1. Dryden Strategic Value
What is changing?
On September 20th, Strategic Partners (SP) Focused Value Fund will transfer all assets from Davis Advisors and Salomon Brothers to Quantitative Management Associates (QMA).
The Fund will be renamed as the Dryden Strategic Value Fund.
The Fund will be moved from the SP fund family to the JennisonDryden (JD) fund family.
The Fund will be moving from focused to diversified.
Why is there a change being made?
Adding QMA as the sole manager of the fund could improve performance:
Existing QMA Value Equity strategy, based on composite data, ranks in the top decile on a 1-, 3- and 5-year basis versus the Lipper Large-Cap Value Funds Average as of 6/30/05. Past performance is not indicative of future results.
The SP Focused Value Fund has trailed the Lipper Large-Cap Value average over the past year-to-date, 1-year and since inception time periods, as of 6/30/05.
Reposition the fund from the over-crowded LC Value space of Strategic Partners.
Attractive compliment to the one existing LCV fund in the JD line - Jennison Value Fund
Changes in management team at Salomon over the past two years.
Developing, implementing and and maintaining a diversified portfolio for your clients takes a lot of time and effort….until now

2. Dryden Strategic Value
What are the benefits of this change?
Estimated drop in management fees of 10 basis points.
Experience: Highly experienced, stable team of investment professionals running a Strategic Value strategy. Portfolio managers Margaret Stumpp, John Leib, and Deborah Woods have a combined total of 66 years of investment experience.
What are some highlights of the new strategy?
QMA uses a proprietary measure of historical operating earnings to calculate a normalized P/E ratio for each stock. Based on the P/E rankings they buy and sell securities based on valuations.
Typically buy candidates have P/E’s in the lowest P/E quintile relative to the S&P universe.
Typically, sell candidates have P/E’s in the top three P/E quintiles.
Invests in a broad cross-section of out-of-favor stocks (125 – 200).

3. Dryden Strategic Value Fund Positioning vs
Dryden Strategic Value Fund Positioning vs. JD Large-Cap Value Stylebox Peers
Less Aggressive
Opportunity for out-performance/volatility vs benchmark
More Aggressive
Fund Name
Jennison Value Fund
Dryden Strategic Value Fund
Fund Type
Traditional Value
Deep Value
Primary Approach
Proprietary Fundamental Research
Quantitative Research
Investment Objective
Seeks long-term capital appreciation
Seeks long-term growth of capital
Investment Strategy
Invests primarily in larger-cap equity securities expected to provide investment returns above those of the Russell 1000 Value Index and, over the long term, the Standard & Poor's 500 Index.
Invests primarily in out-of-favor large-cap equity securities with low price/earnings (P/E) ratios. These securities have historically outperformed the broad stock market averages.
Benchmark
Russell 1000 Value Index
General Performance Expectations
Alpha-oriented with moderate active risk
Alpha-oriented with moderate to high active risk
Expected Performance in a Value Market
Expected to perform in line with traditional large-cap value peers
Expected to out-perform traditional value peers.
Expected Performance in a Growth Market
Expected to compete strongly versus traditional value peers, as Jennison considers both valuation and EPS growth.
While diversified among value stocks, the strategy is driven by a low P/E, out-of-favor style of investing. As such, the fund would be expected to under-perform traditional peers.

4. For more information about the Jennison Dryden and Strategic Partners funds, see the prospectus. Your clients should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. The prospectus will contain this and other information about the investment company. Clients should read the prospectus carefully before investing. There is no assurance the fund’s investment objective will be achieved.
SEC standardized returns for Class A shares of the fund as of 6/30/05 are as follows: 1-year, 0.47%, 3-year, 8.75%, 5-year and 10-Year, N/A, since inception (3/30/01), 1.63%.
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. For the most recent month-end performance go to Maximum sales charge is 5.5%.
P/E Ratio - A valuation ratio of a company's current share price compared to its per-share earnings.
Russell 1000 Value Index - measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. These stocks are selected from the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.
The Lipper Large-Cap Value Funds Average includes funds which invest at least 75% of their equity assets in companies with market caps above 300% of the dollar-weighted median of the S&P Mid-Cap 400 Index, invest in companies considered to be undervalued, and have below-average price-to-earnings ratio, price-to-book ratio, and 3-year earnings growth figure. Lipper Average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges.
Quantitative Management Associates LLC is a Registered Investment Advisor and a Prudential Financial company. JennisonDryden is a registered trademark of The Prudential Insurance Company of America.
Mutual fund shares are distributed by Prudential Investment Management Services LLC (PIMS), a Prudential Financial company. JennisonDryden is a registered service mark of The Prudential Insurance Company of America.
IFS- A Edition date 9/2005