STRATEGIC PARTNERS MUTUAL FUNDS

S T R AT E G I C PA R T N E R S
SM
MUTUAL FUNDS
OFFERING LEADING MANAGERS
FROM ACROSS THE INVESTMENT INDUSTRY
WHY CHOOSE
STRATEGIC PARTNERS MUTUAL FUNDS
M A N A G E M E N T TA L E N T —
Investment management talent is not concentrated in any single
company, that’s why the managers of Strategic Partners mutual funds
are selected from the entire investment industry.
R E S E A R C H E X P E RT I S E —
We follow an in-depth manager research process that’s been refined
over the last three decades to find mutual fund managers most likely
to deliver a long-term performance advantage.
INVESTMENT CHOICE—
Since your goals are unique and may change over time, Strategic
Partners’ broad array of mutual fund choices can help you address
both your current and long-term investment needs.
MANAGER SELECTION
CAN MAKE THE DIFFERENCE
The performance of the people managing your money can greatly affect your ability
to meet your financial goals. So naturally you want the most talented managers
working for you. That is the idea behind Strategic Partners mutual funds—to offer
investors leading managers not just from a single company, but from the entire
investment industry.
Since there are thousands of managers, finding the best calls for looking beyond the
buzz of this week’s star performer and focusing on managers with the qualities most
likely to help you achieve long-term success.
Our research analysts are experts at choosing those managers. They follow a rigorous
and objective process to evaluate and monitor managers for Strategic Partners funds.
We set the bar high—and we’ll replace managers if changes occur and for some reason
they fall below our standards. It’s a highly specialized, time-consuming approach
dedicated to one specific goal—consistent and competitive performance for you.
WHO’S WATCHING THOSE WHO MANAGE YOUR MONEY?
As you can see in the chart below, millions more households own mutual funds today than
in 1980. The question is, do these investors even know who’s managing their money? Our
analysts do know, and choosing a Strategic Partners mutual fund means that you’re able to
relax because our research group acts as your watchdog.
U.S. H OUSEHOLDS O WNING M UTUAL F UNDS 1980–2003, S ELECTED Y EARS 1
U.S. Households (Millions)
44.4
48.4
51.7
’99
’00
56.3
54.2
53.3
’01
’02
í03
36.8
17.3
4.6
’80
9.0
10.2
’82
’84
’86
22.2
23.4
25.8
’88
’90
’92
30.2
’94
’96
’98
Source: Fundamentals, Investment Company Institute, Vol. 12, No. 4, October 2003.
1
Households owning mutual funds in 1980 through 1986 were estimated by dividing the total number of household accounts by the number of accounts
per household. Beginning in 1988, mutual fund ownership is estimated through household surveys. Estimates for 1988 through 1992 exclude households
owning mutual funds only through employer-sponsored retirement plans; estimates for 1994 through 2003 include households owning mutual funds only
through employer-sponsored retirement plans; and estimates for 1998 through 2003 include fund ownership through variable annuities.
1
How Strategic Partners Evaluates Managers
Our team of experienced analysts applies a rigorous and disciplined evaluation process that has evolved
over the past 30 years. Our goal is to find the managers most likely to deliver the long-term performance
advantage you need to reach your goals.
We employ both quantitative and qualitative tools—from complex computer analytics and databasescreening software to on-site visits and interviews—to get a personal feel for how an asset
management firm operates. At the center of the investment manager review process is the consistent
application of our proprietary evaluation model, which forms the basis of both manager selection and
ongoing monitoring.
PROCESS
■ Quality of investment
process and implementation
■ Quality of research and judgment
E
PL
PEO
RFO
RMANCE
S TRATEGIC PARTNERS
M ANAGER
E VALUATION M ODEL
ER
A
TI
E
OP
OPERATIONS
■ Sound management
and ownership structure
■ Responsive client service
PROCESS
PE
PEOPLE
■ Investment team talent,
experience, and quality
■ Team stability and
motivation to succeed
■ Team experience
working together
ON
S
COM
A
PLI
NC
COMPLIANCE
■ Demonstrated commitment
to ethical practices
2
PERFORMANCE
■ Consistent
performance
■ Proven
trading skills
BUILDING YOUR INVESTMENT PROGRAM
WITH STRATEGIC PARTNERS
Whether you’re looking for capital growth, current income, or a combination of the
two, Strategic Partners funds feature a wide range of choices designed to meet your
investment needs. These funds can be especially useful to investors following a longterm asset allocation strategy.
Asset allocation helps you match the strategies and objectives of different funds to
your specific needs. It can help you identify an appropriate mix of investments by
balancing your goals, risk tolerance, and time horizon while taking into account the
historical returns of different asset classes. Strategic Partners even offers three funds
that provide a complete asset allocation in a single investment based on an investor’s
risk profile.
We recommend that you develop a personal
asset allocation with the help of a financial
professional who knows you, understands
your goals and reasons for investing, and the
amount of risk you’re comfortable assuming.
Since your needs may change over time,
it’s important to periodically review your
portfolio with your financial professional.
Combining Managers
Some of the funds use the
complementary styles of
more than one manager. This
“multi-manager” approach is
often used by pension funds
and other large investors to
smooth out fluctuations in
investment returns without
sacrificing the potential for
higher returns.
3
S T R AT E G I C P A RT N E R S M U T U A L F U N D L I N E U P
Strategic Partners mutual funds offer investors leading managers not just from a single company, but from
across the entire investment industry. The following investment managers have earned a spot in the family.
A S S E T A L L O C AT I O N F U N D S
Strategic Partners Conservative Growth Fund [A, B, C, D, E, F, H]
Strategic Partners Moderate Growth Fund [A, B, C, D, E, F, H]
Strategic Partners High Growth Fund [A, B, C, D]
EARNEST Partners, LLC and its predecessor firms began managing equities in 1993. The managers use a
proprietary process to find stocks with strong relative values. EARNEST manages the small-/mid-cap
value investments for the Funds.
Jennison Associates has more than 30 years of experience managing stock portfolios for customers
ranging from individuals to large institutions. Jennison manages both large-cap growth and large-cap
value investments for the Funds.
Lazard is a division of Lazard Frères and Company. Lazard, which handles international investments for
the Moderate Growth and High Growth Funds, evaluates more than 4,500 companies worldwide seeking
undervalued stocks of fundamentally sound companies.
Pacific Investment Management Company (PIMCO), which handles core fixed income investments for
the Conservative Growth and Moderate Growth Funds, was established in 1971. It manages assets for
clients that include some of the largest U.S. pension funds.
Prudential Investment Management is one of the industry’s largest high yield investment managers. It
handles high yield fixed income investments for the Conservative Growth and Moderate Growth Funds.
The team’s credit research expertise is key to its process.
RS Investments is a San Francisco-based investment management firm focused on equity investments in
small to midsize companies. RS manages the small-/mid-cap growth investments for the Funds.
L A R G E C A P I TA L I Z AT I O N S T O C K F U N D S
Strategic Partners Capital Growth Fund (formerly ASAF Marsico Capital Growth Fund) [A, B, D, E, I]
Marsico Capital Management was founded in 1997 by Tom Marsico. The team believes that what
enables it to transform potential opportunities into investments is a strategic process that blends indepth research with concentrated fundamentals.
Strategic Partners Concentrated Growth Fund (formerly ASAF Goldman Sachs Concentrated Growth Fund) [A, B, D, E, G, I]
Goldman Sachs Asset Management, a business unit of the Investment Management Division of
Goldman, Sachs & Co., seeks to deliver strong, consistent investment results built on its global resources
and relationships, thoughtful analysis and research, as well as effective risk management.
[A] Common Stocks. [B] Foreign Securities. [C] Small-/Mid-Cap Stocks. [D] Derivative Strategies. [E] Bonds and Fixed Income Securities. [F] High Yield Securities (“junk” bonds).
[G] “Nondiversified Status.” [H] High Portfolio Turnover. [I] Initial Public Offerings.
4
SEE BACK PAGE FOR RISK FACTORS.
L A R G E C A P I TA L I Z AT I O N S T O C K F U N D S ( C O N T D )
Strategic Partners Core Value Fund (formerly ASAF Sanford Bernstein Core Value Fund) [A, D, E]
Ranked among the premier money management firms, Sanford C. Bernstein & Co. was founded in 1967
and is now a unit of Alliance Capital Management. Research is the cornerstone of its reputation, and it is
well known for having one of the largest and farthest-reaching investment research forces in the industry.
Strategic Partners Equity Fund [A, B, D]
Jennison Associates has over 30 years of experience managing stock portfolios for customers ranging
from individuals to large institutions. The team looks for companies with expected earnings growth rates
greater than the market, but with price earnings less than the market.
Salomon Brothers Asset Management was established in 1989. The manager looks for high-quality
companies with good management, an attractive valuation, and a catalyst for stock price appreciation.
GE Asset Management is a wholly owned subsidiary of General Electric Company and is one of the
largest managers of institutional assets in the United States. Through fundamental, bottom-up analysis,
GE seeks to identify the best stocks to hold in each sector, while also identifying catalysts that should
lead to outperformance.
Strategic Partners Equity Income Fund (formerly ASAF Alliance Growth and Income Fund) [A, B, D, E]
Alliance Capital Management L.P. is a leading global investment management firm. Known for its
research expertise in both growth-style and value-style equities, Alliance emphasizes a consistent bottomup research approach that is designed to perform well over long periods of time in all market cycles.
Strategic Partners Focused Growth Fund [A, B, C, D, G]
Jennison Associates has more than 30 years of experience managing growth stock portfolios. It looks for
companies that show superior absolute and relative earnings growth and that are also attractively valued.
Alliance Capital Management L.P. is a leading global investment management firm. Known for its
research expertise in both growth-style and value-style equities, Alliance emphasizes a consistent bottomup research approach that is designed to perform well over long periods of time in all market cycles.
Strategic Partners Focused Value Fund [A, B, C, D, G]
Davis Advisors was established in 1969. Davis looks to buy strong, overlooked companies that are
selling at a discount. The Davis team strives for “all weather” performance in both up and down markets.
Salomon Brothers Asset Management was established in 1989. It seeks a mix of value stocks and shares
of companies with growth-oriented potential that it believes are priced well below their true value.
Salomon considers companies of all sizes and from any sector.
SEE BACK PAGE FOR RISK FACTORS.
5
L A R G E C A P I TA L I Z AT I O N S T O C K F U N D S ( C O N T D )
Strategic Partners Growth with Income Fund (formerly ASAF MFS Growth with Income Fund) [A, B, D, E]
A global asset manager, MFS was founded in 1924 when it invented America’s first mutual fund. In 1932
it created one of the first in-house research departments in the industry. MFS equity portfolios are built
around the firm’s trademarked MFS Original Research® process, a proprietary process that is driven by its
analysts’ bottom-up research on every stock held in the company’s equity portfolios.
Strategic Partners Large Cap Growth Fund [A]
Oak Associates was founded in 1985 and currently manages assets for pension plans, endowments,
municipalities, and individuals. Oak concentrates in the market sectors believed to have the greatest
long-term potential, then focuses on a few key companies in those areas.
Columbus Circle, based in Stamford, Connecticut, has managed money for more than 25 years.
Columbus looks for stocks that show positive business momentum and earnings surprises, often with
earnings higher than their peers.
Strategic Partners Large Cap Value Fund [A]
J. P. Morgan Investment Management Inc. is a wholly owned subsidiary of J.P. Morgan Chase & Co., a
bank holding company founded in 1861. Its quantitative model provides an objective screening process
driven by internal fundamental research.
Hotchkis and Wiley specializes in managing assets for corporate, public endowment, and other
institutional clients. The firm focuses on stocks with a history of higher-than-average dividend yields,
believing that this and increases in book value lead to superior stock performance.
Strategic Partners Managed Index 500 Fund (formerly ASAF Sanford Bernstein Managed Index 500 Fund) [A, D, E]
Ranked among the premier money management firms, Sanford C. Bernstein & Co. was founded in 1967
and is now a unit of Alliance Capital Management. Research is the cornerstone of its reputation, and it is
well known for having one of the largest and farthest-reaching investment research forces in the industry.
Strategic Partners Managed OTC Fund (formerly ASAF ProFund Managed OTC Fund) [A, D, G]
Founded in 1997 and based in Bethesda, Maryland, ProFund Advisors offers the largest selection of
indexed mutual funds. ProFund pioneered the concept of applying leveraged investment techniques to
index funds and managing “inverse index funds.” These funds are designed to give investors the potential
to outperform a specified index.
[A] Common Stocks. [B] Foreign Securities. [C] Small-/Mid-Cap Stocks. [D] Derivative Strategies. [E] Bonds and Fixed Income Securities. [F] High Yield Securities (“junk” bonds).
[G] “Nondiversified Status.” [H] High Portfolio Turnover. [I] Initial Public Offerings.
6
SEE BACK PAGE FOR RISK FACTORS.
M I D C A P I TA L I Z AT I O N S T O C K F U N D S
Strategic Partners Mid Cap Growth Fund (formerly ASAF Goldman Sachs Mid-Cap Growth Fund) [A, B, C, D, E]
Goldman Sachs Asset Management, a business unit of the Investment Management Division of
Goldman, Sachs & Co., seeks to deliver strong, consistent investment results built on its global resources
and relationships, thoughtful analysis and research, as well as effective risk management.
Strategic Partners Mid Cap Value Fund [A, B, C, D, G]
Harris Associates L.P., which also advises the Oakmark family of funds, is a value specialist. It manages
portfolios using a value-oriented, long-term investment philosophy and a fundamental, research-driven
stock selection process.
Mercury Advisors is the third party distribution arm of Merrill Lynch Investment Managers, a
pre-eminent global asset management firm. It offers institutional-quality investment products, taking
advantage of its size, global reach, and risk management process.
Strategic Partners New Era Growth Fund [A, B, C, D, E, F, G, H, I]
Jennison Associates has more than 30 years of experience managing growth stock portfolios. It looks for
companies with solid, visible earnings growth, steady cash flow, and strong balance sheets.
CALAMOS INVESTMENTS is a leading money manager that has specialized in security research and
money management since 1977. It uses proprietary models and processes, focusing on long-term
earnings sustainability and return on capital.
Strategic Partners Relative Value Fund (formerly ASAF Neuberger Berman Mid-Cap Value Fund) [A, B, C, D, E, I]
Neuberger Berman has been in the investment business for over 60 years and has worked with one goal:
to build and protect the wealth of its clients. Today, as a Lehman Brothers company, Neuberger Berman
continues to attract and retain top industry professionals whom it groups into investment teams. Each team
pursues its own investment philosophy and style, honed over the years through both bull and bear markets.
S M A L L C A P I TA L I Z AT I O N S T O C K F U N D S
Strategic Partners Managed Small Cap Growth Fund (formerly ASAF DeAM Small-Cap Growth Fund) [A, B, C, D, E]
Deutsche Asset Management was founded in 1870 and is one of the world’s largest investment
management firms. It provides a wide range of asset management services to corporations, financial
institutions, not-for-profit organizations, and public and private pension funds. Deutsche leverages the
expertise of more than 400 portfolio managers and analysts in over 60 countries.
Strategic Partners Small Cap Growth Fund [A, C, H, I]
Westcap Investors, located in Los Angeles, is a registered investment adviser that was founded in 1992.
It employs strong fundamental analysis, style purity, and a risk-aware process. Westcap uses both a topdown and bottom-up approach to investing.
RS Investments is a San Francisco-based investment management firm focused on equity investments in
small to midsize companies. RS is an independent, privately held money management firm.
SEE BACK PAGE FOR RISK FACTORS.
7
S M A L L C A P I TA L I Z AT I O N S T O C K F U N D S ( C O N T D )
Strategic Partners Small Cap Growth Opportunity Fund (formerly ASAF PBHG Small-Cap Growth Fund) [A, B, C, D, I]
State Street Research & Management Company, with a history dating back to 1924, is one of the nation’s
first investment management organizations. The Boston-based firm is a subsidiary of MetLife, one of the
world’s largest financial services companies. The firm actively manages stock, bond, and balanced
portfolios for both institutional and individual investors.
Strategic Partners Small Cap Value Fund [A, C]
NFJ Investment Group, based in Dallas, Texas, was founded in 1989 and is a wholly owned subsidiary
of Allianz Dresdner Asset Manager of America L.P. The firm adheres to a disciplined, value-oriented
philosophy and investment process implemented by an experienced management team.
EARNEST Partners, LLC and its predecessor firms began managing equities in 1993. It uses a proprietary
process to find stocks with strong relative values and sells those with diminishing relative values.
Strategic Partners Small Company Fund (formerly ASAF Gabelli Small-Cap Value Fund) [A, B, C, D, E]
Established in 1976, Gabelli Asset Management Company was founded to focus on value investing. The
firm’s approach to investing is research-driven, and its valuation methodology relies on three key
elements: free cash flow, earnings per share trends, and private market value or the value that it believes
informed investors would willingly pay for a company.
SECTOR STOCK FUNDS
Strategic Partners Health Sciences Fund (formerly ASAF INVESCO Health Sciences Fund) [A, B, D]
INVESCO has been in the investment management business for more than 70 years. In 1997 INVESCO
and AIM Management Group merged to form AMVESCAP, a premier global investment organization.
INVESCO uses a bottom-up approach to security selection.
Strategic Partners Real Estate Securities Fund [A, B, G]
Founded in 1928, Wellington Management is one of the largest independent investment management
companies in the world. Wellington has a long history of specializing in sector fund management and
real estate investment trusts.
Strategic Partners Technology Fund (formerly ASAF INVESCO Technology Fund) [A, D, E]
The Dreyfus Corporation, established in 1951, became a wholly owned subsidiary of Mellon Financial
Corp. after its merger in 1994. Their analysts use a combination of non-proprietary research and
company visits to reach their conclusion on various stocks.
[A] Common Stocks. [B] Foreign Securities. [C] Small-/Mid-Cap Stocks. [D] Derivative Strategies. [E] Bonds and Fixed Income Securities. [F] High Yield Securities (“junk” bonds).
[G] “Nondiversified Status.” [H] High Portfolio Turnover. [I] Initial Public Offerings.
8
SEE BACK PAGE FOR RISK FACTORS.
G L O B A L / I N T E R N AT I O N A L S T O C K F U N D S
Strategic Partners International Growth Fund (formerly ASAF William Blair International Growth Fund) [A, B, D, E, I]
William Blair & Company, a Chicago-based firm, was founded in 1935 and is known for its proprietary, indepth research. It has offices in Chicago, Hartford, San Francisco, London, Tokyo, Vaduz, and Zurich. The
firm’s investment philosophy defines quality growth companies as those that demonstrate consistent and
high rates of growth, superior profitability, conservative finances, and ongoing management excellence.
Strategic Partners International Value Fund [A, B, D, E]
Bank of Ireland Asset Management (U.S.) Limited (BIAM) is a subsidiary of the Bank of Ireland Group,
which has offices worldwide. BIAM has over 30 years of global investing experience using an
international value management and team approach.
A BALANCE
OF
STOCKS
AND
BONDS
Strategic Partners Balanced Fund (formerly ASAF American Century Strategic Balanced Fund) [A, B, D, E]
Established in 1962, American Century Investments is a full-service investment management firm that is
a leader in both growth and value equity and balanced management styles. It has over 300 equity
research analysts worldwide.
Strategic Partners Capital Income Fund (formerly ASAF INVESCO Capital Income Fund) [A, B, E]
Founded in 1937 by Thomas Rowe Price, Jr., the Baltimore-based asset management firm is one of the
nation's leading providers of mutual funds for individual investors and corporate retirement programs.
Its investment approach strives to achieve solid performance and always tries to balance the risk against
the potential rewards.
TA X A B L E B O N D F U N D S
Strategic Partners Bond Fund (formerly ASAF PIMCO Total Return Bond Fund) [B, D, E, F, H]
Pacific Investment Management Company (PIMCO), established in 1971, manages fixed income
investments for clients that include many of the largest U. S. pension funds. PIMCO is known as
the fixed income specialist that pioneered the “total return” approach to investing. The firm uses a
conservative investment philosophy with a long-term orientation.
Strategic Partners High Yield Bond Fund (formerly ASAF Federated High Yield Bond Fund) [A, B, D, E, F]
Goldman Sachs Asset Management, a business unit of the Investment Management Division of
Goldman, Sachs & Co., seeks to deliver strong, consistent investment results built on its global resources
and relationships, thoughtful analysis and research, as well as effective risk management.
Strategic Partners Total Return Bond Fund [B, D, E, F, H]
Pacific Investment Management Company (PIMCO), established in 1971, manages fixed income
investments for clients that include many of the largest U. S. pension funds. PIMCO is known as the
fixed income specialist that pioneered the “total return” approach to investing. The firm uses a
conservative investment philosophy with a long-term orientation.
SEE BACK PAGE FOR RISK FACTORS.
9
STRATEGIC PARTNERS
RISK/REWARD SPECTRUM
By offering investments across a wide range of asset classes, Strategic Partners mutual
funds are able to offer suitable choices to meet your investment needs.2
Funds are listed alphabetically within broad risk categories. The funds’ positions in
the spectrum were determined as of January 31, 2004, based on a number of factors,
including historic volatility measurements, asset class, and investment style. The
spectrum is not indicative of the future volatility or performance of a fund. Relative
positions of a fund within the spectrum may change.
S T R AT E G I C PA RT N E R S F U N D S
Strategic Partners
Bond Fund
Strategic Partners
Balanced Fund
Strategic Partners
Core Value Fund
Strategic Partners
International Value Fund
Strategic Partners
Equity Fund
Strategic Partners
Large Capitalization Value Fund
Strategic Partners
Managed Index 500 Fund
Strategic Partners
Real Estate Securities Fund
Strategic Partners
Total Return Bond Fund
LOWER
R IS K /R E
WA R D
▼
10
SEE BACK PAGE FOR RISK FACTORS.
STRATEGIC PARTNERS ASSET ALLOCATION FUNDS
Strategic Partners
High Growth Fund
▼
Strategic Partners
Moderate Growth Fund
H IG H E R
Strategic Partners
Conservative Growth Fund
LOWER
R IS K /R E
R IS K /R E
WA R D
WA R D
▼
Strategic Partners
Concentrated Growth Fund
Strategic Partners
Large Capitalization Growth Fund
Strategic Partners
Focused Growth Fund
Strategic Partners
Capital Income Fund
Strategic Partners
Managed Small Cap Growth Fund
Strategic Partners
Health Sciences Fund
Strategic Partners
Equity Income Fund
Strategic Partners
Mid Cap Growth Fund
Strategic Partners
High Yield Bond Fund
Strategic Partners
Focused Value Fund
Strategic Partners
New Era Growth Fund
Strategic Partners
International Growth Fund
Strategic Partners
Growth with Income Fund
Strategic Partners
Small Cap Growth Opportunity Fund
Strategic Partners
Managed OTC Fund
Strategic Partners
Mid Cap Value Fund
Strategic Partners
Small Capitalization Growth Fund
Strategic Partners
Technology Fund
Strategic Partners
Relative Value Fund
Strategic Partners
Small Company Fund
Strategic Partners
Small Capitalization Value Fund
2
H IG H E R
R IS K /R E
▼
Strategic Partners
Capital Growth Fund
WA R D
MoneyMart Assets, Inc. is the money market fund that is available for both exchanges and direct purchases.
SEE BACK PAGE FOR RISK FACTORS.
11
S T R AT E G I C P A RT N E R S M U T U A L F U N D S T Y L E B O X
DOMESTIC EQUITY FUNDS
VALUE
BLEND
GROWTH
LARGE
CAP
FUNDS
Strategic Partners Capital Income Fund
Strategic Partners Core Value Fund
Strategic Partners Equity Income Fund
Strategic Partners Focused Value Fund
Strategic Partners Large Cap Value Fund
Strategic Partners Equity Fund
Strategic Partners Growth with
Income Fund
Strategic Partners Managed Index
500 Fund
Strategic Partners Capital Growth Fund
Strategic Partners Concentrated
Growth Fund
Strategic Partners Focused Growth Fund
Strategic Partners Large Cap Growth Fund
Strategic Partners Managed OTC Fund
MID/
M U LT I
CAP
FUNDS
Strategic Partners Mid Cap Value Fund
Strategic Partners Relative Value Fund
Strategic Partners High Growth Fund
Strategic Partners Mid Cap Growth Fund
Strategic Partners New Era Growth Fund
SMALL
CAP
FUNDS
Strategic Partners Small Cap Value Fund
Strategic Partners Small Company Fund
Strategic Partners Managed Small Cap
Growth Fund
Strategic Partners Small Cap Growth Fund
Strategic Partners Small Cap Growth
Opportunity Fund
I N T E R N AT I O N A L E Q U I T Y F U N D S
VALUE
LARGE
CAP
FUNDS
Strategic Partners International Value Fund
SECTOR FUNDS
Strategic Partners Health Sciences Fund
Strategic Partners Real Estate Securities Fund
Strategic Partners Technology Fund
12
BLEND
A BALANCE OF STOCK AND BOND FUNDS
Strategic Partners Balanced Fund
Strategic Partners Conservative Growth Fund
Strategic Partners Moderate Growth Fund
GROWTH
Strategic Partners International Growth Fund
FIXED INCOME FUNDS
Strategic Partners Bond Fund
Strategic Partners High Yield Bond Fund
Strategic Partners Total Return Bond Fund
R I S K FA C T O R S T O C O N S I D E R F O R I N V E S T M E N T S
S T R AT E G I C P A RT N E R S M U T U A L F U N D S
[A]
IN
Common Stocks. Common stocks can lose value. Stock markets and individual
stocks are subject to price fluctuation, which may be volatile.
[B]
Foreign Securities. Foreign markets, economies, or political systems may
not be as stable as those of the United States. These securities are also subject
to currency fluctuation, which can affect the performance and value of
the portfolio.
[C]
Small-/Mid-Cap Stocks. Stocks of small or midsize companies tend to be
more volatile, and may decline more than those of larger companies.
[D]
Derivative Strategies. Uses derivative strategies, such as futures, options, and
foreign currency forward contracts, to try to improve returns or protect its
assets. These strategies may not have the intended effect, and may magnify
losses or result in missed opportunities.
[E]
Bonds and Fixed Income Securities. Subject to market risk, credit risk,
interest-rate risk, and/or prepayment risk. These risks can result in losses
to the portfolio.
[F]
High Yield Securities (“junk” bonds). Subject to higher risks associated with
lower-rated, higher-yielding debt securities, including a greater risk of default
and potential liquidation.
[G]
“Nondiversified Status.” May be more prone to market shifts than a more
broadly diversified portfolio because of its exposure to a smaller number
of companies.
[H]
High Portfolio Turnover. Results in higher brokerage commissions and other
transaction costs, which may negatively affect the portfolio’s performance.
[I]
Initial Public Offerings. May participate in initial public offerings (IPOs) to
seek to increase the portfolio’s performance. As the portfolio’s assets grow,
the impact of IPO investments on returns will likely decline.
For more information about Strategic Partners mutual funds, call your financial professional for a free prospectus or visit www.strategicpartners.com. You
should consider the funds’ investment objectives, risks, and sales charges and expenses carefully before investing. The prospectus will contain this and
other information about the investment company. Please read the prospectus carefully before investing.
Shares of Strategic Partners mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). PIMS is a Prudential Financial company and member SIPC.
MUTUAL FUNDS:
ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY
IFS-A095922 MFSP602 Ed. 09/01/2004
MAY LOSE VALUE
ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE