EX-99.77D POLICIES 3 semi77d.txt POLICIES Prudential Tax-Free Money Fund, Inc. For the period ended 6/30/06 File number 811-2927 SUB-ITEM 77D Policies with Respect to Security Investment Jennison 20/20 Focus Fund Jennison Blend Fund, Inc. Jennison Natural Resources Fund, Inc. Jennison Small Company Fund, Inc. Jennison U.S. Emerging Growth Fund, Inc. Jennison Value Fund Dryden California Municipal Fund Dryden Global Total Return Fund, Inc. Dryden Government Income Fund, Inc. Dryden Government Securities Trust Dryden High Yield Fund, Inc. Dryden Index Series Fund, Inc. Dryden Municipal Bond Fund Dryden Municipal Series Fund Dryden National Municipals Fund, Inc. Dryden Short-Term Bond Fund, Inc. Dryden Small Cap Core Equity Fund, Inc. Dryden Tax-Free Money Fund Dryden Tax-Managed Funds Dryden Total Return Bond Fund, Inc. MoneyMart Assets, Inc. Prudential Investment Portfolios, Inc. Prudential World Fund, Inc. Nicholas-Applegate Fund, Inc. Strategic Partners Asset Allocation Funds, Inc. Strategic Partners Mutual Funds, Inc. Strategic Partners Opportunity Funds Strategic Partners Real Estate Fund, and Strategic Partners Style Specific Funds, Inc. Supplement dated May 24, 2006 to the Prospectus This supplement amends the Prospectus of each of the funds referenced below and is in addition to any existing supplement to a Fund's Prospectus. JennisonDryden Mutual Funds Jennison 20/20 Focus Fund Jennison Blend Fund Jennison Conservative Growth Fund Jennison Equity Opportunity Fund Jennison Financial Services Fund Jennison Global Growth Fund Jennison Growth Fund Jennison Health Sciences Fund Jennison Natural Resources Fund Jennison Select Growth Portfolio Jennison Small Company Fund Jennison Technology Fund Jennison U.S. Emerging Growth Fund Jennison Utility Fund Jennison Value Fund JennisonDryden Conservative Allocation Fund JennisonDryden Growth Allocation Fund JennisonDryden Moderate Allocation Fund Dryden Active Allocation Fund Dryden Global Total Return Fund Dryden Government Income Fund Dryden High Yield Fund Dryden International Equity Fund Dryden Large Cap Core Equity Fund Dryden National Municipals Fund California Income Series California Series Florida Series New Jersey Series New York Series Pennsylvania Series Dryden Short-Term Corporate Bond Fund Dryden Small Cap Core Equity Fund Dryden Stock Index Fund Dryden Strategic Value Fund Dryden Tax-Free Money Fund Dryden Total Return Bond Fund Dryden Ultra Short Bond Fund High Income Series Insured Series Money Market Series MoneyMart Assets Strategic Partners Mutual Funds Strategic Partners Balanced Fund Strategic Partners Capital Growth Fund Strategic Partners Concentrated Growth Fund Strategic Partners Conservative Allocation Fund Strategic Partners Core Value Fund Strategic Partners Equity Income Fund Strategic Partners Growth Allocation Fund Strategic Partners High Yield Bond Fund Strategic Partners International Growth Fund Strategic Partners International Value Fund Strategic Partners Large Cap Value Strategic Partners Managed OTC Fund Strategic Partners Mid Cap Growth Fund Strategic Partners Mid Cap Value Fund Strategic Partners Moderate Allocation Fund Strategic Partners Money Market Fund Strategic Partners New Era Growth Strategic Partners Real Estate Fund Strategic Partners Small Cap Growth Fund Strategic Partners Small Cap Value Strategic Partners Technology Fund Strategic Partners Total Return Bond Nicholas-Applegate Growth Equity Fund 1. The table captioned "Shareholder Fees" under the caption "Fees and Expenses" is amended by adding the following as the final row in the table: Shareholder Fees (paid directly from your investment) Class A Class B Class C Class R Class Z Class I Class Y Small balance account fee beginning on or about November 17, 2006 $15 $15 $15 None None None $15 2. A new second note is added to the "Notes to Fees and Expenses Table," as follows: Beginning on or about November 17, 2006, if the value of your account is less than $2,500, the Fund will deduct a $15 annual small balance account fee from your account. The small balance account fee will also be charged on accounts invested in Class L, M or X shares (these share classes are currently not offered for sale). Thereafter, beginning in 2007, the $15 annual small balance account fee will be assessed during the 4 th calendar quarter of each year. Any applicable CDSC on the shares redeemed to pay the $15 small balance account fee will be waived. The $15 small balance account fee will not be charged on: (i) accounts during the first six months from inception of the account, (ii) omnibus accounts, (iii) institutional accounts, (iv) group retirement plans, and (v) Automatic Investment Plan ("AIP") accounts or employee savings plan accounts. For more information, see "Purchase, Redemption and Pricing of Fund Shares, Small Balance Account Fee" in the Statement of Additional Information. 3. The table under the caption "Share Class Comparison" is amended by deleting the columns headed Class A, Class B and Class C, and replacing them with the following: Class A Class B Class C Minimum purchase amount $1,000 $1,000 $2,500 Minimum purchase amount beginning on or about November 17, 2006 $2,500 $2,500 $2,500 Minimum amount for subsequent purchases $100 $100 $100 Maximum initial sales charge 5.5% of the public offering price None None Contingent Deferred Sales Charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds) 1% (on investments of $1 million or more redeemed within 1 year) 5% (Year 1) 4% (Year 2) 3% (Year 3) 2% (Year 4) 1% (Year 5/6) 0% (Year 7) 1% (year 1) Annual distribution and service (12b- 1) fees (shown as a percentage of average daily net assets) .30 of 1% (.25 of 1% currently) 1% 1% 4. The first note under the caption "Notes to Share Class Comparison Table" is deleted and replaced with the following: The minimum initial and subsequent investment requirements do not apply to employee savings plan accounts or payroll deduction plan accounts. The minimum initial and subsequent investment for purchases made through the Automatic Investment Plan ("AIP") is $50. Effective on or about November 17, 2006: (i) the minimum initial investment for retirement accounts and custodial accounts for minors is $1,000, and (ii) subsequent investments through newly- established AIP accounts must be at least $1,200 annually. Prior thereto, the minimum investment requirements do not apply to certain retirement and custodial accounts for minors. For more information, see "Additional Shareholder Services." 5. The second and third notes under the caption "Notes to Share Class Comparison Table" are deleted and replaced with the following: Beginning on or about November 17, 2006, if the value of your Class A, Class B, Class C or Class Y account is less than $2,500, the Fund will deduct a $15 annual small balance account fee from your account. Thereafter, beginning in 2007, the $15 annual small balance account fee will be assessed during the 4 th calendar quarter of each year. Any applicable CDSC on the shares redeemed to pay the $15 small balance account fee will be waived. The $15 small balance account fee will not be charged on: (i) accounts during the first six months from inception of the account, (ii) omnibus accounts, (iii) institutional accounts, (iv) group retirement plans, and (v) Automatic Investment Plan ("AIP") accounts or employee savings plan accounts. For more information, see "Fees and Expenses" and the table captioned "Shareholder Fees" in this Prospectus, and "Purchase, Redemption and Pricing of Fund Shares, Small Balance Account Fee" in the Statement of Additional Information. For more information about the CDSC and how it is calculated, see "How to Sell Your Shares -- Contingent Deferred Sales Charge (CDSC)." Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a 1% CDSC, although they are not subject to an initial sales charge. The CDSC is waived for purchases by certain retirement or benefit plans. 6. The following is added immediately following the caption " Qualifying for Class Z Shares" Institutional Investors. Various institutional investors may purchase Class Z shares, including corporations, banks, governmental entities, municipalities, and IRS section 501 entities, such as foundations and endowments. The minimum initial investment for such investors is $10 million. Institutional investors are responsible for indicating their eligibility to purchase Class Z Shares at the time of purchase. 7. The section captioned "How to Sell Shares, Small Accounts" is deleted and replaced with the following: Involuntary Redemption of Small Accounts. Beginning on or about November 10, 2006, if the value of your account is less than $500 for any reason, we may sell the rest of your shares (without charging any CDSC) and close your account. We would do this to minimize the Fund's expenses paid by other shareholders. The involuntary sale provisions do not apply to Automatic Investment Plan ("AIP") accounts, employee savings plan accounts, payroll deduction plan accounts, or retirement accounts (such as a 401(k) plan, an IRA or other qualified or tax-deferred plan or account). Prior thereto, if you make a sale that reduces your account value to less than $500, we may sell the rest of your shares (without charging any CDSC) and close your account; this involuntary sale does not apply to shareholders who own their shares as part of a retirement account. For more information, see "Purchase, Redemption and Pricing of Fund Shares, Involuntary Redemption" in the Statement of Additional Information. Note that beginning November 17, 2006, if the value of your account is less than $2,500 (with certain exclusions), a $15 annual small balance account fee will be deducted from your account; any applicable CDSC on the shares redeemed to pay the $15 small balance account fee will be waived. For more information, see "Fees and Expenses" and the table captioned "Shareholder Fees" in this Prospectus, and "Purchase, Redemption and Pricing of Fund Shares, Small Balance Account Fee" in the Statement of Additional Information. LR0044