A jacketed bullet having a penetrator constructed of a hard material in line with a slug having a lower modulus. At least a portion of both the slug and the penetrator are then encased by a metal jacket. A plurality of circumferentially spaced and axially extending flutes are formed along the slug and possibly the penetrator. These flutes receive deformation of the jacket upon firing of the bullet into a rifled gun bore to thereby reduce friction between the bullet and the gun bore during operation.