1. Jennison Conservative Growth Fund
What is changing?
On September 20th, the Strategic Partners Large Cap Growth Fund will no longer be co-managed by Oak Associates and Columbus Circle Investors. All assets within this fund will be solely managed by Jennison Associates.
The Fund will be renamed the Jennison Conservative Growth Fund. The Fund will then move from the Strategic Partners fund family into the JennisonDryden fund family.
The investment approach will use Jennison’s time-tested growth investing process complimented by portfolio construction that results in a lower risk profile.
Why is there a change being made?
The Fund has trailed the Lipper Large-Cap Growth category over the past 1-, 3- and 5-year time periods as of 6/30/2005. (See last slide for more info and SEC standardized fund performance) In light of this underperformance, we feel that Jennison’s Conservative Growth strategy, which they currently run on an institutional level, will appeal to retail investors. The Conservative Growth composite has outpaced both the Lipper Large-Cap Growth category and Russell 1000 Growth Index over the past 1- and 3-year periods, as of 6/30/2005. (A complete description of the composite is available upon request)
By having just one manager oversee the fund, Jennison can fully leverage the fund’s assets, which now total less than $100 million, when making its stock selections.
This move helps broaden the choices within JennisonDryden’s large-cap growth lineup to three funds.
Past performance is not indicative of future results.

2. Jennison Conservative Growth Fund
What are the benefits of this change?
Strategy: Using Jennison’s time-tested growth investing approach, the Fund will invest primarily in larger-cap equity securities believed to have sustainable, above market growth in revenues, earnings and cash flows at valuations comparable to the market.
Research: Jennison’s team of analysts provide the tools necessary to find stocks that properly fit the fund’s investment strategy. Morningstar has praised Jennison’s research capabilities, stating in a review dated 5/17/2004 that the firm “does what it takes to recruit and maintain a strong analyst corps.”
Management: Portfolio managers Kathleen McCarragher, Michael Del Balso and Blair Boyer have a combined 85 years of investment experience.
What are some highlights of the new strategy?
The portfolio seeks long-term capital appreciation with less downside than traditional large-cap growth funds when growth is out-of-favor.
Jennison’s investment philosophy is composed of a bottom-up stock selection process which leverages their fundamental research capabilities as well as a highly interactive investment process between the fund’s mangers and research analysts.
Past performance is not indicative of future results.

3. Jennison Conservative Growth Jennison Select Growth
New JennisonDryden Large-Cap Growth lineup
Less Aggressive
Opportunity for out-performance/volatility vs. benchmark
More Aggressive
Fund Name
Jennison Conservative Growth
Jennison Growth
Jennison Select Growth
Fund Type
Conservative Growth
Traditional Growth
Focused Growth
Primary Approach
Proprietary Fundamental Research
Investment Objective
Seeks long-term capital appreciation
Seeks long-term growth of capital
Investment Strategy
Invests primarily in larger-cap equity securities believed to have sustainable, above market growth in revenues, earnings and cash flows at valuations comparable to the market.
Invests primarily in larger-capitalization equity securities believed to have above average growth prospects. While valuation is considered, it is not a primary factor.
Jennison purchases stocks in which they have a high level of conviction for out-performance in the intermediate and long term, with limited downside potential in the short term.
Benchmark
S&P 500
Russell 1000 Growth Index
General Performance Expectations
Alpha-oriented with similar active risk to the overall market
Alpha-oriented with moderate active risk
Alpha-oriented with relatively high active risk
Expected Performance in a Growth-Driven Market
Expected to under-perform more traditional large-cap growth peers
Expected to perform in line with traditional large-cap growth peers
Expected to outperform more traditional large-cap growth peers.
Expected Performance in a Value-Driven Market
Expected to outperform more traditional large-cap growth peers
Expected to under-perform more traditional large-cap growth peers.
Read slide for details on each portfolio manager.

4. There is no assurance the fund’s objective will be achieved.
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 objective will be achieved.
Past performance is no guarantee of future results and current performance may be lower or higher than the past performance data quoted. Investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance update visit our website at Maximum sales charge is 5.5%.
SEC standardized returns for the fund as of 6/30/05 are as follows: 1-year, -5.63%, 3-year, 2.94%, 5-year, %, since inception (11/3/99) –6.28%.
Lipper average is based on the average return of all funds in this category as of 12/31/04 and does not take into account applicable sales charges. Unless otherwise noted, Lipper Averages and Index returns reflect performance beginning the closest available date to the Fund’s inception. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies (largest 1,000 U.S. companies, based on market capitalization) with higher price-to-book ratios and higher forecasted growth values. An investment cannot be made directly in the index.
Jennison Associates 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 Ed. 9/2005