investment fact sheets

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

PruSecure AccountKey Facts

ISSUER: The Prudential Insurance Company of America

INVESTMENT ADVISER: Prudential InvestmentManagement, Inc.

FUND CATEGORY: Stable ValueNET ASSETS: $5,773 MillionINCEPTION DATE: Jan. 1982

Investor Risk Profile

589252-406INST-20061227-A018507

This Fund may be suitable for investors who seek:■ Preservation of capital plus attractive intermediate-term returns.■ Liquidity and income.

Portfolio Allocation As of 12/31/2006

Claims-paying ratings represent the opinions of rating agencies regarding the financial ability of an insurancecompany to meet its obligations under its insurance policies.

According to Standard & Poor’s publications, an insurer rated “AA-” has very strong financial security characteris-tics, differing only slightly from those rated higher. An insurer rated “AAA” has extremely strong financial securitycharacteristics. “AAA” is the highest Insurer Financial Strength Rating assigned by Standard & Poor’s.

Moody’s indicates that “Aa3” rated insurance companies offer excellent financial security. Insurance companiesrated “Aaa” offer exceptional financial security. In addition, Moody’s appends numerical modifiers 1, 2, 3 to eachgeneric rating classification, with 1 being the highest and 3 being the lowest. While the credit policy of these compa-nies is likely to change, such changes as can be visualized are most unlikely to impair their fundamentally strongposition. “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 con-tract obligations. Risk factors are modest, and the impact on any adverse business and economic factors is expectedto be very small. According to Fitch, “AAA” is Exceptionally Strong. Insurers assigned this highest rating are viewedas 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 extremelysmall. “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 policyhold-ers. An “A++” rating is assigned to companies that have, in their opinion, a superior ability to meet their ongoingobligations 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 aredeposited 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) arePrudential 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.

OBJECTIVE AND STRUCTURE

The PruSecure Account (the “Fund”) is a stable value product designed to provide safety ofprincipal, 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 ofAmerica.

■ The guaranteed interest crediting rate is announced in advance and is guaranteed for a sixmonth 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 actualperformance of the portfolio.

■ The Fund invests in a diversified portfolio of fixed income instruments (primarily privateplacement bonds, intermediate-term bonds and commercial mortgages) within ThePrudential 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 amountswithdrawn. Amounts withdrawn may also be subject to a Market Value Adjustment if portfolio withdrawal thresholds are met or exceeded.

■ Interest is credited daily.

The PruSecure crediting rate is guaranteed by The Prudential Insurance Company of America which enjoys the following ratings:

U.S. Treasury Rates As of 12/31/2006

Fourth Quarter 2006 Fund Fact Sheet

3.5%

4.0%

4.5%

5.0%

5.5%

DecNovOctSepAugJulJunMayAprMarFebJan

3 Year2006

CREDITING RATE*: 4.00%

Public Corporate Bonds 35%

Mortgage Loans* 22%

Private Securities 22%

Government Bonds 3%

Public Structured Bonds 16%

Cash and Other 2%

Rating Agency Rating DescriptionMoody’s Aa3 ExcellentStandard & Poor’s AA- Very StrongA.M. Best A+ SuperiorFitch AA- Very Strong

* Effective 1/1/07; for the period 1/1/07 – 6/30/07.

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 wasused to purchase these securities.

PruSecure AccountKey Facts

ISSUER: The Prudential Insurance Company of America

INVESTMENT ADVISER: Prudential InvestmentManagement, Inc.

FUND CATEGORY: Stable ValueNET ASSETS: $5,773 MillionINCEPTION DATE: Jan. 1982


589252-406/New York ed.INST-20061227-A018507

This Fund may be suitable for investors who seek:■ Preservation of capital plus attractive intermediate-term returns.■ Liquidity and income.


Claims-paying ratings represent the opinions of rating agencies regarding the financial ability of an insurancecompany to meet its obligations under its insurance policies.

According to Standard & Poor’s publications, an insurer rated “AA-” has very strong financial security characteris-tics, differing only slightly from those rated higher. An insurer rated “AAA” has extremely strong financial securitycharacteristics. “AAA” is the highest Insurer Financial Strength Rating assigned by Standard & Poor’s.

Moody’s indicates that “Aa3” rated insurance companies offer excellent financial security. Insurance companiesrated “Aaa” offer exceptional financial security. In addition, Moody’s appends numerical modifiers 1, 2, 3 to eachgeneric rating classification, with 1 being the highest and 3 being the lowest. While the credit policy of these compa-nies is likely to change, such changes as can be visualized are most unlikely to impair their fundamentally strongposition. “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 con-tract obligations. Risk factors are modest, and the impact on any adverse business and economic factors is expectedto be very small. According to Fitch, “AAA” is Exceptionally Strong. Insurers assigned this highest rating are viewedas 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 extremelysmall. “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 policyhold-ers. An “A++” rating is assigned to companies that have, in their opinion, a superior ability to meet their ongoingobligations 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 aredeposited 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) arePrudential 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.

OBJECTIVE AND STRUCTURE

The PruSecure Account (the “Fund”) is a stable value product designed to provide safety ofprincipal, 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 ofAmerica.

■ The guaranteed interest crediting rate is announced in advance and is guaranteed for a sixmonth 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 actualperformance of the portfolio.

■ The Fund invests in a diversified portfolio of fixed income instruments (primarily privateplacement bonds, intermediate-term bonds and commercial mortgages) within ThePrudential Insurance Company of America’s general account.

■ Amounts withdrawn may be subject to a Market Value Adjustment if individual accountwithdrawal thresholds are met or exceeded.

■ Interest is credited daily.

The PruSecure crediting rate is guaranteed by The Prudential Insurance Company of America which enjoys the following ratings:

U.S. Treasury Rates As of 12/31/2006

Fourth Quarter 2006 Fund Fact SheetNew York Version

3.5%

4.0%

4.5%

5.0%

5.5%

DecNovOctSepAugJulJunMayAprMarFebJan

3 Year2006

CREDITING RATE*: 4.00%

Public Corporate Bonds 35%

Mortgage Loans* 22%

Private Securities 22%

Government Bonds 3%

Public Structured Bonds 16%

Cash and Other 2%

Rating Agency Rating DescriptionMoody’s Aa3 ExcellentStandard & Poor’s AA- Very StrongA.M. Best A+ SuperiorFitch AA- Very Strong

* Effective 1/1/07; for the period 1/1/07 – 6/30/07.

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 wasused to purchase these securities.

MoneyMart Assets Series A

Typical Risk / Reward Relationships

PBMXX /Ed 3/31/2007INST-20070510-A021223

Performance* (%) As of 3/31/2007

AVERAGE ANNUAL TOTAL RETURNS

1 Year 3 Year 5 Year 10 YearMoneyMart Assets – Series A 4.69% 2.92% 2.09% 3.41%

The 7-Day Current yield as of 3/31/2007 is 4.84%

Citigroup 3 Mo. T-Bill Index 4.98% 3.33% 2.51% 3.67%

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 itsagencies 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, fundingagreements, variable rate demand notes, bills notes, and other obligations issued by banks, corporationsand 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 primaryresponsibility for overseeing the day-to-day management of the fund.

HOW THE FUND IS INVESTED

The Fund invests in high-quality money market instruments to try to provide investors with currentincome while maintaining a stable net asset value of $1 per share. We manage the Fund to comply withspecific rules designed for money market mutual funds. This means that we manage the Fund's portfolioto 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 thirteenmonths, 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, general-ly, that the instruments we purchase present "minimal credit risk" and are of "eligible quality." "Eligiblequality" for this purpose means a security: (a) rated in one of the two highest short-term rating cate-gories by at least two nationally recognized statistical rating organizations (NRSROs) or, if only oneNRSRO has rated the security, so rated by that NRSRO; (b) rated in one of the three highest long-termrating categories by at least two NRSROs or, if only one NRSRO has rated the security, so rated by thatNRSRO; or (c) if unrated, of comparable quality as determined by the Fund's investment adviser. Allsecurities 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.

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 perfor-mance. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more orless than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the per-formance data quoted. For performance information current to the most recent month end, please call 1-800-458-6333 or visit ourwebsite at www.prudential.com. Performance results reflect the reinvestment of all income earned in the Account. Results are statedprior 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 infor-mation about the investment options available through your accouunt, please call 1-800-458-6333 for a free prospectus that containsthis 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 consecutivemonths. 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 subtractingthe original amount invested from the maturity value. The Index performance reflects reinvestment of earnings, but has not been reduced to reflect the costs associated withinvestment 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 thereinvestment 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. Prudential Financial is a service mark of ThePrudential Insurance Company of America, Newark NJ and its affiliates.

Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.

MONEYMARKET

STABLEVALUE

BONDS

STOCKS

PotentiallyLower Risk

PotentiallyHigher Risk

PotentiallyLower

Reward

PotentiallyHigherReward

The typical risk/reward relationships illustrated here are based solely onthe characteristics of the general investment categories of the investmentoptions and not on actual security holdings, which can change frequently.Risks (potential for loss of principal value) associated with the investmentoptions can vary significantly within each particular investment categoryand the relative risks of the categories may change under certain economicconditions. For a more complete discussion of risks associated with themutual fund options, please read the prospectus carefully before makingyour investment decision. The typical relationships shown do not representactual or implied performance. Based on the investment objective of thisFund, its risk/reward potential is indicated in the illustration.

First Quarter 2007

Fund Fact Sheet

INST-20070510-A023571

First Quarter 2007 Fund Fact Sheet

Target Total Return Bond Fund R Sub-Advised by Pacific Investment Management Company (PIMCO)

Key Facts INVESTMENT ADVISOR: Prudential Investments

LLCFUND CATEGORY: Intermediate-Term BondINDEX: LB 5-10 Yr Govt/Credit®NET ASSETS: $5.2 MillionINCEPTION DATE: 1/5/1993TICKER SYMBOL: TTBRXEXPENSE RATIO: 1.51%PORTFOLIO MANAGER: Chris P. Dialynas


Morningstar Style BoxTM As of 3/31/2007

Data Not Available

Results of $10,000 Investment*

-

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

96 97 98 99 00 01 02 03 04 05 06

Target Total Return Bond $19,712

Annual Performance* Fund Index

▼

2006 2005 2004 2003 2002 2001 2000

2.59% 1.83% 3.95% 8.03% 8.53% 7.50% 9.83%

5.78% 2.12% 5.12% 8.27% 8.20% 12.86% 8.76%

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.

Performance*(%) As of 3/31/2007

Cumulative Returns Average Annual Total Returns _

QTD YTD 1 Year 3 Year 5 Year 10 Year Since

InceptionFund 1.51 1.51 4.79 2.52 5.24 5.90 --- Index▼ 0.88 0.88 5.86 3.38 5.90 6.83 ---

* 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 1.26%. 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. The Portfolio's Distributor has contractually agreed to waive 0.25% annually of the Class R 12b-1 fee through August 31, 2007. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.

Quality Distribution As of 12/31/2006

Data Not Available

Portfolio Characteristics As of 12/31/2006

Fund Index▼ Effective Duration NA NAAverage Maturity NA NAAverage Quality NA NAAverage Coupon 3.05% NA

Sector/Industry Allocation As of 12/31/2006

Cash (%of FI assets) ... 28.78% TIPS ......................... 2.88% Mtg Pass-thru ............. 26.52% Municipal ................ 1.52% US Corporate............... 18.45% Mortgage CMO........ 1.22% US Treasury................. 16.62% Foreign Govt ............ 0.65% Asset-Backed ................ 2.93% US Agency ............... 0.44%

Top Ten Holdings As of 12/31/2006

Fin Fut On 5yr Note ................................................... 10.48% Fin Fut Euro$ Cme 12/17/07 ....................................... 4.65% EuroDollar (Fut) ........................................................... 4.38% Fin Fut Euro$ Cme 9/17/07 ......................................... 4.33% Fin Futures Euribor Lif 6-18-07 Maturity 06/30/07 ..... 4.25% Interest Rate Swap Usd R 3ml/5.00% 06/18/09 Effect 3.65% Federal National Mortage Association ....................... 3.32% Fin Futures Gbp 90 Day Lif 9-19-07 ............................. 2.75% Federal National Mortage Association ....................... 2.70% US Treasury Note 4.875% .......................................... 2.55%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021218

First Quarter 2007 Fund Fact Sheet Dryden Government Income R


LLCFUND CATEGORY: Intermediate GovernmentINDEX: Lehman Brothers

Government Bond®NET ASSETS: $0.8 MillionINCEPTION DATE: 5/17/2004TICKER SYMBOL: JDRVXEXPENSE RATIO: 1.47%PORTFOLIO MANAGERS: Peter Cordrey

Robert Tipp, CFARichard Piccirillo


Data Not Available


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


-

5,000.00

10,000.00

15,000.00

20,000.00

96 97 98 99 00 01 02 03 04 05 06

Dryden Government Income A $16,409


▼

2006 2005 2004 2003 2002 2001 2000

2.91% 1.80% 2.49% 1.44% 9.60% 7.14%

10.98%

3.48% 2.65% 3.48% 2.36% 11.50% 7.23% 13.24%

Objective/Description 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 nomally 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.





* 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 1.22%. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. 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 Disclosure: Investment results assume all distributions are reinvested and reflect applicable fees and 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. The Portfolio's Distributor has contractually agreed to waive 0.25% annually of the Class R 12b-1 fee through August 31, 2007. 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. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.


AAA 99.88% A 0.12%


Fund Index▼ Effective Duration 4.19 Yrs NAAverage Maturity NA NAAverage Quality AAA NAAverage Coupon 4.88% NA


Mtg Pass-thru ............. 33.70% US Treasury ............. 3.31% US Agency................... 27.08% TIPS ......................... 2.04% Cash (%of FI assets) ... 11.88% Foreign Corp ............ 0.74% Mortgage CMO ........... 11.63% Foreign Govt ............ 0.65% US Corporate................. 4.48% Municipal ................ 0.13% Asset-Backed ................ 4.36%


Dryden Core Short Corp Bond ................................... 11.23% FNMA 4.875% ............................................................ 6.10% FNMA 5.3% ................................................................ 4.70% FNMA 5.5% ................................................................ 2.29% FNCI 5% ...................................................................... 2.23% FGLMC 5% .................................................................. 1.98% Tennessee Valley Auth 4.375% .................................. 1.97% US Treasury Note 3.875% .......................................... 1.95% FHLMC 5% .................................................................. 1.91% FHLBA ......................................................................... 1.59%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021220

First Quarter 2007 Fund Fact Sheet Dryden High-Yield R


LLCFUND CATEGORY: High Yield BondINDEX: Credit Suisse High

Yield®NET ASSETS: $0.2 MillionINCEPTION DATE: 6/3/2005TICKER SYMBOL: JDYRXEXPENSE RATIO: 1.36%PORTFOLIO MANAGERS: Michael J. Collins, CFA

Paul Appleby, CFARichard Burns, CFA

Stephen HaeckelTerrence Wheat, CFA


Data Not Available


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


-

5,000.00

10,000.00

15,000.00

20,000.00

96 97 98 99 00 01 02 03 04 05 06

Dryden High-Yield A $17,467


▼

2006 2005 2004 2003 2002 2001 2000

10.48% 2.54% 9.37%

25.34% -2.23% -0.26% -7.35 %

11.92% 2.26% 11.96% 27.93% 3.11% 5.78% -5.21%

Objective/Description 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.

To see a full disclosure of all risks that pertain to this fund, please refer to the prospectus.





* 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 1.11%. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. 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 Disclosure: Investment results assume all distributions are reinvested and reflect applicable fees and 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. 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. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.


B 49.49%

BB 31.69%

Below B 15.74%

BBB 1.78%

Not Rated 1.3%


Fund Index▼ Effective Duration 3.68 Yrs NAAverage Maturity NA NAAverage Quality B NAAverage Coupon 8.28% NA


US Corporate............... 84.04% Foreign Govt ............ 1.25% Foreign Corp................ 10.05% Mortgage CMO........ 0.05% Asset-Backed ................ 2.36% Mtg Pass-thru.......... 0.04% Cash (%of FI assets) ..... 2.19% Municipal ................ 0.01%


Ford Motor Cr 7.875% ................................................. 1.73% Accellent 10.5% .......................................................... 1.04% Gmac 6.875% .............................................................. 1.04% El Paso 7% .................................................................. 0.94% Qwest 7.625% ............................................................ 0.87% Cch I 11% .................................................................... 0.82% NXP B V / NXP FDG ..................................................... 0.82% Level 3 Fing 12.25% .................................................... 0.81% Dex Media East 12.125% ........................................... 0.81% Skilled Healthcare Grp 144A 11% .............................. 0.79%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021230


Target Large Cap Growth Fund R Co-Investment Advisors: Marsico Capital, and Goldman Sachs Asset Management

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Large GrowthINDEX: Russell 1000 Growth®NET ASSETS: $7.4 MillionINCEPTION DATE: 1/5/1993TICKER SYMBOL: TLCRXSHARE CLASS: OtherEXPENSE RATIO: 1.51%PORTFOLIO MANAGERS: Thomas F. Marsico

Robert C. Jones, CFAMelissa Brown, CFA



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.


-5,000.00

10,000.0015,000.0020,000.0025,000.0030,000.0035,000.0040,000.0045,000.0050,000.00

96 97 98 99 00 01 02 03 04 05 06

Target Large Capitalization Growth $25,331


▼

2006 2005 2004 2003 2002 2001 2000

7.78% 5.95% 3.00%

38.49% -32.21% -30.84% -4.09%

9.07% 5.26% 6.30% 29.75% -27.88% -20.42% -22.42%

Objective/Description 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.


Cumulative Returns Average Annual Total Returns


InceptionFund -0.26 -0.26 3.32 5.49 1.91 7.24 --- Index▼ 1.19 1.19 7.06 7.01 3.47 5.51 ---



US Stocks 92.87%

Non-US Stocks 7.08%

Cash 0.05%


Fund Index▼ Weighted Geometric Market Cap. $36.38 $33.50Price/Earnings Ratio (Forward) 18.73x 18.08xPrice/Book Ratio 3x 3.54xDividend Yield NA NA3-Year Earnings Growth Rate 27.23% 22.62%

Sector Allocation As of 12/31/2006

Consumer Services ........ 16.56% Consumer Goods.......6.97%Healthcare...................... 16.42% Media........................5.28%Financial Services .......... 13.54% Software ...................3.59%Industrial Materials ....... 13.37% Energy .......................3.16%Hardware .........................9.85% Telecommunications .1.49%Business Services ............8.61% Utilities .....................1.16%


UnitedHealth Group, Inc. ............................................. 4.02% Cisco Systems, Inc. ..................................................... 2.88% Goldman Sachs Group, Inc. ......................................... 2.73% Genentech, Inc. ........................................................... 2.52% Comcast Corporation A ............................................... 2.19% Procter & Gamble Company ........................................ 2.17% Monsanto Company .................................................... 2.05% FedEx Corporation ....................................................... 1.93% Microsoft Corporation ................................................. 1.79% Burlington Northern Santa Fe Corporation ................. 1.79%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021225

First Quarter 2007 Fund Fact Sheet Jennison Growth R

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Large GrowthINDEX: Russell 1000 Growth®NET ASSETS: $2.3 MillionINCEPTION DATE: 12/17/2004TICKER SYMBOL: PJGRXSHARE CLASS: RetirementEXPENSE RATIO: 1.54%

PORTFOLIO MANAGERS: Spiros SegalasKathleen A. McCarragher

Michael A. Del Balso


Data Not Available




-5,000.00

10,000.0015,000.0020,000.0025,000.0030,000.0035,000.00

96 97 98 99 00 01 02 03 04 05 06

Jennison Growth A $20,201


2006 2005 2004 2003 2002 2001 2000

1.61% 13.60% 8.32%

29.24% -31.50% -18.96% -18.34%

9.07% 5.26% 6.30% 29.75% -27.88% -20.42% -22.42%

Objective/Description 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.





* 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 1.29%. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. 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 Disclosure: Investment results assume all distributions are reinvested and reflect applicable fees and 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% annually. The Portfolio's Distributor has contractually agreed to waive 0.25% annually of the Class R 12b-1 fee through August 31, 2007. 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. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.


US Stocks 85.66%

Non-US Stocks 13.3%

Cash 1.04%


Fund Index▼ Weighted Geometric Market Cap. $56.80 $33.50Price/Earnings Ratio (Forward) 21.7x 18.08xPrice/Book Ratio 3.92x 3.54xDividend Yield 0.00% NA3-Year Earnings Growth Rate 32.7% 22.62%


Healthcare...................... 21.57% Industrial Materials ..6.50%Hardware ....................... 15.70% Media........................4.66%Financial Services .......... 14.36% Business Services .....4.14%Software ........................ 10.66% Energy .......................3.51%Consumer Services ..........9.27% Telecommunications .1.37%Consumer Goods..............8.25%


Google, Inc. ................................................................. 4.10% Microsoft Corporation ................................................. 3.52% American International Group ..................................... 3.25% Cisco Systems, Inc. ..................................................... 3.22% Walt Disney Company ................................................. 3.11% Adobe Systems Inc. ..................................................... 3.10% Roche Holding AG ADR ............................................... 3.04% Gilead Sciences, Inc. ................................................... 2.81% PepsiCo, Inc. ................................................................ 2.71% Apple, Inc. ................................................................... 2.60%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021227

First Quarter 2007 Fund Fact Sheet Dryden Stock Index A

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Large BlendINDEX: Russell 1000®NET ASSETS: $99.4 MillionINCEPTION DATE: 11/18/1999TICKER SYMBOL: PSIAXSHARE CLASS: AEXPENSE RATIO: 0.72% PORTFOLIO MANAGERS: John Moschberger, CFA

Wai C. ChiangRichard L. Crist





-

5,000.00

10,000.00

15,000.00

99 00 01 02 03 04 05 06

Dryden Stock Index A $11,116


▼

2006 2005 2004 2003 2002 2001 2000

15.17% 4.28%

10.22% 27.93% -22.52% -12.39% -9.10%

15.46% 6.27% 11.40% 29.89% -21.65% -12.45% -7.79%

Objective/Description 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.





* Fees that Prudential Retirement and its affiliates receive in connection with investments in this fund include a 12b-1 fee of (0.25%), after waiver, and an annual sub-accounting and/or servicing fee of (0.13%). The expense ratio after the waiver is 0.65%. 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. 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 recordkept 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. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.


US Stocks 96.01%

Other 2.35%

Cash 1.64%




Financial Services .......... 22.20% Consumer Services ...7.56%Healthcare...................... 12.16% Business Services .....3.96%Industrial Materials ....... 11.93% Software ...................3.78%Energy ..............................9.84% Media........................3.75%Hardware .........................9.22% Telecommunications .3.55%Consumer Goods..............8.58% Utilities .....................3.46%


ExxonMobil Corporation .............................................. 3.38% General Electric Company ........................................... 2.88% S&P 500 Index (Fut) ..................................................... 2.35% Citigroup, Inc. .............................................................. 2.05% Microsoft Corporation ................................................. 1.97% Bank of America Corporation ...................................... 1.84% Procter & Gamble Company ........................................ 1.52% Johnson & Johnson .................................................... 1.48% Pfizer Inc. ..................................................................... 1.44% American International Group ..................................... 1.40%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021222

First Quarter 2007 Fund Fact Sheet Jennison 20/20 Focus R

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Large BlendINDEX: Russell 1000®NET ASSETS: $3.4 MillionINCEPTION DATE: 6/14/2004TICKER SYMBOL: JTWRXSHARE CLASS: RetirementEXPENSE RATIO: 1.78%PORTFOLIO MANAGERS: Spiros Segalas

David A. Kiefer, CFA


Data Not Available




-5,000.00

10,000.0015,000.0020,000.0025,000.00

98 99 00 01 02 03 04 05

Jennison 20/20 Focus A $18,868


▼

2006 2005 2004 2003 2002 2001 2000

14.06% 21.33% 16.17% 28.15% -22.95% -2.59% -8.68%

15.46% 6.27% 11.40% 29.89% -21.65% -12.45% -7.79%

Objective/Description 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.




InceptionFund 2.75 2.75 11.87 17.17 10.53 --- 11.26 Index▼ 1.21 1.21 11.84 10.73 6.92 --- N/A



US Stocks 80.67%

Non-US Stocks 12.53%

Cash 6.8%




Financial Services .......... 15.31% Software ...................6.83%Hardware ....................... 12.09% Telecommunications .6.02%Industrial Materials ....... 11.77% Utilities .....................5.97%Consumer Services ........ 10.52% Energy .......................5.66%Healthcare........................9.06% Business Services .....5.43%Consumer Goods..............8.74% Media........................2.59%


American International Group ..................................... 5.40% ConAgra Foods, Inc. .................................................... 3.03% Bank of New York Company, Inc. ................................ 2.99% Alltel Corp. .................................................................. 2.94% Honeywell International, Inc. ...................................... 2.89% E.I. du Pont de Nemours and Company ....................... 2.87% NRG Energy, Inc. ......................................................... 2.82% Kroger Company .......................................................... 2.81% Cadbury Schweppes PLC ADR .................................... 2.81% Baker Hughes Inc. ....................................................... 2.74%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021231


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: Prudential Investments LLCFUND CATEGORY: Large ValueINDEX: Russell 1000 Value®NET ASSETS: $7.3 MillionINCEPTION DATE: 1/5/1993TICKER SYMBOL: TLVRXSHARE CLASS: OtherEXPENSE RATIO: 1.49%PORTFOLIO MANAGERS: Christopher Najork, CFA

Ben FischerPaul A. Magnuson

Sheldon J. LiebermanPatricia McKenna, CFA





-5,000.00

10,000.0015,000.0020,000.0025,000.0030,000.0035,000.00

96 97 98 99 00 01 02 03 04 05 06

Target Large Capitalization Value $29,472


▼

2006 2005 2004 2003 2002 2001 2000

18.61% 5.70%

17.98% 35.35% -14.22% 0.46% 7.41%

22.25% 7.05% 16.49% 30.03% -15.52% -5.59% 7.01%

Objective/Description 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.







US Stocks 91.38%

Non-US Stocks 6.93%

Other 0.92%

US Bonds 0.63%

Cash 0.13%

Non-US Bonds 0.01%


Fund Index▼ Weighted Geometric Market Cap. $28.64 $46.72Price/Earnings Ratio (Forward) 12.08x 13.55xPrice/Book Ratio 2.04x 1.75xDividend Yield NA NA3-Year Earnings Growth Rate 21.41% 19.94%


Financial Services .......... 31.19% Consumer Services ...5.21%Industrial Materials ....... 15.91% Telecommunications .4.74%Energy ............................ 10.97% Business Services .....3.41%Consumer Goods..............8.12% Media........................3.26%Healthcare........................6.64% Software ...................2.78%Utilities ............................5.99% Hardware ..................1.78%


Bank Of America Corporation ..................................... 3.67% Citigroup, Inc. .............................................................. 3.19% ExxonMobil ................................................................. 2.56% St. Paul Travelers Companies, Inc. .............................. 2.13% At&T, Inc. .................................................................... 2.12% Conocophillips ............................................................. 2.05% Verizon Communications ............................................. 2.02% Pfizer Ltd ..................................................................... 1.97% Altria Group, Inc. ......................................................... 1.91% Metlife ........................................................................ 1.80%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021219

First Quarter 2007 Fund Fact Sheet Jennison Value R

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Large ValueINDEX: Russell 1000 Value®NET ASSETS: $0.7 MillionINCEPTION DATE: 6/3/2005TICKER SYMBOL: JDVRXSHARE CLASS: RetirementEXPENSE RATIO: 1.48%PORTFOLIO MANAGERS: David A. Kiefer, CFA

Avi Z. Berg


Data Not Available




-5,000.00

10,000.0015,000.0020,000.0025,000.0030,000.0035,000.00

96 97 98 99 00 01 02 03 04 05 06

Jennison Value A $28,775


▼

2006 2005 2004 2003 2002 2001 2000

18.90% 15.21% 14.90% 26.81% -22.51% -3.60% 14.22%

22.25% 7.05% 16.49% 30.03% -15.52% -5.59% 7.01%

Objective/Description 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.





* 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 1.23%.

Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. 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 Disclosure: Investment results assume all distributions are reinvested and reflect applicable fees and 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. 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. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.


US Stocks 81.64%


Cash 3.25%

Other 2.05%




Financial Services .......... 26.91% Media........................4.98%Industrial Materials ....... 13.37% Telecommunications .4.83%Energy ............................ 11.28% Hardware ..................4.37%Consumer Services ........ 10.19% Utilities .....................4.20%Consumer Goods..............8.93% Software ...................2.22%Healthcare........................6.78% Business Services .....1.94%


Citigroup, Inc. .............................................................. 2.98% American International Group ..................................... 2.69% Merrill Lynch & Company, Inc. .................................... 2.40% Altria Group, Inc. ......................................................... 2.27% Bank of New York Company, Inc. ................................ 2.21% Suncor Energy, Inc. ...................................................... 2.12% Bank of America Corporation ...................................... 2.11% Honeywell International, Inc. ...................................... 2.10% Xerox Corporation ....................................................... 2.02% H & R Block, Inc. ......................................................... 2.00%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070523-A021217


Jennison Mid Cap Growth R Formerly known as Jennison US Emerging Growth R

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Mid-Cap GrowthINDEX: Russell Midcap Growth®NET ASSETS: $0.7 MillionINCEPTION DATE: 6/3/2005TICKER SYMBOL: JDERXSHARE CLASS: RetirementEXPENSE RATIO: 1.66%PORTFOLIO MANAGER: John Mullman, CFA


Data Not Available




-5,000.00

10,000.0015,000.0020,000.0025,000.0030,000.0035,000.0040,000.00

97 98 99 00 01 02 03 04 05 06

Jennison Mid Cap Growth $27,111


▼

2006 2005 2004 2003 2002 2001 2000

9.19% 16.74% 18.78% 42.47% -33.81% -20.65% -13.89%

10.66% 12.10% 15.48% 42.71% -27.41% -20.15% -11.75%

Objective/Description 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. The securities of emerging growth companies are generally subject to greater price fluctuation and investment risk than securities of more established companies.







US Stocks 92.19%

Cash 3.63%

Non-US Stocks 3.35%

Other 0.83%


Fund Index▼ Weighted Geometric Market Cap. $6.15 $7.33Price/Earnings Ratio (Forward) 22.15x 19.37xPrice/Book Ratio 3x 3.19xDividend Yield 0.00% NA3-Year Earnings Growth Rate 28.16% 27.61%


Industrial Materials ....... 14.37% Financial Services .....8.77%Healthcare...................... 14.17% Consumer Services ...6.93%Business Services .......... 13.72% Telecommunications .6.42%Hardware ....................... 12.50% Consumer Goods.......3.72%Software ..........................9.57% Media........................0.74%Energy ..............................9.08%


NII Holdings, Inc. ......................................................... 3.28% Eaton Vance Corporation ............................................ 2.83% American Tower Corporation A ................................... 2.38% Davita, Inc. .................................................................. 2.18% Quest Diagnostics, Inc. ............................................... 2.04% Ametek, Inc. ................................................................ 2.02% Adobe Systems Inc. ..................................................... 1.93% Amdocs Ltd. ................................................................ 1.81% ITT Industries, Inc. ....................................................... 1.80% ConAgra Foods, Inc. .................................................... 1.79%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021245


Target Small Cap Growth Fund R Co-Investment Advisors: RS Investments, and Transamerica Investment Management LLC

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Small GrowthINDEX: Russell 2000 Growth®NET ASSETS: $3.1 MillionINCEPTION DATE: 1/5/1993TICKER SYMBOL: TSCRXSHARE CLASS: OtherEXPENSE RATIO: 1.66%PORTFOLIO MANAGERS: Gregory Weirick, CFA

Josh D Shaskan, CFAJeffery J Hoo, CFAJohn J. Huber, CFA

Bill Wolfenden





-

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

96 97 98 99 00 01 02 03 04 05 06

Target Small Capitalization Growth $16,688


▼

2006 2005 2004 2003 2002 2001 2000

6.91% 3.76%

14.17% 32.06% -33.74% -19.93% 1.07%

13.35% 4.15% 14.31% 48.54% -30.26% -9.23%

-22.43%

Objective/Description 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.





InceptionFund 0.99 0.99 -2.69 6.65 2.71 4.54 --- Index▼ 2.48 2.48 1.57 9.41 7.88 6.31 ---



Data Not Available


Fund Index▼ Geometric Avg. Market Cap. (Bil) $951 $1.02Price/Earnings Ratio (Forward) 24.1x 21.57xPrice/Book Ratio 3.10x 3.09xDividend Yield NA NA3-Year Earnings Growth Rate 31.2% 17.5%


Healthcare......................20.7% Consumer Services .....8.5%Business Services ..........16.8% Energy. ........................6.3%Industrial Materials .......15.8% Consumer Goods. ........4.8%Financial Services ..........13.4% Software .....................3.4%Hardware .......................8.6% Telecommunications ...1.8%


American Medical Systems ...................................... 2.70% Digital Insight............................................................2.24%ValueClick .................................................................2.10%Mentor ......................................................................1.84%Superior Energy Services ..........................................1.66%Inverness Medical Innovations ................................1.58%Dril-Quip ...................................................................1.55%Global Imaging Systems ...........................................1.47%Gardner Denver .........................................................1.45%Intermec ...................................................................1.43%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021221

First Quarter 2007 Fund Fact Sheet Jennison Small Company R

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Small GrowthINDEX: Russell 2000 Growth®NET ASSETS: $5.5 MillionINCEPTION DATE: 5/10/2004TICKER SYMBOL: JSCRXSHARE CLASS: RetirementEXPENSE RATIO: 1.67%PORTFOLIO MANAGER: John Mullman, CFA


Data Not Available




-5,000.00

10,000.0015,000.0020,000.0025,000.0030,000.0035,000.00

96 97 98 99 00 01 02 03 04 05 06

Jennison Small Company A $28,372


▼

2006 2005 2004 2003 2002 2001 2000

14.77% 14.30% 19.04% 44.59% -25.72% 15.55% 8.87%

13.35% 4.15% 14.31% 48.54% -30.26% -9.23%

-22.43%

Objective/Description 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. 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.






* 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 1.42%. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. 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 Disclosure: Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Class R shares were introduced on May 10, 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. The Portfolio's Distributor has contractually agreed to waive 0.25% annually of the Class R 12b-1 fee through August 31, 2007. 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. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.


US Stocks 90.57%

Cash 7.28%

Non-US Stocks 1.46%

Other 0.68%


Fund Index▼ Weighted Geometric Market Cap. $1.80 $1.07Price/Earnings Ratio (Forward) 20.36x 20.57xPrice/Book Ratio 2.62x 2.82xDividend Yield 0.00% NA3-Year Earnings Growth Rate 30.83% NA


Business Services .......... 18.30% Consumer Services ...7.01%Healthcare...................... 13.71% Telecommunications .6.52%Financial Services .......... 12.52% Consumer Goods.......4.43%Industrial Materials ....... 11.82% Software ...................3.41%Hardware ....................... 10.08% Utilities .....................3.07%Energy ..............................8.19% Media........................0.93%


Eaton Vance Corporation ............................................ 2.58% Heartland Express, Inc. ............................................... 1.85% SBA Communications Corporation .............................. 1.66% GSI Commerce, Inc. ..................................................... 1.58% Dobson Communications Corporation A ..................... 1.57% Idex Corporation .......................................................... 1.53% Henry Schein, Inc. ....................................................... 1.47% SCP Pool, Inc. .............................................................. 1.46% Insight Enterprises, Inc. ............................................... 1.45% Nalco Holding Company .............................................. 1.41%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021251


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: Prudential Investments LLCFUND CATEGORY: Small BlendINDEX: Russell 2000®NET ASSETS: $3.6 MillionINCEPTION DATE: 1/5/1993TICKER SYMBOL: TSVRXSHARE CLASS: OtherEXPENSE RATIO: 1.54%PORTFOLIO MANAGERS: E. Clifton Hoover Jr., CFA

Paul E. VieraBenno J. Fischer, CFA

Paul A. MagnusonR. Todd Vingers





-5,000.00

10,000.0015,000.0020,000.0025,000.0030,000.0035,000.0040,000.0045,000.0050,000.00

96 97 98 99 00 01 02 03 04 05 06

Target Small Capitalization Value $43,431


▼

2006 2005 2004 2003 2002 2001 2000

17.04% 9.28%

23.09% 46.00% -9.17% 16.36% 22.99%

18.37% 4.55% 18.33% 47.25% -20.48% 2.49% -3.02%

Objective/Description 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. 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.


Data Not Available


Data Not Available








Financials .......................22.2% Utilities ..................... 7.1% Industrials ......................19.4% Health Care ............... 5.8% Consumer Discretionary.12.2% Consumer Staples ..... 3.6% Information Technology ... 8.4% Telecomm Services ... 0.6%Energy .............................. 7.9% Cash & Equivalents ... 5.2%Materials.......................... 7.6%


Cabot Oil & Gas Corp .................................................. 1.5% Westar Energy Inc.......................................................0.9%Kaydon Corp................................................................0.9%Olin Corp .....................................................................0.9%Ishares Tr Russell 2000 Val.........................................0.8%Swift Energy Co .........................................................0.8%Phillips-Van Heusen Corp ...........................................0.8%Delphi Financial Grp – Cl A ........................................0.8%Pharmaceutical Prod Devl Inc ....................................0.7%Skywest Inc. ...............................................................0.7%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021228


Target International Equity Fund R Co-Investment Advisors: LSV Asset Management, and Thornburg Investment Management


LLCFUND CATEGORY: Foreign Large BlendINDEX: MSCI WORLD ex US

NDTR_D®NET ASSETS: $5.9 MillionINCEPTION DATE: 1/5/1993TICKER SYMBOL: TEQRXSHARE CLASS: OtherEXPENSE RATIO: 1.74%PORTFOLIO MANAGERS: Wendy Trevisani

Menno Vermuelen, CFARobert Vishny

Josef LakonishokWilliam V. Fries, CFA



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5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

96 97 98 99 00 01 02 03 04 05 06

Target International Equity $24,343


▼

2006 2005 2004 2003 2002 2001 2000

28.19% 13.27% 14.37% 27.80% -10.84% -25.12% -10.09%

27.87% 14.02% 24.36% 25.31% -12.43% -19.17% -8.61%

Objective/Description 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.




Inception Fund 4.20 4.20 20.31 19.21 13.85 7.19 --- Index▼ 4.32 4.32 20.31 19.20 16.65 8.30 ---




US Stocks 1.39%

Other 0.78%

Cash 0.51%


Fund Index▼ Weighted Geometric Market Cap. $26.99 $31.26Price/Earnings Ratio (Forward) 14.47x 14.77xPrice/Book Ratio 2.17x 2.11xDividend Yield NA NA3-Year Earnings Growth Rate 28.81% 29.59%

Top Ten Country As of 12/31/2006

United Kingdom ..... 20.46% Hong Kong................ 6.32%Japan ..................... 17.66% Italy .......................... 2.57%France .................... 9.54% Canada ..................... 2.56%Switzerland ............ 9.35% Mexico ..................... 2.27%Germany................. 7.02% Spain ........................ 2.18%


Toyota Motor .............................................................. 2.06% Barclays ....................................................................... 2.01% Eni ............................................................................... 1.96% UBS AG ....................................................................... 1.71% Roche Holding ............................................................. 1.60% Lloyds TSB Grp ............................................................ 1.45% Sinopec ....................................................................... 1.44% Hong Kong Exchanges & Clearing Ltd ......................... 1.37% China Merchants Bank ................................................ 1.25% France Telecom ........................................................... 1.25%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021224

First Quarter 2007 Fund Fact Sheet Jennison Natural Resources Fund R

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Specialty-Natural ResINDEX: Goldman Sachs Natural

Resources®NET ASSETS: $1.1 MillionINCEPTION DATE: 1/22/1990TICKER SYMBOL: JNRRXSHARE CLASS: REXPENSE RATIO: 1.64%PORTFOLIO MANAGERS: Michael A. Del Balso

David A. Kiefer, CFA


Morningstar\\Style BoxTM As of 3/31/2007



-5,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.0040,000.0045,000.0050,000.0055,000.0060,000.0065,000.0070,000.00

96 97 98 99 00 01 02 03 04 05 06

Jennison Natural Resources A $60,949


▼

2006 2005 2004 2003 2002 2001 2000

20.38% 52.98% 26.13% 36.03% 19.15% -11.04% 28.08%

-5.97% 9.87% 38.42% 23.32% 20.08% -32.44% 59.38%

Objective/Description 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.





InceptionFund 6.56 6.56 12.86 32.59 27.16 17.09 --- Index▼ -5.34 -5.34 -7.75 5.72 14.97 5.79 ---

* 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 1.39%. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. 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. The Portfolio's Distributor has contractually agreed to waive 0.25% annually of the Class R 12b-1 fee through August 31, 2007. 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. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.


US Stocks 51.73%


Cash 3.23%

Other 1.58%


Fund Index▼ Weighted Geometric Market Cap. $6.53 NAPrice/Earnings Ratio (Forward) 14.86x NAPrice/Book Ratio 3.2x NADividend Yield NA NA3-Year Earnings Growth Rate NA NA


Energy ............................ 58.66% Financial Services .....1.00%Industrial Materials ....... 38.06% Business Services .....0.94%Utilities ............................1.34%


Suncor Energy, Inc. ...................................................... 3.14% National Oilwell Varco, Inc. ........................................ 2.47% Transocean, Inc. .......................................................... 2.40% OPTI Canada Inc .......................................................... 2.15% Southwestern Energy Company .................................. 2.06% Freeport-McMoRan Copper & Gold B ......................... 2.05% Phelps Dodge Corp. ..................................................... 2.03% Halliburton Company ................................................... 1.98% Newcrest Mining Ltd .................................................. 1.88% First Quantum Minera ................................................. 1.86%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

INST-20070510-A021226

First Quarter 2007 Fund Fact Sheet Jennison Utility Fund R

Key Facts INVESTMENT ADVISOR: Prudential Investments LLCFUND CATEGORY: Specialty-UtilitiesINDEX: Dow Jones Utilities Average

TR®NET ASSETS: $0.5 MillionINCEPTION DATE: 1/22/1990TICKER SYMBOL: JDURXSHARE CLASS: REXPENSE RATIO: 1.28% PORTFOLIO MANAGERS: Shaun Hong, CFA

Ubong Edemeka





-5,000.00

10,000.0015,000.0020,000.0025,000.0030,000.0035,000.0040,000.0045,000.00

96 97 98 99 00 01 02 03 04 05 06

Jennison Utility A $41,737


▼

2006 2005 2004 2003 2002 2001 2000

26.39% 29.38% 30.19% 30.20% -26.64% -19.72% 38.91%

17.92% 27.08% 34.86% 28.55% -24.24% -25.44% 43.59%

Objective/Description 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.






* 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 1.03%. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. 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. The Portfolio's Distributor has contractually agreed to waive 0.25% annually of the Class R 12b-1 fee through August 31, 2007. 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. 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. Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.


US Stocks 71.92%


Cash 1.38%

Other 0.21%


Fund Index▼ Weighted Geometric Market Cap. $9.31 $11.66Price/Earnings Ratio (Forward) 19.31x 12.79xPrice/Book Ratio 2.78x 1.63xDividend Yield NA NA3-Year Earnings Growth Rate NA 13.76%


Utilities ..........................38.91% Hardware ..................1.30%Energy ............................ 27.25% Media........................1.13%Telecommunications ...... 25.78% Financial Services .....1.06%Business Services ............3.54% Industrial Materials ..1.04%


Sempra Energy ............................................................ 3.03% Questar Corporation .................................................... 2.97% Williams Companies, Inc. ........................................... 2.88% Equitable Resources, Inc. ............................................ 2.85% NRG Energy, Inc. ......................................................... 2.59% Edison International .................................................... 2.57% America Movil SAB ADR ............................................. 2.56% Duke Energy Corporation ............................................ 2.52% NII Holdings, Inc. ......................................................... 2.50% RWE ............................................................................ 2.47%Top Ten Holdings are unaudited and are ranked as a percentage of net assets.

FUND FACT SHEET USER’S GUIDEThis 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.

The Fund Fact Sheet User’s Guide

Category Morningstar assigns each investment option toone of 60 categories, based on the stocks and bonds that havefound their way into the portfolio over the past three years.

Expense Ratio The amount of money taken out of youraccount each year to pay for the operation and management ofan investment portfolio, expressed as a percentage. How much istoo much to pay? The average stock fund charges 1.4%, whilethe average bond fund charges 0.75%. The lower the expenseratio the better.

Overall Morningstar RatingTM Portfolio’s overall rating.

Operations Find out the name of the person who deter-mines which stocks or bonds belong in the investment portfolio(the “portfolio manager”).

Investor Risk Profile For mutual funds, the investor riskprofile displays the fund’s Morningstar Risk, a downside riskmeasure that evaluates the portfolio relative to other portfolioswithin its Morningstar Category. For separate accounts, the fund’sinvestor risk profile is classified according to its overall volatility.Volatility measures the ranges of returns a portfolio has experi-enced over time. Wide ranges of returns are labeled “high,” andare considered riskier than “low” volatility investments, whichhave had smaller ranges in returns. Please refer to the “For MoreInformation” section of the User Guide for further information onMorningstar risk and volatility analysis.

Morningstar Style Box/Investment Style BoxWhile the category description tells you how the portfolio hasbeen run in the past, the Style Box is a snapshot of what the portfolio currently owns. Data for equity separate accounts isbased on a quarter lag.

Annual Performance Calendar year returns for the Fundand corresponding benchmarks.

Top Ten Holdings The top holdings are the stocks or bonds with the most influence on a portfolio’s returns.

Portfolio Allocation We break down the investment portfolio’s holdings into general investment classes. The pie chart shows how muchemphasis is placed on stocks, bonds or cash. We also show how much is held in foreign stocks. Bond investments replace the portfolio allocationchart 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 per-centage assigned to each.

Sector Allocation Morningstar classifies each stock holding into 10 major industrial sectors, listed on the Fund Profile.

Performance History The investment’s total return is shown for the quarter, year-to-date and preceding year, as well as the average annualtotal 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 index-es are shown for the quarter, year-to-date, one, three, five and 10 year periods. We also present the category’s performance.

Manager of Managers Separate Accounts Prudential Retirement is a Prudential Financial business. Prudential Retirement’s Manager ofManagers group annuity contracts are issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, a Prudential Financialcompany. Prudential Financial is a registered service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.

The XYZ FundKey Facts


Third Quarter 2006 Fund Fact Sheet

OBJECTIVE / DESCRIPTION

The XYZ Fund seeks capital appreciation. The Fund primarily invests in common stocks drawn from a universeof the largest 1,500 companies (ranked by market capitalization) traded in the United States. Smaller-capitaliza-tion stocks will be ranked from a different universe. Smaller-capitalization stocks will be ranked from a differentuniverse. Smaller-capitalization stocks will be ranked from a different universe. There is no assurance the objec-tive of the Fund will be met.

Investment Style As of 12/31/2005

XYZ-DC/123456-106

Annual Performance*Mandate

Fund Benchmark▼

2005 -0.94% -0.82%2004 4.69% 4.10%2003 10.49% 10.25%2002 8.78% 8.44%2001 11.38% 11.63%

INST-20050624-A01060

International Equity 99.74%

US Equity 0.01%

Cash 0.24%

Other Assets 0.01%


Performance* (%) As of 3/31/2006

MandateFund Benchmark▼

Effective Duration 4.43 Yrs 4.77 YrsAverage Maturity 6.67 Yrs 7.47 YrsAverage Quality AAA AAAAverage Coupon 2.46% 5.32%


Top Ten Holdings and Sector Allocation are unaudited and ranked as a percentage of assets.

U.S. Treasury Bills 44.40%FIN FUT US 10yr 37.20%TBC Pooled Emp Tr Fund 14.40%U.S. Treasury Note 11.60%FNMA TBA 4.00% 6.50%

Fin Fut Euribor 5.90%Fin Fut US 5 Yr 5.40%Fin Fut Euro$ CME 5.20%GNMA I TBA 5% 5.20%FNMA Pass Thru Mtg 2.60%

Sector Allocation As of 3/31/2006 Portfolio Characteristics As of 3/31/2006

* 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.

Industrials . . . . . . . . . .17.54%Consumer Staples . . . . .16.19%Information Technology .15.10%Health Care . . . . . . . . .14.96%Financials . . . . . . . . . .12.93%

Energy . . . . . . . . . . . . .9.35%Consumer Discretionary . .7.87%Materials . . . . . . . . . . .2.64%Utilities . . . . . . . . . . . . .2.24%Telecomm Service . . . . . .1.18%

Overall Morningstar Rating as of quarter ending 12/31/05. The MorningstarRating shown is for the share class of this Fund only; other classes may have differentperformance characteristics. © 2006 Morningstar, Inc. All Rights Reserved. Theinformation contained herein: (1) is proprietary to Morningstar and/or its contentproviders; (2) may not be copied or distributed; and (3) is not warranted to beaccurate, complete or timely. Neither Morningstar nor its content providers areresponsible for any damages or losses arising from any use of this information.

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Value Blend Growth

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The Fund is classified based on its long-term perfor-mance relative to the benchmark index that mostclosely resembles its total return stream. This classi-fication process incorporates regression analysis todetermine the index to which the Fund’s returnshave a high “fit”(R2). ◆ The vertical axis represents the Fund’s market

capitalization relative to appropriate style bench-mark indexes.

◆ The horizontal axis represents the Fund’s invest-ment style expressed on a value-to-growth scale,relative to appropriate style benchmark indexes.

Fund holdings may also be used to classify a fund’s style. Please refer to the user guide for moreinformation.

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INVESTMENT ADVISER: ABC Company FUND CATEGORY: Fixed Income - DomesticNET ASSETS: $186 MillionINCEPTION DATE: Jul 2002TICKER SYMBOL: ABCDEEXPENSE RATIO: 1.07% of Fund AssetsOVERALL MORNINGSTAR RATING™: ★★

OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 650

PORTFOLIO MANAGERS: Jane Doe John Doe

◆ For current performance or additional information, go to: www.Prudential.com or call the toll-free number that appears on your statement.

CUMULATIVE RETURNS AVERAGE ANNUAL TOTAL RETURNS

Quarter YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Fund 3.54 2.61 12.02 16.51 -1.66 9.29 11.79Mandate Benchmark▼ 3.60 2.77 12.25 16.72 -1.49 9.49 N/A

Morningstar RatingTM – – ★★★1 ★★2 ★★★3 ★★★4 –# of Funds in Category – – 822 1227 931 321 –

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Fund Mandate Benchmark

Result of $10,000 Investment*

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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 beworth 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 shareswere 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.

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.

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The Fund Fact Sheet User’s Guide

For More InformationPara hablar con un representante de servicios al cliente en español(u otros lenguajes), por favor, llama a nuestro numero gratuito 800entre 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.)

PerformancePortfolio return reflects performance without adjusting for sales charges or the effects oftaxation, but is adjusted to reflect all actual ongoing portfolio expenses and assumes rein-vestment of dividends and capital gains. If adjusted, sales charges would reduce the per-formance quoted. In addition, due to market volatility, the portfolio’s return may varygreatly over short periods of time.

The portfolio’s performance is compared with that of an index. The index is an unman-aged portfolio of specified securities and does not reflect any initial or ongoing expensesnor can it be invested in directly. The sales charge utilized in the standard return calculationwas obtained from the portfolio’s most recent prospectus and/or shareholder report avail-able 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 thesame category. This measure takes into account variations in a fund’s performance afteradjusting for sales loads (except for -waived A shares) redemption fees, and the risk-freerate, 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, thenext 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1star. The Morningstar Rating for a fund is derived from a weighted average of the ratings forthe three-, five- and ten-year (if applicable) time periods. Load-waived A share star ratingsdo not include any front-end sales load and are intended for those investors who have accessto such purchase terms (e.g., plan participants of a defined contribution plan). Not all Ashare mutual funds for which calculates a load-waived A share star rating may actually waivetheir front-end sales load. Therefore, Morningstar strongly advises investors to contact theirinvestment professional to determine whether they are eligible to purchase the A share with-out the front load. Past performance is no guarantee of future results. The MorningstarRating may differ among share classes of a mutual fund as a result of different sales loadsand/or expense structure. Separate Account composite performance is not actual and reflec-tive of any specific investment but is comprised of the account managers portfolios that aremanaged 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 fixed-income portfolios respectively, the vertical axis shows the market capitalization of thestocks owned or the average credit quality of the bonds owned. The horizontal axisshows investment style (value, blend, or growth) or interest rate sensitivity as meas-ured 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 portfoliois to shifts in interest rates.

©2006 Morningstar, Inc. All Rights Reserved. The info contained herein: 1) is propri-etary to Morningstar and/or its content providers; 2) may not be copied or distrib-uted; and 3) is not warranted to be accurate, complete or timely. Neither Morningstarnor its content providers are responsible for any damages or losses arising from anyuse of this information. Past performance is no guarantee of future results.

Volatility AnalysisWe classify investment portfolios as having one of three volatility levels relative to alltypes of mutual funds: Low, Below Average, Average, Above Average and High.Investments with wider ranges of returns are labeled “high,” as they are considered riskierthan “low” volatility investments, which have had smaller ranges of returns. For portfoliosthat haven’t been in existence for three years we simply show the category average.

Investment RiskForeign Securities Portfolios/Emerging Market Portfolios: The investor should note thatportfolios that invest in foreign securities involve special additional risks. These risksinclude, but are not limited to, currency risk, political risk, and risk associated with varyingaccounting standards. Investing in emerging markets may accentuate these risks.

Sector Portfolios: The investor should note that portfolios that invest exclusively in onesector 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 theirassets in a single issuer involve additional risks, including share price fluctuations, becauseof the increased concentration of investments

Small Cap Portfolios: The investor should note that portfolios that invest in stocks of smallcompanies 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-companystocks have experienced a greater degree of market volatility than the overall market averageand 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 toinvest in this variable annuity should be based on the annuity’s investment and insurancefeatures, such as the ability to annuitize and the death benefit.

Variable AnnuitiesDiscovery SelectSM/Discovery PremierSM: Investment return and principal value of thePortfolios will fluctuate resulting in a value which may at any time, including the timeof withdrawal of the cash value, be more or less than the total principal investmentmade. The performance information represents past performance and is no guaranteeof 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 considera fund’s investment objectives, risks, charges and expenses beforeinvesting. For more complete information about the investment optionsavailable through your plan, please call 1-800-458-6333 for a freeprospectus 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 investmentobjectives, risks, charges and expenses before investing. For morecomplete information about the investment options available throughyour plan, please call 1-800-458-6333 for a free prospectus thatcontains this and other information about our funds. For variableinsurance products, please consider carefully both the contractprospectus and underlying-fund prospectus before investing.The Discovery Select and Discovery Premier Group Retirement Annuity and MEDLEYProgram are group annuity insurance products issued by The Prudential insuranceCompany of America, Newark, NJ and are distributed by Prudential InvestmentManagement 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 taxpenalty. Amounts are not subjected to this penalty if: the amount is paid on or after age59 1/2 or the death of the Participant; the amount received is attributed to the Participantbecoming disabled; the amount paid or received is in the form of level payments not lessfrequently than annually for life (or a period not exceeding life expectancy); or theamount received is paid under an immediate annuity contract (in which annuity paymentsbegin 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 firstpayment and ending after age 59 1/2), the tax for the year of modification will beincreased 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 noton the value of the securities within the account.

At times, certain funds’ performance may be extraordinarily high due to investing insectors that achieved unprecedented returns. There can be no assurance that this performance can be repeated in the future.

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-terminvestments considered to be risk-free and as good as cash because the maturityis 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. BecauseCDs are sponsored by banks, they are not as easily traded as T-bills and thustend to offer higher yields. 60% Russell 1000 Growth Index/40% Lehman BrothersAggregate Bond Index: A composite index that consists of the Russell1000® Index (60%) and the Lehman Brothers Aggregate Bond Index (40%). 60% Russell 1000 Growth Index/40% Lehman BrothersIntermediate U.S. Government/Credit Index: A composite index thatconsists of the Russell 1000 Growth Index (60%) and the Lehman BrothersIntermediate U.S. Government/Credit Index (40%).60% Russell 1000 Index/40% Lehman Brothers AggregateBond 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 BrothersAggregate Bond Index: A composite index that consists of the Russell1000 Value Index and the Lehman Brothers Aggregate Bond Index.60% Russell 1000 Value Index/40% Lehman BrothersIntermediate U.S. Government/Credit Index: A composite index thatconsists of the Russell 1000 Value Index (60%) and the Lehman BrothersIntermediate U.S. Government/Credit Index (40%).60% Russell 1000 Value Index/40% Lehman BrothersGovernment/Credit Index: A composite index that consists of theRussell 1000 Value Index (60%) and the Lehman Brothers GovernmentCredit Index (40%).

60% S&P 500 Index/40% Lehman Brothers Aggregate BondIndex: A composite Index that consists of the S&P 500 Index (60%) and theLehman Brothers Aggregate Bond Index (40%).Balanced Composite Index: Consists of the Wilshire 5000 Total MarketIndex (60%) and the Lehman Brothers Aggregate Bond Index (40%).Citigroup World Non-U.S. Government Bond Index: A market capi-talization-weighted index, unhedged and stated in U.S. dollar terms. The Indextracks 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 UnitedKingdom. The minimum maturity for included bonds is one year.Composite Index: Consists of the S&P 500 Index (65%) and the LehmanBrothers Credit A Index (35%).Credit Suisse High Yield Index: An unmanaged, trader priced index con-structed to mirror the characteristics of the high yield bond market. The indexincludes issues rated BB and below by S&P or Moody’s with par amountsgreater than $75 million. Preferred issues, US dollar denominated foreign issuesand 144A securities meeting the above condition are also included.Dow Jones U.S. Moderate Portfolio Index: Is designed for asset allo-cation strategists (portfolio builders) who are willing to take 60% of the risk ofthe U.S. securities market. It is a total returns index that is a time-varyingweighted average of stocks, bonds, and cash.Dow Jones U.S. Moderately Conservative Index: Is designed forasset allocation strategists (portfolio builders) who are willing to take 40% of therisk of the U.S. securities market. It is a total returns index that is a time-varyingweighted 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 aninvestor’s target maturity date approaches. Each index is a composite of sub-indexes that represent the three major asset classes – stocks, bonds and cash.Within each index, the weightings among stocks, bonds and cash are rebalancedmonthly to reduce potential risk over time. Equity exposure in each target indexchanges from approximately 90% at index creation to approximately 20% asmaturity approaches. After maturity, each index becomes a "Today Index" witha steady allocation to equity of approximately 20%.

iMoneyNet Taxable Money Funds Index: Reports on the average yieldsof all major money market funds, on a 7- and 30-day basis.J.P. Morgan Emerging Markets Bond Index Plus: Tracks totalreturns for external currency-denominated debt instruments of the emergingmarkets: Brady bonds, loans, Eurobonds, and U.S. dollar-denominated localmarket 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 out-standing. Total returns are calculated by weighting the bonds’ daily returns inproportion to their market capitalization.Lehman Brothers 5-10 Year Government/Credit Index:Represents a combination of the Government and Corporate Bond indices forbonds with maturities between five and 10 years.Lehman Brothers Aggregate Bond Index: Composed of securities fromthe Lehman Brothers U.S. Government/Credit Index, Mortgage-Backed SecuritiesIndex, and the Asset-Backed Securities Index. Total return comprises price appreci-ation/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 theLehman Brothers High Yield Bond Index must be dollar-denominated and non-convertible and have at least one year remaining to maturity and an out-standing 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, 144Abonds, and debt from designated emerging market countries are excluded.Yankees, global bonds (SEC registered) of issuers in G-7 countries, originalissue zeros and step-up coupons are included. Generally, securities must berated Ba1 or lower (including defaulted issuers) by Moody’s InvestorsService, BB+ or lower by Standard & Poor’s, or below investment grade byFitch Investors Service. A small number of unrated bonds is included in theindex; to be eligible, they must have previously held a high yield rating orhave been associated with a high yield issuer and must trade accordingly.

Benchmark Definitions

The Fund Fact Sheet User’s Guide revised 1/2/07

Lehman Brothers Intermediate U.S. Government/Credit Index:Composed of all bonds covered by the Lehman Brothers U.S. Government Bondand U.S. Credit Indexes with maturities between 1 and 9.99 years. This indexincludes all publicly issued, fixed rate, nonconvertible investment-grade corporatedebt. Issues are rated at least Baa by Moody’s Investors Service or BBB byStandard & Poor’s, if unrated by Moody’s. Collateralized Mortgage Obligations(CMOs) are not included. Total return comprises price appreciation/depreciationand income as a percentage of the original investment. Indexes are rebalancedmonthly by market capitalization.Lehman Brothers U.S. Credit Index: Includes all publicly issued, fixedrate, nonconvertible investment-grade corporate debt. Issues are rated at leastBaa by Moody’s Investors Service or BBB by Standard & Poor’s, if unrated byMoody’s. Total return comprises price appreciation/depreciation and income as apercentage of the original investment. Indexes are rebalanced monthly by marketcapitalization.Lehman Brothers U.S. Government Bond Index: Composed of all pub-licly issued, nonconvertible domestic debt of the U.S. Government. Flower bondsand pass-through issues are excluded. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes arerebalanced monthly by market capitalization.Lehman Brothers U.S. Government/Credit Index: Composed of allbonds that are investment grade (rated Baa or higher by Moody’s or BBB or high-er by Standard & Poor’s, if unrated by Moody’s). Issues must have at least oneyear to maturity. Total return comprises price appreciation/depreciation andincome as a percentage of the original investment. Indexes are rebalancedmonthly by market capitalization.Lipper Balanced Funds Index: Represents the average of the 30 largestqualifying mutual funds (based on year-end total net assets) for the investmentobjective (to conserve principal by maintaining a balanced portfolio of stocks andbonds). Typically, the stock/bond ratio ranges around 60%/40%.Lipper Flexible Portfolio Funds Index: Represents the average of the 30largest qualifying mutual funds in the Lipper Flexible Portfolio investment objec-tive category (based on year-end total net assets). The mutual funds that com-prise the Average allocate their investments across various asset classes, includingdomestic common stocks, bonds and money market instruments, with a focus ontotal return.Lipper Global Funds Index: Represents the average of the 30 largest qualify-ing 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 UnitedStates). These funds may own U.S. securities as well.Lipper High Yield Bond Funds Index: Represents the average of the30 largest qualifying mutual funds (based on year-end total net assets) forthe investment objective (to seek a high [relative] current yield from fixedincome securities without regard to quality or maturity restrictions). Thesefunds tend to invest in lower-grade debt issues.Lipper International Funds Index: Represents the average of the 30largest qualifying mutual funds (based on year-end total net assets) for theinvestment objective (to invest assets in securities whose primary trading mar-kets 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 theLipper Large-Cap Universe. These funds, by portfolio practice, invest at least75% of their equity assets in companies with market capitalizations (on athree-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&PSuperComposite 1500 Index. Lipper Large-Cap Growth Funds Index: Represents the average ofthe 30 largest qualifying mutual funds (based on year-end total net assets) inthe Lipper Large-Cap Universe. These funds, by portfolio practice, invest atleast 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weightedmedian market capitalization of the middle 1,000 securities of the S&PSuperComposite 1500 Index. Lipper Large-Cap Value Funds Index: Represents the average of the30 largest qualifying mutual funds (based on year-end total net assets) in theLipper Large-Cap Universe. These funds, by portfolio practice, invest at least75% of their equity assets in companies with market capitalizations (on athree-year weighted basis) greater than 300% of the dollar-weighted medianmarket capitalization of the middle 1,000 securities of the S&PSuperComposite 1500 Index. 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 least75% of their equity assets in companies with market capitalizations (on athree-year weighted basis) less than 300% of the dollar-weighted medianmarket capitalization of the middle 1,000 securities of the S&PSuperComposite 1500 Index. 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 least75% of their equity assets in companies with market capitalizations (on athree-year weighted basis) less than 300% of the dollar-weighted medianmarket capitalization of the middle 1,000 securities of the S&PSuperComposite 1500 Index.

Lipper Mid-Cap Value Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in theLipper Mid-Cap Universe. These funds, by portfolio practice, invest at least 75%of their equity assets in companies with market capitalizations (on a three-yearweighted basis) less than 300% of the dollar-weighted median market capital-ization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Lipper Real Estate Funds Index: An equally weighted index of the largestthirty funds within the real estate funds investment objective as defined byLipper Inc. These funds invest at least 65% of their portfolios in equity securitiesof domestic and foreign companies engaged in the real estate industry.Lipper Science and Technology Funds Index: Represents the averageof the 30 largest qualifying mutual funds in the Lipper Science and Technologyuniverse (based on year-end total net assets). These funds, by portfolio prac-tice, invest at least 65% of their equity assets in science technology stocks.Lipper Small-Cap Core Funds Index: Represents the average of the30 largest qualifying mutual funds (based on year-end total net assets) in theLipper Small-Cap Universe. These funds, by portfolio practice, invest at least75% of their equity assets in companies with market capitalizations (on athree-year weighted basis) less than 250% of the dollar-weighted median ofthe smallest 500 of the middle 1,000 securities of the S&P Super-Composite1500 Index. Lipper Small-Cap Growth Funds Index: Represents the average ofthe 30 largest qualifying mutual funds (based on year-end total net assets) inthe Lipper Small-Cap Universe. These funds, by portfolio practice, invest atleast 75% of their equity assets in companies with market capitalizations (ona three-year weighted basis) less than 250% of the dollar-weighted median ofthe smallest 500 of the middle 1,000 securities of the S&P SuperComposite1500 Index. Lipper Small-Cap Value Funds Index: Represents the average of the30 largest qualifying mutual funds (based on year-end total net assets) in theLipper Small-Cap Universe. These funds, by portfolio practice, invest at least75% of their equity assets in companies with market capitalizations (on athree-year weighted basis) less than 250% of the dollar-weighted median ofthe smallest 500 of the middle 1,000 securities of the S&P SuperComposite1500 Index. Morgan Stanley REIT Index: A capitalization-weighted benchmark indexof the most actively traded real estate investment trusts (REITs), designed tomeasure real estate equity performance.MSCI All Country World Free Ex. U.S. Index: Designed to measureequity performance in the global developed and emerging markets.MSCI EAFE Growth Index: A market capitalization-weighted index com-prised of that half of the MSCI EAFE Index with the highest price/book ratios.MSCI EAFE Index (net): A market capitalization-weighted index com-prised of companies representative of the market structure of 21 developedmarket countries in Europe, Australia and the Far East. The MSCI EAFE Indexis available both in local currency and U.S. dollar terms. The returns shown inthe performance chart are calculated with dividends reinvested and are net offoreign withholding tax.MSCI EAFE Value Index: Includes those firms in the MSCI EAFE Index withlower price-to-book value ratios relative to their respective MSCI country index.MSCI EMF Index (net): A market capitalization-weighted index comprisedof companies representative of the market structure of 26 emerging marketcountries open to foreign investment. The MSCI EMF Index excludes closedmarkets and those shares in otherwise open markets that are not available forpurchase by foreigners. The returns shown in the performance chart are calcu-lated with dividends reinvested and are net of foreign withholding tax. Theindex is available both in local currency and U.S. dollar terms.MSCI World Growth Index: A market capitalization-weighted indexcomprised of that half of the MSCI World Index with the highest price/bookratios.MSCI World Index (net): A market capitalization-weighted index com-prised of companies representative of the market structure of 23 developedmarket countries in North America (including the U.S.), Europe, and theAsia/Pacific region. The MSCI World Index is available both in local currencyand U.S. dollar terms. The returns shown in the performance chart are calcu-lated with dividends reinvested and are net of foreign withholding tax.MSCI World Value Index: includes those firms in the MSCI World Indexwith lower price-to-book ratios relative to their respective MSCI country index.NAREIT Equity REIT Index: An unmanaged market capitalization indexof all tax-qualified Equity REITS listed on the NYSE, AMEX, and the NASDAQthat have 75% or more of their gross invested book of assets invested directlyor indirectly in the equity ownership of real estate.NCREIF Open-End Diversified Core Equity Fund Index: (NFI-ODCE) Value-Weighted Total Return Net of Fees, S&P Citigroup BMI WorldProperty Industry Index, Citigroup US Domestic 3 month Treasury Bill TotalReturn (Cash). The benchmark will be re-weighted on a monthly basis to cor-respond with the Fund's investment allocations. National Association of RealEstate Investment FiduciariesRussell 1000® Growth Index: A market capitalization-weighted indexthat measures the performance of those Russell 1000 companies with higherprice-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 Russell3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.Russell 1000® Value Index: A market capitalization-weighted indexthat measures the performance of those Russell 1000 companies with lowerprice-to-book ratios and lower forecasted growth rates.Russell 2000® Growth Index: A market capitalization-weighted indexthat measures the performance of those Russell 2000 companies with higherprice-to-book ratios and higher forecasted growth rates.Russell 2000® Index: A market capitalization-weighted index that measures the performance of the 2000 smallest companies in the Russell3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.Russell 2000® Value Index: A market capitalization-weighted indexthat measures the performance of those Russell 2000 companies with lowerprice-to-book ratios and lower forecasted growth rates.Russell 2500® Growth Index: Measures the performance of thoseRussell 2500 companies with higher price-to-book ratios and higher forecastedgrowth values.Russell 2500® Value Index: A market capitalization-weighted indexthat measures the performance of those Russell 2500 companies with lowerprice-to-book ratios and lower forecasted growth values.Russell 3000 Value Index: Measures the performance of those Russell3000 Index companies with lower price-to-book ratios and lower forecastedgrowth values. The stocks in this index are also members of either the Russell1000 Value or the Russell 2000 Value indexes.Russell 3000® Index: A market capitalization-weighted index that measures the performance of the 3,000 largest U.S. companies based ontotal market capitalization, which represents approximately 98% of theinvestable U.S. equity market.Russell Midcap® Growth Index: A market capitalization-weightedindex that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth rates. The stocksare also members of the Russell 1000® Growth Index.Russell Midcap® Index: A market capitalization-weighted index thatmeasures the performance of the 800 smallest companies in the Russell1000® Index, which represent approximately 30% of the total market capitalization of the Russell 1000 Index.Russell Midcap® Value Index: A market capitalization-weighted indexthat measures the performance of those Russell Midcap companies with lowerprice-to-book ratios and lower forecasted growth rates. The stocks are alsomembers 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 StockExchange) capitalization and 30% of NYSE issues. (Index performanceincludes 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-weightedindex, with each stock affecting the Index in proportion to its market value.S&P MidCap 400®/Citigroup Value Index: The S&P MidCap400/Citigroup Growth and Value series is an exhaustive, multi-factor styleseries covering the entire market capitalization of the S&P MidCap 400. TheS&P MidCap 400/Citigroup Pure Growth and Value series is a multi-factorstyle series that focuses on a narrower group of S&P MidCap 400 companiesexhibiting strong growth or strong value characteristics.S&P500®/Citigroup Value Index: The S&P 500/Citigroup Growth andValue series is an exhaustive, multi-factor style series covering the entire marketcapitalization of the S&P 500. The S&P 500/Citigroup Pure Growth and Valueseries is a multifactor style series that focuses on a narrower group of S&P 500companies exhibiting strong growth or strong value characteristics.S&P Technology Index: Standard & Poor’s offers sector indices on theS&P 500 based upon the Global Industry Classification Standard (GICS®).This standard is jointly Standard & Poor’s and MSCI. Each stock is classifiedinto one of 10 sectors, 24 industry groups, 64 industries and 139 sub-indus-tries according to their largest source of revenue. Standard & Poor’s and MSCIjointly determine all classifications. The 10 sectors are Consumer Discretionary,Consumer Staples, Energy, Financials, Health Care, Industrials, InformationTechnology, Materials, Telecommunication Services and Utilities. These indicesare calculated using the same guiding principles that apply to all Standard &Poor’s indices. Vanguard Balanced Composite Index: Made up of two unmanagedbenchmarks, 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 unman-aged industry benchmarks: 65% S&P 500 Index and 35% Lehman Credit Aor Better Index. Prior to March 1, 2000, weighted 65% S&P 500 Index and35% Lehman Long Credit AA or Better Index.

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