
A2 |
|
400 |
|
Time Warner, Inc., 144A 5.24%, 09/18/06 |
|
397,029 |
A1+ |
|
2,100 |
|
Westpac Banking Corp., 144A 5.10%, 09/01/06 |
|
2,085,649 |
|
|
|
|
|
|
|
|
|
|
|
Total commercial paper (cost $5,961,275) |
|
5,952,038 |
|
|
|
|
|
|
|
|
FOREIGN TREASURY OBLIGATION 5.5% |
|
|
EUR 1,420 |
|
Dutch Treasury Certificate(f) 2.96%, 10/31/06 |
|
1,800,612 |
|
|
|
|
France Treasury Bill(f) |
|
|
|
|
EUR 550 |
|
2.72%, 09/28/06 |
|
699,402 |
|
|
EUR 3,840 |
|
2.81%, 10/12/06 |
|
4,877,601 |
|
|
|
|
German Treasury Bill(f) |
|
|
|
|
EUR 300 |
|
2.93%, 08/16/06 |
|
382,802 |
|
|
EUR 740 |
|
2.84%, 09/13/06 |
|
942,119 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
55 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
EUR 2,000 |
|
Spain Treasury Bill(f) 2.49%, 08/18/06 |
|
|
2,551,607 |
|
|
|
|
|
|
|
|
|
|
Total foreign treasury obligations (cost $10,959,419) |
|
|
11,254,143 |
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
AFFILIATED MONEY MARKET MUTUAL FUND 8.1% |
|
16,711,702 |
|
Dryden Core Investment Fund - Taxable Money Market Series (cost $16,711,702)(h) |
|
|
16,711,702 |
|
|
|
|
|
|
|
|
|
|
Total short-term investments (cost $35,909,932) |
|
|
36,174,345 |
|
|
|
|
|
|
|
|
|
|
Total Investments, Before Outstanding Options Written107.9% (cost $214,633,424 Note 5) |
|
|
221,877,578 |
|
|
|
|
|
|
|
|
|
Contracts/Notional Amount
|
|
|
OUTSTANDING OPTIONS WRITTEN(a) |
|
|
|
Call Options |
|
|
|
|
2,500,000 |
|
Swap Option 3 month LIBOR expiring 10/18/2006 @ 4.56% |
|
|
(25 |
) |
2,800,000 |
|
Swap Option 3 month LIBOR expiring 07/02/2007 @ 5.50% |
|
|
(47,511 |
) |
500,000 |
|
Swap Option 3 Month LIBOR expiring 08/08/2006 @ 4.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total outstanding options written (premium received $61,914) |
|
|
(47,536 |
) |
|
|
|
|
|
|
|
|
|
Total Investments, Net of Outstanding Options Written 107.9% (cost $214,571,510; Note 5) |
|
|
221,830,042 |
|
|
|
Other liabilities in excess of other assets(j) (7.9%) |
|
|
(16,161,923 |
) |
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
$ |
205,668,119 |
|
|
|
|
|
|
|
|
The following abbreviations are used in portfolio descriptions:
144ASecurity |
was 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. |
ADRAmerican Depositary Receipt
NRNot Rated by Moodys or Standard & Poors
TBATo Be Announced
CNYChinese Yuan
EUREuro
GBPBritish Pound
JPYJapanese Yen
See Notes to Financial Statements.
|
|
|
56 |
|
Visit our website at www.strategicpartners.com |
# |
Principal amount is shown in U.S. dollars unless otherwise stated. |
(a) |
Non-income producing security. |
(b) |
Indicates a variable rate security. |
(c) |
Standard & Poors rating. |
(d) |
Represents issuer in default on interest payments. Non-income producing security. |
(e) |
Securities segregated as collateral for futures contracts. |
(f) |
Rates shown are the effective yields at purchase date. |
(h) |
Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund - Taxable Money Market Series. |
(i) |
The rate shown reflects the coupon rate after the step date. |
(j) |
Other liabilities in excess of other assets includes net unrealized appreciation (depreciation) on futures contracts, foreign exchange currency contracts, interest rate and credit default
swaps as follows: |
Open Future contracts outstanding at July 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts
|
|
Type
|
|
Expiration Date
|
|
Value at July 31, 2006
|
|
Value at Trade Date
|
|
Unrealized Appreciation (Depreciation)
|
|
|
|
Long Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
119 |
|
5 Yr. U.S. Treasury Notes |
|
Sept. 2006 |
|
$ |
12,402,031 |
|
$ |
12,384,203 |
|
$ |
17,828 |
|
20 |
|
30 Yr. U.S. Treasury Bonds |
|
Sept. 2006 |
|
|
2,165,625 |
|
|
2,130,937 |
|
|
34,688 |
|
150 |
|
90 Day Euro |
|
Dec. 2006 |
|
|
35,456,250 |
|
|
35,490,525 |
|
|
(34,275 |
) |
191 |
|
90 Day Euro |
|
Mar. 2007 |
|
|
45,190,600 |
|
|
45,184,275 |
|
|
6,325 |
|
27 |
|
90 Day Euro |
|
Jun. 2007 |
|
|
6,395,625 |
|
|
6,392,925 |
|
|
2,700 |
|
40 |
|
90 Day Euro |
|
Mar. 2008 |
|
|
9,484,000 |
|
|
9,468,875 |
|
|
15,125 |
|
50 |
|
90 Day Euro |
|
Dec. 2008 |
|
|
11,844,375 |
|
|
11,881,250 |
|
|
(36,875 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
122,938,506 |
|
$ |
122,932,990 |
|
$ |
5,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
115 |
|
10 Yr. U.S. Treasury Notes |
|
Sept. 2006 |
|
$ |
12,193,594 |
|
$ |
12,086,657 |
|
$ |
(106,937 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts outstanding
at July 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase Contracts
|
|
Notional Amount
|
|
Value at Settlement Date Payable
|
|
Current Value
|
|
Unrealized Appreciation (Depreciation)
|
|
Chinese Yuan, Expiring 03/16/07 |
|
CNY |
1,544,000 |
|
$ |
200,000 |
|
$ |
198,085 |
|
$ |
(1,915 |
) |
Expiring 05/09/07 |
|
CNY |
6,141,000 |
|
|
800,026 |
|
|
791,719 |
|
|
(8,307 |
) |
Euros, Expiring 08/31/06 |
|
EUR |
1,479,000 |
|
|
1,857,346 |
|
|
1,893,567 |
|
|
36,221 |
|
Japanese Yen, Expiring 08/15/06 |
|
JPY |
204,257,000 |
|
|
1,863,164 |
|
|
1,785,878 |
|
|
(77,286 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,720,536 |
|
$ |
4,669,249 |
|
$ |
(51,287 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
57 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale Contracts
|
|
Notional Amount
|
|
Value at Settlement Date Receivable
|
|
Current Value
|
|
Unrealized Appreciation (Depreciation)
|
|
Euros, Expiring 09/29/06 |
|
EUR |
10,332,000 |
|
$ |
13,208,338 |
|
$ |
13,249,976 |
|
$ |
(41,638 |
) |
Pound Sterling, Expiring 09/07/06 |
|
GBP |
220,000 |
|
|
408,922 |
|
|
411,317 |
|
|
(2,395 |
) |
Japanese Yen, Expiring 08/15/06 |
|
JPY |
17,355,000 |
|
|
153,559 |
|
|
151,740 |
|
|
1,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,770,819 |
|
$ |
13,813,033 |
|
$ |
(42,214 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap agreements outstanding at
July 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Termination Date
|
|
Notional Amount (000)
|
|
Fixed Rate
|
|
|
Floating Rate
|
|
Unrealized Appreciation (Depreciation)
|
|
Goldman Sachs(2) |
|
12/15/2007 |
|
USD |
1,500 |
|
4.00 |
% |
|
3 Month LIBOR |
|
$ |
(31,492 |
) |
UBS AG(2) |
|
10/15/2010 |
|
EUR |
100 |
|
2.15 |
% |
|
FRC - Excluding Tobacco - Non-Revised Consumer Price Index |
|
|
53 |
|
Merrill Lynch & Co.(1) |
|
12/15/2015 |
|
JPY |
50,000 |
|
2.00 |
% |
|
6 Month LIBOR |
|
|
2,909 |
|
Barclays Capital(1) |
|
12/15/2015 |
|
JPY |
20,000 |
|
2.00 |
% |
|
6 Month LIBOR |
|
|
1,266 |
|
Barclays Capital(2) |
|
9/15/2010 |
|
GBP |
400 |
|
5.00 |
% |
|
6 Month LIBOR |
|
|
(3,575 |
) |
Goldman Sachs(1) |
|
12/20/2016 |
|
USD |
2,800 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
(1,160 |
) |
Morgan Stanley & Co.(2) |
|
12/20/2011 |
|
USD |
300 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
125 |
|
UBS AG(2) |
|
12/20/2011 |
|
USD |
2,300 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
1,337 |
|
Goldman Sachs(2) |
|
12/20/2036 |
|
USD |
600 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
5,869 |
|
Morgan Stanley & Co.(2) |
|
12/20/2036 |
|
USD |
800 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
7,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(16,839 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Fund pays the fixed rate and receives the floating rate. |
(2) |
Fund pays the floating rate and receives the fixed rate. |
See Notes to Financial Statements.
|
|
|
58 |
|
Visit our website at www.strategicpartners.com |
Credit default swap agreements outstanding at July 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Termination Date
|
|
Notional Amount (000)
|
|
Fixed Rate
|
|
|
Underlying Bond
|
|
Unrealized Appreciation (Depreciation)
|
|
Morgan Stanley & Co.(1) |
|
12/20/2008 |
|
$ |
200 |
|
0.26 |
% |
|
Allstate Corp., 6.125%, due 02/15/12 |
|
$ |
(561 |
) |
UBS AG(1) |
|
12/20/2008 |
|
|
300 |
|
0.35 |
% |
|
AutoZone, Inc., 5.875%, due 10/15/12 |
|
|
(835 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.24 |
% |
|
Costco Wholesale Corp., 5.50%, due 3/15/07 |
|
|
(369 |
) |
Bank of America Securities LLC(1) |
|
7/25/2045 |
|
|
1,800 |
|
0.54 |
% |
|
Dow Jones CDX IG4 Index |
|
|
(5,578 |
) |
Bank of America Securities LLC(1) |
|
12/20/2008 |
|
|
100 |
|
0.13 |
% |
|
E.I. DuPont, 6.875%, due 10/15/09 |
|
|
(152 |
) |
Citigroup(1) |
|
12/20/2008 |
|
|
200 |
|
0.28 |
% |
|
Eaton Corp., 5.75%, due 7/15/12 |
|
|
(891 |
) |
Barclays Bank PLC(1) |
|
12/20/2008 |
|
|
200 |
|
0.16 |
% |
|
Eli Lilly & Co., 6.00%, due 3/15/12 |
|
|
(658 |
) |
Morgan Stanley & Co.(1) |
|
12/20/2008 |
|
|
100 |
|
0.21 |
% |
|
Emerson Electric Co., 4.625%, due 10/15/12 |
|
|
(305 |
) |
Citigroup(1) |
|
12/20/2008 |
|
|
100 |
|
0.29 |
% |
|
FedEx Corp., 7.25%, due 2/15/11 |
|
|
(556 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.97 |
% |
|
Goodrich Corp., 7.625%, due 12/15/12 |
|
|
(1,883 |
) |
Bear Stearns International Ltd.(1) |
|
12/20/2008 |
|
|
200 |
|
0.32 |
% |
|
Hewlett Packard Co., 6.50% due 7/1/12 |
|
|
(1,088 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
200 |
|
0.12 |
% |
|
Home Depot, Inc., 5.375%, due 4/1/06 |
|
|
(316 |
) |
Merrill Lynch & Co.(1) |
|
12/20/2008 |
|
|
100 |
|
0.32 |
% |
|
Ingersoll-Rand Co., 6.48%, due 6/1/25 |
|
|
(621 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
200 |
|
0.11 |
% |
|
Johnson & Johnson, 3.80%, due 5/15/13 |
|
|
(488 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.53 |
% |
|
Lockheed Martin Corp., 8.20%, due 12/1/09 |
|
|
(1,049 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.30 |
% |
|
Masco Corp., 5.875%, due 7/15/12 |
|
|
(234 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.48 |
% |
|
Northrop & Grumman Corp., 7.125%, due 2/15/11 |
|
|
(964 |
) |
Lehman Brothers(1) |
|
6/20/2009 |
|
|
500 |
|
0.40 |
% |
|
Peoples Republic of China, 6.80%, due 5/23/11 |
|
|
(3,749 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.35 |
% |
|
RadioShack Corp., 7.375%, due 5/15/11 |
|
|
524 |
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
59 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Termination Date
|
|
Notional Amount (000)
|
|
Fixed Rate
|
|
|
Underlying Bond
|
|
Unrealized Appreciation (Depreciation)
|
|
Morgan Stanley & Co.(1) |
|
5/20/2016 |
|
1,000 |
|
0.54 |
% |
|
Republic of Hungary, 4.75%, due 02/03/15 |
|
|
4,964 |
|
J.P. Morgan(1) |
|
5/20/2016 |
|
300 |
|
0.54 |
% |
|
Republic of Hungary, 4.75%, due 02/03/15 |
|
|
1,376 |
|
Morgan Stanley & Co.(1) |
|
9/20/2010 |
|
200 |
|
2.70 |
% |
|
Republic of Turkey, 11.875%, due 01/15/30 |
|
|
(7,573 |
) |
Merrill Lynch & Co.(2) |
|
3/20/2007 |
|
400 |
|
0.61 |
% |
|
Russian Federation, 5.00%, due 03/31/30 |
|
|
1,636 |
|
Citigroup(1) |
|
12/20/2008 |
|
300 |
|
0.14 |
% |
|
Walmart Stores, Inc., 6.875%, due 8/10/09 |
|
|
(593 |
) |
Barclays Bank PLC(1) |
|
12/20/2008 |
|
100 |
|
0.67 |
% |
|
Walt Disney Co. (The), 6.375%, due 3/12/12 |
|
|
(1,416 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
100 |
|
0.29 |
% |
|
Whirlpool Corp., 8.60%, due 5/1/10 |
|
|
(233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(21,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Fund pays the fixed rate and receives from the counterparty, par in the event that the underlying bond defaults. |
(2) |
Fund receives the fixed rate and pays the counterparty par in the event that the underlying bond defaults. |
See Notes to Financial Statements.
|
|
|
60 |
|
Visit our website at www.strategicpartners.com |
The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2006 was as follows:
|
|
|
|
Industry
|
|
|
|
U.S. Government Mortgage Backed Obligations |
|
23.1 |
% |
Affiliated Money Market Mutual Fund |
|
8.1 |
|
U.S. Treasury Obligations |
|
6.2 |
|
Foreign Treasury Obligation |
|
5.5 |
|
Foreign Government Bonds |
|
5.4 |
|
Oil, Gas & Consumable Fuels |
|
3.2 |
|
Commercial Paper |
|
2.9 |
|
Financial Services |
|
2.6 |
|
Insurance |
|
2.5 |
|
Telecommunications |
|
2.5 |
|
Financial - Bank&Trust |
|
2.4 |
|
Collateral Mortgage Obligations |
|
1.9 |
|
Retail & Merchandising |
|
1.9 |
|
Healthcare Services |
|
1.6 |
|
Chemicals |
|
1.5 |
|
Medical Supplies & Equipment |
|
1.4 |
|
Aerospace |
|
1.3 |
|
Transportation |
|
1.3 |
|
Consumer Products & Services |
|
1.2 |
|
Media |
|
1.2 |
|
Municipal Bonds |
|
1.0 |
|
Pharmaceuticals |
|
1.0 |
|
Biotechnology |
|
0.9 |
|
Telecommunications - Cellular |
|
0.9 |
|
Gaming |
|
0.8 |
|
Machinery |
|
0.8 |
|
Metals & Mining |
|
0.8 |
|
Software |
|
0.8 |
|
Utilities - Electric |
|
0.8 |
|
Automobile Manufacturers |
|
0.7 |
|
Entertainment & Leisure |
|
0.7 |
|
Real Estate Investment Trusts |
|
0.7 |
|
Thrifts & Mortgage Finance |
|
0.7 |
|
Asset-Backed Securities |
|
0.6 |
|
Commercial Services |
|
0.6 |
|
Computer Hardware |
|
0.6 |
|
Manufacturing |
|
0.6 |
|
Utility - Pipelines |
|
0.6 |
|
Hotels & Motels |
|
0.5 |
|
Utilities |
|
0.5 |
|
Aerospace & Defense |
|
0.4 |
|
Certificates of Deposit |
|
0.4 |
|
Electric Utilities |
|
0.4 |
|
Household Durables |
|
0.4 |
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
61 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
Industry
|
|
|
|
Independent Power Producers & Energy Traders |
|
0.4 |
% |
Internet Services |
|
0.4 |
|
Metals |
|
0.4 |
|
Packaging |
|
0.4 |
|
Paper |
|
0.4 |
|
Publishing |
|
0.4 |
|
Semiconductors |
|
0.4 |
|
U.S. Government Agency Obligations |
|
0.4 |
|
Automotive Parts |
|
0.3 |
|
Beverages |
|
0.3 |
|
Building Materials - Fixtures & Fittings |
|
0.3 |
|
Commercial Banks |
|
0.3 |
|
Electronic Components |
|
0.3 |
|
Foods |
|
0.3 |
|
IT Services |
|
0.3 |
|
Lodging |
|
0.3 |
|
Specialty Retail |
|
0.3 |
|
Auto Components |
|
0.2 |
|
Automotive - OEM |
|
0.2 |
|
Construction |
|
0.2 |
|
Defense |
|
0.2 |
|
Diversified Financial Services |
|
0.2 |
|
Diversified Manufacturing Operations |
|
0.2 |
|
Energy - Exploration & Production |
|
0.2 |
|
Energy Equipment & Services |
|
0.2 |
|
Farming & Agriculture |
|
0.2 |
|
Food Products |
|
0.2 |
|
Healthcare Providers & Services |
|
0.2 |
|
Home Construction |
|
0.2 |
|
Hotels, Restaurants & Leisure |
|
0.2 |
|
Industrial Conglomerates |
|
0.2 |
|
Media - Cable |
|
0.2 |
|
Oil & Gas |
|
0.2 |
|
Paper & Forest Products |
|
0.2 |
|
Real Estate Investment Trust - Other Reit |
|
0.2 |
|
Services Cyclical - Distribution/Logistical |
|
0.2 |
|
Services Cyclical - Rental Equipment |
|
0.2 |
|
Auto Parts & Related |
|
0.1 |
|
Banks |
|
0.1 |
|
Broadcast & Cable/SatelliteTV |
|
0.1 |
|
Building Products |
|
0.1 |
|
Business Services |
|
0.1 |
|
Clothing & Apparel |
|
0.1 |
|
Commercial Services & Supplies |
|
0.1 |
|
Computer Services & Software |
|
0.1 |
|
Computer Software |
|
0.1 |
|
Computers & Peripherals |
|
0.1 |
|
See Notes to Financial Statements.
|
|
|
62 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
Industry
|
|
|
|
Conglomerates |
|
0.1 |
% |
Consumer Products - Household & Leisure |
|
0.1 |
|
Consumer Products - Industrial |
|
0.1 |
|
Consumer Products - Non Durable |
|
0.1 |
|
Consumer Products |
|
0.1 |
|
Distribution/Wholesale |
|
0.1 |
|
Energy - Services |
|
0.1 |
|
Environmental Services |
|
0.1 |
|
Environmental |
|
0.1 |
|
Healthcare |
|
0.1 |
|
Healthcare - Pharma |
|
0.1 |
|
Household Products |
|
0.1 |
|
Household/Personal Care |
|
0.1 |
|
Media - Broadcasting & Radio |
|
0.1 |
|
Media - Diversified |
|
0.1 |
|
Media & Communications |
|
0.1 |
|
Multi-Line Retail |
|
0.1 |
|
Multimedia |
|
0.1 |
|
Multi-Utilities |
|
0.1 |
|
Outstanding Options Purchased |
|
0.1 |
|
Personal Services |
|
0.1 |
|
Real Estate |
|
0.1 |
|
Restaurants |
|
0.1 |
|
Semiconductors/SemiCap |
|
0.1 |
|
Services Cyclical - Business Services |
|
0.1 |
|
Technology - Hardware |
|
0.1 |
|
Technology - Software/Services |
|
0.1 |
|
Technology |
|
0.1 |
|
Telecommunications - Satellites |
|
0.1 |
|
Textiles & Apparel |
|
0.1 |
|
Utilities - Distribution |
|
0.1 |
|
|
|
|
|
|
|
107.9 |
|
Outstanding Options Written |
|
0.0 |
|
Other liabilities in excess of other assets |
|
(7.9 |
) |
|
|
|
|
Net Assets |
|
100.0 |
% |
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
63 |
Statement of Assets and Liabilities
as of July 31, 2006
|
|
|
|
Assets |
|
|
|
Investments, at value: |
|
|
|
Unaffiliated investments (cost $197,921,722) |
|
$ |
205,165,876 |
Affiliated investments (cost $16,711,702) |
|
|
16,711,702 |
Cash |
|
|
107,367 |
Foreign currency, at value (cost $245,871) |
|
|
248,719 |
Dividends and interest receivable |
|
|
1,340,755 |
Receivable for investments sold |
|
|
234,732 |
Receivable for Fund shares sold |
|
|
85,033 |
Unrealized appreciation on foreign currency exchange contracts |
|
|
38,040 |
Unrealized appreciation on swap agreements |
|
|
27,888 |
Receivable from brokervariation margin |
|
|
15,408 |
Prepaid expenses and other assets |
|
|
5,297 |
Premium paid for interest rate swaps purchased |
|
|
3,433 |
|
|
|
|
Total assets |
|
|
223,984,250 |
|
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
|
|
17,093,367 |
Payable for Fund shares reacquired |
|
|
298,158 |
Transfer agent fee payable |
|
|
174,820 |
Accrued expenses and other liabilities |
|
|
162,391 |
Unrealized depreciation on foreign currency exchange contracts |
|
|
131,541 |
Management fee payable |
|
|
130,589 |
Distribution fee payable |
|
|
130,285 |
Premium received for interest rate swaps written |
|
|
73,805 |
Unrealized depreciation on swap agreements |
|
|
66,339 |
Outstanding options written (premiums received $61,914) |
|
|
47,536 |
Deferred trustees fees |
|
|
7,300 |
|
|
|
|
Total liabilities |
|
|
18,316,131 |
|
|
|
|
|
|
Net Assets |
|
$ |
205,668,119 |
|
|
|
|
|
|
|
|
Net assets were comprised of: |
|
|
|
Shares of beneficial interest, at par |
|
$ |
19,933 |
Paid-in capital, in excess of par |
|
|
196,299,010 |
|
|
|
|
|
|
|
196,318,943 |
Undistributed net investment income |
|
|
306,383 |
Accumulated net realized gain on investments and foreign currency transactions |
|
|
2,019,086 |
Net unrealized appreciation on investments and foreign currencies |
|
|
7,023,707 |
|
|
|
|
Net assets, July 31, 2006 |
|
$ |
205,668,119 |
|
|
|
|
See Notes to Financial Statements.
|
|
|
64 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
Class A: |
|
|
|
Net asset value and redemption price per share ($58,130,104 ÷ 5,627,288) shares of beneficial interest issued and outstanding) |
|
$ |
10.33 |
Maximum sales charge (5.5% of offering price) |
|
|
0.60 |
|
|
|
|
Maximum offering price to public |
|
$ |
10.93 |
|
|
|
|
|
|
Class B: |
|
|
|
Net asset value, offering price and redemption price per share ($94,010,858 ÷ 9,117,080 shares of beneficial interest issued and outstanding) |
|
$ |
10.31 |
|
|
|
|
|
|
Class C: |
|
|
|
Net asset value, offering price and redemption price per share ($35,590,866 ÷ 3,452,004 shares of beneficial interest issued and outstanding) |
|
$ |
10.31 |
|
|
|
|
|
|
Class M: |
|
|
|
Net asset value, offering price and redemption price per share ($3,438,824 ÷ 333,574 shares of beneficial interest issued and outstanding) |
|
$ |
10.31 |
|
|
|
|
|
|
Class R: |
|
|
|
Net asset value, offering price and redemption price per share ($7,419,133 ÷ 717,337 shares of beneficial interest issued and outstanding) |
|
$ |
10.34 |
|
|
|
|
|
|
Class X: |
|
|
|
Net asset value, offering price and redemption price per share ($2,607,044 ÷ 252,985 shares of beneficial interest issued and outstanding) |
|
$ |
10.31 |
|
|
|
|
|
|
Class Z: |
|
|
|
Net asset value, offering price and redemption price per share ($4,471,290 ÷ 432,383 shares of beneficial interest issued and outstanding) |
|
$ |
10.34 |
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
65 |
Statement of Operations
Year Ended July 31, 2006
|
|
|
|
|
Net Investment Income |
|
|
|
|
Income |
|
|
|
|
Unaffiliated interest |
|
$ |
6,419,208 |
|
Unaffiliated dividends (net of foreign withholding taxes of $14,272) |
|
|
1,356,180 |
|
Affiliated dividends |
|
|
463,884 |
|
|
|
|
|
|
Total Income |
|
|
8,239,272 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
Management fee |
|
|
1,581,626 |
|
Distribution feeClass A |
|
|
129,908 |
|
Distribution feeClass B |
|
|
1,061,892 |
|
Distribution feeClass C |
|
|
391,751 |
|
Distribution feeClass M |
|
|
25,785 |
|
Distribution feeClass R |
|
|
22,488 |
|
Distribution feeClass X |
|
|
18,924 |
|
Custodians fees and expenses |
|
|
353,000 |
|
Transfer agents fees and expenses (including affiliated expenses of $189,000) |
|
|
227,000 |
|
Registration fees |
|
|
98,000 |
|
Reports to shareholders |
|
|
70,000 |
|
Legal fees and expenses |
|
|
41,000 |
|
Audit fee |
|
|
17,000 |
|
Trustees fees |
|
|
12,000 |
|
Interest expense (Note 7) |
|
|
3,755 |
|
Miscellaneous |
|
|
35,154 |
|
|
|
|
|
|
Total expenses |
|
|
4,089,283 |
|
|
|
|
|
|
Net investment income |
|
|
4,149,989 |
|
|
|
|
|
|
|
|
Net Realized And Unrealized Gain (Loss) On Investments And Foreign Currency |
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
Investment transactions |
|
|
4,411,746 |
|
Options written |
|
|
271,079 |
|
Foreign currency transactions |
|
|
256,312 |
|
Futures |
|
|
(883,279 |
) |
Swaps |
|
|
(38,465 |
) |
Short sale transactions |
|
|
591,109 |
|
|
|
|
|
|
|
|
|
4,608,502 |
|
|
|
|
|
|
Net change in unrealized depreciation on investments: |
|
|
|
|
Investments |
|
|
(4,061,478 |
) |
Short sales |
|
|
(263,665 |
) |
Foreign currencies |
|
|
(190,182 |
) |
Futures |
|
|
(124,199 |
) |
Swaps |
|
|
(324,317 |
) |
Options written |
|
|
(244,272 |
) |
|
|
|
|
|
|
|
|
(5,208,113 |
) |
|
|
|
|
|
Net loss on investments |
|
|
(599,611 |
) |
|
|
|
|
|
Net Increase In Net Assets Resulting From Operations |
|
$ |
3,550,378 |
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
66 |
|
Visit our website at www.strategicpartners.com |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Year Ended July 31,
|
|
|
|
2006 |
|
|
2005 |
|
Increase (Decrease) In Net Assets |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
4,149,989 |
|
|
$ |
2,227,248 |
|
Net realized gain on investments and foreign currency transactions |
|
|
4,608,502 |
|
|
|
18,937,116 |
|
Net change in unrealized appreciation (depreciation) on investments and foreign currencies |
|
|
(5,208,113 |
) |
|
|
699,429 |
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
|
3,550,378 |
|
|
|
21,863,793 |
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions (Note 1) |
|
|
|
|
|
|
|
|
Dividends from net investment income: |
|
|
|
|
|
|
|
|
Class A |
|
|
(1,403,569 |
) |
|
|
(807,309 |
) |
Class B |
|
|
(2,090,796 |
) |
|
|
(1,305,294 |
) |
Class C |
|
|
(775,965 |
) |
|
|
(506,278 |
) |
Class M |
|
|
(51,993 |
) |
|
|
(10,201 |
) |
Class R |
|
|
(134,510 |
) |
|
|
(42 |
) |
Class X |
|
|
(40,065 |
) |
|
|
(6,134 |
) |
Class Z |
|
|
(141,132 |
) |
|
|
(108,885 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(4,638,030 |
) |
|
|
(2,744,143 |
) |
|
|
|
|
|
|
|
|
|
Distributions from net realized gains: |
|
|
|
|
|
|
|
|
Class A |
|
|
(4,063,852 |
) |
|
|
(615,026 |
) |
Class B |
|
|
(9,457,186 |
) |
|
|
(1,740,925 |
) |
Class C |
|
|
(3,457,932 |
) |
|
|
(684,630 |
) |
Class M |
|
|
(217,196 |
) |
|
|
(10,101 |
) |
Class R |
|
|
(413,614 |
) |
|
|
(39 |
) |
Class X |
|
|
(161,463 |
) |
|
|
(114 |
) |
Class Z |
|
|
(382,873 |
) |
|
|
(82,388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(18,154,116 |
) |
|
|
(3,133,223 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Fund share transactions (net of share conversions) (Note 6) |
|
|
|
|
|
|
|
|
Net proceeds from shares sold |
|
|
45,898,058 |
|
|
|
46,758,740 |
|
Net asset value of shares issued in reinvestment of distributions |
|
|
20,885,010 |
|
|
|
5,358,895 |
|
Cost of shares reacquired |
|
|
(56,982,824 |
) |
|
|
(48,084,156 |
) |
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from Fund share transactions |
|
|
9,800,244 |
|
|
|
4,033,479 |
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) |
|
|
(9,441,524 |
) |
|
|
20,019,906 |
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
Beginning of year |
|
|
215,109,643 |
|
|
|
195,089,737 |
|
|
|
|
|
|
|
|
|
|
End of year (a) |
|
$ |
205,668,119 |
|
|
$ |
215,109,643 |
|
|
|
|
|
|
|
|
|
|
(a) Includes undistributed net investment income of: |
|
$ |
306,383 |
|
|
$ |
376,116 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
67 |
Notes to Financial Statements
Target Asset Allocation Funds (the Trust) (formerly known as Strategic
Partners Asset Allocation Funds), is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company presently consisting of three portfolios: Target Conservative Allocation Fund (the Fund)
(formerly known as Strategic Partners Conservative Allocation Fund), Target Moderate Allocation Fund (formerly known as Strategic Partners Moderate Allocation Fund) and Target Growth Allocation Fund (formerly known as Strategic Partners Growth
Allocation Fund). These financial statements relate only to Target Conservative Allocation Fund. The financial statements of the other portfolios are not presented herein. The Trust was organized as a business trust in Delaware on July 29,
1998.
The Fund uses investment managers (Subadvisors), each managing a
portion of the Funds assets. The following Subadvisors and their respective segment during the year ended July 31, 2006.
|
|
|
Fund Segment
|
|
Subadvisors
|
Large-cap value stocks |
|
Hotchkis & Wiley Capital Management LLC |
|
|
|
|
J.P. Morgan Asset Management |
|
|
|
|
NFJ Investment Group L.P (effective 12/19/2005) |
|
|
High yield bonds |
|
Goldman Sachs Asset Management |
|
|
Large-cap growth stocks |
|
Marsico Capital Management LLC |
|
|
|
|
Goldman Sachs Asset Management |
|
|
Core fixed income bonds |
|
Pacific Investment Management Company LLC |
|
|
Small-cap value stocks |
|
EARNEST Partners, LLC |
|
|
|
|
Vaughan Nelson Investment Management, L.P. |
|
|
Small-cap growth stocks |
|
RS Investment Management, L.P. |
The investment objective of the Fund is to
provide current income and a reasonable level of capital appreciation. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of debt obligations and equity securities. The ability of the issuers of the debt
securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry or country.
Note 1. Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements.
Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day
|
|
|
68 |
|
Visit our website at www.strategicpartners.com |
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 Subadvisors, 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. Certain fixed income securities for which daily market quotations are not readily
available may be valued with reference to fixed income securities whose prices are more readily available, pursuant to guidelines established by the Board of Trustees. 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 securitys foreign market and before the Funds normal pricing time, are valued at fair value in accordance with Board of Trustees 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 issuers 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 advisor 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 securitys most recent closing price and from the price used by other mutual funds to calculate their net asset values. As of July 31, 2006, there were no securities whose values were adjusted in accordance with procedures approved
by the Board of Trustees.
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 securities, which mature in sixty days or less, are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
69 |
Notes to Financial Statements
Contd
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 securities, which mature in more than sixty 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
daily rates of exchange.
(ii) purchases and sales of investment
securities, income and expenses-at the rate of exchange prevailing on the respective dates of such transactions.
Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, 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 securities held at the end of the period. 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 period. Accordingly, realized foreign currency gains or losses are 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 Funds 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 investments and 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 and economic instability and the level of governmental supervision and regulation of foreign securities
markets.
|
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|
70 |
|
Visit our website at www.strategicpartners.com |
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 contracts.
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.
Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund may enter into forward currency contracts in order to hedge its
exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency. The contracts are valued daily at current exchange rates and any unrealized gain or
loss is included in the Statement of Assets and Liabilities as in unrealized appreciation and/or depreciation on forward foreign currency contracts. Gain or loss is realized on the settlement date of the contract equal to the difference between the
settlement value of the original and renegotiated forward contracts. This gain or loss, if any, is included in net realized gain or loss on foreign currency transactions. Risks may arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their contracts.
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 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 the accrual basis. Net investment income or loss (other than distribution fees,
which are charged directly to respective class) and unrealized and
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
71 |
Notes to Financial Statements
Contd
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 quarterly, 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. Permanent book/tax differences 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.
Options: The Fund may either purchase or write
options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates with respect to securities or currencies which the Fund currently owns or intends
to purchase. The Funds principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund writes an option, it receives a premium and
an amount equal to that premium is recorded as a liability. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. The asset or liability is adjusted daily to reflect the current market
value of the option.
If an option expires unexercised, the Fund realizes a gain or loss
to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase in determining whether the Fund has realized a gain
or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on
investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written.
The Fund, as writer of an option, has no control over whether the underlying securities or currencies may be sold (called) or purchased (put). As a result, the Fund bears the
market risk of an unfavorable change in the price of the security or currency underlying the written option. The Fund, as purchaser of an option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.
|
|
|
72 |
|
Visit our website at www.strategicpartners.com |
When a Fund writes an option on a swap contract, an
amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a
fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as
the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and
call options on swaps, is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.
Short Sales: The Fund may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Fund may sell a security it does
not own in anticipation of a decline in the market value of that security (short sale). When the Fund makes a short sale, it will borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral
for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow the particular securities and may be obligated to return any interest or dividends received on such borrowed securities.
A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited as to
dollar amount, will be recognized upon the termination of a short sale if the market price is less or greater than the proceeds originally received, respectively, and is presented in the Statement of Operations as net realized gain or loss on short
sales.
Swaps: The Fund may enter into swap agreements. A swap is an agreement to
exchange the return generated by one instrument for the return generated by another instrument. The Fund enters into interest rate, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk.
Interest rate swap agreements involve the exchange by the Fund with another party of
their respective commitments to pay or receive interest and may involve payment/ receipt of a premium at the time of initiation of the swap agreement. Forward spread lock swap agreements involve commitments to pay or receive a settlement amount
calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury
rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
73 |
Notes to Financial Statements
Contd
third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. Dividends and interest on the securities in the swap are
included in the value of the exchange. The swaps are valued daily at current market value and any unrealized gain or loss is included in the net unrealized appreciation or depreciation on investments. Gain or loss is realized on the termination date
of the swap and is equal to the difference between the Funds basis in the swap and the proceeds of the closing transaction, including fees. During the period that the swap agreement is open, the Fund may be subject to risk from the potential
inability of the counterparty to meet the terms of the agreement.
Written options,
future contracts, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.
Taxes: It is the Funds 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 its 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 Trust has a management agreement with PI. Pursuant to this agreement, PI manages the investment operations of the Fund, administers the Funds affairs and supervises the
Subadvisors performance of all investment advisory services. Pursuant to the advisory agreement, PI pays the cost of compensation of officers of the Fund, occupancy and certain clerical and accounting 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 .75 of 1% of average daily net assets up to $500 million, .70 of 1% of average daily net assets for the next $500 million and .65 of
1% of average daily net assets in excess of $1 billion. The effective management fee rate was .75 of 1% for the year ended July 31, 2006.
|
|
|
74 |
|
Visit our website at www.strategicpartners.com |
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 M, Class R, Class X and Class Z shares of the
Fund. The Fund compensates PIMS for distributing and servicing the Funds Class A, Class B, Class C, Class M, Class R and Class X shares, pursuant to plans of distribution (the Distribution Plans), regardless of 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 for Class Z shares of the Fund.
Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30 of 1%, 1%, 1%, 1%,
..75 of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively. Such expenses under the plans were .25 of 1%, 1%, 1%, 1%,.50 of 1% and 1% of the average daily net assets of the Class A, B, C, M, R
and X shares, respectively, for the year ended July 31, 2006.
PIMS has advised the
Fund that it has received approximately $357,700 in front-end sales charges resulting from sales of Class A shares during the year ended July 31, 2006. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid
commissions to sales persons and incurred other distribution costs. PIMS has advised the Fund that for the year ended July 31, 2006, it has received approximately $167,400, $9,300, $2,000 and $4,000 in contingent deferred sales charges
imposed upon certain redemptions by Class B, Class C, Class M and Class X shareholders, respectively.
PIMS and PI are indirect, wholly owned subsidiaries of Prudential Financial, Inc. (Prudential).
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 Funds transfer agent.
Transfer agent fees and expenses in the Statement of Operations include certain outof-pocket expenses paid to non-affiliates, where applicable.
The Fund pays networking fees to affiliated and unaffiliated broker/dealers. These networking fees are payments made to broker/dealers that clear mutual fund transactions through a
national mutual fund clearing system. First Clearing Corporation, an affiliate of PI, served as a broker/dealer. The Fund incurred approximately $23,523 in total networking fees. These amounts are included in transfer agents fees and expenses
in the Statement of Operations.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
75 |
Notes to Financial Statements
Contd
For the year ended July 31, 2006, Wachovia Securities, LLC, and affiliate of Pi, earned $8 and Prudential Equity Group, a wholly owned subsidiary
of Prudential, earned $1,856 in brokerage commissions from portfolio transactions executed on behalf of the Fund.
The Fund invests in the Taxable Money Market Series (the Series), a portfolio of Dryden Core Investment Fund, formally known as Prudential 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.
Note 4. Portfolio Securities
Purchases and sales of portfolio securities, excluding short-term and U.S. Government investments, for the year ended July 31, 2006, aggregated
$216,010,640 and $191,782,553, respectively.
Transactions in options written during the
year ended July 31, 2006, were as follows:
|
|
|
|
|
|
|
|
|
|
Number of Contracts/ Notional Amount
|
|
|
Premiums Received
|
|
Options outstanding at July 31, 2005 |
|
14,400,005 |
|
|
$ |
281,780 |
|
Written options |
|
73,000,000 |
|
|
|
91,554 |
|
Expired Options |
|
(81,600,005 |
) |
|
|
(311,420 |
) |
|
|
|
|
|
|
|
|
Options outstanding at July 31, 2006 |
|
5,800,000 |
|
|
$ |
61,914 |
|
|
|
|
|
|
|
|
|
Note 5. Distributions and Tax Information
Distributions to shareholders, which are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present undistributed net investment income and accumulated net realized gain on investments and foreign
currency transactions on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to net investment income and accumulated net realized gain on investments and foreign currency
transactions. For the tax year ended July 31, 2006, the adjustments were to increase undistributed net investment income and decrease accumulated net realized gain and foreign currency transactions by $418,308 due to differences in the
treatment for
|
|
|
76 |
|
Visit our website at www.strategicpartners.com |
books and tax purposes of certain transactions involving foreign securities and currencies, certain tax adjustments pertaining to the investment in Passive Foreign
Investment Companies and in Real Estate Investment Trusts, reclass on swap income/loss, paydown gain/loss, and differences between financial reporting and tax accounting. Net investment income, net realized losses and net assets were not affected by
this change.
For the year ended July 31, 2006 the tax character of dividends paid
as reflected in the Statement of Changes in Net Assets was $10,244,837 of ordinary income and $12,547,309 of long-term capital gain income. The respective amount for the year ended July 31, 2005 was $2,762,905 of ordinary income and $3,114,461
of long-term capital gain income.
As of July 31, 2006, the accumulated undistributed
earnings on a tax basis were $589,295 of ordinary income and $2,740,675 of long-term capital gains. This differs from the amount shown on the Statement of Assets and Liabilities primarily due to cumulative timing differences.
The United States federal income tax basis of the Funds investments and the net unrealized
appreciation (depreciation) as of July 31, 2006 were follows:
|
|
|
|
|
|
|
|
|
|
|
Tax Basis
|
|
Appreciation
|
|
(Depreciation)
|
|
Net Unrealized Appreciation
|
|
Other Cost Basis Adjustments
|
|
Total Net Unrealized Appreciation
|
$215,529,477 |
|
$11,756,315 |
|
$(5,408,214) |
|
$6,348,101 |
|
$(108,448) |
|
$6,239,653 |
The difference between book basis and tax basis
were primarily attributable to deferred losses on wash sales, passive foreign investment companies, and real estate investment trusts. The other cost basis adjustments are primarily attributable to appreciation (depreciation) of foreign currency and
mark to market of receivables, payables and swaps.
In addition the Fund has elected to
treat net currency losses of $297,533 incurred between November 1, 2005 and July 31, 2006 as being incurred during the fiscal year ending July 31, 2007.
Note 6. Capital
The Fund offers Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares. Class A shares are subject to a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and
sell these shares within 12 months of purchase are not subject to an initial sales charge but are subject to a contingent deferred sales charge (CDSC) of 1%, including investors who
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
77 |
Notes to Financial Statements
Contd
purchase their shares through broker-dealers affiliated with Prudential. Class B shares are subject to a CDSC of 5%, which decreases by 1% annually to 1% in the fifth
and sixth years and 0% in the seventh year. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. The CDSC for Class C shares is 1% for shares redeemed within 12 months of
purchase. Class M shares are generally closed to new purchases. Class M shares are subject to a CDSC of 6%, which decreases by 1% annually to 2% in the fifth and sixth years and 1% in the seventh year. Class M shares automatically convert to
Class A shares approximately eight years after purchase. Class X shares are generally closed to new purchases. Class X shares are subject to a CDSC of 6%, which decreases by 1% annually to 4% in the third and fourth years, by 1% annually to 2%
in the sixth and seventh years, and 1% in the eighth year. Class X shares automatically convert to Class A shares on a quarterly basis approximately ten years (eight years in the case of shares purchased prior to August 19, 1998) after
purchase. An exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a
limited group of investors.
The Fund has authorized an unlimited number of shares of
beneficial interest at $.001 par value per share. As of July 31, 2006, Prudential owned 231 shares each of Class M, Class R and Class X shares.
Transactions in shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
Class A
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
1,470,259 |
|
|
$ |
15,793,427 |
|
Shares issued in reinvestment of dividends and distributions |
|
476,258 |
|
|
|
4,916,584 |
|
Shares reacquired |
|
(1,431,994 |
) |
|
|
(15,334,450 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
514,523 |
|
|
|
5,375,561 |
|
Shares issued, upon conversion from Class B , Class M, and Class X |
|
997,728 |
|
|
|
10,393,333 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
1,512,251 |
|
|
$ |
15,768,894 |
|
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
1,407,700 |
|
|
$ |
15,381,218 |
|
Shares issued in reinvestment of dividends and distributions |
|
118,435 |
|
|
|
1,291,316 |
|
Shares reacquired |
|
(1,014,196 |
) |
|
|
(11,147,491 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
511,939 |
|
|
|
5,525,043 |
|
Shares issued upon conversion from Class B |
|
149,699 |
|
|
|
1,647,350 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
661,638 |
|
|
$ |
7,172,393 |
|
|
|
|
|
|
|
|
|
|
|
|
78 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
Class B
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
835,361 |
|
|
$ |
8,879,650 |
|
Shares issued in reinvestment of dividends and distributions |
|
1,062,478 |
|
|
|
10,955,595 |
|
Shares reacquired |
|
(2,050,690 |
) |
|
|
(21,890,417 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
(152,851 |
) |
|
|
(2,055,172 |
) |
Shares reacquired upon conversion into Class A |
|
(995,297 |
) |
|
|
(10,350,649 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(1,148,148 |
) |
|
$ |
(12,405,821 |
) |
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
1,639,608 |
|
|
$ |
17,857,569 |
|
Shares issued in reinvestment of dividends and distributions |
|
261,807 |
|
|
|
2,860,721 |
|
Shares reacquired |
|
(1,983,119 |
) |
|
|
(21,657,322 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
(81,704 |
) |
|
|
(939,032 |
) |
Shares reacquired upon conversion into Class A |
|
(150,048 |
) |
|
|
(1,647,350 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(231,752 |
) |
|
$ |
(2,586,382 |
) |
|
|
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
692,955 |
|
|
$ |
7,370,567 |
|
Shares issued in reinvestment of dividends and distributions |
|
345,136 |
|
|
|
3,558,750 |
|
Shares reacquired |
|
(1,448,674 |
) |
|
|
(15,480,016 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(410,583 |
) |
|
$ |
(4,550,699 |
) |
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
759,274 |
|
|
$ |
8,249,628 |
|
Shares issued in reinvestment of dividends and distributions |
|
91,742 |
|
|
|
1,001,972 |
|
Shares reacquired |
|
(1,122,564 |
) |
|
|
(12,245,544 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(271,548 |
) |
|
$ |
(2,993,944 |
) |
|
|
|
|
|
|
|
|
Class M
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
258,152 |
|
|
$ |
2,726,013 |
|
Shares issued in reinvestment of dividends and distributions |
|
20,522 |
|
|
|
211,271 |
|
Shares reacquired |
|
(109,039 |
) |
|
|
(1,139,717 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
169,635 |
|
|
|
1,797,567 |
|
Shares reacquired upon conversion into Class A |
|
(3,611 |
) |
|
|
(37,160 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
166,024 |
|
|
$ |
1,760,407 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005 |
|
|
|
|
|
|
|
Shares sold |
|
204,056 |
|
|
$ |
2,243,199 |
|
Shares issued in reinvestment of dividends and distributions |
|
1,702 |
|
|
|
18,729 |
|
Shares reacquired |
|
(38,208 |
) |
|
|
(421,362 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
167,550 |
|
|
$ |
1,840,566 |
|
|
|
|
|
|
|
|
|
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
79 |
Notes to Financial Statements
Contd
|
|
|
|
|
|
|
|
Class R
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
690,321 |
|
|
$ |
7,571,883 |
|
Shares issued in reinvestment of dividends and distributions |
|
52,998 |
|
|
|
547,840 |
|
Shares reacquired |
|
(26,213 |
) |
|
|
(279,993 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
717,106 |
|
|
$ |
7,839,730 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005 |
|
|
|
|
|
|
|
Shares sold |
|
231 |
|
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
231 |
|
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
Class X
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
153,985 |
|
|
$ |
1,623,695 |
|
Shares issued in reinvestment of dividends and distributions |
|
19,219 |
|
|
|
197,936 |
|
Shares reacquired |
|
(68,665 |
) |
|
|
(718,754 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
104,539 |
|
|
|
1,102,877 |
|
Shares reacquired upon conversion into Class A |
|
(526 |
) |
|
|
(5,524 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
104,013 |
|
|
$ |
1,097,353 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005 |
|
|
|
|
|
|
|
Shares sold |
|
153,146 |
|
|
$ |
1,673,976 |
|
Shares issued in reinvestment of dividends and distributions |
|
548 |
|
|
|
6,179 |
|
Shares reacquired |
|
(4,722 |
) |
|
|
(51,927 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
148,972 |
|
|
$ |
1,628,228 |
|
|
|
|
|
|
|
|
|
Class Z
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
174,769 |
|
|
$ |
1,932,823 |
|
Shares issued in reinvestment of dividends and distributions |
|
48,039 |
|
|
|
497,034 |
|
Shares reacquired |
|
(195,938 |
) |
|
|
(2,139,477 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
26,870 |
|
|
$ |
290,380 |
|
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
123,150 |
|
|
$ |
1,350,650 |
|
Shares issued in reinvestment of dividends and distributions |
|
16,466 |
|
|
|
179,978 |
|
Shares reacquired |
|
(234,685 |
) |
|
|
(2,560,510 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(95,069 |
) |
|
$ |
(1,029,882 |
) |
|
|
|
|
|
|
|
|
* |
Commencement of offering new share class. |
|
|
|
80 |
|
Visit our website at www.strategicpartners.com |
Note 7. Borrowings
The Fund, 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 would be incurred at market rates. For the period from October 29, 2004 through
October 28, 2005, the Fund paid a commitment fee of .075 of 1% of the unused portion of the agreement. Effective October 29, 2005, the Funds renewed the SCA with the banks. The commitment under the renewed SCA continues to be $500 million.
The Fund pays a commitment fee of .0725 of 1% of the unused portion of the renewed SCA. The commitment fee is accrued daily and paid quarterly and is allocated to the Funds pro-rata based on net assets. The purpose of the SCA is to serve as an
alternative source of funding for capital share redemptions. The expiration date of the renewed SCA is October 27, 2006.
The Fund utilized the line of credit during the year ended July 31, 2006. The average balance is for the number of days the Fund had an outstanding balance.
|
|
|
|
|
Average Balance Outstanding
|
|
Number of Days Outstanding
|
|
Weighted Average Interest Rate
|
$3,312,500 |
|
8 |
|
5.11% |
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
81 |
Financial Highlights
|
|
|
|
|
|
|
Class A
|
|
|
|
Year Ended July 31, 2006(c) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning of Year |
|
$ |
11.36 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income |
|
|
.28 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
(.05 |
) |
|
|
|
|
|
Total from investment operations |
|
|
.23 |
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
Dividends from net investment income |
|
|
(.30 |
) |
Distributions from net realized gains on investments |
|
|
(.96 |
) |
|
|
|
|
|
Total dividends and distributions |
|
|
(1.26 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
10.33 |
|
|
|
|
|
|
Total Return(a) |
|
|
2.20 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
58,130 |
|
Average net assets (000) |
|
$ |
51,963 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees(b) |
|
|
1.41 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.16 |
% |
Net investment income |
|
|
2.57 |
% |
For Class A, B, C, M, R, X and Z shares: |
|
|
|
|
Portfolio turnover rate |
|
|
481 |
% |
(a) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
The distributor of the Fund contractually agreed to limit its distribution and service (12b-1) fees to .25 of 1% of the average daily assets of the Class A shares.
|
(c) |
Calculated based upon average shares outstanding during the year. |
* |
Effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and accreting market discount
on debt securities. The effect of this change for the year ended July 31, 2002 was to decrease net investment income and increase net realized and unrealized gain (loss) per share by less than $.005 and decrease the ratio of net investment
income from 2.72% to 2.71%. |
See Notes to Financial Statements.
|
|
|
82 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
Year Ended July 31, |
|
2005 |
|
|
2004 |
|
|
2003 |
|
|
2002* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.51 |
|
|
$ |
9.71 |
|
|
$ |
8.81 |
|
|
$ |
9.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.18 |
|
|
|
.17 |
|
|
|
.24 |
|
|
|
.26 |
|
|
1.05 |
|
|
|
.82 |
|
|
|
.89 |
|
|
|
(1.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.23 |
|
|
|
.99 |
|
|
|
1.13 |
|
|
|
(.89 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.21 |
) |
|
|
(.19 |
) |
|
|
(.23 |
) |
|
|
(.25 |
) |
|
(.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.38 |
) |
|
|
(.19 |
) |
|
|
(.23 |
) |
|
|
(.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11.36 |
|
|
$ |
10.51 |
|
|
$ |
9.71 |
|
|
$ |
8.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.85 |
% |
|
|
10.18 |
% |
|
|
13.08 |
% |
|
|
(9.10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
46,743 |
|
|
$ |
36,307 |
|
|
$ |
27,364 |
|
|
$ |
20,234 |
|
$ |
42,639 |
|
|
$ |
32,710 |
|
|
$ |
22,847 |
|
|
$ |
18,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.44 |
% |
|
|
1.42 |
% |
|
|
1.51 |
% |
|
|
1.62 |
% |
|
1.19 |
% |
|
|
1.17 |
% |
|
|
1.26 |
% |
|
|
1.37 |
% |
|
1.65 |
% |
|
|
1.67 |
% |
|
|
2.66 |
% |
|
|
2.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
379 |
% |
|
|
160 |
% |
|
|
269 |
% |
|
|
338 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
83 |
Financial Highlights
Contd
|
|
|
|
|
|
|
Class B
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning of Year |
|
$ |
11.34 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income |
|
|
.18 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
(.03 |
) |
|
|
|
|
|
Total from investment operations |
|
|
.15 |
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
Dividends from net investment income |
|
|
(.22 |
) |
Distributions from net realized gains on investments |
|
|
(.96 |
) |
|
|
|
|
|
Total dividends and distributions |
|
|
(1.18 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
10.31 |
|
|
|
|
|
|
Total Return(a) |
|
|
1.40 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
94,011 |
|
Average net assets (000) |
|
$ |
106,189 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.16 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.16 |
% |
Net investment income |
|
|
1.68 |
% |
(a) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculated based upon average shares outstanding during the year. |
* |
Effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and accreting market discount
on debt securities. The effect of this change for the year ended July 31, 2002 was to decrease net investment income and increase net realized and unrealized gain (loss) per share by less than $.005 and had no effect on the ratio of net
investment income. |
See Notes to Financial Statements.
|
|
|
84 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
Year Ended July 31, |
|
2005 |
|
|
2004 |
|
|
2003 |
|
|
2002* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.49 |
|
|
$ |
9.69 |
|
|
$ |
8.79 |
|
|
$ |
9.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.10 |
|
|
|
.10 |
|
|
|
.18 |
|
|
|
.19 |
|
|
1.05 |
|
|
|
.81 |
|
|
|
.88 |
|
|
|
(1.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.15 |
|
|
|
.91 |
|
|
|
1.06 |
|
|
|
(.96 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.13 |
) |
|
|
(.11 |
) |
|
|
(.16 |
) |
|
|
(.18 |
) |
|
(.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.30 |
) |
|
|
(.11 |
) |
|
|
(.16 |
) |
|
|
(.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11.34 |
|
|
$ |
10.49 |
|
|
$ |
9.69 |
|
|
$ |
8.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.02 |
% |
|
|
9.40 |
% |
|
|
12.27 |
% |
|
|
(9.81 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
116,378 |
|
|
$ |
110,140 |
|
|
$ |
90,029 |
|
|
$ |
68,841 |
|
$ |
114,342 |
|
|
$ |
104,309 |
|
|
$ |
78,562 |
|
|
$ |
67,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.19 |
% |
|
|
2.17 |
% |
|
|
2.26 |
% |
|
|
2.37 |
% |
|
1.19 |
% |
|
|
1.17 |
% |
|
|
1.26 |
% |
|
|
1.37 |
% |
|
.89 |
% |
|
|
.93 |
% |
|
|
1.93 |
% |
|
|
1.97 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
85 |
Financial Highlights
Contd
|
|
|
|
|
|
|
Class C
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning of Year |
|
$ |
11.34 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income |
|
|
.20 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
(.05 |
) |
|
|
|
|
|
Total from investment operations |
|
|
.15 |
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
Dividends from net investment income |
|
|
(.22 |
) |
Distributions from net realized gains on investments |
|
|
(.96 |
) |
|
|
|
|
|
Total dividends and distributions |
|
|
(1.18 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
10.31 |
|
|
|
|
|
|
Total Return(a) |
|
|
1.40 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
35,591 |
|
Average net assets (000) |
|
$ |
39,175 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.16 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.16 |
% |
Net investment income |
|
|
1.83 |
% |
(a) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculated based upon average shares outstanding during the year. |
* |
Effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and accreting market discount
on debt securities. The effect of this change for the year ended July 31, 2002 was to decrease net investment income and increase net realized and unrealized gain (loss) per share by less than $.005 and no effect on the ratio of net investment
income. |
See Notes to Financial Statements.
|
|
|
86 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
Year Ended July 31, |
|
2005 |
|
|
2004 |
|
|
2003 |
|
|
2002* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.49 |
|
|
$ |
9.69 |
|
|
$ |
8.79 |
|
|
$ |
9.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.10 |
|
|
|
.10 |
|
|
|
.17 |
|
|
|
.19 |
|
|
1.05 |
|
|
|
.81 |
|
|
|
.89 |
|
|
|
(1.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.15 |
|
|
|
.91 |
|
|
|
1.06 |
|
|
|
(.96 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.13 |
) |
|
|
(.11 |
) |
|
|
(.16 |
) |
|
|
(.18 |
) |
|
(.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.30 |
) |
|
|
(.11 |
) |
|
|
(.16 |
) |
|
|
(.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11.34 |
|
|
$ |
10.49 |
|
|
$ |
9.69 |
|
|
$ |
8.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.02 |
% |
|
|
9.40 |
% |
|
|
12.27 |
% |
|
|
(9.81 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
43,787 |
|
|
$ |
43,375 |
|
|
$ |
37,429 |
|
|
$ |
25,419 |
|
$ |
43,819 |
|
|
$ |
41,938 |
|
|
$ |
31,449 |
|
|
$ |
18,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.19 |
% |
|
|
2.17 |
% |
|
|
2.26 |
% |
|
|
2.37 |
% |
|
1.19 |
% |
|
|
1.17 |
% |
|
|
1.26 |
% |
|
|
1.37 |
% |
|
.89 |
% |
|
|
.94 |
% |
|
|
1.91 |
% |
|
|
1.97 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
87 |
Financial Highlights
Contd
|
|
|
|
|
|
|
|
|
|
|
Class M
|
|
|
|
Year Ended July 31, 2006(d) |
|
|
October 4, 2004(a) Through July 31, 2005 |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning of Period |
|
$ |
11.34 |
|
|
$ |
10.81 |
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
.19 |
|
|
|
.14 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
(.04 |
) |
|
|
.69 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.15 |
|
|
|
.83 |
|
|
|
|
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
(.22 |
) |
|
|
(.13 |
) |
Distributions from net realized gains on investments |
|
|
(.96 |
) |
|
|
(.17 |
) |
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(1.18 |
) |
|
|
(.30 |
) |
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
10.31 |
|
|
$ |
11.34 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
1.41 |
% |
|
|
7.80 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
3,439 |
|
|
$ |
1,900 |
|
Average net assets (000) |
|
$ |
2,579 |
|
|
$ |
1,115 |
|
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.16 |
% |
|
|
2.19 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.16 |
% |
|
|
1.19 |
%(c) |
Net investment income |
|
|
1.84 |
% |
|
|
1.25 |
%(c) |
(a) |
Commencement of offering new share class. |
(b) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
Calculated based upon average shares outstanding during the period. |
See Notes to Financial Statements.
|
|
|
88 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
Class R
|
|
|
|
Year Ended July 31, 2006(e) |
|
|
October 4, 2004(a) Through July 31, 2005 |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning of Period |
|
$ |
11.37 |
|
|
$ |
10.84 |
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
.25 |
|
|
|
.16 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
(.05 |
) |
|
|
.72 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.20 |
|
|
|
.88 |
|
|
|
|
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
(.27 |
) |
|
|
(.18 |
) |
Distributions from net realized gains on investments |
|
|
(.96 |
) |
|
|
(.17 |
) |
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(1.23 |
) |
|
|
(.35 |
) |
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
10.34 |
|
|
$ |
11.37 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
1.93 |
% |
|
|
8.25 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
7,419 |
|
|
$ |
3 |
|
Average net assets (000) |
|
$ |
4,498 |
|
|
$ |
3 |
|
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees(d) |
|
|
1.66 |
% |
|
|
1.69 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.16 |
% |
|
|
1.19 |
%(c) |
Net investment income |
|
|
2.31 |
% |
|
|
1.77 |
%(c) |
(a) |
Commencement of offering new share class. |
(b) |
Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
The distributor of the Fund contractually agreed to limit its distribution and service (12b-1) fees to .50 of 1% of the average daily assets of the Class R shares. |
(e) |
Calculated based upon average shares outstanding during the period. |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
89 |
Financial Highlights
Contd
|
|
|
|
|
|
|
|
|
|
|
Class X
|
|
|
|
Year Ended July 31, 2006(d) |
|
|
October 4, 2004(a) Through July 31, 2005 |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning of Period |
|
$ |
11.33 |
|
|
$ |
10.81 |
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
.19 |
|
|
|
.15 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
(.03 |
) |
|
|
.67 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.16 |
|
|
|
.82 |
|
|
|
|
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
(.22 |
) |
|
|
(.13 |
) |
Distributions from net realized gains on investments |
|
|
(.96 |
) |
|
|
(.17 |
) |
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(1.18 |
) |
|
|
(.30 |
) |
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
10.31 |
|
|
$ |
11.33 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
1.41 |
% |
|
|
7.71 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
2,607 |
|
|
$ |
1,688 |
|
Average net assets (000) |
|
$ |
1,892 |
|
|
$ |
853 |
|
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.16 |
% |
|
|
2.19 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.16 |
% |
|
|
1.19 |
%(c) |
Net investment income |
|
|
1.86 |
% |
|
|
1.31 |
%(c) |
(a) |
Commencement of offering new share class. |
(b) |
These total returns do not consider the effect of sales loads. Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
Calculated based upon average shares outstanding during the period. |
See Notes to Financial Statements.
|
|
|
90 |
|
Visit our website at www.strategicpartners.com |
This Page Intentionally Left Blank
Financial Highlights
Contd
|
|
|
|
|
|
|
Class Z
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning of Year |
|
$ |
11.37 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income |
|
|
.30 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
(.04 |
) |
|
|
|
|
|
Total from investment operations |
|
|
.26 |
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
Dividends from net investment income |
|
|
(.33 |
) |
Distributions from net realized gains on investments |
|
|
(.96 |
) |
|
|
|
|
|
Total dividends and distributions |
|
|
(1.29 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
10.34 |
|
|
|
|
|
|
Total Return(a) |
|
|
2.47 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
4,471 |
|
Average net assets (000) |
|
$ |
4,587 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
1.16 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.16 |
% |
Net investment income |
|
|
2.83 |
% |
(a) |
Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions.
|
(b) |
Calculated based upon average shares outstanding during the year. |
* |
Effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and accreting market discount
on debt securities. The effect of this change for the year ended July 31, 2002 was to decrease net investment income and increase net realized and unrealized gain (loss) per share by less than $.005 and had no effect on the ratio of net
investment income. |
See Notes to Financial Statements.
|
|
|
92 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class Z |
|
Year Ended July 31, |
|
2005 |
|
|
2004 |
|
|
2003 |
|
|
2002* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.52 |
|
|
$ |
9.72 |
|
|
$ |
8.81 |
|
|
$ |
9.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.21 |
|
|
|
.20 |
|
|
|
.26 |
|
|
|
.28 |
|
|
1.05 |
|
|
|
.81 |
|
|
|
.90 |
|
|
|
(1.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.26 |
|
|
|
1.01 |
|
|
|
1.16 |
|
|
|
(.86 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.24 |
) |
|
|
(.21 |
) |
|
|
(.25 |
) |
|
|
(.28 |
) |
|
(.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.41 |
) |
|
|
(.21 |
) |
|
|
(.25 |
) |
|
|
(.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11.37 |
|
|
$ |
10.52 |
|
|
$ |
9.72 |
|
|
$ |
8.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.10 |
% |
|
|
10.44 |
% |
|
|
13.45 |
% |
|
|
(8.87 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,611 |
|
|
$ |
5,267 |
|
|
$ |
3,714 |
|
|
$ |
2,250 |
|
$ |
4,731 |
|
|
$ |
4,712 |
|
|
$ |
3,139 |
|
|
$ |
1,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.19 |
% |
|
|
1.17 |
% |
|
|
1.26 |
% |
|
|
1.37 |
% |
|
1.19 |
% |
|
|
1.17 |
% |
|
|
1.26 |
% |
|
|
1.37 |
% |
|
2.02 |
% |
|
|
1.93 |
% |
|
|
2.90 |
% |
|
|
2.96 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Conservative Allocation Fund |
|
93 |
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees and Shareholders of
Target Asset Allocation FundsTarget Conservative Allocation Fund:
We have audited the accompanying statements of assets and liabilities of Target Asset Allocation FundsTarget Conservative Allocation Fund (the Fund) including the
portfolio of investments as of July 31, 2006, and the related statements of operations for the year then ended, and statement of changes in net assets in the two-year period then ended and financial highlights for each of the periods presented
in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and the financial highlights
based on our audits. The financial highlights for the years presented prior to the year ended July 31, 2004, were audited by another independent registered public accounting firm whose report dated, September 29, 2003, expressed an unqualified
opinion thereon.
We conducted our audits in accordance with the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2006, by correspondence with the
custodian and brokers or by other appropriate audit procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Target Asset Allocation
FundsTarget Conservative Allocation Fund as of July 31, 2006, and the results of its operations for the year then ended, and the changes in their net assets for each of the years in the two-year period then ended and financial
highlights for each of the periods in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.
New York, New York
September 22, 2006
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94 |
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Target Asset Allocation
FundsTarget Conservative Allocation Fund
Tax Information (Unaudited)
We are required by the Internal Revenue Code to advise you within 60 days of the Funds fiscal
year end (July 31, 2006) as to the federal tax status of dividends paid by the Fund during such fiscal year. Accordingly, we are advising you that in the fiscal year ended July 31, 2006, the Fund paid dividends taxable as ordinary income of
$0.60 for Class A shares, $0.52 for Class B, C, M and X shares respectively, $0.57 for Class R shares and $0.63 for Class Z shares. The Fund also paid long-term capital gains of $0.66 per share to Class A, B, C, M, R, X and Z shares.
As required by the Internal Revenue Code, the following percentages of ordinary income dividends paid
for the year ended July 31, 2006 have been designated as 1) Qualified for the reduced tax rate (QDI) under The Job and Growth Tax Relief Reconciliation Act of 2003 and 2) dividends received deduction (DRD) eligible for corporate
shareholders 3) qualified interest income (QII) dividends under The American Job Creation Act of 2004 4) qualified short-term gain (QSTG) dividends under The American Job Creation Act of 2004:
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QDI
|
|
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DRD
|
|
|
QII
|
|
|
QSTG
|
|
Target Conservative Allocation Fund |
|
17.82 |
% |
|
18.06 |
% |
|
31.76 |
% |
|
2.20 |
% |
We are required by Massachusetts, Missouri and
Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders providing the mutual fund meets certain requirements mandated by the respective states taxing authorities. We are
pleased to report that 6.69% of the dividends paid qualify for such deduction.
For more
detailed information regarding your state and local taxes, you should contact your tax advisor or the state/local taxing authorities.
In January 2007, you will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the dividends received by you in calendar year 2006.
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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95 |
Management of the Funds
(Unaudited)
Information pertaining to the Trustees of Target Asset Allocation Funds (the Funds) is set forth below. Trustees who are not deemed to be interested persons
of the Funds, as defined in the Investment Company Act of 1940 (the 1940 Act), are referred to as Independent Trustees. Trustees who are deemed to be interested persons of the Fund are referred to as Interested
Trustees. Fund Complex consists of the Funds and any other investment companies managed by PI.
Independent Trustees(2)
Linda W. Bynoe (54), Trustee since 2005(3) Oversees 82 portfolios in Fund complex
Principal occupations (last 5 years): President and Chief Executive Officer (since March 1995) of Telemat, Ltd. (management consulting); formerly Vice
President at Morgan Stanley & Co.
Other Directorships held: Director of
Simon Property Group, Inc. (real estate investment trust) (since May 2003); Anixter International (communication products distributor) (since January 2006); Director of Northern Trust Corporation (since April 2006).
David E.A. Carson (72), Trustee since 2003(3) Oversees 86 portfolios in Fund complex
Principal occupations (last 5 years): Formerly Director (January 2000 to May 2000), Chairman (January 1999 to December 1999), Chairman and Chief Executive
Officer (January 1998 to December 1998) and President, Chairman and Chief Executive Officer of Peoples Bank (1983-1997).
Robert E. La Blanc (72), Trustee since 1999(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): President (since 1981) of Robert E. La Blanc Associates, Inc. (telecommunications).
Other Directorships held:(4) Director of Chartered Semiconductor Manufacturing, Ltd. (since 1998); Computer Associates International, Inc. (since 2002) (software
company); FiberNet Telecom Group, Inc. (since 2003) (telecom company).
Douglas H.
McCorkindale (67), Trustee since 1998(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): Formerly Chairman
(February 2001- June 2006), Chief Executive Officer (June 2000-July 2005), President (September 1997-July 2005) and Vice Chairman (March 1984-May 2000) of Gannett Co. Inc. (publishing and media).
Other Directorships held:(4) Director of Continental Airlines, Inc. (since May
1993); Director of Lockheed Martin Corp. (aerospace and defense) (since May 2001).
Richard A. Redeker (63), Trustee since 2003(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years):
Management Consultant; Director (since 2001) and Chairman of the Board (since 2006) of Invesmart, Inc. and Director of Penn Tank Lines, Inc. (since 1999).
Robin B. Smith (66), Trustee since 2003(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): Chairman of the Board (since January 2003) of Publishers Clearing House (direct marketing); formerly Chairman and Chief Executive Officer (August 1996-January 2003) of Publishers Clearing House.
Other Directorships held:(4) Director of BellSouth Corporation (since
1992).
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96 |
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Stephen G. Stoneburn (63), Trustee since
1999(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): President and Chief Executive Officer (since June 1996) of
Quadrant Media Corp. (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media and Senior Vice President of Fairchild
Publications, Inc. (1975-1989).
Clay T. Whitehead (67), Trustee since
1999(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): President (since 1983) of YCO (new business development firm).
Interested Trustees(1)
Judy A. Rice (58), President since 2003 and Trustee since 2000(3) Oversees 81
portfolios in Fund complex
Principal occupations (last 5 years): President, Chief Executive Officer, Chief Operating Officer and Officer-In-Charge (since
February 2003) of Prudential Investments LLC; Vice President (since February 1999) of Prudential Investment Management Services LLC; President, Chief Executive Officer and Officer-In-Charge (since April 2003) of Prudential Mutual Fund Services LLC;
formerly Director (May 2003-March 2006) and Executive Vice President (June 2005-March 2006) of American Skandia Investment Services, Inc.; formerly Executive Vice President (September 1999-February 2003) of Prudential Investments LLC; Member of
Board of Governors of the Investment Company Institute.
Robert F. Gunia (59),
Vice President and Trustee since 1999(3) Oversees 158 portfolios in Fund complex
Principal occupations (last 5 years): Chief Administrative Officer
(since September 1999) and Executive Vice President (since December 1996) of Prudential Investments LLC; President (since April 1999) of Prudential Investment Management Services LLC; Executive Vice President (since March 1999) and Treasurer (since
May 2000) of Prudential Mutual Fund Services LLC.
Other Directorships
held:(4) Vice President and Director (since May 1989) and Treasurer (since 1999) of The Asia Pacific Fund, Inc.
Information pertaining to the Officers of the Funds who are not also Trustees is set forth below.
Officers(2)
Kathryn L. Quirk (53), Chief Legal Officer since 2005(3)
Principal
occupations (last 5 years): Vice President and Corporate Counsel (since September 2004) of Prudential; Executive Vice President, Chief Legal Officer and Secretary (since July 2005) of Prudential Investments LLC and Prudential Mutual Fund
Services LLC; formerly Managing Director, General Counsel, Chief Compliance Officer, Chief Risk Officer and Corporate Secretary (1997-2002) of Zurich Scudder Investments, Inc.
Deborah A. Docs (48), Secretary since 2004(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of PI; formerly Vice President and
Assistant Secretary (May 2003-June 2005) of American Skandia Investment Services, Inc.
Jonathan D. Shain (48), Assistant Secretary since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate
Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PI; Vice President and Assistant Secretary (since February 2001) of PMFS; formerly Vice President and Assistant Secretary (May 2003-June 2005) of
American Skandia Investment Services, Inc.
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97 |
Claudia DiGiacomo (31), Assistant Secretary
since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and
Assistant Secretary of PI (since December 2005); Associate at Sidley Austin Brown Wood LLP (1999-2004).
Helene Gurian (52), Acting Anti-Money Laundering Compliance Officer since 2006(3)
Principal occupations (last 5
years): Vice President, Prudential (since July 1997); Vice President, Compliance (July 1997-January 2001); Vice President, Compliance and Risk Officer, Retail Distribution (January 2001-May 2002); Vice President, Corporate Investigations (May
2002-present) responsible for supervision of Prudentials fraud investigations, anti-money laundering program and high technology investigation unit.
Lee D. Augsburger (46), Chief Compliance Officer since 2004(3)
Principal
occupations (last 5 years): Senior Vice President and Chief Compliance Officer (since April 2003) of PI; Vice President (since November 2000) and Chief Compliance Officer (since October 2000) of Prudential Investment Management, Inc.; Chief
Compliance Officer and Senior Vice President (since May 2003) of American Skandia Investment Services, Inc.
Grace C. Torres (47), Treasurer and Principal Financial and Accounting Officer since 1998(3)
Principal occupations (last 5
years): Assistant Treasurer (since March 1999) and Senior Vice President (since September 1999) of PI; Assistant Treasurer (since May 2003) and Vice President (since June 2005) of American Skandia Investment Services, Inc.; Senior Vice President
and Assistant Treasurer (since May 2003) of American Skandia Advisory Services, Inc.; formerly Senior Vice President (May 2003-June 2005) of American Skandia Investment Services, Inc.
John P. Schwartz (35), Assistant Secretary since 2006(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since April 2005) of Prudential; Vice President and Assistant Secretary of PI (since December 2005); Associate at Sidley, Austin Brown & Wood LLP
(1997-2005).
M. Sadiq Peshimam (42), Assistant Treasurer since
2006(3)
Principal occupations (last 5 years): Vice President (since 2005) and Director (since 2000-2005) within Prudential Mutual Fund
Administration.
Jack Benintende (42), Assistant Treasurer since
2006(3)
Principal occupations (last 5 years): Vice President (since June 2000) within Prudential Mutual Fund Administration; formerly senior
manager within the investment management practice of PricewaterhouseCoopers LLP (May 1994 through June 2000).
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The Fund Complex consists of all investment companies managed by PI. The Funds for which PI serves as manager include Jennison Dryden Mutual Funds, Strategic Partners Funds, The Prudential
Variable Contract Accounts 2, 10, 11. The Target Portfolio Trust, The Prudential Series Fund, American Skandia Trust, and Prudentials Gibraltar Fund, Inc. |
(1) |
Interested Trustee, as defined in the 1940 Act, by reason of employment with the Manager, a Subadvisor or the Distributor. |
(2) |
Unless otherwise noted, the address of the Trustees and Officers is c/o: Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, NJ 07102. |
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98 |
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(3) |
There is no set term of office for Trustees and Officers. The Independent Trustees have adopted a retirement policy, which calls for the retirement of Trustees on December 31 of the year
in which they reach the age of 75. The table shows the individuals length of service as Trustee and/or Officer. |
(4) |
This includes only directorships of companies required to register, or file reports with the SEC under the Securities and Exchange Act of 1934 (that is, public companies) or other
investment companies registered under the 1940 Act. |
Additional Information
about the Trustees is included in the Statement of Additional Information which is available without charge, upon request, by calling (800) 521-7466 or (732) 482-7555 (Calling from outside the U.S.)
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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99 |
Approval of Advisory Agreements
The Board of Trustees (the Board) of Target Asset Allocation
Funds (formerly, Strategic Partners Asset Allocation Funds) oversees the management of the Target Conservative Allocation Fund (the Fund), and, as required by law, determines annually whether to renew the Funds management agreement
with Prudential Investments LLC (PI) and the Funds subadvisory agreements. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7-8, 2006 and approved the renewal of the
agreements through July 31, 2007, after concluding that renewal of the agreements was in the best interests of the Fund and its shareholders.
In advance of the meetings, the Board received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with
their consideration. Among other things, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups. The mutual funds included in each Peer Universe or Peer Group were objectively determined solely by Lipper
Inc., an independent provider of mutual fund data. The comparisons placed the Fund in various quartiles over one-year, three-year and five-year time periods ending December 31, with the first quartile being the best 25% of the mutual funds (for
performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).
In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors they deemed relevant, including the nature, quality and extent of services provided, the performance of
the Fund, the profitability of PI and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders. In their deliberations, the Trustees did not identify any single factor that was
dispositive and each Trustee attributed different weights to the various factors. In connection with their deliberations, the Board considered information provided by PI throughout the year at regular Board meetings, presentations from portfolio
managers and other information, as well as information furnished at or in advance of the meetings on June 7-8, 2006.
The Trustees determined that the overall arrangements between the Fund and PI, which serves as the Funds investment manager pursuant to a management agreement with Target
Asset Allocation Funds, and between PI and each subadvisor, each of which serves as subadvisor pursuant to the terms of a subadvisory agreement with PI, are fair and reasonable in light of the services performed, fees charged and such other matters
as the Trustees considered relevant in the exercise of their business judgment.
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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Approval of Advisory Agreements (continued)
The material factors and conclusions that formed the basis for the
Trustees determinations to approve the renewal of the agreements are discussed separately below.
Nature, Quality, and Extent of Services
The Board received and considered information regarding the nature and extent of services
provided to the Fund by PI and each subadvisor. The Board considered the services provided by PI, including but not limited to the oversight of the subadvisors, as well as the provision of fund recordkeeping, and compliance services to the Fund.
With respect to PIs oversight of the subadvisors, the Board noted that PIs Strategic Investment Research Group (SIRG), a business unit of PI, is responsible for screening and recommending new subadvisors when appropriate, as
well as monitoring and reporting to the Board on the performance and operations of the subadvisors. The Board also considered that PI pays the salaries of all of the officers and non-independent Trustees of the Fund. The Board also considered the
investment subadvisory services provided by each subadvisor, as well as compliance with the Funds investment restrictions, policies and procedures. The Board considered PIs evaluation of the subadvisors, as well as PIs
recommendation, based on its review of the subadvisors, to renew the subadvisory agreements.
The Board reviewed the qualifications, backgrounds and responsibilities of PIs senior management responsible for the oversight of the fund and each subadvisor, and also reviewed the qualifications, backgrounds and responsibilities of
the subadvisors portfolio managers who are responsible for the day-to-day management of the Fund. The Board was provided with information pertaining to PIs and each subadvisors organizational structure, senior management,
investment operations, and other relevant information pertaining to both PI and each subadvisor. The Board also noted that it received favorable compliance reports from the Funds Chief Compliance Officer (CCO) as to both PI and each
subadvisor.
The Board concluded that it was satisfied with the nature, extent and
quality of the investment management services provided by PI and the subadvisory services provided to the Fund by each subadvisor, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PI and
each subadvisor under the management and subadvisory agreements.
Performance of
Target Conservative Allocation Fund
The Board received and considered information about the Funds historical performance, noting that the Fund had
achieved performance during the first quarter of 2006 that was in the fourth quartile, performance that was in the second quartile
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over one-year and three-year periods and performance that was in the first quartile over a five-year period ending December 31 in relation to the group of comparable
funds in a Peer Universe. The Board noted that the Fund outperformed over the same time periods when compared against its benchmark index. The Board reviewed the separate performance records of the various sleeves of the Fund managed by
each of the Funds subadvisors. The Board determined that the Funds performance was satisfactory.
Fees and Expenses
The Board considered the management fee for the Fund as compared
to the management fee charged by PI to other funds and accounts and the fee charged by other advisers to comparable mutual funds.
The Funds management fee of 0.750% ranked in the third quartile in its Peer Group. The Board concluded that the management and subadvisory fees are reasonable.
The Board further noted that during 2005 and continuing through 2006, several significant initiatives
had been approved which, when fully implemented, were expected to result in cost savings and expense reductions for the Fund. In particular, the Board observed that implementation of an electronic registration statement desktop publishing system to
replace the use of financial printing firms was expected to be completed by the end of 2006 and was expected to significantly reduce the costs borne by Fund shareholders for the production and filing of Fund registration statements. The Board also
observed that new custodian arrangements had been approved, which were also expected to result in reductions in custodian fees borne by Fund shareholders.
Costs of Services and Profits Realized by PI
The Board was provided with
information on the profitability of PI and its affiliates in serving as the Funds investment manager. The Board discussed with PI the methodology utilized in assembling the information regarding profitability and considered its reasonableness.
The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the
particular advisor, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the advisors capital structure and cost of capital. Taking these factors into account, the Board concluded that the
profitability of PI and its affiliates in relation to the services rendered was not unreasonable.
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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Approval of Advisory Agreements (continued)
The Board noted that none of the subadvisors was affiliated with PI, and
concluded that the level of profitability of a subadvisor not affiliated with PI may not be as significant as PIs profitability, given the arms length nature of the process by which the subadvisory fee rates were negotiated by PI and the
unaffiliated subadvisors, as well as the fact that PI compensates the subadvisors out of its management fee.
Economies of Scale
The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of
decreasing the fee rate as assets increase, but at the current level of assets the Fund does not realize the effect of those rate reductions. The Board received and discussed information concerning whether PI realizes economies of scale as the
Funds assets grow beyond current levels. The Board took note that the Funds fee structure would result in benefits to Fund shareholders when (and if) assets reach the levels at which the fee rate is reduced. These benefits will accrue
whether or not PI is then realizing any economies of scale.
Other Benefits to PI
and the Subadvisors
The Board considered potential ancillary benefits that might be received by PI, the subadvisors, and their affiliates as a result of
their relationship with the Fund. The Board concluded that potential benefits to be derived by PI included brokerage commissions received by affiliates of PI, transfer agency fees received by the Funds transfer agent (which is affiliated with
PI), as well as reputational or other intangible benefits resulting from PIs association with the Fund. The Board concluded that the potential benefits to be derived by the subadvisors included the ability to use soft dollar credits, brokerage
commissions received by affiliates of the subadvisors, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and
reputational benefits. The Board concluded that the benefits derived by PI and the subadvisors were consistent with the types of benefits generally derived by investment managers and subadvisors to mutual funds.
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Growth of a $10,000 Investment
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Average Annual Total Returns (With Sales Charges) as of 7/31/06 |
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One Year |
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|
Five Years |
|
|
Since Inception |
|
Class A |
|
3.42 |
% |
|
4.12 |
% |
|
4.98 |
% |
Class B |
|
3.14 |
|
|
4.35 |
|
|
4.98 |
|
Class C |
|
0.50 |
|
|
4.52 |
|
|
4.98 |
|
Class M |
|
4.04 |
|
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N/A |
|
|
2.47 |
|
Class R |
|
1.93 |
|
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N/A |
|
|
5.55 |
|
Class X |
|
4.05 |
|
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N/A |
|
|
2.42 |
|
Class Z |
|
2.47 |
|
|
5.57 |
|
|
6.02 |
|
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|
|
Average Annual Total Returns (Without Sales Charges) as of 7/31/06 |
|
|
|
|
|
|
|
|
|
One Year |
|
|
Five Years |
|
|
Since Inception |
|
Class A |
|
2.20 |
% |
|
5.30 |
% |
|
5.76 |
% |
Class B |
|
1.40 |
|
|
4.52 |
|
|
4.98 |
|
Class C |
|
1.40 |
|
|
4.52 |
|
|
4.98 |
|
Class M |
|
1.41 |
|
|
N/A |
|
|
5.01 |
|
Class R |
|
1.93 |
|
|
N/A |
|
|
5.55 |
|
Class X |
|
1.41 |
|
|
N/A |
|
|
4.96 |
|
Class Z |
|
2.47 |
|
|
5.57 |
|
|
6.02 |
|
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 investors 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.strategicpartners.com or by calling (800) 225-1852.
Maximum sales charge is 5.50%.
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Visit our website at www.strategicpartners.com |
Source: Prudential Investments LLC and Lipper Inc.
Inception dates: Class A, B, C, and Z, 11/18/98; Class M, R, and X, 10/04/04.
The graph compares a $10,000 investment in the Target Conservative Allocation Fund (Class A shares) with a similar investment in the Standard &
Poors 500 Composite Stock Price Index (S&P 500 Index) and the Customized Benchmark for the Target Conservative Allocation Fund (the Customized Blend) by portraying the initial account values at the commencement of operations for Class A
shares (November 18, 1998) and the account values at the end of the current fiscal year (July 31, 2006) as measured on a quarterly basis. The S&P 500 Index and the Customized Blend data are measured from the closest month-end to inception date,
and not from the Funds actual inception date. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) the maximum applicable front-end sales charge was deducted from the initial $10,000 investment in Class
A shares; (b) all recurring fees (including management fees) were deducted; and (c) all dividends and distributions were reinvested. The line graph provides information for Class A shares only. As indicated in the tables provided earlier,
performance for Class B, Class C, and Class Z shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without a distribution and service (12b-1) fee waiver of 0.05% for
Class A shares through July 31, 2006, the returns shown in the graph and for Class A shares in the tables would have been lower.
The S&P 500 Index is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how stock prices have performed in the United States. The
Customized Benchmark for Target Conservative Allocation Fund (Customized Blend) is a model portfolio consisting of the Russell 3000 Index (40%) and the Lehman Brothers U.S. Aggregate Bond Index (60%). Each component of the Customized Blend is an
unmanaged index generally considered to represent the performance of the Funds asset classes. The Customized Blend is intended to provide a theoretical comparison of the Funds performance, based on the amounts allocated to each asset
class rather than on amounts allocated to various Fund segments. The Indexes total returns include the reinvestment of all dividends, but do not include the effects of sales charges, operating expenses of a mutual fund, or taxes. The returns
for the Indexes would be lower if they included the effects of sales charges, operating expenses, or taxes. The securities that comprise the Indexes may differ substantially from the securities in the Fund. These are not the only indexes that may be
used to characterize performance of sector stock funds. Other indexes may portray different comparative performance. Investors cannot invest directly in an index.
Class A shares are subject to a maximum front-end sales charge of 5.50%, a 12b-1 fee of up to 0.30% annually, and 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%. Class B shares are subject to a declining CDSC of 5%, 4%, 3%, 2%, 1%, and 1%, respectively
for the first six years after purchase and a 12b-1 fee of 1% annually. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class C shares are not subject to a front-end sales
charge, but charge a CDSC of 1% for Class C shares sold within 12 months from the date of purchase, and an annual 12b-1 fee of 1%. The returns in the graph and tables reflect the share class expense structure in effect at the close of the fiscal
period. Class M shares are generally closed to new purchases. Class M shares are subject to a CDSC of 6%, which decreases by 1% annually to 2% in the fifth and sixth years and 1% in the seventh year, a 12b-1 fee of 1% annually. Class M shares
automatically convert to Class A shares approximately eight years after purchase. Class X shares are generally closed to new purchases. Class X shares are subject to a CDSC of 6%, which decreases by 1% annually to 4% in the third and fourth years,
by 1% annually to 2% in the sixth and seventh years, and 1% in the eighth year, a 12b-1 fee of 1% annually. Class X shares automatically convert to Class A shares on a quarterly basis approximately ten years (eight years in the case of shares
purchased prior to August 19, 1998) after purchase. The returns in the graph and the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares.
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Target Asset Allocation Funds/Target Conservative Allocation Fund |
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n MAIL |
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n TELEPHONE |
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n WEBSITE |
Gateway Center Three 100 Mulberry
Street Newark, NJ 07102 |
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(800) 225-1852 |
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www.strategicpartners.com |
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PROXY VOTING |
The Board of Trustees of the Fund has delegated to the Funds investment subadvisors 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 Commissions 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 Funds website and on the Commissions website. |
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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 |
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OFFICERS |
Judy A. Rice, President Robert F. Gunia, Vice President Grace C. Torres, Treasurer and Principal Financial and Accounting Officer Jack Benintende,
Assistant Treasurer M. Sadiq Peshimam, Assistant Treasurer Kathryn L. Quirk, Chief Legal Officer Deborah A. Docs, Secretary Jonathan D. Shain, Assistant
Secretary Claudia DiGiacomo, Assistant Secretary John P. Schwartz, Assistant Secretary Helene Gurian, Acting Anti-Money Laundering Compliance Officer Lee D. Augsburger,
Chief Compliance Officer |
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MANAGER |
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Prudential Investments LLC |
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Gateway Center Three 100 Mulberry Street Newark, NJ 07102 |
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INVESTMENT SUBADVISORS |
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EARNEST Partners, LLC |
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75 14th Street, Suite 2300 Atlanta, GA 30309 |
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Goldman Sachs Asset Management |
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32 Old Slip 23rd Floor New York, NY 10005 |
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Hotchkis and Wiley Capital Management LLC |
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725 South Figueroa Street Suite 3900 Los Angeles, CA 90017 |
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J.P. Morgan Asset Management |
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522 Fifth Avenue New York, NY 10036 |
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Marsico Capital Management, LLC |
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1200 17th Street Suite 1600 Denver, CO 80202 |
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NFJ Investment Group L.P. |
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2100 Ross Avenue Suite 1840 Dallas, TX 75201 |
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Pacific Investment Management Company LLC |
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840 Newport Center Drive Newport Beach, CA 92660 |
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RS Investment Management, L.P. |
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388 Market Street Suite 1700 San Francisco, CA 94111 |
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Vaughan Nelson Investment Management, L.P. |
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600 Travis Street Suite 6300 Houston, TX 77002 |
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DISTRIBUTOR |
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Prudential Investment Management Services LLC |
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Gateway Center Three 100 Mulberry Street Newark, NJ 07102 |
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CUSTODIAN |
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PFPC Trust Company |
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400 Bellevue Parkway Wilmington, DE 19809 |
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TRANSFER AGENT |
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Prudential Mutual Fund Services LLC |
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PO Box 8098 Philadelphia, PA 19176 |
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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
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KPMG LLP |
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345 Park Avenue New York, NY 10154 |
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FUND COUNSEL |
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Willkie Farr & Gallagher LLP |
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787 Seventh Avenue New York, NY 10019 |
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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.strategicpartners.com or by calling (800) 225-1852. The prospectus should be read carefully before investing. |
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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. |
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SHAREHOLDER COMMUNICATIONS WITH TRUSTEES |
Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Target Asset Allocation Funds, PO Box 13964, Philadelphia, PA 19176. Shareholders can communicate
directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee. |
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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 Funds Forms N-Q are
available on the Commissions website at www.sec.gov. The Funds Forms N-Q may also be reviewed and copied at the Commissions 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 Funds schedule of portfolio holdings is also available on the Funds website as of the end of each fiscal quarter. |
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The Funds Statement of Additional Information contains additional information about the Funds Trustees and is available without charge, upon request, by calling (800)
225-1852. |
Mutual Funds:
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ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY |
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MAY LOSE VALUE |
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ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE |
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Target Conservative Allocation Fund |
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Share Class |
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A |
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B |
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C |
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M |
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R |
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X |
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Z |
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NASDAQ |
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PRCGA |
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PBCFX |
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PCCFX |
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N/A |
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PCLRX |
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N/A |
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PDCZX |
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CUSIP |
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87612A104 |
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87612A203 |
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87612A302 |
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87612A609 |
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87612A401 |
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87612A708 |
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87612A500 |
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MFSP504E IFS-A123923 Ed. 09/2006
ANNUAL REPORT
JULY 31, 2006
TARGET MODERATE ALLOCATION FUND
OBJECTIVE
Seeks
capital appreciation and a reasonable level of current income
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 Funds portfolio holdings are for the
period covered by this report and are subject to change thereafter.
September 15, 2006
Dear Shareholder:
We hope that you find the annual report for the Target Moderate Allocation Fund (formerly Strategic
Partners Moderate Allocation Fund) informative and useful.
Target Asset Allocation Funds
will be managed exactly as they have been in the past, with institutional-quality asset managers selected, matched, and monitored by the same research team as before. Portions of the Funds assets are assigned to carefully chosen asset
managers, with the allocations actively managed on the basis of our projections for the financial markets and the managers individual strengths. This approach has led to competitive long-term performance.
You also will retain exchange privileges with any fund in Prudentials JennisonDryden mutual fund
family.
We believe your Target Moderate Allocation Fund will remain an excellent way for
you to achieve broad, actively managed diversification at a targeted risk/return balance with a single investment purchase. We appreciate your continued confidence in us.
Sincerely,
Judy A. Rice, President
Target Asset Allocation Funds
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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1 |
Your Funds Performance
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 investors 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.strategicpartners.com or by calling (800) 225-1852. The maximum initial sales charge is 5.50% (Class A shares).
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Cumulative Total Returns as of 7/31/06 |
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One Year |
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Five Years |
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Since Inception1 |
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Class A |
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5.53 |
% |
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32.47 |
% |
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57.17 |
% |
Class B |
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4.65 |
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27.68 |
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48.09 |
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Class C |
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4.65 |
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27.68 |
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48.09 |
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Class M |
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4.74 |
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N/A |
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16.22 |
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Class R |
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5.35 |
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N/A |
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17.35 |
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Class X |
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4.65 |
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N/A |
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16.40 |
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Class Z |
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5.78 |
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34.13 |
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60.15 |
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S&P 500 Index2 |
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5.38 |
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14.93 |
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** |
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Customized Blend3 |
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6.20 |
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29.80 |
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*** |
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Lipper Mixed-Asset Target Allocation Moderate Funds Avg.4 |
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5.12 |
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21.42 |
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**** |
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Average Annual Total Returns5 as of 6/30/06 |
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One Year |
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Five Years |
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Since Inception1 |
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Class A |
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2.19 |
% |
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4.42 |
% |
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5.32 |
% |
Class B |
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2.57 |
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4.68 |
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5.30 |
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Class C |
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6.38 |
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4.84 |
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5.30 |
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Class M |
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1.52 |
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N/A |
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6.29 |
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Class R |
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7.95 |
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N/A |
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9.62 |
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Class X |
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1.59 |
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N/A |
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6.44 |
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Class Z |
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8.48 |
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5.88 |
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6.37 |
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S&P 500 Index2 |
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8.62 |
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2.49 |
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** |
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Customized Blend3 |
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7.96 |
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5.17 |
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*** |
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Lipper Mixed-Asset Target Allocation Moderate Funds Avg.4 |
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7.31 |
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3.70 |
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**** |
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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. 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 B and Class C shares are subject to a maximum CDSC of 5% and 1%, respectively. Class M and Class X shares are subject to a maximum CDSC of 6%. Class R and Class
Z shares are not subject to a sales charge.
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2 |
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Visit our website at www.strategicpartners.com |
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 dates: Class A, B, C, and Z 11/18/98; Class M, R, and X, 10/04/04.
2The Standard & Poors 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how U.S. stock prices have performed.
3The Customized Benchmark for Target Moderate Allocation Fund (Customized Blend) is a model portfolio consisting of the Russell 3000 Index (52%), MSCI EAFE (13%), and
the Lehman Brothers U.S. Aggregate Bond Index (35%). Each component of the Customized Blend is an unmanaged index generally considered as representing the performance of the Funds asset classes. The Customized Blend is intended to provide a
theoretical comparison of the Funds performance, based on the amounts allocated to each asset class rather than based on amounts allocated to various Fund segments. The Customized Blend does not reflect deductions for any sales charges or
operating expenses of a mutual fund.
4The Lipper Mixed-Asset Target Allocation Moderate Funds Average (Lipper Average) represents returns based on the
average return of all funds in the Lipper Mixed-Equity Funds category for the periods noted. Funds in the Lipper Average invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market
capitalization range over an extended period of time. Mixed-Asset Funds are funds that, by portfolio practice, maintain a mix of between 40% and 60% equity securities, with the remainder invested in bonds, cash, and cash equivalents.
5The average annual total returns take into account applicable sales charges. Class A, Class B, Class C, 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%, 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), 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.
Investors cannot invest directly in an index. The
returns for the S&P 500 Index and the Customized Blend 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. The Since Inception returns for the S&P 500 Index, the Customized Blend, and the Lipper Average are measured from the closest month-end to inception date, and not from the Funds actual inception date.
**S&P 500 Index Closest Month-End to Inception cumulative total returns as of
7/31/06 are 23.54% for Classes A, B, C, and Z; and 18.41% for Classes M, R, and X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 6/30/06 are 2.74% for Classes A, B, C, and Z; and 9.75% for Classes M, R, and X.
***Customized Blend Closest Month-End to Inception cumulative total returns as of 7/31/06 are 44.60% for Classes A, B, C, and Z; and 17.63% for Classes M, R, and X.
Customized Blend Closest Month-End to Inception average annual total returns as of 6/30/06 are 4.91% for Classes A, B, C, and Z; and 9.38% for Classes M, R, and X.
****Lipper Average Closest Month-End to Inception cumulative total returns as of 7/31/06 are 38.03% for Classes A, B, C, and Z; and 15.89% for Classes M, R, and X. Lipper Average Closest Month-End to Inception average annual total returns
as of 6/30/06 are 4.14% for Classes A, B, C, and Z; and 8.54% for Classes M, R, and X.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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3 |
Your Funds Performance (continued)
Fund objective
The investment objective of the Target
Moderate Allocation Fund (the Fund) is capital appreciation and a reasonable level of current income. There can be no assurance that the Fund will achieve its investment objective.
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4 |
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Visit our website at www.strategicpartners.com |
Source: Lipper Inc.
The chart above shows the total returns for 12 months ended July 31, 2006, of various securities indexes that are generally considered representative of broad market sectors. It
does not reflect a mutual funds expenses. The performance cited does not represent the performance of the Target Moderate Allocation Fund. Past performance is not indicative of future results. Investors cannot invest directly in an index.
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98%
of the investable U.S. equity market.
The Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE Index) is an unmanaged,
weighted index that reflects stock price movements in Europe, Australasia, and the Far East. It gives a broad look at how foreign stock prices have performed.
The
Lehman Brothers U.S. Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the U.S. government and its agencies, and by corporations with between 1 and 10 years remaining to maturity. It gives a broad look at how
short- and intermediate-term bonds have performed.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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5 |
Investment Advisors Report
The U.S. economy, in particular, and the global economy overall continued to grow comfortably throughout the 12 months ended July 31, 2006, but the
stock markets went through four distinct phases in this period. These reflected changing confidence that growth would continue and not be choked off by rising interest rates.
As the period began, there was concern that high oil prices would slow global economic growth. The stock markets declined gradually while bonds had a
good August. Then a combination of evidence of robust international growth and the prospect of domestic rebuilding after Hurricane Katrina kicked off a rapid rise in share prices in the last quarter of 2005 and the first four months of 2006.
Emerging markets stocks, underpinned by several favorable long-term trends, had a particularly strong run. In the U.S. market, shares of smaller companies with rapid earnings growth (small-cap growth stocks) led because their earnings tend to be
particularly responsive to changes in the economic climate. Among large-cap stocks, value stocks (shares that are inexpensive compared to a firms assets or earnings prospects) took the lead. Bond investors faced evidence that the Federal
Reserve would continue its long sequence of small interest-rate boosts. Since rising rates drive down the prices of bonds already on the market, most bond returns were low. In bond sectors where credit concerns have a larger impact on
pricessuch as high yield, non-investmentgrade municipal, and emerging market bondsperformance was somewhat better.
However, new data in the second quarter of 2006 showed inflation pressures building up and consumer spending flagging. In the second week of May, stock markets plunged around the
world. The more volatile asset classes, which had benefited from the strong markets earlier, now fell most. Emerging market stocks fell almost 25% peak to trough. Among domestic stocks, small-cap growth stocks fell furthest. The markets stabilized
in June and finished the reporting period on a gradual recovering trend, but value stocks continued to outperform in both large-cap and small-cap markets as investor confidence continued to be weak.
Over the Funds full 12-month fiscal year, value investing was significantly ahead of growth
investing in both capitalization ranges, providing a moderate return in small caps and a good one in large caps. International stocks performed much better than domestic stocks. Some of the return in developed market countries was due to the rise in
asset prices as the dollar dropped sharply against other major currencies, but returns measured in local currencies also were good. A very strong Japanese stock market contributed to the excellent performance. Bond prices were held down by concerns
about rising inflation and interest rates throughout the 12-month period, and generally provided lower returns than cash equivalents.
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6 |
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Visit our website at www.strategicpartners.com |
In terms of industries, oil and other energy industries led the domestic large-cap and small-cap markets, and energy equipment & services had a very substantial advance in the international markets. Materials &
processing stocks, particularly metals, and the financial services sector also produced significant above-average returns globally. Domestic stocks of firms dependent on consumer discretionary spending declined substantially, but the international
textiles & apparel industry made significant advances and other international consumer stocks generally fared well.
Analysis of the Funds performance
The Target Moderate Allocation Funds
performance is compared with a customized benchmark composed of broad indexes for domestic and international stocks and domestic bonds in a 52%/13%/35% asset allocation that is considered appropriate for a moderate balance of risk and return
potential. The Fund is one of three Target Asset Allocation Funds. Institutional investment managers are subadvisors for these funds, one or more managing each asset class. The Fund actively manages its allocations to these subadvisors based on its
projection of how their asset classes and investment styles are likely to perform in the near future. The Funds Class A shares returned 5.53% over the reporting period, slightly below its benchmark (+6.20%) but above the Lipper
Mixed-Asset Target Allocation Moderate Funds Average (+5.12%). Including the one-time sales charge on Class A shares, the return was 0.28%.
Strategic Partners Asset Allocation Funds were renamed Target Asset Allocation Funds as of 9/29/2006. Their management did not change.
The Funds performance relative to its benchmark can be analyzed into two components:
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Asset allocation decisions. Did differences between the Funds asset allocation and the distribution of different asset classes within the custom benchmark index help or hurt its return?
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Asset managers performance. Did the various asset managers outperform or underperform their asset class indexes? |
The Funds asset composition benefited from an overweight compared with its benchmark in
international stocks and from allocations to high yield (junk) bonds and cash (very short-term investments), neither of which is represented in its benchmark. International stocks had much higher returns than domestic stocks over the
reporting period. High yield bonds have lower credit ratings than investment-grade bonds and normally carry higher yields as a result. In a growing economy, investors were less concerned about credit quality and more concerned about rising interest
rates, a favorable environment for high yield bonds. The Fund was hurt by its underweight compared with its benchmark in large-cap stocks and in core bonds. The market favored shares of larger companies over small companies. Overall, however, active
asset allocation made a positive contribution to the Funds performance.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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7 |
Investment Advisors Report (continued)
Of the Funds asset managers, both Goldman Sachs and Marsico Capital Management added value to the Funds large-cap growth holdings,
offsetting some of the weakness of the asset class in general. However, the performance of the Funds value stocks detracted significantly from its relative performance. Hotchkis and Wileys large-cap value holdings suffered from a
substantial underweight in the energy sector and from not holding positions in several sizable constituents of the Index that performed particularly well. This underperformance was the largest asset management factor in the Funds overall
underperformance. In the Funds much smaller allocation to small-cap value stocks, EARNEST Partners overweights in certain home builders detracted significantly as fear of rising interest rates and a cooling housing market hurt home
builders.
The Portfolio of Investments following this report shows the size of the Funds positions at
period-end.
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8 |
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Visit our website at www.strategicpartners.com |
Target Asset Allocation Funds
Strategic policy development
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Each funds strategic (long-term) asset allocation strategy is based on research into the historical and expected returns of various asset classes and their associated risks.
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We analyze worldwide economic and market factors to arrive at an outlook for the economy and the capital markets. These views guide our decisions about each funds equity and fixed
income allocations. |
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We analyze the investment strategies of different asset managers and how they have performed in various economic and market environments. |
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Each fund uses a diversified mix of asset classes with proven money managers investing in their area of expertise. |
Dynamic management
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We make dynamic (medium-term) asset allocation adjustments based on our perspective of the macroeconomic environment, the capital markets, and the investment strengths of the various asset
managers. Our asset allocation team draws upon its own research into current market conditions, Wall Street research, and the asset managers insights. |
We monitor changes in personnel, practices, and performance at the various asset management companies. Managers may be changed or new portions added
to a fund if we think it will improve the funds performance.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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9 |
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 February 1, 2006, at the beginning of the period, and held through the six-month period ended July 31, 2006.
The Funds 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 or Strategic Partners Funds, including the Target Asset Allocation Funds, 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 Funds actual expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Funds actual return. The hypothetical account values and
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10 |
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Visit our website at www.strategicpartners.com |
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.
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Target Moderate Allocation Fund |
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Beginning Account Value February 1, 2006 |
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Ending Account Value July 31, 2006 |
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Annualized Expense Ratio Based on the Six-Month Period |
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Expenses Paid During the Six- Month Period* |
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Class A |
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Actual |
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$ |
1,000.00 |
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$ |
998.20 |
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1.36 |
% |
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$ |
6.74 |
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Hypothetical |
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$ |
1,000.00 |
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$ |
1,018.05 |
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1.36 |
% |
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$ |
6.80 |
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Class B |
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Actual |
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$ |
1,000.00 |
|
$ |
993.60 |
|
2.11 |
% |
|
$ |
10.43 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,014.33 |
|
2.11 |
% |
|
$ |
10.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
Actual |
|
$ |
1,000.00 |
|
$ |
993.60 |
|
2.11 |
% |
|
$ |
10.43 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,014.33 |
|
2.11 |
% |
|
$ |
10.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
Actual |
|
$ |
1,000.00 |
|
$ |
994.40 |
|
2.11 |
% |
|
$ |
10.43 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,014.33 |
|
2.11 |
% |
|
$ |
10.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R |
|
Actual |
|
$ |
1,000.00 |
|
$ |
997.00 |
|
1.61 |
% |
|
$ |
7.97 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,016.81 |
|
1.61 |
% |
|
$ |
8.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class X |
|
Actual |
|
$ |
1,000.00 |
|
$ |
993.60 |
|
2.11 |
% |
|
$ |
10.43 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,014.33 |
|
2.11 |
% |
|
$ |
10.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class Z |
|
Actual |
|
$ |
1,000.00 |
|
$ |
999.50 |
|
1.11 |
% |
|
$ |
5.50 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,019.29 |
|
1.11 |
% |
|
$ |
5.56 |
* 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 181 days in the six-month period ended July 31, 2006, and divided by the 365 days in the Funds fiscal year ended July 31,
2006 (to reflect the six-month period).
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
11 |
This Page Intentionally Left Blank
Portfolio of Investments
as of July 31, 2006
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
LONG-TERM INVESTMENTS 88.6% |
|
|
|
COMMON STOCKS 66.8% |
|
|
|
|
|
Advertising 0.1% |
|
|
|
17,300 |
|
JC Decaux SA (France) |
|
$ |
445,737 |
|
|
Aerospace 1.6% |
|
|
|
775 |
|
Alliant Techsystems, Inc.* |
|
|
62,109 |
12,600 |
|
Boeing Co. (The) |
|
|
975,492 |
805 |
|
DRS Technologies, Inc. |
|
|
37,263 |
175 |
|
EDO Corp. |
|
|
3,927 |
14,400 |
|
Empresa Brasileira de Aeronautica SA, ADR (Brazil) |
|
|
497,232 |
1,000 |
|
Esterline Technologies Corp.* |
|
|
42,330 |
21,739 |
|
General Dynamics Corp. |
|
|
1,456,948 |
17,804 |
|
Lockheed Martin Corp. |
|
|
1,418,623 |
5,600 |
|
Moog, Inc. (Class A Stock)* |
|
|
194,264 |
20,300 |
|
Northrop Grumman Corp. |
|
|
1,343,657 |
23,474 |
|
United Technologies Corp. |
|
|
1,459,848 |
|
|
|
|
|
|
|
|
|
|
|
7,491,693 |
|
|
Aerospace & Defense 0.2% |
|
|
|
1,500 |
|
Goodrich Corp. |
|
|
60,555 |
2,200 |
|
Heico Corp. |
|
|
67,870 |
1,300 |
|
Honeywell International, Inc. |
|
|
50,310 |
13,600 |
|
Raytheon Co. |
|
|
612,952 |
|
|
|
|
|
|
|
|
|
|
|
791,687 |
|
|
Airlines 0.1% |
|
|
|
122,100 |
|
Qantas Airways Ltd. (Australia) |
|
|
285,374 |
|
|
Apparel 0.1% |
|
|
|
13,800 |
|
Adidas-Salomon AG (Germany) |
|
|
643,779 |
|
|
Apparel Manufacturers |
|
|
|
5,670 |
|
Carters, Inc. |
|
|
123,663 |
|
|
Auto Components |
|
|
|
2,800 |
|
Magna International, Inc. (Class A Stock) (Canada) |
|
|
205,772 |
|
|
Auto Parts & Related 0.1% |
|
|
|
6,400 |
|
Compagnie Generale des Establissements Michelin (Class B Stock) (France) |
|
|
388,820 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
13 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Automobile Manufacturers |
|
|
|
2,200 |
|
Winnebago Industries, Inc. |
|
$ |
63,602 |
|
|
Automobiles 1.2% |
|
|
|
17,200 |
|
Honda Motor Co. Ltd. (Japan) |
|
|
567,107 |
29,600 |
|
Nissan Motor Co. Ltd. (Japan) |
|
|
319,121 |
15,200 |
|
PSA Peugeot Citroen SA (France) |
|
|
797,823 |
3,100 |
|
Renault SA (France)* |
|
|
338,773 |
24,000 |
|
Toyota Motor Corp. (Japan) |
|
|
1,268,612 |
13,480 |
|
Toyota Motor Corp., ADR (Japan) |
|
|
1,418,366 |
4,300 |
|
Valeo SA (France) |
|
|
157,150 |
9,200 |
|
Volvo AB (Class B Stock) (Sweden) |
|
|
486,995 |
|
|
|
|
|
|
|
|
|
|
|
5,353,947 |
|
|
Automotive Parts 0.5% |
|
|
|
7,200 |
|
Autoliv, Inc. |
|
|
404,424 |
600 |
|
Georg Fischer AG (Switzerland)* |
|
|
271,098 |
37,300 |
|
GKN PLC (United Kingdom)* |
|
|
180,811 |
9,500 |
|
Johnson Controls, Inc. |
|
|
729,220 |
550 |
|
Monro Muffler, Inc. |
|
|
17,056 |
7,500 |
|
Paccar, Inc. |
|
|
605,625 |
1,525 |
|
United Auto Group, Inc. |
|
|
32,620 |
|
|
|
|
|
|
|
|
|
|
|
2,240,854 |
|
|
Banks |
|
|
|
2,115 |
|
BankAtlantic Bancorp, Inc. (Class A Stock) |
|
|
29,356 |
|
|
Beverages 0.5% |
|
|
|
5,900 |
|
Anheuser-Busch Cos., Inc. |
|
|
284,085 |
10,000 |
|
Asahi Breweries Ltd. (Japan) |
|
|
146,016 |
12,300 |
|
Coca-Cola Co. (The) |
|
|
547,350 |
29,800 |
|
Coca-Cola Enterprises, Inc. |
|
|
639,508 |
5,200 |
|
PepsiCo, Inc. |
|
|
329,576 |
19,728 |
|
SABmiller PLC (South Africa) |
|
|
396,159 |
|
|
|
|
|
|
|
|
|
|
|
2,342,694 |
|
|
Biotechnology 1.2% |
|
|
|
18,300 |
|
Amgen, Inc.* |
|
|
1,276,242 |
11,800 |
|
Applera Corp. - Applied Biosystems Group |
|
|
379,370 |
2,600 |
|
Biogen Idec, Inc.* |
|
|
109,512 |
13,700 |
|
Celgene Corp.* |
|
|
656,093 |
30,045 |
|
Genentech, Inc.* |
|
|
2,428,237 |
See Notes to Financial Statements.
|
|
|
14 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
10,803 |
|
Genzyme Corp.* |
|
$ |
737,629 |
1,530 |
|
Illumina, Inc.* |
|
|
58,492 |
|
|
|
|
|
|
|
|
|
|
|
5,645,575 |
|
|
Broadcasting 0.3% |
|
|
|
18,700 |
|
Gannett Co., Inc. |
|
|
974,644 |
6,310 |
|
Marchex, Inc. (Class B Stock) |
|
|
80,453 |
15,300 |
|
News Corp. (Class A Stock) |
|
|
294,372 |
|
|
|
|
|
|
|
|
|
|
|
1,349,469 |
|
|
Building & Building Products 0.2% |
|
|
|
29,000 |
|
Masco Corp. |
|
|
775,170 |
|
|
Building Materials 0.1% |
|
|
|
1,100 |
|
Ciments Francais SA (France)* |
|
|
179,858 |
26,200 |
|
Hanson PLC (United Kingdom) |
|
|
322,526 |
61,000 |
|
Kurabo Industries Ltd. (Japan) |
|
|
178,246 |
|
|
|
|
|
|
|
|
|
|
|
680,630 |
|
|
Building Products |
|
|
|
2,010 |
|
Lennox International, Inc. |
|
|
45,848 |
|
|
Business Services 0.2% |
|
|
|
3,200 |
|
Administaff, Inc. |
|
|
101,152 |
8,870 |
|
AMN Healthcare Services, Inc.* |
|
|
199,220 |
8,310 |
|
Barrett Business Services* |
|
|
178,665 |
5,300 |
|
Manpower, Inc. |
|
|
315,244 |
470 |
|
WESCO International, Inc.* |
|
|
27,378 |
|
|
|
|
|
|
|
|
|
|
|
821,659 |
|
|
Cable Television |
|
|
|
700 |
|
EchoStar Communications Corp. (Class A Stock) |
|
|
24,535 |
|
|
Capital Goods |
|
|
|
2,500 |
|
Harsco Corp. |
|
|
201,525 |
|
|
Capital Markets |
|
|
|
2,200 |
|
SEI Investments Co. |
|
|
107,492 |
|
|
Chemicals 1.5% |
|
|
|
4,213 |
|
Air Products & Chemicals, Inc. |
|
|
269,337 |
80 |
|
Arkema (France) |
|
|
3,097 |
38,000 |
|
Asahi Kasei Corp. (Japan) |
|
|
236,330 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
15 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
6,700 |
|
BASF AG (Germany) |
|
$ |
539,276 |
4,000 |
|
Bayer AG (Germany) |
|
|
197,077 |
530 |
|
Cytec Industries, Inc. |
|
|
28,307 |
45,300 |
|
Denki Kagaku Kogyo Kabushiki Kiasha (Japan) |
|
|
182,551 |
39,100 |
|
Dow Chemical Co. |
|
|
1,352,078 |
11,700 |
|
Eastman Chemical Co. |
|
|
580,671 |
725 |
|
Givaudan SA (Switzerland) |
|
|
598,594 |
23,700 |
|
Imperial Chemical Industries PLC (United Kingdom) |
|
|
164,138 |
34,900 |
|
Mitsubishi Chemical Holdings Corp. (Japan) |
|
|
219,486 |
22,520 |
|
Monsanto Co. |
|
|
968,135 |
4,700 |
|
PPG Industries, Inc. |
|
|
289,238 |
11,100 |
|
Praxair, Inc. |
|
|
608,724 |
4,400 |
|
Rohm & Haas Co. |
|
|
202,928 |
1,800 |
|
Syngenta AG (Switzerland) |
|
|
258,762 |
2,700 |
|
Valspar Corp. |
|
|
66,501 |
|
|
|
|
|
|
|
|
|
|
|
6,765,230 |
|
|
Clothing & Apparel 0.1% |
|
|
|
10,530 |
|
Iconix Brand Group, Inc.* |
|
|
147,420 |
100 |
|
NIKE, Inc. (Class B Stock) |
|
|
7,900 |
5,500 |
|
Phillips-Van Heusen Corp. |
|
|
195,415 |
|
|
|
|
|
|
|
|
|
|
|
350,735 |
|
|
Commercial Banks 1.4% |
|
|
|
92,074 |
|
Bank of Yokohama Ltd. (The) (Japan) |
|
|
738,070 |
95,300 |
|
Barclays PLC (United Kingdom) |
|
|
1,117,972 |
10,900 |
|
Deutsche Boerse AG (Germany) |
|
|
1,408,787 |
5,700 |
|
First Horizon National Corp. |
|
|
238,830 |
30,700 |
|
KeyCorp |
|
|
1,132,830 |
139,000 |
|
Lloyds TSB Group PLC (United Kingdom) |
|
|
1,399,529 |
3,000 |
|
UnionBanCal Corp. |
|
|
185,370 |
|
|
|
|
|
|
|
|
|
|
|
6,221,388 |
|
|
Commercial Services 0.8% |
|
|
|
2,980 |
|
Aaron Rents, Inc. |
|
|
71,937 |
1,250 |
|
Ace Cash Express, Inc.* |
|
|
36,838 |
1,150 |
|
Dollar Thrifty Automotive Group* |
|
|
51,474 |
8,330 |
|
FirstService Corp. (Canada) |
|
|
204,752 |
6,570 |
|
McGrath Rentcorp |
|
|
177,521 |
13,200 |
|
McKesson Corp. |
|
|
665,148 |
9,500 |
|
Moodys Corp. |
|
|
521,360 |
3,890 |
|
Providence Service Corp. |
|
|
95,577 |
See Notes to Financial Statements.
|
|
|
16 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
9,140 |
|
Rollins, Inc. |
|
$ |
193,128 |
4,240 |
|
Steiner Leisure Ltd. |
|
|
170,363 |
6,625 |
|
Team, Inc. |
|
|
163,770 |
15,000 |
|
Toppan Printing Co. Ltd. (Japan) |
|
|
172,576 |
9,200 |
|
TUI AG (Germany) |
|
|
185,213 |
1,775 |
|
Universal Technical Institute, Inc.* |
|
|
35,731 |
25,400 |
|
Waste Management, Inc. |
|
|
873,252 |
|
|
|
|
|
|
|
|
|
|
|
3,618,640 |
|
|
Commercial Services & Supplies 0.1% |
|
|
|
28,100 |
|
Cendant Corp. |
|
|
421,781 |
|
|
Computer Hardware 1.0% |
|
|
|
13,500 |
|
Cadence Design System, Inc.* |
|
|
218,565 |
9,200 |
|
Computer Sciences Corp.* |
|
|
481,988 |
41,900 |
|
Hewlett-Packard Co. |
|
|
1,337,029 |
22,400 |
|
International Business Machines Corp. |
|
|
1,733,984 |
19,700 |
|
Synopsys, Inc. |
|
|
352,630 |
21,700 |
|
Western Digital Corp.* |
|
|
380,618 |
|
|
|
|
|
|
|
|
|
|
|
4,504,814 |
|
|
Computer Services |
|
|
|
10,860 |
|
Optimal Group, Inc. (Class A Stock) (Canada) |
|
|
160,076 |
|
|
Computer Services & Software 0.9% |
|
|
|
7,300 |
|
Advanced Mirco Devices, Inc.* |
|
|
141,547 |
5,900 |
|
Autodesk, Inc. |
|
|
201,249 |
325 |
|
Blackbaud, Inc. |
|
|
6,780 |
10,870 |
|
Concur Technologies, Inc.* |
|
|
141,962 |
14,536 |
|
Global Payments, Inc. |
|
|
618,361 |
740 |
|
Micros Systems, Inc.* |
|
|
29,600 |
77,300 |
|
Microsoft Corp. |
|
|
1,857,519 |
9,100 |
|
Oracle Corp.* |
|
|
136,227 |
10,370 |
|
Radvision Ltd. (Israel)* |
|
|
151,402 |
1,025 |
|
Reynolds & Reynolds Co. (Class A Stock) |
|
|
36,275 |
2,900 |
|
SAP AG (Germany) |
|
|
530,738 |
4,600 |
|
The9 Ltd., ADR (China)* |
|
|
112,562 |
1,975 |
|
Tyler Technologies, Inc.* |
|
|
23,740 |
|
|
|
|
|
|
|
|
|
|
|
3,987,962 |
|
|
Computer Software |
|
|
|
8,400 |
|
Red Hat, Inc.* |
|
|
198,912 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
17 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Computers & Peripherals |
|
|
|
32,700 |
|
Sun Microsystems, Inc. |
|
$ |
142,245 |
Conglomerates 0.1% |
|
|
|
285 |
|
GenTek, Inc. |
|
|
8,479 |
48,300 |
|
Marubeni Corp. (Japan) |
|
|
256,572 |
|
|
|
|
|
|
|
|
|
|
|
265,051 |
|
|
Construction 0.4% |
|
|
|
59,700 |
|
CSR Ltd. (Australia) |
|
|
155,086 |
200 |
|
D.R. Horton, Inc. |
|
|
4,286 |
1,225 |
|
Dycom Industries, Inc.* |
|
|
22,038 |
10,369 |
|
Fraport AG (Germany) |
|
|
754,986 |
7,800 |
|
JS Group Corp. (Japan) |
|
|
160,225 |
10,905 |
|
KB Home |
|
|
463,680 |
20,800 |
|
Taylor Woodrow PLC (United Kingdom) |
|
|
133,757 |
5,000 |
|
Toll Brothers, Inc.* |
|
|
127,850 |
|
|
|
|
|
|
|
|
|
|
|
1,821,908 |
|
|
Consumer & Service |
|
|
|
20,700 |
|
Interserve PLC (United Kingdom)* |
|
|
148,871 |
|
|
Consumer Products |
|
|
|
9,500 |
|
Electrolux AB, Series B (Sweden) |
|
|
137,747 |
|
|
Consumer Products & Services 1.5% |
|
|
|
39,800 |
|
Altria Group, Inc. |
|
|
3,182,806 |
4,300 |
|
Central Garden & Pet Co. |
|
|
170,022 |
9,500 |
|
Colgate-Palmolive Co. |
|
|
563,540 |
4,600 |
|
Elizabeth Arden, Inc.* |
|
|
77,648 |
33,121 |
|
Procter & Gamble Co. |
|
|
1,861,400 |
21,000 |
|
Reckitt Benckiser PLC (United Kingdom) |
|
|
842,621 |
2,900 |
|
Scotts Co. (The) (Class A Stock) |
|
|
113,767 |
|
|
|
|
|
|
|
|
|
|
|
6,811,804 |
|
|
Cosmetics & Toiletries 0.2% |
|
|
|
42,600 |
|
Shiseido Co. Ltd. (Japan) |
|
|
850,922 |
|
|
Distribution/Wholesale 0.1% |
|
|
|
3,110 |
|
MWI Veterinary Supply, Inc. |
|
|
116,532 |
16,000 |
|
Sumitomo Corp. (Japan) |
|
|
226,647 |
|
|
|
|
|
|
|
|
|
|
|
343,179 |
See Notes to Financial Statements.
|
|
|
18 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Diversified Financial Services 0.2% |
|
|
|
20,900 |
|
E*Trade Financial Corp.* |
|
$ |
487,179 |
26,300 |
|
Nomura Holdings, Inc. (Japan) |
|
|
466,837 |
|
|
|
|
|
|
|
|
|
|
|
954,016 |
|
|
Diversified Operations 0.5% |
|
|
|
257,200 |
|
China Merchants Holdings International Co. Ltd. (China) |
|
|
779,524 |
87,000 |
|
Citic Pacific Ltd. (Hong Kong) |
|
|
254,163 |
29,300 |
|
IFIL - Investments SpA (Italy) |
|
|
170,671 |
9,008 |
|
LVMH Moet Hennessy Louis Vuitton (France) |
|
|
905,012 |
|
|
|
|
|
|
|
|
|
|
|
2,109,370 |
|
|
Diversified Telecommunication Services 0.1% |
|
|
|
23,500 |
|
Koninklijke KPN NV (Netherlands) |
|
|
266,868 |
|
|
Education |
|
|
|
325 |
|
Strayer Education, Inc. |
|
|
35,214 |
|
|
Electric |
|
|
|
3,800 |
|
Dynegy, Inc. (Class A Stock)* |
|
|
21,394 |
900 |
|
PPL Corp. |
|
|
30,618 |
3,700 |
|
SCANA Corp. |
|
|
147,963 |
|
|
|
|
|
|
|
|
|
|
|
199,975 |
|
|
Electric Utilities 0.4% |
|
|
|
4,200 |
|
Entergy Corp. |
|
|
323,820 |
3,800 |
|
FirstEnergy Corp. |
|
|
212,800 |
27,300 |
|
FPL Group, Inc. |
|
|
1,177,722 |
13,900 |
|
Sierra Pacific Resources* |
|
|
200,855 |
|
|
|
|
|
|
|
|
|
|
|
1,915,197 |
|
|
Electronic Components 1.3% |
|
|
|
11,400 |
|
Alpine Electronics, Inc. (Japan) |
|
|
159,895 |
12,100 |
|
Alps Electric Co. Ltd. (Japan) |
|
|
149,766 |
7,400 |
|
Arrow Electronics, Inc.* |
|
|
209,124 |
10,200 |
|
Avnet, Inc.* |
|
|
185,640 |
3,000 |
|
Broadcom Corp. (Class A Stock)* |
|
|
71,970 |
4,700 |
|
Emerson Electric Co. |
|
|
370,924 |
4,000 |
|
Energizer Holdings, Inc.* |
|
|
254,520 |
5,000 |
|
FANUC Ltd. (Japan) |
|
|
416,939 |
8,800 |
|
FLIR Systems, Inc.* |
|
|
211,288 |
2,500 |
|
Harman International Industries, Inc. |
|
|
200,500 |
39,000 |
|
Hitachi Ltd. (Japan) |
|
|
249,693 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
19 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
11,900 |
|
Hokkaido Electric Power Co., Inc. (Japan) |
|
$ |
288,041 |
12,300 |
|
Hosiden Corp. (Japan) |
|
|
122,201 |
2,475 |
|
International DisplayWorks, Inc.* |
|
|
11,781 |
17,300 |
|
Kansai Electric Power Co., Inc. (The) (Japan) |
|
|
398,378 |
7,800 |
|
Kyushu Electric Power Co., Inc. (Japan) |
|
|
181,997 |
4,700 |
|
PerkinElmer, Inc. |
|
|
84,741 |
2,200 |
|
Pike Electric Corp.* |
|
|
39,622 |
3,700 |
|
Pinnacle West Capital Corp. |
|
|
159,137 |
4,250 |
|
PNM Resources, Inc. |
|
|
113,942 |
31,100 |
|
Sanmina-SCI Corp.* |
|
|
107,606 |
13,700 |
|
Secom Co. Ltd. (Japan) |
|
|
668,001 |
45,100 |
|
Sharp Corp. (Japan) |
|
|
761,993 |
3,300 |
|
Synplicity, Inc. |
|
|
18,876 |
14,100 |
|
TT Electronics PLC (United Kingdom)* |
|
|
47,410 |
6,600 |
|
Waters Corp.* |
|
|
268,488 |
|
|
|
|
|
|
|
|
|
|
|
5,752,473 |
|
|
Electronic Components & Equipment 0.1% |
|
|
|
1,900 |
|
Schneider Electric SA (France) |
|
|
195,378 |
22,000 |
|
SMK Corp. (Japan) |
|
|
142,196 |
|
|
|
|
|
|
|
|
|
|
|
337,574 |
|
|
Electronic Equipment & Instruments |
|
|
|
5,100 |
|
Tech Data Corp.* |
|
|
189,618 |
|
|
Electronics 0.1% |
|
|
|
10,400 |
|
Hoya Corp. (Japan) |
|
|
363,766 |
|
|
Energy Equipment & Services 0.3% |
|
|
|
687,690 |
|
China Petroleum Chemical Corp. (China) |
|
|
385,875 |
15,000 |
|
GlobalSantaFe Corp. |
|
|
823,950 |
|
|
|
|
|
|
|
|
|
|
|
1,209,825 |
|
|
Engineering/Construction |
|
|
|
3,800 |
|
URS Corp.* |
|
|
150,480 |
|
|
Entertainment 0.1% |
|
|
|
16,100 |
|
Capcom Co. Ltd. (Japan) |
|
|
191,692 |
2,200 |
|
Warner Music Group Corp. |
|
|
53,570 |
|
|
|
|
|
|
|
|
|
|
|
245,262 |
See Notes to Financial Statements.
|
|
|
20 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Entertainment & Leisure 0.4% |
|
|
|
15,570 |
|
Century Casinos, Inc. |
|
$ |
172,827 |
22,560 |
|
Las Vegas Sands, Inc.* |
|
|
1,399,397 |
1,000 |
|
Mattel, Inc. |
|
|
18,040 |
6,940 |
|
Scientific Games Corp. (Class A Stock) |
|
|
235,752 |
24,160 |
|
SRS Labs, Inc. |
|
|
120,558 |
|
|
|
|
|
|
|
|
|
|
|
1,946,574 |
|
|
Environmental Services |
|
|
|
12,000 |
|
Allied Waste Industries, Inc.* |
|
|
121,920 |
1,540 |
|
Waste Connections, Inc.* |
|
|
57,565 |
|
|
|
|
|
|
|
|
|
|
|
179,485 |
|
|
Exchange Traded Funds |
|
|
|
10 |
|
iShares Russell 1000 Value Index Fund |
|
|
747 |
1,053 |
|
iShares Russell 2000 Value Index Fund |
|
|
75,110 |
|
|
|
|
|
|
|
|
|
|
|
75,857 |
|
|
Farming & Agriculture 0.1% |
|
|
|
38,400 |
|
AWB Ltd. (Australia) |
|
|
113,584 |
243,100 |
|
Chaoda Modern Agriculture Holdings Ltd. (Cayman Islands)* |
|
|
131,402 |
|
|
|
|
|
|
|
|
|
|
|
244,986 |
|
|
Financial - Bank & Trust 4.9% |
|
|
|
5,072 |
|
ABN AMRO Holding NV (Netherlands) |
|
|
140,399 |
2,400 |
|
Accredited Home Lenders Holding Co.* |
|
|
108,792 |
2,100 |
|
AmSouth Bancorp |
|
|
60,186 |
7,350 |
|
Astoria Financial Corp. |
|
|
218,663 |
6,000 |
|
Banche Popolari Unite Scpa (Italy) |
|
|
161,412 |
12,800 |
|
Banco Bilbao Vizcaya Argentaria SA (Spain) |
|
|
272,076 |
32,500 |
|
Banco Santander Central Hispano SA (Spain) |
|
|
492,374 |
71,359 |
|
Bank of America Corp. |
|
|
3,677,129 |
1,144,300 |
|
Bank of China Ltd. (Hong Kong)* |
|
|
505,129 |
48,100 |
|
Bank of Fukuoka Ltd. (The) (Japan) |
|
|
358,301 |
1,200 |
|
BB&T Corp. |
|
|
50,388 |
7,500 |
|
BNP Paribas SA (France) |
|
|
730,034 |
4,870 |
|
Boston Private Financial Holdings, Inc. |
|
|
122,383 |
23,900 |
|
Bradford & Bingley PLC (United Kingdom) |
|
|
200,234 |
4,600 |
|
Comerica, Inc. |
|
|
269,330 |
15,900 |
|
Commonwealth Bank of Australia (Australia) |
|
|
545,852 |
700 |
|
Compass Bancshares, Inc. |
|
|
41,258 |
14,200 |
|
Credit Agricole SA (France) |
|
|
570,837 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
21 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
12,900 |
|
Credit Suisse Group (Switzerland)* |
|
$ |
722,811 |
6,500 |
|
Danske Bank A/S (Denmark) |
|
|
249,258 |
8,700 |
|
Dexia (Belgium) |
|
|
213,044 |
12,400 |
|
Fortis (Belgium) |
|
|
440,662 |
34,900 |
|
HBOS PLC (United Kingdom) |
|
|
635,310 |
17,200 |
|
Hudson City Bancorp, Inc. |
|
|
223,084 |
8,700 |
|
Marshall & Ilsley Corp. |
|
|
408,639 |
1,090 |
|
MB Financial, Inc. |
|
|
38,760 |
600 |
|
Natexis Banques Populaires (France)* |
|
|
147,080 |
45,300 |
|
Nordea Bank AB (Sweden) |
|
|
567,268 |
5,800 |
|
North Fork Bancorp, Inc. |
|
|
164,314 |
2,300 |
|
Oriental Financial Group, Inc. |
|
|
28,911 |
4,200 |
|
Pacific Capital Bancorp |
|
|
123,732 |
5,000 |
|
Regions Financial Corp. |
|
|
181,450 |
41,800 |
|
Royal Bank of Scotland Group PLC (United Kingdom) |
|
|
1,360,200 |
14,400 |
|
SanPaolo IMI SpA (Italy) |
|
|
256,420 |
1,200 |
|
Societe Generale (France) |
|
|
179,040 |
3,300 |
|
Sterling Financial Corp. (WA) |
|
|
105,501 |
800 |
|
Student Loan Corp. (The) |
|
|
143,800 |
3,800 |
|
Takefuji Corp. (Japan) |
|
|
186,279 |
6,600 |
|
TCF Financial Corp. |
|
|
177,606 |
31,400 |
|
U.S. Bancorp |
|
|
1,004,800 |
54,058 |
|
UBS AG (Switzerland) |
|
|
2,940,876 |
1,175 |
|
UCBH Holdings, Inc. |
|
|
19,599 |
900 |
|
Verwaltungs und Privat Bank AG (Switzerland)* |
|
|
202,958 |
4,600 |
|
Wachovia Corp. |
|
|
246,698 |
36,401 |
|
Wells Fargo & Co. |
|
|
2,633,248 |
1,800 |
|
Zions Bancorp |
|
|
147,852 |
|
|
|
|
|
|
|
|
|
|
|
22,273,977 |
|
|
Financial - Brokerage 0.4% |
|
|
|
2,900 |
|
Bankunited Financial Corp. (Class A Stock) |
|
|
85,811 |
9,200 |
|
Jefferies Group, Inc. |
|
|
239,016 |
4,300 |
|
Merrill Lynch & Co., Inc. |
|
|
313,126 |
16,500 |
|
Morgan Stanley |
|
|
1,097,250 |
9,097 |
|
Raymond James Financial, Inc. |
|
|
264,359 |
|
|
|
|
|
|
|
|
|
|
|
1,999,562 |
|
|
Financial Services 3.0% |
|
|
|
450 |
|
Affiliated Managers Group, Inc.* |
|
|
41,198 |
19,077 |
|
AmeriCredit Corp.* |
|
|
469,103 |
9,540 |
|
Ameriprise Financial, Inc. |
|
|
425,484 |
6,200 |
|
Asset Acceptance Capital Corp.* |
|
|
112,716 |
400 |
|
Capital One Financial Corp. |
|
|
30,940 |
See Notes to Financial Statements.
|
|
|
22 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
2,125 |
|
Chicago Mercantile Exchange Holdings, Inc. |
|
$ |
980,050 |
7,200 |
|
CIT Group, Inc. |
|
|
330,552 |
66,500 |
|
Citigroup, Inc. |
|
|
3,212,615 |
6,800 |
|
Eaton Vance Corp. |
|
|
168,368 |
4,611 |
|
Euronext NV (France) |
|
|
413,190 |
875 |
|
Financial Federal Corp. |
|
|
23,511 |
375 |
|
First Cash Financial Services, Inc.* |
|
|
7,136 |
600 |
|
Franklin Resources, Inc. |
|
|
54,870 |
2,330 |
|
GFI Group, Inc.* |
|
|
133,649 |
14,073 |
|
Goldman Sachs Group, Inc. |
|
|
2,149,651 |
2,030 |
|
Greenhill & Co., Inc. |
|
|
117,659 |
92,700 |
|
Hong Kong Exchanges and Clearing Ltd. (Hong Kong) |
|
|
602,475 |
900 |
|
International Securities Exchange, Inc. |
|
|
36,621 |
3,720 |
|
Investment Technology Group, Inc.* |
|
|
187,339 |
10,800 |
|
Irish Life & Permanent PLC (Ireland) |
|
|
249,016 |
12,300 |
|
JPMorgan Chase & Co. |
|
|
561,126 |
29,770 |
|
Lehman Brothers Holdings, Inc. |
|
|
1,933,561 |
14,400 |
|
Okasan Holdings, Inc. (Japan) |
|
|
138,794 |
5,000 |
|
OptionsXpress Holdings, Inc. |
|
|
130,900 |
4,230 |
|
Portfolio Recovery Associates, Inc.* |
|
|
181,129 |
4,550 |
|
PrivateBancorp, Inc. |
|
|
213,896 |
14,700 |
|
Santos Ltd. (Australia) |
|
|
129,543 |
4,800 |
|
Sanyo Electric Credit Co. Ltd. (Japan) |
|
|
90,854 |
4,500 |
|
State Street Corp. |
|
|
270,270 |
5,780 |
|
Virginia Commerce Bancorp, Inc.* |
|
|
135,541 |
|
|
|
|
|
|
|
|
|
|
|
13,531,757 |
|
|
Food & Beverage 0.1% |
|
|
|
23,600 |
|
Dairy Crest Group PLC (United Kingdom)* |
|
|
235,854 |
48,600 |
|
Northern Foods PLC (United Kingdom) |
|
|
75,806 |
14,500 |
|
Tate & Lyle PLC (United Kingdom) |
|
|
185,540 |
|
|
|
|
|
|
|
|
|
|
|
497,200 |
|
|
Food & Staples Retailing 0.4% |
|
|
|
16,100 |
|
Carrefour SA (France) |
|
|
1,003,834 |
104,105 |
|
Tesco PLC (United Kingdom) |
|
|
699,115 |
|
|
|
|
|
|
|
|
|
|
|
1,702,949 |
|
|
Food Products 0.6% |
|
|
|
34,703 |
|
Archer-Daniels-Midland Co. |
|
|
1,526,932 |
40,600 |
|
Cadbury Schweppes PLC (United Kingdom) |
|
|
397,028 |
11,900 |
|
Sara Lee Corp. |
|
|
201,110 |
18,560 |
|
Unilever PLC, ADR (United Kingdom) |
|
|
443,398 |
|
|
|
|
|
|
|
|
|
|
|
2,568,468 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
23 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Foods 0.2% |
|
|
|
1,275 |
|
Corn Products International, Inc. |
|
$ |
42,407 |
200 |
|
Kellogg Co. |
|
|
9,634 |
18,800 |
|
Kraft Foods, Inc. (Class A Stock) |
|
|
609,120 |
4,100 |
|
Kroger Co. (The)* |
|
|
94,013 |
2,800 |
|
Safeway, Inc. |
|
|
78,624 |
1,800 |
|
Sysco Corp. |
|
|
49,680 |
|
|
|
|
|
|
|
|
|
|
|
883,478 |
|
|
Gaming 0.2% |
|
|
|
20,000 |
|
OPAP SA (Greece) |
|
|
726,074 |
|
|
Healthcare Equipment & Supplies |
|
|
|
3,140 |
|
Kyphon, Inc.* |
|
|
106,948 |
|
|
Healthcare Providers & Services 0.4% |
|
|
|
2,900 |
|
Caremark Rx, Inc.* |
|
|
153,120 |
8,600 |
|
CIGNA Corp. |
|
|
784,750 |
9,700 |
|
HCA, Inc. |
|
|
476,852 |
44,900 |
|
Tenet Healthcare Corp.* |
|
|
265,808 |
|
|
|
|
|
|
|
|
|
|
|
1,680,530 |
|
|
Healthcare Services 1.5% |
|
|
|
3,500 |
|
Aetna, Inc.* |
|
|
110,215 |
375 |
|
Amedisys, Inc.* |
|
|
14,321 |
5,700 |
|
Amerigroup Corp.* |
|
|
165,870 |
4,600 |
|
Covance, Inc.* |
|
|
293,296 |
16,960 |
|
Five Star Quality Care, Inc. |
|
|
183,168 |
1,650 |
|
Healthcare Services Group |
|
|
35,657 |
3,300 |
|
Healthsouth Rehabilitation Corp.* |
|
|
13,035 |
4,400 |
|
Healthways, Inc.* |
|
|
236,368 |
9,800 |
|
Humana, Inc. |
|
|
548,114 |
1,600 |
|
LHC Group, Inc.* |
|
|
33,824 |
1,380 |
|
Pediatrix Medical Group, Inc.* |
|
|
58,512 |
4,372 |
|
Quest Diagnostics, Inc. |
|
|
262,845 |
13,220 |
|
Solexa, Inc.* |
|
|
117,129 |
4,900 |
|
Sunrise Senior Living, Inc.* |
|
|
141,512 |
975 |
|
Triad Hospitals, Inc.* |
|
|
37,996 |
83,140 |
|
UnitedHealth Group, Inc. |
|
|
3,976,586 |
6,200 |
|
WellPoint, Inc.* |
|
|
461,900 |
|
|
|
|
|
|
|
|
|
|
|
6,690,348 |
See Notes to Financial Statements.
|
|
|
24 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Hotels & Motels 0.6% |
|
|
|
8,800 |
|
Choice Hotels International, Inc. |
|
$ |
375,056 |
3,800 |
|
Hilton Hotels Corp. |
|
|
90,934 |
30,500 |
|
MGM Mirage* |
|
|
1,083,970 |
200 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
|
|
10,516 |
6,507 |
|
Station Casinos, Inc. |
|
|
356,974 |
16,300 |
|
Wynn Resorts Ltd.* |
|
|
1,043,363 |
|
|
|
|
|
|
|
|
|
|
|
2,960,813 |
|
|
Hotels, Restaurants & Leisure 0.3% |
|
|
|
10,000 |
|
Carnival Corp. |
|
|
389,600 |
4,922 |
|
Harrahs Entertainment, Inc. |
|
|
295,862 |
5,700 |
|
Marriott International, Inc. (Class A Stock) |
|
|
200,526 |
9,100 |
|
McDonalds Corp. |
|
|
322,049 |
|
|
|
|
|
|
|
|
|
|
|
1,208,037 |
|
|
Household Durables 0.5% |
|
|
|
6,200 |
|
Centex Corp. |
|
|
293,322 |
3,400 |
|
Fortune Brands, Inc. |
|
|
246,568 |
2,300 |
|
Furniture Brands International, Inc. |
|
|
46,138 |
37,074 |
|
Lennar Corp. (Class A Stock) |
|
|
1,658,320 |
2,100 |
|
Lennar Corp. (Class B Stock) |
|
|
87,486 |
|
|
|
|
|
|
|
|
|
|
|
2,331,834 |
|
|
Household Products 0.1% |
|
|
|
9,100 |
|
Kimberly-Clark Corp. |
|
|
555,555 |
|
|
Household Products/Wares |
|
|
|
9,500 |
|
Husqvarna AB (Sweden)(Class B Stock) |
|
|
102,157 |
|
|
Independent Power Producers & Energy Traders 0.4% |
|
|
|
31,000 |
|
TXU Corp. |
|
|
1,991,130 |
|
|
Industrial Conglomerates 0.2% |
|
|
|
34,000 |
|
Tyco International Ltd. (Bermuda) |
|
|
887,060 |
|
|
Industrial Products 0.1% |
|
|
|
3,355 |
|
Air Liquide (France) |
|
|
677,137 |
|
|
Insurance 4.1% |
|
|
|
16,300 |
|
Aegon NV (France) |
|
|
276,719 |
31,100 |
|
Allstate Corp. (The) |
|
|
1,767,102 |
4,000 |
|
Ambac Financial Group, Inc. |
|
|
332,440 |
14,100 |
|
American International Group, Inc. |
|
|
855,447 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
25 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
15,510 |
|
Amerisafe, Inc.* |
|
$ |
173,712 |
5,800 |
|
Assurant, Inc. |
|
|
279,386 |
23,000 |
|
Aviva PLC (United Kingdom) |
|
|
308,483 |
4,400 |
|
Baloise Holding AG (Switzerland) |
|
|
350,412 |
200 |
|
Chubb Corp. |
|
|
10,084 |
1,400 |
|
CNP Assurances (France) |
|
|
133,322 |
4,800 |
|
Commerce Group, Inc. |
|
|
145,008 |
3,700 |
|
Delphi Financial Group, Inc. (Class A Stock) |
|
|
140,933 |
41,167 |
|
Genworth Financial, Inc. (Class A Stock) |
|
|
1,412,028 |
5,500 |
|
Hanover Insurance Group, Inc. (The) |
|
|
254,540 |
6,200 |
|
Hartford Financial Services Group, Inc. |
|
|
526,008 |
2,062 |
|
HCC Insurance Holdings, Inc. |
|
|
62,870 |
1,025 |
|
Hilb, Rogal & Hobbs Co. |
|
|
41,513 |
18,200 |
|
ING Groep NV, ADR (Netherlands) |
|
|
738,843 |
107,300 |
|
Legal & General PLC (United Kingdom) |
|
|
249,043 |
4,500 |
|
Lincoln National Corp. |
|
|
255,060 |
14,200 |
|
Loews Corp.* |
|
|
526,252 |
14,000 |
|
Marsh & McLennan Cos., Inc. |
|
|
378,420 |
17,700 |
|
MBIA, Inc. |
|
|
1,040,937 |
36,500 |
|
MetLife, Inc. |
|
|
1,898,000 |
24 |
|
Millea Holdings, Inc. (Japan) |
|
|
464,739 |
4,360 |
|
Navigators Group, Inc.* |
|
|
185,344 |
75,500 |
|
Old Mutual PLC (United Kingdom)* |
|
|
228,476 |
8,809 |
|
Philadelphia Consolidated Holding Corp.* |
|
|
298,361 |
1,300 |
|
Progressive Corp. |
|
|
31,447 |
4,600 |
|
Protective Life Corp. |
|
|
213,026 |
3,900 |
|
Radian Group, Inc. |
|
|
239,967 |
140,800 |
|
Royal & Sun Alliance Insurance Group PLC (United Kingdom) |
|
|
351,783 |
45,001 |
|
St. Paul Travelers Cos., Inc. (The) |
|
|
2,061,046 |
3,616 |
|
State Auto Financial Corp. |
|
|
109,203 |
11,700 |
|
Swiss Re (Switzerland) |
|
|
841,453 |
4,500 |
|
United Fire & Casualty Co. |
|
|
134,370 |
26,200 |
|
UnumProvident Corp. |
|
|
425,226 |
9,000 |
|
WR Berkely Corp. |
|
|
324,000 |
4,100 |
|
XL Capital Ltd. (Class A Stock) |
|
|
261,170 |
1,000 |
|
Zurich Financial Services AG (Switzerland)* |
|
|
224,493 |
|
|
|
|
|
|
|
|
|
|
|
18,550,666 |
|
|
Internet Services 1.0% |
|
|
|
75,223 |
|
America Movil SA de CV, Series L, ADR (Mexico) |
|
|
2,691,479 |
2,210 |
|
Ctrip.com International Ltd., ADR (China)* |
|
|
111,859 |
1,400 |
|
eBay, Inc.* |
|
|
33,698 |
3,230 |
|
Equinix, Inc. |
|
|
169,187 |
See Notes to Financial Statements.
|
|
|
26 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
2,650 |
|
Google, Inc. (Class A Stock)* |
|
$ |
1,024,490 |
7,040 |
|
j2 Global Communications, Inc.* |
|
|
197,120 |
5,790 |
|
Netflix, Inc.* |
|
|
119,795 |
3,180 |
|
Nutri/System, Inc.* |
|
|
168,286 |
18,510 |
|
Online Resources Corp.* |
|
|
194,170 |
950 |
|
Vignette Corp. |
|
|
12,341 |
|
|
|
|
|
|
|
|
|
|
|
4,722,425 |
|
|
IT Services 0.3% |
|
|
|
51,700 |
|
Electronic Data Systems Corp. |
|
|
1,235,630 |
|
|
Machinery 1.5% |
|
|
|
560 |
|
Briggs & Stratton Corp. |
|
|
14,336 |
54,000 |
|
Bluescope Steel Ltd. (Australia) |
|
|
283,455 |
4,200 |
|
Bucyrus International, Inc. (Class A Stock) |
|
|
204,582 |
30,932 |
|
Caterpillar, Inc. |
|
|
2,192,151 |
20,057 |
|
Deere & Co. |
|
|
1,455,536 |
4,000 |
|
Eaton Corp. |
|
|
256,400 |
10,590 |
|
Flow International Corp.* |
|
|
142,965 |
4,370 |
|
Gardner Denver, Inc. |
|
|
151,420 |
575 |
|
IDEX Corp. |
|
|
24,984 |
3,830 |
|
Intevac, Inc.* |
|
|
80,698 |
4,300 |
|
MAN AG (Germany)* |
|
|
310,839 |
825 |
|
Nordson Corp. |
|
|
37,538 |
2,560 |
|
Regal-Beloit Corp. |
|
|
101,760 |
500 |
|
Rieter Holdings AG (Switzerland) |
|
|
189,346 |
3,600 |
|
Snap-On, Inc. |
|
|
151,236 |
16,150 |
|
Spectranetics Corp. |
|
|
208,173 |
6,800 |
|
SPX Corp. |
|
|
371,620 |
11,900 |
|
Terex Corp.* |
|
|
533,596 |
2,875 |
|
Watsco, Inc. |
|
|
127,420 |
|
|
|
|
|
|
|
|
|
|
|
6,838,055 |
|
|
Manufacturing 0.3% |
|
|
|
9,800 |
|
3M Co. |
|
|
689,920 |
700 |
|
Actuant Corp. (Class A Stock) |
|
|
30,807 |
3,550 |
|
American Railcar Industries, Inc. |
|
|
98,157 |
15,780 |
|
Hexcel Corp.* |
|
|
226,759 |
2,175 |
|
Jacuzzi Brands, Inc.* |
|
|
18,270 |
3,400 |
|
NKT Holdings SA (Denmark) |
|
|
210,414 |
|
|
|
|
|
|
|
|
|
|
|
1,274,327 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
27 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Media 1.7% |
|
|
|
56,350 |
|
CBS Corp. (Class B Stock) |
|
$ |
1,545,680 |
17,500 |
|
Clear Channel Communications, Inc. |
|
|
506,625 |
52,891 |
|
Comcast Corp. (Class A Stock)* |
|
|
1,818,393 |
1,700 |
|
E.W. Scripps Co. (Class A Stock) |
|
|
72,641 |
8,600 |
|
McGraw-Hill Cos., Inc. |
|
|
484,180 |
23,400 |
|
Rogers Communications, Inc. (Class B Stock) (Canada) |
|
|
999,726 |
21,100 |
|
Shaw Communications, Inc. (Class B Stock) (Canada) |
|
|
613,405 |
55,400 |
|
Time Warner, Inc. |
|
|
914,100 |
8,700 |
|
Viacom, Inc. (Class B Stock)* |
|
|
303,195 |
23,200 |
|
Walt Disney Co. |
|
|
688,808 |
|
|
|
|
|
|
|
|
|
|
|
7,946,753 |
|
|
Medical Supplies & Equipment 1.0% |
|
|
|
5,750 |
|
Angiodynamics, Inc.* |
|
|
132,250 |
400 |
|
Baxter International, Inc. |
|
|
16,800 |
4,500 |
|
Becton Dickinson & Co. |
|
|
296,640 |
4,000 |
|
Cardinal Health, Inc. |
|
|
268,000 |
3,700 |
|
Cooper Cos, Inc. (The) |
|
|
163,540 |
1,900 |
|
Gen-Probe, Inc. |
|
|
98,705 |
5,815 |
|
Immucor, Inc.* |
|
|
115,777 |
29,200 |
|
Johnson & Johnson |
|
|
1,826,460 |
1,600 |
|
LCA-Vision, Inc. |
|
|
69,040 |
850 |
|
Medical Action Industries, Inc. |
|
|
18,845 |
8,000 |
|
Medtronic, Inc. |
|
|
404,160 |
8,600 |
|
Nipro Corp. (Japan) |
|
|
153,779 |
5,700 |
|
Novamed, Inc. |
|
|
42,294 |
8,280 |
|
NuVasive, Inc.* |
|
|
144,817 |
25,370 |
|
Orthovita, Inc. |
|
|
101,734 |
4,919 |
|
PolyMedica Corp. |
|
|
190,415 |
3,540 |
|
Resmed, Inc.* |
|
|
164,291 |
3,330 |
|
SonoSite, Inc. |
|
|
107,492 |
3,770 |
|
Vital Signs, Inc. |
|
|
194,117 |
1,200 |
|
Zimmer Holdings, Inc.* |
|
|
75,888 |
|
|
|
|
|
|
|
|
|
|
|
4,585,044 |
|
|
Metals & Mining 1.6% |
|
|
|
51,200 |
|
Alcoa, Inc. |
|
|
1,533,440 |
3,325 |
|
Birch Mountain Resources Ltd.* |
|
|
14,065 |
4,800 |
|
Boehler-Uddeholm AG (Austria)* |
|
|
250,779 |
16,133 |
|
Companhia Vale Do Rio Doce, ADR (Brazil) |
|
|
374,286 |
25,600 |
|
Crane Group Ltd. (Australia) |
|
|
215,790 |
3,640 |
|
Dynamic Materials Corp. |
|
|
111,966 |
See Notes to Financial Statements.
|
|
|
28 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
1,200 |
|
Gibraltar Industries, Inc. |
|
$ |
33,156 |
1,100 |
|
Joy Global, Inc. |
|
|
41,272 |
2,200 |
|
Newmont Mining Corp. |
|
|
112,706 |
35,900 |
|
NSK Ltd. (Japan) |
|
|
275,251 |
22,020 |
|
Peabody Energy Corp. |
|
|
1,098,798 |
8,700 |
|
Phelps Dodge Corp. |
|
|
759,858 |
8,700 |
|
Rautaruukki OYJ (Finland) |
|
|
247,273 |
16,700 |
|
Rio Tinto PLC (United Kingdom) |
|
|
862,561 |
2,300 |
|
Salzgitter AG (Germany)* |
|
|
181,511 |
11,700 |
|
ThyssenKrupp AG (Germany) |
|
|
409,509 |
5,700 |
|
Timken Co. |
|
|
183,540 |
22,800 |
|
Tokyo Steel Manufacturing Co. Ltd. (Japan) |
|
|
423,603 |
4,700 |
|
United States Steel Corp. |
|
|
296,429 |
|
|
|
|
|
|
|
|
|
|
|
7,425,793 |
|
|
Miscellaneous Manufacturers 0.6% |
|
|
|
76,400 |
|
General Electric Co. |
|
|
2,497,516 |
4,800 |
|
Ingersoll-Rand Co. Ltd. (Class A Stock) (Bermuda) |
|
|
171,840 |
|
|
|
|
|
|
|
|
|
|
|
2,669,356 |
|
|
Multi-Line Retail 0.1% |
|
|
|
12,300 |
|
Federated Department Stores, Inc. |
|
|
431,853 |
|
|
Multi-Utilities 0.1% |
|
|
|
6,200 |
|
Public Service Enterprise Group, Inc. |
|
|
418,066 |
|
|
Office Equipment |
|
|
|
9,000 |
|
Ricoh Co. Ltd. (Japan) |
|
|
181,342 |
|
|
Oil, Gas & Consumable Fuels 6.1% |
|
|
|
15,700 |
|
Apache Corp. |
|
|
1,106,379 |
1,525 |
|
Arena Resources, Inc.* |
|
|
56,425 |
2,700 |
|
Ashland, Inc. |
|
|
179,577 |
84,800 |
|
BP PLC (United Kingdom) |
|
|
1,021,725 |
12,000 |
|
BP PLC, ADR (United Kingdom) |
|
|
870,240 |
6,750 |
|
Cabot Oil & Gas Corp. |
|
|
356,063 |
6,900 |
|
Canadian Natural Resources Ltd. (Canada) |
|
|
366,431 |
23,200 |
|
ChevronTexaco Corp. |
|
|
1,526,096 |
300 |
|
Compania Espanola de Petroleos SA (Spain) |
|
|
21,211 |
35,100 |
|
ConocoPhillips |
|
|
2,409,264 |
33,800 |
|
Cosmo Oil Co. Ltd. (Japan) |
|
|
163,037 |
9,100 |
|
Devon Energy Corp. |
|
|
588,224 |
51,200 |
|
Eni SpA (Italy) |
|
|
1,570,323 |
7,600 |
|
EOG Resources, Inc. |
|
|
563,540 |
45,600 |
|
Exxon Mobil Corp. |
|
|
3,088,944 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
29 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
13,400 |
|
Global Industry, Ltd. |
|
$ |
223,512 |
2,675 |
|
Gulfport Energy Corp.* |
|
|
32,715 |
34,244 |
|
Halliburton Co. |
|
|
1,142,380 |
8,000 |
|
Helmerich & Payne, Inc. |
|
|
221,440 |
3,000 |
|
Houston Exploration Co.* |
|
|
191,580 |
880 |
|
Hydril Co.* |
|
|
60,958 |
1,200 |
|
Kerr-McGee Corp. |
|
|
84,240 |
5,200 |
|
Lukoil, ADR (Russia)* |
|
|
451,360 |
2,870 |
|
Maverick Tube Corp.* |
|
|
183,077 |
54,000 |
|
Nippon Oil Corp. (Japan) |
|
|
422,975 |
15,000 |
|
Norsk Hydro ASA (Norway) |
|
|
426,517 |
9,600 |
|
Occidental Petroleum Corp. |
|
|
1,034,400 |
6,591 |
|
Oceaneering International, Inc.* |
|
|
288,159 |
4,840 |
|
Oil States International, Inc.* |
|
|
155,654 |
3,900 |
|
ONEOK, Inc. |
|
|
145,119 |
56,200 |
|
Osaka Gas Co. Ltd. (Japan) |
|
|
189,711 |
15,200 |
|
Repsol YPF SA (Spain) |
|
|
427,163 |
15,000 |
|
Royal Dutch Shell PLC (Class A Stock) (Netherlands) |
|
|
530,185 |
24,000 |
|
Royal Dutch Shell PLC (Class B Stock) (United Kingdom) |
|
|
883,642 |
40,465 |
|
Schlumberger Ltd. |
|
|
2,705,085 |
8,000 |
|
Sunoco, Inc. |
|
|
556,320 |
5,190 |
|
Superior Energy Services, Inc. |
|
|
177,758 |
3,700 |
|
Swift Energy Co.* |
|
|
177,600 |
3,300 |
|
Tesoro Corp. |
|
|
246,840 |
175,000 |
|
Tokyo Gas Co. Ltd. (Japan) |
|
|
870,077 |
3,200 |
|
Total SA (France) |
|
|
217,669 |
2,120 |
|
Unit Corp.* |
|
|
124,317 |
1,250 |
|
Universal Compression Holdings, Inc.* |
|
|
79,625 |
20,000 |
|
Valero Energy Corp. |
|
|
1,348,600 |
6,130 |
|
Warrior Energy Service Corp.* |
|
|
132,653 |
3,400 |
|
Weatherford International Ltd. (Bermuda) |
|
|
159,256 |
1,000 |
|
XTO Energy, Inc. |
|
|
46,990 |
|
|
|
|
|
|
|
|
|
|
|
27,825,056 |
Paper & Forest Products 0.5% |
27,800 |
|
Hokuetsu Paper Mills Ltd. (Japan) |
|
|
191,565 |
80 |
|
Nippon Unipac Group, Inc. (Japan) |
|
|
318,897 |
19,000 |
|
OJI Paper Co. Ltd. (Japan) |
|
|
110,210 |
30,000 |
|
Rengo Co. Ltd. (Japan) |
|
|
219,809 |
2,300 |
|
Smurfit-Stone Container Corp.* |
|
|
23,276 |
19,200 |
|
Stora Enso OYJ (Finland) |
|
|
283,767 |
800 |
|
Temple-Inland, Inc. |
|
|
34,032 |
21,000 |
|
Weyerhaeuser Co. |
|
|
1,231,860 |
|
|
|
|
|
|
|
|
|
|
|
2,413,416 |
See Notes to Financial Statements.
|
|
|
30 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Pharmaceuticals 3.5% |
10,625 |
|
Abbott Laboratories |
|
$ |
507,556 |
3,500 |
|
Altana AG (Germany) |
|
|
200,788 |
10,690 |
|
American Medical Systems Holdings, Inc.* |
|
|
195,093 |
12,400 |
|
AmerisourceBergen Corp. |
|
|
533,200 |
17,115 |
|
Amylin Pharmaceuticals, Inc.* |
|
|
835,212 |
3,400 |
|
AstraZeneca PLC (United Kingdom) |
|
|
207,622 |
2,250 |
|
Barr Pharmaceuticals, Inc.* |
|
|
111,960 |
2,700 |
|
Eli Lilly & Co. |
|
|
153,279 |
16,000 |
|
Endo Pharmaceuticals Holdings, Inc.* |
|
|
497,120 |
8,000 |
|
Express Scripts, Inc. |
|
|
616,240 |
5,200 |
|
Forest Laboratories, Inc.* |
|
|
240,812 |
25,100 |
|
GlaxoSmithKline PLC (United Kingdom) |
|
|
694,396 |
2,600 |
|
Hospira, Inc. |
|
|
113,594 |
24,300 |
|
Kaken Pharmaceutical Co. Ltd. (Japan) |
|
|
170,203 |
15,000 |
|
Kyowa Hakko Kogyo Co. Ltd. (Japan) |
|
|
108,858 |
4,440 |
|
Lifecell Corp.* |
|
|
126,851 |
38,835 |
|
Merck & Co., Inc. |
|
|
1,563,885 |
2,500 |
|
Mylan Laboratories, Inc. |
|
|
54,900 |
11,700 |
|
Novartis AG (Switzerland) |
|
|
664,605 |
11,300 |
|
Novo Nordisk SA (Class B Stock) (Denmark) |
|
|
696,414 |
1,900 |
|
Ono Pharmaceutical Co. Ltd. (Japan) |
|
|
93,305 |
99,900 |
|
Pfizer, Inc. |
|
|
2,596,401 |
9,800 |
|
Pharmaceutical Product Development, Inc. |
|
|
377,104 |
7,100 |
|
Roche Holding AG - Genusshein (Switzerland) |
|
|
1,263,581 |
10,400 |
|
Sanofi-Aventis (France) |
|
|
989,065 |
6,500 |
|
Schering-Plough Corp. |
|
|
132,860 |
2,900 |
|
Sepracor, Inc.* |
|
|
143,260 |
27,000 |
|
Tanabe Seiyaku Co. Ltd. (Japan) |
|
|
354,207 |
25,500 |
|
Teva Pharmaceutical Industries Ltd., ADR (Israel) |
|
|
843,540 |
14,800 |
|
Wyeth |
|
|
717,356 |
|
|
|
|
|
|
|
|
|
|
|
15,803,267 |
|
Railroads 0.2% |
24,800 |
|
Norfolk Southern Corp. |
|
|
1,076,816 |
|
Real Estate 0.2% |
5,000 |
|
Hovnanian Enterprises, Inc. (Class A Stock)* |
|
|
136,950 |
3,100 |
|
Meritage Homes Corp.* |
|
|
120,187 |
14,046 |
|
St. Joe Co. (The) |
|
|
630,665 |
5,700 |
|
Standard Pacific Corp. |
|
|
127,281 |
|
|
|
|
|
|
|
|
|
|
|
1,015,083 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
31 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Real Estate Investment Trust - Other Reit 0.3% |
18,200 |
|
Equity Office Properties Trust |
|
$ |
689,962 |
7,600 |
|
Simon Property Group, Inc. |
|
|
650,028 |
|
|
|
|
|
|
|
|
|
|
|
1,339,990 |
|
Real Estate Investment Trusts 0.8% |
9,900 |
|
Apartment Investment & Management Co. (Class A Stock) |
|
|
476,091 |
1,450 |
|
Ashford Hospitality Trust, Inc. |
|
|
17,038 |
7,445 |
|
CB Richard Ellis Group, Inc.* |
|
|
175,181 |
3,600 |
|
Crescent Real Estate Equities Co. |
|
|
70,272 |
950 |
|
Healthcare Realty Trust, Inc. |
|
|
31,435 |
1,800 |
|
Highland Hospitality Corp. |
|
|
24,030 |
3,300 |
|
Hospitality Properties Trust |
|
|
143,781 |
18,300 |
|
Host Marriot Corp. |
|
|
388,326 |
3,700 |
|
Jones Lang Lasal, Inc. |
|
|
302,290 |
1,300 |
|
Kilroy Realty Corp. |
|
|
96,057 |
6,220 |
|
KKR Financial Corp.* |
|
|
144,055 |
1,600 |
|
Liberty Property Trust |
|
|
74,960 |
2,000 |
|
Mack-Cali Realty Corp. |
|
|
96,620 |
4,075 |
|
MFA Mortgage Investments, Inc. |
|
|
27,955 |
200 |
|
Mills Corp. (The) |
|
|
4,636 |
6,600 |
|
New Century Financial Corp. |
|
|
288,156 |
5,700 |
|
Plum Creek Timber Co., Inc. |
|
|
194,142 |
10,000 |
|
ProLogis |
|
|
553,500 |
1,000 |
|
Public Storage, Inc. |
|
|
80,290 |
3,400 |
|
Realty Income Corp. |
|
|
77,792 |
625 |
|
Redwood Trust, Inc. |
|
|
29,737 |
4,200 |
|
SL Green Realty Corp. |
|
|
480,060 |
|
|
|
|
|
|
|
|
|
|
|
3,776,404 |
|
Retail 0.6% |
24,400 |
|
Autonation, Inc.* |
|
|
480,680 |
87,300 |
|
DSG International PLC (United Kingdom) |
|
|
325,339 |
26,600 |
|
House of Fraser PLC (United Kingdom)* |
|
|
69,813 |
29,300 |
|
Next PLC (United Kingdom) |
|
|
934,833 |
2,900 |
|
Rallye SA (France) |
|
|
138,917 |
2,625 |
|
Triarc Cos., Inc. (Class B Stock) |
|
|
36,724 |
3,000 |
|
UNY Co. Ltd. (Japan) |
|
|
43,098 |
279,800 |
|
Wal-Mart de Mexico SA de CV (Mexico) |
|
|
862,788 |
|
|
|
|
|
|
|
|
|
|
|
2,892,192 |
See Notes to Financial Statements.
|
|
|
32 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Retail & Merchandising 2.3% |
2,100 |
|
Abercrombie & Fitch Co. (Class A Stock) |
|
$ |
111,216 |
900 |
|
Best Buy Co., Inc. |
|
|
40,806 |
16,600 |
|
Big Lots, Inc.* |
|
|
268,256 |
3,500 |
|
Brinker International, Inc. |
|
|
113,400 |
11,540 |
|
Cache, Inc.* |
|
|
207,835 |
498 |
|
CEC Entertainment, Inc.* |
|
|
14,706 |
17,900 |
|
Circuit City Stores, Inc. |
|
|
438,550 |
11,900 |
|
Costco Wholesale Corp. |
|
|
627,844 |
15,600 |
|
Darden Restaurants, Inc. |
|
|
527,280 |
3,300 |
|
Dillards, Inc. (Class A Stock) |
|
|
99,099 |
5,000 |
|
J.C. Penney Co., Inc. |
|
|
314,800 |
4,676 |
|
JOS. A. Bank Clothiers, Inc.* |
|
|
117,742 |
2,200 |
|
Kohls Corp.* |
|
|
124,586 |
52,591 |
|
Lowes Cos., Inc. |
|
|
1,490,955 |
1,700 |
|
Nordstrom, Inc. |
|
|
58,310 |
15,200 |
|
Office Depot, Inc.* |
|
|
547,960 |
700 |
|
Regis Corp. |
|
|
23,576 |
3,100 |
|
School Specialty, Inc.* |
|
|
99,200 |
6,662 |
|
Sonic Corp.* |
|
|
131,108 |
3,400 |
|
Staples, Inc. |
|
|
73,508 |
44,513 |
|
Starbucks Corp.* |
|
|
1,525,015 |
5,800 |
|
Stein Mart, Inc. |
|
|
74,762 |
1,600 |
|
SUPERVALU, Inc. |
|
|
43,376 |
15,475 |
|
Target Corp. |
|
|
710,612 |
35,100 |
|
Wal-Mart Stores, Inc. |
|
|
1,561,950 |
22,558 |
|
Yum! Brands, Inc. |
|
|
1,015,110 |
|
|
|
|
|
|
|
|
|
|
|
10,361,562 |
|
Savings & Loan |
100 |
|
New York Community Bancorp, Inc. |
|
|
1,633 |
|
Semiconductors 0.7% |
2,300 |
|
Altera Corp.* |
|
|
39,813 |
995 |
|
ATMI, Inc.* |
|
|
26,437 |
5,300 |
|
CheckPoint Systems, Inc.* |
|
|
87,450 |
11,200 |
|
Freescale Semiconductor, Inc. (Class B Stock) |
|
|
319,424 |
18,700 |
|
Intel Corp. |
|
|
336,600 |
600 |
|
KLA Tencor Corp. |
|
|
25,314 |
36,700 |
|
Micron Technology, Inc. |
|
|
572,153 |
49,517 |
|
Texas Instruments, Inc. |
|
|
1,474,617 |
7,340 |
|
Volterra Semiconductor Corp. |
|
|
107,017 |
2,700 |
|
Xilinx, Inc. |
|
|
54,783 |
|
|
|
|
|
|
|
|
|
|
|
3,043,608 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
33 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Software 0.6% |
35,900 |
|
BMC Software, Inc.* |
|
$ |
840,778 |
50,100 |
|
CA, Inc. |
|
|
1,050,096 |
13,600 |
|
First Data Corp. |
|
|
555,560 |
200 |
|
MoneyGram International, Inc. |
|
|
6,130 |
10,500 |
|
Omniture, Inc. |
|
|
75,705 |
|
|
|
|
|
|
|
|
|
|
|
2,528,269 |
|
Specialty Retail 0.3% |
24,744 |
|
Home Depot, Inc. |
|
|
858,864 |
23,200 |
|
Limited Brands, Inc. |
|
|
583,712 |
1,500 |
|
MSC Industrial Direct Co., Inc. |
|
|
61,845 |
|
|
|
|
|
|
|
|
|
|
|
1,504,421 |
|
Telecommunications 2.8% |
28,600 |
|
Amdocs Ltd. (Israel)* |
|
|
1,037,608 |
700 |
|
American Tower Corp. (Class A Stock)* |
|
|
23,660 |
66,700 |
|
AT&T, Inc. |
|
|
2,000,333 |
137,800 |
|
BT Group PLC (United Kingdom) |
|
|
611,996 |
3,300 |
|
CenturyTel, Inc. |
|
|
127,281 |
80,100 |
|
Cisco Systems, Inc.* |
|
|
1,429,785 |
18,600 |
|
Corning, Inc.* |
|
|
354,702 |
12,400 |
|
Deutsche Telekom AG (Germany) |
|
|
191,661 |
1,605 |
|
Embarq Corp. |
|
|
72,626 |
28,600 |
|
France Telecom SA (France) |
|
|
599,152 |
5,500 |
|
Juniper Networks, Inc.* |
|
|
73,975 |
111,300 |
|
MobileOne Ltd. (Singapore)* |
|
|
145,218 |
5,800 |
|
Motorola, Inc. |
|
|
132,008 |
37,483 |
|
Netia Holdings SA (Poland) |
|
|
51,004 |
100 |
|
Nippon Telegraph and Telephone Corp. (Japan) |
|
|
522,483 |
342 |
|
NTT Docomo, Inc. (Japan) |
|
|
498,181 |
26,771 |
|
Qualcomm, Inc. |
|
|
943,946 |
29,615 |
|
Sprint Nextel Corp. |
|
|
586,377 |
600 |
|
Swisscom AG (Switzerland) |
|
|
197,960 |
2,400 |
|
Tekelec* |
|
|
24,696 |
76,500 |
|
Telestra Corp. Ltd. (Australia) |
|
|
223,936 |
56,800 |
|
Verizon Communications, Inc. |
|
|
1,920,976 |
39,463 |
|
Vodafone Group PLC (United Kingdom) |
|
|
855,547 |
164,850 |
|
Vodafone Group PLC (United Kingdom) |
|
|
357,981 |
|
|
|
|
|
|
|
|
|
|
|
12,983,092 |
See Notes to Financial Statements.
|
|
|
34 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods 0.2% |
15,800 |
|
Benetton Group SpA (Italy) |
|
$ |
230,489 |
4,000 |
|
Coach, Inc.* |
|
|
114,840 |
16,200 |
|
Jones Apparel Group, Inc. |
|
|
479,520 |
|
|
|
|
|
|
|
|
|
|
|
824,849 |
|
Thrifts & Mortgage Finance 0.9% |
36,300 |
|
Countrywide Financial Corp. |
|
|
1,300,629 |
12,800 |
|
Fannie Mae |
|
|
613,248 |
17,600 |
|
Freddie Mac |
|
|
1,018,336 |
27,900 |
|
Washington Mutual, Inc. |
|
|
1,247,130 |
|
|
|
|
|
|
|
|
|
|
|
4,179,343 |
|
Tobacco 0.1% |
4,100 |
|
Reynolds America, Inc. |
|
|
519,798 |
2,100 |
|
UST, Inc. |
|
|
106,155 |
|
|
|
|
|
|
|
|
|
|
|
625,953 |
|
Transportation 1.5% |
425 |
|
AMERCO* |
|
|
37,485 |
2,160 |
|
American Commercial Lines, Inc.* |
|
|
118,692 |
1,425 |
|
Arlington Tankers Ltd. (Bermuda) |
|
|
31,763 |
24,901 |
|
Burlington North Santa Fe Corp. |
|
|
1,715,928 |
12,200 |
|
CSX Corp. |
|
|
740,296 |
21,547 |
|
FedEx Corp. |
|
|
2,256,186 |
13,700 |
|
FirstGroup PLC (United Kingdom) |
|
|
114,971 |
565 |
|
Genesee & Wyoming, Inc. (Class A Stock)* |
|
|
14,865 |
840 |
|
Landstar System, Inc. |
|
|
35,860 |
82,000 |
|
Neptune Orient Lines Ltd. (Singapore) |
|
|
94,005 |
3,045 |
|
Old Dominion Freight Line* |
|
|
99,206 |
41,030 |
|
Orient Overseas International Ltd. (Bermuda)* |
|
|
162,109 |
13,955 |
|
Union Pacific Corp. |
|
|
1,186,175 |
5,610 |
|
Vitran Corp., Inc. (Canada) |
|
|
115,903 |
|
|
|
|
|
|
|
|
|
|
|
6,723,444 |
|
Utilities 0.9% |
11,900 |
|
Alliance & Leicester PLC (United Kingdom)* |
|
|
232,741 |
10,700 |
|
American Electric Power Co., Inc. |
|
|
386,484 |
17,300 |
|
CMS Energy Corp.* |
|
|
242,373 |
4,300 |
|
Consolidated Edison, Inc. |
|
|
201,541 |
14,900 |
|
Duke Energy Corp. |
|
|
451,768 |
11,000 |
|
Edison International |
|
|
455,180 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
35 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
13,500 |
|
Endesa SA (Spain) |
|
$ |
461,474 |
50,100 |
|
Energias de Portugal SA (Portugal)* |
|
|
198,393 |
5,172 |
|
Headwaters, Inc.* |
|
|
119,680 |
8,300 |
|
Northeast Utilities |
|
|
185,920 |
31,800 |
|
Northumbrian Water Group PLC (United Kingdom) |
|
|
155,041 |
7,100 |
|
PG&E Corp. |
|
|
295,928 |
6,600 |
|
Tohoku Electric Power Co., Inc. (Japan) |
|
|
138,741 |
345 |
|
Union Fenosa SA (Spain) |
|
|
14,125 |
9,360 |
|
Viridian Group PLC (United Kingdom) |
|
|
180,003 |
1,795 |
|
Westar Energy, Inc. |
|
|
41,464 |
2,600 |
|
Wisconsin Energy Corp. |
|
|
109,720 |
10,500 |
|
Xcel Energy, Inc.* |
|
|
210,420 |
|
|
|
|
|
|
|
|
|
|
|
4,080,996 |
|
|
|
|
|
|
|
|
Total common stocks (cost $273,978,573) |
|
|
305,640,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
|
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES 0.1% |
Aaa |
|
$ |
500 |
|
Bear Stearns Commercial Mortgage Securities, Series 2006-BBA7, Class A1, 144A 5.48%, 03/15/19 |
|
499,993 |
Aaa |
|
|
126 |
|
Brazos Student Loan Finance Corp., Series 1998-A, Class A2 6.07%, 06/01/23(a) |
|
126,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total asset-backed securities (cost $623,434) |
|
626,650 |
|
|
|
|
|
|
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS 1.0% |
Aaa |
|
|
200 |
|
BankTrust Mortgage Trust, Series 1, Class G 5.70%, 12/01/23 |
|
198,806 |
Aaa |
|
|
341 |
|
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-4, Class 23A2 5.409%, 05/25/35(a) |
|
338,323 |
Aaa |
|
|
66 |
|
Federal Home Loan Mortgage Corp., Series 119, Class H 7.50%, 01/15/21 |
|
65,861 |
Aaa |
|
|
8 |
|
Series 2266, Class F 5.82%, 11/15/30(a) |
|
7,771 |
See Notes to Financial Statements.
|
|
|
36 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
Aaa |
|
$ |
750 |
|
Federal National Mortgage Assoc., Series 1998-73, Class MZ 6.30%, 10/17/38 |
|
$ |
770,715 |
Aaa |
|
|
16 |
|
Series 2000-32, Class FM 5.819%, 10/18/30(a) |
|
|
16,497 |
Aaa |
|
|
18 |
|
Series 2005-73, Class A1A 5.425%, 07/25/35(a) |
|
|
18,146 |
Aaa |
|
|
1,200 |
|
Series 2006-5, Class 3A2 4.685%, 05/25/35(a) |
|
|
1,170,174 |
Aaa |
|
|
46 |
|
Government National Mortgage Assoc., Series 2009, Class FH 5.87%, 02/16/30(a) |
|
|
46,079 |
Aaa |
|
|
522 |
|
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1 4.54%, 12/25/34(a) |
|
|
511,040 |
Aaa |
|
|
400 |
|
Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A2 5.429%, 08/25/36(a) |
|
|
400,000 |
|
|
|
|
|
|
|
|
|
Aaa |
|
|
1,212 |
|
Washington Mutual, Inc., Series 2003-R1, Class A1 5.655%, 12/25/27(a) |
|
|
1,211,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total collateralized mortgage obligations (cost $4,758,855) |
|
|
4,754,668 |
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 5.8% |
|
Aerospace 0.1% |
B3 |
|
|
125 |
|
BE Aerospace, Inc., Sr. Sub. Notes 8.875%, 05/01/11 |
|
|
130,312 |
Caa1 |
|
|
125 |
|
K&F Acquisition, Inc., Gtd. Notes PIK 7.75%, 11/15/14 |
|
|
122,813 |
B1 |
|
|
125 |
|
Sequa Corp., Sr. Notes 8.875%, 04/01/08 |
|
|
130,156 |
Caa1 |
|
|
40 |
|
Standard Aero Holdings, Inc., Gtd. Notes 8.25%, 09/01/14 |
|
|
38,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
421,781 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
37 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
Agriculture |
Ba2 |
|
$ |
100 |
|
Smithfield Foods, Inc., Sr. Notes 8.00%, 10/15/09 |
|
$ |
102,000 |
|
Airlines |
Ba2 |
|
|
35 |
|
Continental Airlines, Inc., Pass Thru Certificates, Series 981B
6.748%, 03/15/17 |
|
|
32,921 |
B3 |
|
|
19 |
|
Series 1996-C 9.50%, 10/15/13 |
|
|
14,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,057 |
|
Automotive |
Caa1 |
|
|
63 |
|
General Motors, Debs. 8.375%, 07/15/33 |
|
|
51,660 |
B3 |
|
|
62 |
|
Visteon Corp., Sr. Notes 8.25%, 08/01/10 |
|
|
57,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
108,700 |
|
Automotive - OEM 0.1% |
Ba3 |
|
|
125 |
|
Ford Motor Credit Corp., Sr. Notes 7.25%, 10/25/11 |
|
|
113,528 |
|
|
|
|
|
|
|
|
|
Ba1 |
|
|
63 |
|
General Motors Acceptance Corp., Bonds 8.00%, 11/01/31 |
|
|
61,784 |
Ba1 |
|
|
125 |
|
Notes 6.75%, 12/01/14 |
|
|
117,665 |
Ba1 |
|
|
125 |
|
6.875%, 09/15/11 |
|
|
121,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
414,013 |
|
Automotive Parts 0.1% |
Caa2 |
|
|
63 |
|
Affinia Group, Inc., Gtd. Notes 9.00%, 11/30/14 |
|
|
57,330 |
B3 |
|
|
125 |
|
Goodyear Tire & Rubber Co., Notes 7.857%, 08/15/11 |
|
|
115,625 |
B3 |
|
|
50 |
|
Tenneco Automotive, Inc., Gtd. Notes 8.625%, 11/15/14 |
|
|
49,625 |
Ba3 |
|
|
59 |
|
TRW Automotive, Inc., Sr. Notes 9.375%, 02/15/13 |
|
|
62,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
285,267 |
See Notes to Financial Statements.
|
|
|
38 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Broadcasting |
B3 |
|
$ |
62 |
|
CMP Susquehanna Corp., Sr. Sub. Notes, 144A 9.875%, 05/15/14 |
|
$ |
57,660 |
|
Building Materials |
B3 |
|
|
63 |
|
Ply Gem Industries, Inc., Sr. Sub. Notes 9.00%, 02/15/12 |
|
|
55,125 |
|
Building Materials & Construction |
Ba1 |
|
|
25 |
|
K Hovnanian Enterprises, Inc., Gtd. Notes 6.25%, 01/15/15 |
|
|
21,625 |
Ba1 |
|
|
63 |
|
7.50%, 05/15/16 |
|
|
57,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78,813 |
|
Building Materials - Fixtures & Fittings 0.1% |
B2 |
|
|
90 |
|
Goodman Global Holding Co., Inc., Sr. Notes 8.329%, 06/15/12(a) |
|
|
90,225 |
B3 |
|
|
188 |
|
Sr. Sub. Notes 7.875%, 12/15/12 |
|
|
174,370 |
Caa1 |
|
EUR |
125 |
|
Grohe Holding GmbH, Gtd. Notes (Germany) 8.625%, 10/01/14 |
|
|
153,288 |
Caa1 |
|
|
125 |
|
Nortek, Inc., Sr. Sub. Notes 8.50%, 09/01/14 |
|
|
116,875 |
Caa1 |
|
|
63 |
|
Panolam Industries International, Inc., Sr. Sub. Notes, 144A 10.75%, 10/01/13 |
|
|
61,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
595,868 |
|
Capital Goods - Others |
B3 |
|
|
41 |
|
Mueller Group, Inc., Sr. Sub. Notes 10.00%, 05/01/12 |
|
|
44,280 |
|
Chemicals 0.5% |
Caa2 |
|
|
125 |
|
Crystal US Holdings, Sr. Disc. Notes, Zero Coupon (until 10/01/09) 10.50%, 10/01/14(f) |
|
|
97,500 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
39 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B1 |
|
$ |
150 |
|
Equistar Chemicals LP, Gtd. Notes 10.125%, 09/01/08 |
|
$ |
157,875 |
Ba1 |
|
|
200 |
|
Hercules, Inc., Debs. 6.60%, 08/01/27 |
|
|
199,000 |
B3 |
|
|
75 |
|
Hexion US Finance Corp., Sec`d. Notes 9.00%, 07/15/14 |
|
|
76,688 |
B2 |
|
|
125 |
|
Huntsman International LLC, Gtd. Notes 9.875%, 03/01/09 |
|
|
130,156 |
B3 |
|
|
15 |
|
10.125%, 07/01/09 |
|
|
15,225 |
Ba3 |
|
|
50 |
|
IMC Global, Inc., Gtd. Notes 10.875%, 06/01/08 |
|
|
53,250 |
Ba3 |
|
|
50 |
|
11.25%, 06/01/11 |
|
|
52,938 |
Ba3 |
|
|
175 |
|
Sr. Notes 10.875%, 08/01/13 |
|
|
193,375 |
B2 |
|
EUR |
63 |
|
Ineos Group Holdings PLC (United Kingdom), Bonds 7.875%, 02/15/16 |
|
|
75,245 |
B2 |
|
|
125 |
|
Notes, 144A 8.50%, 02/15/16 |
|
|
117,187 |
Ba3 |
|
|
63 |
|
Invista, Notes, 144A 9.25%, 05/01/12 |
|
|
65,205 |
B3 |
|
|
125 |
|
KRATON Polymers LLC, Gtd. Notes 8.125%, 01/15/14 |
|
|
121,250 |
Ba3 |
|
|
71 |
|
Lyondell Chemical Co., Gtd. Notes 9.50%, 12/15/08 |
|
|
72,953 |
B2 |
|
|
125 |
|
Nell AF SARL, Gtd. Notes, 144A (Luxembourg) 8.375%, 08/15/15 |
|
|
121,406 |
B3 |
|
|
75 |
|
PQ Corp., Gtd. Notes (France) 7.50%, 02/15/13 |
|
|
72,000 |
B3 |
|
|
130 |
|
Rhodia SA (France), Sr. Notes 10.25%, 06/01/10 |
|
|
140,725 |
Caa1 |
|
|
74 |
|
Sr. Sub. Notes 8.875%, 06/01/11 |
|
|
75,295 |
B3 |
|
EUR |
125 |
|
Rockwood Specialties Group, Gtd. Notes 7.625%, 11/15/14 |
|
|
162,469 |
See Notes to Financial Statements.
|
|
|
40 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B3 |
|
|
$ 90 |
|
Sr. Sub. Notes 10.625%, 05/15/11 |
|
$ |
96,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,096,492 |
|
Commercial Services |
Caa2 |
|
|
40 |
|
Great Lakes Dredge & Dock Corp., Sr. Sub. Notes 7.75%, 12/15/13 |
|
|
37,200 |
B3 |
|
|
75 |
|
Iron Mountain, Inc., Gtd. Notes 8.625%, 04/01/13 |
|
|
76,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113,700 |
|
Conglomerates 0.1% |
B2 |
|
|
100 |
|
Blount, Inc., Sr. Sub. Notes 8.875%, 08/01/12 |
|
|
101,000 |
Ba2 |
|
|
63 |
|
Bombardier, Inc., Unsecd. Notes, 144A (Canada) 6.75%, 05/01/12 |
|
|
58,275 |
B2 |
|
|
26 |
|
Invensys PLC, Sr. Notes, 144A (United Kingdom) 9.875%, 03/15/11 |
|
|
27,950 |
B2 |
|
|
127 |
|
Manitowoc Co., Gtd. Notes 10.50%, 08/01/12 |
|
|
137,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
324,385 |
|
Consumer Products 0.1% |
Caa2 |
|
|
125 |
|
Jostens Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08), 144A 10.25%, 12/01/13(f) |
|
|
98,750 |
Caa1 |
|
|
63 |
|
Solo Cup Co., Sr. Sub. Notes 8.50%, 02/15/14 |
|
|
54,495 |
Caa2 |
|
|
125 |
|
Visant Holding Corp., Sr. Notes, 144A 8.75%, 12/01/13 |
|
|
119,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
272,932 |
|
Consumer Products & Services 0.1% |
A3 |
|
|
500 |
|
Clorox Co., Sr. Notes 5.444%, 12/14/07(a) |
|
|
500,677 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
41 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Consumer Products - Household & Leisure |
B3 |
|
$ |
62 |
|
Affinion Group, Inc., Gtd. Notes, 144A 10.125%, 10/15/13 |
|
$ |
63,550 |
Caa2 |
|
|
125 |
|
Spectrum Brands, Inc., Co. Gtd. Notes 7.375%, 02/01/15 |
|
|
94,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157,613 |
|
Consumer Products - Industrial |
Caa1 |
|
|
100 |
|
Johnson Diversey Holdings, Inc., Disc. Notes, Zero Coupon (until 05/15/07) 10.67%, 05/15/13(f) |
|
|
85,000 |
Caa1 |
|
|
55 |
|
Johnson Diversey, Inc., Gtd. Notes 9.625%, 05/15/12 |
|
|
54,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,450 |
|
Consumer Products - Non Durable 0.1% |
Ba3 |
|
|
125 |
|
Church & Dwight Co. Inc., Gtd. Notes 6.00%, 12/15/12 |
|
|
116,719 |
Caa1 |
|
|
125 |
|
Playtex Products, Inc., Gtd. Notes 9.375%, 06/01/11 |
|
|
130,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
247,187 |
|
Defense 0.1% |
B2 |
|
|
63 |
|
Alliant Techsystems, Inc., Gtd. Notes 6.75%, 04/01/16 |
|
|
61,110 |
B3 |
|
|
63 |
|
DRS Technologies, Inc., Gtd. Notes 7.625%, 02/01/18 |
|
|
62,843 |
Ba3 |
|
|
125 |
|
L-3 Communications Corp., Sr. Sub. Notes 6.375%, 10/15/15 |
|
|
120,000 |
Ba3 |
|
|
125 |
|
Gtd. Notes 7.625%, 06/15/12 |
|
|
126,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
370,515 |
|
Diversified Financial Services 0.2% |
Aaa |
|
JPY |
36,000 |
|
General Electric Capital Corp., Sr. Unsub. Notes (Japan), 1.40% 11/02/06 |
|
|
314,815 |
Caa1 |
|
EUR |
313 |
|
Ray Acquisition SCA, Secd. Notes (France) 9.375%, 03/15/15 |
|
|
430,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
745,128 |
See Notes to Financial Statements.
|
|
|
42 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Energy |
B1 |
|
$ |
62 |
|
Massey Energy Co., Gtd. Notes 6.875%, 12/15/13 |
|
$ |
57,195 |
|
Energy - Coal |
Ba3 |
|
|
50 |
|
Arch Western Finance LLC, Secd. Notes 6.75%, 07/01/13 |
|
|
47,625 |
|
Energy - Exploration & Production 0.1% |
Ba2 |
|
|
175 |
|
Chesapeake Energy Corp., Sr. Notes 6.375%, 06/15/15 |
|
|
164,500 |
Ba2 |
|
|
125 |
|
6.875%, 01/15/16 |
|
|
120,625 |
B3 |
|
|
125 |
|
El Paso Production Holding Co., Gtd. Notes 7.75%, 06/01/13 |
|
|
127,031 |
B2 |
|
|
63 |
|
Encore Acquisition Co., Sr. Sub. Notes 6.00%, 07/15/15 |
|
|
57,645 |
B2 |
|
|
50 |
|
6.25%, 04/15/14 |
|
|
46,375 |
Ba3 |
|
|
40 |
|
Forest Oil Corp., Sr. Notes 8.00%, 12/15/11 |
|
|
41,100 |
Ba3 |
|
|
7 |
|
Magnum Hunter Resources, Inc., Gtd. Notes 9.60%, 03/15/12 |
|
|
7,411 |
A3 |
|
|
75 |
|
Vintage Petroleum, Inc., Sr. Notes 8.25%, 05/01/12 |
|
|
79,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
644,027 |
|
Energy - Refining |
Baa3 |
|
|
110 |
|
Premcor Refining Group, Inc., Gtd. Notes 6.75%, 05/01/14 |
|
|
112,460 |
|
Energy - Services |
B3 |
|
|
75 |
|
Hanover Compressor Co., Gtd. Notes 8.625%, 12/15/10 |
|
|
77,438 |
B2 |
|
|
50 |
|
Hanover Equipment Trust, Sec`d. Notes 8.75%, 09/01/11 |
|
|
52,125 |
Ba2 |
|
|
25 |
|
Pride International, Inc., Sr. Notes 7.375%, 07/15/14 |
|
|
25,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
154,813 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
43 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Entertainment & Leisure 0.1% |
B2 |
|
$ |
75 |
|
AMC Entertainment, Inc., Gtd. Notes 8.625%, 08/15/12 |
|
$ |
76,594 |
B1 |
|
|
75 |
|
Intrawest Corp., Sr. Notes (Canada) 7.50%, 10/15/13 |
|
|
74,719 |
Caa2 |
|
|
25 |
|
Six Flags, Inc., Sr. Notes 9.625%, 06/01/14 |
|
|
22,687 |
B3 |
|
|
75 |
|
Universal City Florida Holding Co., Sr. Notes 8.375%, 05/01/10 |
|
|
75,750 |
B2 |
|
|
125 |
|
Warner Music Group, Sr. Sub. Notes 7.375%, 04/15/14 |
|
|
120,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
370,375 |
|
Environmental 0.1% |
B3 |
|
|
63 |
|
Alliance One International, Inc., Gtd. Notes 11.00%, 05/15/12 |
|
|
61,268 |
B2 |
|
|
55 |
|
Allied Waste North America, Inc., Sec`d. Notes, Series B 6.50%, 11/15/10 |
|
|
53,694 |
B2 |
|
|
50 |
|
Sr. Notes 7.875%, 04/15/13 |
|
|
50,500 |
B2 |
|
|
165 |
|
Sr. Notes, Series B 8.50%, 12/01/08 |
|
|
171,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
336,649 |
|
Environmental Services |
B2 |
|
|
63 |
|
WCA Waste Corp., Sr. Notes, 144A 9.25%, 06/15/14 |
|
|
64,103 |
|
Finance |
Ba2 |
|
|
63 |
|
E*trade Financial Corp., Sr. Notes 7.375%, 09/15/13 |
|
|
63,158 |
|
Financial Services |
B2 |
|
|
63 |
|
Ford Motor Co., Notes 7.45%, 07/16/31 |
|
|
46,305 |
See Notes to Financial Statements.
|
|
|
44 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Food 0.1% |
B3 |
|
$ |
17 |
|
Agrilink Foods, Inc., Gtd. Notes, 144A 11.875%, 11/01/08 |
|
$ |
17,319 |
B3 |
|
|
38 |
|
Dole Foods Co., Inc., Sr. Notes 8.625%, 05/01/09 |
|
|
36,290 |
B3 |
|
|
55 |
|
8.875%, 03/15/11 |
|
|
51,425 |
B3 |
|
|
62 |
|
Pinnacle Foods Holding Co., Sr. Sub. Notes 8.25%, 12/01/13 |
|
|
60,760 |
B3 |
|
|
EUR 125 |
|
United Biscuits Finance PLC, Gtd. Notes (United Kingdom) 10.625%, 04/15/11 |
|
|
168,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
334,251 |
|
Gaming 0.7% |
B1 |
|
|
205 |
|
Boyd Gaming Corp., Sr. Sub. Notes 8.75%, 04/15/12 |
|
|
214,225 |
B2 |
|
EUR |
63 |
|
Codere Finance SA, Sr. Notes (Luxembourg) 8.25%, 06/15/15 |
|
|
83,595 |
B2 |
|
|
75 |
|
Isle of Capri Casinos, Inc., Sr. Sub. Notes 7.00%, 03/01/14 |
|
|
71,625 |
B2 |
|
|
125 |
|
Kerzner International Ltd., Sr. Sub Notes 6.75%, 10/01/15 |
|
|
131,563 |
Ba2 |
|
|
290 |
|
MGM Mirage, Inc., Gtd. Notes 6.00%, 10/01/09 |
|
|
282,025 |
Ba2 |
|
|
250 |
|
6.625%, 07/15/15 |
|
|
235,937 |
Ba3 |
|
|
645 |
|
9.75%, 06/01/07 |
|
|
661,931 |
Ba3 |
|
|
110 |
|
Mohegan Tribal Gaming Authority, Sr. Sub. Notes 8.00%, 04/01/12 |
|
|
112,200 |
Ba1 |
|
|
125 |
|
Park Place Entertainment Corp., Sr. Sub. Notes 7.875%, 03/15/10 |
|
|
129,375 |
Ba1 |
|
|
60 |
|
8.125%, 05/15/11 |
|
|
63,000 |
Ba1 |
|
|
530 |
|
9.375%, 02/15/07 |
|
|
537,287 |
B1 |
|
|
25 |
|
Penn National Gaming, Inc., Sr. Sub. Notes 6.75%, 03/01/15 |
|
|
23,500 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
45 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B1 |
|
$ |
63 |
|
Seneca Gaming Corp., Sr. Unsec`d. Notes 7.25%, 05/01/12 |
|
$ |
61,425 |
B1 |
|
|
250 |
|
Station Casinos, Inc., Sr. Sub. Notes 6.875%, 03/01/16 |
|
|
230,000 |
B2 |
|
|
132 |
|
Wynn Las Vegas LLC, First Mortgage 6.625%, 12/01/14 |
|
|
124,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,962,098 |
|
Healthcare |
Caa1 |
|
|
125 |
|
Warner Chilcott Corp., Gtd. Notes 8.75%, 02/01/15 |
|
|
124,063 |
|
Healthcare - Medical Products |
Caa1 |
|
|
125 |
|
VWR International, Inc., Sr. Sub. Notes 8.00%, 04/15/14 |
|
|
122,813 |
|
Healthcare - Pharma 0.1% |
B2 |
|
|
125 |
|
Biovail Corp., Sr. Sub. Notes (Canada) 7.875%, 04/01/10 |
|
|
126,875 |
B3 |
|
|
25 |
|
Elan Finance Corp. PLC, Gtd. Notes (Ireland) 7.75%, 11/15/11 |
|
|
24,000 |
Ba1 |
|
|
63 |
|
Mylan Laboratories, Inc., Sr. Notes 6.375%, 08/15/15 |
|
|
60,795 |
NR |
|
EUR |
67 |
|
Nycomed A/S, Sr. Notes, (Denmark) PIK 11.75%, 09/15/13 |
|
|
90,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
302,412 |
|
Healthcare Services 0.2% |
Caa1 |
|
|
125 |
|
Accellant, Inc., Gtd. Notes 10.50%, 12/01/13 |
|
|
128,750 |
B3 |
|
|
25 |
|
Alliance Imaging, Inc., Sr. Sub. Notes 7.25%, 12/15/12 |
|
|
22,750 |
B3 |
|
|
100 |
|
Concentra Operating Corp., Gtd. Notes 9.125%, 06/01/12 |
|
|
103,750 |
Ba1 |
|
|
50 |
|
Coventry Health Care, Inc., Sr. Notes 8.125%, 02/15/12 |
|
|
52,125 |
Ba2 |
|
|
50 |
|
HCA, Inc., Debs. 7.50%, 12/15/23 |
|
|
39,007 |
See Notes to Financial Statements.
|
|
|
46 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Ba2 |
|
$ |
50 |
|
8.36%, 04/15/24 |
|
$ |
40,680 |
Ba2 |
|
|
55 |
|
Notes, MTN 9.00%, 12/15/14 |
|
|
51,364 |
Ba2 |
|
|
125 |
|
Sr. Unsecd. Notes 6.375%, 01/15/15 |
|
|
100,312 |
B3 |
|
|
50 |
|
Select Medical Corp., Gtd. Notes 7.625%, 02/01/15 |
|
|
42,500 |
Ba2 |
|
|
80 |
|
Senior Housing Properties Trust, Sr. Notes 8.625%, 01/15/12 |
|
|
84,000 |
B3 |
|
|
40 |
|
Tenet Healthcare Corp., Sr. Notes 6.50%, 06/01/12 |
|
|
33,800 |
B3 |
|
|
75 |
|
9.25%, 02/01/15 144A
|
|
|
69,188 |
Caa1 |
|
|
75 |
|
Vanguard Health Holdings Co. II LLC, Sr. Sub. Notes 9.00%, 10/01/14 |
|
|
72,562 |
Ba2 |
|
|
120 |
|
Ventas Realty LP, Gtd. Notes 9.00%, 05/01/12 |
|
|
131,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
971,888 |
|
Home Construction 0.1% |
Baa3 |
|
|
115 |
|
D.R. Horton, Inc., Sr. Notes 7.875%, 08/15/11 |
|
|
121,141 |
Ba2 |
|
|
95 |
|
KB Home, Sr. Sub. Notes 8.625%, 12/15/08 |
|
|
98,459 |
Ba2 |
|
|
125 |
|
Meritage Homes Corp., Gtd. Notes 6.25%, 03/15/15 |
|
|
102,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
322,412 |
|
Lodging 0.2% |
Ba2 |
|
|
185 |
|
Host Marriott LP, Gtd. Notes 9.50%, 01/15/07 |
|
|
187,544 |
Ba2 |
|
|
75 |
|
Sr. Notes 7.00%, 08/15/12 |
|
|
75,000 |
Ba2 |
|
|
45 |
|
7.125%, 11/01/13 |
|
|
45,056 |
Ba1 |
|
|
200 |
|
ITT Corp., Debs. 7.375%, 11/15/15 |
|
|
205,500 |
Ba1 |
|
|
125 |
|
Royal Caribbean Cruises, Ltd., Sr. Notes 8.00%, 05/15/10 |
|
|
131,364 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
47 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Ba1 |
|
$ |
70 |
|
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes 7.875%, 05/01/12 |
|
$ |
73,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
718,314 |
|
Machinery |
B2 |
|
|
80 |
|
Terex Corp., Gtd. Notes 10.375%, 04/01/11 |
|
|
84,150 |
|
Media |
Ba2 |
|
|
48 |
|
DirecTV Holdings LLC, Sr. Notes 8.375%, 03/15/13 |
|
|
50,280 |
Ba3 |
|
|
125 |
|
Echostar DBS Corp., Gtd. Notes 6.625%, 10/01/14 |
|
|
120,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170,905 |
|
Media - Broadcasting & Radio |
B2 |
|
|
125 |
|
Emmis Operating Co., Sr. Sub. Notes 6.875%, 05/15/12 |
|
|
122,656 |
B1 |
|
|
63 |
|
Lin Television Corp., Gtd. Notes 6.50%, 05/15/13 |
|
|
57,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
180,065 |
|
Media - Cable 0.1% |
NR |
|
|
50 |
|
Callahan Nordrhein-Westfalen GmbH, Sr. Disc. Notes, 144A (Germany)(c)(d) 16.00%, 07/15/10 |
|
|
1 |
Ca |
|
|
129 |
|
Charter Communications Holdings I LLC, Gtd. Notes 11.75%, 05/15/14 |
|
|
87,075 |
Caa1 |
|
|
125 |
|
Charter Communications Holdings II LLC, Sr. Notes 10.25%, 09/15/10 |
|
|
126,250 |
B2 |
|
|
75 |
|
CSC Holdings, Inc., Sr. Notes 7.25%, 07/15/08 |
|
|
75,468 |
B2 |
|
|
75 |
|
7.25%, 04/15/12(c) 144A |
|
|
72,469 |
B2 |
|
|
20 |
|
7.875%, 12/15/07 |
|
|
20,325 |
B2 |
|
|
65 |
|
Kabel Deutschland GmbH, Gtd. Notes, 144A (Germany) 10.625%, 07/01/14 |
|
|
68,900 |
See Notes to Financial Statements.
|
|
|
48 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B3 |
|
EUR |
62 |
|
Ono Finance PLC, Sr. Notes (United Kingdom) 8.00%, 05/16/14 |
|
$ |
72,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
523,351 |
|
Media - Non Cable |
B2 |
|
|
63 |
|
Quebecor Media, Inc., Sr. Notes (Canada) 7.75%, 03/15/16 |
|
|
61,898 |
|
Metals 0.1% |
B1 |
|
|
60 |
|
AK Steel Corp., Gtd. Notes 7.75%, 06/15/12 |
|
|
59,100 |
B1 |
|
|
100 |
|
7.875%, 02/15/09 |
|
|
99,500 |
Baa3 |
|
|
110 |
|
Ispat Inland ULC, Sec`d. Notes (Canada) 9.75%, 04/01/14 |
|
|
122,100 |
B2 |
|
EUR |
63 |
|
Kloeckner Investment SCA, Sr. Notes (Luxembourg) 10.50%, 05/15/15 |
|
|
92,950 |
B1 |
|
|
125 |
|
Novelis, Inc., Sr. Notes, 144A (Canada) 7.25%, 02/15/15 |
|
|
120,938 |
Ba1 |
|
|
125 |
|
United States Steel Corp., LLC, Sr. Notes 10.75%, 08/01/08 |
|
|
135,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
629,588 |
|
Mining |
Caa1 |
|
|
54 |
|
OM Group, Inc., Gtd. Notes 9.25%, 12/15/11 |
|
|
55,890 |
|
Oil, Gas & Consumable Fuels 0.1% |
Baa1 |
|
|
250 |
|
Pemex Project Funding Master Trust, Gtd. Notes 9.75%, 03/30/18 |
|
|
298,750 |
|
Packaging 0.1% |
B1 |
|
|
125 |
|
Crown Americas, Inc., Sr. Notes, 144A 7.75%, 11/15/15 |
|
|
123,281 |
Caa1 |
|
|
63 |
|
Graham Packaging Co., Gtd. Notes 8.50%, 10/15/12 |
|
|
61,110 |
Caa2 |
|
|
175 |
|
Sub. Notes 9.875%, 10/15/14 |
|
|
170,188 |
B-(b) |
|
|
125 |
|
Graphic Packaging International Corp., Sr. Sub. Notes 9.50%, 08/15/13 |
|
|
125,000 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
49 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B1 |
|
$ |
125 |
|
Owens Brockway Glass Container, Inc., Sec`d. Notes 8.75%, 11/15/12 |
|
$ |
131,875 |
B2 |
|
|
62 |
|
Plastipak Holdings, Inc., Sr. Notes, 144A 8.50%, 12/15/15 |
|
|
61,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
672,834 |
|
Paper 0.2% |
B1 |
|
|
150 |
|
Abitibi-Consolidated, Inc., Notes (Canada) 5.25%, 06/20/08 |
|
|
141,750 |
|
|
|
|
|
Ainsworth Lumber Co. Ltd., |
|
|
|
B2 |
|
|
63 |
|
Gtd. Notes 7.25%, 10/01/12 |
|
|
49,455 |
B2 |
|
|
25 |
|
Sr. Notes 6.75%, 03/15/14 |
|
|
18,375 |
B2 |
|
|
100 |
|
Cellu Tissue Holdings, Inc., Secd. Notes 9.75%, 03/15/10 |
|
|
97,500 |
B2 |
|
|
125 |
|
Georgia-Pacific Corp., Notes 8.125%, 05/15/11 |
|
|
124,687 |
B2 |
|
|
80 |
|
8.875%, 05/15/31 |
|
|
79,700 |
B2 |
|
|
125 |
|
Jefferson Smurfit Corp., Gtd. Notes 7.50%, 06/01/13 |
|
|
113,125 |
B2 |
|
|
25 |
|
8.25%, 10/01/12 |
|
|
23,625 |
Caa2 |
|
EUR |
67 |
|
JSG Holding PLC., Sr. Notes (Ireland) PIK 11.50%, 10/01/15 |
|
|
86,592 |
B3 |
|
|
125 |
|
MDP Acquisitions PLC, Sr. Notes (Ireland) 9.625%, 10/01/12 |
|
|
129,375 |
Caa1 |
|
|
25 |
|
Mercer International, Inc., Sr. Notes 9.25%, 02/15/13 |
|
|
22,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
886,497 |
|
Printing |
Caa2 |
|
|
70 |
|
Vertis, Inc., Gtd. Notes, Series B 10.875%, 06/15/09 |
|
|
69,388 |
|
Publishing 0.2% |
B1 |
|
|
109 |
|
Dex Media East LLC, Gtd. Notes 12.125%, 11/15/12 |
|
|
121,808 |
See Notes to Financial Statements.
|
|
|
50 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B2 |
|
$ |
147 |
|
Dex Media West LLC, Sr. Sub. Notes 9.875%, 08/15/13 |
|
$ |
158,392 |
Caa1 |
|
|
125 |
|
Houghton Mifflin Co., Sr. Sub. Notes 9.875%, 02/01/13 |
|
|
129,531 |
B2 |
|
EUR |
125 |
|
Lighthouse International Co. SA, Gtd. Notes (Luxembourg) 8.00%, 04/30/14 |
|
|
170,653 |
B2 |
|
|
100 |
|
Medianews Group, Inc., Sr. Sub. Notes 6.875%, 10/01/13 |
|
|
91,625 |
Caa1 |
|
EUR |
125 |
|
WDAC Subsidiary Corp., Sr. Notes 8.50%, 12/01/14 |
|
|
158,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
830,087 |
|
|
Real Estate Investment Trust - Office Industrial |
|
|
|
|
|
|
|
|
Crescent Real Estate Equities LP, Sr. Notes |
|
|
|
B1 |
|
|
63 |
|
9.25%, 04/15/09 |
|
|
65,205 |
|
|
|
Restaurants |
|
|
|
|
|
B2 |
|
|
125 |
|
Landrys Restaurants, Inc., Gtd. Notes 7.50%, 12/15/14 |
|
|
115,938 |
|
|
|
Retailers |
|
|
|
|
|
B2 |
|
|
62 |
|
Neiman Marcus Group, Inc., Gtd. Notes 9.00%, 10/15/15 |
|
|
65,333 |
|
|
Retailers - Food & Drug |
|
|
|
Ba1 |
|
|
25 |
|
Ahold Finance USA, Inc., Notes 8.25%, 07/15/10 |
|
|
26,125 |
Caa2 |
|
|
90 |
|
Jean Coutu Group PLC, Inc., Sr. Sub. Notes (Canada) 8.50%, 08/01/14 |
|
|
84,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,163 |
|
|
Services Cyclical - Rental Equipment 0.1% |
|
|
|
B1 |
|
|
250 |
|
Hertz Corp., Sr. Notes, 144A 8.875%, 01/01/14 |
|
|
260,625 |
B3 |
|
|
63 |
|
Sr. Sub. Notes, 144A 10.50%, 01/01/16 |
|
|
68,512 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
51 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B3 |
|
$ |
25 |
|
United Rentals NA, Inc., Gtd. Notes 6.50%, 02/15/12 |
|
$ |
23,625 |
Caa1 |
|
|
50 |
|
Sr. Sub. Notes 7.75%, 11/15/13 |
|
|
47,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400,387 |
|
|
Technology 0.1% |
|
|
|
|
|
|
|
|
Sungard Data Systems, Inc., Gtd. Notes |
|
|
|
B3 |
|
|
125 |
|
9.125%, 08/15/13 |
|
|
127,656 |
Caa1 |
|
|
125 |
|
10.25%, 08/15/15 |
|
|
126,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,375 |
|
|
Technology - Hardware 0.1% |
|
|
|
B3 |
|
|
63 |
|
Avago Technologies Financial, Sr. Notes, 144A 10.125%, 12/01/13 |
|
|
66,150 |
Ba2 |
|
|
75 |
|
Flextronics International Ltd., Sr. Sub. Notes (Singapore) 6.25%, 11/15/14 |
|
|
71,625 |
B3 |
|
|
40 |
|
Nortel Networks Corp., Gtd. Notes (Canada) 4.25%, 09/01/08 |
|
|
37,500 |
Ba2 |
|
|
100 |
|
Xerox Corp., Sr. Notes 7.625%, 06/15/13 |
|
|
101,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
276,275 |
|
|
Technology - Software/Services 0.1% |
|
|
|
B3 |
|
|
250 |
|
UGS Corp., Gtd. Notes 10.00%, 06/01/12 |
|
|
269,062 |
|
|
Telecommunications 0.3% |
|
|
|
A2 |
|
|
86 |
|
AT&T Corp., Sr. Notes 7.30%, 11/15/11 |
|
|
92,042 |
B3 |
|
|
50 |
|
Cincinnati Bell, Inc., Sr. Sub. Notes 8.375%, 01/15/14 |
|
|
49,000 |
Ba3 |
|
|
125 |
|
Citizens Communications Co., Notes 9.25%, 05/15/11 |
|
|
135,625 |
Ba3 |
|
|
85 |
|
Sr. Notes 6.25%, 01/15/13 |
|
|
80,962 |
See Notes to Financial Statements.
|
|
|
52 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B2 |
|
$ |
55 |
|
Eircom Funding, Gtd. Notes (Ireland) 8.25%, 08/15/13 |
|
$ |
59,400 |
Baa3 |
|
|
500 |
|
Embarq Corp., Notes 7.995%, 06/01/36 |
|
|
512,902 |
B2 |
|
|
63 |
|
Intelsat Bermuda Ltd., Gtd. Notes, 144A 9.25%, 06/15/16 |
|
|
64,418 |
B2 |
|
EUR |
125 |
|
Nordic Telephone Co. Holdings, Sr. Notes, 144A (Denmark) 8.25%, 05/01/16 |
|
|
166,262 |
B3 |
|
|
125 |
|
Qwest Capital Funding, Inc., Gtd. Notes 7.00%, 08/03/09 |
|
|
124,062 |
Ba3 |
|
|
125 |
|
Qwest Corp., Sr. Notes 7.875%, 09/01/11 |
|
|
129,375 |
Ba3 |
|
|
63 |
|
Windstream Corp., Sr. Notes, 144A 8.625%, 08/01/16 |
|
|
65,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,479,568 |
|
|
Telecommunications - Cellular 0.2% |
|
|
|
|
|
|
|
|
Alamosa Delaware, Inc., Gtd. Notes |
|
|
|
Caa1 |
|
|
50 |
|
11.00%, 07/31/10 |
|
|
54,625 |
|
|
|
|
|
Sr. Notes |
|
|
|
Caa1 |
|
|
125 |
|
8.50%, 01/31/12 |
|
|
132,500 |
B1 |
|
|
125 |
|
American Tower Corp., Sr. Notes 7.50%, 05/01/12 |
|
|
127,500 |
B3 |
|
|
125 |
|
Centennial Communications Corp., Sr. Notes 8.125%, 02/01/14 |
|
|
121,563 |
Caa2 |
|
|
125 |
|
Dobson Communications Corp., Sr. Notes 8.875%, 10/01/13 |
|
|
123,750 |
B2 |
|
|
150 |
|
Intelsat Subsidiary Holding Co., Ltd., Sr. Notes (Bermuda) 8.25%, 01/15/13 |
|
|
146,625 |
|
|
|
|
|
Rogers Wireless, Inc., Secd. Notes |
|
|
|
Ba2 |
|
|
25 |
|
7.50%, 03/15/15 |
|
|
25,625 |
Ba2 |
|
|
65 |
|
9.625%, 05/01/11 |
|
|
71,825 |
|
|
|
|
|
Sr. Sub. Notes |
|
|
|
B2 |
|
|
25 |
|
8.00%, 12/15/12 |
|
|
25,750 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
53 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B2 |
|
$ |
125 |
|
Wind Acquisition Finance SA, Gtd. Notes, 144A (Luxembourg) 10.75%, 12/01/15 |
|
$ |
134,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
964,450 |
|
|
Telecommunications - Satellites |
|
|
|
B2 |
|
|
125 |
|
Panamsat Corp., Gtd. Notes 9.00%, 08/15/14 |
|
|
127,031 |
|
|
Textiles & Apparel |
|
|
|
B3 |
|
|
75 |
|
Propex Fabrics, Inc., Gtd. Notes 10.00%, 12/01/12 |
|
|
66,750 |
B1 |
|
|
125 |
|
Quicksilver, Inc., Gtd. Notes 6.875%, 04/15/15 |
|
|
115,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
182,375 |
|
|
Transportation |
|
|
|
|
|
|
|
|
Stena AB, Sr. Notes (Sweden) |
|
|
|
Ba3 |
|
|
75 |
|
7.50%, 11/01/13 |
|
|
72,563 |
|
|
Utilities - Distribution 0.1% |
|
|
|
B1 |
|
|
50 |
|
Inergy LP Inergy Finance Corp., Sr. Notes 6.875%, 12/15/14 |
|
|
47,125 |
B1 |
|
|
125 |
|
Suburban Propane Partners LP, Sr. Notes 6.875%, 12/15/13 |
|
|
118,438 |
B3 |
|
|
55 |
|
Transmontaigne, Inc., Sr. Sub. Notes 9.125%, 06/01/10 |
|
|
58,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
224,138 |
|
|
Utilities - Electric 0.4% |
|
|
|
B1 |
|
|
175 |
|
AES Corp., Sr. Notes 9.375%, 09/15/10 |
|
|
186,594 |
Ba1 |
|
|
157 |
|
AES Eastern Energy LP, Pass Thru Certificates, Class A-1 9.00%, 01/02/17 |
|
|
171,011 |
Ba3 |
|
|
30 |
|
Allegheny Energy Supply Co. LLC, Sr. Unsec`d. Notes, 144A 8.25%, 04/15/12(c) |
|
|
31,950 |
See Notes to Financial Statements.
|
|
|
54 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
B-(b) |
|
$ |
125 |
|
Calpine Corp., Secd. Notes, 144A 8.75%, 07/15/13(c)(d) |
|
$ |
120,625 |
B1 |
|
|
60 |
|
CMS Energy Corp., Sr. Notes 8.50%, 04/15/11 |
|
|
63,150 |
B2 |
|
|
63 |
|
Dynegy Holdings, Inc., Sr. Unsec`d. Notes, 144A 8.375%, 05/01/16 |
|
|
61,897 |
B1 |
|
|
130 |
|
Edison Mission Energy, Sr. Notes 7.73%, 06/15/09 |
|
|
131,950 |
Ba2 |
|
|
46 |
|
Homer City Funding LLC, Gtd. Notes 8.137%, 10/01/19 |
|
|
48,990 |
B1 |
|
|
30 |
|
Midwest Generation LLC, Pass Thru Certificates, Series A 8.30%, 07/02/09 |
|
|
30,125 |
B1 |
|
|
13 |
|
Series B
8.56%, 01/02/16 |
|
|
13,164 |
Ba3 |
|
|
125 |
|
Secd. Notes
8.75%, 05/01/34 |
|
|
132,969 |
B2 |
|
|
125 |
|
Mirant North America LLC, Sr. Notes, 144A 7.375%, 12/31/13 |
|
|
120,156 |
B2 |
|
|
30 |
|
Mission Energy Holding Co., Secd. Notes 13.50%, 07/15/08 |
|
|
33,525 |
Ba1 |
|
|
80 |
|
Nevada Power Co., General Refinance Mortgage Bonds 6.50%, 04/15/12 |
|
|
80,530 |
B1 |
|
|
125 |
|
NRG Energy, Inc., Gtd. Notes 7.375%, 02/01/16 |
|
|
122,187 |
B3 |
|
|
115 |
|
Orion Power Holdings, Inc., Sr. Notes 12.00%, 05/01/10 |
|
|
131,387 |
B2 |
|
|
65 |
|
Reliant Energy, Inc., Secd. Notes 9.50%, 07/15/13 |
|
|
66,625 |
B1 |
|
|
60 |
|
Sierra Pacific Resources, Sr. Notes 8.625%, 03/15/14 |
|
|
63,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,610,373 |
|
|
Utility - Pipelines 0.3% |
|
|
|
B2 |
|
|
125 |
|
El Paso Corp., Notes 7.875%, 06/15/12 |
|
|
127,812 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
55 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Notes |
|
|
|
B2 |
|
$ |
125 |
|
7.80%, 08/01/31 |
|
$ |
123,750 |
Ba2 |
|
|
125 |
|
El Paso Natural Gas Co., Bonds 8.375%, 06/15/32 |
|
|
135,427 |
Ba2 |
|
|
75 |
|
Pacific Energy Partners LP, Sr. Notes 7.125%, 06/15/14 |
|
|
75,750 |
Ba2 |
|
|
50 |
|
Southern Natural Gas Co., Notes 8.875%, 03/15/10 |
|
|
52,838 |
|
|
|
|
|
Tennessee Gas Pipeline Co., Debs. |
|
|
|
Ba2 |
|
|
155 |
|
7.00 %, 03/15/27-10/15/28 |
|
|
152,672 |
Ba2 |
|
|
155 |
|
7.625%, 04/01/37 |
|
|
154,884 |
|
|
|
|
|
Williams Cos., Inc., Notes |
|
|
|
Ba2 |
|
|
175 |
|
7.125%, 09/01/11 |
|
|
176,312 |
|
|
|
|
|
Sr. Notes |
|
|
|
Ba2 |
|
|
125 |
|
7.625%, 07/15/19 |
|
|
126,250 |
|
|
|
|
|
Sr. Unsec`d. Notes |
|
|
|
Ba2 |
|
|
45 |
|
8.125%, 03/15/12 |
|
|
47,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,172,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total corporate bonds (cost $26,684,830) |
|
|
26,787,076 |
|
|
|
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT BONDS 0.3% |
|
|
|
|
|
|
|
|
Federal Republic of Brazil |
|
|
|
Ba3 |
|
|
60 |
|
8.25%, 01/20/34 |
|
|
66,660 |
Ba3 |
|
|
50 |
|
8.875%, 10/14/19 - 04/15/24 |
|
|
58,050 |
Ba3 |
|
|
70 |
|
10.00%, 08/07/11 |
|
|
81,025 |
Ba3 |
|
|
350 |
|
11.00%, 01/11/12 |
|
|
423,500 |
|
|
|
|
|
Republic of Italy |
|
|
|
Aa2 |
|
JPY |
54,000 |
|
3.80%, 03/27/08 |
|
|
494,014 |
|
|
|
|
|
Republic of Panama |
|
|
|
Ba1 |
|
|
120 |
|
9.625%, 02/08/11 |
|
|
135,000 |
Baa2 |
|
|
150 |
|
Russian Government International Bond 5.00%, 03/31/30 |
|
|
163,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total foreign government bonds (cost $1,338,136) |
|
|
1,421,494 |
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 0.4% |
|
|
|
Aa1 |
|
|
500 |
|
Arizona Agricultural Improvement & Power District, Salt River Project 4.75%, 01/01/32 |
|
|
502,730 |
See Notes to Financial Statements.
|
|
|
56 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
Moodys Ratings (Unaudited) |
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
Aaa |
|
$ |
200 |
|
Georgia State Road & Tollway Authority Revenue Bonds 5.00%, 03/01/21 |
|
$ |
208,894 |
Baa3 |
|
|
250 |
|
Golden State Tobacco Securitization Corp., Series 2003, Class A-1 6.25%, 06/01/33 |
|
|
273,167 |
Aaa |
|
|
200 |
|
South Carolina State Highway, Series B 5.00%, 04/01/17 |
|
|
209,936 |
|
|
|
|
|
Tobacco Settlement Financing Corp., New Jersey |
|
|
|
Baa3 |
|
|
300 |
|
6.00%, 06/01/37 |
|
|
316,701 |
Baa3 |
|
|
250 |
|
6.375%, 06/01/32 |
|
|
272,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total municipal bonds (cost $1,617,971) |
|
|
1,783,813 |
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY OBLIGATIONS 11.4% |
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corp. |
|
|
|
|
|
|
531 |
|
4.41%, 09/01/35(a) |
|
|
520,891 |
|
|
|
533 |
|
6.00%, 08/01/06 - 09/01/22 |
|
|
536,859 |
|
|
|
|
|
Federal National Mortgage Assoc. |
|
|
|
|
|
|
9,128 |
|
4.00%, 05/01/19 - 01/01/20 |
|
|
8,521,196 |
|
|
|
587 |
|
4.50%, 09/01/35 |
|
|
539,683 |
|
|
|
1,000 |
|
4.50%, TBA |
|
|
918,750 |
|
|
|
355 |
|
4.609%, 12/01/34(a) |
|
|
347,726 |
|
|
|
109 |
|
4.919%, 05/01/36(a) |
|
|
108,862 |
|
|
|
117 |
|
5.00%, 02/01/19 |
|
|
113,883 |
|
|
|
6,000 |
|
5.00%, TBA |
|
|
5,677,500 |
|
|
|
35,300 |
|
5.50%, 07/01/14 - 04/01/36 |
|
|
34,324,302 |
|
|
|
162 |
|
5.694%, 09/01/34(a) |
|
|
161,732 |
|
|
|
54 |
|
6.00%, 03/01/17 |
|
|
54,165 |
|
|
|
|
|
Government National Mortgage Assoc. |
|
|
|
|
|
|
61 |
|
4.50%, 08/15/33 |
|
|
56,733 |
|
|
|
10 |
|
4.75%, 09/20/22(a) |
|
|
10,202 |
|
|
|
37 |
|
5.125%, 10/20/27 - 11/20/29 |
|
|
37,018 |
|
|
|
187 |
|
5.50%, 01/15/32 |
|
|
183,529 |
|
|
|
12 |
|
8.50%, 05/20/30 - 04/20/31 |
|
|
13,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government Agency Obligations (cost $53,530,507) |
|
|
52,126,245 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
57 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS 2.7% |
|
|
|
|
|
|
United States Inflation Index Bonds |
|
|
|
$ |
100 |
|
2.00%, 01/15/26 |
|
$ |
95,304 |
|
900 |
|
2.375%, 04/15/11 |
|
|
917,767 |
|
4,300 |
|
3.375%, 01/15/07 |
|
|
5,502,996 |
|
|
|
United States Treasury Bonds |
|
|
|
|
800 |
|
3.125%, 01/31/07 |
|
|
792,125 |
|
1,000 |
|
6.125%, 08/15/29 |
|
|
1,129,922 |
|
100 |
|
6.625%, 02/15/27 |
|
|
118,258 |
|
400 |
|
6.75%, 08/15/26 |
|
|
477,969 |
|
|
|
United States Treasury Notes |
|
|
|
|
700 |
|
4.50%, 11/15/15 |
|
|
675,172 |
|
1,200 |
|
4.75%, 03/31/11 |
|
|
1,191,656 |
|
750 |
|
6.50%, 11/15/26 |
|
|
873,984 |
|
|
|
United States Treasury Strip, PO |
|
|
|
|
1,250 |
|
7.25%, 02/15/22 |
|
|
558,710 |
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations (cost $12,343,903) |
|
|
12,333,863 |
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
|
|
|
WARRANTS* |
|
|
|
|
150,000 |
|
GenTek Escrow Bond, expiring 11/10/33 (cost $0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
REGISTERED INVESTMENT COMPANY 0.1% |
|
|
|
|
|
|
Capital Markets |
|
|
|
|
17,918 |
|
Korea Fund, Inc. (The) (cost $487,851) |
|
|
641,106 |
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments (cost $375,364,060) |
|
|
406,115,319 |
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 14.0% |
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS 0.1% |
|
|
|
|
|
|
U.S. Treasury Bills(e) |
|
|
|
|
20 |
|
4.72%, 09/14/06 |
|
|
19,884 |
|
380 |
|
4.805%, 09/14/06 |
|
|
377,786 |
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations (cost $397,653) |
|
|
397,670 |
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
58 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
COMMERCIAL PAPER 0.4% |
|
|
|
|
|
|
General Electric Capital Corp. |
|
|
|
$ |
600 |
|
5.35%, 10/26/06 |
|
$ |
591,975 |
|
|
|
HBOs Treasury Services |
|
|
|
|
700 |
|
5.37%, 10/26/06 |
|
|
690,289 |
|
|
|
Time Warner, Inc., 144A |
|
|
|
|
500 |
|
5.24%, 09/18/06 |
|
|
496,287 |
|
|
|
|
|
|
|
|
|
|
Total commercial paper (cost $1,779,858) |
|
|
1,778,551 |
|
|
|
|
|
|
|
|
|
|
FOREIGN TREASURY OBLIGATION 6.1% |
|
|
|
|
|
|
Bundesobligation., German Bonds |
|
|
|
EUR |
50 |
|
4.50%, 08/18/06 |
|
|
63,906 |
|
|
|
Canada Treasury Bill |
|
|
|
CAD |
2,200 |
|
5.18%, 09/20/06 |
|
|
2,182,620 |
|
|
|
Dutch Treasury Certificate |
|
|
|
EUR |
3,490 |
|
2.96%, 10/31/06 |
|
|
4,425,449 |
|
|
|
France Treasury Bill |
|
|
|
EUR |
1,910 |
|
2.72%, 09/28/06 |
|
|
2,428,831 |
EUR |
5,870 |
|
2.854%, 10/12/06 |
|
|
7,456,124 |
EUR |
100 |
|
2.86%, 08/03/06 |
|
|
127,721 |
EUR |
2,560 |
|
2.89%, 10/19/06 |
|
|
3,249,314 |
EUR |
2,800 |
|
2.978%, 12/07/06 |
|
|
3,538,628 |
EUR |
1,000 |
|
3.01%, 11/02/06 |
|
|
1,267,913 |
|
|
|
German Treasury Bill |
|
|
|
EUR |
540 |
|
2.778%, 10/18/06 |
|
|
685,485 |
EUR |
1,130 |
|
2.84%, 09/13/06 |
|
|
1,438,641 |
EUR |
400 |
|
3.01%, 12/13/06 |
|
|
505,252 |
|
|
|
United Kingdom Gilt |
|
|
|
GBP |
200 |
|
5.75%, 12/07/09 |
|
|
385,258 |
|
|
|
|
|
|
|
|
|
|
Total foreign treasury obligations (cost $27,454,776) |
|
|
27,755,142 |
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
AFFILIATED MONEY MARKET MUTUAL FUND 7.4% |
|
34,022,654 |
|
Dryden Core Investment Fund - Taxable Money Market Series (cost $34,022,654)(g) |
|
|
34,022,654 |
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments (cost $63,654,941) |
|
|
63,954,017 |
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
59 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
|
|
|
Contracts/ Notional Amount |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
OUTSTANDING OPTIONS PURCHASED* |
|
|
Call Options |
|
9,500,000 |
|
Swap Option 3 Month LIBOR, expiring 07/02/2007 @ 5.37% |
|
$ |
60,002 |
|
600,000 |
|
Swap Option 3 Month LIBOR, expiring 04/27/2009 @ 5.75% |
|
|
39,209 |
|
6,900,000 |
|
Swap Option 3 Month LIBOR, expiring 10/18/2006 @ 4.50% |
|
|
35 |
|
1,400,000 |
|
Swap Option 3 Month LIBOR, expiring 08/08/2006 @ 4.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99,246 |
|
|
|
|
|
|
|
|
|
|
Put Options |
|
|
|
|
135,000,000 |
|
Eurodollar Futures expiring 06/18/2007 @ $91.25 |
|
|
844 |
|
154,000,000 |
|
Eurodollar Futures expiring 12/18/2006 @ $91.75 |
|
|
963 |
|
20,000,000 |
|
Eurodollar Futures expiring 12/18/2006 @ $93.00 |
|
|
125 |
|
1,000,000 |
|
Eurodollar Futures expiring 03/19/2007 @ $92.00 |
|
|
6 |
|
600,000 |
|
Swap Option 3 Month LIBOR, expiring 04/27/2009 @ 6.25% |
|
|
22,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,349 |
|
|
|
|
|
|
|
|
|
|
Total outstanding options purchased (cost $149,215) |
|
|
123,595 |
|
|
|
|
|
|
|
|
|
|
Total Investments, Before Outstanding Options Written and Security Sold Short 102.6% (cost $439,168,216; Note 5) |
|
|
470,192,931 |
|
|
OUTSTANDING OPTIONS WRITTEN* |
|
|
Call Options |
|
3,100,000 |
|
Swap Option 3 Month LIBOR, expiring 07/02/2007 @ 5.50% |
|
|
(52,601 |
) |
3,000,000 |
|
Swap Option 3 Month LIBOR, expiring 10/18/2006 @ 4.56% |
|
|
(30 |
) |
600,000 |
|
Swap Option 3 Month LIBOR, expiring 08/08/2006 @ 4.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total outstanding options written (premium received $71,301) |
|
|
(52,631 |
) |
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
60 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
Principal Amount (000)# |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
|
|
SECURITY SOLD SHORT (0.6)% |
|
|
|
|
Federal National Mortgage Assoc. |
|
|
|
|
$ |
3,000 |
|
5.50%, 08/14/36 (proceeds $2,874,141) |
|
$ |
(2,912,814 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total Investments, Net of Outstanding Options Written and Security Sold Short 102.0% (cost $436,222,774; Note
5) |
|
|
467,227,486 |
|
|
|
|
Liabilities in excess of other assets(h) (2.0)% |
|
|
(9,308,110 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
$ |
457,919,376 |
|
|
|
|
|
|
|
|
|
|
The following abbreviations are used in portfolio descriptions: |
144ASecurity was 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.
ADRAmerican Depositary Receipt
CADCanadian Dollar
EUREuro Dollar
GBPBritish Pound
JPYJapanese Yen
MTNMedium Term Note
NRNot Rated by Moodys or Standard & Poors
POPrincipal Only Securities
PIKPayment-in-kind
TBATo Be Announced
# |
Principal amount is shown in U.S. dollars unless otherwise stated. |
* |
Non-income producing security. |
(a) |
Indicates a variable rate security. |
(b) |
Standard & Poors rating. |
(c) |
Indicates a security that has been deemed illiquid. |
(d) |
Represents issuer in default on interest payments. Non-income producing security. |
(e) |
Securities segregated as collateral for futures contracts. |
(f) |
The rate shown reflects the coupon rate after the step date. |
(g) |
Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund - Taxable Money Market Series. |
(h) |
Liabilities in excess of other assets includes net unrealized appreciation on futures, foreign currency exchange contracts and swap agreements as follows: |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
61 |
Portfolio of Investments
as of July 31, 2006 Contd
Open future contracts outstanding at July 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts
|
|
Type
|
|
Expiration Date
|
|
Value at July 31, 2006
|
|
Value at Trade Date
|
|
Unrealized Appreciation (Depreciation)
|
|
Long Positions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113 |
|
5 Yr. U.S. Treasury Notes |
|
Sept. 2006 |
|
$ |
11,776,719 |
|
$ |
11,762,281 |
|
$ |
14,438 |
|
6 |
|
30 Yr. U.S. Treasury Bonds |
|
Sept. 2006 |
|
|
649,687 |
|
|
639,281 |
|
|
10,406 |
|
245 |
|
90 Day Euro |
|
Dec. 2006 |
|
|
57,911,875 |
|
|
58,006,263 |
|
|
(94,388 |
) |
142 |
|
90 Day Euro |
|
Mar. 2007 |
|
|
33,597,200 |
|
|
33,591,500 |
|
|
5,700 |
|
11 |
|
90 Day Euro |
|
Jun. 2007 |
|
|
2,605,625 |
|
|
2,604,525 |
|
|
1,100 |
|
3 |
|
90 Day Euro |
|
Dec. 2007 |
|
|
711,300 |
|
|
711,825 |
|
|
(525 |
) |
44 |
|
90 Day Euro |
|
Mar. 2008 |
|
|
10,432,400 |
|
|
10,415,762 |
|
|
16,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
117,684,806 |
|
$ |
117,731,437 |
|
$ |
(46,631 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Position: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 |
|
10 Yr. U.S. Treasury Notes |
|
Sept. 2006 |
|
$ |
4,029,188 |
|
$ |
4,022,875 |
|
$ |
(6,313 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts
outstanding at July 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase Contracts
|
|
Notional Amount
|
|
Value at Settlement Date Payable
|
|
Current Value
|
|
Unrealized Appreciation (Depreciation)
|
|
Chinese Yuan, Expiring 03/16/07 |
|
$ |
2,316,000 |
|
$ |
300,000 |
|
$ |
297,127 |
|
$ |
(2,873 |
) |
Expiring 05/09/07 |
|
|
7,292,000 |
|
|
949,974 |
|
|
940,110 |
|
|
(9,864 |
) |
Euros, Expiring 08/31/06 |
|
|
6,302,000 |
|
|
7,927,875 |
|
|
8,068,466 |
|
|
140,591 |
|
Expiring 09/07/06 |
|
|
100,000 |
|
|
128,049 |
|
|
128,081 |
|
|
32 |
|
Japanese Yen, |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiring 08/15/06 |
|
|
312,982,000 |
|
|
2,833,770 |
|
|
2,736,492 |
|
|
(97,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,139,668 |
|
$ |
12,170,276 |
|
$ |
30,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
62 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale Contracts
|
|
Notional Amount
|
|
Value at Settlement Date Receivable
|
|
Current Value
|
|
Unrealized Appreciation (Depreciation)
|
|
Euros, Expiring 08/31/06 |
|
2,771,000 |
|
$ |
3,546,656 |
|
$ |
3,539,676 |
|
$ |
6,980 |
|
Expiring 09/29/06 |
|
20,974,000 |
|
|
26,819,360 |
|
|
26,808,054 |
|
|
11,306 |
|
Expiring 10/04/06 |
|
2,680,000 |
|
|
3,280,910 |
|
|
3,437,965 |
|
|
(157,055 |
) |
Mexican Peso, Expiring 12/06/06 |
|
21,170,000 |
|
|
1,867,502 |
|
|
1,917,803 |
|
|
(50,301 |
) |
Pound Stering, Expiring 12/05/06 |
|
800,000 |
|
|
1,493,600 |
|
|
1,498,282 |
|
|
(4,682 |
) |
Expiring 09/07/06 |
|
221,000 |
|
|
410,780 |
|
|
413,187 |
|
|
(2,407 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
37,418,808 |
|
$ |
37,614,967 |
|
$ |
(196,159 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Fund entered into interest rate swap
agreements during the year ended July 31, 2006. Details of the interest rate swap agreements outstanding as of July 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Termination Date
|
|
Notional Amount (000)
|
|
Fixed Rate
|
|
|
Floating Rate
|
|
Unrealized Appreciation (Depreciation)
|
|
Bank of America, N.A.(2) |
|
6/15/2035 |
|
USD |
700 |
|
6.00 |
% |
|
3 Month LIBOR |
|
$ |
35,129 |
|
UBS AG(2) |
|
10/15/2010 |
|
EUR |
100 |
|
2.15 |
% |
|
FRC - Excluding Tobacco - Non-Revised Consumer Price Index |
|
|
101 |
|
Merrill Lynch & Co.(1) |
|
12/15/2015 |
|
JPY |
60,000 |
|
2.00 |
% |
|
6 Month LIBOR |
|
|
3,491 |
|
Barclays Capital(1) |
|
12/15/2015 |
|
JPY |
30,000 |
|
2.00 |
% |
|
6 Month LIBOR |
|
|
1,900 |
|
Lehman Brothers(2) |
|
12/20/2011 |
|
USD |
100 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
(405 |
) |
Barclays Capital(2) |
|
9/15/2010 |
|
GBP |
400 |
|
5.00 |
% |
|
6 Month LIBOR |
|
|
(3,575 |
) |
Goldman Sachs(1) |
|
12/20/2016 |
|
USD |
4,300 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
46,786 |
|
JPMorgan Chase Bank(2) |
|
12/20/2011 |
|
USD |
1,200 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
(4,859 |
) |
Morgan Stanley & Co.(2) |
|
12/20/2011 |
|
USD |
2,000 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
(8,098 |
) |
UBS AG(2) |
|
12/20/2011 |
|
USD |
600 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
(2,314 |
) |
Goldman Sachs(2) |
|
12/20/2036 |
|
USD |
800 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
(10,742 |
) |
Morgan Stanley & Co.(2) |
|
12/20/2036 |
|
USD |
1,300 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
(17,451 |
) |
Goldman Sachs(2) |
|
12/20/2008 |
|
USD |
2,000 |
|
5.00 |
% |
|
3 Month LIBOR |
|
|
2,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
42,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Fund pays the fixed rate and receives the floating rate. |
(2) |
Fund pays the floating rate and receives the fixed rate. |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
63 |
Portfolio of Investments
as of July 31, 2006 Contd
The Fund entered into credit default swap agreements during the year ended July 31, 2006. Details of the credit default swap agreements outstanding as of July 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Termination Date
|
|
Notional Amount (000)
|
|
Fixed Rate
|
|
Underlying Bond
|
|
Unrealized Appreciation (Depreciation)
|
|
Morgan Stanley & Co.(1) |
|
12/20/2008 |
|
$ |
200 |
|
0.26% |
|
Allstate Corp., 6.125%, due 02/15/12 |
|
$ |
(559 |
) |
UBS AG(1) |
|
12/20/2008 |
|
|
200 |
|
0.35% |
|
AutoZone, Inc., 5.875%, due 10/15/12 |
|
|
(555 |
) |
Bank of America(1) |
|
7/25/2045 |
|
|
2,200 |
|
0.54% |
|
Dow Jones CDX IG4 Index |
|
|
(6,752 |
) |
Goldman Sachs(1) |
|
7/25/2045 |
|
|
600 |
|
0.54% |
|
Dow Jones CDX IG4 Index |
|
|
(1,841 |
) |
Bank of America Securities LLC(1) |
|
12/20/2008 |
|
|
100 |
|
0.13% |
|
E.I. DuPont, 6.875%, due 10/15/09 |
|
|
(152 |
) |
Citigroup(1) |
|
12/20/2008 |
|
|
100 |
|
0.28% |
|
Eaton Corp., 5.75%, due 7/15/12 |
|
|
(445 |
) |
Barclays Bank PLC(1) |
|
12/20/2008 |
|
|
200 |
|
0.16% |
|
Eli Lilly & Co., 6.00%, due 3/15/12 |
|
|
(658 |
) |
Morgan Stanley & Co.(1) |
|
12/20/2008 |
|
|
100 |
|
0.21% |
|
Emerson Electric Co., 4.625%, due 10/15/12 |
|
|
(304 |
) |
Citigroup(1) |
|
12/20/2008 |
|
|
100 |
|
0.29% |
|
FedEx Corp., 7.25%, due 2/15/11 |
|
|
(555 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.97% |
|
Goodrich Corp., 7.625%, due 12/15/12 |
|
|
(1,881 |
) |
Bear Stearns International Ltd.(1) |
|
12/20/2008 |
|
|
100 |
|
0.32% |
|
Hewlett Packard Co., 6.50% due 7/1/12 |
|
|
(544 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.12% |
|
Home Depot, Inc., 5.375%, due 4/1/06 |
|
|
(158 |
) |
Merrill Lynch & Co.(1) |
|
12/20/2008 |
|
|
100 |
|
0.32% |
|
Ingersoll-Rand Co., 6.48%, due 6/1/25 |
|
|
(621 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.11% |
|
Johnson & Johnson, 3.80%, due 5/15/13 |
|
|
(244 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.53% |
|
Lockheed Martin Corp., 8.20%, due 12/1/09 |
|
|
(1,047 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.30% |
|
Masco Corp., 5.875%, due 7/15/12 |
|
|
(233 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
|
100 |
|
0.48% |
|
Northrop & Grumman Corp., 7.125%, due 2/15/11 |
|
|
(963 |
) |
See Notes to Financial Statements.
|
|
|
64 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Termination Date
|
|
Notional Amount (000)
|
|
Fixed Rate
|
|
Underlying Bond
|
|
Unrealized Appreciation (Depreciation)
|
|
Lehman Brothers(1) |
|
6/20/2009 |
|
500 |
|
0.40% |
|
Peoples Republic of China, 6.80%, due 5/23/11 |
|
$ |
(3,749 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
100 |
|
0.35% |
|
RadioShack Corp., 7.375%, due 5/15/11 |
|
|
525 |
|
Morgan Stanley & Co.(1) |
|
5/20/2016 |
|
1,200 |
|
0.54% |
|
Republic of Hungary, 4.75%, due 02/03/15 |
|
|
5,957 |
|
JPMorgan Chase Bank(1) |
|
5/20/2016 |
|
300 |
|
0.54% |
|
Republic of Hungary, 4.75%, due 02/03/15 |
|
|
1,376 |
|
Morgan Stanley & Co.(1) |
|
9/20/2010 |
|
300 |
|
2.70% |
|
Republic of Turkey, 11.875%, due 01/15/30 |
|
|
(11,360 |
) |
Merrill Lynch & Co.(2) |
|
3/20/2007 |
|
400 |
|
0.61% |
|
Russian Federation, 5.00%, due 03/31/30 |
|
|
1,630 |
|
Citigroup(1) |
|
12/20/2008 |
|
300 |
|
0.14% |
|
Walmart Stores, Inc., 6.875%, due 8/10/09 |
|
|
(592 |
) |
Barclays Bank PLC(1) |
|
12/20/2008 |
|
100 |
|
0.67% |
|
Walt Disney Co. (The), 6.375%, due 3/12/12 |
|
|
(1,414 |
) |
Lehman Brothers(1) |
|
12/20/2008 |
|
100 |
|
0.29% |
|
Whirlpool Corp., 8.60%, due 5/1/10 |
|
|
(232 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(25,371 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Fund pays the fixed rate and receives from the counterparty par in the event that the underlying bond defaults. |
(2) |
Fund receives the fixed rate and pays the counterparty par in the event that the underlying bond defaults. |
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31,
2006 was as follows:
|
|
|
|
Industry
|
|
|
|
U.S. Government Agency Obligations |
|
11.4 |
% |
Affiliated Money Market Mutual Fund |
|
7.4 |
|
Oil, Gas & Consumable Fuels |
|
6.2 |
|
Foreign Treasury Obligation |
|
6.1 |
|
Financial - Bank & Trust |
|
4.9 |
|
Insurance |
|
4.1 |
|
Pharmaceuticals |
|
3.5 |
|
Telecommunications |
|
3.1 |
|
Financial Services |
|
3.0 |
|
U.S. Treasury Obligations |
|
2.8 |
|
Retail & Merchandising |
|
2.3 |
|
Chemicals |
|
2.0 |
|
Aerospace |
|
1.7 |
|
Healthcare Services |
|
1.7 |
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
65 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
Industry
|
|
|
|
Media |
|
1.7 |
% |
Consumer Products & Services |
|
1.6 |
|
Metals & Mining |
|
1.6 |
|
Machinery |
|
1.5 |
|
Transportation |
|
1.5 |
|
Commercial Banks |
|
1.4 |
|
Electronic Components |
|
1.3 |
|
Automobiles |
|
1.2 |
|
Biotechnology |
|
1.2 |
|
Collateralized Mortgage Obligations |
|
1.0 |
|
Computer Hardware |
|
1.0 |
|
Internet Services |
|
1.0 |
|
Medical Supplies & Equipment |
|
1.0 |
|
Computer Services & Software |
|
0.9 |
|
Gaming |
|
0.9 |
|
Thrifts & Mortgage Finance |
|
0.9 |
|
Utilities |
|
0.9 |
|
Commercial Services |
|
0.8 |
|
Real Estate Investment Trusts |
|
0.8 |
|
Semiconductors |
|
0.7 |
|
Automotive Parts |
|
0.6 |
|
Food Products |
|
0.6 |
|
Hotels & Motels |
|
0.6 |
|
Miscellaneous Manufacturers |
|
0.6 |
|
Retail |
|
0.6 |
|
Software |
|
0.6 |
|
Beverages |
|
0.5 |
|
Diversified Operations |
|
0.5 |
|
Entertainment & Leisure |
|
0.5 |
|
Household Durables |
|
0.5 |
|
Paper & Forest Products |
|
0.5 |
|
Commercial Paper |
|
0.4 |
|
Construction |
|
0.4 |
|
Diversified Financial Services |
|
0.4 |
|
Electric Utilities |
|
0.4 |
|
Financial - Brokerage |
|
0.4 |
|
Food & Staples Retailing |
|
0.4 |
|
Healthcare Providers & Services |
|
0.4 |
|
Independent Power Producers & Energy Traders |
|
0.4 |
|
Municipal Bonds |
|
0.4 |
|
Utilities - Electric |
|
0.4 |
|
Broadcasting |
|
0.3 |
|
Energy Equipment & Services |
|
0.3 |
|
Foreign Government Bonds |
|
0.3 |
|
Hotels, Restaurants & Leisure |
|
0.3 |
|
IT Services |
|
0.3 |
|
Manufacturing |
|
0.3 |
|
See Notes to Financial Statements.
|
|
|
66 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
Industry
|
|
|
|
Real Estate Investment Trust - Other Reit |
|
0.3 |
% |
Specialty Retail |
|
0.3 |
|
Utility - Pipelines |
|
0.3 |
|
Aerospace & Defense |
|
0.2 |
|
Building & Building Products |
|
0.2 |
|
Business Services |
|
0.2 |
|
Conglomerates |
|
0.2 |
|
Cosmetics & Toiletries |
|
0.2 |
|
Foods |
|
0.2 |
|
Industrial Conglomerates |
|
0.2 |
|
Lodging |
|
0.2 |
|
Paper |
|
0.2 |
|
Publishing |
|
0.2 |
|
Railroads |
|
0.2 |
|
Real Estate |
|
0.2 |
|
Telecommunications - Cellular |
|
0.2 |
|
Textiles, Apparel & Luxury Goods |
|
0.2 |
|
Advertising |
|
0.1 |
|
Airlines |
|
0.1 |
|
Apparel |
|
0.1 |
|
Asset-Backed Securities |
|
0.1 |
|
Auto Parts & Related |
|
0.1 |
|
Automotive - OEM |
|
0.1 |
|
Building Materials |
|
0.1 |
|
Building Materials - Fixtures & Fittings |
|
0.1 |
|
Clothing & Apparel |
|
0.1 |
|
Commercial Services & Supplies |
|
0.1 |
|
Consumer Products |
|
0.1 |
|
Consumer Products - Non Durable |
|
0.1 |
|
Defense |
|
0.1 |
|
Distribution/Wholesale |
|
0.1 |
|
Diversified Telecommunication Services |
|
0.1 |
|
Electronic Components & Equipment |
|
0.1 |
|
Electronics |
|
0.1 |
|
Energy - Exploration & Production |
|
0.1 |
|
Entertainment |
|
0.1 |
|
Environmental |
|
0.1 |
|
Farming & Agriculture |
|
0.1 |
|
Food |
|
0.1 |
|
Food & Beverage |
|
0.1 |
|
Healthcare - Pharma |
|
0.1 |
|
Home Construction |
|
0.1 |
|
Household Products |
|
0.1 |
|
Industrial Products |
|
0.1 |
|
Media - Cable |
|
0.1 |
|
Metals |
|
0.1 |
|
Multi-Line Retail |
|
0.1 |
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
67 |
Portfolio of Investments
as of July 31, 2006 Contd
|
|
|
|
Industry
|
|
|
|
Multi-Utilities |
|
0.1 |
% |
Packaging |
|
0.1 |
|
Registered Investment Companies |
|
0.1 |
|
Services Cyclical - Rental Equipment |
|
0.1 |
|
Technology |
|
0.1 |
|
Technology - Hardware |
|
0.1 |
|
Technology - Software/Services |
|
0.1 |
|
Tobacco |
|
0.1 |
|
Utilities - Distribution |
|
0.1 |
|
|
|
|
|
|
|
102.6 |
|
Security Sold Short |
|
(0.6 |
) |
Liabilities in excess of other assets |
|
(2.0 |
) |
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
* |
Percentage is less than .05%. |
See Notes to Financial Statements.
|
|
|
68 |
|
Visit our website at www.strategicpartners.com |
Financial Statements
|
|
|
JULY 31, 2006 |
|
ANNUAL REPORT |
Target Asset
Allocation Funds/ Target Moderate Allocation Fund
Statement of Assets and Liabilities
as of July 31, 2006
|
|
|
|
Assets |
|
|
|
Investments, at value: |
|
|
|
Unaffiliated investments (cost $405,145,562) |
|
$ |
436,170,277 |
Affiliated investments (cost $34,022,654) |
|
|
34,022,654 |
Cash |
|
|
647,614 |
Foreign currency, at value (cost $397,753) |
|
|
453,769 |
Receivable for investments sold |
|
|
4,831,339 |
Dividends and interest receivable |
|
|
1,423,298 |
Receivable for Fund shares sold |
|
|
329,156 |
Unrealized appreciation on forward foreign currency contracts |
|
|
158,909 |
Unrealized appreciation on swap agreements |
|
|
99,282 |
Tax reclaim receivable |
|
|
96,324 |
Premium paid for interest rate swaps |
|
|
76,383 |
Receivable from brokervariation margin |
|
|
12,152 |
Prepaid expenses |
|
|
10,975 |
|
|
|
|
Total assets |
|
|
478,332,132 |
|
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
|
|
14,956,898 |
Securities sold short, at value (proceeds $2,874,141) |
|
|
2,912,814 |
Payable for Fund shares reacquired |
|
|
667,268 |
Accrued expenses and other liabilities |
|
|
523,561 |
Unrealized depreciation on forward foreign currency contracts |
|
|
324,460 |
Management fee payable |
|
|
289,518 |
Distribution fee payable |
|
|
287,520 |
Premium received for interest rate swaps |
|
|
176,751 |
Transfer agent fee payable |
|
|
129,173 |
Unrealized depreciation on swap agreements |
|
|
82,303 |
Outstanding options written (premiums received $71,301) |
|
|
52,631 |
Deferred trustees fees |
|
|
9,859 |
|
|
|
|
Total liabilities |
|
|
20,412,756 |
|
|
|
|
|
|
Net Assets |
|
$ |
457,919,376 |
|
|
|
|
|
|
|
|
Net assets were comprised of: |
|
|
|
Shares of beneficial interest, at par |
|
$ |
38,519 |
Paid-in capital, in excess of par |
|
|
414,243,335 |
|
|
|
|
|
|
|
414,281,854 |
Undistributed net investment income |
|
|
469,321 |
Accumulated net realized gain on investments and foreign currency transactions |
|
|
12,306,868 |
Net unrealized appreciation on investments and foreign currencies |
|
|
30,861,333 |
|
|
|
|
Net assets, July 31, 2006 |
|
$ |
457,919,376 |
|
|
|
|
See Notes to Financial Statements.
|
|
|
70 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
Class A: |
|
|
|
Net asset value and redemption price per share |
|
|
|
($135,383,858 / 11,358,701 shares of beneficial interest issued and outstanding) |
|
$ |
11.92 |
Maximum sales charge (5.50% of offering price) |
|
|
0.69 |
|
|
|
|
Maximum offering price to public |
|
$ |
12.61 |
|
|
|
|
|
|
Class B: |
|
|
|
Net asset value, offering price and redemption price per share |
|
|
|
($171,286,467 / 14,427,619 shares of beneficial interest issued and outstanding) |
|
$ |
11.87 |
|
|
|
|
|
|
Class C: |
|
|
|
Net asset value, offering price and redemption price per share |
|
|
|
($123,378,224 / 10,391,728 shares of beneficial interest issued and outstanding) |
|
$ |
11.87 |
|
|
|
|
|
|
Class M: |
|
|
|
Net asset value, offering price and redemption price per share |
|
|
|
($6,272,297 / 529,470 shares of beneficial interest issued and outstanding) |
|
$ |
11.85 |
|
|
|
|
|
|
Class R: |
|
|
|
Net asset value, offering price and redemption price per share |
|
|
|
($3,437,823 / 288,206 shares of beneficial interest issued and outstanding) |
|
$ |
11.93 |
|
|
|
|
|
|
Class X: |
|
|
|
Net asset value, offering price and redemption price per share |
|
|
|
($4,772,739 / 402,123 shares of beneficial interest issued and outstanding) |
|
$ |
11.87 |
|
|
|
|
|
|
Class Z: |
|
|
|
Net asset value, offering price and redemption price per share |
|
|
|
($13,387,968 / 1,121,530 shares of beneficial interest issued and outstanding) |
|
$ |
11.94 |
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
71 |
Statement of Operations
Year Ended July 31, 2006
|
|
|
|
|
Net Investment Income |
|
|
|
|
Income |
|
|
|
|
Unaffiliated interest |
|
$ |
7,188,572 |
|
Unaffiliated dividends (net of foreign withholding taxes of $206,857) |
|
|
5,465,303 |
|
Affiliated dividends |
|
|
913,149 |
|
|
|
|
|
|
Total income |
|
|
13,567,024 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
Management fee |
|
|
3,383,694 |
|
Distribution feeClass A |
|
|
296,627 |
|
Distribution feeClass B |
|
|
1,873,213 |
|
Distribution feeClass C |
|
|
1,210,997 |
|
Distribution feeClass M |
|
|
56,224 |
|
Distribution feeClass R |
|
|
14,360 |
|
Distribution feeClass X |
|
|
35,714 |
|
Transfer agents fees and expenses (including affiliated expenses of $478,100) |
|
|
715,000 |
|
Custodians fees and expenses |
|
|
449,000 |
|
Reports to shareholders |
|
|
135,000 |
|
Registration fees |
|
|
88,000 |
|
Legal fee |
|
|
27,000 |
|
Audit fee |
|
|
17,000 |
|
Insurance expense |
|
|
17,000 |
|
Trustees fees and expenses |
|
|
15,000 |
|
Loan interest expense (Note 7) |
|
|
3,915 |
|
Miscellaneous |
|
|
39,052 |
|
|
|
|
|
|
Total expenses |
|
|
8,376,796 |
|
|
|
|
|
|
Net investment income |
|
$ |
5,190,228 |
|
|
|
|
|
|
|
|
Net Realized And Unrealized Gain (Loss) On Investments And Foreign Currency |
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
Investment transactions |
|
$ |
19,010,319 |
|
Options written |
|
|
228,029 |
|
Foreign currency transactions |
|
|
(608,604 |
) |
Futures |
|
|
(1,055,002 |
) |
Swaps |
|
|
605,607 |
|
Short sale transactions |
|
|
456,863 |
|
|
|
|
|
|
|
|
|
18,637,212 |
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on investments: |
|
|
|
|
Investments |
|
|
(984,278 |
) |
Short sales |
|
|
(200,741 |
) |
Foreign currencies |
|
|
(460,059 |
) |
Futures |
|
|
(256,342 |
) |
Swaps |
|
|
(210,716 |
) |
Options |
|
|
(199,791 |
) |
|
|
|
|
|
|
|
|
(2,311,927 |
) |
|
|
|
|
|
Net gain on investments |
|
|
16,325,285 |
|
|
|
|
|
|
Net Increase In Net Assets Resulting From Operations |
|
$ |
21,515,513 |
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
72 |
|
Visit our website at www.strategicpartners.com |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Year Ended July 31,
|
|
|
|
2006 |
|
|
2005 |
|
Increase (Decrease) In Net Assets |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
5,190,228 |
|
|
$ |
2,392,497 |
|
Net realized gain on investments and foreign currency transactions |
|
|
18,637,212 |
|
|
|
49,084,682 |
|
Net change in unrealized appreciation (depreciation) on investments and foreign currencies |
|
|
(2,311,927 |
) |
|
|
4,782,712 |
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
|
21,515,513 |
|
|
|
56,259,891 |
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions (Note 1) |
|
|
|
|
|
|
|
|
Dividends from net investment income: |
|
|
|
|
|
|
|
|
Class A |
|
|
(2,184,651 |
) |
|
|
(1,168,585 |
) |
Class B |
|
|
(1,947,227 |
) |
|
|
(967,627 |
) |
Class C |
|
|
(1,277,715 |
) |
|
|
(570,205 |
) |
Class M |
|
|
(61,946 |
) |
|
|
(10,176 |
) |
Class R |
|
|
(54,957 |
) |
|
|
(29 |
) |
Class X |
|
|
(36,201 |
) |
|
|
(4,257 |
) |
Class Z |
|
|
(238,650 |
) |
|
|
(131,251 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(5,801,347 |
) |
|
|
(2,852,130 |
) |
|
|
|
|
|
|
|
|
|
Distributions from net realized gains: |
|
|
|
|
|
|
|
|
Class A |
|
|
(9,105,123 |
) |
|
|
|
|
Class B |
|
|
(16,246,739 |
) |
|
|
|
|
Class C |
|
|
(10,051,762 |
) |
|
|
|
|
Class M |
|
|
(469,527 |
) |
|
|
|
|
Class R |
|
|
(297,054 |
) |
|
|
|
|
Class X |
|
|
(210,312 |
) |
|
|
|
|
Class Z |
|
|
(848,894 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(37,229,411 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund share transactions (net of share conversions) (Note 6) |
|
|
|
|
|
|
|
|
Net proceeds from shares sold |
|
|
101,637,931 |
|
|
|
92,347,106 |
|
Net asset value of shares issued in reinvestment of distributions |
|
|
39,774,585 |
|
|
|
2,630,803 |
|
Cost of shares reacquired |
|
|
(92,503,504 |
) |
|
|
(76,285,181 |
) |
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from fund share transactions |
|
|
48,909,012 |
|
|
|
18,692,728 |
|
|
|
|
|
|
|
|
|
|
Total increase |
|
|
27,393,767 |
|
|
|
72,100,489 |
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
Beginning of year |
|
|
430,525,609 |
|
|
|
358,425,120 |
|
|
|
|
|
|
|
|
|
|
End of year(a) |
|
$ |
457,919,376 |
|
|
$ |
430,525,609 |
|
|
|
|
|
|
|
|
|
|
(a) Includes undistributed net income of: |
|
$ |
469,321 |
|
|
$ |
279,596 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
73 |
Notes to Financial Statements
Target Asset Allocation Funds (the Trust) (formerly known as Strategic Partners Asset Allocation Funds) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company presently
consisting of three portfolios: Target Moderate Allocation Fund (the Fund) (formerly known as Strategic Partners Moderate Allocation Fund), Target Conservative Allocation Fund (formerly known as Strategic Partners Conservative Allocation
Fund) and Target Growth Allocation Fund (formerly known as Strategic Partners Growth Allocation Fund). These financial statements relate only to Target Moderate Allocation Fund. The financial statements of the other portfolios are not presented
herein. The Trust was organized as a business trust in Delaware on July 29, 1998.
The Fund uses investment managers (Subadvisors), each managing a portion of the Funds assets. The following lists the Subadvisors and their respective segment during the year ended July 31, 2006.
|
|
|
|
|
Fund Segment
|
Hotchkis & Wiley Capital Management LLC JP Morgan Investment
Management, Inc. NFJ Investment Group L.P. (effective 12/19/05) |
|
Large-cap value stocks |
|
|
LSV Asset Management Thornburg Investment Management,
Inc. |
|
International stocks |
|
|
Goldman Sachs Asset Management LP |
|
High yield bonds |
|
|
Marsico Capital Management, LLC Goldman Sachs Asset Management
LP |
|
Large-cap growth stocks |
|
|
EARNEST Partners, LLC Vaughan Nelson Investment Management,
LP |
|
Small-cap value stocks |
|
|
Pacific Investment Management Company LLC |
|
Core fixed income bonds |
|
|
RS Investment Management, L.P. |
|
Small-cap growth stocks |
The investment objective of the Fund is to
provide capital appreciation and a reasonable level of current income. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity and fixed income securities. The ability of the issuers of the debt
securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry or country.
Note 1. Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements.
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|
74 |
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Securities Valuation: Securities listed on a
securities exchange (other than options on securities and indices) 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 ask 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 NASDAQ official closing price (NOCP) on the day of valuation, or if there was no NOCP, at the last sale price. 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(s); to be over-the-counter, are
valued at market value using prices provided by an independent pricing agent or principal market maker. Options on securities and indices traded on an exchange are valued at the last sale price as of the close of trading on the applicable exchange
or, if there was no sale, at the mean between the most recently quoted bid and asked prices on such exchange or at the last bid price in the absence of an asked price. 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. Certain fixed income securities for which daily market quotations are not readily available may be valued with reference to fixed income securities whose
prices are more readily available, pursuant to guidelines established by the Board of Trustees. 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 securitys
foreign market and before the Funds normal pricing time, are valued at fair value in accordance with Board of Trustees 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 issuers 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 securitys most recent closing price and from the price used by
other mutual funds to calculate their net asset value.
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.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
75 |
Notes to Financial Statements
Contd
Short-term securities, which mature in sixty days or less, are valued at amortized cost, which approximates market value. The amortized cost method
involves 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 securities, which mature in more than
sixty days are valued at current market quotation.
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 daily 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.
Although the net
assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, 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 securities held at the end of the period. 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 period. Accordingly, realized foreign currency gains or losses are 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 holdings 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 Funds 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 and economic instability and the level of governmental supervision and regulation of foreign securities markets.
|
|
|
76 |
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Visit our website at www.strategicpartners.com |
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 contracts.
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.
Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund may enter into forward currency contracts in order to hedge its
exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency. The contracts are valued daily at current exchange rates and any unrealized gain or
loss is included in the Statement of Assets and Liabilities as unrealized appreciation and/or depreciation on forward foreign currency contracts. Gain or loss is realized on the settlement date of the contract equal to the difference between the
settlement value of the original and renegotiated forward contracts. This gain or loss, if any, is included in net realized gain or loss on foreign currency transactions. Risks may arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their contracts.
Options:
The Fund may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates with respect to securities or currencies,
which the Fund currently owns or intends to purchase. The Funds principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund
purchases an option, it pays a premium and an amount equal to that
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
77 |
Notes to Financial Statements
Contd
premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or
liability is adjusted daily to reflect the current market value of the option.
If an
option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the
purchase in determining whether the Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on
purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written.
The Fund, as writer of an option, has no control over whether the underlying securities may be sold
(called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential
inability of the counterparties to meet the terms of their contracts.
When a Fund writes
an option on a swap contract, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the
Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive
a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk
associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.
Short Sales: The Fund may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Fund may sell a security it does
not own in anticipation of a decline in the market value of that security (short sale). When the Fund makes a short sale, it will borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral
for its
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|
|
78 |
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Visit our website at www.strategicpartners.com |
obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow the particular securities and may be obligated to return any
interest or dividends received on such borrowed securities. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale if the market price
is less or greater than the proceeds originally received, respectively, and is presented in the Statement of Operations as net realized gain or loss on short sales.
Swaps: The Fund may enter into swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return
generated by another instrument. The Fund enters into interest rate, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Fund
with another party of their respective commitments to pay or receive interest and may involve payment/receipt of a premium at the time of initiation of the swap agreement. Forward spread lock swap agreements involve commitments to pay or receive a
settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the
specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign
issues of an emerging country, on its obligation. Dividends and interest on the securities in the swap are included in the value of the exchange. The swaps are valued daily at current market value and any unrealized gain or loss is included in the
net unrealized appreciation or depreciation on investments. Gain or loss is realized on the termination date of the swap and is equal to the difference between the Funds basis in the swap and the proceeds of the closing transaction, including
fees. During the period that the swap agreement is open, the Fund may be subject to risk from the potential inability of the counterparty to meet the terms of the agreement.
Written options, futures contracts, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of
the amounts reflected on the Statement of Assets and Liabilities.
When-Issued/Delayed
Delivery Securities: Securities purchased or sold on a when issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a fund enters into such transactions,
it instructs the custodian to segregate assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
79 |
Notes to Financial Statements
Contd
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 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 accrual basis.
Net investment income or loss (other than
distribution fees, which are charged directly to respective class), 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: Dividends from net investment income are declared
and paid semi-annually. 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.
Permanent book/tax differences 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: It is the Funds intention 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 its 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 Trust has a management agreement with PI. Pursuant to this agreement, PI manages the investment operations of the Fund, administers the Funds affairs and
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|
|
80 |
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Visit our website at www.strategicpartners.com |
supervises the Subadvisors performance of all investment advisory services. Pursuant to the advisory agreements, PI pays the cost of compensation of officers of
the Fund, occupancy and certain clerical and accounting 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 .75 of 1% of the daily net assets up to $500 million, .70 of 1% of average daily net assets
for the next $500 million and .65 of 1% of average daily net assets in excess of $1 billion. The effective management fee rate was .75 of 1% for the year ended July 31, 2006.
The Fund has a distribution agreement with Prudential Investment Management Services LLC (PIMS), which acts as the distributor of the
Class A, B, C, M, R, X and Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Funds Class A, B, C, M, R and X shares, pursuant to plans of distribution (the Distribution Plans), regardless
of 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 for Class Z shares of the Fund.
Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an
annual rate of up to .30 of 1%, 1%, 1%, 1%, .75% of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively. Such expenses under the Plans were .25 of 1%, 1%, 1%, 1%, .50 of 1% and 1% of the average daily
net assets of the Class A, B, C, M, R and X shares, respectively, for the year ended July 31, 2006.
PIMS has advised the Fund that it has received approximately $786,900 in front-end sales charges resulting from sales of Class A shares during the year ended July 31, 2006. From these fees, PIMS paid such sales
charges to broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs. PIMS has advised the Fund that for year ended July 31, 2006, it has received approximately $274,900, $12,000, $38,200 and $3,100 in
contingent deferred sales charges imposed upon certain redemptions by Class B, Class C, Class M and Class X shareholders, respectively.
PIMS and PI are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (Prudential).
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 Funds transfer agent.
Transfer agent fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
81 |
Notes to Financial Statements
Contd
The Fund pays networking fees to affiliated and unaffiliated broker/dealers. First Clearing Corporation, an affiliate of PI, served as a
broker/dealer. These networking fees are payments made to broker/dealers that clear mutual fund transactions through a national clearing system. For the year ended July 31, 2006, the Fund incurred approximately $71,876 in total networking fees.
These amounts are included in transfer agents fees and expenses in the Statement of Operations.
For the year ended July 31, 2006, Wachovia Securities, an affiliate of PI, earned $29 and Prudential Equity Group, a wholly owned subsidiary of Prudential, earned $5,500 in brokerage commissions from portfolio transactions
executed on behalf of the Fund.
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. Earnings from the Series are disclosed on the Statement of Operations as affiliated dividends.
Note 4. Portfolio Securities
Purchases and sales of portfolio securities, excluding short-term investments and U.S. government securities, for the year ended July 31, 2006, aggregated $317,512,462 and $292,216,886, respectively.
Transactions in call options written during the year ended July 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
Number of Contracts/ Notional Amount
|
|
|
Premiums Received
|
|
Options outstanding at July 31, 2005 |
|
15,405 |
|
|
$ |
239,985 |
|
Written options |
|
9,606,600 |
|
|
|
61,508 |
|
Written swap options |
|
70,100,000 |
|
|
|
45,178 |
|
Expired options |
|
(22,000 |
) |
|
|
(155,793 |
) |
Expired swap options |
|
(73,000,000 |
) |
|
|
(119,577 |
) |
Exercised options |
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at July 31, 2006 |
|
6,700,000 |
|
|
$ |
71,301 |
|
|
|
|
|
|
|
|
|
|
|
|
82 |
|
Visit our website at www.strategicpartners.com |
Note 5. Distributions and Tax Information
Distributions to shareholders, which are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present undistributed net investment income and accumulated net realized gain on investments and foreign
currency transactions on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to undistributed net investment income and accumulated net realized gain on investments and foreign
currency transactions. For the tax year ended July 31, 2006, the adjustments were to increase undistributed net investment income by $800,844 and decrease accumulated net realized gain on investments and foreign currency transactions by
$800,844 due to differences in the treatment for books and tax purposes of certain transactions involving foreign securities and currencies, certain tax adjustments pertaining to the investments in Passive Foreign Investment Companies and in Real
Estate Investment Trusts, reclass on swap income(loss), reclass on paydown gain(loss), and other differences between financial reporting and tax accounting. Net investment income, net realized losses and net assets were not affected by this change.
For the years ended July 31, 2006 and July 31, 2005, the tax character of
dividends paid as reflected in the Statement of Changes of $6,822,907 and $2,852,130 respectively, was ordinary income. In addition, for the year ended July 31, 2006 the tax character of dividends paid as reflected in the Statement of Changes of
$36,207,851 was long-term capital gain. As of July 31, 2006, the accumulated undistributed earnings on a tax basis were $3,777,244 of ordinary income and $10,774,370 of long-term capital gains. This differs from the amount shown on the
Statement of Assets and Liabilities primarily due to cumulative timing differences.
The
United States federal income tax basis of the Funds investments and the net unrealized appreciation (depreciation) as of July 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Tax Basis
|
|
Appreciation
|
|
Depreciation
|
|
Net Unrealized Appreciation
|
|
Other Cost Basis Adjustments
|
|
Total Net Unrealized Appreciation
|
$441,153,285 |
|
$41,705,399 |
|
$(12,665,753) |
|
$29,039,646 |
|
$209,644 |
|
$29,249,290 |
The difference between book basis and tax basis
were primarily attributable to deferred losses on wash sales, passive foreign investment companies, and real estate investment trusts and other differences between financial reporting and tax accounting. The other cost basis adjustments are
primarily attributable to appreciation (depreciation) of foreign currency and mark to market of receivables, payables and swaps.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
83 |
Notes to Financial Statements
Contd
Note 6. Capital
The Fund offers Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares. Class A shares are subject to a maximum front-end sales charge of 5.50%.
Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are not subject to an initial sales charge but 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 subject to a CDSC of 5%, which decreases by 1% annually to 1% in the fifth and sixth years and 0% in the seventh year. Class B shares automatically
convert to Class A shares on a quarterly basis approximately seven years after purchase. The CDSC for Class C shares is 1% for shares redeemed within 12 months of purchase. Class M shares are generally closed to new purchases. Class M shares
are subject to a CDSC of 6%, which decreases by 1% annually to 2% in the fifth and sixth years and 1% in the seventh year. Class M shares automatically convert to Class A shares approximately eight years after purchase. Class X shares are
generally closed to new purchases. Class X shares are subject to a CDSC of 6%, which decreases by 1% annually to 4% in the third and fourth years, by 1% annually to 2% in the sixth and seventh years, and 1% in the eighth year. Class X shares
automatically convert to Class A shares on a quarterly basis approximately ten years (eight years in the case of shares purchased prior to August 19, 1998) after purchase. An exchange privilege is also available for shareholders who
qualify to purchase Class A shares at net asset value. Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors. As of July 31, 2006, Prudential owns
220 shares, 219 shares and 220 shares of Class M, Class R and Class X shares, respectively.
The Fund has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.
Transactions in shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
Class A
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
2,916,385 |
|
|
$ |
35,398,309 |
|
Shares issued in reinvestment of dividends and distributions |
|
925,187 |
|
|
|
10,758,559 |
|
Shares reacquired |
|
(2,561,939 |
) |
|
|
(30,994,641 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
1,279,633 |
|
|
|
15,162,227 |
|
Shares issued upon conversion from Class B and Class X |
|
1,801,939 |
|
|
|
21,385,620 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
3,081,572 |
|
|
$ |
36,547,847 |
|
|
|
|
|
|
|
|
|
|
|
|
84 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
Class A
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
2,462,808 |
|
|
$ |
29,221,647 |
|
Shares issued in reinvestment of dividends and distributions |
|
91,755 |
|
|
|
1,114,375 |
|
Shares reacquired |
|
(1,745,103 |
) |
|
|
(20,747,599 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
809,460 |
|
|
|
9,588,423 |
|
Shares issued upon conversion from Class B |
|
244,093 |
|
|
|
2,928,682 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
1,053,553 |
|
|
$ |
12,517,105 |
|
|
|
|
|
|
|
|
|
Class B
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
1,665,459 |
|
|
$ |
20,206,680 |
|
Shares issued in reinvestment of dividends and distributions |
|
1,493,916 |
|
|
|
17,318,764 |
|
Shares reacquired |
|
(2,411,086 |
) |
|
|
(29,206,245 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
748,289 |
|
|
|
8,319,199 |
|
Shares reacquired upon conversion into Class A |
|
(1,802,640 |
) |
|
|
(21,280,684 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(1,054,351 |
) |
|
$ |
(12,961,485 |
) |
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
2,459,071 |
|
|
$ |
28,903,094 |
|
Shares issued in reinvestment of dividends and distributions |
|
75,673 |
|
|
|
913,194 |
|
Shares reacquired |
|
(2,449,107 |
) |
|
|
(28,888,364 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
85,637 |
|
|
|
927,924 |
|
Shares issued upon conversion into Class A |
|
(245,202 |
) |
|
|
(2,928,682 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(159,565 |
) |
|
$ |
(2,000,758 |
) |
|
|
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
2,152,510 |
|
|
$ |
26,046,772 |
|
Shares issued in reinvestment of dividends and distributions |
|
837,168 |
|
|
|
9,705,532 |
|
Shares reacquired |
|
(1,936,047 |
) |
|
|
(23,430,589 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
1,053,631 |
|
|
$ |
12,321,715 |
|
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
2,026,024 |
|
|
$ |
23,859,307 |
|
Shares issued in reinvestment of dividends and distributions |
|
40,288 |
|
|
|
485,492 |
|
Shares reacquired |
|
(1,947,640 |
) |
|
|
(22,893,253 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
118,672 |
|
|
$ |
1,451,546 |
|
|
|
|
|
|
|
|
|
Class M
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
379,266 |
|
|
$ |
4,617,335 |
|
Shares issued in reinvestment of dividends and distributions |
|
43,758 |
|
|
|
506,434 |
|
Shares reacquired |
|
(232,364 |
) |
|
|
(2,812,052 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
190,660 |
|
|
$ |
2,311,717 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
411,399 |
|
|
$ |
4,914,172 |
|
Shares issued in reinvestment of dividends and distributions |
|
760 |
|
|
|
9,337 |
|
Shares reacquired |
|
(73,349 |
) |
|
|
(869,969 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
338,810 |
|
|
$ |
4,053,540 |
|
|
|
|
|
|
|
|
|
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
85 |
Notes to Financial Statements
Contd
|
|
|
|
|
|
|
|
Class R
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
323,254 |
|
|
$ |
4,017,519 |
|
Shares issued in reinvestment of dividends and distributions |
|
30,204 |
|
|
|
351,734 |
|
Shares reacquired |
|
(65,471 |
) |
|
|
(795,171 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
287,987 |
|
|
$ |
3,574,082 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
219 |
|
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
Net increase in shares outstanding |
|
219 |
|
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
Class X
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
297,112 |
|
|
$ |
3,569,673 |
|
Shares issued in reinvestment of dividends and distributions |
|
21,091 |
|
|
|
244,571 |
|
Shares reacquired |
|
(89,921 |
) |
|
|
(1,086,961 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
228,282 |
|
|
|
2,727,283 |
|
Shares reacquired upon conversion into Class A |
|
(8,616 |
) |
|
|
(104,936 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
219,666 |
|
|
$ |
2,622,347 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
200,282 |
|
|
$ |
2,402,910 |
|
Shares issued in reinvestment of dividends and distributions |
|
340 |
|
|
|
4,197 |
|
Shares reacquired |
|
(18,165 |
) |
|
|
(218,786 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
182,457 |
|
|
$ |
2,188,321 |
|
|
|
|
|
|
|
|
|
Class Z
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
644,127 |
|
|
$ |
7,781,643 |
|
Shares issued in reinvestment of dividends and distributions |
|
76,312 |
|
|
|
888,991 |
|
Shares reacquired |
|
(340,340 |
) |
|
|
(4,177,845 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
380,099 |
|
|
$ |
4,492,789 |
|
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
256,363 |
|
|
$ |
3,043,476 |
|
Shares issued in reinvestment of dividends and distributions |
|
8,573 |
|
|
|
104,208 |
|
Shares reacquired |
|
(223,190 |
) |
|
|
(2,667,210 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
41,746 |
|
|
$ |
480,474 |
|
|
|
|
|
|
|
|
|
* |
Commencement of offering of new share class. |
|
|
|
86 |
|
Visit our website at www.strategicpartners.com |
Note 7. Borrowings
The Fund, along with other affiliated registered investment companies (the Funds), is a
party to a syndicated credit agreement (SCA) with two banks. The SCA provided for a commitment of $500 million. Interest on any borrowings under the SCA would be incurred at market rates. For the period from August 1, 2005 through
October 28, 2005, the Funds paid a commitment fee of .075 of 1% of the unused portion of the agreement. Effective October 29, 2005, the Funds renewed the SCA with the banks. The commitment under the renewed SCA continues to be $500
million. The Fund pays a commitment fee of .0725 of 1% of the unused portion of the renewed SCA. The commitment fee is accrued daily and paid quarterly and is allocated to the Funds pro-rata based on net assets. The purpose of the SCA is to serve as
an alternative source of funding for capital share redemptions. The expiration date of the renewed SCA is October 27, 2006.
The Fund utilized the line of credit during the year ended July 31, 2006. The average daily balance for the three days the Fund had an outstanding balance was approximately
$10,900,000 at a weighted average interest rate of approximately 4.31%.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
87 |
Financial Highlights
|
|
|
|
|
|
|
Class A
|
|
|
|
Year Ended July 31, 2006(b) |
|
|
|
|
|
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning Of Year |
|
$ |
12.56 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income |
|
|
.20 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
.45 |
|
|
|
|
|
|
Total from investment operations |
|
|
.65 |
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
Dividends from net investment income |
|
|
(.22 |
) |
Distributions from net realized gains |
|
|
(1.07 |
) |
|
|
|
|
|
Total dividends and distributions |
|
|
(1.29 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
11.92 |
|
|
|
|
|
|
Total Return(a) |
|
|
5.53 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
135,384 |
|
Average net assets (000) |
|
$ |
118,651 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees(c) |
|
|
1.33 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.08 |
% |
Net investment income |
|
|
1.67 |
% |
For Class A, B, C, M, R, X and Z shares: |
|
|
|
|
Portfolio turnover rate |
|
|
324 |
% |
(a) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculations based upon average shares outstanding during the year. |
(c) |
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.
|
See Notes to Financial Statements.
|
|
|
88 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
Year Ended July 31, |
|
2005(b) |
|
|
2004 |
|
|
2003(b) |
|
|
2002(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.96 |
|
|
$ |
9.89 |
|
|
$ |
8.86 |
|
|
$ |
10.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.14 |
|
|
|
.12 |
|
|
|
.15 |
|
|
|
.19 |
|
|
1.61 |
|
|
|
1.09 |
|
|
|
1.02 |
|
|
|
(1.76 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.75 |
|
|
|
1.21 |
|
|
|
1.17 |
|
|
|
(1.57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.15 |
) |
|
|
(.14 |
) |
|
|
(.14 |
) |
|
|
(.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.15 |
) |
|
|
(.14 |
) |
|
|
(.14 |
) |
|
|
(.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12.56 |
|
|
$ |
10.96 |
|
|
$ |
9.89 |
|
|
$ |
8.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16.01 |
% |
|
|
12.27 |
% |
|
|
13.29 |
% |
|
|
(14.92 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
103,989 |
|
|
$ |
79,172 |
|
|
$ |
58,862 |
|
|
$ |
50,559 |
|
$ |
91,030 |
|
|
$ |
72,043 |
|
|
$ |
51,006 |
|
|
$ |
57,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.32 |
% |
|
|
1.35 |
% |
|
|
1.49 |
% |
|
|
1.48 |
% |
|
1.07 |
% |
|
|
1.10 |
% |
|
|
1.24 |
% |
|
|
1.23 |
% |
|
1.17 |
% |
|
|
1.15 |
% |
|
|
1.66 |
% |
|
|
1.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
285 |
% |
|
|
100 |
% |
|
|
158 |
% |
|
|
217 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
89 |
Financial Highlights
Contd
|
|
|
|
|
|
|
Class B
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning Of Year |
|
$ |
12.52 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income |
|
|
.11 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
.44 |
|
|
|
|
|
|
Total from investment operations |
|
|
.55 |
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
Dividends from net investment income |
|
|
(.13 |
) |
Distributions from net realized gains |
|
|
(1.07 |
) |
|
|
|
|
|
Total dividends and distributions |
|
|
(1.20 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
11.87 |
|
|
|
|
|
|
Total Return(a) |
|
|
4.65 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
171,286 |
|
Average net assets (000) |
|
$ |
187,321 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.08 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.08 |
% |
Net investment income |
|
|
.92 |
% |
(a) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculations based upon average shares outstanding during the year. |
See Notes to Financial Statements.
|
|
|
90 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
Year Ended July 31, |
|
2005(b) |
|
|
2004 |
|
|
2003(b) |
|
|
2002(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.92 |
|
|
$ |
9.86 |
|
|
$ |
8.83 |
|
|
$ |
10.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.05 |
|
|
|
.04 |
|
|
|
.08 |
|
|
|
.11 |
|
|
1.61 |
|
|
|
1.08 |
|
|
|
1.03 |
|
|
|
(1.75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.66 |
|
|
|
1.12 |
|
|
|
1.11 |
|
|
|
(1.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.06 |
) |
|
|
(.06 |
) |
|
|
(.08 |
) |
|
|
(.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.06 |
) |
|
|
(.06 |
) |
|
|
(.08 |
) |
|
|
(.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12.52 |
|
|
$ |
10.92 |
|
|
$ |
9.86 |
|
|
$ |
8.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.24 |
% |
|
|
11.37 |
% |
|
|
12.58 |
% |
|
|
(15.56 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
193,795 |
|
|
$ |
170,863 |
|
|
$ |
129,759 |
|
|
$ |
107,775 |
|
$ |
184,197 |
|
|
$ |
157,550 |
|
|
$ |
113,902 |
|
|
$ |
116,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.07 |
% |
|
|
2.10 |
% |
|
|
2.24 |
% |
|
|
2.23 |
% |
|
1.07 |
% |
|
|
1.10 |
% |
|
|
1.24 |
% |
|
|
1.23 |
% |
|
.41 |
% |
|
|
.41 |
% |
|
|
.91 |
% |
|
|
.93 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
91 |
Financial Highlights
Contd
|
|
|
|
|
|
|
Class C
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning Of Year |
|
$ |
12.52 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income |
|
|
.11 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
.44 |
|
|
|
|
|
|
Total from investment operations |
|
|
.55 |
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
Dividends from net investment income |
|
|
(.13 |
) |
Distributions from net realized gains |
|
|
(1.07 |
) |
|
|
|
|
|
Total dividends and distributions |
|
|
(1.20 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
11.87 |
|
|
|
|
|
|
Total Return(a) |
|
|
4.65 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
123,378 |
|
Average net assets (000) |
|
$ |
121,100 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.08 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.08 |
% |
Net investment income |
|
|
.92 |
% |
(a) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculations based upon average shares outstanding during the year. |
See Notes to Financial Statements.
|
|
|
92 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
Year Ended July 31, |
|
2005(b) |
|
|
2004 |
|
|
2003(b) |
|
|
2002(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.92 |
|
|
$ |
9.86 |
|
|
$ |
8.83 |
|
|
$ |
10.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.05 |
|
|
|
.04 |
|
|
|
.08 |
|
|
|
.11 |
|
|
1.61 |
|
|
|
1.08 |
|
|
|
1.03 |
|
|
|
(1.75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.66 |
|
|
|
1.12 |
|
|
|
1.11 |
|
|
|
(1.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.06 |
) |
|
|
(.06 |
) |
|
|
(.08 |
) |
|
|
(.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.06 |
) |
|
|
(.06 |
) |
|
|
(.08 |
) |
|
|
(.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12.52 |
|
|
$ |
10.92 |
|
|
$ |
9.86 |
|
|
$ |
8.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.24 |
% |
|
|
11.37 |
% |
|
|
12.58 |
% |
|
|
(15.56 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
116,893 |
|
|
$ |
100,712 |
|
|
$ |
77,008 |
|
|
$ |
47,165 |
|
$ |
108,434 |
|
|
$ |
94,252 |
|
|
$ |
59,626 |
|
|
$ |
40,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.07 |
% |
|
|
2.10 |
% |
|
|
2.24 |
% |
|
|
2.23 |
% |
|
1.07 |
% |
|
|
1.10 |
% |
|
|
1.24 |
% |
|
|
1.23 |
% |
|
.41 |
% |
|
|
.41 |
% |
|
|
.89 |
% |
|
|
.95 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
93 |
Financial Highlights
Contd
|
|
|
|
|
|
|
|
|
|
|
Class M
|
|
|
|
Year Ended July 31, 2006(d) |
|
|
October 4, 2004(a) Through July 31, 2005 |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning Of Period |
|
$ |
12.49 |
|
|
$ |
11.34 |
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
.11 |
|
|
|
.09 |
|
Net realized and unrealized gains on investments transactions |
|
|
.45 |
|
|
|
1.15 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.56 |
|
|
|
1.24 |
|
|
|
|
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
(.13 |
) |
|
|
(.09 |
) |
Distributions from net realized gains |
|
|
(1.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(1.20 |
) |
|
|
(.09 |
) |
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
11.85 |
|
|
$ |
12.49 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
4.74 |
% |
|
|
10.96 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
6,272 |
|
|
$ |
4,233 |
|
Average net assets (000) |
|
$ |
5,622 |
|
|
$ |
2,203 |
|
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.08 |
% |
|
|
2.07 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.08 |
% |
|
|
1.07 |
%(c) |
Net investment income |
|
|
.93 |
% |
|
|
.54 |
%(c) |
(a) |
Commencement of offering new share class. |
(b) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
Calculations based upon average shares outstanding during the period. |
See Notes to Financial Statements.
|
|
|
94 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
Class R
|
|
|
|
Year Ended July 31, 2006(e) |
|
|
October 4, 2004(a) Through July 31, 2005 |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning Of Period |
|
$ |
12.56 |
|
|
$ |
11.40 |
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
.18 |
|
|
|
.10 |
|
Net realized and unrealized gains on investments transactions |
|
|
.46 |
|
|
|
1.19 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.64 |
|
|
|
1.29 |
|
|
|
|
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
(.20 |
) |
|
|
(.13 |
) |
Distributions from net realized gains |
|
|
(1.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(1.27 |
) |
|
|
(.13 |
) |
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
11.93 |
|
|
$ |
12.56 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
5.35 |
% |
|
|
11.39 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
3,438 |
|
|
$ |
3 |
|
Average net assets (000) |
|
$ |
2,872 |
|
|
$ |
3 |
|
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees(d) |
|
|
1.58 |
% |
|
|
1.57 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.08 |
% |
|
|
1.07 |
%(c) |
Net investment income |
|
|
1.42 |
% |
|
|
1.02 |
%(c) |
(a) |
Commencement of offering new share class. |
(b) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
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.
|
(e) |
Calculations based upon average shares outstanding during the period. |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
95 |
Financial Highlights
Contd
|
|
|
|
|
|
|
|
|
|
|
Class X
|
|
|
|
Year Ended July 31, 2006(d) |
|
|
October 4, 2004(a) Through July 31, 2005 |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning Of Period |
|
$ |
12.52 |
|
|
$ |
11.34 |
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
.12 |
|
|
|
.09 |
|
Net realized and unrealized gains on investments transactions |
|
|
.43 |
|
|
|
1.18 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.55 |
|
|
|
1.27 |
|
|
|
|
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
(.13 |
) |
|
|
(.09 |
) |
Distributions from net realized gains |
|
|
(1.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(1.20 |
) |
|
|
(.09 |
) |
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
11.87 |
|
|
$ |
12.52 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
4.65 |
% |
|
|
11.23 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
4,773 |
|
|
$ |
2,284 |
|
Average net assets (000) |
|
$ |
3,571 |
|
|
$ |
1,105 |
|
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.08 |
% |
|
|
2.07 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.08 |
% |
|
|
1.07 |
%(c) |
Net investment income |
|
|
.96 |
% |
|
|
.59 |
%(c) |
(a) |
Commencement of offering new share class. |
(b) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
Calculations based upon average shares outstanding during the period. |
See Notes to Financial Statements.
|
|
|
96 |
|
Visit our website at www.strategicpartners.com |
This Page Intentionally Left Blank
Financial Highlights
Contd
|
|
|
|
|
|
|
Class Z
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning Of Year |
|
$ |
12.58 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income |
|
|
.24 |
|
Net realized and unrealized gains (loss) on investments transactions |
|
|
.44 |
|
|
|
|
|
|
Total from investment operations |
|
|
.68 |
|
|
|
|
|
|
Less Dividends and Distributions: |
|
|
|
|
Dividends from net investment income |
|
|
(.25 |
) |
Distributions from net realized gains |
|
|
(1.07 |
) |
|
|
|
|
|
Total dividends and distributions |
|
|
(1.32 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
11.94 |
|
|
|
|
|
|
Total Return(a) |
|
|
5.78 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
13,388 |
|
Average net assets (000) |
|
$ |
12,022 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
1.08 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.08 |
% |
Net investment income |
|
|
1.93 |
% |
(a) |
Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculations based upon average shares outstanding during the year. |
See Notes to Financial Statements.
|
|
|
98 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class Z |
|
Year Ended July 31, |
|
2005(b) |
|
|
2004 |
|
|
2003(b) |
|
|
2002(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.97 |
|
|
$ |
9.90 |
|
|
$ |
8.87 |
|
|
$ |
10.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.17 |
|
|
|
.15 |
|
|
|
.16 |
|
|
|
.22 |
|
|
1.62 |
|
|
|
1.09 |
|
|
|
1.03 |
|
|
|
(1.77 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.79 |
|
|
|
1.24 |
|
|
|
1.19 |
|
|
|
(1.55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.18 |
) |
|
|
(.17 |
) |
|
|
(.16 |
) |
|
|
(.30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.18 |
) |
|
|
(.17 |
) |
|
|
(.16 |
) |
|
|
(.30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12.58 |
|
|
$ |
10.97 |
|
|
$ |
9.90 |
|
|
$ |
8.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16.36 |
% |
|
|
12.53 |
% |
|
|
13.54 |
% |
|
|
(14.70 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,329 |
|
|
$ |
7,678 |
|
|
$ |
8,679 |
|
|
$ |
2,749 |
|
$ |
8,425 |
|
|
$ |
9,098 |
|
|
$ |
4,090 |
|
|
$ |
4,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.07 |
% |
|
|
1.10 |
% |
|
|
1.24 |
% |
|
|
1.23 |
% |
|
1.07 |
% |
|
|
1.10 |
% |
|
|
1.24 |
% |
|
|
1.23 |
% |
|
1.41 |
% |
|
|
1.41 |
% |
|
|
1.86 |
% |
|
|
1.93 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
99 |
Report of Independent Registered
Public Accounting Firm
The Board of Trustees and Shareholders of
Target Asset Allocation FundsTarget Moderate Allocation Fund:
We have audited the accompanying statement of assets and liabilities of the Target Moderate Allocation Fund (formerly known as Strategic Partners Moderate Allocation Fund)
(hereafter referred to as the Fund), a portfolio of the Target Asset Allocation Funds (formerly known as Strategic Partners Asset Allocation Funds), including the portfolio of investments, as of July 31, 2006, and the related statements
of operations for the year then ended, and the statements of changes in net assets in the two-year period then ended and the financial highlights for each of the periods presented in the three-year period then ended. These financial statements and
financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented
prior to the year ended July 31, 2004, were audited by another independent registered public accounting firm, whose report dated September 29, 2003, expressed an unqualified opinion thereon.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2006, by correspondence with the custodian and brokers or by other appropriate auditing
procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the
financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of July 31, 2006, and the results of its operations for the year then ended, and the changes in its net
assets for each of the years in the two-year period then ended and the financial highlights for each of the periods in the three-year period then ended in conformity with U.S. generally accepted accounting principles.
New York, New York
September 22, 2006
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|
|
100 |
|
Visit our website at www.strategicpartners.com |
Tax Information
(Unaudited)
We are required by the Internal Revenue Code to advise you within 60 days of the Funds fiscal year end (July 31, 2006) as to the federal income tax status of dividends paid
by the Fund during such fiscal period. Accordingly, we are advising you that during its fiscal period ended July 31, 2006, the Fund paid distributions for Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares of $0.2235 per share,
$0.1307 per share, $0.1307 per share, $0.1307 per share, $0.1952 per share, $0.1307 per share and $0.2547 per share, respectively, from net investment income and $0.0293 per share of short-term capital gains for Class A, Class B, Class C,
Class M, Class R, Class X and Class Z shares which are taxable as ordinary income. Additionally, the Fund paid $1.0385 per share of long-term capital gains for Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares which are
taxable as such. Further, we wish to advise you that 38.50% of the ordinary income dividends paid in the fiscal period ended July 31, 2006 qualified for the corporate dividend received deduction available to corporate taxpayers.
As required by the Internal Revenue Code, the following percentages of ordinary income dividends paid
for the year ended July 31, 2006 have been designated as 1) Qualified for the reduced tax rate (QDI) under The Job and Growth Tax Relief Reconciliation Act of 2003 and 2) dividends received deduction (DRD) eligible for corporate shareholders 3)
qualified interest income (QII) dividends under The American Jobs Creation Act of 2004 4) qualified short-term gain (QSTG) dividends under The American Jobs Creation Act of 2004:
For the purpose of preparing your annual federal income tax return, however, you should report the amounts as reflected on the appropriate Form
1099-DIV or substitute 1099-DIV.
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QDI
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|
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DRD
|
|
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QII
|
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QSTG
|
|
Moderate Allocation Fund |
|
56.79 |
% |
|
38.51 |
% |
|
52.15 |
% |
|
62.72 |
% |
We are required by Massachusetts, Missouri and
Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders providing the mutual fund meets certain requirements mandated by the respective states taxing authorities. We are
pleased to report that 5.54% of the dividends paid qualify for such deduction.
For more
detailed information regarding your state and local taxes, you should contact your tax advisor or the state/local taxing authorities.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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101 |
Management of the Funds
(Unaudited)
Information pertaining to the Trustees of the Target Asset Allocation Funds (the Funds) is set forth below. Trustees who are not deemed to be interested
persons of the Funds, as defined in the Investment Company Act of 1940 (the 1940 Act), are referred to as Independent Trustees. Trustees who are deemed to be interested persons of the Funds are referred to as
Interested Trustees. Fund Complex consists of the Funds and any other investment companies
managed by PI.
Independent Trustees(2)
Linda W. Bynoe (54), Trustee since 2005(3) Oversees 82 portfolios in Fund
complex
Principal occupations (last 5 years): President and Chief Executive Officer (since March 1995) of Telemat, Ltd. (management consulting); formerly Vice
President at Morgan Stanley & Co.
Other Directorships held: Director of
Simon Property Group, Inc. (real estate investment trust) (since May 2003); Anixter International (communication products distributor) (since January 2006); Director of Northern Trust Corporation (since April 2006).
David E.A. Carson (72), Trustee since 2003(3) Oversees 86 portfolios in Fund
complex
Principal occupations (last 5 years): Formerly Director (January 2000 to May 2000), Chairman (January 1999 to December 1999), Chairman and Chief
Executive Officer (January 1998 to December 1998) and President, Chairman and Chief Executive Officer of Peoples Bank (1983-1997).
Robert E. La Blanc (72), Trustee since 1999(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): President (since 1981) of Robert E. La Blanc Associates, Inc. (telecommunications).
Other Directorships held:(4) Director of Chartered Semiconductor Manufacturing, Ltd. (since 1998); Computer Associates International, Inc. (since 2002)
(software company); FiberNet Telecom Group, Inc. (since 2003) (telecom company).
Douglas H. McCorkindale (67), Trustee since 1998(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5
years): Formerly Chairman (February 2001- June 2006), Chief Executive Officer (June 2000-July 2005), President (September 1997-July 2005) and Vice Chairman (March 1984-May 2000) of Gannett Co. Inc. (publishing and media).
Other Directorships held:(4) Director of Continental Airlines, Inc. (since May
1993); Director of Lockheed Martin Corp. (aerospace and defense) (since May 2001).
Richard A. Redeker (63), Trustee since 2003(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years):
Management Consultant; Director (since 2001) and Chairman of the Board (since 2006) of Invesmart, Inc.; Director of Penn Tank Lines, Inc. (since 1999).
Robin B. Smith (66), Trustee since 2003(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): Chairman of the Board (since January 2003) of Publishers Clearing House (direct marketing); formerly Chairman and Chief Executive Officer (August 1996-January 2003) of Publishers Clearing House.
Other Directorships held:(4) Director of BellSouth Corporation
(since 1992).
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102 |
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Visit our website at www.strategicpartners.com |
Stephen G. Stoneburn (63), Trustee since
1999(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): President and Chief Executive Officer (since June 1996)
of Quadrant Media Corp. (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild
Publications, Inc. (1975-1989).
Clay T. Whitehead (67), Trustee since
1999(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): President (since 1983) of YCO (new business development
firm).
Interested Trustees(1)
Judy A. Rice (58), President since 2003 and Trustee since 2000(3) Oversees 81
portfolios in Fund complex
Principal occupations (last 5 years): President, Chief Executive Officer, Chief Operating Officer and Officer-In-Charge (since
February 2003) of Prudential Investments LLC; Vice President (since February 1999) of Prudential Investment Management Services LLC; President, Chief Executive Officer and Officer-In-Charge (since April 2003) of Prudential Mutual Fund Services LLC;
formerly Director (May 2003-March 2006) and Executive Vice President (June 2005-March 2006) of American Skandia Investment Services, Inc.; formerly Executive Vice President (September 1999-February 2003) of Prudential Investments LLC; Member of
Board of Governors of the Investment Company Institute.
Robert F. Gunia (59),
Vice President and Trustee since 1999(3) Oversees 158 portfolios in Fund complex
Principal occupations (last 5 years): Chief Administrative
Officer (since September 1999) and Executive Vice President (since December 1996) of Prudential Investments LLC; President (since April 1999) of Prudential Investment Management Services LLC; Executive Vice President (since March 1999) and Treasurer
(since May 2000) of Prudential Mutual Fund Services LLC; Chief Administrative Officer, Executive Vice President and Director (since May 2003) of American Skandia Investment Services, Inc.
Other Directorships held:(4) Vice President and Director (since May 1989) and
Treasurer (since 1999) of The Asia Pacific Fund, Inc.
Information pertaining to the
Officers of the Funds who are not also Trustees is set forth below.
Officers(2)
Kathryn L. Quirk (53), Chief Legal
Officer since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since September 2004) of Prudential; Executive
Vice President, Chief Legal Officer and Secretary (since July 2005) of Prudential Investments LLC and Prudential Mutual Fund Services LLC; formerly Managing Director, General Counsel, Chief Compliance Officer, Chief Risk Officer and Corporate
Secretary (1997-2002) of Zurich Scudder Investments, Inc.
Deborah A. Docs (48),
Secretary since 2004(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since January 2001) of Prudential; Vice
President (since December 1996) and Assistant Secretary (since March 1999) of PI; formerly Vice President and Assistant Secretary (May 2003-June 2005) of American Skandia Investment Services, Inc.
Jonathan D. Shain (48), Assistant Secretary since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PI;
Vice President and Assistant Secretary (since February 2001) of PMFS; formerly Vice President and Assistant Secretary (May 2003-June 2005) of American Skandia Investment Services, Inc.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
|
103 |
Claudia DiGiacomo (31), Assistant Secretary
since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and
Assistant Secretary of PI (since December 2005); Associate at Sidley Austin Brown Wood LLP (1999-2004).
Helene Gurian (52), Acting Anti-Money Laundering Compliance Officer since 2006(3)
Principal occupations (last 5
years): Vice President, Prudential (since July 1997); Vice President, Compliance (July 1997-January 2001); Vice President, Compliance and Risk Officer, Retail Distribution (January 2001-May 2002); Vice President, Corporate Investigations (May
2002-date) responsible for supervision of Prudentials fraud investigations, anti-money laundering program and high technology investigation unit.
Lee D. Augsburger (47), Chief Compliance Officer since 2004(3)
Principal
occupations (last 5 years): Senior Vice President and Chief Compliance Officer (since April 2003) of PI; Vice President (since November 2000) and Chief Compliance Officer (since October 2000) of Prudential Investment Management, Inc.; Chief
Compliance Officer and Senior Vice President (since May 2003) of American Skandia Investment Services, Inc.
Grace C. Torres (47), Treasurer and Principal Financial and Accounting Officer since 1998(3)
Principal occupations (last 5
years): Assistant Treasurer (since March 1999) and Senior Vice President (since September 1999) of PI; Assistant Treasurer (since May 2003) and Vice President (since June 2005) of American Skandia Investment Services, Inc.; Senior Vice President
and Assistant Treasurer (since May 2003) of American Skandia Advisory Services, Inc.; formerly Senior Vice President (May 2003-June 2005) of American Skandia Investment Services, Inc.
John P. Schwartz (35), Assistant Secretary since 2006(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since April 2005) of Prudential; Vice President and Assistant Secretary of PI (since December 2005); Associate at Sidley, Austin Brown & Wood LLP
(1997-2005).
M. Sadiq Peshimam (42), Assistant Treasurer since
2006(3)
Principal occupations (last 5 years): Vice President (since 2005) and Director (2000-2005) within Prudential Mutual Fund Administration.
Jack Benintende (42), Assistant Treasurer since 2006(3)
Principal occupations (last 5 years): Vice President (since June 2000) within Prudential Mutual Fund Administration; formerly senior manager within the investment
management practice of PricewaterhouseCoopers LLP (May 1994 through June 2000).
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The Fund Complex consists of all investment companies managed by PI. The Funds for which PI serves as manager include Jennison Dryden Mutual Funds, Strategic Partners Funds, The
Prudential Variable Contract Accounts 2, 10, 11. The Target Portfolio Trust, The Prudential Series Fund, The High Yield Income Fund, Inc., The High Yield Plus Fund, Inc., Nicholas-Applegate Fund, Inc., American Skandia Trust, and Prudentials
Gibraltar Fund, Inc. |
(1) |
Interested Trustee, as defined in the 1940 Act, by reason of employment with the Manager, a Subadvisor or the Distributor. |
(2) |
Unless otherwise noted, the address of the Trustees and Officers is c/o: Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, NJ 07102. |
(3) |
There is no set term of office for Trustees and Officers. The Independent Trustees have adopted a retirement policy, which calls for the retirement of Trustees on December 31 of the year in
which they reach the age of 75. The table shows the individuals length of service as Trustee and/or Officer. |
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104 |
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Visit our website at www.strategicpartners.com |
(4) |
This includes only directorships of companies required to register, or file reports with the SEC under the Securities and Exchange Act of 1934 (that is, public companies) or other
investment companies registered under the 1940 Act. |
Additional
Information about the Trustees is included in the Statement of Additional Information which is available without charge, upon request, by calling (800) 521-7466 or (732) 482-7555 (Calling from outside the U.S.)
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|
Target Asset Allocation Funds/Target Moderate Allocation Fund |
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105 |
Approval of Advisory Agreements
The Board of Trustees (the Board) of Target Asset Allocation Funds (formerly, Strategic Partners Asset Allocation Funds) oversees the
management of the Target Moderate Allocation Fund (the Fund), and, as required by law, determines annually whether to renew the Funds management agreement with Prudential Investments LLC (PI) and the Funds
subadvisory agreements. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7-8, 2006 and approved the renewal of the agreements through July 31, 2007, after concluding that
renewal of the agreements was in the best interests of the Fund and its shareholders.
In
advance of the meetings, the Board received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with their consideration. Among other things, the Board considered comparisons
with other mutual funds in relevant Peer Universes and Peer Groups. The mutual funds included in each Peer Universe or Peer Group were objectively determined solely by Lipper Inc., an independent provider of mutual fund data. The comparisons placed
the Fund in various quartiles over one-year, three-year and five-year time periods ending December 31, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the
lowest cost mutual funds).
In approving the agreements, the Board, including the
Independent Trustees advised by independent legal counsel, considered the factors they deemed relevant, including the nature, quality and extent of services provided, the performance of the Fund, the profitability of PI and its affiliates, expenses
and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders. In their deliberations, the Trustees did not identify any single factor that was dispositive and each Trustee attributed different weights to
the various factors. In connection with their deliberations, the Board considered information provided by PI throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished
at or in advance of the meetings on June 7-8, 2006.
The Trustees determined that
the overall arrangements between the Fund and PI, which serves as the Funds investment manager pursuant to a management agreement with Target Asset Allocation Funds, and between PI and each subadvisor, each of which serves as subadvisor
pursuant to the terms of a subadvisory agreement with PI, are fair and reasonable in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.
The material factors and conclusions that formed the basis for the Trustees determinations to
approve the renewal of the agreements are discussed separately below.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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Approval of Advisory Agreements (continued)
Nature, Quality and Extent of Services
The Board
received and considered information regarding the nature and extent of services provided to the Fund by PI and each subadvisor. The Board considered the services provided by PI, including but not limited to the oversight of the subadvisors, as well
as the provision of fund recordkeeping, and compliance services to the Fund. With respect to PIs oversight of the subadvisors, the Board noted that PIs Strategic Investment Research Group (SIRG), a business unit of PI, is
responsible for screening and recommending new subadvisors when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisors. The Board also considered that PI pays the salaries of all of the
officers and non-independent Trustees of the Fund. The Board also considered the investment subadvisory services provided by each subadvisor, as well as compliance with the Funds investment restrictions, policies and procedures. The Board
considered PIs evaluation of the subadvisors, as well as PIs recommendation, based on its review of the subadvisors, to renew the subadvisory agreements.
The Board reviewed the qualifications, backgrounds and responsibilities of PIs senior management responsible for the oversight of the fund and
each subadvisor, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisors portfolio managers who are responsible for the day-to-day management of the Fund. The Board was provided with information pertaining to
PIs and each subadvisors organizational structure, senior management, investment operations, and other relevant information pertaining to both PI and each subadvisor. The Board also noted that it received favorable compliance reports
from the Funds Chief Compliance Officer (CCO) as to both PI and each subadvisor.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PI and the subadvisory services provided to the Fund by each subadvisor, and that there was a reasonable basis
on which to conclude that the Fund benefits from the services provided by PI and each subadvisor under the management and subadvisory agreements.
Performance of Target Moderate Allocation Fund
The Board received and considered
information about the Funds historical performance, noting that the Fund had achieved performance during the first quarter of 2006 that was in the first quartile, and performance that was in the first quartile over one-year, three-year and
five-year periods ending December 31 in relation to the group of comparable funds in a Peer Universe. In addition, the Board noted that the Fund outperformed over the same time periods when compared against its benchmark index. The Board
reviewed the separate performance records of the
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Visit our website at www.strategicpartners.com |
various sleeves of the Fund managed by each of the Funds subadvisors. The Board determined that the Funds performance was satisfactory.
Fees and Expenses
The Board considered the management fee for the Fund as compared to the management fee charged by PI to other funds and accounts and the fee charged by other advisors to comparable
mutual funds.
The Funds management fee of 0.750% ranked in the third quartile in
its Peer Group. The Board concluded that the management and subadvisory fees are reasonable.
The Board further noted that during 2005 and continuing through 2006, several significant initiatives had been approved which, when fully implemented, were expected to result in cost savings and expense reductions for the Fund. In
particular, the Board observed that implementation of an electronic registration statement desktop publishing system to replace the use of financial printing firms was expected to be completed by the end of 2006 and was expected to significantly
reduce the costs borne by Fund shareholders for the production and filing of Fund registration statements. The Board also observed that new custodian arrangements had been approved, which were also expected to result in reductions in custodian fees
borne by Fund shareholders.
Costs of Services and Profits Realized by PI
The Board was provided with information on the profitability of PI and its affiliates in serving as the Funds investment manager. The Board discussed
with PI the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because
comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular advisor, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the
advisors capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PI and its affiliates in relation to the services rendered was not unreasonable.
The Board noted that none of the subadvisors was affiliated with PI, and concluded that the level of
profitability of a subadvisor not affiliated with PI may not be as significant as PIs profitability, given the arms length nature of the process by which the subadvisory fee rates were negotiated by PI and the unaffiliated subadvisors,
as well as the fact that PI compensates the subadvisors out of its management fee.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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Approval of Advisory Agreements (continued)
Economies of Scale
The Board noted that the
management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase, but at the current level of assets the Fund does not realize the effect of those rate reductions. The Board received and
discussed information concerning whether PI realizes economies of scale as the Funds assets grow beyond current levels. The Board took note that the Funds fee structure would result in benefits to Fund shareholders when (and if) assets
reach the levels at which the fee rate is reduced. These benefits will accrue whether or not PI is then realizing any economies of scale.
Other Benefits to PI and the Subadvisors
The Board considered potential ancillary
benefits that might be received by PI, the subadvisors, and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PI included brokerage commissions received by affiliates of
PI, transfer agency fees received by the Funds transfer agent (which is affiliated with PI), as well as reputational or other intangible benefits resulting from PIs association with the Fund. The Board concluded that the potential
benefits to be derived by the subadvisors included the ability to use soft dollar credits, brokerage commissions received by affiliates of the subadvisors, as well as the potential benefits consistent with those generally resulting from an increase
in assets under management, specifically, potential access to additional research resources and reputational benefits. The Board concluded that the benefits derived by PI and the subadvisors were consistent with the types of benefits generally
derived by investment managers and subadvisors to mutual funds.
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Visit our website at www.strategicpartners.com |
Growth of a $10,000 Investment
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Average Annual Total Returns (With Sales Charges) as of 7/31/06 |
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One Year |
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Five Years |
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Since Inception |
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Class A |
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0.28 |
% |
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4.59 |
% |
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5.27 |
% |
Class B |
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0.09 |
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4.84 |
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5.23 |
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Class C |
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3.70 |
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5.01 |
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5.23 |
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Class M |
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0.95 |
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N/A |
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6.01 |
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Class R |
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5.35 |
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N/A |
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9.17 |
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Class X |
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1.04 |
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N/A |
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6.10 |
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Class Z |
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5.78 |
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6.05 |
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6.31 |
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Average Annual Total Returns (Without Sales Charges) as of 7/31/06 |
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One Year |
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Five Years |
|
|
Since Inception |
|
Class A |
|
5.53 |
% |
|
5.78 |
% |
|
6.05 |
% |
Class B |
|
4.65 |
|
|
5.01 |
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5.23 |
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Class C |
|
4.65 |
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|
5.01 |
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5.23 |
|
Class M |
|
4.74 |
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N/A |
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8.59 |
|
Class R |
|
5.35 |
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N/A |
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9.17 |
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Class X |
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4.65 |
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N/A |
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8.69 |
|
Class Z |
|
5.78 |
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6.05 |
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6.31 |
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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 investors 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.strategicpartners.com or by calling (800) 225-1852.
Maximum sales charge is 5.50%.
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Visit our website at www.strategicpartners.com |
Source: Prudential Investments LLC and Lipper Inc.
Inception dates: Class A, B, C, and Z 11/18/98; Class M, R, and X, 10/04/04.
The graph compares a $10,000 investment in the Target Moderate Allocation Fund (Class A shares) with a similar investment in the Standard & Poors 500 Composite Stock
Price Index (S&P 500 Index) and the Customized Benchmark for the Target Moderate Allocation Fund (Customized Blend) by portraying the initial account values at the commencement of operations for Class A shares (November 18, 1998) and the account
values at the end of the current fiscal year (July 31, 2006) as measured on a quarterly basis. The S&P 500 Index and the Customized Blend data are measured from the closest month-end to inception date, and not from the Funds actual
inception date. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) the maximum applicable front-end sales charge was deducted from the initial $10,000 investment in Class A shares; (b) all recurring fees
(including management fees) were deducted; and (c) all dividends and distributions were reinvested. The line graph provides information for Class A shares only. As indicated in the tables provided earlier, performance for Class B, Class C, and Class
Z shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without a distribution and service (12b-1) fee waiver of 0.05% for Class A shares through July 31, 2006, the
returns shown in the graph and for Class A shares in the tables would have been lower.
The S&P 500 Index is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how stock prices have performed in the United States. The Customized Benchmark is a model portfolio consisting of the Russell
3000 Index (52%), MSCI EAFE (13%), and the Lehman Brothers U.S. Aggregate Bond Index (35%). Each component of the Customized Blend is an unmanaged index generally considered to represent the performance of the Funds asset classes. The
Customized Blend is intended to provide a theoretical comparison of the Funds performance, based on the amounts allocated to each asset class rather than on amounts allocated to various Fund segments. The Indexes total returns include
the reinvestment of all dividends, but do not include the effects of sales charges, operating expenses of a mutual fund, or taxes. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses, or
taxes. The securities that comprise the Indexes may differ substantially from the securities in the Fund. These are not the only indexes that may be used to characterize performance of sector stock funds. Other indexes may portray different
comparative performance. Investors cannot invest directly in an index.
Class A shares
are subject to a maximum front-end sales charge of 5.50%, a 12b-1 fee of up to 0.30% annually, and 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%. Class B shares are subject to a declining CDSC of 5%, 4%, 3%, 2%, 1%, and 1%, respectively for the first six years after purchase and a 12b-1 fee of 1% annually. Approximately seven years after
purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class C shares are not subject to a front-end sales charge, but charge a CDSC of 1% for Class C shares sold within 12 months from the date of purchase, and
an annual 12b-1 fee of 1%. The returns in the graph and tables reflect the share class expense structure in effect at the close of the fiscal period. The returns in the graph and the tables do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or following the redemption of Fund shares.
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Target Asset Allocation Funds/Target Moderate Allocation Fund |
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n MAIL |
|
n TELEPHONE |
|
n WEBSITE |
Gateway Center Three 100 Mulberry
Street Newark, NJ 07102 |
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(800) 225-1852 |
|
www.strategicpartners.com |
|
PROXY VOTING |
The Board of Trustees of the Fund has delegated to the Funds investment subadvisors 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 Commissions 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 Funds website and on the Commissions website. |
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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 |
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OFFICERS |
Judy A. Rice, President Robert F. Gunia, Vice President Grace C. Torres, Treasurer and Principal Financial and Accounting Officer Jack Benintende, Assistant
Treasurer M. Sadiq Peshimam, Assistant Treasurer Kathryn L. Quirk, Chief Legal Officer Deborah A. Docs, Secretary Jonathan D. Shain, Assistant Secretary
Claudia DiGiacomo, Assistant Secretary John P. Schwartz, Assistant Secretary Helene Gurian, Acting Anti-Money Laundering Compliance Officer Lee D. Augsburger, Chief Compliance
Officer |
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MANAGER |
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Prudential Investments LLC |
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Gateway Center Three 100 Mulberry Street Newark, NJ 07102 |
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INVESTMENT SUBADVISORS |
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EARNEST Partners, LLC |
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75 14th Street, Suite 2300 Atlanta, GA 30309 |
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Goldman Sachs Asset Management LP |
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32 Old Slip 23rd Floor New York, NY 10005 |
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Hotchkis and Wiley Capital Management LLC |
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725 South Figueroa Street Suite 3900 Los Angeles, CA 90017 |
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JP Morgan Investment Management, Inc. |
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522 Fifth Avenue New York, NY 10036 |
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LSV Asset Management |
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One North Wacker Drive Suite 4000 Chicago, IL 60606 |
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Marsico Capital Management, LLC |
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1200 17th Street Suite 1600 Denver, CO 80202 |
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NFJ Investment Group L.P. |
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2100 Ross Avenue Suite 1840 Dallas, TX 75201 |
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Pacific Investment Management Company LLC |
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840 Newport Center Drive Newport Beach, CA 92660 |
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RS Investment Management, L.P. |
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388 Market Street Suite 1700 San Francisco, CA 94111 |
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Thornburg Investment Management, Inc. |
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119 East Marcy Street Santa Fe, NM 87501 |
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Vaughan Nelson Investment Management, LP |
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600 Travis Street Suite 6300 Houston, TX 77002 |
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DISTRIBUTOR |
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Prudential Investment Management Services LLC |
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Gateway Center Three 100 Mulberry Street Newark, NJ 07102 |
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CUSTODIAN |
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PFPC Trust Company |
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400 Bellevue Parkway Wilmington, DE 19809 |
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TRANSFER AGENT |
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Prudential Mutual Fund Services LLC |
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PO Box 8098 Philadelphia, PA 19176 |
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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
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KPMG LLP |
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345 Park Avenue New York, NY 10154 |
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FUND COUNSEL |
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Willkie Farr & Gallagher LLP |
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787 Seventh Avenue New York, NY 10019 |
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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.strategicpartners.com or by calling (800) 225-1852. The prospectus should be read carefully before investing. |
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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. |
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SHAREHOLDER COMMUNICATIONS WITH TRUSTEES |
Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Target Asset Allocation Funds, PO Box 13964, Philadelphia, PA 19176. Shareholders can communicate
directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee. |
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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 Funds Forms N-Q are
available on the Commissions website at www.sec.gov. The Funds Forms N-Q may also be reviewed and copied at the Commissions 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 Funds schedule of portfolio holdings is also available on the Funds website as of the end of each fiscal quarter. |
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The Funds Statement of Additional Information contains additional information about the Funds Trustees and is available without charge, upon request, by calling (800)
225-1852. |
Mutual Funds:
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ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY |
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MAY LOSE VALUE |
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ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE |
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Target Moderate Allocation Fund |
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Share Class |
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A |
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B |
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C |
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M |
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R |
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X |
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Z |
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NASDAQ |
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PAMGX |
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DMGBX |
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PIMGX |
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N/A |
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SPMRX |
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N/A |
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PDMZX |
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CUSIP |
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87612A807 |
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87612A880 |
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87612A872 |
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87612A849 |
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87612A864 |
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87612A831 |
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87612A856 |
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MFSP504E3 IFS-A123907 Ed. 09/2006
ANNUAL REPORT
JULY 31, 2006
TARGET GROWTH ALLOCATION FUND
OBJECTIVE
Seeks
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 Funds portfolio holdings are for the period covered by this report and
are subject to change thereafter.
September 15, 2006
Dear Shareholder:
We hope that you find the annual report for the Target Growth Allocation Fund (formerly Strategic
Partners Growth Allocation Fund) informative and useful.
Target Asset Allocation Funds
will be managed exactly as they have been in the past, with institutional-quality asset managers selected, matched, and monitored by the same research team as before. Portions of the Funds assets are assigned to carefully chosen asset
managers, with the allocations actively managed on the basis of our projections for the financial markets and the managers individual strengths. This approach has led to competitive long-term performance.
You also will retain exchange privileges with any fund in Prudentials JennisonDryden mutual fund
family.
We believe your Target Growth Allocation Fund will remain an excellent way for
you to achieve broad, actively managed diversification at a targeted risk/return balance with a single investment purchase. We appreciate your continued confidence in us.
Sincerely,
Judy A. Rice, President
Target Asset Allocation Funds
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Target Asset Allocation Funds/Target Growth Allocation Fund |
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1 |
Your Funds Performance
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 investors 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.strategicpartners.com or by calling (800) 225-1852. The maximum initial sales charge is 5.50% (Class A shares).
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Cumulative Total Returns as of 7/31/06 |
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One Year |
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Five Years |
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Since Inception1 |
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Class A |
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8.00 |
% |
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35.18 |
% |
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66.73 |
% |
Class B |
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7.06 |
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30.01 |
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57.37 |
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Class C |
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7.06 |
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30.01 |
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57.37 |
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Class M |
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7.14 |
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N/A |
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23.68 |
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Class R |
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7.69 |
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N/A |
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24.81 |
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Class X |
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7.13 |
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N/A |
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23.77 |
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Class Z |
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8.25 |
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36.83 |
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70.22 |
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S&P 500 Index2 |
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5.38 |
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14.93 |
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** |
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Customized Blend3 |
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8.74 |
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28.99 |
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*** |
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Lipper Mixed-Asset Target Allocation Growth Funds Average4 |
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4.27 |
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18.89 |
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**** |
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Average Annual Total Returns5 as of 6/30/06 |
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One Year |
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Five Years |
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Since Inception1 |
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Class A |
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6.92 |
% |
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4.61 |
% |
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6.21 |
% |
Class B |
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7.22 |
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4.83 |
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6.21 |
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Class C |
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11.22 |
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4.99 |
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6.21 |
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Class M |
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6.30 |
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N/A |
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10.72 |
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Class R |
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12.92 |
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N/A |
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13.94 |
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Class X |
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6.29 |
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N/A |
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10.77 |
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Class Z |
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13.41 |
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6.08 |
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7.30 |
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S&P 500 Index2 |
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8.62 |
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2.49 |
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** |
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Customized Blend3 |
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12.84 |
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4.84 |
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*** |
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Lipper Mixed-Asset Target Allocation Growth Funds Average4 |
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9.42 |
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3.12 |
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**** |
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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. 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 B and Class C shares are subject to a maximum CDSC of 5% and 1%, respectively. Class M and Class X shares are subject to a maximum CDSC of 6%. Class R and Class
Z shares are not subject to a sales charge.
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2 |
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Visit our website at www.strategicpartners.com |
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 dates: Class A, B, C, and Z, 11/18/98; Class M, R, and X, 10/04/04.
2The Standard & Poors 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how U.S. stock prices have performed.
3The Customized Benchmark for Target Growth Allocation Fund (Customized Blend) is a model portfolio consisting of the Russell 3000 Index (80%) and the MSCI EAFE (20%).
Each component of the Customized Blend is an unmanaged index generally considered as representing the performance of the Funds asset classes. The Customized Blend is intended to provide a theoretical comparison of the Funds performance,
based on the amounts allocated to each asset class rather than on amounts allocated to various Fund segments. The Customized Blend does not reflect deductions for any sales charges or operating expenses of a mutual fund.
4The Lipper Mixed-Asset Target Allocation Growth Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Mixed-Equity
Funds category for the periods noted. Funds in the Lipper Average invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time.
Mixed-Asset Funds are funds that, by portfolio practice, maintain a mix of between 60% and 80% equity securities, with the remainder invested in bonds, cash, and cash equivalents.
5The average annual total returns take into account applicable sales charges. Class A, Class B, Class C, 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%, 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), 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.
Investors cannot invest directly in an index. The returns for the S&P 500 Index and the Customized
Blend 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. The Since Inception
returns for the S&P 500 Index and the Lipper Average are measured from the closest month-end to inception date, and not from the Funds actual inception date.
**S&P 500 Index Closest Month-End to Inception cumulative total returns as of 7/31/06 are 23.54% for Classes A, B, C, and Z; and 18.41% for
Classes M, R, and X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 6/30/06 are 2.74% for Classes A, B, C, and Z; and 9.75% for Classes M, R, and X.
***Customized Blend Closest Month-End to Inception cumulative total returns as of 7/31/06 are 37.89% for Classes A, B, C, and Z; and 25.33% for Classes M, R, and X. Customized Blend Closest Month-End to Inception average annual
total returns as of 6/30/06 are 4.31% for Classes A, B, C, and Z; and 13.69% for Classes M, R, and X.
****Lipper Average Closest Month-End to Inception cumulative
total returns as of 7/31/06 are 49.98% for Classes A, B, C, and Z; and 19.08% for Classes M, R, and X. Lipper Average Closest Month-End to Inception average annual total returns as of 6/30/06 are 5.02% for Classes A, B, C, and Z; and 10.99% for
Classes M, R, and X.
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Target Asset Allocation Funds/Target Growth Allocation Fund |
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3 |
Your Funds Performance (continued)
Fund objective
The investment objective of the Target Growth Allocation Fund (the Fund) is long-term capital appreciation. There can be no assurance that the Fund will achieve its
investment objective.
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4 |
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Visit our website at www.strategicpartners.com |
Source: Lipper Inc.
The chart above shows the total returns for 12 months ended July 31, 2006, of various securities indexes that are generally considered representative of broad market sectors. It
does not reflect a mutual funds expenses. The performance cited does not represent the performance of the Target Growth Allocation Fund. Past performance is not indicative of future results. Investors cannot invest directly in an index.
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents
approximately 98% of the investable U.S. equity market.
The Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE Index) is
an unmanaged, weighted index that reflects stock price movements in Europe, Australasia, and the Far East. It gives a broad look at how foreign stock prices have performed.
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Target Asset Allocation Funds/Target Growth Allocation Fund |
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5 |
Investment Advisors Report
The U.S. economy, in particular, and the global economy overall continued to grow comfortably throughout the 12 months ended July 31, 2006, but the
stock markets went through four distinct phases in this period. These reflected changing confidence that growth would continue and not be choked off by rising interest rates.
As the period began, there was concern that high oil prices would slow global economic growth. The stock markets declined gradually while bonds had a
good August. Then a combination of evidence of robust international growth and the prospect of domestic rebuilding after Hurricane Katrina kicked off a rapid rise in share prices in the last quarter of 2005 and the first four months of 2006.
Emerging market stocks, underpinned by several favorable long-term trends, had a particularly strong run. In the U.S. market, shares of smaller companies with rapid earnings growth (small-cap growth stocks) led because their earnings tend to be
particularly responsive to changes in the economic climate. Among large-cap stocks, value stocks (shares that are inexpensive compared to a firms assets or earnings prospects) took the lead. Bond investors faced evidence that the Federal
Reserve would continue its long sequence of small interest-rate boosts. Since rising rates drive down the prices of bonds already on the market, most bond returns were low. In bond sectors where credit concerns have a larger impact on
pricessuch as high yield, non-investmentgrade municipal, and emerging market bondsperformance was somewhat better.
However, new data in the second quarter of 2006 showed inflation pressures building up and consumer spending flagging. In the second week of May, stock markets plunged around the
world. The more volatile asset classes, which had benefited from the strong markets earlier, now fell most. Emerging market stocks fell almost 25% peak to trough. Among domestic stocks, small-cap growth stocks fell furthest. The markets stabilized
in June and finished the reporting period on a gradual recovering trend, but value stocks continued to outperform in both large-cap and small-cap markets as investor confidence continued to be weak.
Over the Funds full 12-month fiscal year, value investing was significantly ahead of growth
investing in both capitalization ranges, providing a moderate return in small caps and a good one in large caps. International stocks performed much better than domestic stocks. Some of the return in developed market countries was due to the rise in
asset prices as the dollar dropped sharply against other major currencies, but returns measured in local currencies also were good. A very strong Japanese stock market contributed to the excellent performance. Bond prices were held down by concerns
about rising inflation and interest rates throughout the 12-month period, and generally provided lower returns than cash equivalents.
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6 |
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Visit our website at www.strategicpartners.com |
In terms of industries, oil and other energy industries led the domestic large-cap and small-cap markets, and energy equipment & services had a very substantial advance in the international markets. Materials &
processing stocks, particularly metals, and the financial services sector also produced significant above-average returns globally. Domestic stocks of firms dependent on consumer discretionary spending declined substantially, but the international
textiles & apparel industry made significant advances and other international consumer stocks generally fared well.
Analysis of the Funds performance
The Target Growth Allocation Funds
performance is compared with a customized benchmark composed of broad indexes for domestic and international stocks in an 80%/20% asset allocation that is considered appropriate for a growth-oriented balance of risk and return potential. The Fund is
one of three Target Asset Allocation Funds. Institutional investment managers are subadvisors for these funds, one or more managing each asset class. The Fund actively manages its allocations to these subadvisors based on its projection of how its
asset classes and investment styles are likely to perform in the near future. The Funds Class A shares returned 8.00% over the reporting period, slightly below its benchmark (+8.74%), but significantly higher than the Lipper Mixed-Asset
Target Allocation Growth Funds Average (+4.27%). Including the one-time sales charge on Class A shares, the return was 2.06%.
Strategic Partners Asset Allocation Funds were renamed Target Asset Allocation Funds as of 9/29/2006. Their management did not change.
The Funds performance relative to its benchmark can be analyzed into two components:
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Asset allocation decisions. Did differences between the Funds asset allocation and the distribution of different asset classes within the custom benchmark index help or hurt its return?
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Asset managers performance. Did the various asset managers outperform or underperform their asset class indexes? |
The Funds asset composition benefited substantially from an overweight compared with its
benchmark in international stocks. This contribution was enhanced by above-benchmark performance by the Funds international holdings managed by LSV Asset Management. In addition, both Goldman Sachs Asset Management and Marsico Capital
Management added value to the Funds large-cap growth holdings, offsetting some of the weakness of the asset class in general. However, the performance of the Funds value stocks detracted significantly from its relative performance.
Hotchkis and Wileys large-cap value holdings suffered from a substantial underweight in the
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Target Asset Allocation Funds/Target Growth Allocation Fund |
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7 |
Investment Advisors Report (continued)
energy sector and from not holding positions in several sizable constituents of the Index that performed particularly well. In the Funds allocation to small-cap
value stocks, EARNEST Partners overweights in certain home builders detracted as fear of rising interest rates and a cooling housing market hurt home builders.
The
Portfolio of Investments following this report shows the size of the Funds positions at period-end.
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8 |
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Visit our website at www.strategicpartners.com |
Target Asset Allocation Funds
Strategic policy development
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Each funds strategic (long-term) asset allocation strategy is based on research into the historical and expected returns of various asset classes and their associated risks.
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We analyze worldwide economic and market factors to arrive at an outlook for the economy and the capital markets. These views guide our decisions about each funds equity and fixed
income allocations. |
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We analyze the investment strategies of different asset managers and how they have performed in various economic and market environments. |
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Each fund uses a diversified mix of asset classes with proven money managers investing in their area of expertise. |
Dynamic management
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We make dynamic (medium-term) asset allocation adjustments based on our perspective of the macroeconomic environment, the capital markets, and the investment strengths of the various asset
managers. Our asset allocation team draws upon its own research into current market conditions, Wall Street research, and the asset managers insights. |
We monitor changes in personnel, practices, and performance at the various asset management companies. Managers may be changed or new portions added
to a fund if we think it will improve the funds performance.
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Target Asset Allocation Funds/Target Growth Allocation Fund |
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9 |
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 February 1, 2006, at the beginning of the period, and held through the six-month period ended July 31, 2006.
The Funds 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 or Strategic Partners Funds, including the Target Asset Allocation Funds 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 Funds actual expense ratio and an assumed rate of return of 5% per year before
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10 |
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Visit our website at www.strategicpartners.com |
expenses, which is not the Funds 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.
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Target Growth Allocation Fund |
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Beginning Account Value February 1, 2006 |
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Ending Account Value July 31, 2006 |
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Annualized Expense Ratio Based on the Six-Month Period |
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Expenses Paid During the Six- Month Period* |
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Class A |
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Actual |
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$ |
1,000.00 |
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$ |
994.80 |
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1.42 |
% |
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$ |
7.02 |
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Hypothetical |
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$ |
1,000.00 |
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$ |
1,017.75 |
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1.42 |
% |
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$ |
7.10 |
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Class B |
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Actual |
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$ |
1,000.00 |
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$ |
989.70 |
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2.17 |
% |
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$ |
10.71 |
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Hypothetical |
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$ |
1,000.00 |
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$ |
1,014.03 |
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2.17 |
% |
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$ |
10.84 |
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Class C |
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Actual |
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$ |
1,000.00 |
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$ |
989.70 |
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2.17 |
% |
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$ |
10.71 |
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Hypothetical |
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$ |
1,000.00 |
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$ |
1,014.03 |
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2.17 |
% |
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$ |
10.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
Actual |
|
$ |
1,000.00 |
|
$ |
989.70 |
|
2.17 |
% |
|
$ |
10.71 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,014.03 |
|
2.17 |
% |
|
$ |
10.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R |
|
Actual |
|
$ |
1,000.00 |
|
$ |
992.50 |
|
1.67 |
% |
|
$ |
8.25 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,016.51 |
|
1.67 |
% |
|
$ |
8.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class X |
|
Actual |
|
$ |
1,000.00 |
|
$ |
990.50 |
|
2.17 |
% |
|
$ |
10.71 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,014.03 |
|
2.17 |
% |
|
$ |
10.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class Z |
|
Actual |
|
$ |
1,000.00 |
|
$ |
995.60 |
|
1.17 |
% |
|
$ |
5.79 |
|
|
Hypothetical |
|
$ |
1,000.00 |
|
$ |
1,018.99 |
|
1.17 |
% |
|
$ |
5.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 181 days in the six-month period ended July 31, 2006, and divided by the 365 days in the Funds fiscal year ended July 31,
2006 (to reflect the six-month period).
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
11 |
This Page Intentionally Left Blank
Portfolio of Investments
as of July 31, 2006
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
LONG-TERM INVESTMENTS 94.8% |
|
|
|
COMMON STOCKS |
|
|
|
|
|
Advertising 0.2% |
|
|
|
15,400 |
|
JC Decaux SA (France) |
|
$ |
396,783 |
6,830 |
|
Marchex, Inc. (Class B Stock) |
|
|
87,083 |
|
|
|
|
|
|
|
|
|
|
|
483,866 |
|
|
Aerospace & Defense 2.6% |
|
|
|
1,050 |
|
Alliant Techsystems, Inc.* |
|
|
84,147 |
11,900 |
|
Boeing Co. (The) |
|
|
921,298 |
1,080 |
|
DRS Technologies, Inc. |
|
|
49,993 |
13,400 |
|
Empresa Brasileira de Aeronautica SA, ADR (Brazil) |
|
|
462,702 |
1,375 |
|
Esterline Technologies Corp.* |
|
|
58,204 |
20,756 |
|
General Dynamics Corp. |
|
|
1,391,067 |
1,100 |
|
Goodrich Corp. |
|
|
44,407 |
2,400 |
|
Heico Corp. |
|
|
74,040 |
1,200 |
|
Honeywell International, Inc. |
|
|
46,440 |
16,990 |
|
Lockheed Martin Corp. |
|
|
1,353,763 |
5,900 |
|
Moog, Inc. (Class A Stock)* |
|
|
204,671 |
22,400 |
|
Northrop Grumman Corp. |
|
|
1,482,656 |
11,600 |
|
Raytheon Co. |
|
|
522,812 |
22,265 |
|
United Technologies Corp. |
|
|
1,384,661 |
|
|
|
|
|
|
|
|
|
|
|
8,080,861 |
|
|
Airlines 0.1% |
|
|
|
95,900 |
|
Qantas Airways Ltd. (Australia) |
|
|
224,139 |
|
|
Auto Components 0.2% |
|
|
|
2,600 |
|
Magna International, Inc. (Class A Stock) |
|
|
191,074 |
6,100 |
|
Paccar, Inc. |
|
|
492,575 |
|
|
|
|
|
|
|
|
|
|
|
683,649 |
|
|
Automobile Manufacturers 1.6% |
|
|
|
16,600 |
|
Honda Motor Co. Ltd. (Japan) |
|
|
547,324 |
7,500 |
|
Hyundai Motor Co. (Korea) |
|
|
573,964 |
28,200 |
|
Nissan Motor Co. Ltd. (Japan) |
|
|
304,027 |
13,900 |
|
PSA Peugeot Citroen SA (France) |
|
|
729,588 |
3,000 |
|
Renault SA (France)* |
|
|
327,845 |
24,900 |
|
Toyota Motor Corp. (Japan) |
|
|
1,316,185 |
12,110 |
|
Toyota Motor Corp. ADR (Japan) |
|
|
1,274,214 |
|
|
|
|
|
|
|
|
|
|
|
5,073,147 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
13 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Automotive Parts 0.7% |
|
|
|
7,500 |
|
Autoliv, Inc. |
|
$ |
421,275 |
5,700 |
|
Compagnie Generale des Establissements Michelin (Class B Stock) (France) |
|
|
346,293 |
500 |
|
Georg Fischer AG (Switzerland)* |
|
|
225,915 |
49,200 |
|
GKN PLC (United Kingdom)* |
|
|
238,496 |
8,700 |
|
Johnson Controls, Inc. |
|
|
667,812 |
6,000 |
|
Valeo SA (France) |
|
|
219,279 |
30,000 |
|
Yokohama Rubber Co. Ltd. (Japan) |
|
|
129,007 |
|
|
|
|
|
|
|
|
|
|
|
2,248,077 |
|
|
Beverages 0.6% |
|
|
|
4,800 |
|
Anheuser-Busch Cos., Inc. |
|
|
231,120 |
14,900 |
|
Asahi Breweries Ltd. (Japan) |
|
|
217,564 |
11,900 |
|
Coca-Cola Co. (The) |
|
|
529,550 |
26,300 |
|
Coca-Cola Enterprises, Inc. |
|
|
564,398 |
4,900 |
|
PepsiCo, Inc. |
|
|
310,562 |
|
|
|
|
|
|
|
|
|
|
|
1,853,194 |
|
|
Biotechnology 1.4% |
|
|
|
6,500 |
|
Applera Corp. - Applied Biosystems Group |
|
|
208,975 |
13,000 |
|
Celgene Corp.* |
|
|
622,570 |
33,528 |
|
Genentech, Inc.* |
|
|
2,709,733 |
10,314 |
|
Genzyme Corp.* |
|
|
704,240 |
1,650 |
|
Illumina, Inc.* |
|
|
63,079 |
600 |
|
Syngenta AG (Switzerland) |
|
|
86,254 |
|
|
|
|
|
|
|
|
|
|
|
4,394,851 |
|
|
Broadcasting 0.7% |
|
|
|
59,300 |
|
CBS Corp. (Class B Stock) |
|
|
1,626,599 |
16,500 |
|
Clear Channel Communications, Inc. |
|
|
477,675 |
2,875 |
|
Liberty Media Holding Corp. - Interactive A |
|
|
47,351 |
|
|
|
|
|
|
|
|
|
|
|
2,151,625 |
|
|
Building Materials 0.1% |
|
|
|
9,870 |
|
Rollins, Inc. |
|
|
208,553 |
|
|
Building Products 0.3% |
|
|
|
2,760 |
|
Lennox International, Inc. |
|
|
62,956 |
28,000 |
|
Masco Corp. |
|
|
748,440 |
|
|
|
|
|
|
|
|
|
|
|
811,396 |
See Notes to Financial Statements.
|
|
|
14 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Business Services 0.4% |
|
|
|
3,000 |
|
Administaff, Inc. |
|
$ |
94,830 |
8,990 |
|
Barrett Business Services, Inc. |
|
|
193,285 |
2,420 |
|
Ctrip.com International Ltd., ADR (China)* |
|
|
122,488 |
4,600 |
|
Manpower, Inc. |
|
|
273,608 |
5,800 |
|
MPS Group, Inc.* |
|
|
75,342 |
12,110 |
|
Optimal Group, Inc. (Class A Stock) (Canada) |
|
|
178,502 |
3,600 |
|
URS Corp.* |
|
|
142,560 |
645 |
|
WESCO International, Inc.* |
|
|
37,571 |
|
|
|
|
|
|
|
|
|
|
|
1,118,186 |
|
|
Cable Television 0.3% |
|
|
|
21,900 |
|
Rogers Communications, Inc. (Class B Stock) (Canada) |
|
|
935,641 |
|
|
Chemicals 1.5% |
|
|
|
3,988 |
|
Air Products & Chemicals, Inc. |
|
|
254,953 |
120 |
|
Arkema (France) |
|
|
4,651 |
26,000 |
|
Asahi Kasei Corp. (Japan) |
|
|
161,699 |
6,800 |
|
BASF AG (Germany) |
|
|
547,325 |
7,300 |
|
Bayer AG (Germany) |
|
|
359,666 |
705 |
|
Cytec Industries, Inc. |
|
|
37,654 |
35,700 |
|
Denki Kagaku Kogyo KK (Japan) |
|
|
143,865 |
36,900 |
|
Dow Chemical Co. |
|
|
1,276,002 |
11,200 |
|
Eastman Chemical Co. |
|
|
555,856 |
700 |
|
Givaudan SA (Switzerland) |
|
|
577,953 |
33,100 |
|
Mitsubishi Chemical Holdings Corp. (Japan) |
|
|
208,165 |
4,400 |
|
PPG Industries, Inc. |
|
|
270,776 |
4,300 |
|
Rohm and Haas Co. |
|
|
198,316 |
2,600 |
|
Valspar Corp. |
|
|
64,038 |
|
|
|
|
|
|
|
|
|
|
|
4,660,919 |
|
|
Clothing & Apparel 0.4% |
|
|
|
11,100 |
|
Adidas-Salomon AG (Germany) |
|
|
517,822 |
6,140 |
|
Carters, Inc. |
|
|
133,913 |
11,410 |
|
Iconix Brand Group, Inc.* |
|
|
159,740 |
5,060 |
|
Jos. A. Bank Clothiers, Inc.* |
|
|
127,411 |
100 |
|
NIKE, Inc. (Class B Stock) |
|
|
7,900 |
5,300 |
|
Phillips-Van Heusen Corp. |
|
|
188,309 |
|
|
|
|
|
|
|
|
|
|
|
1,135,095 |
|
|
Commercial Banks 2.0% |
|
|
|
10,400 |
|
Alliance & Leicester PLC (United Kingdom) |
|
|
203,403 |
66,007 |
|
Bank of America Corp. |
|
|
3,401,341 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
15 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
1,061,300 |
|
Bank of China Ltd. (Hong Kong)* |
|
$ |
468,490 |
12,300 |
|
Commonwealth Bank of Australia (Australia) |
|
|
422,263 |
5,500 |
|
First Horizon National Corp. |
|
|
230,450 |
26,100 |
|
KeyCorp |
|
|
963,090 |
1,100 |
|
Societe Generale (France) |
|
|
164,120 |
3,000 |
|
UnionBanCal Corp. |
|
|
185,370 |
900 |
|
Verwaltungs & Privat Bank AG (Liechtenstein)* |
|
|
202,958 |
|
|
|
|
|
|
|
|
|
|
|
6,241,485 |
|
|
Commercial Services 1.2% |
|
|
|
3,605 |
|
Aaron Rents, Inc. |
|
|
87,025 |
1,725 |
|
Ace Cash Express, Inc.* |
|
|
50,836 |
28,000 |
|
Cendant Corp. |
|
|
420,280 |
1,575 |
|
Dollar Thrifty Automotive Group, Inc.* |
|
|
70,497 |
9,020 |
|
FirstService Corp. (Canada) |
|
|
221,712 |
2,250 |
|
Healthcare Services Group, Inc. |
|
|
48,622 |
19,800 |
|
Interserve PLC (United Kingdom)* |
|
|
142,398 |
7,505 |
|
McGrath Rentcorp |
|
|
202,785 |
11,900 |
|
McKesson Corp. |
|
|
599,641 |
750 |
|
Monro Muffler Brake, Inc. |
|
|
23,258 |
8,300 |
|
Moodys Corp. |
|
|
455,504 |
4,590 |
|
Steiner Leisure Ltd. |
|
|
184,426 |
450 |
|
Strayer Education, Inc. |
|
|
48,757 |
7,315 |
|
Team, Inc.* |
|
|
180,827 |
14,000 |
|
Toppan Printing Co. Ltd. (Japan) |
|
|
161,071 |
2,500 |
|
United Rentals, Inc.* |
|
|
69,800 |
21,200 |
|
Waste Management, Inc. |
|
|
728,856 |
|
|
|
|
|
|
|
|
|
|
|
3,696,295 |
|
|
Computer Hardware 1.2% |
|
|
|
13,200 |
|
Advanced Mirco Devices, Inc.* |
|
|
255,948 |
4,600 |
|
Computer Sciences Corp.* |
|
|
240,994 |
39,100 |
|
Hewlett-Packard Co. |
|
|
1,247,681 |
14,800 |
|
International Business Machines Corp. |
|
|
1,145,668 |
1,400 |
|
Reynolds & Reynolds Co. (Class A Stock) |
|
|
49,546 |
23,300 |
|
Synopsys, Inc. |
|
|
417,070 |
3,550 |
|
Synplicity, Inc. |
|
|
20,306 |
2,700 |
|
Tyler Technologies, Inc.* |
|
|
32,454 |
25,100 |
|
Western Digital Corp.* |
|
|
440,254 |
|
|
|
|
|
|
|
|
|
|
|
3,849,921 |
|
|
Computer Services & Software 0.7% |
|
|
|
5,300 |
|
Autodesk, Inc. |
|
|
180,783 |
See Notes to Financial Statements.
|
|
|
16 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
450 |
|
Blackbaud, Inc. |
|
$ |
9,387 |
21,800 |
|
Cadence Design System, Inc.* |
|
|
352,942 |
11,780 |
|
Concur Technologies, Inc.* |
|
|
153,847 |
12,980 |
|
Global Payments, Inc. |
|
|
552,169 |
1,015 |
|
Micros Systems, Inc.* |
|
|
40,600 |
8,500 |
|
Oracle Corp.* |
|
|
127,245 |
2,700 |
|
SAP AG (Germany) |
|
|
494,135 |
4,950 |
|
The9 Ltd., ADR (Cayman Islands)* |
|
|
121,127 |
|
|
|
|
|
|
|
|
|
|
|
2,032,235 |
|
|
Computer Software 1.5% |
|
|
|
24,200 |
|
BMC Software, Inc.* |
|
|
566,764 |
47,800 |
|
CA, Inc. |
|
|
1,001,888 |
16,100 |
|
First Data Corp. |
|
|
657,685 |
1,600 |
|
Intuit, Inc. |
|
|
49,392 |
78,000 |
|
Microsoft Corp. |
|
|
1,874,340 |
11,380 |
|
Omniture, Inc. |
|
|
82,050 |
17,200 |
|
Red Hat, Inc.* |
|
|
407,296 |
|
|
|
|
|
|
|
|
|
|
|
4,639,415 |
|
|
Computers & Peripherals |
|
|
|
31,000 |
|
Sun Microsystems, Inc. |
|
|
134,850 |
|
|
Construction 0.8% |
|
|
|
1,000 |
|
Ciments Francais SA (France)* |
|
|
163,507 |
200 |
|
D.R. Horton, Inc. |
|
|
4,286 |
1,675 |
|
Dycom Industries, Inc.* |
|
|
30,133 |
9,723 |
|
Fraport AG (Germany) |
|
|
707,949 |
25,000 |
|
Hanson PLC (United Kingdom) |
|
|
307,754 |
4,800 |
|
Hovnanian Enterprises, Inc. (Class A Stock)* |
|
|
131,472 |
5,100 |
|
JS Group Corp. (Japan) |
|
|
104,763 |
9,786 |
|
KB Home |
|
|
416,101 |
2,900 |
|
Meritage Homes Corp.* |
|
|
112,433 |
5,500 |
|
Standard - Pacific Corp. |
|
|
122,815 |
31,500 |
|
Taylor Woodrow PLC (United Kingdom) |
|
|
202,564 |
4,600 |
|
Toll Brothers, Inc.* |
|
|
117,622 |
2,100 |
|
Winnebago Ind. |
|
|
60,711 |
|
|
|
|
|
|
|
|
|
|
|
2,482,110 |
|
|
Construction Materials |
|
|
|
44,900 |
|
CSR Ltd. (Australia) |
|
|
116,639 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
17 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Consumer Products 0.3% |
|
|
|
9,300 |
|
Electrolux AB, Series B (Sweden) |
|
$ |
134,847 |
41,100 |
|
Shiseido Co. Ltd. (Japan) |
|
|
820,960 |
|
|
|
|
|
|
|
|
|
|
|
955,807 |
|
|
Consumer Products & Services 2.4% |
|
|
|
40,700 |
|
Altria Group, Inc. |
|
|
3,254,779 |
4,640 |
|
Central Garden & Pet Co. |
|
|
183,466 |
7,200 |
|
Colgate-Palmolive Co. |
|
|
427,104 |
4,600 |
|
Elizabeth Arden, Inc.* |
|
|
77,648 |
2,400 |
|
Harman International Industries, Inc. |
|
|
192,480 |
39,010 |
|
Procter & Gamble Co. |
|
|
2,192,362 |
19,700 |
|
Reckitt Benckiser PLC (United Kingdom) |
|
|
790,458 |
2,800 |
|
Scotts Co. (The) (Class A Stock) |
|
|
109,844 |
3,400 |
|
Snap-On, Inc. |
|
|
142,834 |
|
|
|
|
|
|
|
|
|
|
|
7,370,975 |
|
|
Distribution/Wholesale 0.2% |
|
|
|
26,800 |
|
Marubeni Corp. (Japan) |
|
|
142,363 |
3,370 |
|
MWI Veterinary Supply, Inc. |
|
|
126,274 |
25,000 |
|
Sumitomo Corp. (Japan) |
|
|
354,137 |
2,925 |
|
Watsco, Inc. |
|
|
129,636 |
|
|
|
|
|
|
|
|
|
|
|
752,410 |
|
|
Diversified Financial Services 0.5% |
|
|
|
120 |
|
Ameriprise Financial, Inc. |
|
|
5,352 |
2,200 |
|
Greenhill & Co., Inc. |
|
|
127,512 |
11,800 |
|
JPMorgan Chase & Co. |
|
|
538,316 |
16,300 |
|
Shinhan Financial Group Co. Ltd. (Korea) |
|
|
802,031 |
|
|
|
|
|
|
|
|
|
|
|
1,473,211 |
|
|
Diversified Operations 0.6% |
|
|
|
239,900 |
|
China Merchants Holdings International Co. Ltd. (China) |
|
|
727,091 |
28,900 |
|
IFIL - Investments SpA (Italy) |
|
|
168,341 |
4,100 |
|
Ingersoll-Rand Co. Ltd. (Class A Stock) (Bermuda) |
|
|
146,780 |
8,201 |
|
LVMH Moet Hennessy Louis Vuitton (France) |
|
|
823,934 |
|
|
|
|
|
|
|
|
|
|
|
1,866,146 |
|
|
Diversified Telecommunication Services 0.2% |
|
|
|
23,900 |
|
Koninklijke (Royal) KPN NV (Netherlands) |
|
|
271,410 |
73,000 |
|
Telestra Corp. Ltd. (Australia) |
|
|
213,691 |
|
|
|
|
|
|
|
|
|
|
|
485,101 |
See Notes to Financial Statements.
|
|
|
18 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Drugs & Medicine 0.7% |
|
|
|
15,200 |
|
Endo Pharmaceuticals Holdings, Inc.* |
|
$ |
472,264 |
40,806 |
|
Merck & Co., Inc. |
|
|
1,643,258 |
|
|
|
|
|
|
|
|
|
|
|
2,115,522 |
|
|
Education |
|
|
|
2,425 |
|
Universal Technical Institute, Inc.* |
|
|
48,815 |
|
|
Electric Utilities 0.6% |
|
|
|
4,100 |
|
Entergy Corp. |
|
|
316,110 |
3,600 |
|
FirstEnergy Corp. |
|
|
201,600 |
25,800 |
|
FPL Group, Inc. |
|
|
1,113,012 |
14,000 |
|
Sierra Pacific Resources* |
|
|
202,300 |
|
|
|
|
|
|
|
|
|
|
|
1,833,022 |
|
|
Electronic Components 1.6% |
|
|
|
3,400 |
|
Arrow Electronics, Inc.* |
|
|
96,084 |
3,000 |
|
Broadcom Corp. (Class A Stock)* |
|
|
71,970 |
5,100 |
|
Checkpoint Systems, Inc.* |
|
|
84,150 |
18,366 |
|
Deere & Co. |
|
|
1,332,820 |
250 |
|
EDO Corp. |
|
|
5,610 |
2,700 |
|
Emerson Electric Co. |
|
|
213,084 |
5,100 |
|
Energizer Holdings, Inc.* |
|
|
324,513 |
8,400 |
|
FLIR Systems, Inc.* |
|
|
201,684 |
34,000 |
|
Hitachi Ltd. (Japan) |
|
|
217,681 |
9,400 |
|
Hosiden Corp. (Japan) |
|
|
93,389 |
3,350 |
|
International DisplayWorks, Inc.* |
|
|
15,946 |
17,200 |
|
Kansai Electric Power Co., Inc. (The) (Japan) |
|
|
396,075 |
3,000 |
|
Pike Electric Corp.* |
|
|
54,030 |
1,000 |
|
Samsung Electronics Co. Ltd. (Korea) |
|
|
636,516 |
29,900 |
|
Sanmina-SCI Corp.* |
|
|
103,454 |
12,800 |
|
Secom Co. Ltd. (Japan) |
|
|
624,118 |
27,320 |
|
SRS Labs, Inc. |
|
|
136,327 |
13,475 |
|
TT Electronics PLC (United Kingdom)* |
|
|
45,308 |
6,300 |
|
Waters Corp.* |
|
|
256,284 |
2,100 |
|
Xilinx, Inc. |
|
|
42,609 |
|
|
|
|
|
|
|
|
|
|
|
4,951,652 |
|
|
Electronic Components & Equipment 0.4% |
|
|
|
4,700 |
|
Fanuc Ltd. (Japan) |
|
|
391,923 |
42,200 |
|
Sharp Corp. (Japan) |
|
|
712,996 |
|
|
|
|
|
|
|
|
|
|
|
1,104,919 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
19 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Electronic Equipment & Instruments 0.1% |
|
|
|
12,100 |
|
Alps Electric Co. Ltd. (Japan) |
|
$ |
149,766 |
3,100 |
|
Tech Data Corp.* |
|
|
115,258 |
|
|
|
|
|
|
|
|
|
|
|
265,024 |
|
|
Electronics 0.1% |
|
|
|
9,700 |
|
Hoya Corp. (Japan) |
|
|
339,282 |
|
|
Energy Equipment & Services 0.3% |
|
|
|
14,000 |
|
GlobalSantaFe Corp. |
|
|
769,020 |
1,000 |
|
Tidewater, Inc. |
|
|
47,710 |
|
|
|
|
|
|
|
|
|
|
|
816,730 |
|
|
Entertainment 0.3% |
|
|
|
14,300 |
|
Capcom Co. Ltd. (Japan) |
|
|
170,260 |
18,700 |
|
OPAP SA (Greece) |
|
|
678,880 |
|
|
|
|
|
|
|
|
|
|
|
849,140 |
|
|
Entertainment & Leisure 0.8% |
|
|
|
16,850 |
|
Century Casinos, Inc. |
|
|
187,035 |
24,232 |
|
Las Vegas Sands, Inc.* |
|
|
1,503,111 |
21,700 |
|
Marvel Entertainment, Inc. |
|
|
383,656 |
1,300 |
|
Mattel, Inc. |
|
|
23,452 |
7,500 |
|
Scientific Games Corp. (Class A Stock) |
|
|
254,775 |
7,200 |
|
TUI AG (Germany) |
|
|
144,949 |
|
|
|
|
|
|
|
|
|
|
|
2,496,978 |
|
|
Environmental Services 0.2% |
|
|
|
13,100 |
|
Allied Waste Industries, Inc.* |
|
|
133,096 |
9,200 |
|
Republic Services, Inc. |
|
|
369,472 |
2,090 |
|
Waste Connections, Inc.* |
|
|
78,124 |
|
|
|
|
|
|
|
|
|
|
|
580,692 |
|
|
Equipment & Services 0.1% |
|
|
|
1,900 |
|
Schneider Electric SA (France) |
|
|
195,378 |
|
|
Exchange Traded Funds |
|
|
|
10 |
|
iShares Russell 1000 Value Index Fund |
|
|
747 |
1,439 |
|
iShares Russell 2000 Value Index Fund |
|
|
102,644 |
|
|
|
|
|
|
|
|
|
|
|
103,391 |
See Notes to Financial Statements.
|
|
|
20 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Farming & Agriculture 0.8% |
|
|
|
31,812 |
|
Archer-Daniels-Midland Co. |
|
$ |
1,399,728 |
25,100 |
|
AWB Ltd. (Australia) |
|
|
74,244 |
207,300 |
|
Chaoda Modern Agriculture Holdings Ltd.* |
|
|
112,051 |
21,436 |
|
Monsanto Co. |
|
|
921,534 |
|
|
|
|
|
|
|
|
|
|
|
2,507,557 |
|
|
Financial - Bank & Trust 6.8% |
|
|
|
6,562 |
|
ABN AMRO Holding NV (Netherlands) |
|
|
181,645 |
1,400 |
|
Amsouth Bancorp |
|
|
40,124 |
7,050 |
|
Astoria Financial Corp. |
|
|
209,738 |
3,100 |
|
Banche Popolari Unite Scpa (Italy) |
|
|
83,396 |
13,200 |
|
Banco Bilbao Vizcaya Argentaria SA (Spain) |
|
|
280,578 |
21,900 |
|
Banco Santander Central Hispano SA (Spain) |
|
|
331,784 |
45,000 |
|
Bank of Fukuoka Ltd. (The) (Japan)* |
|
|
335,209 |
86,104 |
|
Bank of Yokohama Ltd. (The) (Japan) |
|
|
690,214 |
2,865 |
|
BankAtlantic Bancorp, Inc. (Class A Stock) |
|
|
39,766 |
2,800 |
|
BankUnited Financial Corp. (Class A Stock) |
|
|
82,852 |
97,100 |
|
Barclays PLC (United Kingdom) |
|
|
1,139,088 |
1,400 |
|
BB&T Corp. |
|
|
58,786 |
7,700 |
|
BNP Paribas (France) |
|
|
749,502 |
5,270 |
|
Boston Private Financial Holdings, Inc. |
|
|
132,435 |
33,900 |
|
Bradford & Bingley PLC (United Kingdom) |
|
|
284,015 |
4,300 |
|
Comerica, Inc. |
|
|
251,765 |
500 |
|
Compass Banshares, Inc. |
|
|
29,470 |
9,800 |
|
Credit Agricole SA (France) |
|
|
393,958 |
11,300 |
|
Credit Suisse Group (Switzerland) |
|
|
633,160 |
7,300 |
|
Danske Bank SA (Denmark) |
|
|
279,935 |
5,000 |
|
Deutsche Bank AG (Germany)* |
|
|
576,427 |
3,400 |
|
Dexia (Belgium) |
|
|
83,258 |
12,300 |
|
Fortis (Belgium) |
|
|
437,109 |
33,300 |
|
HBOS PLC (United Kingdom) |
|
|
606,184 |
7,000 |
|
Hudson City Bancorp, Inc. |
|
|
90,790 |
136,800 |
|
Lloyds TSB Group PLC (United Kingdom) |
|
|
1,377,378 |
8,500 |
|
Marshall & Ilsley Corp. |
|
|
399,245 |
1,465 |
|
MB Financial, Inc. |
|
|
52,095 |
500 |
|
Natexis Banques Populaires (France)* |
|
|
122,567 |
22,500 |
|
Nomura Holdings, Inc. (Japan) |
|
|
399,385 |
46,600 |
|
Nordea Bank AB (Sweden) |
|
|
583,547 |
5,600 |
|
North Fork Bancorp, Inc. |
|
|
158,648 |
2,200 |
|
Oriental Financial Group, Inc. |
|
|
27,654 |
4,000 |
|
Pacific Capital Bancorp |
|
|
117,840 |
4,985 |
|
PrivateBancorp, Inc. |
|
|
234,345 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
21 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
5,300 |
|
Regions Financial Corp. |
|
$ |
192,337 |
40,300 |
|
Royal Bank of Scotland Group PLC (United Kingdom) |
|
|
1,311,389 |
18,400 |
|
San Paolo - IMI SpA (Italy) |
|
|
327,648 |
4,000 |
|
State Street Corp. |
|
|
240,240 |
3,200 |
|
Sterling Financial Corp. (WA) |
|
|
102,304 |
6,200 |
|
TCF Financial Corp. |
|
|
166,842 |
30,100 |
|
U.S. Bancorp |
|
|
963,200 |
33,820 |
|
UBS AG (Switzerland) |
|
|
1,839,808 |
19,400 |
|
UBS AG (Switzerland) (Virt-x) |
|
|
1,055,487 |
1,625 |
|
UCBH Holdings, Inc. |
|
|
27,105 |
4,300 |
|
Wachovia Corp. |
|
|
230,609 |
40,286 |
|
Wells Fargo & Co. |
|
|
2,914,289 |
1,600 |
|
Zions Bancorp |
|
|
131,424 |
|
|
|
|
|
|
|
|
|
|
|
20,996,574 |
|
|
Financial Services 4.9% |
|
|
|
2,300 |
|
Accredited Home Lenders Holding Co.* |
|
|
104,259 |
600 |
|
Affiliated Managers Group, Inc.* |
|
|
54,930 |
17,182 |
|
AmeriCredit Corp. |
|
|
422,505 |
8,500 |
|
Asset Acceptance Capital Corp. |
|
|
154,530 |
400 |
|
Capital One Financial Corp. |
|
|
30,940 |
2,016 |
|
Chicago Mercantile Exchange Holdings, Inc. |
|
|
929,779 |
7,900 |
|
CIT Group, Inc. |
|
|
362,689 |
60,900 |
|
Citigroup, Inc. |
|
|
2,942,079 |
5,300 |
|
Deutsche Boerse AG (Germany) |
|
|
752,510 |
20,300 |
|
E*Trade Group Corp.* |
|
|
473,193 |
6,500 |
|
Eaton Vance Corp. |
|
|
160,940 |
4,366 |
|
Euronext NV (France) |
|
|
391,236 |
1,200 |
|
Financial Federal Corp. |
|
|
32,244 |
500 |
|
First Cash Financial Services, Inc.* |
|
|
9,515 |
300 |
|
Franklin Resources, Inc. |
|
|
27,435 |
2,520 |
|
GFI Group, Inc.* |
|
|
144,547 |
13,293 |
|
Goldman Sachs Group, Inc. |
|
|
2,030,506 |
88,500 |
|
Hong Kong Exchanges and Clearing Ltd. (Hong Kong) |
|
|
575,178 |
900 |
|
International Securities Exchange, Inc. |
|
|
36,621 |
4,030 |
|
Investment Technology Group, Inc.* |
|
|
202,951 |
12,600 |
|
Irish Life & Permanent PLC (Ireland) |
|
|
290,519 |
8,900 |
|
Jefferies Group, Inc. |
|
|
231,222 |
25,700 |
|
Lehman Brothers Holdings, Inc. |
|
|
1,669,215 |
5,700 |
|
Merrill Lynch & Co., Inc. |
|
|
415,074 |
200 |
|
Moneygram International, Inc. |
|
|
6,130 |
16,500 |
|
Morgan Stanley |
|
|
1,097,250 |
20,000 |
|
Online Resources Corp.* |
|
|
209,800 |
5,420 |
|
OptionsXpress Holding, Inc. |
|
|
141,896 |
See Notes to Financial Statements.
|
|
|
22 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
4,570 |
|
Portfolio Recovery Associates, Inc.* |
|
$ |
195,687 |
9,272 |
|
Raymond James Financial, Inc. |
|
|
269,444 |
4,500 |
|
Sanyo Electric Credit Co. Ltd. (Japan) |
|
|
85,176 |
4,900 |
|
SEI Investments Co. |
|
|
239,414 |
700 |
|
Student Loan Corp. (The) |
|
|
125,825 |
1,800 |
|
T. Rowe Price Group, Inc. |
|
|
74,358 |
4,100 |
|
Takefuji Corp. (Japan) |
|
|
200,986 |
6,270 |
|
Virginia Commerce Bancorp, Inc.* |
|
|
147,032 |
|
|
|
|
|
|
|
|
|
|
|
15,237,615 |
|
|
Food & Beverage 0.1% |
|
|
|
18,428 |
|
SABMiller PLC (South Africa) |
|
|
370,054 |
|
|
Food Products 0.3% |
|
|
|
37,900 |
|
Cadbury Schweppes PLC (United Kingdom) |
|
|
370,625 |
11,700 |
|
Sara Lee Corp. |
|
|
197,730 |
18,500 |
|
Unilever PLC, ADR |
|
|
441,965 |
|
|
|
|
|
|
|
|
|
|
|
1,010,320 |
|
|
Foods 0.5% |
|
|
|
1,750 |
|
Corn Products International, Inc. |
|
|
58,205 |
11,800 |
|
Dairy Crest Group PLC (United Kingdom)* |
|
|
117,927 |
8,700 |
|
Dean Foods Co.* |
|
|
326,511 |
100 |
|
Kellogg Co. |
|
|
4,817 |
17,900 |
|
Kraft Foods, Inc. (Class A Stock) |
|
|
579,960 |
46,600 |
|
Northern Foods PLC (United Kingdom) |
|
|
72,686 |
1,800 |
|
Sysco Corp. |
|
|
49,680 |
14,400 |
|
Tate & Lyle PLC (United Kingdom) |
|
|
184,260 |
|
|
|
|
|
|
|
|
|
|
|
1,394,046 |
|
|
Healthcare Equipment & Supplies |
|
|
|
3,500 |
|
Kyphon, Inc.* |
|
|
119,210 |
|
|
Healthcare Providers & Services 0.7% |
|
|
|
3,300 |
|
Aetna, Inc.* |
|
|
103,917 |
3,300 |
|
Caremark Rx, Inc.* |
|
|
174,240 |
7,800 |
|
CIGNA Corp. |
|
|
711,750 |
6,400 |
|
Express Scripts, Inc.* |
|
|
492,992 |
10,400 |
|
HCA, Inc. |
|
|
511,264 |
43,500 |
|
Tenet Healthcare Corp.* |
|
|
257,520 |
|
|
|
|
|
|
|
|
|
|
|
2,251,683 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
23 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Healthcare Services 2.0% |
|
|
|
525 |
|
Amedisys, Inc.* |
|
$ |
20,050 |
5,500 |
|
AMERIGROUP Corp.* |
|
|
160,050 |
9,600 |
|
AMN Healthcare Services, Inc.* |
|
|
215,616 |
4,400 |
|
Covance, Inc.* |
|
|
280,544 |
18,350 |
|
Five Star Quality Care |
|
|
198,180 |
4,475 |
|
Healthsouth Rehabilitation Corp.* |
|
|
17,676 |
4,200 |
|
Healthways, Inc.* |
|
|
225,624 |
9,700 |
|
Humana, Inc. |
|
|
542,521 |
2,200 |
|
LHC Group, Inc.* |
|
|
46,508 |
1,880 |
|
Pediatrix Medical Group, Inc.* |
|
|
79,712 |
4,210 |
|
Providence Service Corp. (The) |
|
|
103,440 |
3,923 |
|
Quest Diagnostics, Inc. |
|
|
235,851 |
4,700 |
|
Sunrise Senior Living, Inc.* |
|
|
135,736 |
1,325 |
|
Triad Hospitals, Inc.* |
|
|
51,635 |
78,860 |
|
UnitedHealth Group, Inc. |
|
|
3,771,874 |
|
|
|
|
|
|
|
|
|
|
|
6,085,017 |
|
|
Healthcare-Products 0.2% |
|
|
|
2,100 |
|
Dade Behring Holdings, Inc. |
|
|
85,533 |
3,830 |
|
ResMed, Inc.* |
|
|
177,750 |
14,300 |
|
Solexa, Inc.* |
|
|
126,698 |
4,070 |
|
Vital Signs, Inc. |
|
|
209,565 |
|
|
|
|
|
|
|
|
|
|
|
599,546 |
|
|
Home Furnishings |
|
|
|
3,400 |
|
Furniture Brands International, Inc. |
|
|
68,204 |
|
|
Hotels & Motels 0.9% |
|
|
|
5,100 |
|
Choice Hotels International, Inc. |
|
|
217,362 |
3,600 |
|
Hilton Hotels Corp. |
|
|
86,148 |
3,300 |
|
Hospitality Properties Trust |
|
|
143,781 |
27,369 |
|
MGM Mirage* |
|
|
972,694 |
6,020 |
|
Station Casinos, Inc. |
|
|
330,257 |
14,627 |
|
Wynn Resorts Ltd.* |
|
|
936,275 |
|
|
|
|
|
|
|
|
|
|
|
2,686,517 |
|
|
Hotels, Restaurants & Leisure 0.5% |
|
|
|
9,300 |
|
Carnival Corp. (Panama) |
|
|
362,328 |
5,121 |
|
Harrahs Entertainment, Inc. |
|
|
307,823 |
20,756 |
|
Yum! Brands, Inc. |
|
|
934,020 |
|
|
|
|
|
|
|
|
|
|
|
1,604,171 |
See Notes to Financial Statements.
|
|
|
24 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Household Durables 0.8% |
|
|
|
7,400 |
|
Alpine Electronics, Inc. (Japan) |
|
$ |
103,792 |
6,200 |
|
Centex Corp. |
|
|
293,322 |
4,500 |
|
Fortune Brands, Inc. |
|
|
326,340 |
34,606 |
|
Lennar Corp. (Class A Stock) |
|
|
1,547,926 |
2,100 |
|
Lennar Corp. (Class B Stock) |
|
|
87,486 |
|
|
|
|
|
|
|
|
|
|
|
2,358,866 |
|
|
Household Products 0.2% |
|
|
|
10,200 |
|
Kimberly-Clark Corp. |
|
|
622,710 |
|
|
Household Products/Wares |
|
|
|
9,300 |
|
Husqvarna AB (Sweden) (Class B Stock) |
|
|
100,006 |
|
|
Independent Power Producers & Energy Traders 0.6% |
|
|
|
30,000 |
|
TXU Corp. |
|
|
1,926,900 |
|
|
Industrial Conglomerates 0.6% |
|
|
|
9,300 |
|
3M Co. |
|
|
654,720 |
80,000 |
|
Citic Pacific Ltd. (Hong Kong) |
|
|
233,713 |
32,600 |
|
Tyco International Ltd. (Bermuda) |
|
|
850,534 |
|
|
|
|
|
|
|
|
|
|
|
1,738,967 |
|
|
Industrial Products 0.3% |
|
|
|
3,135 |
|
Air Liquide (France) |
|
|
632,735 |
2,400 |
|
Harsco Corp. |
|
|
193,464 |
49,200 |
|
Kurabo Industries Ltd. (Japan) |
|
|
143,765 |
|
|
|
|
|
|
|
|
|
|
|
969,964 |
|
|
Insurance 5.7% |
|
|
|
11,800 |
|
Aegon NV (Netherlands) |
|
|
200,324 |
29,400 |
|
Allstate Corp. (The) |
|
|
1,670,508 |
7,100 |
|
AMBAC Financial Group, Inc. |
|
|
590,081 |
6,200 |
|
American International Group, Inc. |
|
|
376,154 |
16,680 |
|
Amerisafe, Inc.* |
|
|
186,816 |
5,500 |
|
Assurant, Inc. |
|
|
264,935 |
28,400 |
|
Aviva PLC (United Kingdom) |
|
|
380,909 |
3,500 |
|
Baloise Holding (Switzerland) |
|
|
278,737 |
200 |
|
Chubb Corp. |
|
|
10,084 |
1,800 |
|
CNP Assurances (France) |
|
|
171,414 |
4,600 |
|
Commerce Group, Inc. |
|
|
138,966 |
3,475 |
|
Delphi Financial Group, Inc. (Class A Stock) |
|
|
132,363 |
39,443 |
|
Genworth Financial, Inc. (Class A Stock) |
|
|
1,352,895 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
25 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
4,400 |
|
Hanover Insurance Group, Inc. (The) |
|
$ |
203,632 |
6,200 |
|
Hartford Financial Service Group, Inc. |
|
|
526,008 |
2,837 |
|
HCC Insurance Holdings, Inc. |
|
|
86,500 |
1,400 |
|
Hilb, Rogal & Hobbs Co. |
|
|
56,700 |
17,000 |
|
ING Groep NV, ADR (Netherlands) |
|
|
690,128 |
91,200 |
|
Legal & General PLC (United Kingdom) |
|
|
211,675 |
4,900 |
|
Lincoln National Corp. |
|
|
277,732 |
13,500 |
|
Loews Corp.* |
|
|
500,310 |
13,200 |
|
Marsh & McLennan Cos., Inc. |
|
|
356,796 |
15,964 |
|
MBIA, Inc. |
|
|
938,843 |
31,600 |
|
MetLife, Inc. |
|
|
1,643,200 |
23 |
|
Millea Holdings, Inc. (Japan) |
|
|
445,375 |
4,720 |
|
Navigators Group, Inc.* |
|
|
200,647 |
69,600 |
|
Old Mutual PLC (United Kingdom)* |
|
|
210,622 |
11,742 |
|
Philadelphia Consolidated Holding Corp.* |
|
|
397,702 |
14,812 |
|
Progressive Corp. (The) |
|
|
358,302 |
4,200 |
|
Protective Life Corp. |
|
|
194,502 |
112,100 |
|
Royal & Sun Alliance Insurance Group PLC (United Kingdom) |
|
|
280,077 |
46,700 |
|
St. Paul Travelers Cos., Inc. (The) |
|
|
2,138,860 |
7,800 |
|
State Auto Financial Corp. |
|
|
235,560 |
10,900 |
|
Swiss, Re (Switzerland) |
|
|
783,918 |
4,825 |
|
United Fire & Casualty Co. |
|
|
144,075 |
24,700 |
|
UnumProvident Corp. |
|
|
400,881 |
7,550 |
|
W.R. Berkely Corp. |
|
|
271,800 |
3,900 |
|
XL Capital Ltd. (Class A Stock) |
|
|
248,430 |
1,000 |
|
Zurich Financial Services AG (Switzerland)* |
|
|
224,493 |
|
|
|
|
|
|
|
|
|
|
|
17,780,954 |
|
|
Internet Services 0.7% |
|
|
|
1,000 |
|
eBay, Inc.* |
|
|
24,070 |
3,500 |
|
Equinix, Inc. |
|
|
183,330 |
2,300 |
|
Google, Inc. (Class A Stock)* |
|
|
889,180 |
17,700 |
|
Intel Corp. |
|
|
318,600 |
7,620 |
|
j2 Global Communications, Inc.* |
|
|
213,360 |
6,270 |
|
Netflix, Inc.* |
|
|
129,726 |
3,430 |
|
Nutri System, Inc.* |
|
|
181,516 |
11,220 |
|
RADVision Ltd.* |
|
|
163,812 |
1,300 |
|
Vignette Corp.* |
|
|
16,887 |
|
|
|
|
|
|
|
|
|
|
|
2,120,481 |
|
|
Iron/Steel 0.1% |
|
|
|
21,400 |
|
Tokyo Steel Manufacturing Co. Ltd. (Japan) |
|
|
397,593 |
See Notes to Financial Statements.
|
|
|
26 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
IT Services 0.4% |
|
|
|
51,400 |
|
Electronic Data Systems Corp. |
|
$ |
1,228,460 |
|
|
Machinery 1.4% |
|
|
|
760 |
|
Briggs & Stratton Corp. |
|
|
19,456 |
4,100 |
|
Bucyrus International, Inc. (Class A Stock) |
|
|
199,711 |
27,155 |
|
Caterpillar, Inc. |
|
|
1,924,475 |
11,480 |
|
Flow International Corp.* |
|
|
154,980 |
4,740 |
|
Gardner Denver, Inc. |
|
|
164,241 |
800 |
|
IDEX Corp. |
|
|
34,760 |
4,150 |
|
Intevac, Inc.* |
|
|
87,441 |
1,100 |
|
Joy Global, Inc. |
|
|
41,272 |
3,900 |
|
MAN AG (Germany)* |
|
|
281,923 |
1,125 |
|
Nordson Corp. |
|
|
51,188 |
2,770 |
|
Regal-Beloit Corp. |
|
|
110,107 |
500 |
|
Rieter Holdings AG (Switzerland) |
|
|
189,346 |
6,500 |
|
SPX Corp. |
|
|
355,225 |
11,300 |
|
Terex Corp.* |
|
|
506,692 |
4,500 |
|
Volvo, AB (Class B Shares) (Sweden) |
|
|
238,204 |
|
|
|
|
|
|
|
|
|
|
|
4,359,021 |
|
|
Manufacturing 0.2% |
|
|
|
950 |
|
Actuant Corp. (Class A Stock) |
|
|
41,810 |
3,860 |
|
American Railcar Industries, Inc. |
|
|
106,729 |
3,900 |
|
Eaton Corp. |
|
|
249,990 |
16,430 |
|
Hexcel Corp.* |
|
|
236,099 |
2,975 |
|
Jacuzzi Brands, Inc.* |
|
|
24,990 |
700 |
|
Parker Hannifin Corp. |
|
|
50,568 |
|
|
|
|
|
|
|
|
|
|
|
710,186 |
|
|
Media 1.5% |
|
|
|
56,150 |
|
Comcast Corp. (Class A Stock) |
|
|
1,930,437 |
22,100 |
|
Disney (Walt) Co. |
|
|
656,149 |
300 |
|
EchoStar Communications Corp. (Class A Stock) |
|
|
10,515 |
1,800 |
|
EW Scripps Co. (Class A Stock) |
|
|
76,914 |
20,800 |
|
Gannett Co., Inc. |
|
|
1,084,096 |
14,800 |
|
News Corp. (Class A Stock) |
|
|
284,752 |
19,700 |
|
Shaw Communications, Inc. (Class B Stock) (Canada) |
|
|
572,705 |
|
|
|
|
|
|
|
|
|
|
|
4,615,568 |
|
|
Medical Supplies & Equipment 1.8% |
|
|
|
6,420 |
|
Angiodynamics, Inc.* |
|
|
147,660 |
300 |
|
Baxter International, Inc. |
|
|
12,600 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
27 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
3,400 |
|
Becton Dickinson & Co. |
|
$ |
224,128 |
6,900 |
|
Cardinal Health, Inc. |
|
|
462,300 |
3,600 |
|
Cooper Cos., Inc. |
|
|
159,120 |
3,600 |
|
Eli Lilly & Co. |
|
|
204,372 |
6,295 |
|
Immucor, Inc.* |
|
|
125,333 |
29,600 |
|
Johnson & Johnson |
|
|
1,851,480 |
1,730 |
|
LCA-Vision, Inc. |
|
|
74,650 |
1,150 |
|
Medical Action Industries, Inc.* |
|
|
25,496 |
11,500 |
|
Medtronic, Inc. |
|
|
580,980 |
6,000 |
|
Nipro Corp. (Japan) |
|
|
107,288 |
6,200 |
|
Novamed, Inc. |
|
|
46,004 |
8,970 |
|
NuVasive, Inc.* |
|
|
156,885 |
27,750 |
|
Orthovita, Inc. |
|
|
111,277 |
5,328 |
|
PolyMedica Corp. |
|
|
206,247 |
2,900 |
|
Sepracor, Inc.* |
|
|
143,260 |
3,730 |
|
SonoSite, Inc. |
|
|
120,404 |
17,490 |
|
Spectranetics Corp. |
|
|
225,446 |
6,000 |
|
WellPoint, Inc.* |
|
|
447,000 |
400 |
|
Zimmer Holdings, Inc.* |
|
|
25,296 |
|
|
|
|
|
|
|
|
|
|
|
5,457,226 |
|
|
Metals 0.1% |
|
|
|
24,000 |
|
Crane Group Ltd. (Australia) |
|
|
202,303 |
|
|
Metals & Mining 2.3% |
|
|
|
47,900 |
|
Alcoa, Inc. |
|
|
1,434,605 |
4,550 |
|
Birch Mountain Resources Ltd.* |
|
|
19,247 |
51,600 |
|
Bluescope Steel Ltd. (Australia) |
|
|
270,857 |
4,000 |
|
Boehler-Uddeholm AG (Austria)* |
|
|
208,983 |
15,397 |
|
Companhia Vale Do Rio Doce, ADR (Brazil) |
|
|
357,210 |
3,940 |
|
Dynamic Materials Corp. |
|
|
121,194 |
1,625 |
|
Gibraltar Industries, Inc. |
|
|
44,899 |
2,100 |
|
Newmont Mining Corp. |
|
|
107,583 |
40,900 |
|
NSK Ltd. (Japan) |
|
|
313,586 |
6,300 |
|
Nucor Corp. |
|
|
334,971 |
19,528 |
|
Peabody Energy Corp. |
|
|
974,447 |
8,500 |
|
Phelps Dodge Corp. |
|
|
742,390 |
8,600 |
|
Rautaruukki Oyj (Finland) |
|
|
244,431 |
15,600 |
|
Rio Tinto PLC (United Kingdom) |
|
|
805,746 |
3,400 |
|
Salzgitter AG (Germany)* |
|
|
268,320 |
11,200 |
|
ThyssenKrup AG (Germany) |
|
|
392,009 |
5,400 |
|
Timken Co. |
|
|
173,880 |
4,900 |
|
United States Steel Corp. |
|
|
309,043 |
|
|
|
|
|
|
|
|
|
|
|
7,123,401 |
See Notes to Financial Statements.
|
|
|
28 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Miscellaneous Manufacturers 0.7% |
|
|
|
70,600 |
|
General Electric Co. |
|
$ |
2,307,914 |
|
|
Multi-Line Retail 0.4% |
|
|
|
11,700 |
|
Federated Department Stores, Inc. |
|
|
410,787 |
25,500 |
|
Next PLC (United Kingdom) |
|
|
813,592 |
|
|
|
|
|
|
|
|
|
|
|
1,224,379 |
|
|
Multi-Utilities 0.1% |
|
|
|
5,800 |
|
Public Service Enterprise Group |
|
|
391,094 |
|
|
Multimedia 0.5% |
|
|
|
9,200 |
|
McGraw-Hill Cos., Inc. |
|
|
517,960 |
47,500 |
|
Time Warner, Inc. |
|
|
783,750 |
8,300 |
|
Viacom, Inc. (Class B Stock)* |
|
|
289,255 |
|
|
|
|
|
|
|
|
|
|
|
1,590,965 |
|
|
Office Equipment 0.1% |
|
|
|
8,700 |
|
Ricoh Co. Ltd. (Japan) |
|
|
175,298 |
|
|
Oil & Gas 0.2% |
|
|
|
12,000 |
|
Norsk Hydro, ASA (Norway) |
|
|
341,214 |
4,800 |
|
Total SA (France) |
|
|
326,503 |
|
|
|
|
|
|
|
|
|
|
|
667,717 |
|
|
Oil & Gas Exploration/Production |
|
|
|
2,900 |
|
Todco (Class A Stock) |
|
|
110,519 |
|
|
Oil, Gas & Consumable Fuels 8.4% |
|
|
|
14,500 |
|
Apache Corp. |
|
|
1,021,815 |
2,100 |
|
Arena Resources, Inc.* |
|
|
77,700 |
1,600 |
|
Ashland, Inc. |
|
|
106,416 |
84,700 |
|
BP PLC (United Kingdom) |
|
|
1,020,520 |
11,200 |
|
BP PLC, ADR (United Kingdom) |
|
|
812,224 |
6,550 |
|
Cabot Oil & Gas Corp. |
|
|
345,513 |
6,400 |
|
Canadian Natural Resources Ltd. (Canada) |
|
|
339,878 |
22,500 |
|
ChevronTexaco Corp. |
|
|
1,480,050 |
643,294 |
|
China Petroleum & Chemical Corp. (China) |
|
|
360,964 |
300 |
|
Compania Espanola de Petroleos SA (CEPSA) (Spain) |
|
|
21,211 |
32,100 |
|
ConocoPhillips |
|
|
2,203,344 |
45,200 |
|
Cosmo Oil Co. Ltd. (Japan) |
|
|
218,026 |
7,300 |
|
Devon Energy Corp. |
|
|
471,872 |
47,300 |
|
Eni SpA (Italy) |
|
|
1,450,709 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
29 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
7,700 |
|
EOG Resources, Inc. |
|
$ |
570,955 |
43,400 |
|
ExxonMobil Corp. |
|
|
2,939,916 |
3,675 |
|
Gulfport Energy Corp.* |
|
|
44,945 |
29,918 |
|
Halliburton Co. |
|
|
998,064 |
4,959 |
|
Headwaters, Inc.* |
|
|
114,751 |
8,800 |
|
Helmerich & Payne, Inc. |
|
|
243,584 |
2,900 |
|
Houston Exploration Co.* |
|
|
185,194 |
960 |
|
Hydril Co.* |
|
|
66,499 |
800 |
|
Kerr-McGee Corp. |
|
|
56,160 |
4,900 |
|
Lukoil, ADR (Russia)* |
|
|
425,320 |
3,110 |
|
Maverick Tube Corp.* |
|
|
198,387 |
48,000 |
|
Nippon Oil Corp. (Japan) |
|
|
375,978 |
8,400 |
|
Occidental Petroleum Corp. |
|
|
905,100 |
6,410 |
|
Oceaneering International, Inc.* |
|
|
280,245 |
5,230 |
|
Oil States International, Inc.* |
|
|
168,197 |
3,800 |
|
Oneok, Inc. |
|
|
141,398 |
67,000 |
|
Osaka Gas Co. Ltd. (Japan) |
|
|
226,168 |
10,027 |
|
Praxair, Inc. |
|
|
549,881 |
14,200 |
|
Repsol YPF SA (Spain) |
|
|
399,060 |
14,200 |
|
Royal Dutch Shell PLC (Class A Stock) (Netherlands) |
|
|
501,908 |
16,700 |
|
Royal Dutch Shell PLC (Class B Stock) (Netherlands) |
|
|
614,867 |
14,000 |
|
Santos Ltd. (Australia) |
|
|
123,374 |
37,822 |
|
Schlumberger Ltd. |
|
|
2,528,401 |
6,000 |
|
Sunoco, Inc. |
|
|
417,240 |
5,620 |
|
Superior Energy Services, Inc. |
|
|
192,485 |
3,500 |
|
Swift Energy Co.* |
|
|
168,000 |
3,100 |
|
Tesoro Corp. |
|
|
231,880 |
158,600 |
|
Tokyo Gas Co. Ltd. (Japan) |
|
|
788,539 |
2,290 |
|
Unit Corp.* |
|
|
134,286 |
1,700 |
|
Universal Compression Holdings, Inc.* |
|
|
108,290 |
17,200 |
|
Valero Energy Corp. |
|
|
1,159,796 |
6,640 |
|
Warrior Energy Service Corp.* |
|
|
143,690 |
3,300 |
|
Weatherford International Ltd. |
|
|
154,572 |
1,400 |
|
XTO Energy, Inc. |
|
|
65,786 |
|
|
|
|
|
|
|
|
|
|
|
26,153,158 |
|
|
Paper & Forest Products 0.7% |
|
|
|
19,900 |
|
Hokuetsu Paper Mills Ltd. (Japan) |
|
|
137,128 |
29,000 |
|
New Oji Paper Co. Ltd (Japan) |
|
|
168,215 |
60 |
|
Nippon Unipac Group, Inc. (Japan) |
|
|
239,173 |
23,900 |
|
Rengo Co. Ltd. (Japan) |
|
|
175,114 |
1,800 |
|
Smurfit-Stone Container Corp.* |
|
|
18,216 |
16,900 |
|
Stora Enso Oyj (Finland) |
|
|
249,774 |
See Notes to Financial Statements.
|
|
|
30 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
500 |
|
Temple-Inland, Inc. |
|
$ |
21,270 |
20,200 |
|
Weyerhaeuser Co. |
|
|
1,184,932 |
|
|
|
|
|
|
|
|
|
|
|
2,193,822 |
|
|
Pharmaceuticals 4.2% |
|
|
|
10,798 |
|
Abbott Laboratories |
|
|
515,820 |
3,200 |
|
Altana AG (Germany) |
|
|
183,578 |
11,580 |
|
American Medical Systems Holdings, Inc.* |
|
|
211,335 |
11,700 |
|
AmerisourceBergen Corp. |
|
|
503,100 |
12,700 |
|
Amgen, Inc.* |
|
|
885,698 |
16,367 |
|
Amylin Pharmaceuticals, Inc.* |
|
|
798,710 |
4,200 |
|
AstraZeneca PLC (United Kingdom) |
|
|
256,473 |
2,175 |
|
Barr Pharmaceuticals, Inc.* |
|
|
108,228 |
2,900 |
|
Forest Laboratories, Inc.* |
|
|
134,299 |
23,700 |
|
GlaxoSmithKline PLC (United Kingdom) |
|
|
655,665 |
1,800 |
|
Hospira, Inc. |
|
|
78,642 |
19,000 |
|
Kaken Pharmaceutical Co. Ltd. (Japan) |
|
|
133,080 |
25,000 |
|
Kyowa Hakko Kogyo Co. Ltd. (Japan) |
|
|
181,430 |
4,800 |
|
Lifecell Corp.* |
|
|
137,136 |
3,600 |
|
Mylan Laboratories, Inc. |
|
|
79,056 |
11,000 |
|
Novartis AG (Switzerland) |
|
|
624,842 |
10,600 |
|
Novo Nordisk SA (Class B Stock) (Denmark) |
|
|
653,274 |
1,900 |
|
Ono Pharmaceutical Co. Ltd. (Japan) |
|
|
93,305 |
99,000 |
|
Pfizer, Inc. |
|
|
2,573,010 |
9,400 |
|
Pharmaceutical Product Development, Inc. |
|
|
361,712 |
6,400 |
|
Roche Holding AG (Switzerland) |
|
|
1,139,003 |
9,400 |
|
Sanofi-Aventis SA (France) |
|
|
893,963 |
4,800 |
|
Schering-Plough Corp. |
|
|
98,112 |
26,000 |
|
Tanabe Seiyaku Co. Ltd. (Japan) |
|
|
341,088 |
22,900 |
|
Teva Pharmaceutical Industries Ltd., ADR (Israel) |
|
|
757,532 |
10,700 |
|
Wyeth |
|
|
518,629 |
|
|
|
|
|
|
|
|
|
|
|
12,916,720 |
|
|
Pipelines |
|
|
|
4,000 |
|
Dynegy, Inc. (Class A Stock)* |
|
|
22,520 |
|
|
Real Estate 0.2% |
|
|
|
12,604 |
|
St. Joe Co. (The) |
|
|
565,920 |
|
|
Real Estate Investment Trusts 1.4% |
|
|
|
9,400 |
|
Apartment Investment & Management Co. (Class A Stock) |
|
|
452,046 |
1,975 |
|
Ashford Hospitality Trust |
|
|
23,206 |
7,068 |
|
CB Richard Ellis Group, Inc.* |
|
|
166,310 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
31 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
3,100 |
|
Crescent Real Estate Equities Co. |
|
$ |
60,512 |
14,700 |
|
Equity Office Properties Trust |
|
|
557,277 |
1,300 |
|
Healthcare Realty Trust, Inc. |
|
|
43,017 |
2,475 |
|
Highland Hospitality Corp. |
|
|
33,041 |
17,800 |
|
Host Marriot Corp. |
|
|
377,716 |
1,400 |
|
Jones Lang Lasal, Inc. |
|
|
114,380 |
1,200 |
|
Kilroy Realty Corp. |
|
|
88,668 |
6,730 |
|
KKR Financial Corp.* |
|
|
155,867 |
1,600 |
|
Liberty Property Trust |
|
|
74,960 |
2,000 |
|
Mack-Cali Realty Corp. |
|
|
96,620 |
5,575 |
|
MFA Mortgage Investments, Inc. |
|
|
38,245 |
10,000 |
|
New Century Financial Corp. |
|
|
436,600 |
5,600 |
|
Plum Creek Timber Co. |
|
|
190,736 |
9,200 |
|
ProLogis |
|
|
509,220 |
2,900 |
|
Realty Income Corp. |
|
|
66,352 |
850 |
|
Redwood Trust, Inc. |
|
|
40,443 |
6,300 |
|
Simon Property Group, Inc. |
|
|
538,839 |
3,100 |
|
SL Green Realty Corp. |
|
|
354,330 |
|
|
|
|
|
|
|
|
|
|
|
4,418,385 |
|
|
Restaurants 0.2% |
|
|
|
6,100 |
|
Brinker International, Inc. |
|
|
197,640 |
12,600 |
|
McDonalds Corp. |
|
|
445,914 |
|
|
|
|
|
|
|
|
|
|
|
643,554 |
|
|
Retail & Merchandising 3.3% |
|
|
|
2,100 |
|
Abercrombie & Fitch Co. (Class A Stock) |
|
|
111,216 |
19,800 |
|
Autonation, Inc.* |
|
|
390,060 |
12,470 |
|
Cache, Inc.* |
|
|
224,585 |
768 |
|
CEC Entertainment, Inc.* |
|
|
22,679 |
15,600 |
|
Circuit City Stores, Inc. |
|
|
382,200 |
11,300 |
|
Costco Wholesale Corp. |
|
|
596,188 |
14,800 |
|
Darden Restaurants, Inc. |
|
|
500,240 |
2,600 |
|
Dillards, Inc. (Class A Stock) |
|
|
78,078 |
91,700 |
|
DSG International PLC (United Kingdom) |
|
|
341,736 |
25,400 |
|
House of Fraser PLC (United Kingdom)* |
|
|
66,663 |
4,900 |
|
J.C. Penney Co., Inc |
|
|
308,504 |
1,500 |
|
Kohls Corp.* |
|
|
84,945 |
49,882 |
|
Lowes Cos., Inc. |
|
|
1,414,155 |
1,500 |
|
Nordstrom, Inc. |
|
|
51,450 |
13,200 |
|
Office Depot, Inc.* |
|
|
475,860 |
2,700 |
|
Rallye SA (France) |
|
|
129,337 |
950 |
|
Regis Corp. |
|
|
31,996 |
See Notes to Financial Statements.
|
|
|
32 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
2,900 |
|
School Specialty, Inc.* |
|
$ |
92,800 |
7,012 |
|
Sonic Corp.* |
|
|
137,996 |
4,400 |
|
Staples, Inc. |
|
|
95,128 |
42,278 |
|
Starbucks Corp.* |
|
|
1,448,444 |
5,600 |
|
Stein Mart, Inc. |
|
|
72,184 |
13,742 |
|
Target Corp. |
|
|
631,033 |
3,575 |
|
Triarc Cos., Inc. (Class B Stock) |
|
|
50,014 |
2,075 |
|
United Auto Group, Inc. |
|
|
44,384 |
3,000 |
|
UNY Co. Ltd. (Japan) |
|
|
43,098 |
266,000 |
|
Wal-Mart de Mexico SA de CV (Mexico) |
|
|
820,235 |
33,600 |
|
Wal-Mart Stores, Inc. |
|
|
1,495,200 |
|
|
|
|
|
|
|
|
|
|
|
10,140,408 |
|
|
Retailers - Food & Drug 0.7% |
|
|
|
8,540 |
|
Alliance Boots PLC (United Kingdom) |
|
|
125,384 |
15,000 |
|
Carrefour SA (France) |
|
|
935,248 |
2,300 |
|
Kroger Co. (The)* |
|
|
52,739 |
12,600 |
|
Safeway, Inc. |
|
|
353,808 |
1,500 |
|
Supervalu, Inc. |
|
|
40,665 |
98,087 |
|
Tesco PLC (United Kingdom) |
|
|
658,702 |
|
|
|
|
|
|
|
|
|
|
|
2,166,546 |
|
|
Savings & Loan |
|
|
|
300 |
|
New York Community Bancorp. |
|
|
4,899 |
|
|
Semiconductors 0.9% |
|
|
|
13,000 |
|
Agilent Technologies, Inc.* |
|
|
369,720 |
2,000 |
|
Altera Corp.* |
|
|
34,620 |
1,345 |
|
ATMI, Inc.* |
|
|
35,736 |
6,900 |
|
Avnet, Inc.* |
|
|
125,580 |
5,800 |
|
Freescale Semiconductor, Inc. (Class B Stock) |
|
|
165,416 |
800 |
|
KLA-Tencor Corp.* |
|
|
33,752 |
34,800 |
|
Micron Technology, Inc. |
|
|
542,532 |
47,128 |
|
Texas Instruments, Inc. |
|
|
1,403,472 |
7,900 |
|
Volterra Semiconductor Corp. |
|
|
115,182 |
|
|
|
|
|
|
|
|
|
|
|
2,826,010 |
|
|
Specialty Retail 0.5% |
|
|
|
5,700 |
|
Best Buy Co., Inc. |
|
|
258,438 |
23,570 |
|
Home Depot, Inc. (The) |
|
|
818,115 |
18,700 |
|
Limited Brands, Inc. |
|
|
470,492 |
1,800 |
|
MSC Industrial Direct Co., Inc. |
|
|
74,214 |
|
|
|
|
|
|
|
|
|
|
|
1,621,259 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
33 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Telecommunication Services |
|
|
|
9,300 |
|
Tellabs, Inc.* |
|
$ |
87,420 |
|
|
Telecommunications 4.7% |
|
|
|
26,800 |
|
Amdocs Ltd. (Israel)* |
|
|
972,304 |
68,717 |
|
America Movil SA de CV, ADR (Mexico) |
|
|
2,458,694 |
700 |
|
American Tower Corp. (Class A Stock)* |
|
|
23,660 |
66,900 |
|
AT&T, Inc. |
|
|
2,006,331 |
128,000 |
|
BT Group PLC (United Kingdom) |
|
|
568,472 |
76,600 |
|
Cisco Systems, Inc.* |
|
|
1,367,310 |
10,700 |
|
Corning, Inc.* |
|
|
204,049 |
6,600 |
|
Deutsche Telekom AG (Germany) |
|
|
102,013 |
1,978 |
|
Embarq Corp. |
|
|
89,504 |
26,700 |
|
France Telecom SA (France) |
|
|
559,348 |
5,900 |
|
Juniper Networks, Inc.* |
|
|
79,355 |
106,100 |
|
MobileOne Ltd. (Singapore)* |
|
|
138,434 |
28,106 |
|
Motorola, Inc. |
|
|
639,693 |
90 |
|
Nippon Telegraph and Telephone Corp. (Japan) |
|
|
470,234 |
300 |
|
NTT Docomo, Inc. (Japan) |
|
|
437,001 |
25,396 |
|
QUALCOMM, Inc. |
|
|
895,463 |
28,661 |
|
Sprint Nextel Corp. |
|
|
567,488 |
600 |
|
Swisscom AG (Switzerland) |
|
|
197,960 |
3,275 |
|
Tekelec* |
|
|
33,700 |
53,300 |
|
Verizon Communications, Inc. |
|
|
1,802,606 |
119,263 |
|
Vodafone Group PLC (United Kingdom) |
|
|
258,985 |
36,838 |
|
Vodafone Group PLC, ADR (United Kingdom) |
|
|
798,637 |
|
|
|
|
|
|
|
|
|
|
|
14,671,241 |
|
|
Textiles, Apparel & Luxury Goods 0.2% |
|
|
|
14,700 |
|
Benetton Group SpA (Italy) |
|
|
214,442 |
3,900 |
|
Coach, Inc.* |
|
|
111,969 |
9,700 |
|
Jones Apparel Group, Inc. |
|
|
287,120 |
|
|
|
|
|
|
|
|
|
|
|
613,531 |
|
|
Thrifts & Mortgage Finance 1.3% |
|
|
|
38,100 |
|
Countrywide Financial Corp. |
|
|
1,365,123 |
10,700 |
|
Fannie Mae |
|
|
512,637 |
16,300 |
|
Freddie Mac |
|
|
943,118 |
23,900 |
|
Washington Mutual, Inc. |
|
|
1,068,330 |
|
|
|
|
|
|
|
|
|
|
|
3,889,208 |
|
|
|
Tobacco |
|
|
|
|
|
1,100 |
|
UST, Inc. |
|
|
55,605 |
See Notes to Financial Statements.
|
|
|
34 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
Transportation 2.3% |
|
|
|
575 |
|
Amerco, Inc.* |
|
$ |
50,715 |
2,330 |
|
American Commercial Lines, Inc.* |
|
|
128,034 |
1,725 |
|
Arlington Tankers Ltd. |
|
|
38,450 |
22,345 |
|
Burlington North Santa Fe Corp. |
|
|
1,539,794 |
5,900 |
|
CSX Corp. |
|
|
358,012 |
20,437 |
|
FedEx Corp. |
|
|
2,139,958 |
12,900 |
|
FirstGroup PLC (United Kingdom) |
|
|
108,257 |
765 |
|
Genesee & Wyoming, Inc. (Class A Stock)* |
|
|
20,127 |
4,200 |
|
J.B. Hunt Transport Services, Inc. |
|
|
86,394 |
1,140 |
|
Landstar System, Inc. |
|
|
48,667 |
72,900 |
|
Neptune Orient Lines Ltd. (Singapore) |
|
|
83,573 |
23,500 |
|
Norfolk Southern Corp. |
|
|
1,020,370 |
3,295 |
|
Old Dominion Freight Line* |
|
|
107,351 |
39,050 |
|
Orient Overseas International Ltd. (Hong Kong)* |
|
|
154,286 |
2,100 |
|
Overseas Shipholding Group, Inc. |
|
|
135,219 |
13,236 |
|
Union Pacific Corp. |
|
|
1,125,060 |
6,160 |
|
Vitran Corp., Inc. (Canada) |
|
|
127,266 |
|
|
|
|
|
|
|
|
|
|
|
7,271,533 |
|
|
Utilities 1.5% |
|
|
|
9,100 |
|
American Electric Power Co., Inc. |
|
|
328,692 |
16,700 |
|
CMS Energy Corp.* |
|
|
233,967 |
3,700 |
|
Consolidated Edison, Inc. |
|
|
173,419 |
16,200 |
|
Duke Energy Corp. |
|
|
491,184 |
10,400 |
|
Edison International |
|
|
430,352 |
14,100 |
|
Endesa SA (Spain) |
|
|
481,984 |
57,100 |
|
Energias de Portugal SA (Portugal)* |
|
|
226,113 |
10,300 |
|
Hokkaido Electric Power Co., Inc. (Japan) |
|
|
249,313 |
1,200 |
|
Illinois Tool Works, Inc. |
|
|
54,876 |
6,200 |
|
Kyushu Electric Power Co., Inc. (Japan) |
|
|
144,664 |
200 |
|
Mohawk Industries, Inc.* |
|
|
13,804 |
7,900 |
|
Northeast Utilities |
|
|
176,960 |
31,500 |
|
Northumbrian Water Group PLC (United Kingdom) |
|
|
153,578 |
5,600 |
|
PG&E Corp. |
|
|
233,408 |
3,600 |
|
Pinnacle West Capital Corp. |
|
|
154,836 |
4,150 |
|
PNM Resources, Inc. |
|
|
111,261 |
600 |
|
PPL Corp. |
|
|
20,412 |
3,600 |
|
SCANA Corp. |
|
|
143,964 |
6,800 |
|
Tohoku Electric Power Co., Inc. (Japan) |
|
|
142,946 |
364 |
|
Union Fenosa SA (Spain) |
|
|
14,902 |
8,820 |
|
Viridian Group PLC (United Kingdom) |
|
|
169,619 |
2,445 |
|
Westar Energy, Inc. |
|
|
56,479 |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
35 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
|
|
|
Shares |
|
Description |
|
Value (Note 1) |
|
|
|
|
|
|
|
|
2,900 |
|
Wisconsin Energy Corp. |
|
$ |
122,380 |
|
9,400 |
|
Xcel Energy, Inc.* |
|
|
188,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,517,489 |
|
|
|
|
|
|
|
|
|
|
Total long-term investments (cost $264,886,623) |
|
|
293,750,578 |
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT 5.5% |
|
|
|
|
|
|
Affiliated Money Market Mutual Fund |
|
|
|
|
|
|
Dryden Core Investment Fund - Taxable Money Market Series |
|
|
|
|
16,958,323 |
|
(cost $16,958,323)(a) |
|
|
16,958,323 |
|
|
|
|
|
|
|
|
|
|
Total Investments 100.3% (cost $281,844,946; Note 5) |
|
|
310,708,901 |
|
|
|
Liabilities in excess of other assets(b) (0.3)% |
|
|
(928,144 |
) |
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
$ |
309,780,757 |
|
|
|
|
|
|
|
|
The following abbreviations are used in portfolio descriptions:
ADRAmerican Depositary Receipt
* |
Non-income producing security. |
(a) |
Prudential Investments LLC, the manager of the Fund also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series. |
(b) |
Liabilities in excess of other assets include net unrealized depreciation on foreign currency contracts of: |
Foreign currency contracts outstanding at July 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale Contracts
|
|
Notional Amount (000)
|
|
Value at Settlement Date Receivable
|
|
Value at July 31, 2006
|
|
Unrealized Depreciation
|
|
Euros, Expiring 10/04/06 |
|
$ |
2,550 |
|
$ |
3,121,761 |
|
$ |
3,271,197 |
|
$ |
(149,436 |
) |
Mexican Peso, Expiring 12/06/06 |
|
|
20,090 |
|
|
1,772,230 |
|
|
1,819,965 |
|
|
(47,735 |
) |
Pound Sterling, Expiring 12/05/06 |
|
|
760 |
|
|
1,418,920 |
|
|
1,423,368 |
|
|
(4,448 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,312,911 |
|
$ |
6,514,530 |
|
$ |
(201,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The industry classification of long-term
portfolio holdings, and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2006 was as follows:
|
|
|
|
Industry
|
|
|
|
Oil, Gas & Consumable Fuels |
|
8.4 |
% |
Financial - Bank & Trust |
|
6.8 |
|
Insurance |
|
5.7 |
|
Affiliated Money Market Mutual Fund |
|
5.5 |
|
See Notes to Financial Statements.
|
|
|
36 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
Industry
|
|
|
|
Financial Services |
|
4.9 |
% |
Telecommunications |
|
4.7 |
|
Pharmaceuticals |
|
4.2 |
|
Retail & Merchandising |
|
3.3 |
|
Aerospace & Defense |
|
2.6 |
|
Consumer Products & Services |
|
2.4 |
|
Metals & Mining |
|
2.3 |
|
Transportation |
|
2.3 |
|
Commercial Banks |
|
2.0 |
|
Healthcare Services |
|
2.0 |
|
Medical Supplies & Equipment |
|
1.8 |
|
Automobile Manufacturers |
|
1.6 |
|
Electronic Components |
|
1.6 |
|
Chemicals |
|
1.5 |
|
Computer Software |
|
1.5 |
|
Media |
|
1.5 |
|
Utilities |
|
1.5 |
|
Biotechnology |
|
1.4 |
|
Machinery |
|
1.4 |
|
Real Estate Investment Trusts |
|
1.4 |
|
Thrifts & Mortgage Finance |
|
1.3 |
|
Commercial Services |
|
1.2 |
|
Computer Hardware |
|
1.2 |
|
Hotels & Motels |
|
0.9 |
|
Semiconductors |
|
0.9 |
|
Construction |
|
0.8 |
|
Entertainment & Leisure |
|
0.8 |
|
Farming & Agriculture |
|
0.8 |
|
Household Durables |
|
0.8 |
|
Automotive Parts |
|
0.7 |
|
Broadcasting |
|
0.7 |
|
Computer Services & Software |
|
0.7 |
|
Drugs & Medicine |
|
0.7 |
|
Healthcare Providers & Services |
|
0.7 |
|
Internet Services |
|
0.7 |
|
Miscellaneous Manufacturers |
|
0.7 |
|
Paper & Forest Products |
|
0.7 |
|
Retailers - Food & Drug |
|
0.7 |
|
Beverages |
|
0.6 |
|
Diversified Operations |
|
0.6 |
|
Electric Utilities |
|
0.6 |
|
Independent Power Producers & Energy Traders |
|
0.6 |
|
Industrial Conglomerates |
|
0.6 |
|
Diversified Financial Services |
|
0.5 |
|
Foods |
|
0.5 |
|
Hotels, Restaurants & Leisure |
|
0.5 |
|
Multimedia |
|
0.5 |
|
Specialty Retail |
|
0.5 |
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
37 |
Portfolio of Investments
as of July 31, 2006 Contd.
|
|
|
|
Industry
|
|
|
|
Business Services |
|
0.4 |
% |
Clothing & Apparel |
|
0.4 |
|
Electronic Components & Equipment |
|
0.4 |
|
IT Services |
|
0.4 |
|
Multi-Line Retail |
|
0.4 |
|
Building Products |
|
0.3 |
|
Cable Television |
|
0.3 |
|
Consumer Products |
|
0.3 |
|
Energy Equipment & Services |
|
0.3 |
|
Entertainment |
|
0.3 |
|
Food Products |
|
0.3 |
|
Industrial Products |
|
0.3 |
|
Advertising |
|
0.2 |
|
Auto Components |
|
0.2 |
|
Distribution/Wholesale |
|
0.2 |
|
Diversified Telecommunication Services |
|
0.2 |
|
Environmental Services |
|
0.2 |
|
Healthcare-Products |
|
0.2 |
|
Household Products |
|
0.2 |
|
Manufacturing |
|
0.2 |
|
Oil & Gas |
|
0.2 |
|
Real Estate |
|
0.2 |
|
Restaurants |
|
0.2 |
|
Textiles, Apparel & Luxury Goods |
|
0.2 |
|
Airlines |
|
0.1 |
|
Building Materials |
|
0.1 |
|
Electronic Equipment & Instruments |
|
0.1 |
|
Electronics |
|
0.1 |
|
Equipment & Services |
|
0.1 |
|
Food & Beverage |
|
0.1 |
|
Iron/Steel |
|
0.1 |
|
Metals |
|
0.1 |
|
Multi-Utilities |
|
0.1 |
|
Office Equipment |
|
0.1 |
|
|
|
|
|
|
|
100.3 |
% |
Liabilities in excess of other assets |
|
(0.3 |
) |
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
See Notes to Financial Statements.
|
|
|
38 |
|
Visit our website at www.strategicpartners.com |
Financial Statements
|
|
|
JULY 31, 2006 |
|
ANNUAL REPORT |
Target Asset
Allocation Funds/Target Growth Allocation Fund
Statement of Assets and Liabilities
as of July 31, 2006
|
|
|
|
|
Assets |
|
|
|
|
Investments, at value: |
|
|
|
|
Unaffiliated investments (cost $264,886,623) |
|
$ |
293,750,578 |
|
Affiliated investments (cost $16,958,323) |
|
|
16,958,323 |
|
Receivable for investments sold |
|
|
900,415 |
|
Dividends and interest receivable |
|
|
519,383 |
|
Foreign currency, at value (cost $434,907) |
|
|
440,792 |
|
Receivable for Fund shares sold |
|
|
363,359 |
|
Prepaid expenses |
|
|
7,843 |
|
|
|
|
|
|
Total assets |
|
|
312,940,693 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Payable for investments purchased |
|
|
1,554,737 |
|
Payable to custodian |
|
|
678,651 |
|
Payable for Fund shares reacquired |
|
|
262,211 |
|
Unrealized depreciation on foreign currency contracts |
|
|
201,619 |
|
Management fee payable |
|
|
194,712 |
|
Distribution fee payable |
|
|
190,002 |
|
Accrued expenses and other liabilities |
|
|
38,181 |
|
Transfer agent fee payable |
|
|
30,916 |
|
Deferred trustees fees |
|
|
8,907 |
|
|
|
|
|
|
Total liabilities |
|
|
3,159,936 |
|
|
|
|
|
|
|
|
Net Assets |
|
$ |
309,780,757 |
|
|
|
|
|
|
|
|
|
|
|
Net assets were comprised of: |
|
|
|
|
Shares of beneficial interest, at par |
|
$ |
24,227 |
|
Paid-in capital, in excess of par |
|
|
264,565,107 |
|
|
|
|
|
|
|
|
|
264,589,334 |
|
Accumulated net investment loss |
|
|
(82,690 |
) |
Accumulated net realized gain on investments and foreign currency transactions |
|
|
16,594,106 |
|
Net unrealized appreciation on investments and foreign currencies |
|
|
28,680,007 |
|
|
|
|
|
|
Net assets, July 31, 2006 |
|
$ |
309,780,757 |
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
40 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
Class A |
|
|
|
Net asset value and redemption price per share ($99,959,939 ÷ 7,535,639 shares of common stock issued and outstanding) |
|
$ |
13.26 |
Maximum sales charge (5.5% of offering price) |
|
|
0.77 |
|
|
|
|
Maximum offering price to public |
|
$ |
14.03 |
|
|
|
|
|
|
Class B |
|
|
|
Net asset value, offering price and redemption price per share ($99,927,964 ÷ 7,972,676 shares of common stock issued and outstanding) |
|
$ |
12.53 |
|
|
|
|
|
|
Class C |
|
|
|
Net asset value, offering price and redemption price per share ($90,092,138 ÷ 7,187,663 shares of common stock issued and outstanding) |
|
$ |
12.53 |
|
|
|
|
|
|
Class M |
|
|
|
Net asset value, offering price and redemption price per share ($8,019,007 ÷ 639,417 shares of common stock issued and outstanding) |
|
$ |
12.54 |
|
|
|
|
|
|
Class R |
|
|
|
Net asset value, offering price and redemption price per share ($194,911 ÷ 14,752 shares of common stock issued and outstanding) |
|
$ |
13.21 |
|
|
|
|
|
|
Class X |
|
|
|
Net asset value, offering price and redemption price per share ($3,702,886 ÷ 294,980 shares of common stock issued and outstanding) |
|
$ |
12.55 |
|
|
|
|
|
|
Class Z |
|
|
|
Net asset value, offering price and redemption price per share ($7,883,912 ÷ 582,369 shares of common stock issued and outstanding) |
|
$ |
13.54 |
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
41 |
Statement of Operations
Year Ended July 31, 2006
|
|
|
|
|
Net Investment Income |
|
|
|
|
Income |
|
|
|
|
Unaffiliated dividends (net of foreign withholding taxes of $202,391) |
|
$ |
4,985,675 |
|
Affiliated dividends |
|
|
599,225 |
|
Unaffiliated interest |
|
|
17 |
|
|
|
|
|
|
|
|
|
5,584,917 |
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
Management fee |
|
|
2,152,913 |
|
Distribution feeClass A |
|
|
197,482 |
|
Distribution feeClass B |
|
|
1,097,003 |
|
Distribution feeClass C |
|
|
831,998 |
|
Distribution feeClass M |
|
|
56,348 |
|
Distribution feeClass R |
|
|
445 |
|
Distribution feeClass X |
|
|
20,433 |
|
Custodians fees and expenses |
|
|
268,000 |
|
Transfer agents fees and expenses (including affiliated expenses of $376,000) |
|
|
570,000 |
|
Reports to shareholders |
|
|
65,000 |
|
Registration fee |
|
|
52,000 |
|
Legal fee |
|
|
40,000 |
|
Audit fee |
|
|
17,000 |
|
Trustees fees |
|
|
15,000 |
|
Loan interest expense (Note 7) |
|
|
285 |
|
Miscellaneous |
|
|
69,204 |
|
|
|
|
|
|
Total expenses |
|
|
5,453,111 |
|
|
|
|
|
|
Net investment income |
|
|
131,806 |
|
|
|
|
|
|
|
|
Net Realized And Unrealized Gain (Loss) On Investments And Foreign Currencies |
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
Investment transactions |
|
|
20,868,334 |
|
Foreign currency transactions |
|
|
(34,871 |
) |
|
|
|
|
|
|
|
|
20,833,463 |
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation on investments: |
|
|
|
|
Investments |
|
|
(1,063,181 |
) |
Foreign currencies |
|
|
(416,025 |
) |
|
|
|
|
|
|
|
|
(1,479,206 |
) |
|
|
|
|
|
Net gain on investments |
|
|
19,354,257 |
|
|
|
|
|
|
Net Increase In Net Assets Resulting From Operations |
|
$ |
19,486,063 |
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
42 |
|
Visit our website at www.strategicpartners.com |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Year Ended July 31,
|
|
|
|
2006 |
|
|
2005 |
|
Increase (Decrease) In Net Assets |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
$ |
131,806 |
|
|
$ |
(828,209 |
) |
Net realized gain on investments and foreign currency transactions |
|
|
20,833,463 |
|
|
|
37,975,273 |
|
Net change in unrealized appreciation/depreciation on investments and foreign currencies |
|
|
(1,479,206 |
) |
|
|
7,518,210 |
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
|
19,486,063 |
|
|
|
44,665,274 |
|
|
|
|
|
|
|
|
|
|
Dividends and distributions (Note 1) |
|
|
|
|
|
|
|
|
Distributions from net realized gains |
|
|
|
|
|
|
|
|
Class A |
|
|
(5,620,305 |
) |
|
|
|
|
Class B |
|
|
(9,509,414 |
) |
|
|
|
|
Class C |
|
|
(6,812,820 |
) |
|
|
|
|
Class M |
|
|
(388,016 |
) |
|
|
|
|
Class R |
|
|
(2,000 |
) |
|
|
|
|
Class X |
|
|
(121,760 |
) |
|
|
|
|
Class Z |
|
|
(582,696 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,037,011 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund share transactions (net of share conversions) (Note 6) |
|
|
|
|
|
|
|
|
Net proceeds from shares sold |
|
|
80,511,727 |
|
|
|
52,477,039 |
|
Net asset value of shares issued in reinvestment of distributions |
|
|
21,507,832 |
|
|
|
|
|
Cost of shares reacquired |
|
|
(52,088,541 |
) |
|
|
(40,332,764 |
) |
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from Fund share transactions |
|
|
49,931,018 |
|
|
|
12,144,275 |
|
|
|
|
|
|
|
|
|
|
Total increase |
|
|
46,380,070 |
|
|
|
56,809,549 |
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
Beginning of year |
|
|
263,400,687 |
|
|
|
206,591,138 |
|
|
|
|
|
|
|
|
|
|
End of year |
|
$ |
309,780,757 |
|
|
$ |
263,400,687 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
43 |
Notes to Financial Statements
Target Asset Allocation Funds (the Trust) (formerly known as Strategic Partners
Asset Allocation Funds) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company presently consisting of three portfolios: Target Growth Allocation Fund (the Fund) (formerly known
as Strategic Partners Growth Allocation Fund), Target Conservative Allocation Fund (formerly known as Strategic Partners Conservative Allocation Fund) and Target Moderate Allocation Fund (formerly known as Strategic Partners Moderate Allocation
Fund). These financial statements relate only to Target Growth Allocation Fund. The financial statements of the other portfolios are not presented herein. The Trust was organized as a business trust in Delaware on July 29, 1998.
The Fund uses investment managers (Subadvisors), each managing a portion of the Funds
assets as detailed in the chart below.
|
|
|
|
|
Fund Segment
|
|
Subadvisor
|
|
Effective Date
|
Large-cap growth stocks |
|
Marsico Capital Management, LLC Goldman Sachs Asset Management L.P. |
|
June 28, 2005 June 28, 2005 |
Large-cap value stocks |
|
Hotchkis and Wiley Capital Management LLC J.P. Morgan Investment Management Inc. NFJ Investment Group L.P. |
|
April 13, 2005 April 13, 2005 December 16, 2005 |
International stocks |
|
LSV Asset Management Thornburg Investment Management, Inc. |
|
April 13, 2005 April 13, 2005 |
Small/Mid-cap growth stocks |
|
RS Investment Management, L.P. |
|
November 20, 2002 |
Small/Mid-cap value stocks |
|
EARNEST Partners, LLC Vaughan Nelson Investment Management, L.P. |
|
December 20, 2001 July 11, 2005 |
The investment objective of the Fund is to
provide long-term capital appreciation. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity securities issued by U.S. and foreign companies. Under normal circumstances substantially all of the
Funds assets will be invested in equity securities, including common stock, securities convertible into common stock and preferred stock.
|
|
|
44 |
|
Visit our website at www.strategicpartners.com |
Note 1. Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation
of its financial statements.
Securities Valuation: Securities listed on a
securities exchange (other than options on securities and indices) 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 securitys foreign market and before the Funds normal pricing time, are valued at fair value in accordance with the Board of Trustees
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 issuers 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 advisor 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 securitys most recent closing price and from the price used by other mutual funds to calculate their net asset value. As of July 31, 2006, there were no securities whose values were adjusted in
accordance with procedures approved by the Board of Trustees.
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.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
45 |
Notes to Financial Statements
Contd
Short-term securities which mature in 60 days or less are valued at amortized cost, which approximates market value. The amortized cost method
involves 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 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 daily 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.
Although the net
assets of the Fund are presented at the foreign exchange rates and market values at the close of the fiscal year, 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 securities held at the end of the period. 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 period. Accordingly, realized foreign currency gains or losses are 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 holdings of foreign currencies, currency gains or losses realized between the trade date and settlement date on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes
recorded on the Funds 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 year-end
exchange rates are reflected as a component of net unrealized appreciation (depreciation) on investments and 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
|
|
|
46 |
|
Visit our website at www.strategicpartners.com |
factors, the possibility of political and economic instability and the level of governmental supervision and regulation of foreign securities markets.
Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a
foreign currency at a future date at a negotiated forward rate. The Fund may enter into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific
receivables and payables denominated in a foreign currency. The contracts are valued daily at current exchange rates and any unrealized gain or loss is included in the Statement of Assets and Liabilities as in unrealized appreciation and/or
depreciation on forward foreign currency contracts. Gain or loss is realized on the settlement date of the contract equal to the difference between the settlement value of the original and renegotiated forward contracts. This gain or loss, if any,
is included in net realized gain or loss on foreign currency transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.
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 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 the accrual basis. Net investment income or loss (other than distribution fees, which are charged directly to 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 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. Permanent book/tax differences 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: It is the Funds 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 its shareholders. Therefore, no federal income tax provision is required.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
47 |
Notes to Financial Statements
Contd
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 Trust has a management agreement with PI. Pursuant to this agreement, PI manages the investment operations of the Fund, administers the Funds affairs and supervises the Sub-advisors performance of all investment advisory
services. Pursuant to the advisory agreement, PI pays the cost of compensation of officers of the Fund, occupancy and certain clerical and accounting 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 0.75 of 1% of average daily net assets up to $500 million, 0.70 of 1% of average daily net assets for the next $500 million and 0.65 of 1% of average daily net assets in excess of $1 billion.
The effective management fee rate was 0.75 of 1% for the year ended July 31, 2006.
The Fund has a distribution agreement with Prudential Investment Management Services LLC (PIMS) which acts as the distributor of the Class A, B, C, M, R, X and Z shares of the Fund. The Fund compensates PIMS for
distributing and servicing the Funds Class A, B, C, M, R and X shares, pursuant to plans of distribution (the Distribution Plans) regardless of 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 for Class Z shares of the Fund.
Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30 of 1%, 1%, 1%, 1%, .75% of 1% and 1% of the average
daily net assets of the Class A, B, C, M, R and X shares, respectively. Such expenses under the Plans were .25 of 1%, 1%, 1%, 1%, .50% of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively, for
the year ended July 31, 2006.
PIMS has advised the Fund that it has received
approximately $597,000 in front-end sales charges resulting from sales of Class A during the year ended July 31, 2006. From these fees, PIMS paid such sales charges to broker-dealers which in turn paid commissions to salespersons and
incurred other distribution costs.
|
|
|
48 |
|
Visit our website at www.strategicpartners.com |
PIMS has advised the Fund that for the year ended
July 31, 2006, it has received approximately $142,700, $12,900, $18,800 and $4,400 in contingent deferred sales charges imposed upon certain redemptions by Class B, Class C, Class M and Class X shareholders, respectively.
PIMS and PI are indirect, wholly-owned subsidiaries of Prudential Financial, Inc.
(Prudential).
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 Funds 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. These networking fees are
payments made to broker/dealers that clear mutual fund transactions through a national clearing system. First Clearing Corporation, an affiliate of PI, served as a broker/dealer. For the year ended July 31, 2006, the Fund incurred approximately
$59,300 in total networking fees. These amounts are included in transfer agents fees and expenses in the Statement of Operations.
For the year ended July 31, 2006, Wachovia Securities, LLC, an affiliate of PI, earned $40 and Prudential Equity Group, LLC, a wholly owned subsidiary of Prudential, earned
$4,979, in brokerage commissions from portfolio transactions executed on behalf of the Fund.
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.
Note 4. Portfolio Securities
Purchases and sales of portfolio
securities, excluding short-term investments, for the year ended July 31, 2006, aggregated $254,366,568 and $231,811,998, respectively.
Note 5. Tax Information
Distributions to shareholders, which are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present
accumulated net
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
49 |
Notes to Financial Statements
Contd
investment loss and accumulated net realized gains (losses) on investments and foreign currency transactions on the Statement of Assets and Liabilities that more
closely represent their tax character, certain adjustments have been made to paid-in-capital in excess of par, accumulated net investment loss and accumulated net realized gain (loss) on investments and foreign currency transactions. For the year
ended July 31, 2006, the adjustments were to decrease accumulated net investment loss by $22,532 and decrease accumulated realized gain on investments by $22,532 due to certain tax adjustments pertaining to the investment in Passive Foreign
Investment Companies, investment in Real Estate Investment Trusts and due to a reclass of net foreign currency losses. Net investment loss, net realized gains or losses and net assets were not affected by these reclassifications.
For the year ended July 31, 2006 the tax character of dividends paid as reflected in the Statement of
Changes in Net Assets of $413,285 was ordinary income. In addition, for the year ended July 31, 2006 the tax character of dividends paid as reflected in the Statement of Changes in Net Assets of $22,623,726 was long-term capital gain.
As of July 31, 2006, the accumulated undistributed earnings on a tax basis were $5,778,426 of
ordinary income and $12,380,252 of long-term capital gains.
The United States federal
income tax basis of the Funds investments and the net unrealized appreciation as of July 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Tax Basis
|
|
Appreciation
|
|
Depreciation
|
|
Net Unrealized Appreciation
|
|
Other Cost Basis Adjustments
|
|
Total Net Unrealized Appreciation
|
$283,311,029 |
|
$36,940,734 |
|
$(9,542,862) |
|
$27,397,872 |
|
$(181,178) |
|
$27,216,694 |
The difference between book basis and tax basis
were primarily attributable to deferred losses on wash sales and investments in real estate investments trusts. The other cost basis adjustments are primarily attributable to appreciation (depreciation) of foreign currency and mark to market of
receivables and payables.
In addition the fund has elected to treat net foreign currency
losses of $373,890 incurred between November 1, 2005 and July 31, 2006 as being incurred during the fiscal year ending July 31, 2007.
Note 6. Capital
The Fund offers Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares. Class A shares are subject to a maximum front-end sales charge of 5.50%.
|
|
|
50 |
|
Visit our website at www.strategicpartners.com |
Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are not subject to an initial sales charge but 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 subject to a CDSC of 5%, which decreases by 1% annually to 1% in the
fifth and sixth years and 0% in the seventh year. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. The CDSC for Class C shares is 1% for shares redeemed within 12 months of
purchase. Class M shares are subject to a CDSC of 6%, which decreases by 1% annually to 2% in the fifth and sixth years and 1% in the seventh year. Class M shares are generally closed to new purchases. Class M shares automatically convert to
Class A shares approximately eight years after purchase. Class X shares are generally closed to new purchases. Class X shares are subject to a CDSC of 6%, which decreases by 1% annually to 4% in the third and fourth years, by 1% annually to 2%
in the sixth and seventh years, and 1% in the eighth year. Class X shares automatically convert to Class A shares on a quarterly basis approximately ten years (eight years in the case of shares purchased prior to August 19, 1998) after
purchase. An exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a
limited group of investors.
The Fund has authorized an unlimited number of shares of
beneficial interest at $.001 par value per share. As of July 31, 2006, Prudential owned 226 Class M shares, 217 Class R shares and 226 Class X shares of the Fund.
Transactions in shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
Class A
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
2,071,026 |
|
|
$ |
27,592,832 |
|
Shares issued in reinvestment of dividends and distributions |
|
419,329 |
|
|
|
5,338,054 |
|
Shares reacquired |
|
(1,048,740 |
) |
|
|
(13,947,973 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
1,441,615 |
|
|
|
18,982,913 |
|
Shares issued upon conversion from Class B and Class X |
|
1,384,076 |
|
|
|
18,075,012 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
2,825,691 |
|
|
$ |
37,057,925 |
|
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
1,203,667 |
|
|
$ |
14,791,301 |
|
Shares reacquired |
|
(854,189 |
) |
|
|
(10,414,005 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
349,478 |
|
|
|
4,377,296 |
|
Shares issued upon conversion from Class B |
|
198,583 |
|
|
|
2,459,900 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
548,061 |
|
|
$ |
6,837,196 |
|
|
|
|
|
|
|
|
|
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
51 |
Notes to Financial Statements
Contd
|
|
|
|
|
|
|
|
Class B
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
1,101,901 |
|
|
$ |
13,932,296 |
|
Shares issued in reinvestment of dividends and distributions |
|
759,707 |
|
|
|
9,184,863 |
|
Shares reacquired |
|
(1,225,788 |
) |
|
|
(15,529,965 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
635,820 |
|
|
|
7,587,194 |
|
Shares reacquired upon conversion into Class A |
|
(1,453,201 |
) |
|
|
(17,983,236 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(817,381 |
) |
|
$ |
(10,396,042 |
) |
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
1,295,338 |
|
|
$ |
15,085,740 |
|
Shares reacquired |
|
(1,206,943 |
) |
|
|
(14,085,921 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
88,395 |
|
|
|
999,819 |
|
Shares reacquired upon conversion into Class A |
|
(207,052 |
) |
|
|
(2,459,900 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
(118,657 |
) |
|
$ |
(1,460,081 |
) |
|
|
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
2,020,567 |
|
|
$ |
25,537,810 |
|
Shares issued in reinvestment of dividends and distributions |
|
496,743 |
|
|
|
6,005,627 |
|
Shares reacquired |
|
(1,340,697 |
) |
|
|
(16,905,241 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
1,176,613 |
|
|
$ |
14,638,196 |
|
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
1,348,988 |
|
|
$ |
15,833,859 |
|
Shares reacquired |
|
(1,171,946 |
) |
|
|
(13,670,941 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
177,042 |
|
|
$ |
2,162,918 |
|
|
|
|
|
|
|
|
|
Class M
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
525,987 |
|
|
$ |
6,641,708 |
|
Shares issued in reinvestment of dividends and distributions |
|
30,269 |
|
|
|
366,256 |
|
Shares reacquired |
|
(150,725 |
) |
|
|
(1,902,207 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
405,531 |
|
|
$ |
5,105,757 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005 |
|
|
|
|
|
|
|
Shares sold |
|
260,899 |
|
|
$ |
3,117,469 |
|
Shares reacquired |
|
(27,013 |
) |
|
|
(326,212 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
233,886 |
|
|
$ |
2,791,257 |
|
|
|
|
|
|
|
|
|
|
|
|
52 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
Class R
|
|
Shares
|
|
|
Amount
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
25,081 |
|
|
$ |
330,459 |
|
Shares issued in reinvestment of dividends and distributions |
|
138 |
|
|
|
1,759 |
|
Shares reacquired |
|
(10,684 |
) |
|
|
(140,584 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
14,535 |
|
|
$ |
191,634 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005 |
|
|
|
|
|
|
|
Shares sold |
|
217 |
|
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
217 |
|
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
Class X
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
313,329 |
|
|
$ |
4,023,170 |
|
Shares issued in reinvestment of dividends and distributions |
|
9,816 |
|
|
|
118,874 |
|
Shares reacquired |
|
(111,304 |
) |
|
|
(1,421,897 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding before conversion |
|
211,841 |
|
|
|
2,720,147 |
|
Shares reacquired upon conversion into Class A |
|
(7,347 |
) |
|
|
(91,776 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
204,494 |
|
|
$ |
2,628,371 |
|
|
|
|
|
|
|
|
|
October 4, 2004* to July 31, 2005 |
|
|
|
|
|
|
|
Shares sold |
|
117,442 |
|
|
$ |
1,395,416 |
|
Shares reacquired |
|
(26,956 |
) |
|
|
(319,116 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
90,486 |
|
|
$ |
1,076,300 |
|
|
|
|
|
|
|
|
|
Class Z
|
|
|
|
|
|
|
Year ended July 31, 2006: |
|
|
|
|
|
|
|
Shares sold |
|
181,540 |
|
|
$ |
2,453,452 |
|
Shares issued in reinvestment of dividends and distributions |
|
37,964 |
|
|
|
492,399 |
|
Shares reacquired |
|
(165,558 |
) |
|
|
(2,240,674 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
53,946 |
|
|
$ |
705,177 |
|
|
|
|
|
|
|
|
|
Year ended July 31, 2005: |
|
|
|
|
|
|
|
Shares sold |
|
178,108 |
|
|
$ |
2,250,754 |
|
Shares reacquired |
|
(126,343 |
) |
|
|
(1,516,569 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
51,765 |
|
|
$ |
734,185 |
|
|
|
|
|
|
|
|
|
* |
Commencement of offering of new share class. |
Note 7. Borrowings
The Fund, 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 would be incurred at market rates. For the period from October 29, 2004 through October 28, 2005, the Fund paid a commitment fee of .075 of 1% of the unused
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
53 |
Notes to Financial Statements
Contd
portion of the agreement. Effective October 29, 2005, the Funds renewed the SCA with the banks. The commitment under the renewed SCA continues to be $500 million.
The Fund pays a commitment fee of .0725 of 1% of the unused portion of the renewed SCA. The commitment fee is accrued daily and paid quarterly and is allocated to the Funds pro-rata based on net assets. The purpose of the SCA is to serve as an
alternative source of funding for capital share redemptions. The expiration date of the renewed SCA is October 27, 2006.
The Fund utilized the line of credit during the year ended July 31, 2006. The average balance is for the number of days the Fund had an outstanding balance.
|
|
|
|
|
Average Balance Outstanding
|
|
Number of Days Outstanding
|
|
Weighted Average Interest Rate
|
$2,300,000 |
|
1 |
|
4.47% |
|
|
|
54 |
|
Visit our website at www.strategicpartners.com |
Financial Highlights
(Unaudited)
|
|
|
JULY 31, 2006 |
|
ANNUAL REPORT |
Target Asset
Allocation Funds/Target Growth Allocation Fund
Financial Highlights
|
|
|
|
|
|
|
Class A
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning Of Year |
|
$ |
13.36 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income (loss) |
|
|
.08 |
|
Net realized and unrealized gain (loss) on investment transactions |
|
|
.93 |
|
|
|
|
|
|
Total from investment operations |
|
|
1.01 |
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
Distributions from net realized gains on investments |
|
|
(1.11 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
13.26 |
|
|
|
|
|
|
Total Return(a) |
|
|
8.00 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
99,960 |
|
Average net assets (000) |
|
$ |
78,993 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees(c) |
|
|
1.38 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.13 |
% |
Net investment income (loss) |
|
|
.57 |
% |
For Class A, B, C, M, R, X and Z shares: |
|
|
|
|
Portfolio turnover rate |
|
|
85 |
% |
(a) |
Total return does not consider the effect of sales load. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculations are based on average shares outstanding during the year. |
(c) |
The distributor of the Fund contractually agreed to limit its distribution and service (12b-1) fees to .25 of 1% of the average daily assets of the Class A shares.
|
See Notes to Financial Statements.
|
|
|
56 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
Year Ended July 31, |
|
2005(b) |
|
|
2004(b) |
|
|
2003(b) |
|
|
2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.96 |
|
|
$ |
9.53 |
|
|
$ |
8.38 |
|
|
$ |
10.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.02 |
|
|
|
(.03 |
) |
|
|
(.03 |
) |
|
|
(.03 |
) |
|
2.38 |
|
|
|
1.46 |
|
|
|
1.18 |
|
|
|
(2.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.40 |
|
|
|
1.43 |
|
|
|
1.15 |
|
|
|
(2.30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13.36 |
|
|
$ |
10.96 |
|
|
$ |
9.53 |
|
|
$ |
8.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.90 |
% |
|
|
15.01 |
% |
|
|
13.72 |
% |
|
|
(21.49 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
62,948 |
|
|
$ |
45,622 |
|
|
$ |
35,897 |
|
|
$ |
30,337 |
|
$ |
52,589 |
|
|
$ |
43,525 |
|
|
$ |
31,290 |
|
|
$ |
36,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.38 |
% |
|
|
1.43 |
% |
|
|
1.71 |
% |
|
|
1.57 |
% |
|
1.13 |
% |
|
|
1.18 |
% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
.20 |
% |
|
|
(.25 |
)% |
|
|
(.31 |
)% |
|
|
(.35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200 |
% |
|
|
79 |
% |
|
|
89 |
% |
|
|
98 |
% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
57 |
Financial Highlights
Contd
|
|
|
|
|
|
|
Class B
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning Of Year |
|
$ |
12.78 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment loss |
|
|
(.03 |
) |
Net realized and unrealized gain (loss) on investment transactions |
|
|
.89 |
|
|
|
|
|
|
Total from investment operations |
|
|
.86 |
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
Distributions from net realized gains from investments |
|
|
(1.11 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
12.53 |
|
|
|
|
|
|
Total Return(a) |
|
|
7.06 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
99,928 |
|
Average net assets (000) |
|
$ |
109,700 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.13 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.13 |
% |
Net investment loss |
|
|
(.20 |
)% |
(a) |
Total return does not consider the effect of sales load. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculations are based on average shares outstanding during the year. |
See Notes to Financial Statements.
|
|
|
58 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
Year Ended July 31, |
|
2005(b) |
|
|
2004(b) |
|
|
2003(b) |
|
|
2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.56 |
|
|
$ |
9.25 |
|
|
$ |
8.20 |
|
|
$ |
10.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.06 |
) |
|
|
(.11 |
) |
|
|
(.09 |
) |
|
|
(.11 |
) |
|
2.28 |
|
|
|
1.42 |
|
|
|
1.14 |
|
|
|
(2.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.22 |
|
|
|
1.31 |
|
|
|
1.05 |
|
|
|
(2.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12.78 |
|
|
$ |
10.56 |
|
|
$ |
9.25 |
|
|
$ |
8.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.02 |
% |
|
|
14.16 |
% |
|
|
12.80 |
% |
|
|
(22.08 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
112,312 |
|
|
$ |
94,066 |
|
|
$ |
76,430 |
|
|
$ |
70,043 |
|
$ |
103,140 |
|
|
$ |
90,535 |
|
|
$ |
67,723 |
|
|
$ |
82,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.13 |
% |
|
|
2.18 |
% |
|
|
2.46 |
% |
|
|
2.32 |
% |
|
1.13 |
% |
|
|
1.18 |
% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
(.55 |
)% |
|
|
(1.00 |
)% |
|
|
(1.07 |
)% |
|
|
(1.09 |
)% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
59 |
Financial Highlights
Contd
|
|
|
|
|
|
|
Class C
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning Of Year |
|
$ |
12.78 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment loss |
|
|
(.02 |
) |
Net realized and unrealized gain (loss) on investment transactions |
|
|
.88 |
|
|
|
|
|
|
Total from investment operations |
|
|
.86 |
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
Distributions from net realized gains from investments |
|
|
(1.11 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
12.53 |
|
|
|
|
|
|
Total Return(a) |
|
|
7.06 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
90,092 |
|
Average net assets (000) |
|
$ |
83,200 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.13 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.13 |
% |
Net investment loss |
|
|
(.19 |
)% |
(a) |
Total return does not consider the effect of sales load. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and
includes reinvestment of dividends and distributions. |
(b) |
Calculations are based on average shares outstanding during the year. |
See Notes to Financial Statements.
|
|
|
60 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
Year Ended July 31, |
|
2005(b) |
|
|
2004(b) |
|
|
2003(b) |
|
|
2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.56 |
|
|
$ |
9.25 |
|
|
$ |
8.20 |
|
|
$ |
10.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.06 |
) |
|
|
(.11 |
) |
|
|
(.09 |
) |
|
|
(.09 |
) |
|
2.28 |
|
|
|
1.42 |
|
|
|
1.14 |
|
|
|
(2.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.22 |
|
|
|
1.31 |
|
|
|
1.05 |
|
|
|
(2.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12.78 |
|
|
$ |
10.56 |
|
|
$ |
9.25 |
|
|
$ |
8.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.02 |
% |
|
|
14.16 |
% |
|
|
12.80 |
% |
|
|
(22.08 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
76,811 |
|
|
$ |
61,606 |
|
|
$ |
47,616 |
|
|
$ |
37,468 |
|
$ |
68,555 |
|
|
$ |
58,465 |
|
|
$ |
39,926 |
|
|
$ |
38,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.13 |
% |
|
|
2.18 |
% |
|
|
2.46 |
% |
|
|
2.32 |
% |
|
1.13 |
% |
|
|
1.18 |
% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
(.55 |
)% |
|
|
(1.00 |
)% |
|
|
(1.06 |
)% |
|
|
(1.09 |
)% |
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
61 |
Financial Highlights
Contd
|
|
|
|
|
|
|
|
|
|
|
Class M
|
|
|
|
Year Ended July 31, 2006(d) |
|
|
October 4, 2004(a) Through July 31, 2005(d) |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning Of Period |
|
$ |
12.78 |
|
|
$ |
11.07 |
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
Net investment loss |
|
|
(.02 |
) |
|
|
(.05 |
) |
Net realized and unrealized gain on investment transactions |
|
|
.89 |
|
|
|
1.76 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.87 |
|
|
|
1.71 |
|
|
|
|
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
Distributions from net realized gains from investments |
|
|
(1.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
12.54 |
|
|
$ |
12.78 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
7.14 |
% |
|
|
15.45 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
8,019 |
|
|
$ |
2,990 |
|
Average net assets (000) |
|
$ |
5,619 |
|
|
$ |
1,542 |
|
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.13 |
% |
|
|
2.13 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.13 |
% |
|
|
1.13 |
%(c) |
Net investment loss |
|
|
(.13 |
)% |
|
|
(.51 |
)%(c) |
(a) |
Commencement of offering new share class. |
(b) |
Total return does not consider the effect of sales load. Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
Calculations are based on average shares outstanding during the period. |
See Notes to Financial Statements.
|
|
|
62 |
|
Visit our website at www.strategicpartners.com |
|
|
|
|
|
|
|
|
|
|
|
Class R
|
|
|
|
Year Ended July 31, 2006(d) |
|
|
October 4, 2004(a) Through July 31, 2005(d) |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning Of Period |
|
$ |
13.34 |
|
|
$ |
11.51 |
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
.07 |
|
|
|
|
(e) |
Net realized and unrealized gain on investment transactions |
|
|
.91 |
|
|
|
1.83 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.98 |
|
|
|
1.83 |
|
|
|
|
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
Distributions from net realized gains from investments |
|
|
(1.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
13.21 |
|
|
$ |
13.34 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
7.69 |
% |
|
|
15.90 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
195 |
|
|
$ |
2,898 |
(h) |
Average net assets (000) |
|
$ |
89 |
|
|
$ |
2,687 |
(h) |
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees(f) |
|
|
1.63 |
% |
|
|
1.63 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.13 |
% |
|
|
1.13 |
%(c) |
Net investment income |
|
|
.51 |
% |
|
|
|
%(c)(g) |
(a) |
Commencement of offering new share class. |
(b) |
Total return does not consider the effect of sales load. Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
Calculations are based on average shares outstanding during the period. |
(e) |
Less than $.005 per share. |
(f) |
The distributor of the Fund contractually agreed to limit its distribution and service (12b-1) fees to .50 of 1% of the average daily assets of the Class R shares. |
(h) |
Amount is actual and not rounded. |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
63 |
Financial Highlights
Contd
|
|
|
|
|
|
|
|
|
|
|
Class X
|
|
|
|
Year Ended July 31, 2006(d) |
|
|
October 4, 2004(a) Through July 31, 2005(d) |
|
Per Share Operating Performance: |
|
|
|
|
|
|
|
|
Net Asset Value, Beginning Of Period |
|
$ |
12.79 |
|
|
$ |
11.07 |
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
Net investment loss |
|
|
(.01 |
) |
|
|
(.05 |
) |
Net realized and unrealized gain on investment transactions |
|
|
.88 |
|
|
|
1.77 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
.87 |
|
|
|
1.72 |
|
|
|
|
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
Distributions from net realized gains from investments |
|
|
(1.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
12.55 |
|
|
$ |
12.79 |
|
|
|
|
|
|
|
|
|
|
Total Return(b) |
|
|
7.13 |
% |
|
|
15.54 |
% |
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
3,703 |
|
|
$ |
1,158 |
|
Average net assets (000) |
|
$ |
2,043 |
|
|
$ |
608 |
|
Ratios to average net assets: |
|
|
|
|
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
2.13 |
% |
|
|
2.13 |
%(c) |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.13 |
% |
|
|
1.13 |
%(c) |
Net investment loss |
|
|
(.09 |
)% |
|
|
(.52 |
)%(c) |
(a) |
Commencement of offering new share class. |
(b) |
Total return does not consider the effect of sales load. Total return is calculated assuming a purchase of shares 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 one full year are not annualized. |
(d) |
Calculations are based on average shares outstanding during the period. |
See Notes to Financial Statements.
|
|
|
64 |
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This Page Intentionally Left Blank
Financial Highlights
Contd
|
|
|
|
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|
|
Class Z
|
|
|
|
Year Ended July 31, 2006(b) |
|
Per Share Operating Performance: |
|
|
|
|
Net Asset Value, Beginning Of Year |
|
$ |
13.58 |
|
|
|
|
|
|
Income (loss) from investment operations: |
|
|
|
|
Net investment income (loss) |
|
|
.11 |
|
Net realized and unrealized gain (loss) on investment transactions |
|
|
.96 |
|
|
|
|
|
|
Total from investment operations |
|
|
1.07 |
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
Distributions from net realized gains from investments |
|
|
(1.11 |
) |
|
|
|
|
|
Net asset value, end of year |
|
$ |
13.54 |
|
|
|
|
|
|
Total Return(a) |
|
|
8.25 |
% |
Ratios/Supplemental Data: |
|
|
|
|
Net assets, end of year (000) |
|
$ |
7,884 |
|
Average net assets (000) |
|
$ |
6,977 |
|
Ratios to average net assets: |
|
|
|
|
Expenses, including distribution and service (12b-1) fees |
|
|
1.13 |
% |
Expenses, excluding distribution and service (12b-1) fees |
|
|
1.13 |
% |
Net investment income (loss) |
|
|
.86 |
% |
(a) |
Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions.
|
(b) |
Calculations are based on average shares outstanding during the year. |
(c) |
Less than $.005 per share. |
See Notes to Financial Statements.
|
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|
66 |
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Visit our website at www.strategicpartners.com |
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|
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|
|
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|
|
|
|
|
|
|
|
Class Z |
|
Year Ended July 31, |
|
2005(b) |
|
|
2004(b) |
|
|
2003(b) |
|
|
2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11.11 |
|
|
$ |
9.64 |
|
|
$ |
8.45 |
|
|
$ |
10.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.05 |
|
|
|
|
(c) |
|
|
|
(c) |
|
|
(.01 |
) |
|
2.42 |
|
|
|
1.47 |
|
|
|
1.19 |
|
|
|
(2.29 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.47 |
|
|
|
1.47 |
|
|
|
1.19 |
|
|
|
(2.30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13.58 |
|
|
$ |
11.11 |
|
|
$ |
9.64 |
|
|
$ |
8.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22.23 |
% |
|
|
15.25 |
% |
|
|
14.08 |
% |
|
|
(21.35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,179 |
|
|
$ |
5,297 |
|
|
$ |
2,589 |
|
|
$ |
1,897 |
|
$ |
5,709 |
|
|
$ |
3,837 |
|
|
$ |
2,767 |
|
|
$ |
2,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.13 |
% |
|
|
1.18 |
% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
1.13 |
% |
|
|
1.18 |
% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
.45 |
% |
|
|
|
%(d) |
|
|
(.02 |
)% |
|
|
(.10 |
)% |
See Notes to Financial Statements.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
67 |
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees and Shareholders of
Target Asset Allocation FundsTarget Growth Allocation Fund:
We have audited the accompanying statement of assets and liabilities of Target Asset Allocation FundsTarget Growth Allocation Fund (the Fund), including the
portfolio of investments as of July 31, 2006, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the years in the two-year period then ended and financial highlights for each of
the years or periods in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and the
financial highlights based on our audits. The financial highlights for the periods presented prior to August 1, 2003, were audited by other auditors, whose report dated September 29, 2003, expressed an unqualified opinion thereon.
We conducted our audits in accordance with the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2006, by correspondence with the custodian and brokers or by other
appropriate audit procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In
our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Target Asset Allocation FundsTarget Growth Allocation Fund as of July 31, 2006,
and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and financial highlights for each of the years or periods in the three-year period then ended, in
conformity with U.S. generally accepted accounting principles.
New York, New York
September 22, 2006
|
|
|
68 |
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Tax Information
(Unaudited)
We are required by the Internal Revenue Code to advise you within 60 days of the Funds fiscal year end (July 31, 2006) as to the federal tax status of dividends paid by the
Fund during such fiscal year. Accordingly, we are advising you that in the fiscal year ended July 31, 2006, the Fund paid dividends taxable as ordinary income of $0.02 for Class A, B, C, M, R, X and Z shares. The Fund also paid long-term capital
gains of $1.09 per share to Class A, B, C, M, R, X and Z shares.
As required by the
Internal Revenue Code, the following percentages of ordinary income dividends paid for the year ended July 31, 2006 have been designated as 1) Qualified for the reduced tax rate (QDI) under The Job and Growth Tax Relief Reconciliation Act of 2003
and 2) dividends received deduction (DRD) eligible for corporate shareholders 3) qualified interest income (QII) dividends under The American Job Creation Act of 2004 4) qualified short-term gain (QSTG) dividends under The American Job Creation Act
of 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QDI
|
|
|
DRD
|
|
|
QII
|
|
|
QSTG
|
|
Target Growth Allocation Fund |
|
76.02 |
% |
|
46.97 |
% |
|
0.00 |
% |
|
100.00 |
% |
In January 2007, you will be advised on IRS Form
1099 DIV or substitute 1099 DIV as to the federal tax status of the dividends received by you in calendar year 2006.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
69 |
Management of the Funds
(Unaudited)
Information pertaining to the Trustees of the Target Asset Allocation Funds (the Funds) is set forth below. Trustees who are not deemed to be interested
persons of the Funds, as defined in the Investment Company Act of 1940 (the 1940 Act), are referred to as Independent Trustees. Trustees who are deemed to be interested persons of the Funds are referred to as
Interested Trustees. Fund Complex consists of the Funds and any other investment companies
managed by PI.
Independent Trustees(2)
Linda W. Bynoe (54), Trustee since 2005(3) Oversees 82 portfolios in Fund
complex
Principal occupations (last 5 years): President and Chief Executive Officer (since March 1995) of Telemat, Ltd. (management consulting); formerly Vice
President at Morgan Stanley & Co.
Other Directorships held: Director of
Simon Property Group, Inc. (real estate investment trust) (since May 2003); Anixter International (communication products distributor) (since January 2006); Director of Northern Trust Corporation (since April 2006).
David E.A. Carson (72), Trustee since 2003(3) Oversees 86 portfolios in Fund
complex
Principal occupations (last 5 years): Formerly Director (January 2000 to May 2000), Chairman (January 1999 to December 1999), Chairman and Chief
Executive Officer (January 1998 to December 1998) and President, Chairman and Chief Executive Officer of Peoples Bank (1983-1997).
Robert E. La Blanc (72), Trustee since 1999(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): President (since 1981) of Robert E. La Blanc Associates, Inc. (telecommunications).
Other Directorships held:(4) Director of Chartered Semiconductor Manufacturing, Ltd. (since 1998); Computer Associates International, Inc. (since 2002)
(software company); FiberNet Telecom Group, Inc. (since 2003) (telecom company).
Douglas H. McCorkindale (67), Trustee since 1998(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5
years): Formerly Chairman (February 2001- June 2006), Chief Executive Officer (June 2000-July 2005), President (September 1997-July 2005) and Vice Chairman (March 1984-May 2000) of Gannett Co. Inc. (publishing and media).
Other Directorships held:(4) Director of Continental Airlines, Inc. (since May
1993); Director of Lockheed Martin Corp. (aerospace and defense) (since May 2001).
Richard A. Redeker (63), Trustee since 2003(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years):
Management Consultant; Director (since 2001) and Chairman of the Board (since 2006) of Invesmart, Inc.; Director of Penn Tank Lines, Inc. (since 1999).
|
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|
70 |
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Robin B. Smith (66), Trustee since
2003(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): Chairman of the Board (since January 2003) of Publishers
Clearing House (direct marketing); formerly Chairman and Chief Executive Officer (August 1996-January 2003) of Publishers Clearing House.
Other Directorships held:(4) Director of BellSouth Corporation (since 1992).
Stephen G. Stoneburn (63), Trustee since 1999(3) Oversees 85 portfolios in Fund complex
Principal occupations (last 5 years): President and Chief Executive Officer (since June 1996) of Quadrant Media Corp. (publishing company); formerly President (June
1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc. (1975-1989).
Clay T. Whitehead (67), Trustee since 1999(3) Oversees 85 portfolios in Fund
complex
Principal occupations (last 5 years): President (since 1983) of YCO (new business development firm).
Interested Trustees(1)
Judy A. Rice (58), President since 2003 and Trustee since 2000(3) Oversees 81 portfolios in Fund complex
Principal occupations (last 5 years): President, Chief Executive Officer, Chief Operating Officer and Officer-In-Charge (since February 2003) of Prudential Investments LLC;
Vice President (since February 1999) of Prudential Investment Management Services LLC; President, Chief Executive Officer and Officer-In-Charge (since April 2003) of Prudential Mutual Fund Services LLC; formerly Director (since May 2003) and
Executive Vice President (since June 2005) of American Skandia Investment Services, Inc.; formerly Executive Vice President (September 1999-February 2003) of Prudential Investments LLC; Member of Board of Governors of the Investment Company
Institute.
Robert F. Gunia (59), Vice President and Trustee since
1999(3) Oversees 158 portfolios in Fund complex
Principal occupations (last 5 years): Chief Administrative Officer (since September 1999) and
Executive Vice President (since December 1996) of Prudential Investments LLC; President (since April 1999) of Prudential Investment Management Services LLC; Executive Vice President (since March 1999) and Treasurer (since May 2000) of Prudential
Mutual Fund Services LLC; Chief Administrative Officer, Executive Vice President and Director (since May 2003) of American Skandia Investment Services, Inc.
Other Directorships held:(4) Vice President and Director (since May 1989) and Treasurer (since 1999) of The Asia Pacific Fund, Inc.
Information pertaining to the Officers of the Funds who are not also Trustees is set forth below.
Officers(2)
Kathryn L. Quirk (53), Chief Legal Officer since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since September 2004) of Prudential; Executive Vice President, Chief Legal Officer and Secretary
(since July 2005) of Prudential Investments LLC and Prudential Mutual Fund Services LLC; formerly Managing Director, General Counsel, Chief Compliance Officer, Chief Risk Officer and Corporate Secretary (1997-2002) of Zurich Scudder Investments,
Inc.
Deborah A. Docs (48), Secretary since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary
(since March 1999) of PI; formerly Vice President and Assistant Secretary (May 2003-June 2005) of American Skandia Investment Services, Inc.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
71 |
Jonathan D. Shain (48), Assistant Secretary
since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and
Assistant Secretary (since May 2001) of PI; Vice President and Assistant Secretary (since February 2001) of PMFS; formerly Vice President and Assistant Secretary (May 2003-June 2005) of American Skandia Investment Services, Inc.
Claudia DiGiacomo (31), Assistant Secretary since 2005(3)
Principal occupations (last 5 years): Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PI (since December
2005); Associate at Sidley Austin Brown Wood LLP (1999-2004).
Helene Gurian
(52), Acting Anti-Money Laundering Compliance Officer since 2006(3)
Principal occupations (last 5 years): Vice President, Prudential (since July
1997); Vice President, Compliance (July 1997-January 2001); Vice President, Compliance and Risk Officer, Retail Distribution (January 2001-May 2002); Vice President, Corporate Investigations (May 2002-date) responsible for supervision of
Prudentials fraud investigations, anti-money laundering program and high technology investigation unit.
Lee D. Augsburger (47), Chief Compliance Officer since 2004(3)
Principal occupations (last 5 years): Senior Vice
President and Chief Compliance Officer (since April 2003) of PI; Vice President (since November 2000) and Chief Compliance Officer (since October 2000) of Prudential Investment Management, Inc.; Chief Compliance Officer and Senior Vice President
(since May 2003) of American Skandia Investment Services, Inc.
Grace C. Torres
(47), Treasurer and Principal Financial and Accounting Officer since 1997(3)
Principal occupations (last 5 years): Assistant Treasurer (since March
1999) and Senior Vice President (since September 1999) of PI; Assistant Treasurer (since May 2003) and Vice President (since June 2005) of American Skandia Investment Services, Inc.; Senior Vice President and Assistant Treasurer (since May 2003) of
American Skandia Advisory Services, Inc.; formerly Senior Vice President (May 2003-June 2005) of American Skandia Investment Services, Inc.
John P. Schwartz (35), Assistant Secretary since 2006(3)
Principal
occupations (last 5 years): Vice President and Corporate Counsel (since April 2005) of Prudential; Vice President and Assistant Secretary of PI (since December 2005); Associate at Sidley, Austin Brown & Wood LLP (1997-2005).
M. Sadiq Peshimam (42), Assistant Treasurer since 2006(3)
Principal occupations (last 5 years): Vice President (since 2005) and Director (2000-2005) within Prudential Mutual Fund Administration.
Jack Benintende (42), Assistant Treasurer since 2006(3)
Principal occupations (last 5 years): Vice President (since June 2000) within Prudential Mutual Fund Administration; formerly senior manager within the investment management
practice of PricewaterhouseCoopers LLP (May 1994 through June 2000).
|
|
|
72 |
|
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|
The Fund Complex consists of all investment companies managed by PI. The Funds for which PI serves as manager include Jennison Dryden Mutual Funds, Strategic Partners Funds, The
Prudential Variable Contract Accounts 2, 10, 11. The Target Portfolio Trust, The Prudential Series Fund, The High Yield Income Fund, Inc., The High Yield Plus Fund, Inc., Nicholas-Applegate Fund, Inc., American Skandia Trust, and Prudentials
Gibraltar Fund, Inc. |
(1) |
Interested Trustee, as defined in the 1940 Act, by reason of employment with the Manager, a Subadvisor or the Distributor. |
(2) |
Unless otherwise noted, the address of the Trustees and Officers is c/o: Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, NJ 07102. |
(3) |
There is no set term of office for Trustees and Officers. The Independent Trustees have adopted a retirement policy, which calls for the retirement of Trustees on December 31 of the year
in which they reach the age of 75. The table shows the individuals length of service as Trustee and/or Officer. |
(4) |
This includes only directorships of companies required to register, or file reports with the SEC under the Securities and Exchange Act of 1934 (that is, public companies) or other
investment companies registered under the 1940 Act. |
Additional
Information about the Funds Trustees is included in the Statement of Additional Information which is available without charge, upon request, by calling (800) 521-7466 or (732) 482-7555 (Calling from outside the U.S.)
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
73 |
Approval of Advisory Agreements
The Board of Trustees (the Board) of Target Asset Allocation
Funds (formerly, Strategic Partners Asset Allocation Funds) oversees the management of the Target Growth Allocation Fund (the Fund), and, as required by law, determines annually whether to renew the Funds management agreement with
Prudential Investments LLC (PI) and the Funds subadvisory agreements. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7-8, 2006 and approved the renewal of the
agreements through July 31, 2007, after concluding that renewal of the agreements was in the best interests of the Fund and its shareholders.
In advance of the meetings, the Board received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with
their consideration. Among other things, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups. The mutual funds included in each Peer Universe or Peer Group were objectively determined solely by Lipper
Inc., an independent provider of mutual fund data. The comparisons placed the Fund in various quartiles over one-year, three-year and five-year time periods ending December 31, with the first quartile being the best 25% of the mutual funds (for
performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).
In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors they deemed relevant, including the nature, quality and extent of services provided, the performance of
the Fund, the profitability of PI and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders. In their deliberations, the Trustees did not identify any single factor that was
dispositive and each Trustee attributed different weights to the various factors. In connection with their deliberations, the Board considered information provided by PI throughout the year at regular Board meetings, presentations from portfolio
managers and other information, as well as information furnished at or in advance of the meetings on June 7-8, 2006.
The Trustees determined that the overall arrangements between the Fund and PI, which serves as the Funds investment manager pursuant to a management agreement with Target
Asset Allocation Funds, and between PI and each subadvisor, each of which serves as subadvisor pursuant to the terms of a subadvisory agreement with PI, are fair and reasonable in light of the services performed, fees charged and such other matters
as the Trustees considered relevant in the exercise of their business judgment.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
|
Approval of Advisory Agreements (continued)
The material factors and conclusions that formed the basis for the Trustees determinations to approve the renewal of the agreements are
discussed separately below.
Nature, Quality and Extent of Services
The Board received and considered information regarding the nature and extent of services provided to the Fund by PI and each subadvisor. The Board
considered the services provided by PI, including but not limited to the oversight of the subadvisors, as well as the provision of fund recordkeeping, and compliance services to the Fund. With respect to PIs oversight of the subadvisors, the
Board noted that PIs Strategic Investment Research Group (SIRG), a business unit of PI, is responsible for screening and recommending new subadvisors when appropriate, as well as monitoring and reporting to the Board on the
performance and operations of the subadvisors. The Board also considered that PI pays the salaries of all of the officers and non-independent Trustees of the Fund. The Board also considered the investment subadvisory services provided by each
subadvisor, as well as compliance with the Funds investment restrictions, policies and procedures. The Board considered PIs evaluation of the subadvisors, as well as PIs recommendation, based on its review of the subadvisors, to
renew the subadvisory agreements.
The Board reviewed the qualifications, backgrounds and
responsibilities of PIs senior management responsible for the oversight of the Fund and each subadvisor, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisors portfolio managers who are responsible for
the day-to-day management of the Fund. The Board was provided with information pertaining to PIs and each subadvisors organizational structure, senior management, investment operations, and other relevant information pertaining to both
PI and each subadvisor. The Board also noted that it received favorable compliance reports from the Funds Chief Compliance Officer (CCO) as to both PI and each subadvisor.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PI and the subadvisory
services provided to the Fund by each subadvisor, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PI and each subadvisor under the management and subadvisory agreements.
Performance of Target Growth Allocation Fund
The Board received and considered information about the Funds historical performance, noting that the Fund had achieved performance during the first quarter of 2006 that was
in the first quartile, performance that was in the first quartile over
|
|
|
|
|
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one-year and three-year periods and performance that was in the second quartile over a five-year period ending December 31 in relation to the group of comparable funds
in a Peer Universe. The Board noted that the Fund outperformed over the same time periods when compared against its benchmark index. The Board reviewed the separate performance records of the various sleeves of the Fund managed by each
of the Funds subadvisors. The Board determined that the Funds performance was satisfactory.
Fees and Expenses
The Board considered the management fee for the Fund as compared to the management fee charged by PI to other
funds and accounts and the fee charged by other advisors to comparable mutual funds.
The
Funds management fee of 0.750% ranked in the first quartile in its Peer Group. The Board concluded that the management and subadvisory fees are reasonable.
The Board further noted that during 2005 and continuing through 2006, several significant initiatives had been approved which, when fully implemented,
were expected to result in cost savings and expense reductions for the Fund. In particular, the Board observed that implementation of an electronic registration statement desktop publishing system to replace the use of financial printing firms was
expected to be completed by the end of 2006 and was expected to significantly reduce the costs borne by Fund shareholders for the production and filing of Fund registration statements. The Board also observed that new custodian arrangements had been
approved, which were also expected to result in reductions in custodian fees borne by Fund shareholders.
Costs of Services and Profits Realized by PI
The Board was provided with information on the profitability of PI and its
affiliates in serving as the Funds investment manager. The Board discussed with PI the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to
make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular advisor, the types of funds it
manages, its business mix, numerous assumptions regarding allocations and the advisors capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PI and its affiliates in relation to
the services rendered was not unreasonable.
|
|
|
Target Asset Allocation Funds/Target Growth Allocation Fund |
|
|
Approval of Advisory Agreements (continued)
The Board noted that none of the subadvisors was affiliated with PI, and concluded that the level of profitability, of a subadvisor not affiliated
with PI may not be as significant as PIs profitability given the arms length nature of the process by which the subadvisory fee rates were negotiated by PI and the unaffiliated subadvisors, as well as the fact that PI compensates the
subadvisors out of its management fee.
Economies of Scale
The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase, but at the current level of
assets the Fund does not realize the effect of those rate reductions. The Board received and discussed information concerning whether PI realizes economies of scale as the Funds assets grow beyond current levels. The Board took note that the
Funds fee structure would result in benefits to Fund shareholders when (and if) assets reach the levels at which the fee rate is reduced. These benefits will accrue whether or not PI is then realizing any economies of scale.
Other Benefits to PI and the Subadvisors
The Board considered potential ancillary benefits that might be received by PI, the subadvisors, and their affiliates as a result of their relationship with the Fund. The Board
concluded that potential benefits to be derived by PI included brokerage commissions received by affiliates of PI, transfer agency fees received by the Funds transfer agent (which is affiliated with PI), as well as reputational or other
intangible benefits resulting from PIs association with the Fund. The Board concluded that the potential benefits to be derived by the subadvisors included the ability to use soft dollar credits, brokerage commissions received by affiliates of
the subadvisors, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and reputational benefits. The Board concluded
that the benefits derived by PI and the subadvisors were consistent with the types of benefits generally derived by investment managers and subadvisors to mutual funds.
|
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|
|
|
Visit our website at www.strategicpartners.com |
Growth of a $10,000 Investment
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (With Sales Charges) as of 7/31/06 |
|
|
|
|
|
|
|
|
|
|
|
One Year |
|
|
Five Years |
|
|
Since Inception |
|
Class A |
|
2.06 |
% |
|
5.02 |
% |
|
6.08 |
% |
Class B |
|
2.16 |
|
|
5.23 |
|
|
6.06 |
|
Class C |
|
6.08 |
|
|
5.39 |
|
|
6.06 |
|
Class M |
|
1.25 |
|
|
N/A |
|
|
9.85 |
|
Class R |
|
7.69 |
|
|
N/A |
|
|
12.93 |
|
Class X |
|
1.24 |
|
|
N/A |
|
|
9.90 |
|
Class Z |
|
8.25 |
|
|
6.47 |
|
|
7.15 |
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (Without Sales Charges) as of 7/31/06 |
|
|
|
|
|
|
|
|
|
One Year |
|
|
Five Years |
|
|
Since Inception |
|
Class A |
|
8.00 |
% |
|
6.21 |
% |
|
6.86 |
% |
Class B |
|
7.06 |
|
|
5.39 |
|
|
6.06 |
|
Class C |
|
7.06 |
|
|
5.39 |
|
|
6.06 |
|
Class M |
|
7.14 |
|
|
N/A |
|
|
12.36 |
|
Class R |
|
7.69 |
|
|
N/A |
|
|
12.93 |
|
Class X |
|
7.13 |
|
|
N/A |
|
|
12.41 |
|
Class Z |
|
8.25 |
|
|
6.47 |
|
|
7.15 |
|
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 investors 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 current to the most recent month-end by visiting our website at www.strategicpartners.com or by calling (800)
225-1852. Maximum sales charge is 5.50%.
|
|
|
|
|
Visit our website at www.strategicpartners.com |
Source: Prudential Investments LLC and Lipper Inc.
Inception dates: Class A, B, C, and Z, 11/18/98; Class M, R, and X, 10/04/04.
The graph compares a $10,000 investment in the Target Growth Allocation Fund (Class A shares) with a similar investment in the Standard &
Poors 500 Composite Stock Price Index (S&P 500 Index) and a Customized Benchmark for the Target Growth Allocation Fund (Customized Blend) by portraying the initial account values at the commencement of operations for Class A shares
(November 18, 1998) and the account values at the end of the current fiscal year (July 31, 2006) as measured on a quarterly basis. The S&P 500 Index and the Customized Blend data are measured from the closest month-end to inception date, and not
from the Funds actual inception date. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) the maximum applicable front-end sales charge was deducted from the initial $10,000 investment in Class A shares; (b)
all recurring fees (including management fees) were deducted; and (c) all dividends and distributions were reinvested. The line graph provides information for Class A shares only. As indicated in the tables provided earlier, performance for
Class B, Class C, and Class Z shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without a distribution and service (12b-1) fee waiver of 0.05% for Class A
shares through July 31, 2006, the returns shown in the graph and for Class A shares in the tables would have been lower.
The S&P 500 Index is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how stock prices have performed in the United States. The
Customized Benchmark is a model portfolio consisting of the Russell 3000 Index (80%) and the MSCI EAFE (20%). Each component of the Customized Blend is an unmanaged index generally considered to represent the performance of the Funds asset
classes. The Customized Blend is intended to provide a theoretical comparison to the Funds performance, based on the amounts allocated to each asset class rather than on amounts allocated to various Fund segments. The Indexes total
returns include the reinvestment of all dividends, but do not include the effects of sales charges, operating expenses of a mutual fund, or taxes. The returns for the Indexes would be lower if they included the effects of sales charges, operating
expenses, or taxes. The securities that comprise the Indexes may differ substantially from the securities in the Fund. These are not the only indexes that may be used to characterize performance of sector stock funds. Other indexes may portray
different comparative performance. Investors cannot invest directly in an index.
Class A
shares are subject to a maximum front-end sales charge of 5.50%, a 12b-1 fee of up to 0.30% annually, and 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%. Class B shares are subject to a declining CDSC of 5%, 4%, 3%, 2%, 1%, and 1%, respectively for the first six years after purchase and a 12b-1 fee of 1% annually. Approximately seven years after
purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class C shares are not subject to a front-end sales charge, but charge a CDSC of 1% for Class C shares sold within 12 months from the date of purchase and an
annual 12b-1 fee of 1%. The returns in the graph and tables reflect the share class expense structure in effect at the close of the fiscal period. The returns in the graph and the tables do not reflect the deduction of taxes that a shareholder would
pay on Fund distributions or following the redemption of Fund shares.
|
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Target Asset Allocation Funds/Target Growth Allocation Fund |
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|
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|
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|
|
n MAIL |
|
n TELEPHONE |
|
n WEBSITE |
Gateway Center Three 100 Mulberry
Street Newark, NJ 07102 |
|
(800) 225-1852 |
|
www.strategicpartners.com |
|
PROXY VOTING |
The Board of Trustees of the Fund has delegated to the Funds investment subadvisors 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 Commissions 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 Funds website and on the Commissions 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 Jack Benintende, Assistant
Treasurer M. Sadiq Peshimam, Assistant Treasurer Kathryn L. Quirk, Chief Legal Officer Deborah A. Docs, Secretary Jonathan D. Shain, Assistant Secretary Claudia
DiGiacomo, Assistant Secretary John P. Schwartz, Assistant Secretary Helene Gurian, Acting Anti-Money Laundering Compliance Officer Lee D. Augsburger, Chief Compliance
Officer |
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|
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MANAGER |
|
Prudential Investments LLC |
|
Gateway Center Three 100 Mulberry Street Newark, NJ 07102 |
|
INVESTMENT SUBADVISORS |
|
EARNEST Partners, LLC |
|
75 14th Street, Suite 2300 Atlanta, GA 30309 |
|
|
|
Goldman Sachs Asset Management LP |
|
32 Old Slip, 23rd Floor New York, NY 10005 |
|
|
|
Hotchkis and Wiley Capital Management LLC |
|
725 South Figueroa Street Suite 3900 Los Angeles, CA 90017 |
|
|
|
JP Morgan Investment Management, Inc. |
|
522 Fifth Avenue 13th Floor New York, NY 10036 |
|
|
|
LSV Asset Management |
|
One North Wacker Drive Suite 4000 Chicago, IL 60606 |
|
|
|
Marsico Capital Management, LLC |
|
1200 17th Street Suite 1600 Denver, CO 80202 |
|
|
|
NFJ Investment Group L.P. |
|
2100 Ross Avenue Suite 1840 Dallas, TX 75201 |
|
|
|
RS Investment Management, L.P. |
|
388 Market Street Suite 1700 San Francisco, CA 94111 |
|
|
|
Thornburg Investment Management, Inc. |
|
119 East Marcy Street Santa Fe, NM 87501 |
|
|
|
Vaughan Nelson Investment Management, L.P. |
|
600 Travis Street Suite 6300 Houston, TX 77002 |
|
|
|
|
|
DISTRIBUTOR |
|
Prudential Investment Management Services LLC |
|
Gateway Center Three 100 Mulberry Street Newark, NJ 07102 |
|
CUSTODIAN |
|
PFPC Trust Company |
|
400 Bellevue Parkway Wilmington, DE 19809 |
|
TRANSFER AGENT |
|
Prudential Mutual Fund Services LLC |
|
PO Box 8098 Philadelphia, PA 19176 |
|
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.strategicpartners.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, Target Asset Allocation Funds, PO Box 13964, Philadelphia, PA 19176. 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 Funds Forms N-Q are
available on the Commissions website at www.sec.gov. The Funds Forms N-Q may also be reviewed and copied at the Commissions 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 Funds schedule of portfolio holdings is also available on the Funds website as of the end of each fiscal quarter. |
|
The Funds Statement of Additional Information contains additional information about the Funds Trustees and is available without charge, upon request, by calling (800)
225-1852. |
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 |
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Target Growth Allocation Fund |
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|
Share Class |
|
A |
|
B |
|
C |
|
M |
|
R |
|
X |
|
Z |
|
|
|
|
NASDAQ |
|
PHGAX |
|
PIHGX |
|
PHGCX |
|
N/A |
|
PGARX |
|
N/A |
|
PDHZX |
|
|
|
|
CUSIP |
|
87612A823 |
|
87612A815 |
|
87612A799 |
|
87612A765 |
|
87612A781 |
|
87612A757 |
|
87612A773 |
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MFSP504E5 IFS-A123912 Ed. 09/2006
Item 2 Code of Ethics See Exhibit (a)
As of the end of the period covered by this report, the registrant has adopted a code of ethics (the Section 406 Standards for Investment Companies Ethical
Standards for Principal Executive and Financial Officers) that applies to the registrants Principal Executive Officer and Principal Financial Officer; the registrants Principal Financial Officer also serves as the Principal
Accounting Officer.
The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy
of the code of ethics, contact the registrant 973-367-7521, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3 Audit Committee Financial Expert
The registrants Board has determined that Mr. David Carson, member of the Boards Audit Committee is an audit committee financial expert, and that he is independent, for
purposes of this Item.
Item 4 Principal Accountant Fees and Services
(a) Audit Fees
For the fiscal years ended
July 31, 2006 and July 31, 2005, KPMG LLP (KPMG), the Registrants principal accountant, billed the Registrant $50,100 and $50,100, respectively, for professional services rendered for the audit of the Registrants
annual financial statements or services that are normally provided in connection with statutory and regulatory filings.
(b) Audit-Related Fees
None.
(c) Tax Fees
None.
(d) All Other Fees
None.
(e) (1) Audit Committee Pre-Approval Policies
and Procedures
THE PRUDENTIAL MUTUAL FUNDS
AUDIT COMMITTEE POLICY
on
Pre-Approval of Services Provided by the Independent Accountants
The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Funds independent accountants. As part of
this responsibility, the Audit Committee must pre-approve any independent accounting firms engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent
accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountants independence. The Committees evaluation will be based on:
|
|
|
a review of the nature of the professional services expected to be provided, |
|
|
|
a review of the safeguards put into place by the accounting firm to safeguard independence, and |
|
|
|
periodic meetings with the accounting firm. |
Policy for Audit and
Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and
non-audit services (and fees proposed in respect thereof) proposed to be performed by the Funds independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate,
approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent
accountants. Proposed services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditors
independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.
The categories of services enumerated under Audit Services, Audit-related Services, and Tax Services are intended to provide guidance
to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would
expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.
Audit Services
The following categories of audit
services are considered to be consistent with the role of the Funds independent accountants:
|
|
|
Annual Fund financial statement audits |
|
|
|
Seed audits (related to new product filings, as required) |
|
|
|
SEC and regulatory filings and consents |
Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Funds independent accountants:
|
|
|
Accounting consultations |
|
|
|
Fund merger support services |
|
|
|
Agreed Upon Procedure Reports |
|
|
|
Other Internal Control Reports |
Individual audit-related services that
fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been
delegated) so long as the estimated fee for those services does not exceed $50,000.
Tax Services
The following categories of tax services are considered to be consistent with the role of the Funds independent accountants:
|
|
|
Tax compliance services related to the filing or amendment of the following: |
|
|
|
Federal, state and local income tax compliance; and, |
|
|
|
Sales and use tax compliance |
|
|
|
Timely RIC qualification reviews |
|
|
|
Tax distribution analysis and planning |
|
|
|
Tax authority examination services |
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|
Tax appeals support services |
|
|
|
Accounting methods studies |
|
|
|
Fund merger support services |
|
|
|
Tax consulting services and related projects |
Individual tax services
that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has
been delegated) so long as the estimated fee for those services does not exceed $50,000.
Other Non-audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee
members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be
accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.
Proscribed Services
The Funds independent accountants will not render services in the following categories of non-audit services:
|
|
|
Bookkeeping or other services related to the accounting records or financial statements of the Fund |
|
|
|
Financial information systems design and implementation |
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|
|
Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
|
|
|
Internal audit outsourcing services |
|
|
|
Management functions or human resources |
|
|
|
Broker or dealer, investment adviser, or investment banking services |
|
|
|
Legal services and expert services unrelated to the audit |
|
|
|
Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible. |
Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex
Certain non-audit services provided to Prudential Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The
only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of
the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000. Services
presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.
Although the Audit Committee will not pre-approve all services provided to Prudential Investments LLC and its affiliates, the Committee will receive an
annual report from the Funds independent accounting firm showing the aggregate fees for all services provided to Prudential Investments and its affiliates.
(e) (2) Percentage of services referred to in 4(b)- (4)(d) that were approved by the audit committee
Not
applicable.
(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than
50%.
Not applicable.
(g) Non-Audit Fees
Not applicable to Registrant for the fiscal years 2006 and 2005. The aggregate non-audit fees billed by KPMG for services rendered to the registrants investment adviser and any entity controlling, controlled by,
or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years 2006 and 2005 was $21,300 and $84,500, respectively.
(h) Principal Accountants Independence
Not applicable as KPMG has not provided non-audit services
to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to
Rule 2-01(c)(7)(ii) of Regulation S-X.
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 registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter of the
period covered by this report that has materially affected, or is likely to materially affect, the registrants internal control over financial reporting. |
Item 12 Exhibits
|
(a) |
(1) Code of Ethics Attached hereto as Exhibit EX-99.CODE-ETH |
|
(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) Target Asset Allocation Funds (fka Strategic Partners Asset Allocation Funds)
|
|
|
By (Signature and Title)* |
|
/s/ Deborah A. Docs |
|
|
Deborah A. Docs |
|
|
Secretary |
|
|
Date |
|
September 25, 2006 |
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 |
|
September 25, 2006 |
|
|
By (Signature and Title)* |
|
/s/ Grace C. Torres |
|
|
Grace C. Torres |
|
|
Treasurer and Principal Financial Officer |
|
|
Date |
|
September 25, 2006 |
* Print the name and title of each signing officer
under his or her signature.
EX-99.CODE-ETH
2
dex99codeeth.htm
CODE OF ETHICS
Code of Ethics
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
PRINCIPAL FINANCIAL OFFICERS
I. Covered Officers/Purpose of the Code
This code of ethics (the Code) is established for each fund listed on Attachment A hereto (each a Fund and together the Funds) pursuant to
Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission (SEC). The Code applies to each Funds Principal Executive Officer, Principal Financial Officer and Principal
Accounting Officer or Controller, or senior officers performing similar functions (the Covered Officers each of whom are set forth in Exhibit B) for the purpose of promoting:
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|
|
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
|
|
|
full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by a
Fund; |
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|
|
compliance with applicable governmental laws, rules and regulations; |
|
|
|
the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
|
|
|
accountability for adherence to the Code. |
Each Covered Officer should
adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
II. Conflicts of Interest
A conflict of interest occurs when a Covered Officers private interest interferes with the
interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.
Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the
Investment Company Act of 1940, as amended (the 1940 Act) and the Investment Advisers Act of 1940, as amended (the Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the
purchase or sale of securities or other property) with a Fund because of their status as affiliated persons of the Fund. A Funds and its investment advisers compliance programs and procedures are designed to prevent, or
identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and
the Funds investment adviser, principal underwriter, administrator, or other service providers to the Fund (together Service Providers), of which the Covered Officers may also be principals or employees. As a result, this Code
recognizes that the Covered Officers will, in the normal course of their duties
(whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have
different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the
Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the
Funds Board of Directors/Trustees (Boards) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following
list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed
improperly before the interest of a Fund.
Each Covered Officer must:
|
|
|
not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit
personally to the detriment of the Fund; |
|
|
|
not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund; and |
|
|
|
not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports of potential violations that are made in good faith.
|
There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with,
the Funds Chief Legal Officer or other senior legal officer, if material. Examples of these include:
|
|
|
service as a director on the board of any public or private company; |
|
|
|
the receipt of any non-nominal gifts; |
|
|
|
the receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety; |
|
|
|
any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or employment relationship with, any of a Funds Service
Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and |
|
|
|
a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other
than an interest arising from the Covered Officers employment, such as compensation or equity ownership. |
2
III. Disclosure and Compliance
Each Covered Officer:
|
|
|
should familiarize himself with the disclosure requirements generally applicable to the Funds; |
|
|
|
should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Funds Board of
Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations; |
|
|
|
should, to the extent appropriate within his area of responsibility, consult with other officers and employees of a Fund and its Service Providers with the goal of promoting full,
fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and |
|
|
|
is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. |
IV. Reporting and Accountability
Each Covered
Officer must:
|
|
|
upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board of Directors/Trustees that he has received, read, and
understands the Code; |
|
|
|
annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the Code; and |
|
|
|
notify the Funds Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code. |
The Funds Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to
interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of
Independent Directors/Trustees, or the full Board.
The Funds will follow the following procedures in investigating and
enforcing this Code:
|
|
|
the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported to her; |
|
|
|
if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;
|
|
|
|
any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should be reviewed by a Funds Board or Board Committee comprised of
Independent Directors/Trustees will be reported to the Funds Board or Board Committee comprised of Independent Directors/Trustees; |
3
|
|
|
based upon its review of any matter referred to it, a Funds Board or Board Committee comprised of Independent Directors/Trustees shall determine whether or not a violation has
occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Funds Board or Board Committee comprised of Independent Directors/Trustees may take such action as it deems
appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Funds investment adviser, principal underwriter or administrator, or their boards;
notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and |
|
|
|
any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. |
V. Other Policies and Procedures
This Code shall be the sole code of
ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers
govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds and their
investment advisers and principal underwriters code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.
VI. Amendments
Any amendments to this Code, other than amendments to
Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.
VII.
Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and
protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.
VIII. Internal Use
The Code is intended solely for
the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.
IX.
Recordkeeping
A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as
specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.
Adopted and approved as of September 3, 2003.
4
EXHIBIT A
Funds Covered by this Code of Ethics
The Retail Funds:
|
Target Asset Allocation Funds - Target Moderate Growth Fund |
Target Asset Allocation Funds - Target Conservative Growth Fund |
Target Asset Allocations Funds - Target Growth Fund |
Strategic Partners Style Specific Funds Jennison Conservative Growth Fund |
Strategic Partners Style Specific Funds - Strategic Partners Small Capitalization Value Fund |
Strategic Partners Style Specific Funds - Strategic Partners Large Capitalization Value Fund |
Strategic Partners Style Specific Funds - Strategic Partners Total Return Bond Fund |
|
Dryden California Municipal Fund: California Income Series |
Dryden California Municipal Fund: California Series |
Dryden Municipal Series Fund: Florida Series |
Dryden Municipal Series Fund: New Jersey Series |
Dryden Municipal Series Fund: New York Series |
Dryden Municipal Series Fund: Pennsylvania Series |
|
Cash Accumulation Trust - Liquid Assets Fund |
Cash Accumulation Trust - National Money Market Fund |
Dryden Index Series Fund: Dryden Stock Index Fund |
The Prudential Investment Portfolios, Inc., Jennison Equity Opportunity Fund |
The Prudential Investment Portfolios, Inc., Jennison Growth Fund |
The Prudential Investment Portfolios, Inc., Dryden Active Allocation Fund |
The Prudential Investment Portfolios, Inc., JennisonDryden Asset Allocation Funds |
|
JennisonDryden Conservative Allocation Fund |
JennisonDryden Moderate Allocation Fund |
JennisonDryden Growth Allocation Fund |
Jennison Small Company Fund, Inc. |
|
Dryden Tax-Managed Funds - Dryden Large Cap-Core Equity Fund |
Dryden Small-Cap Core Equity Fund, Inc. |
Jennison U.S. Emerging Growth Fund, Inc. |
Jennison Value Fund |
Prudential World Fund, Inc., Jennison Global Growth Fund |
Prudential World Fund, Inc., Strategic Partners International Value Fund |
Prudential World Fund, Inc., Dryden International Equity Fund |
Dryden Government Securities Trust - Money Market Series |
A-1
|
Jennison Sector Funds, Inc. - Jennison Financial Services Fund |
Jennison Sector Funds, Inc. - Jennison Health Sciences Fund |
Jennison Sector Funds, Inc. - Jennison Technology Fund |
Jennison Sector Funds, Inc. - Jennison Utility Fund |
|
Jennison Blend Fund, Inc. |
Dryden Global Total Return Fund, Inc. |
Dryden High Yield Fund, Inc. |
MoneyMart Assets, Inc. |
Dryden National Municipals Fund, Inc. |
Dryden Short-Term Bond Fund, Inc. - Dryden Short-Term Corporate Bond Fund |
Dryden Short-Term Bond Fund, Inc. - Dryden Ultra Short Bond Fund |
Dryden Tax-Free Money Fund, Inc. |
Dryden Total Return Bond Fund, Inc. |
|
The Target Portfolio Trust - Intermediate-Term Bond Portfolio |
The Target Portfolio Trust - International Bond Portfolio |
The Target Portfolio Trust - International Equity Portfolio |
The Target Portfolio Trust - Large Capitalization Growth Portfolio |
The Target Portfolio Trust - Large Capitalization Value Portfolio |
The Target Portfolio Trust - Mortgage Backed Securities Portfolio |
The Target Portfolio Trust - Small Capitalization Growth Portfolio |
The Target Portfolio Trust - Small Capitalization Value Portfolio |
The Target Portfolio Trust - Total Return Bond Portfolio |
The Target Portfolio Trust - U.S. Government Money Market Portfolio |
|
Jennison 20/20 Focus Fund |
Dryden Core Investment Fund |
|
Dryden Government Income Fund, Inc. |
Strategic Partners Opportunity Funds Jennison Select Growth Fund |
Strategic Partners Opportunity Funds Strategic Partners New Era Growth Fund |
Strategic Partners Opportunity Funds Dryden Strategic Value Fund |
|
Prudential Institutional Liquidity Portfolio, Inc. - Institutional Money Market Series |
Strategic Partners Real Estate Fund |
|
Dryden Municipal Bond Fund - High Income Series |
A-2
|
Dryden Municipal Bond Fund - Insured Series |
|
Jennison Natural Resources Fund, Inc. |
|
The High Yield Income Fund, Inc. |
Nicholas-Applegate Fund, Inc. - Nicholas-Applegate Growth Equity Fund |
|
The Prudential Variable Contract Account 2 |
The Prudential Variable Contract Account 10 |
The Prudential Variable Contract Account 11 |
|
Strategic Partners Mutual Funds, Inc. - Strategic Partners International Growth Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Small Cap Growth Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Mid-Cap Growth Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Mid-Cap Value Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Technology Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Managed OTC Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Capital Growth Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Concentrated Growth Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Core Value Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Large Cap Core Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Equity Income Growth |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Balanced Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners High Yield Bond Fund |
Strategic Partners Mutual Funds, Inc. - Strategic Partners Money Market Fund |
|
The Insurance Funds: |
|
American Skandia Trust - AST JPMorgan International Equity Portfolio |
American Skandia Trust - AST William Blair International Growth Portfolio |
American Skandia Trust - AST LSV International Value Portfolio |
American Skandia Trust - AST MFS Global Equity Portfolio |
American Skandia Trust - AST Small-Cap Growth Portfolio |
American Skandia Trust - AST DeAM Small-Cap Growth Portfolio |
American Skandia Trust - AST Federated Aggressive Growth Portfolio |
American Skandia Trust - AST Goldman Sachs Small-Cap Value Portfolio |
American Skandia Trust - AST Small-Cap Value Portfolio |
American Skandia Trust - AST DeAM Small-Cap Value Portfolio |
American Skandia Trust - AST Goldman Sachs Mid-Cap Growth Portfolio |
American Skandia Trust - AST Neuberger Berman Mid-Cap Growth Portfolio |
American Skandia Trust - AST Neuberger Berman Mid-Cap Value Portfolio |
A-3
|
American Skandia Trust - AST Mid-Cap Value Portfolio |
American Skandia Trust - AST T. Rowe Price Natural Resources Portfolio |
American Skandia Trust - AST T. Rowe Price Large-Cap Value Portfolio |
American Skandia Trust - AST MFS Growth Portfolio |
American Skandia Trust - AST Marsico Capital Growth Portfolio |
American Skandia Trust - AST Goldman Sachs Concentrated Growth Portfolio |
American Skandia Trust - AST DeAM Large-Cap Value Portfolio |
American Skandia Trust - AST Large-Cap Value Portfolio |
American Skandia Trust - AST AllianceBernstein Core Value Portfolio |
American Skandia Trust - AST Cohen & Steers Realty Portfolio |
American Skandia Trust - AST Sanford Bernstein Managed Index 500 Portfolio |
American Skandia Trust - AST American Century Income & Growth Portfolio |
American Skandia Trust - AST AllianceBernstein Growth and Income Portfolio |
American Skandia Trust - AST DeAM Global Allocation Portfolio |
American Skandia Trust - AST American Century Strategic Balanced Portfolio |
American Skandia Trust - AST T. Rowe Price Asset Allocation Portfolio |
American Skandia Trust - AST T. Rowe Price Global Bond Portfolio |
American Skandia Trust - AST Goldman Sachs High Yield Portfolio |
American Skandia Trust - AST Lord Abbett Bond-Debenture Portfolio |
American Skandia Trust - AST PIMCO Total Return Bond Portfolio |
American Skandia Trust - AST PIMCO Limited Maturity Bond Portfolio |
American Skandia Trust - AST Money Market Portfolio |
American Skandia Trust - AST Aggressive Asset Allocation Portfolio |
American Skandia Trust - AST Capital Growth Asset Allocation Portfolio |
American Skandia Trust - AST Balanced Asset Allocation Portfolio |
American Skandia Trust - AST Conservative Asset Allocation Portfolio |
American Skandia Trust - AST Preservation Asset Allocation Portfolio |
American Skandia Trust - AST First Trust Balanced Target Portfolio |
American Skandia Trust - AST First Trust Capital Appreciation Target Portfolio |
American Skandia Trust - AST Advanced Strategies Portfolio |
|
The Prudential Series Fund - Conservative Balanced Portfolio |
The Prudential Series Fund - Diversified Bond Portfolio |
The Prudential Series Fund - Diversified Conservative Growth Portfolio |
The Prudential Series Fund - Equity Portfolio |
The Prudential Series Fund - Flexible Managed Portfolio |
The Prudential Series Fund - Global Portfolio |
The Prudential Series Fund - Government Income Portfolio |
The Prudential Series Fund - High Yield Bond Portfolio |
The Prudential Series Fund - Jennison Portfolio |
The Prudential Series Fund - Jennison 20/20 Focus Portfolio |
The Prudential Series Fund - Money Market Portfolio |
The Prudential Series Fund - Natural Resources Portfolio |
The Prudential Series Fund - Small Capitalization Stock Portfolio |
The Prudential Series Fund - Stock Index Portfolio |
|
A-4
|
The Prudential Series Fund - Value Portfolio |
The Prudential Series Fund - Zero Coupon Bond Portfolio 2005 |
The Prudential Series Fund - SP AIM Core Equity Portfolio |
The Prudential Series Fund - SP T. Rowe Price Large Cap Growth Portfolio |
The Prudential Series Fund - SP Davis Value Portfolio |
The Prudential Series Fund - SP LSV International Value Portfolio |
The Prudential Series Fund - SP Small Cap Value Portfolio |
The Prudential Series Fund - SP Large Cap Value Portfolio |
The Prudential Series Fund - SP Mid Cap Growth Portfolio |
The Prudential Series Fund - SP PIMCO High Yield Portfolio |
The Prudential Series Fund - SP PIMCO Total Return Portfolio |
The Prudential Series Fund - SP Prudential U.S. Emerging Growth Portfolio |
The Prudential Series Fund - SP Small Cap Growth Portfolio |
The Prudential Series Fund - SP Strategic Partners Focused Growth Portfolio |
The Prudential Series Fund - SP William Blair International Growth Portfolio |
The Prudential Series Fund - SP Aggressive Growth Asset Allocation Portfolio |
The Prudential Series Fund - SP Balanced Asset Allocation Portfolio |
The Prudential Series Fund - SP Conservative Asset Allocation Portfolio |
The Prudential Series Fund - SP Growth Asset Allocation Portfolio |
Prudentials Gibraltar Fund |
A-5
EXHIBIT B
Persons Covered by this Code of Ethics
Judy A. Rice President and Chief Executive
Officer of the Retail Funds
David R. Odenath President and Chief Executive Officer of the Insurance Funds
Grace C. Torres Treasurer and Chief Financial Officer for the Retail and Insurance Funds
Robert F. Gunia President and Chief Executive Officer of Nicholas-Applegate Fund, Inc. - Nicholas-Applegate Growth Equity Fund
EX-99.CERT
3
dex99cert.htm
CERTIFICATIONS PURSUANT TO SECTION 302
Certifications pursuant to Section 302
Item 12
Target
Asset Allocation Funds (fka Strategic Partners Asset Allocation Funds)
Annual Period ending 07/31/06
File No. 811-08915
CERTIFICATIONS
I, Judy A. Rice, certify that:
|
1. |
I have reviewed this report on Form N-CSR of Target Asset Allocation Funds (fka Strategic Partners Asset Allocation Funds); |
|
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 registrants 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 the 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 registrants 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 registrants 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 registrants internal control over financial reporting; and |
|
5. |
The registrants other certifying officers and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
|
Date: September 25, 2006
|
/s/ Judy A. Rice |
Judy A. Rice |
President and Principal Executive Officer |
Item 12
Target
Asset Allocation Funds (fka Strategic Partners Asset Allocation Funds)
Annual period ending 07/31/06
File No. 811-08915
CERTIFICATIONS
I, Grace C. Torres, certify that:
|
1. |
I have reviewed this report on Form N-CSR of Target Asset Allocation Funds (fka Strategic Partners Asset Allocation Funds); |
|
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 registrants 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 the 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 registrants 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 registrants 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 registrants internal control over financial reporting; and |
|
5. |
The registrants other certifying officers and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
|
Date: September 25, 2006
|
/s/ Grace C. Torres |
Grace C. Torres |
Treasurer and Chief Financial Officer |
EX-99.906CERT
4
dex99906cert.htm
CERTIFICATIONS PURSUANT TO SECTION 906
Certifications pursuant to Section 906
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: Target Asset Allocation Funds (fka Strategic Partners Asset Allocation Funds)
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: September 25, 2006 |
|
|
|
/s/ Judy A. Rice |
|
|
|
|
Judy A. Rice |
|
|
|
|
President and Principal Executive Officer |
|
|
|
Date: September 25, 2006 |
|
|
|
/s/ Grace C. Torres |
|
|
|
|
Grace C. Torres |
|
|
|
|
Treasurer and Principal Financial Officer |
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