0000352665 psf1:S000004379Member 2012-02-01 2013-01-31 0000352665 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member psf1:C000012117Member 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member psf1:C000012118Member 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member psf1:C000012119Member 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member psf1:C000110072Member 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member psf1:C000012120Member 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member rr:AfterTaxesOnDistributionsMember psf1:C000012117Member 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member rr:AfterTaxesOnDistributionsAndSalesMember psf1:C000012117Member 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member psf1:MsciWorldFinancialExRealEstateIndexMember 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member psf1:SAndPCompositeFifteenHundredIndexMember 2012-02-01 2013-01-31 0000352665 psf1:S000004379Member psf1:LipperGlobalFinancialServicesFundsAverageMember 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:C000012121Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:C000012122Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:C000012123Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:C000110073Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:C000018114Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:C000012124Member 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member psf1:C000012129Member 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member psf1:C000012130Member 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member psf1:C000012131Member 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member psf1:C000036071Member 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member psf1:C000012132Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member rr:AfterTaxesOnDistributionsMember psf1:C000012121Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member rr:AfterTaxesOnDistributionsAndSalesMember psf1:C000012121Member 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:SAndPFifteenHundredCareIndexMember 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:SAndPCompositeFifteenHundredIndexMember 2012-02-01 2013-01-31 0000352665 psf1:S000004380Member psf1:LipperHealthBiotechnologyFundsAverageMember 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member rr:AfterTaxesOnDistributionsMember psf1:C000012129Member 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member rr:AfterTaxesOnDistributionsAndSalesMember psf1:C000012129Member 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member psf1:SAndPFiveHundredUtilityTotalReturnTrIndexMember 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member psf1:SAndPFiveHundredIndexMember 2012-02-01 2013-01-31 0000352665 psf1:S000004382Member psf1:LipperUtilityFundsAverageMember 2012-02-01 2013-01-31 pure iso4217:USD <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPrudentialFinancialServicesFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPrudentialFinancialServicesFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPrudentialFinancialServicesFund column period compact * ~</div> 2013-01-31 485BPOS PRUDENTIAL SECTOR FUNDS, INC. 0000352665 2013-01-30 2013-01-31 false 2012-11-30 INVESTMENT OBJECTIVE The investment objective of the Fund is long-term capital appreciation. FUND FEES AND EXPENSES The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. More information about these discounts is available from your financial professional and is explained in Reducing or Waiving Class A's Initial Sales Charge on page 24 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 53. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) March 31, 2014 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio. 0.63 You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. 25000 Example. The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. If Shares Are Redeemed If Shares Are Not Redeemed ° The Distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .50% of the average daily net assets of the Class R shares through March 31, 2014. This waiver may not be terminated prior to March 31, 2014. The decision on whether to renew, modify or terminate the waiver is subject to review by the Distributor and the Fund's Board of Directors. INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. The Fund seeks investments whose prices will increase over time. The Fund normally invests at least 80% of its investable assets in equity and equity-related securities of companies within the financial services sector, such as banks, savings and loan associations (and other thrifts), mortgage banking companies, finance companies, insurance companies, securities/brokerage firms, asset management companies, securities exchanges, leasing companies and consumer and industrial finance companies, and other companies that are primarily engaged in providing financial services. The term “investable assets” refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. We refer to the group of industries in which the Fund concentrates as its “sector.” The Fund will invest in securities of issuers among a number of different countries throughout the world, one of which may be the United States. However, the Fund has no limit on the amount of assets that must be invested in each country. The Fund’ s investments in the securities of non-U.S. issuers, which we refer to as “foreign securities,” include stocks and other equity-related securities. The Fund may participate in the initial public offering (“IPO”) market. Securities purchased in initial public offerings may be very volatile, rising and falling rapidly, often based, among other reasons, on investor perceptions rather than on economic factors. Additionally, investments in IPOs may magnify the Fund’s performance if it has a small asset base. The Fund will provide 60 days' prior written notice to shareholders of a change in its non-fundamental policy of investing at least 80% of its investable assets in the type of investment suggested by its name. While we make every effort to achieve the Fund's investment objective, we can't guarantee success. Principal Risks of Investing in the Fund. All investments have risks to some degree. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment. Recent Market Events. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities. In response to the crisis, the U.S. and other governments and U.S. and foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Risk of Increase in Expenses. Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Sector Risk. The Fund is subject to risks within its own sector because it concentrates its investments in securities of companies within that sector's industries. For example, the Fund can be most adversely affected by legislative changes, increased competition, general economic conditions and financial market disruptions. The prices of the securities in which the Fund invests can be volatile. Since the Fund is a sector fund, its holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of the indexes. Equity and Equity-Related Securities Risks. There is the risk that the value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. The Fund's holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. The Fund may invest in companies that reinvest their earnings rather than distribute them to shareholders. To the extent the Fund does invest in such companies, the Fund is not likely to receive significant dividend income on its portfolio securities. Market Risk. The securities markets are volatile and the market prices of the Fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. Foreign Securities Risk. The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. We do not consider American Depositary Receipts (“ADRs”), American Depositary Shares (“ADSs”) and other similar receipts or shares traded in U.S. markets in which the Fund may invest to be foreign securities. Management Risk. The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect. Nondiversification Risk. The Fund is nondiversified. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a nondiversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a nondiversified fund. Currency Risk. The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. For more information on the risks of investing in this Fund, including the risks of investing in foreign securities, please see How the Fund Invests—Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. and is subject to investment risks, including possible loss of your original investment. Nondiversification Risk. The Fund is nondiversified. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a nondiversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a nondiversified fund. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; The Fund's Past Performance. The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Updated Fund performance information is available online at www.prudentialfunds.com. The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. www.prudentialfunds.com Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Annual Total Returns (Class A Shares)1 These annual total returns do not include sales charges. If the sales charges were included, the annual total returns would be lower than those shown. <div> <div class="MetaData"> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; border-top: black 1px solid;" cellspacing="0" cellpadding="4" align="center"> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Best Quarter:</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Worst Quarter:</td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">37.73%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2009</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-25.92%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">3rd Quarter 2011</td></tr></table></div> </div> Average Annual Total Returns % (including sales charges) (as of 12-31-12) ° After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. Best Quarter: 2009-06-30 0.3773 Worst Quarter: 2011-09-30 -0.2592 0.055 0 0 0 0 0.01 0.05 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 15 15 0 0 0.0075 0.0075 0.0075 0.0075 0.0075 0.003 0.01 0.01 0.0075 0 0.0036 0.0036 0.0036 0.0036 0.0036 0.0141 0.0211 0.0211 0.0186 0.0111 0 0 0 -0.0025 0 0.0141 0.0211 0.0211 0.0161 0.0111 686 714 314 164 113 972 961 661 561 353 1279 1234 1134 983 612 2148 2179 2441 2159 1352 686 214 214 164 113 972 661 661 561 353 1279 1134 1134 983 612 2148 2179 2441 2159 1352 0.2957 0.1599 0.0389 0.2153 -0.0522 -0.3578 0.8361 0.174 -0.1895 0.3335 0.2745 0.3135 0.3372 0.2602 0.2542 0.177 0.2958 0.1617 0.2645 0.075 0.0764 0.0872 0.0717 0.0684 0.0619 -0.0875 0.0207 -0.0233 0.0962 0.0961 0.1071 0.0978 0.0855 0.0822 0.024 0.0751 0.0665 2012-02-03 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPrudentialFinancialServicesFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPrudentialUtilityFundd/b/aPrudentialJennisonUtilityFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPrudentialUtilityFundd/b/aPrudentialJennisonUtilityFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPrudentialUtilityFundd/b/aPrudentialJennisonUtilityFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPrudentialUtilityFundd/b/aPrudentialJennisonUtilityFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPrudentialHealthSciencesFundd/b/aPrudentialJennisonHealthSciencesFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPrudentialHealthSciencesFundd/b/aPrudentialJennisonHealthSciencesFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPrudentialHealthSciencesFundd/b/aPrudentialJennisonHealthSciencesFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPrudentialHealthSciencesFundd/b/aPrudentialJennisonHealthSciencesFund column period compact * ~</div> 0.055 0 0 0 0 0 0 0.01 0.05 0.01 0.06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 15 15 0 15 0 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.003 0.01 0.01 0.0075 0.01 0 0.055 0 0 0 0 0.0018 0.0018 0.0018 0.0018 0.0018 0.0018 0.01 0.05 0.01 0 0 0 0 0 0 0 0.0123 0.0193 0.0193 0.0168 0.0193 0.0093 0 0 0 0 0 0 0 0 0 0 15 15 15 0 0 -0.0025 0 0 0 0 0 0.0193 0.0193 0.0143 0.0193 0.0093 0.0123 0.0044 0.0044 0.0044 0.0044 0.0044 0.003 0.01 0.01 0.0075 0 0.0013 0.0013 0.0013 0.0013 0.0013 0.0087 0.0157 0.0157 0.0132 0.0057 668 696 296 146 796 95 0 0 0 -0.0025 0 919 906 606 505 1006 296 0.0087 0.0157 1188 1142 0.0157 1042 0.0107 889 0.0057 1342 515 1957 1987 2254 1966 2254 1143 668 196 196 146 196 95 919 606 606 606 505 296 1188 1042 1042 889 1042 515 1957 2254 1987 1966 2254 1143 660 634 260 109 58 812 796 496 394 183 0.1926 0.2322 0.1917 0.2548 1006 955 855 700 318 1564 1591 1867 1568 714 0.0815 0.083 0.0891 0.0937 0.1515 0.1515 0.163 0.0997 0.4237 0.3001 0.2204 0.0808 0.1699 -0.262 0.2522 0.1841 0.127 0.2508 0.182 0.1567 0.1378 0.1835 0.1617 0.2139 0.0783 0.0717 0.066 0.051 0.0207 0.0734 0.1533 0.1423 0.1338 0.0683 0.0751 0.1019 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPrudentialFinancialServicesFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsPrudentialFinancialServicesFundBarChart column period compact * ~</div> 2012-02-03 2005-11-25 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPrudentialHealthSciencesFundd/b/aPrudentialJennisonHealthSciencesFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsPrudentialHealthSciencesFundd/b/aPrudentialJennisonHealthSciencesFundBarChart column period compact * ~</div> 634 160 160 109 58 812 496 496 394 183 1006 855 855 700 318 1564 1591 1867 1568 714 0.3125 0.3111 0.3032 0.2703 0.2085 -0.4698 0.2768 0.1445 0.0792 0.1324 0.0748 0.1138 0.1302 0.1358 0.0701 0.066 0.0507 0.0129 0.1599 0.0601 -0.0197 -0.0178 -0.0128 -0.008 -0.022 -0.0255 -0.0193 0.0166 0.0036 -0.0008 0.1173 0.1173 0.1283 0.1191 0.1079 0.1049 0.1043 0.071 0.1014 0.0341 INVESTMENT OBJECTIVE The investment objective of the Fund is long-term capital appreciation. <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPrudentialUtilityFundd/b/aPrudentialJennisonUtilityFund column period compact * ~</div> FUND FEES AND EXPENSES The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. More information about these discounts is available from your financial professional and is explained in Reducing or Waiving Class A's Initial Sales Charge on page 22 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 53. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of its portfolio. Example. The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. ° The Distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .50% of the average daily net assets of the Class R shares through March 31, 2014. This waiver may not be terminated prior to March 31, 2014. The decision on whether to renew, modify or terminate the waiver is subject to review by the Distributor and the Fund's Board of Directors. INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsPrudentialUtilityFundd/b/aPrudentialJennisonUtilityFundBarChart column period compact * ~</div> If Shares Are Redeemed If Shares Are Not Redeemed The Fund seeks investments whose price will increase over time. The Fund normally invests at least 80% of its investable assets in equity and equity-related securities of companies within the health sciences sector, such as pharmaceutical companies, biotechnology companies, medical device manufacturers, healthcare service providers and health maintenance organizations (“HMOs”) that derive a substantial portion of their sales from healthcare-related products or services. The term “investable assets” refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund will invest in securities of issuers among a number of different countries throughout the world, one of which may be the United States. However, the Fund has no limit on the amount of assets that must be invested in each country. The Fund’s investments in the securities of non-U.S. issuers, which we refer to as “foreign securities,” include stocks and other equity-related securities. The Fund will provide 60 days' prior written notice to shareholders of a change in its non-fundamental policy of investing at least 80% of its investable assets in the type of investment suggested by its name. We refer to the group of industries in which the Fund concentrates as its “sector.” The Fund may have two separate segments that we call the “Strategically Managed” portfolio and the “Enhanced Index” portfolio. Currently, the Fund has all of its assets in a single Strategically Managed portfolio, and has no Enhanced Index portfolio segment. The Strategically Managed portfolio holds those equity and equity-related securities in which the portfolio managers have the highest confidence. Equity and equity-related securities in which the Fund primarily invests are common stocks, nonconvertible preferred stocks and convertible securities. The portfolio managers use fundamental and quantitative analyses to select individual securities, and they may invest more than 5% of the Fund's assets in any one issuer. The Fund participates in the initial public offering (IPO) market. For the Strategically Managed portfolio, we consider selling or reducing a stock position when, in the opinion of the investment subadviser, the stock has experienced a fundamental disappointment in earnings; the stock has experienced adverse price movement; the stock has reached an intermediate-term price objective and its outlook no longer seems sufficiently promising; or a relatively more attractive stock emerges. An Enhanced Index portfolio would contain securities selected from a benchmark index made up of securities of that Fund's sector from the Standard & Poor's (S&P) Composite 1500 Index. The S&P Composite 1500 Index is made up of the S&P 500 Composite Stock Price Index (S&P 500), the S&P MidCap 400 Stock Index and the S&P SmallCap 600 Index. Under an Enhanced Index strategy, the subadviser would seek to outperform the benchmark index and to limit the possibility of significantly underperforming that benchmark. Enhanced Index portfolios are expected to hold a representative sample of the securities in the benchmark index and to over-weight or under-weight selected securities based upon proprietary quantitative models. The portfolio managers would try to control the risk of significantly underperforming the benchmark by keeping size and industry weightings relatively close to those in the benchmark. Because the S&P 500 makes up 90% of the benchmark index's market capitalization, large-cap stocks may dominate the Fund's portfolio, particularly under an Enhanced Index strategy. While we make every effort to achieve the Fund's investment objective, we can't guarantee success. Principal Risks of Investing in the Fund. All investments have risks to some degree. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment. Recent Market Events. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities. In response to the crisis, the U.S. and other governments and U.S. and foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Risk of Increase in Expenses. Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Health Sciences Sector Risk. Investments in health sciences companies are subject to a number of risks, including the adverse impact of legislative actions and government regulations. These actions and regulations can affect the approval process for patents, medical devices and drugs, the funding of research and medical care programs, and the operation and licensing of facilities and personnel. The goods and services of health sciences companies are subject to risks of rapid technological change and obsolescence, product liability litigation, and intense price and other competitive pressures. Market Risk. The securities markets are volatile and the market prices of the Fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. Growth Style Risk. The Fund's growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds. Management Risk. The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect. Foreign Securities Risk. The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. We do not consider American Depositary Receipts (“ADRs”), American Depositary Shares (“ADSs”) and other similar receipts or shares traded in U.S. markets in which the Fund may invest to be foreign securities. Initial Public Offerings Risk. The Fund may participate in the initial public offering (IPO) market. The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund's performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns. Market Capitalization Risk. The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and medium-sized companies are less stable than the prices of large company stocks and may present greater risks. In exchange for the potentially lower risks of investing in large capitalization companies, the Fund's value may not rise as much as the value of funds that emphasize smaller capitalization companies. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on smaller capitalized companies. Nondiversification Risk. The Fund is nondiversified. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a nondiversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a nondiversified fund. For more information on the risks of investing in this Fund, including the risks of investing in foreign securities, please see How the Fund Invests—Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. The Fund's Past Performance. The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Updated Fund performance information is available online at www.prudentialfunds.com. 2006-08-22 Annual Total Returns (Class A Shares)1 <div> <div class="MetaData"> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; border-top: black 1px solid;" cellspacing="0" cellpadding="4" align="center"> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Best Quarter:</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Worst Quarter:</td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">18.30%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2003</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-15.16%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">4th Quarter 2008</td></tr></table></div> </div> Average Annual Total Returns % (including sales charges) (as of 12-31-12) ° After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. March 31, 2014 0.47 25000 You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. and is subject to investment risks, including possible loss of your original investment. Nondiversification Risk. The Fund is nondiversified. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a nondiversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a nondiversified fund. INVESTMENT OBJECTIVE Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; The investment objective of the Fund is total return through a combination of capital appreciation and current income. The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. www.prudentialfunds.com Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. These annual total returns do not include sales charges. If the sales charges were included, the annual total returns would be lower than those shown. FUND FEES AND EXPENSES The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. More information about these discounts is available from your financial professional and is explained in Reducing or Waiving Class A's Initial Sales Charge on page 23 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 53. After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. Shareholder Fees (paid directly from your investment) Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Best Quarter: 0.183 2003-06-30 Worst Quarter: -0.1516 2008-12-31 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 37% of the average value of its portfolio. Example. The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. If Shares Are Redeemed If Shares Are Not Redeemed ° The Distributor of the Fund has contractually agreed through March 31, 2014 to reduce its distribution and service (12b-1) fees for Class R shares to .50% of the average daily net assets of the Class R shares. This waiver may not be terminated prior to March 31, 2014. The decision on whether to renew, modify or terminate the waiver is subject to review by the Distributor and the Fund's Board of Directors. INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. The Fund seeks investments whose prices will increase as well as pay the Fund dividends and other income. We normally invest at least 80% of the Fund's investable assets in equity and equity-related and investment-grade debt securities of utility companies. The term “investable assets” refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund will provide 60 days' prior written notice to shareholders of a change in its non-fundamental policy of investing at least 80% of its investable assets in the type of investment suggested by its name. Utility companies, based on the Global Industry Classification Standard (GICS) industry classifications, as they may be amended from time to time, include electric utilities, gas utilities, water utilities, multi-utilities, independent power producers, diversified telecommunication services, wireless telecommunication services, transportation infrastructure, energy equipment and services and oil, gas and consumable fuels. Some of these securities are issued by foreign companies. We may invest more than 5% of the Fund's assets in any one issuer. The Fund participates in the initial public offering (IPO) market. Securities purchased in IPOs may be very volatile, rising and falling rapidly, often based, among other reasons, on investor perceptions rather than on economic factors. Additionally, investments in IPOs may disproportionately affect (positively or negatively) the Fund’s performance if the fund has a small asset base. In deciding which stocks to buy, we use what is known as a value investment style. That is, we invest in stocks that we believe are undervalued, given the company's earnings, cash flow or asset values. We look for catalysts that will help unlock inherent value. A number of conditions can warrant the sale of an existing position, including (1) the stock has reached its price target; (2) subsequent events invalidate our investment thesis; (3) the catalysts we expected to narrow the gap between the stock price and what we believe to be the true worth of the company have passed or no longer exist; or (4) the stock price declines to below what we had thought to be the reasonable worst-case scenario. While we make every effort to achieve our objective, we can't guarantee success. Principal Risks of Investing in the Fund. All investments have risks to some degree. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment. Recent Market Events. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities. In response to the crisis, the U.S. and other governments and U.S. and foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Risk of Increase in Expenses. Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Utility Sector Risk. Utility sector risk is the risk that the Fund's concentration in the securities of companies in the utility sector or industry may cause the Fund to be more exposed to the price movements of such companies than a more broadly diversified fund. The Fund will perform poorly during a downturn in the utility sector. The Fund's also is subject to risks of the utility industry, such as inflation and regulatory changes, due to its concentration in utility securities. When interest rates go up, the value of securities issued by utility companies historically has gone down. Although the average dividend yield of utility industry stocks has been higher than those of other companies, the total return of utility securities has historically underperformed those of industrial companies. In most countries and localities, the utility industry is regulated by governmental entities, which can increase costs and delays for new projects and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of utilities has resulted in increased competition and reduced profitability for certain companies, and increased the risk that a particular company will become bankrupt or fail completely. Reduced profitability, as well as new uses for or additional need of funds (such as for expansion, operations or stock buybacks), could result in reduced dividend payout rates for utility companies. In addition, utility companies face the risk of increases in the cost and reduced availability of fuel (such as oil, coal, natural gas or nuclear energy) and potentially high interest costs for borrowing to finance new projects. As a sector fund, the Fund's holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance indexes. Equity and Equity-Related Securities Risks. There is the risk that the value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. The Fund's holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. The Fund may invest in companies that reinvest their earnings rather than distribute them to shareholders. To the extent the Fund does invest in such companies, the Fund is not likely to receive significant dividend income on its portfolio securities. Market Risk. The securities markets are volatile and the market prices of the Fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. Value Style Risk. Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for a period of time, that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced. Historically, value stocks have performed best during periods of economic recovery. Foreign Securities Risk. The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. We do not consider American Depositary Receipts (“ADRs”), American Depositary Shares (“ADSs”) and other similar receipts or shares traded in U.S. markets in which the Fund may invest to be foreign securities. Currency Risk. The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Credit Risk. This is the risk that the issuer, the guarantor or the insurer of a fixed-income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. Nondiversification Risk. The Fund is nondiversified. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a nondiversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a nondiversified fund. Management Risk. The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect. Initial Public Offerings Risk. The Fund may participate in the initial public offering (IPO) market. The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund's performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns. For more information on the risks of investing in this Fund, including the risks of foreign securities, please see How the Fund Invests—Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI. The Fund's Past Performance. The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Updated Fund performance information is available online at www.prudentialfunds.com. Annual Total Returns (Class A Shares)1 <div> <div class="MetaData"> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; empty-cells: show; margin-bottom: 15pt; border-top: black 1px solid;" cellspacing="0" cellpadding="4" align="center"> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Best Quarter:</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Worst Quarter:</td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">20.25%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2003</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-28.89%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">3rd Quarter 2008</td></tr></table></div> </div> Average Annual Total Returns % (including sales charges) (as of 12-31-12) ° After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. March 31, 2014 0.37 You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $25,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. 25000 and is subject to investment risks, including possible loss of your original investment. Nondiversification Risk. The Fund is nondiversified. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a nondiversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a nondiversified fund. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. www.prudentialfunds.com Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. FUND SUMMARY FUND SUMMARY IMPORTANT NOTE: The Fund is generally closed to new investors. Please see “How the Fund Invests” in the Prospectus for details. Best Quarter: 0.2025 2003-06-30 Worst Quarter: -0.2889 2008-09-30 FUND SUMMARY The Fund normally invests at least 80% of its investable assets in equity and equity-related securities of companies within the financial services sector, such as banks, savings and loan associations (and other thrifts), mortgage banking companies, finance companies, insurance companies, securities/brokerage firms, asset management companies, securities exchanges, leasing companies and consumer and industrial finance companies, and other companies that are primarily engaged in providing financial services. The Fund normally invests at least 80% of its investable assets in equity and equity-related securities of companies within the health sciences sector, such as pharmaceutical companies, biotechnology companies, medical device manufacturers, healthcare service providers and health maintenance organizations (“HMOs”) that derive a substantial portion of their sales from healthcare-related products or services. We normally invest at least 80% of the Fund's investable assets in equity and equity-related and investment-grade debt securities of utility companies. These annual total returns do not include deductions for sales charges. If the sales charges were included, the annual total returns would be lower than those shown. These annual total returns do not include sales charges. If the sales charges were included, the annual total returns would be lower than those shown. Without the distribution and service (12b-1) fee waiver of 0.05% (which terminated effective April 1, 2008), the annual returns would have been lower, too. These annual total returns do not include deductions for sales charges. If the sales charges were included, the annual total returns would be lower than those shown.