Investment Fact Sheets

Transcription

Investment Fact Sheets
Please read all of the documents contained in this booklet
(Click on a fund in the Table of Contents to be directed to that fund’s specific fact sheet)
TABLE OF CONTENTS
PAGE
PruSecure (non-New York)
2
PruSecure (New York version)
3
MoneyMart Assets Series A
4
Target Total Return Bond Fund R
5
Dryden Government Income R
6
Dryden High-Yield R
7
Target Large Cap Growth Fund R
8
Jennison Growth R
9
Dryden Stock Index A
10
Jennison 20/20 Focus R
11
Target Large Cap Value Fund R
12
Jennison Value R
13
Jennison Mid Cap Growth R
14
Target Small Cap Growth Fund R
15
Jennison Small Company R
16
Target Small Cap Value Fund R
17
Target International Equity Fund R
18
Jennison Natural Resources Fund R
19
Jennison Utility Fund R
20
User’s Guide
21
Mutual fund shares are offered by Prudential Investment Management Services, LLC (PIMS), Three Gateway Center, 14th Floor,
Newark, NJ 07102-4077, a Prudential Financial company. Member FINRA/SIPC. Investment advisory services provided by Global
Portfolio Strategies, Inc., a Prudential Financial company.
PruSecure Account
Second Quarter 2007
Fund Fact Sheet
OBJECTIVE AND STRUCTURE
Key Facts
ISSUER:
The Prudential Insurance
Company of America
Prudential Investment
Management, Inc.
Stable Value
$5,800 Million
Jan. 1982
INVESTMENT ADVISER:
FUND CATEGORY:
NET ASSETS:
INCEPTION DATE:
Investor Risk Profile
This Fund may be suitable for investors who seek:
■ Preservation of capital plus attractive intermediate-term returns.
■ Liquidity and income.
Portfolio Allocation
As of 6/30/2007
Public Corporate Bonds 35%
Mortgage Loans* 21%
Private Securities 22%
Government Bonds 2%
Public Structured Bonds 16%
The PruSecure Account (the “Fund”) is a stable value product designed to provide safety of
principal, liquidity and a stable rate of return.
THE FUND OFFERS
■ Predictability of returns
■ Guaranteed protection of principal and credited interest from market volatility
■ Improved earnings power versus short-term or money market investments
FEATURES AND PROVISIONS
■ Principal and interest are fully guaranteed by The Prudential Insurance Company of
America.
■ The guaranteed interest crediting rate is announced in advance and is guaranteed for a six
month period. Past crediting rates are not indicative of future rates.
■ Pooled general account stable value product providing attractive crediting rates.
■ Guaranteed interest rates are based on many factors, including current economic and
market conditions, the general interest rate environment and both the expected and actual
performance of the portfolio.
■ The Fund invests in a diversified portfolio of fixed income instruments (primarily private
placement bonds, intermediate-term bonds and commercial mortgages) within The
Prudential Insurance Company of America’s general account.
■ Any withdrawals made from the PruSecure Account within one (1) year from the initial
contribution date will be subject to a 1% contingent deferred sales charge on the amounts
withdrawn. Amounts withdrawn may also be subject to a Market Value Adjustment if
portfolio withdrawal thresholds are met or exceeded.
■ Interest is credited daily.
CREDITING RATE*: 4.25%
Cash and Other 3%
* Effective 7/1/07; for the period 7/1/07 – 12/31/07.
The PruSecure crediting rate is guaranteed by The Prudential Insurance Company of America which enjoys the following ratings:
Average Quality A
Average Duration 3.1
* may include commercial, residential or agriculture loans.
Public Structured Bonds includes Mortgage Backed Securities and any debt that was
used to purchase these securities.
U.S. Treasury Rates
As of 6/30/2007
Rating Agency
Moody’s
Standard & Poor’s
A.M. Best
Fitch
Rating
Description
Aa3
AAA+
AA-
Excellent
Very Strong
Superior
Very Strong
5.5%
Claims-paying ratings represent the opinions of rating agencies regarding the financial ability of an insurance
company to meet its obligations under its insurance policies.
5.0%
According to Standard & Poor’s publications, an insurer rated “AA-” has very strong financial security characteristics, differing only slightly from those rated higher. An insurer rated “AAA” has extremely strong financial security
characteristics. “AAA” is the highest Insurer Financial Strength Rating assigned by Standard & Poor’s.
4.5%
4.0%
3.5%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2006
2007
Moody’s indicates that “Aa3” rated insurance companies offer excellent financial security. Insurance companies
rated “Aaa” offer exceptional financial security. In addition, Moody’s appends numerical modifiers 1, 2, 3 to each
generic rating classification, with 1 being the highest and 3 being the lowest. While the credit policy of these companies is likely to change, such changes as can be visualized are most unlikely to impair their fundamentally strong
position. “Aaa” is the highest Insurer Financial Strength Rating assigned by Moody’s.
Fitch indicates that “AA-” companies are viewed as possessing very strong capacity to meet policyholder and contract obligations. Risk factors are modest, and the impact on any adverse business and economic factors is expected
to be very small. According to Fitch, “AAA” is Exceptionally Strong. Insurers assigned this highest rating are viewed
as possessing an exceptionally strong capacity to meet policyholder and contract obligations. For such companies,
risk factors are minimal and the impact on any adverse business and economic factors is expected to be extremely
small. “AAA” is the highest rating issued by Fitch.
3 Year
A.M. Best considers “A+” rated companies to have a superior ability to meet their ongoing obligations to policyholders. An “A++” rating is assigned to companies that have, in their opinion, a superior ability to meet their ongoing
obligations to policyholders. “A++” is the highest rating issued by A.M. Best.
Rating information current as of January 26, 2007. For current information on other Prudential Financial
operating insurance companies, please visit the Investor Relations website at www.investor.prudential.com.
The PruSecure Account is a group annuity product issued by The Prudential Insurance Company of America,
Newark, NJ and is backed by the full faith and creditworthiness of the issuer. Deposits made to the product are
deposited in the issuer’s general account. Principal and interest are fully guaranteed by the issuer.
The Prudential Insurance Company of America and Prudential Investment Management, Inc. (PIM) are
Prudential Financial companies. PIM is a registered investment advisor. Prudential Financial is a registered
service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.
INST-20070807-A018507
589252-207
Second Quarter 2007
Fund Fact Sheet
New York Version
PruSecure Account
OBJECTIVE AND STRUCTURE
Key Facts
ISSUER:
The Prudential Insurance
Company of America
Prudential Investment
Management, Inc.
Stable Value
$5,800 Million
Jan. 1982
INVESTMENT ADVISER:
FUND CATEGORY:
NET ASSETS:
INCEPTION DATE:
This Fund may be suitable for investors who seek:
■ Preservation of capital plus attractive intermediate-term returns.
■ Liquidity and income.
As of 6/30/2007
Public Corporate Bonds 35%
Mortgage Loans* 21%
The PruSecure Account (the “Fund”) is a stable value product designed to provide safety of
principal, liquidity and a stable rate of return.
THE FUND OFFERS
■ Predictability of returns
■ Guaranteed protection of principal and credited interest from market volatility
■ Improved earnings power versus short-term or money market investments
FEATURES AND PROVISIONS
■ Principal and interest are fully guaranteed by The Prudential Insurance Company of
America.
■ The guaranteed interest crediting rate is announced in advance and is guaranteed for a six
month period. Past crediting rates are not indicative of future rates.
■ Pooled general account stable value product providing attractive crediting rates.
■ Guaranteed interest rates are based on many factors, including current economic and
market conditions, the general interest rate environment and both the expected and actual
performance of the portfolio.
■ The Fund invests in a diversified portfolio of fixed income instruments (primarily private
placement bonds, intermediate-term bonds and commercial mortgages) within The
Prudential Insurance Company of America’s general account.
■ Amounts withdrawn may be subject to a Market Value Adjustment if individual account
withdrawal thresholds are met or exceeded.
■ Interest is credited daily.
Private Securities 22%
CREDITING RATE*: 4.25%
Government Bonds 2%
* Effective 7/1/07; for the period 7/1/07 – 12/31/07.
Public Structured Bonds 16%
The PruSecure crediting rate is guaranteed by The Prudential Insurance Company of America which enjoys the following ratings:
Cash and Other 3%
Average Quality A
Average Duration 3.1
* may include commercial, residential or agriculture loans.
Public Structured Bonds includes Mortgage Backed Securities and any debt that was
used to purchase these securities.
U.S. Treasury Rates
As of 6/30/2007
5.5%
Rating Agency
Moody’s
Standard & Poor’s
A.M. Best
Fitch
Rating
Description
Aa3
AAA+
AA-
Excellent
Very Strong
Superior
Very Strong
5.0%
Claims-paying ratings represent the opinions of rating agencies regarding the financial ability of an insurance
company to meet its obligations under its insurance policies.
4.5%
According to Standard & Poor’s publications, an insurer rated “AA-” has very strong financial security characteristics, differing only slightly from those rated higher. An insurer rated “AAA” has extremely strong financial security
characteristics. “AAA” is the highest Insurer Financial Strength Rating assigned by Standard & Poor’s.
4.0%
3.5%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2006
2007
3 Year
Moody’s indicates that “Aa3” rated insurance companies offer excellent financial security. Insurance companies
rated “Aaa” offer exceptional financial security. In addition, Moody’s appends numerical modifiers 1, 2, 3 to each
generic rating classification, with 1 being the highest and 3 being the lowest. While the credit policy of these companies is likely to change, such changes as can be visualized are most unlikely to impair their fundamentally strong
position. “Aaa” is the highest Insurer Financial Strength Rating assigned by Moody’s.
Fitch indicates that “AA-” companies are viewed as possessing very strong capacity to meet policyholder and contract obligations. Risk factors are modest, and the impact on any adverse business and economic factors is expected
to be very small. According to Fitch, “AAA” is Exceptionally Strong. Insurers assigned this highest rating are viewed
as possessing an exceptionally strong capacity to meet policyholder and contract obligations. For such companies,
risk factors are minimal and the impact on any adverse business and economic factors is expected to be extremely
small. “AAA” is the highest rating issued by Fitch.
A.M. Best considers “A+” rated companies to have a superior ability to meet their ongoing obligations to policyholders. An “A++” rating is assigned to companies that have, in their opinion, a superior ability to meet their ongoing
obligations to policyholders. “A++” is the highest rating issued by A.M. Best.
Rating information current as of January 26, 2007. For current information on other Prudential Financial
operating insurance companies, please visit the Investor Relations website at www.investor.prudential.com.
The PruSecure Account is a group annuity product issued by The Prudential Insurance Company of America,
Newark, NJ and is backed by the full faith and creditworthiness of the issuer. Deposits made to the product are
deposited in the issuer’s general account. Principal and interest are fully guaranteed by the issuer.
The Prudential Insurance Company of America and Prudential Investment Management, Inc. (PIM) are
Prudential Financial companies. PIM is a registered investment advisor. Prudential Financial is a registered
service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.
INST-20070807-A018507
589252-207/New York ed.
MoneyMart Assets Series A
Typical Risk / Reward Relationships
Potentially
Higher
Reward
STOCKS
STABLE
VALUE
BONDS
Fund Fact Sheet
INVESTMENT OBJECTIVE
Maximum current income consistent with stability of capital and maintenance of liquidity.
PRIMARY INVESTMENTS
A diversified portfolio of short-term debt obligations issued or guaranteed by the U.S. Government or its
agencies or instrumentalities. Obligations include, but are not limited to, obligations issues by the U.S.
Government, its agencies and instrumentalities, commercial paper, asset-backed securities, funding
agreements, variable rate demand notes, bills notes, and other obligations issued by banks, corporations
and other companies (including trust structures), obligations issued by foreign banks, companies or
foreign governments, and municipal notes.
INVESTMENT ADVISOR
Prudential Investment Management, Inc. (PIM) is the Fund’s investment adviser. Joseph Tully has primary
responsibility for overseeing the day-to-day management of the fund.
Potentially
MONEY
Lower
Reward MARKET
Potentially
Lower Risk
Third Quarter 2007
Potentially
Higher Risk
The typical risk/reward relationships illustrated here are based solely on
the characteristics of the general investment categories of the investment
options and not on actual security holdings, which can change frequently.
Risks (potential for loss of principal value) associated with the investment
options can vary significantly within each particular investment category
and the relative risks of the categories may change under certain economic
conditions. For a more complete discussion of risks associated with the
mutual fund options, please read the prospectus carefully before making
your investment decision. The typical relationships shown do not represent
actual or implied performance. Based on the investment objective of this
Fund, its risk/reward potential is indicated in the illustration.
HOW THE FUND IS INVESTED
The Fund invests in high-quality money market instruments to try to provide investors with current
income while maintaining a stable net asset value of $1 per share. We manage the Fund to comply with
specific rules designed for money market mutual funds. This means that we manage the Fund's portfolio
to comply with the requirements of the Investment Company Act of 1940, as amended (the 1940 Act)
Rule 2a-7. As such, we will not acquire any security with a remaining maturity exceeding thirteen
months, and we will maintain a dollar-weighted average portfolio maturity of 90 days or less. In addition,
we will comply with the diversification, quality and other requirements of Rule 2a-7. This means, generally, that the instruments we purchase present "minimal credit risk" and are of "eligible quality." "Eligible
quality" for this purpose means a security: (a) rated in one of the two highest short-term rating categories by at least two nationally recognized statistical rating organizations (NRSROs) or, if only one
NRSRO has rated the security, so rated by that NRSRO; (b) rated in one of the three highest long-term
rating categories by at least two NRSROs or, if only one NRSRO has rated the security, so rated by that
NRSRO; or (c) if unrated, of comparable quality as determined by the Fund's investment adviser. All
securities that we purchase will be denominated in U.S. dollars but may be issued by a foreign issuer.
An investment in a money market fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund seeks
to preserve the value of your investment at $1.00 per share, it is possible to lose money by
investing in the Fund. The yield quotation more closely reflects the current earnings of the
Portfolio than the total return quotation.
Performance* (%)
As of 9/30/2007
AVERAGE ANNUAL TOTAL RETURNS
MoneyMart Assets – Series A
1 Year
3 Year
5 Year
10 Year
4.96%
3.68%
2.46%
3.41%
5.01%
3.97%
2.83%
3.65%
The 7-Day Current yield as of 9/30/2007 is 5.08%
Citigroup 3 Mo. T-Bill Index
Fund’s Inception Date: 06/01/1976
*Fees that Prudential Retirement and its affiliates receive in connection with investments in this fund include a 12b-1 fee of (0.125%),
after waiver, and an annual sub-accounting and/or servicing fee of (0.13%).
Performance was provided by Prudential Investment Management Services (PIMS). The performance quoted represents past performance. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or
less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, please call 1-800-458-6333 or visit our
website at www.prudential.com. Performance results reflect the reinvestment of all income earned in the Account. Results are stated
prior to the deduction of any investment advisory fees, and, if reflected, would reduce the performance quoted.
Investors should carefully consider a fund’s investment objectives, risks, charges and expenses before investing. For more complete information about the investment options available through your accouunt, please call 1-800-458-6333 for a free prospectus that contains
this and other information about our funds. Read the prospectus carefully before investing.
Citigroup 3 Month T-Bill Index is an index whereby equal dollar amounts of three month Treasury Bills are purchased at the beginning of each of three consecutive
months. As each bill matures, all proceeds are rolled over or reinvested in a new three month bill. The income used to calculate the monthly return is derived by subtracting
the original amount invested from the maturity value. The Index performance reflects reinvestment of earnings, but has not been reduced to reflect the costs associated with
investment management / advisory fees and transaction costs. Investors cannot invest directly in an index.
These performance results represent the change in net asset value of an investment over a stated period, assuming the
reinvestment of dividends and capital gains distributions.
Shares of this fund are offered by Prudential Investment Management Services LLC (PIMS), Three Gateway Center,
Newark, NJ 07102-4077. PIMS is a Prudential Financial company. Investment Advisory services provided by Global
Portfolio Strategies, Inc., a registered investment advisor and Prudential Financial Company.
Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.
INST-20071115-A025306
PBMXX /Ed 9/30/2007
Target Total Return Bond Fund R
Third Quarter 2007
Fund Fact Sheet
Sub-Advised by Pacific Investment Management Company (PIMCO)
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
GROSS EXPENSE RATIO:
PORTFOLIO MANAGER:
Prudential Investments
LLC
Intermediate-Term Bond
LB 5-10 Yr Govt/Credit®
$20.7 Million
1/5/1993
TTBRX
1.43%
Chris P. Dialynas
Objective/Description
The investment seeks current income and capital appreciation. The fund invests at least 80% of assets in "investment
grade" debt obligations issued or guaranteed by the U.S. Government and its agencies, or issued by U.S. companies,
foreign companies and foreign governments and their agencies and unrated debt obligations that we believe are
comparable in quality. It invests up to 30% of total assets in foreign currency-denominated debt obligations. There is
no assurance that the objectives of the Fund will be met.
Shares of this fund are not issued or guaranteed by the U.S. Government. The guarantee on U.S. Government
securities applies only to the underlying securities of the Fund’s portfolio and not to the value of the fund’s shares.
Top Five Holdings
As of 9/30/2007
Morningstar Style BoxTM
Data Not Available
As of 6/30/2007
As of 6/30/2007
Mtg Pass-thru .............................................................. 44.12%
Cash (%of FI assets) .................................................... 29.99%
US Corporate.................................................................. 9.09%
US Treasury.................................................................... 8.45%
US Agency...................................................................... 2.37%
Results of $10,000 Investment*
Data Not Available
FNMA ........................................................................ 20.50%
Irs Usd R 3ml 5.000% 12/19/12 Rec Fix; Rcv Cash, E 13.86%
Irs Usd R 3ml 5.000% 12/19/12 Rec Fix; Rcv Cash, E 10.24%
Interest Rate Swap Usd R 3ml/5.00% 06/18/09 Effect 8.33%
Interest Rate Swap Usd R 3ml/5.00% 06/18/09 Effect 8.31%
Top Five Holdings are unaudited and are ranked as a
percentage of net assets.
Top Five Sectors
As of 6/30/2007
Quality Distribution
As of 6/30/2007
Portfolio Characteristics
Effective Duration
Average Maturity
Average Quality
Average Coupon
Fund
NA
NA
NA
5.21%
Index
5.92 Yrs
7.60 Yrs
AA
6.06%
15,000.00
Cumulative Returns
5,000.00
06
07
Target Total Return Bond R
$10,582
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
As of 9/30/2007
Performance*(%)
10,000.00
2.59%
1.83%
3.95%
8.03%
8.53%
7.50%
9.83%
▼
Index
3.81%
1.83%
5.30%
5.97%
13.03%
8.82%
12.44%
Fund
▼
Index
QTD
5.33
3.31
YTD
4.86
3.87
Average Annual Total Returns _
1 Year
5.23
5.00
3 Year
3.46
3.50
5 Year
4.78
4.59
10 Year
5.52
6.42
Since
Inception
-----
* Fees that Prudential Retirement and its affiliates receive in connection with investments in this fund include a
12b-1 fee of (0.50%), after waiver, and an annual sub-accounting and/or servicing fee of (0.13%). The expense
ratio after the waiver is 1.18%. The Distributor has contractually agreed to this waiver through April 28, 2008.
Performance Disclosure: Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Class R shares were introduced on August 21, 2006; results prior to that date are hypothetical, based on
Class T share returns at net asset value adjusted for additional distribution and service (12b-1) fees of 0.75%
annually. Hypothetical Class R share returns would be greater with the waiver. In creating hypothetical Class R
share returns, no adjustments are made for any differences in other expenses of Class R and Class T shares that may
or may not impact hypothetical Class R share returns. Please see the fund's most recent shareholder report for
actual date of first sale. Expenses are deducted from income earned by the fund. As a result, dividends and
investment results will differ for each share class.
The performance quoted represents past performance. The investment return and principal value will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than original cost. Past performance
does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
For performance information current to the most recent month end, please call 1-800-458-6333 or visit our website
at www.prudential.com
Prospectus Disclosure: Investors should carefully consider a fund's investment objectives, risks, charges and
expenses before investing. For more complete information about the investment options available through your
account, please call 1-800-458-6333 for a free prospectus that contains this and other information about our funds.
Please read the prospectus carefully before investing.
▼
Benchmark Disclosure: Benchmark related performance including the index is unmanaged and it cannot be invested directly.
Shares of each fund are offered by Prudential Investment Management Services LLC (PIMS), Three Gateway Center, Newark, NJ
07102-4077. PIMS is a Prudential Financial company. Investment Advisory services provided by Global Portfolio Strategies, Inc.,
a registered investment advisor and Prudential Financial Company.
INST-20070806-A023571
Key Facts
INVESTMENT ADVISOR:
LLC
Intermediate Government
Lehman Brothers
Government Bond®
$0.4 Million
5/17/2004
JDRVX
1.47%
Peter Cordrey
Robert Tipp, CFA
Richard Piccirillo
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
PORTFOLIO MANAGERS:
Morningstar Style Box
The investment seeks current income. The fund invests at least 80% of assets in U.S. government securities, including
U.S. treasury bills, notes, bonds, strips and other debt securities issued by the U.S. treasury, and obligations,
including mortgage-related securities, issued or guaranteed by U.S. government agencies or instrumentalities. It
normally invests up to 20% of assets in money market instruments, including commercial paper of U.S. companies,
short-term obligations of banks, certificates of deposit, and banker's acceptances. The fund may invest in foreign bank
debt. There is no assurance that the objectives of the Fund will be met.
Shares of this fund are not issued or guaranteed by the U.S. Government. The guarantee on U.S. Government
securities applies only to the underlying securities of the Fund’s portfolio and not to the value of the fund’s shares.
Top Five Holdings
As of 7/31/2007
As of 7/31/2007
Dryden Core Short Corp Bond ..................................... 7.36%
US Treasury Note ........................................................ 7.29%
US Treasury Note (Fut) ................................................ 6.59%
FNMA 5.3% ................................................................ 5.85%
FNMA 5.5% ................................................................ 5.00%
AAA 99.79%
A 0.17%
Not Rated 0.04%
As of 9/30/2007
TM
Top Five Sectors
The vertical axis represents the
Fund's average credit quality as
measured by Standard & Poor's
rating service.
High >= AA
Medium <AA and >=BBB
Low <BBB
The horizontal axis represents the
Fund's sensitivity to interest rates as
measured by the average effective
duration:
Short <=3.5 Yrs
Medium > 3.5 Yrs and <=6 Yrs
Long > 6 Yrs
As of 7/31/2007
Mtg Pass-thru .............................................................. 39.59%
US Agency.................................................................... 24.48%
Mortgage CMO ............................................................ 13.18%
US Treasury.................................................................... 8.79%
Cash (%of FI assets) ...................................................... 7.28%
As of 7/31/2007
Effective Duration
Average Maturity
Average Quality
Average Coupon
Fund
4.58 Yrs
NA
AAA
5.34%
Index
NA
NA
NA
NA
As of 9/30/2007
Performance*(%)
Cumulative Returns
Fund
▼
Index
15,000.00
QTD
2.54
3.61
YTD
3.10
4.75
1 Year
4.04
5.63
3 Year
2.84
3.79
5 Year
2.49
3.49
10 Year
4.62
5.88
Since
Inception
-----
ratio after the waiver is 1.24%. The Distributor has contractually agreed to this waiver through February 28, 2008.
10,000.00
Past performance does not guarantee future results. Current performance may be lower or higher than the performance
data quoted.
5,000.00
04
05
06
07
$11,186
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
Third Quarter 2007
Fund Fact Sheet
2.91%
1.80%
2.49%
1.44%
9.60%
7.14%
10.98%
▼
Index
3.48%
2.65%
3.48%
2.36%
11.50%
7.23%
13.24%
expenses. Class R shares were introduced on May 17, 2004; results prior to that date are hypothetical, based on
Class A share returns at net asset value adjusted for additional distribution and service (12b-1) fees of 0.75%
annually. Hypothetical waiver. In creating hypothetical Class R share returns, no adjustments are made for any
differences in other expenses of Class R and Class A shares that may or may not impact hypothetical Class R share
returns. Please see the fund's most recent shareholder report for actual date of first sale. Expenses are deducted
from income earned by the fund. As a result, dividends and investment results will differ for each share class.
▼
INST-20070807-A021218
Dryden High-Yield R
Key Facts
INVESTMENT ADVISOR:
LLC
High Yield Bond
Credit Suisse High
Yield®
$1 Million
6/3/2005
JDYRX
1.36%
Michael J. Collins, CFA
Paul Appleby, CFA
Richard Burns, CFA
Stephen Haeckel
Terrence Wheat, CFA
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
PORTFOLIO MANAGERS:
Data Not Available
As of 9/30/2007
The vertical axis represents the
Fund's average credit quality as
measured by Standard & Poor's
rating service.
High >= AA
Medium <AA and >=BBB
Low <BBB
The horizontal axis represents the
Fund's sensitivity to interest rates as
measured by the average effective
duration:
Short <=3.5 Yrs
Medium > 3.5 Yrs and <=6 Yrs
Long > 6 Yrs
Third Quarter 2007
Fund Fact Sheet
The investment seeks to maximize current income; capital appreciation is a secondary consideration. The fund
normally invests at least 80% of assets in a diversified portfolio of high-yield fixed-income securities rated Ba or
lower by Moody's, or BB or lower by Standard & Poor's. It may invest in U.S.- dollar-denominated foreign-debt
securities and in foreign-currency-denominated debt securities. There is no assurance that the objectives of the Fund
will be met.
High yield "junk" bonds involve a greater risk of default of payment of principal and interest than higher-rated
bonds. Also, these bonds tend to be less liquid than higher-rated securities. Therefore, an investment in the Fund
may not be appropriate for short-term investing.
Top Five Holdings
As of 7/31/2007
Ford Motor Credit 7.875% .......................................... 1.73%
Realogy 144A 12.375% ............................................... 1.29%
General Mtrs 7.2% ..................................................... 1.17%
Freescale Semicon 144A 9.125% ............................... 1.00%
Hca 144A 9.25% ......................................................... 1.00%
Top Five Sectors
As of 7/31/2007
US Corporate................................................................ 87.75%
Foreign Corp................................................................... 6.67%
Asset-Backed ................................................................. 2.62%
Cash (%of FI assets) ...................................................... 2.57%
Convertible..................................................................... 0.23%
B 45.92%
BB 30.5%
Below B 18.19%
BBB 4.81%
Not Rated 0.58%
Effective Duration
Average Maturity
Average Quality
Average Coupon
Fund
3.72 Yrs
NA
B
8.52%
Index
NA
NA
NA
NA
To see a full disclosure of all risks that pertain to this fund, please refer to the prospectus.
As of 9/30/2007
Performance*(%)
Fund
▼
Index
QTD
0.47
0.05
YTD
3.17
3.74
1 Year
6.97
8.36
3 Year
6.74
7.48
5 Year
11.12
12.49
10 Year
4.18
6.38
Since
Inception
-----
10,000.00
5,000.00
05
06
Dryden High-Yield R
07
Fund
10.48%
2.54%
9.37%
25.34%
-2.23%
-0.26%
-7.35 %
data quoted.
$11,666
Annual Performance*
2006
2005
2004
2003
2002
2001
2000
As of 7/31/2007
Cumulative Returns
15,000.00
As of 7/31/2007
▼
Index
11.92%
2.26%
11.96%
27.93%
3.11%
5.78%
-5.21%
expenses. Class R shares were introduced on June 3, 2005; results prior to that date are hypothetical, based on Class
A share returns at net asset value adjusted for additional distribution and service (12b-1) fees of 0.75% annually. The
Portfolio's Distributor has contractually agreed to waive 0.25% annually of the Class R 12b-1 fee through August 31,
2007. Please see the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from
income earned by the fund. As a result, dividends and investment results will differ for each share class.
▼
INST-20070807-A021220
Target Large Cap Growth Fund R
Third Quarter 2007
Fund Fact Sheet
Co-Investment Advisors: Marsico Capital, and Goldman Sachs Asset Management
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
Prudential Investments LLC
Large Growth
Russell 1000 Growth®
$26.9 Million
1/5/1993
TLCRX
Other
1.50%
Thomas F. Marsico
Robert C. Jones, CFA
Melissa Brown, CFA
As of 9/30/2007
Domestic equity funds are placed in
a category based on the style and
size of the stocks they typically
own. The style and size parameters
are based on the divisions used in
the investment style box: Value,
Blend, or Growth style and Small,
Medium, or Large geometric
average market capitalization.
The investment seeks long-term capital appreciation. The fund normally invests at least 80% of total assets in
common stocks of companies with a total market capitalization of $5 billion or more (measured at the time of
purchase). It looks to invest in those securities that will experience earnings growth at a rate faster than that of the
S&P 500 index. There is no assurance that the objectives of the Fund will be met.
Top Five Holdings
As of 6/30/2007
UnitedHealth Group, Inc. ............................................. 3.61%
Cisco Systems, Inc. ..................................................... 2.80%
Microsoft Corporation ................................................. 2.16%
Monsanto Company .................................................... 2.15%
MasterCard Incorporated A ........................................ 1.97%
Top Five Sectors
US Stocks 91.88%
Non-US Stocks 6.6%
Cash 1.52%
As of 6/30/2007
Healthcare.................................................................... 15.73%
Consumer Services ...................................................... 14.67%
Industrial Materials ..................................................... 12.97%
Hardware ..................................................................... 11.73%
Financial Services ........................................................ 10.99%
Weighted Geometric Market Cap.
Price/Earnings Ratio (Forward)
Price/Book Ratio
Dividend Yield
3-Year Earnings Growth Rate
Fund
▼
Index
15,000.00
Index
$35.82
18.54x
3.88x
NA
25.46%
QTD
4.43
4.21
YTD
10.35
12.68
Average Annual Total Returns
1 Year
17.86
19.35
3 Year
12.07
12.20
5 Year
14.40
13.84
10 Year
5.09
4.06
Since
Inception
-----
10,000.00
5,000.00
06
07
Target Large Capitalization Growth R
$12,056
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
As of 6/30/2007
Fund
$37.77
17.54x
3.1x
0.28%
29.41%
As of 9/30/2007
Performance*(%)
Cumulative Returns
As of 6/30/2007
7.78%
5.95%
3.00%
38.49%
-32.21%
-30.84%
-4.09%
▼
Index
9.07%
5.26%
6.30%
29.75%
-27.88%
-20.42%
-22.42%
▼
INST-20070807-A021230
Jennison Growth R
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
Large Growth
$3 Million
12/17/2004
PJGRX
Retirement
1.54%
PORTFOLIO MANAGERS:
Spiros Segalas
Kathleen A. McCarragher
Michael A. Del Balso
The investment seeks long-term growth of capital. The fund normally invests at least 65% of assets in equity related
securities of medium to large capitalization companies that exceed $1 billion in market capitalization. It may invest in
common stocks, nonconvertible securities, ADRs, REITs, warrants and rights that can be exercised to obtain stock.
The fund may invest up to 20% of assets in foreign equity securities. It may also invest in mortgage-backed
securities, money market instruments, options and make short sales of a security. There is no assurance that the
objectives of the Fund will be met.
Data Not Available
As of 9/30/2007
5,000.00
05
Jennison Growth R
06
2006
2005
2004
2003
2002
2001
2000
1.61%
13.60%
8.32%
29.24%
-31.50%
-18.96%
-18.34%
Non-US Stocks 11%
Cash 0.27%
Price/Book Ratio
Dividend Yield
As of 7/31/2007
Fund
$52.82
21.19x
4.3x
0.00%
34.37%
Index
$35.82
18.54x
3.88x
NA
25.46%
As of 9/30/2007
Performance*(%)
Cumulative Returns
QTD
5.93
4.21
YTD
10.60
12.68
1 Year
15.15
19.35
3 Year
12.17
12.20
5 Year
13.04
13.84
10 Year
4.29
4.06
Since
Inception
-----
Past performance does not guarantee future results. Current performance may be lower or higher than the performance data
quoted.
$12,766
Annual Performance*
Fund
US Stocks 88.73%
Hardware ..................................................................... 21.88%
Healthcare.................................................................... 20.52%
Industrial Materials ....................................................... 9.52%
Financial Services .......................................................... 9.45%
Consumer Goods............................................................ 8.97%
Fund
▼
Index
10,000.00
As of 7/31/2007
As of 7/31/2007
Top Five Sectors
15,000.00
04
As of 7/31/2007
Top Five Holdings
Google, Inc. ................................................................. 4.83%
Gilead Sciences, Inc. ................................................... 3.33%
Adobe Systems Inc. .................................................... 3.16%
Apple, Inc. ................................................................... 3.09%
Boeing Company ......................................................... 2.67%
Third Quarter 2007
Fund Fact Sheet
Index
9.07%
5.26%
6.30%
29.75%
-27.88%
-20.42%
-22.42%
expenses. Class R shares were introduced on December 17, 2004; results prior to that date are hypothetical, based
on Class A share returns at net asset value adjusted for additional distribution and service (12b-1) fees of 0.75%
INST-20070807-A021225
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
Large Blend
Russell 1000®
$114 Million
11/18/1999
PSIAX
A
0.72%
John Moschberger, CFA
Wai C. Chiang
Richard L. Crist
Third Quarter 2007
Fund Fact Sheet
The investment seeks to mirror the returns of the S&P 500 Index. The fund normally invests at least 80% of assets in
securities included in the S&P 500 Index according to each security's weighting in the index. Management attempts
to achieve a performance correlation with the S&P 500 of 0.95 irrespective of expenses. The fund may invest in
derivatives. There is no assurance the objectives of the Fund will be met.
As of 7/31/2007
Top Five Holdings
As of 9/30/2007
ExxonMobil Corporation .............................................. 3.57%
General Electric Company ........................................... 2.96%
S&P 500 Index (Fut) ..................................................... 1.94%
Microsoft Corporation ................................................. 1.83%
AT&T, Inc. ................................................................... 1.81%
US Stocks 96.04%
Cash 2.02%
Non-US Stocks 1.94%
As of 7/31/2007
Top Five Sectors
As of 7/31/2007
Healthcare.................................................................... 11.69%
Energy .......................................................................... 11.05%
Hardware ..................................................................... 10.14%
Price/Book Ratio
Dividend Yield
As of 7/31/2007
Fund
$54.59
14.8x
2.58x
1.44%
22.54%
Index
$42.22
15.87x
2.64x
NA
22.02%
As of 9/30/2007
Performance*(%)
15,000.00
Cumulative Returns
10,000.00
5,000.00
Fund
▼
Index
99
00
01
02
03
04
05
06
$12,028
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
15.17%
4.28%
10.22%
27.93%
-22.52%
-12.39%
-9.10%
▼
Index
15.46%
6.27%
11.40%
29.89%
-21.65%
-12.45%
-7.79%
QTD
1.91
1.98
YTD
8.73
9.30
1 Year
15.82
16.90
3 Year
12.51
13.77
5 Year
14.78
15.98
10 Year
6.01
6.86
Since
Inception
-----
so that an investor's shares, when redeemed, may be worth more or less than original cost. For performance
information current to the most recent month end, please call 1-800-458-6333 or visit our website at
www.prudential.com. These performance results represent the change in net asset value of an investment over
a stated period, assuming the reinvestment of dividends and capital gains distributions. The performance results
shown do not reflect the deduction of the sales charge that may apply if the Fund shares were purchased
outside of the plans or other programs. This waiver applies because the source of this money is from a
retirement plan record kept by Prudential Retirement. If a sales charge were reflected, performance would be
lower. This is the performance that best reflects your investment experience, as sales charges do not apply to
your plan.
▼
INST-20070807-A021227
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
Large Blend
Russell 1000®
$7.5 Million
6/14/2004
JTWRX
Retirement
1.68%
Spiros Segalas
David A. Kiefer, CFA
As of 9/30/2007
Third Quarter 2007
Fund Fact Sheet
The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in up to 40
equity-related securities of U.S. companies with strong capital appreciation potential. The holding consists of up to 20
growth and 20 value stocks. It may invest in common stocks, nonconvertible preferred stocks and convertible
securities. The fund participates in the IPO market. It may actively and frequently trade its portfolio securities. The
fund is nondiversified. There is no assurance that the objectives of the Fund will be met.
Suncor Energy, Inc. ..................................................... 3.42%
Waste Management, Inc. ........................................... 3.35%
Best Buy Co., Inc. ........................................................ 3.28%
Cadbury Schweppes PLC ADR .................................... 3.11%
ConAgra Foods, Inc. .................................................... 3.04%
Fund
▼
Index
10,000.00
5,000.00
06
07
$16,831
2006
2005
2004
2003
2002
2001
2000
14.06%
21.33%
16.17%
28.15%
-22.95%
-2.59%
-8.68%
Price/Book Ratio
Dividend Yield
As of 7/31/2007
Fund
$35.41
18.33x
3.03x
0.00%
29.51%
Index
$42.22
15.87x
2.64x
NA
22.02%
As of 9/30/2007
QTD
2.52
1.98
YTD
11.28
9.30
1 Year
18.46
16.90
3 Year
19.41
13.77
5 Year
19.93
15.98
10 Year
---
Since
Inception
11.58
N/A
data quoted.
Annual Performance*
Fund
Cash 2.7%
Cumulative Returns
15,000.00
05
Non-US Stocks 13.86%
Hardware ..................................................................... 12.47%
Healthcare.................................................................... 10.36%
Energy ............................................................................ 9.96%
20,000.00
US Stocks 83.44%
As of 7/31/2007
Top Five Sectors
As of 7/31/2007
Performance*(%)
04
As of 7/31/2007
Top Five Holdings
▼
Index
15.46%
6.27%
11.40%
29.89%
-21.65%
-12.45%
-7.79%
expenses. Class R shares were introduced on June 14, 2004; results prior to that date are hypothetical, based on
▼
INST-20070807-A021222
Target Large Cap Value Fund R
Co-Investment Advisors: Hotchkis & Wiley Capital Management, JP Morgan Asset Management, and NFJ Investment Group
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
Large Value
Russell 1000 Value®
$27.1 Million
1/5/1993
TLVRX
Other
1.47%
Christopher Najork, CFA
Ben Fischer
Paul A. Magnuson
Sheldon J. Lieberman
Patricia McKenna, CFA
The investment seeks total return consisting of capital appreciation and dividend income. The fund normally invests
at least 80% of total assets in common stocks and convertibles of large companies with market capitalizations like
those in the Russell 1000 index. There is no assurance that the objectives of the Fund will be met.
As of 3/31/2007
Top Five Holdings
As of 9/30/2007
Non-US Stocks 6.01%
Other 2.88%
Cash 1.72%
As of 3/31/2007
Price/Book Ratio
Dividend Yield
As of 3/31/2007
Fund
$32.43
13.23x
1.87x
1.40%
22.94%
Index
$50.12
13.77x
1.98x
NA
18.97%
As of 9/30/2007
Performance*(%)
Cumulative Returns
QTD
-1.46
-0.24
YTD
4.99
5.97
1 Year
13.17
14.45
3 Year
13.50
15.25
5 Year
18.04
18.07
10 Year
7.42
8.80
Since
Inception
-----
15,000.00
10,000.00
5,000.00
06
07
Target Large Capitalization Value R
$11,549
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
US Stocks 89.39%
Energy .......................................................................... 13.61%
Consumer Goods............................................................ 7.36%
Healthcare...................................................................... 6.80%
Fund
Index
As of 3/31/2007
Bank Of America Corporation ..................................... 3.13%
Citigroup, Inc. .............................................................. 2.85%
ExxonMobil ................................................................. 2.63%
At&T, Inc. .................................................................... 2.56%
Verizon Communications ............................................. 2.08%
Top Five Sectors
TM
Third Quarter 2007
Fund Fact Sheet
18.61%
5.70%
17.98%
35.35%
-14.22%
0.46%
7.41%
Index
22.25%
7.05%
16.49%
30.03%
-15.52%
-5.59%
7.01%
INST-20070808-A021231
Jennison Value R
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
Third Quarter 2007
Fund Fact Sheet
Large Value
Russell 1000 Value®
$2.1 Million
6/3/2005
JDVRX
Retirement
1.48%
Avi Z. Berg
Data Not Available
Fund
▼
Index
10,000.00
5,000.00
06
Price/Book Ratio
Dividend Yield
07
As of 7/31/2007
Fund
$33.11
14.01x
2.05x
0.47%
17.88%
Index
$50.12
13.77x
1.98x
NA
18.97%
As of 9/30/2007
Cumulative Returns
15,000.00
QTD
-1.44
-0.24
YTD
6.98
5.97
1 Year
15.53
14.45
3 Year
17.26
15.25
5 Year
18.52
18.07
10 Year
6.89
8.80
Since
Inception
-----
data quoted.
$14,132
Annual Performance*
18.90%
15.21%
14.90%
26.81%
-22.51%
-3.60%
14.22%
Other 0.93%
Energy .......................................................................... 12.90%
Consumer Goods............................................................ 9.83%
Industrial Materials ....................................................... 9.35%
20,000.00
2006
2005
2004
2003
2002
2001
2000
Performance*(%)
Fund
US Stocks 83.25%
As of 7/31/2007
Top Five Sectors
Jennison Value R
As of 7/31/2007
As of 9/30/2007
05
As of 7/31/2007
Top Five Holdings
Cadbury Schweppes PLC ADR .................................... 2.61%
American International Group ..................................... 2.48%
Petroleo Brasileiro S.A. (ADR) ..................................... 2.41%
Citigroup, Inc. .............................................................. 2.39%
Sprint Nextel Corporation ........................................... 2.37%
TM
The investment seeks capital appreciation. The fund normally invests at least 65% of assets in common stock and
convertible securities of large capitalization companies. It may invest up to 25% of assets in REITs and up to 10% of
assets in ETFs. The fund may also invest in foreign securities, money market instruments, options, foreign currency,
forward contracts and may make short sales of a security. There is no assurance that the objectives of the Fund will
be met.
▼
Index
22.25%
7.05%
16.49%
30.03%
-15.52%
-5.59%
7.01%
A share returns at net asset value adjusted for additional distribution and service (12b-1) fees of 0.75% annually.
Hypothetical waiver. In creating hypothetical Class R share returns, no adjustments are made for any differences in
other expenses of Class R and Class A shares that may or may not impact hypothetical Class R share returns. Please
see the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from income
earned by the fund. As a result, dividends and investment results will differ for each share class.
▼
INST-20070807-A021219
Third Quarter 2007
Fund Fact Sheet
Formerly known as Jennison US Emerging Growth R
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGER:
Mid-Cap Growth
Russell Midcap Growth®
$6.3 Million
6/3/2005
JDERX
Retirement
1.66%
John Mullman, CFA
Data Not Available
The securities of emerging growth companies are generally subject to greater price fluctuation and investment
risk than securities of more established companies.
Fund
▼
Index
5,000.00
06
Price/Book Ratio
Dividend Yield
07
As of 7/31/2007
Fund
$7.14
21.61x
2.84x
0.00%
27.85%
Index
$8.02
17.92x
3.48x
NA
28.81%
As of 9/30/2007
Cumulative Returns
10,000.00
QTD
6.46
2.15
YTD
17.81
13.35
1 Year
22.92
21.22
3 Year
20.83
17.01
5 Year
22.69
20.39
10 Year
9.95
7.47
Since
Inception
-----
data quoted.
$15,058
Annual Performance*
9.19%
16.74%
18.78%
42.47%
-33.81%
-20.65%
-13.89%
Non-US Stocks 2.34%
Healthcare.................................................................... 14.78%
Business Services ........................................................ 11.76%
Energy .......................................................................... 10.83%
Software ...................................................................... 10.47%
15,000.00
2006
2005
2004
2003
2002
2001
2000
Cash 2.62%
Performance*(%)
Fund
US Stocks 95.04%
As of 7/31/2007
Top Five Sectors
As of 7/31/2007
As of 9/30/2007
05
As of 7/31/2007
Top Five Holdings
NII Holdings, Inc. ......................................................... 3.69%
Davita, Inc. .................................................................. 2.37%
American Tower Corporation A .................................. 2.32%
Ametek, Inc. ................................................................ 2.19%
Quest Diagnostics, Inc. ............................................... 2.10%
TM
The fund normally invests at least 80% of assets in equity and equity-related securities of medium-sized
companies with the potential for above-average growth. There is no assurance the objectives of the Fund
will be met.
▼
Index
10.66%
12.10%
15.48%
42.71%
-27.41%
-20.15%
-11.75%
A share returns at net asset value adjusted for additional distribution and service (12b-1) fees of 0.75% annually.
Hypothetical waiver. In creating hypothetical Class R share returns, no adjustments are made for any differences in
other expenses of Class R and Class A shares that may or may not impact hypothetical Class R share returns. Please
see the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from income
earned by the fund. As a result, dividends and investment results will differ for each share class.
▼
INST-20070807-A021217
Target Small Cap Growth Fund R
Third Quarter 2007
Fund Fact Sheet
Co-Investment Advisors: RS Investments, and Transamerica Investment Management LLC
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
Small Growth
$10.9 Million
1/5/1993
TSCRX
Other
1.59%
Gregory Weirick, CFA
Josh D Shaskan, CFA
Jeffery J Hoo, CFA
John J. Huber, CFA
Bill Wolfenden
The investment seeks capital appreciation. The fund normally invests at least 80% of assets in common stocks of
companies with a total market capitalization of less than $2.5 billion. There is no assurance that the objectives of the
Fund will be met.
Smaller companies may present greater opportunities for capital appreciation, but may also involve greater risks
than larger companies. As a result, the value of stocks issued by smaller companies may fluctuate more than stocks
of larger issuers.
As of 3/31/2007
Top Five Holdings
Cabot Oil & Gas Corporation A ................................... 1.49%
Phillips-Van Heusen Corporation ................................ 0.87%
iShares Russell 2000 Value Index ............................... 0.86%
Delphi Financial Group ................................................ 0.82%
Westar Energy, Inc. ..................................................... 0.80%
As of 9/30/2007
US Stocks 85.41%
Other 8.23%
Cash 3.69%
Non-US Stocks 2.66%
As of 3/31/2007
Top Five Sectors
Energy ............................................................................ 9.21%
Business Services .......................................................... 8.78%
Consumer Goods............................................................ 7.45%
Price/Book Ratio
Dividend Yield
QTD
1.22
0.02
YTD
9.82
9.35
1 Year
18.21
18.94
3 Year
12.20
14.10
5 Year
12.86
18.70
10 Year
1.71
3.65
Since
Inception
-----
10,000.00
5,000.00
06
07
Target Small Capitalization Growth R
$11,937
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
Index
$1.00
14.73x
1.48x
NA
14.92%
As of 9/30/2007
Performance*(%)
Fund
Index
15,000.00
As of 3/31/2007
Fund
$1.58
15.93x
1.91x
0.81%
25.14%
Cumulative Returns
As of 3/31/2007
6.91%
3.76%
14.17%
32.06%
-33.74%
-19.93%
1.07%
Index
13.35%
4.15%
14.31%
48.54%
-30.26%
-9.23%
-22.43%
INST-20070808-A021245
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGER:
Small Growth
$12.7 Million
5/10/2004
JSCRX
Retirement
1.67%
John Mullman, CFA
The investment seeks capital growth. The fund normally invests at least 80% of assets in equity securities of small,
less well-known undervalued U.S. companies. It may invest up to 20% of assets in equity-related securities including
nonconvertible preferred stocks and convertible securities. The fund may also invest in foreign securities, REITs,
high-quality money market instruments, options, foreign currency forward contracts and may make short sales of a
security. There is no assurance that the objectives of the Fund will be met.
of larger issuers.
Top Five Holdings
As of 9/30/2007
TM
Third Quarter 2007
Fund Fact Sheet
As of 7/31/2007
SBA Communications Corporation .............................. 2.11%
Insight Enterprises, Inc. ............................................... 1.88%
Denbury Resources, Inc. .............................................. 1.85%
Idex Corporation .......................................................... 1.71%
Pentair, Inc. ................................................................. 1.66%
Top Five Sectors
As of 7/31/2007
Business Services ........................................................ 16.53%
Healthcare.................................................................... 14.79%
Hardware ..................................................................... 10.71%
As of 7/31/2007
US Stocks 95.91%
Cash 2.73%
Non-US Stocks 1.36%
Price/Book Ratio
Dividend Yield
As of 7/31/2007
Fund
$1.92
20.22x
2.61x
0.00%
19.59%
Index
$1.19
19.89x
3.14x
NA
NA
20,000.00
Cumulative Returns
10,000.00
5,000.00
04
05
06
07
$16,689
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
As of 9/30/2007
Performance*(%)
15,000.00
14.77%
14.30%
19.04%
44.59%
-25.72%
15.55%
8.87%
▼
Index
13.35%
4.15%
14.31%
48.54%
-30.26%
-9.23%
-22.43%
Since
QTD
YTD
1 Year
3 Year
5 Year
10 Year Inception
Fund
0.67
12.13
19.80
17.96
21.62
6.72
--▼
--Index
0.02
9.35
18.94
14.10
18.70
3.65
data quoted.
expenses. Class R shares were introduced on May 10, 2004; results prior to that date are hypothetical, based on
▼
INST-20070807-A021221
Target Small Cap Value Fund R
Co-Investment Advisors: EARNEST Partners, LLC; NFJ Investment Group; JP Morgan Asset Management;
Lee Munder Capital Group; and Vaughan Nelson Investment Management
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
Small Blend
Russell 2000®
$13.1 Million
1/5/1993
TSVRX
Other
1.55%
E. Clifton Hoover Jr., CFA
Paul E. Viera
Benno J. Fischer, CFA
Paul A. Magnuson
R. Todd Vingers
The investment seeks above-average capital appreciation. The fund normally invests at least 80% of assets in
common stocks of companies with a total market capitalization of less than $2.5 billion. There is no assurance that
the objectives of the Fund will be met.
of larger issuers.
As of 3/31/2007
Top Five Holdings
As of 9/30/2007
US Stocks 85.41%
Other 8.23%
Cash 3.69%
Non-US Stocks 2.66%
As of 3/31/2007
Energy ............................................................................ 9.21%
Consumer Goods............................................................ 7.45%
Price/Book Ratio
Dividend Yield
QTD
-2.59
-3.09
YTD
4.95
3.16
1 Year
13.80
12.34
3 Year
14.88
13.36
5 Year
20.62
18.75
10 Year
11.03
7.22
Since
Inception
-----
10,000.00
5,000.00
06
07
Target Small Capitalization Value R
$11,390
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
Index
$1.00
14.73x
1.48x
NA
14.92%
As of 9/30/2007
Performance*(%)
Fund
Index
15,000.00
As of 3/31/2007
Fund
$1.58
15.93x
1.91x
0.81%
25.14%
Cumulative Returns
As of 3/31/2007
Cabot Oil & Gas Corporation A ................................... 1.49%
Phillips-Van Heusen Corporation ................................ 0.87%
iShares Russell 2000 Value Index ............................... 0.86%
Delphi Financial Group ................................................ 0.82%
Westar Energy, Inc. ..................................................... 0.80%
Top Five Sectors
Third Quarter 2007
Fund Fact Sheet
17.04%
9.28%
23.09%
46.00%
-9.17%
16.36%
22.99%
Index
18.37%
4.55%
18.33%
47.25%
-20.48%
2.49%
-3.02%
INST-20070808-A021251
Target International Equity Fund R
Third Quarter 2007
Fund Fact Sheet
Co-Investment Advisors: LSV Asset Management, and Thornburg Investment Management
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
LLC
Foreign Large Blend
MSCI WORLD ex US
NDTR_D®
$22.5 Million
1/5/1993
TEQRX
Other
1.68%
Wendy Trevisani
Menno Vermuelen, CFA
Robert Vishny
Josef Lakonishok
William V. Fries, CFA
The investment seeks capital appreciation. The fund normally invests at least 80% of total assets in stocks of
companies in diverse array of foreign countries. It may invest in companies of any size. There is no assurance that the
objectives of the Fund will be met.
Investing in foreign securities presents certain unique risks not associated with domestic investments, such as
currency fluctuation and political and economic changes. This may result in greater share price volatility.
Top Five Holdings
As of 6/30/2007
BASF ........................................................................... 2.17%
Lloyds TSB Grp ............................................................ 2.00%
Toyota Motor .............................................................. 1.96%
Teva Pharmaceutical Industries, Ltd. ADR .................. 1.77%
UBS AG ....................................................................... 1.48%
Top Five Countries
US Stocks 1.98%
Cash 0.9%
Other 0.24%
As of 6/30/2007
United Kingdom ........................................................... 20.52%
Japan ........................................................................... 14.11%
Switzerland .................................................................... 9.05%
France ............................................................................ 8.98%
Germany......................................................................... 6.10%
15,000.00
As of 6/30/2007
Price/Book Ratio
Dividend Yield
As of 6/30/2007
Fund
$35.41
13.84x
2.25x
1.18%
25.29%
Index
$33.08
14.06x
2.05x
NA
28.19%
10,000.00
Cumulative Returns
06
07
Target International Equity R
Fund
▼
Index
$13,274
Annual Performance*
Fund
2006
2005
2004
2003
2002
2001
2000
As of 9/30/2007
Performance*(%)
5,000.00
28.19%
13.27%
14.37%
27.80%
-10.84%
-25.12%
-10.09%
▼
Index
25.71%
14.47%
20.39%
39.42%
-15.80%
-21.40%
-13.35%
QTD
4.94
2.71
YTD
19.32
14.29
1 Year
32.10
25.85
3 Year
25.03
23.72
5 Year
22.06
24.08
10 Year
7.31
8.30
Since
Inception
-----
▼
INST-20070807-A021228
Jennison Natural Resources Fund R
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
SHARE CLASS:
PORTFOLIO MANAGERS:
Specialty-Natural Res
Goldman Sachs Natural
Resources®
$4.3 Million
1/22/1990
JNRRX
R
1.69%
Michael A. Del Balso
The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in equity
securities of natural resource companies and in asset-based securities. It may invest up to 100% of assets in foreign
securities, including stocks and other equity-related securities, money market instruments and fixed income securities
issued by foreign issuers. The fund may also invest in ADRs, ADSs, money market instruments, bonds, futures
contracts, foreign currency forward contracts and may participate in the IPO market. It is nondiversified. There is no
assurance that the objectives of the Fund will be met.
Sector funds are subject to risks within their specific sectors because they concentrate their investments in securities
of companies within certain industries. Therefore, the price of these securities can be volatile.
As of 7/31/2007
Top Five Holdings
TM
As of 7/31/2007
Freeport-McMoRan Copper & Gold B ......................... 3.61%
Suncor Energy, Inc. ..................................................... 2.62%
National Oilwell Varco, Inc. ........................................ 2.54%
MMX Mineracao e Metalicos ..................................... 2.54%
Transocean, Inc. .......................................................... 2.33%
\\
Third Quarter 2007
Fund Fact Sheet
US Stocks 50.08%
Cash 5.35%
Other 0.25%
As of 9/30/2007
As of 7/31/2007
Top Five Sectors
Energy .......................................................................... 58.32%
Utilities .......................................................................... 1.36%
Financial Services .......................................................... 0.72%
Price/Book Ratio
Dividend Yield
As of 7/31/2007
Fund
$9.14
15.26x
2.54x
0.46%
53.43%
Index
$38.45
13.45x
2.31x
NA
45.76%
Cumulative Returns
15,000.00
Fund
▼
Index
10,000.00
5,000.00
06
07
Jennison Natural Resources R
Fund
20.38%
52.98%
26.13%
36.03%
19.15%
-11.04%
28.08%
QTD
10.65
7.35
YTD
34.31
27.07
1 Year
51.29
38.66
3 Year
37.42
27.11
5 Year
36.40
27.65
10 Year
18.31
8.80
Since
Inception
-----
data quoted.
$14,051
Annual Performance*
2006
2005
2004
2003
2002
2001
2000
As of 9/30/2007
Performance*(%)
▼
Index
15.12%
34.45%
22.62%
31.49%
-14.33%
-15.67%
15.81%
Performance Disclosure: Investment results assume all distributions are reinvested and reflect applicable fees
and expenses. Class R shares were introduced on August 21, 2006; results prior to that date are hypothetical,
based on Class A share returns at net asset value adjusted for additional distribution and service (12b-1) fees of
0.75% annually. Hypothetical Class R share returns would be greater with the waiver. In creating hypothetical
Class R share returns, no adjustments are made for any differences in other expenses of Class R and Class A
shares that may or may not impact hypothetical Class R share returns. Please see the fund's most recent
shareholder report for actual date of first sale. Expenses are deducted from income earned by the fund. As a
result, dividends and investment results will differ for each share class.
▼
INST-20070807-A021224
Jennison Utility Fund R
Key Facts
INVESTMENT ADVISOR:
FUND CATEGORY:
INDEX:
Specialty-Utilities
Dow Jones Utilities Average
TR®
NET ASSETS:
$2.2 Million
INCEPTION DATE:
1/22/1990
TICKER SYMBOL:
JDURX
SHARE CLASS:
R
1.28%
PORTFOLIO MANAGERS:
Shaun Hong, CFA
Ubong Edemeka
As of 9/30/2007
Third Quarter 2007
Fund Fact Sheet
The investment seeks capital appreciation and current income. The fund normally invests at least 80% of assets in
equity-related and investment grade debt securities issued by utility companies. It may invest up to 50% of assets in
foreign securities including money market instruments and other investment grade fixed income securities, stocks and
other equity-related securities. It may invest more than 5% of assets in any one issuer. The fund is nondiversified.
There is no assurance that the objectives of the Fund will be met.
Sector funds are subject to risks within their specific sectors because they concentrate their investments in securities
of companies within certain industries. Therefore, the price of these securities can be volatile.
Top Five Holdings
As of 7/31/2007
Questar Corporation .................................................... 3.32%
NRG Energy, Inc. ......................................................... 3.21%
Williams Companies, Inc. ........................................... 3.03%
NII Holdings, Inc. ......................................................... 2.93%
Equitable Resources, Inc. ............................................ 2.89%
Top Five Sectors
As of 7/31/2007
Utilities ........................................................................ 36.73%
Energy .......................................................................... 25.17%
Telecommunications .................................................... 23.79%
Hardware ....................................................................... 3.73%
As of 7/31/2007
US Stocks 70.91%
Other 1.61%
Cash 1.46%
Price/Book Ratio
Dividend Yield
As of 7/31/2007
Fund
$10.44
20.23x
2.84x
1.51%
NA
Index
$11.66
12.79x
1.63x
NA
13.76%
Cumulative Returns
15,000.00
10,000.00
5,000.00
06
07
Jennison Utility R
$12,693
Fund
26.39%
29.38%
30.19%
30.20%
-26.64%
-19.72%
38.91%
Since
QTD
YTD
1 Year
3 Year
5 Year
10 Year Inception
Fund
2.65
17.32
29.12
29.59
29.81
12.45
--▼
--Index
1.45
12.35
20.76
23.35
22.86
11.77
data quoted.
Annual Performance*
2006
2005
2004
2003
2002
2001
2000
As of 9/30/2007
Performance*(%)
▼
Index
16.62%
25.13%
30.24%
29.38%
-23.39%
-26.27%
50.75%
Performance Disclosure: Investment results assume all distributions are reinvested and reflect applicable fees
and expenses. Class R shares were introduced on August 21, 2006; results prior to that date are hypothetical,
based on Class A share returns at net asset value adjusted for additional distribution and service (12b-1) fees of
0.75% annually. Hypothetical Class R share returns would be greater with the waiver. In creating hypothetical
Class R share returns, no adjustments are made for any differences in other expenses of Class R and Class A
shares that may or may not impact hypothetical Class R share returns. Please see the fund's most recent
shareholder report for actual date of first sale. Expenses are deducted from income earned by the fund. As a
result, dividends and investment results will differ for each share class.
▼
INST-20070807-A021226
F UND FACT S HEET U SER ’ S G UIDE
This guide will help you use the Fund Fact Sheet to your advantage.
Please note: You may notice that some of the Fund Fact Sheets included are in a different format than the User’s Guide.
Currently, these Fact Sheets are not described by this tool.
A Category Morningstar assigns each investment option to
one of 60 categories, based on the stocks and bonds that have
found their way into the portfolio over the past three years.
Expense Ratio The amount of money taken out of your
account each year to pay for the operation and management of
an investment portfolio, expressed as a percentage. How much is
too much to pay? The average stock fund charges 1.4%, while
the average bond fund charges 0.75%. The lower the expense
ratio the better.
B
C
The XYZ Fund
Operations Find out the name of the person who determines which stocks or bonds belong in the investment portfolio
(the “portfolio manager”).
Investor Risk Profile For mutual funds, the investor risk
profile displays the fund’s Morningstar Risk, a downside risk
measure that evaluates the portfolio relative to other portfolios
within its Morningstar Category. For separate accounts, the fund’s
investor risk profile is classified according to its overall volatility.
Volatility measures the ranges of returns a portfolio has experienced over time. Wide ranges of returns are labeled “high,” and
are considered riskier than “low” volatility investments, which
have had smaller ranges in returns. Please refer to the “For More
Information” section of the User Guide for further information on
Morningstar risk and volatility analysis.
OBJECTIVE / DESCRIPTION
Key Facts
INVESTMENT ADVISER:
FUND CATEGORY:
NET ASSETS:
INCEPTION DATE:
TICKER SYMBOL:
B
EXPENSE RATIO:
C OVERALL MORNINGSTAR RATING™:
OVERALL # OF FUNDS IN
MORNINGSTAR CATEGORY:
D PORTFOLIO MANAGERS:
A
Morningstar Style Box/Investment Style Box
While the category description tells you how the portfolio has
been run in the past, the Style Box is a snapshot of what the
portfolio currently owns. Data for equity separate accounts is
based on a quarter lag.
650
Jane Doe
John Doe
Investment Style
Value
Blend
Growth
Top Ten Holdings
H U.S. Treasury Bills
FIN FUT US 10yr
TBC Pooled Emp Tr Fund
U.S. Treasury Note
FNMA TBA 4.00%
44.40%
37.20%
14.40%
11.60%
6.50%
Sector Allocation
Consumer Staples . . . . .16.19%
Information Technology .15.10%
Health Care . . . . . . . . .14.96%
Financials . . . . . . . . . .12.93%
E
F
The XYZ Fund seeks capital appreciation. The Fund primarily invests in common stocks drawn from a universe
of the largest 1,500 companies (ranked by market capitalization) traded in the United States. Smaller-capitalization stocks will be ranked from a different universe. Smaller-capitalization stocks will be ranked from a different
universe. Smaller-capitalization stocks will be ranked from a different universe. There is no assurance the objective of the Fund will be met.
JIndustrials . . . . . . . . . .17.54%
As of 12/31/2005
The Fund is classified based on its long-term performance relative to the benchmark index that most
As of 3/31/2006
Fin Fut Euribor
Fin Fut US 5 Yr
Fin Fut Euro$ CME
GNMA I TBA 5%
FNMA Pass Thru Mtg
5.90%
5.40%
5.20%
5.20%
2.60%
As of 3/31/2006
Energy . . . . . . . . . . . . .9.35%
Consumer Discretionary . .7.87%
Materials . . . . . . . . . . .2.64%
Utilities . . . . . . . . . . . . .2.24%
Telecomm Service . . . . . .1.18%
Top Ten Holdings and Sector Allocation are unaudited and ranked as a percentage
of assets.
I
As of 3/31/2006
International Equity 99.74%
US Equity 0.01%
Cash 0.24%
Other Assets 0.01%
Effective Duration
Average Maturity
Average Quality
Average Coupon
As of 3/31/2006
Fund
Mandate
Benchmark▼
4.43 Yrs
6.67 Yrs
AAA
2.46%
4.77 Yrs
7.47 Yrs
AAA
5.32%
Large closely resembles its total return stream. This classi-
fication process incorporates regression analysis to
determine the index to which the Fund’s returns
have a high “fit”(R2).
◆ The vertical axis represents the Fund’s market
Mid
capitalization relative to appropriate style benchmark indexes.
◆ The horizontal axis represents the Fund’s investSmall
ment style expressed on a value-to-growth scale,
relative to appropriate style benchmark indexes.
E
F
ABC Company
Fixed Income - Domestic
$186 Million
Jul 2002
ABCDE
1.07% of Fund Assets
★★
Overall Morningstar Rating as of quarter ending 12/31/05. The Morningstar
Rating shown is for the share class of this Fund only; other classes may have different
performance characteristics. © 2006 Morningstar, Inc. All Rights Reserved. The
information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied or distributed; and (3) is not warranted to be
accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information.
Overall Morningstar RatingTM Portfolio’s overall rating.
D
Third Quarter 2006
Fund Fact Sheet
Fund holdings may also be used to classify a fund’s style. Please refer to the user guide for more
information.
Result of $10,000 Investment*
Performance* (%)
K
As of 3/31/2006
CUMULATIVE RETURNS
Quarter
Fund
Mandate Benchmark▼
3.54
3.60
Morningstar RatingTM
# of Funds in Category
–
–
AVERAGE ANNUAL TOTAL RETURNS
YTD
1 Year
3 Year
5 Year
10 Year
Since Inception
2.61
2.77
12.02
12.25
16.51
16.72
-1.66
-1.49
9.29
9.49
11.79
N/A
–
–
★★★1
822
★★2
1227
★★★3
931
★★★4
321
* Results are net of the highest management fee for this Fund (X.XX%) and other operating expenses (X.X% for 2005)
charged for this Fund, but are before any contract-related expenses. The Fund may have an arrangement to recapture a
portion of trade commissions that are used to offset operating expenses of the Fund.
$15,000
$10,000
$5,000
$0
'98
'99
'00
'01
'02
Fund
'03
'04
'05
Mandate Benchmark
Annual Performance*
G
2005
2004
2003
2002
2001
Fund
-0.94%
4.69%
10.49%
8.78%
11.38%
Mandate
Benchmark▼
-0.82%
4.10%
10.25%
8.44%
11.63%
The performance quoted above represents past performance and current performance may be lower or higher than the performance data quoted. Past
performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor's units, when redeemed may be
worth more or less than original cost. The performance results shown do not reflect the deduction of the sales charge that may apply if mutual fund shares
were purchased outside of the plan, such sales charges would lower performance.
▼
An investment cannot be made directly in an index. See Userguide for benchmark definitions.
L The “investment manager” of the PRIAC separate account as defined under ERISA, is Prudential Retirement Insurance and Annuity Company.
Prudential Retirement’s Manager of Managers group annuity contracts are issued by The Prudential Retirement Insurance and Annuity Company (PRIAC),
Hartford, CT, a Prudential Financial company.
◆ For current performance or additional information, go to: www.Prudential.com or call the toll-free number that appears on your statement.
INST-20050624-A01060
XYZ-DC/123456-106
Annual Performance Calendar year returns for the Fund
and corresponding benchmarks.
G
H
Top Ten Holdings The top holdings are the stocks or bonds with the most influence on a portfolio’s returns.
I Portfolio Allocation We break down the investment portfolio’s holdings into general investment classes. The pie chart shows how much
emphasis is placed on stocks, bonds or cash. We also show how much is held in foreign stocks. Bond investments replace the portfolio allocation
chart with the following: Credit Analysis: We reveal the quality of the bonds in a bond-heavy portfolio, from least risky to most risky, with the percentage assigned to each.
J
Sector Allocation Morningstar classifies each stock holding into 10 major industrial sectors, listed on the Fund Profile.
K Performance History The investment’s total return is shown for the quarter, year-to-date and preceding year, as well as the average annual
total return for the past three, five, and 10 years, or since inception. To provide you with a point of comparison, the return of the benchmark indexes are shown for the quarter, year-to-date, one, three, five and 10 year periods. We also present the category’s performance.
L Manager of Managers Separate Accounts Prudential Retirement is a Prudential Financial business. Prudential Retirement’s Manager of
Managers group annuity contracts are issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, a Prudential Financial
company. Prudential Financial is a registered service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.
The Fund Fact Sheet User’s Guide
–
–
$20,000
For More Information
Para hablar con un representante de servicios al cliente en español
(u otros lenguajes), por favor, llama a nuestro numero gratuito 800
entre las 8:00 a.m. y las 8:00 p.m., Hora del Este, días de trabajo.
(To speak with a Prudential Service Representative through an interpreter in Spanish
(or other languages), please call our toll-free number week-days between 8:00 a.m.
and 8:00 p.m. Eastern Time.)
Performance
Portfolio return reflects performance without adjusting for sales charges or the effects of
taxation, but is adjusted to reflect all actual ongoing portfolio expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. In addition, due to market volatility, the portfolio’s return may vary
greatly over short periods of time.
The portfolio’s performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses
nor can it be invested in directly. The sales charge utilized in the standard return calculation
was obtained from the portfolio’s most recent prospectus and/or shareholder report available to Morningstar. A portfolio may differ significantly from the securities in the index.
Morningstar RatingTM
For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM
based on how a fund ranks on a Risk-Adjusted Return measure against other funds in the
same category. This measure takes into account variations in a fund’s performance after
adjusting for sales loads (except for -waived A shares) redemption fees, and the risk-free
rate, placing more emphasis on downward variations and rewarding consistent performance.
The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the
next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1
star. The Morningstar Rating for a fund is derived from a weighted average of the ratings for
the three-, five- and ten-year (if applicable) time periods. Load-waived A share star ratings
do not include any front-end sales load and are intended for those investors who have access
to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A
share mutual funds for which calculates a load-waived A share star rating may actually waive
their front-end sales load. Therefore, Morningstar strongly advises investors to contact their
investment professional to determine whether they are eligible to purchase the A share without the front load. Past performance is no guarantee of future results. The Morningstar
Rating may differ among share classes of a mutual fund as a result of different sales loads
and/or expense structure. Separate Account composite performance is not actual and reflective of any specific investment but is comprised of the account managers portfolios that are
managed in a substantially similar strategy as the separate account.
Morningstar Style Box®
The style box reveals a portfolio’s investment strategy. For equity portfolios and fixedincome portfolios respectively, the vertical axis shows the market capitalization of the
stocks owned or the average credit quality of the bonds owned. The horizontal axis
shows investment style (value, blend, or growth) or interest rate sensitivity as measured by a bond’s duration (short, medium or long). Duration is a measure of
interest-rate sensitivity-the longer a portfolio’s duration, the more sensitive the portfolio
is to shifts in interest rates.
©2006 Morningstar, Inc. All Rights Reserved. The info contained herein: 1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any
use of this information. Past performance is no guarantee of future results.
Volatility Analysis
We classify investment portfolios as having one of three volatility levels relative to all
types of mutual funds: Low, Below Average, Average, Above Average and High.
Investments with wider ranges of returns are labeled “high,” as they are considered riskier
than “low” volatility investments, which have had smaller ranges of returns. For portfolios
that haven’t been in existence for three years we simply show the category average.
Investment Risk
Foreign Securities Portfolios/Emerging Market Portfolios: The investor should note that
portfolios that invest in foreign securities involve special additional risks. These risks
include, but are not limited to, currency risk, political risk, and risk associated with varying
accounting standards. Investing in emerging markets may accentuate these risks.
Sector Portfolios: The investor should note that portfolios that invest exclusively in one
sector or industry involve additional risks. The lack of industry diversification subjects the
investor to increased industry-specific risks.
Non-Diversified Portfolios: The investor should note that portfolios that invest more of their
assets in a single issuer involve additional risks, including share price fluctuations, because
of the increased concentration of investments
Small Cap Portfolios: The investor should note that portfolios that invest in stocks of small
companies involve additional risks. Smaller companies typically have a higher risk of failure,
and are not as well established as larger blue-chip companies. Historically, smaller-company
stocks have experienced a greater degree of market volatility than the overall market average
and may be less liquid than larger companies.
You get tax deferral of your investment earnings through the qualified retirement plan
in which you participate. Because you already enjoy this tax deferral, your decision to
invest in this variable annuity should be based on the annuity’s investment and insurance
features, such as the ability to annuitize and the death benefit.
Variable Annuities
Discovery SelectSM/Discovery PremierSM: Investment return and principal value of the
Portfolios will fluctuate resulting in a value which may at any time, including the time
of withdrawal of the cash value, be more or less than the total principal investment
made. The performance information represents past performance and is no guarantee
of future results. The rates of return reflect the reinvestment of all dividends and
capital gains, and the deduction of investment management fees, expenses and
product-related insurance charges.
Discovery Select/Discovery Premier: Investors should carefully consider
a fund’s investment objectives, risks, charges and expenses before
investing. For more complete information about the investment options
available through your plan, please call 1-800-458-6333 for a free
prospectus that contains this and other information about our funds.
For variable insurance products, please consider carefully both the
contract prospectus and underlying-fund prospectus before investing.
Medley: Investors should carefully consider a fund’s investment
objectives, risks, charges and expenses before investing. For more
complete information about the investment options available through
your plan, please call 1-800-458-6333 for a free prospectus that
contains this and other information about our funds. For variable
insurance products, please consider carefully both the contract
prospectus and underlying-fund prospectus before investing.
The Discovery Select and Discovery Premier Group Retirement Annuity and MEDLEY
Program are group annuity insurance products issued by The Prudential insurance
Company of America, Newark, NJ and are distributed by Prudential Investment
Management Services LLC (PIMS), Three Gateway Center, Newark, NJ 07102-4077.
PIMS and The Prudential Insurance Company of America are Prudential Financial
companies. Prudential Financial is a service mark of the Prudential Insurance Company
of America, Newark, NJ, and affiliates.
Any taxable amount received under the Contract may be subjected to a 10 percent tax
penalty. Amounts are not subjected to this penalty if: the amount is paid on or after age
59 1/2 or the death of the Participant; the amount received is attributed to the Participant
becoming disabled; the amount paid or received is in the form of level payments not less
frequently than annually for life (or a period not exceeding life expectancy); or the
amount received is paid under an immediate annuity contract (in which annuity payments
begin within one year of purchase).
If the lifetime payment stream is modified (other than as a result of death disability)
before age 59 1/2 (or before the end of the five year period beginning with the first
payment and ending after age 59 1/2), the tax for the year of modification will be
increased by the penalty tax that would have been imposed without the exception,
plus interest for the deferral.
Guarantees are based upon the claims-paying ability of the issuing company and not
on the value of the securities within the account.
At times, certain funds’ performance may be extraordinarily high due to investing in
sectors that achieved unprecedented returns. There can be no assurance that this
performance can be repeated in the future.
60% S&P 500 Index/40% Lehman Brothers Aggregate Bond
Index: A composite Index that consists of the S&P 500 Index (60%) and the
Lehman Brothers Aggregate Bond Index (40%).
Balanced Composite Index: Consists of the Wilshire 5000 Total Market
Index (60%) and the Lehman Brothers Aggregate Bond Index (40%).
Citigroup World Non-U.S. Government Bond Index: A market capitalization-weighted index, unhedged and stated in U.S. dollar terms. The Index
tracks the performance of the 17 government bond markets of Australia,
Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy,
Japan, Netherlands, Portugal, Spain, Sweden, Switzerland, and the United
Kingdom. The minimum maturity for included bonds is one year.
Composite Index: Consists of the S&P 500 Index (65%) and the Lehman
Brothers Credit A Index (35%).
Credit Suisse High Yield Index: An unmanaged, trader priced index constructed to mirror the characteristics of the high yield bond market. The index
includes issues rated BB and below by S&P or Moody’s with par amounts
greater than $75 million. Preferred issues, US dollar denominated foreign issues
and 144A securities meeting the above condition are also included.
Dow Jones U.S. Moderate Portfolio Index: Is designed for asset allocation strategists (portfolio builders) who are willing to take 60% of the risk of
the U.S. securities market. It is a total returns index that is a time-varying
weighted average of stocks, bonds, and cash.
Dow Jones U.S. Moderately Conservative Index: Is designed for
asset allocation strategists (portfolio builders) who are willing to take 40% of the
risk of the U.S. securities market. It is a total returns index that is a time-varying
weighted average of stocks, bonds, and cash.
Dow Jones U.S. Target Date Indexes: Reflects total portfolios of stocks,
bonds and cash that automatically adjust over time to reduce potential risk as an
investor’s target maturity date approaches. Each index is a composite of subindexes that represent the three major asset classes – stocks, bonds and cash.
Within each index, the weightings among stocks, bonds and cash are rebalanced
monthly to reduce potential risk over time. Equity exposure in each target index
changes from approximately 90% at index creation to approximately 20% as
maturity approaches. After maturity, each index becomes a "Today Index" with
a steady allocation to equity of approximately 20%.
iMoneyNet Taxable Money Funds Index: Reports on the average yields
of all major money market funds, on a 7- and 30-day basis.
J.P. Morgan Emerging Markets Bond Index Plus: Tracks total
returns for external currency-denominated debt instruments of the emerging
markets: Brady bonds, loans, Eurobonds, and U.S. dollar-denominated local
market instruments. Countries covered are Argentina, Brazil, Bulgaria,
Colombia, Ecuador, Mexico, Morocco, Nigeria, Panama, Peru, the Philippines,
Poland, Qatar, Russia, South Korea, Turkey, and Venezuela. The index is
market capitalization weighted, based on publicly stated face amounts outstanding. Total returns are calculated by weighting the bonds’ daily returns in
proportion to their market capitalization.
Lehman Brothers 5-10 Year Government/Credit Index:
Represents a combination of the Government and Corporate Bond indices for
bonds with maturities between five and 10 years.
Lehman Brothers Aggregate Bond Index: Composed of securities from
the Lehman Brothers U.S. Government/Credit Index, Mortgage-Backed Securities
Index, and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.
Indexes are rebalanced monthly by market capitalization.
Lehman Brothers High Yield Bond Index: All bonds included in the
Lehman Brothers High Yield Bond Index must be dollar-denominated and nonconvertible and have at least one year remaining to maturity and an outstanding par value of at least $100 million. This index includes fixed rate,
publicly issued, noninvestment-grade debt registered with the SEC (Securities
and Exchange Commission). Pay-in-kind (PIK) bonds, Eurobonds, 144A
bonds, and debt from designated emerging market countries are excluded.
Yankees, global bonds (SEC registered) of issuers in G-7 countries, original
issue zeros and step-up coupons are included. Generally, securities must be
rated Ba1 or lower (including defaulted issuers) by Moody’s Investors
Service, BB+ or lower by Standard & Poor’s, or below investment grade by
Fitch Investors Service. A small number of unrated bonds is included in the
index; to be eligible, they must have previously held a high yield rating or
have been associated with a high yield issuer and must trade accordingly.
Benchmark Definitions
10-Year U.S. Treasury Note: The average daily treasury yield for U.S.
Treasuries with a maturity of ten years (negotiable debt obligations of the U.S.
Government, considered intermediate in maturity).
3 Month T-Bill Index: Three-month T-bills are government-backed short-term
investments considered to be risk-free and as good as cash because the maturity
is only three months.
3-Year Treasury Average Yield: The average daily treasury yield for U.S.
Treasuries with a maturity of three years (negotiable debt obligations of the
U.S. Government, considered intermediate in maturity).
5-Year U.S. Treasury Note: The average daily treasury yield for U.S.
Treasuries with a maturity of five years (negotiable debt obligations of the U.S.
Government, considered intermediate in maturity).
6-Month CD: This benchmark is applied the same way as the T-bill. Because
CDs are sponsored by banks, they are not as easily traded as T-bills and thus
tend to offer higher yields.
60% Russell 1000 Growth Index/40% Lehman Brothers
Aggregate Bond Index: A composite index that consists of the Russell
1000® Index (60%) and the Lehman Brothers Aggregate Bond Index (40%).
60% Russell 1000 Growth Index/40% Lehman Brothers
Intermediate U.S. Government/Credit Index: A composite index that
consists of the Russell 1000 Growth Index (60%) and the Lehman Brothers
Intermediate U.S. Government/Credit Index (40%).
60% Russell 1000 Index/40% Lehman Brothers Aggregate
Bond Index: A composite index that consists of the Russell 1000® Index
(60%) and the Lehman Brothers Aggregate Bond Index (40%).
60% Russell 1000 Value Index/40% Lehman Brothers
Aggregate Bond Index: A composite index that consists of the Russell
1000 Value Index and the Lehman Brothers Aggregate Bond Index.
Intermediate U.S. Government/Credit Index: A composite index that
consists of the Russell 1000 Value Index (60%) and the Lehman Brothers
Intermediate U.S. Government/Credit Index (40%).
Government/Credit Index: A composite index that consists of the
Russell 1000 Value Index (60%) and the Lehman Brothers Government
Credit Index (40%).
Lehman Brothers Intermediate U.S. Government/Credit Index:
Composed of all bonds covered by the Lehman Brothers U.S. Government Bond
and U.S. Credit Indexes with maturities between 1 and 9.99 years. This index
includes all publicly issued, fixed rate, nonconvertible investment-grade corporate
debt. Issues are rated at least Baa by Moody’s Investors Service or BBB by
Standard & Poor’s, if unrated by Moody’s. Collateralized Mortgage Obligations
(CMOs) are not included. Total return comprises price appreciation/depreciation
and income as a percentage of the original investment. Indexes are rebalanced
monthly by market capitalization.
Lehman Brothers U.S. Credit Index: Includes all publicly issued, fixed
rate, nonconvertible investment-grade corporate debt. Issues are rated at least
Baa by Moody’s Investors Service or BBB by Standard & Poor’s, if unrated by
Moody’s. Total return comprises price appreciation/depreciation and income as a
percentage of the original investment. Indexes are rebalanced monthly by market
capitalization.
Lehman Brothers U.S. Government Bond Index: Composed of all publicly issued, nonconvertible domestic debt of the U.S. Government. Flower bonds
and pass-through issues are excluded. Total return comprises price appreciation/
depreciation and income as a percentage of the original investment. Indexes are
rebalanced monthly by market capitalization.
Lehman Brothers U.S. Government/Credit Index: Composed of all
bonds that are investment grade (rated Baa or higher by Moody’s or BBB or higher by Standard & Poor’s, if unrated by Moody’s). Issues must have at least one
year to maturity. Total return comprises price appreciation/depreciation and
income as a percentage of the original investment. Indexes are rebalanced
monthly by market capitalization.
Lipper Balanced Funds Index: Represents the average of the 30 largest
qualifying mutual funds (based on year-end total net assets) for the investment
objective (to conserve principal by maintaining a balanced portfolio of stocks and
bonds). Typically, the stock/bond ratio ranges around 60%/40%.
Lipper Flexible Portfolio Funds Index: Represents the average of the 30
largest qualifying mutual funds in the Lipper Flexible Portfolio investment objective category (based on year-end total net assets). The mutual funds that comprise the Average allocate their investments across various asset classes, including
domestic common stocks, bonds and money market instruments, with a focus on
total return.
Lipper Global Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective
(to invest at least 25% of its portfolio in securities traded outside of the United
States). These funds may own U.S. securities as well.
Lipper High Yield Bond Funds Index: Represents the average of the
30 largest qualifying mutual funds (based on year-end total net assets) for
the investment objective (to seek a high [relative] current yield from fixed
income securities without regard to quality or maturity restrictions). These
funds tend to invest in lower-grade debt issues.
Lipper International Funds Index: Represents the average of the 30
largest qualifying mutual funds (based on year-end total net assets) for the
investment objective (to invest assets in securities whose primary trading markets are outside the United States).
Lipper Large-Cap Core Funds Index: Represents the average of the
30 largest qualifying mutual funds (based on year-end total net assets) in the
Lipper Large-Cap Universe. These funds, by portfolio practice, invest at least
75% of their equity assets in companies with market capitalizations (on a
three-year weighted basis) greater than 300% of the dollar-weighted
median market capitalization of the middle 1,000 securities of the S&P
SuperComposite 1500 Index.
Lipper Large-Cap Growth Funds Index: Represents the average of
the 30 largest qualifying mutual funds (based on year-end total net assets) in
the Lipper Large-Cap Universe. These funds, by portfolio practice, invest at
least 75% of their equity assets in companies with market capitalizations
(on a three-year weighted basis) greater than 300% of the dollar-weighted
median market capitalization of the middle 1,000 securities of the S&P
Lipper Large-Cap Value Funds Index: Represents the average of the
Lipper Large-Cap Universe. These funds, by portfolio practice, invest at least
three-year weighted basis) greater than 300% of the dollar-weighted median
market capitalization of the middle 1,000 securities of the S&P
Lipper Mid-Cap Core Funds Index: Represents the average of the
30 largest qualifying mutual funds (based on year-end total net assets) in
the Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least
three-year weighted basis) less than 300% of the dollar-weighted median
Lipper Mid-Cap Growth Funds Index: Represents the average of the
30 largest qualifying mutual funds (based on year-end total net assets) in
the Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least
three-year weighted basis) less than 300% of the dollar-weighted median
Lipper Mid-Cap Value Funds Index: Represents the average of the
Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least 75%
of their equity assets in companies with market capitalizations (on a three-year
weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index.
Lipper Real Estate Funds Index: An equally weighted index of the largest
thirty funds within the real estate funds investment objective as defined by
Lipper Inc. These funds invest at least 65% of their portfolios in equity securities
of domestic and foreign companies engaged in the real estate industry.
Lipper Science and Technology Funds Index: Represents the average
of the 30 largest qualifying mutual funds in the Lipper Science and Technology
universe (based on year-end total net assets). These funds, by portfolio practice, invest at least 65% of their equity assets in science technology stocks.
Lipper Small-Cap Core Funds Index: Represents the average of the
Lipper Small-Cap Universe. These funds, by portfolio practice, invest at least
three-year weighted basis) less than 250% of the dollar-weighted median of
the smallest 500 of the middle 1,000 securities of the S&P Super-Composite
1500 Index.
Lipper Small-Cap Growth Funds Index: Represents the average of
the 30 largest qualifying mutual funds (based on year-end total net assets) in
the Lipper Small-Cap Universe. These funds, by portfolio practice, invest at
least 75% of their equity assets in companies with market capitalizations (on
a three-year weighted basis) less than 250% of the dollar-weighted median of
the smallest 500 of the middle 1,000 securities of the S&P SuperComposite
1500 Index.
Lipper Small-Cap Value Funds Index: Represents the average of the
Lipper Small-Cap Universe. These funds, by portfolio practice, invest at least
three-year weighted basis) less than 250% of the dollar-weighted median of
the smallest 500 of the middle 1,000 securities of the S&P SuperComposite
1500 Index.
Morgan Stanley REIT Index: A capitalization-weighted benchmark index
of the most actively traded real estate investment trusts (REITs), designed to
measure real estate equity performance.
MSCI All Country World Free Ex. U.S. Index: Designed to measure
equity performance in the global developed and emerging markets.
MSCI EAFE Growth Index: A market capitalization-weighted index comprised of that half of the MSCI EAFE Index with the highest price/book ratios.
MSCI EAFE Index (net): A market capitalization-weighted index comprised of companies representative of the market structure of 21 developed
market countries in Europe, Australia and the Far East. The MSCI EAFE Index
is available both in local currency and U.S. dollar terms. The returns shown in
the performance chart are calculated with dividends reinvested and are net of
foreign withholding tax.
MSCI EAFE Value Index: Includes those firms in the MSCI EAFE Index with
lower price-to-book value ratios relative to their respective MSCI country index.
MSCI EMF Index (net): A market capitalization-weighted index comprised
of companies representative of the market structure of 26 emerging market
countries open to foreign investment. The MSCI EMF Index excludes closed
markets and those shares in otherwise open markets that are not available for
purchase by foreigners. The returns shown in the performance chart are calculated with dividends reinvested and are net of foreign withholding tax. The
index is available both in local currency and U.S. dollar terms.
MSCI World Growth Index: A market capitalization-weighted index
comprised of that half of the MSCI World Index with the highest price/book
ratios.
MSCI World Index (net): A market capitalization-weighted index comprised of companies representative of the market structure of 23 developed
market countries in North America (including the U.S.), Europe, and the
Asia/Pacific region. The MSCI World Index is available both in local currency
and U.S. dollar terms. The returns shown in the performance chart are calculated with dividends reinvested and are net of foreign withholding tax.
MSCI World Value Index: includes those firms in the MSCI World Index
with lower price-to-book ratios relative to their respective MSCI country index.
NAREIT Equity REIT Index: An unmanaged market capitalization index
of all tax-qualified Equity REITS listed on the NYSE, AMEX, and the NASDAQ
that have 75% or more of their gross invested book of assets invested directly
or indirectly in the equity ownership of real estate.
NCREIF Open-End Diversified Core Equity Fund Index: (NFIODCE) Value-Weighted Total Return Net of Fees, S&P Citigroup BMI World
Property Industry Index, Citigroup US Domestic 3 month Treasury Bill Total
Return (Cash). The benchmark will be re-weighted on a monthly basis to correspond with the Fund's investment allocations. National Association of Real
Estate Investment Fiduciaries
Russell 1000® Growth Index: A market capitalization-weighted index
that measures the performance of those Russell 1000 companies with higher
price-to-book ratios and higher forecasted growth rates.
Russell 1000® Index: A market capitalization-weighted index that
measures the performance of the 1,000 largest companies in the Russell
3000® Index, which represents approximately 92% of the total market
capitalization of the Russell 3000 Index.
Russell 1000® Value Index: A market capitalization-weighted index
that measures the performance of those Russell 1000 companies with lower
price-to-book ratios and lower forecasted growth rates.
Russell 2000® Growth Index: A market capitalization-weighted index
that measures the performance of those Russell 2000 companies with higher
price-to-book ratios and higher forecasted growth rates.
measures the performance of the 2000 smallest companies in the Russell
3000® Index, which represents approximately 8% of the total market
price-to-book ratios and lower forecasted growth rates.
Russell 2500® Growth Index: Measures the performance of those
Russell 2500 companies with higher price-to-book ratios and higher forecasted
growth values.
price-to-book ratios and lower forecasted growth values.
Russell 3000 Value Index: Measures the performance of those Russell
3000 Index companies with lower price-to-book ratios and lower forecasted
growth values. The stocks in this index are also members of either the Russell
1000 Value or the Russell 2000 Value indexes.
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.
Russell Midcap® Growth Index: A market capitalization-weighted
index that measures the performance of those Russell Midcap companies
with higher price-to-book ratios and higher forecasted growth rates. The stocks
are also members of the Russell 1000® Growth Index.
Russell Midcap® Index: A market capitalization-weighted index that
measures the performance of the 800 smallest companies in the Russell
1000® Index, which represent approximately 30% of the total market
Russell Midcap® Value Index: A market capitalization-weighted index
that measures the performance of those Russell Midcap companies with lower
price-to-book ratios and lower forecasted growth rates. The stocks are also
members of the Russell 1000® Value Index.
S&P 500® Index: (registered trademark of The McGraw-Hill Companies,
Inc.) An unmanaged index of 500 common stocks, weighted by market
capitalization, representing approximately 75% of NYSE (New York Stock
Exchange) capitalization and 30% of NYSE issues. (Index performance
includes the reinvestment of dividends and capital gains.)
S&P MidCap 400 Index: Consists of 400 domestic stocks chosen for
market size, liquidity, and industry group representation. It is a market-weighted
index, with each stock affecting the Index in proportion to its market value.
S&P MidCap 400®/Citigroup Value Index: The S&P MidCap
400/Citigroup Growth and Value series is an exhaustive, multi-factor style
series covering the entire market capitalization of the S&P MidCap 400. The
S&P MidCap 400/Citigroup Pure Growth and Value series is a multi-factor
style series that focuses on a narrower group of S&P MidCap 400 companies
exhibiting strong growth or strong value characteristics.
S&P500®/Citigroup Value Index: The S&P 500/Citigroup Growth and
Value series is an exhaustive, multi-factor style series covering the entire market
capitalization of the S&P 500. The S&P 500/Citigroup Pure Growth and Value
series is a multifactor style series that focuses on a narrower group of S&P 500
companies exhibiting strong growth or strong value characteristics.
S&P Technology Index: Standard & Poor’s offers sector indices on the
S&P 500 based upon the Global Industry Classification Standard (GICS®).
This standard is jointly Standard & Poor’s and MSCI. Each stock is classified
into one of 10 sectors, 24 industry groups, 64 industries and 139 sub-industries according to their largest source of revenue. Standard & Poor’s and MSCI
jointly determine all classifications. The 10 sectors are Consumer Discretionary,
Consumer Staples, Energy, Financials, Health Care, Industrials, Information
Technology, Materials, Telecommunication Services and Utilities. These indices
are calculated using the same guiding principles that apply to all Standard &
Poor’s indices.
Vanguard Balanced Composite Index: Made up of two unmanaged
benchmarks, weighted 60% Dow Jones Wilshire 5000 Index and 40%
Lehman Aggregate Bond Index through May 31, 2005; 60% MSCI U.S.
Broad Market Index and 40% Lehman Aggregate Bond Index thereafter.
Vanguard Wellington Composite Index: is a combination of unmanaged industry benchmarks: 65% S&P 500 Index and 35% Lehman Credit A
or Better Index. Prior to March 1, 2000, weighted 65% S&P 500 Index and
35% Lehman Long Credit AA or Better Index.
revised 1/2/07

Investment Fact Sheets

Transcription

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