STRATEGIC PARTNERS MUTUAL FUNDS

N-CSRS 1 dncsrs.htm STRATEGIC PARTNERS MUTUAL FUNDS STRATEGIC PARTNERS MUTUAL FUNDS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-8085

Strategic Partners Mutual Funds, Inc.

(fka American Skandia Advisor Funds, Inc.)

(Exact name of registrant as specified in charter)


Gateway Center 3, 100 Mulberry Street, Newark, New Jersey		07102

(Address of principal executive offices)		(Zip code)

William V. Healey

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

(Name and address of agent for service)

Registrant’s telephone number, including area code: 973-802-2991

Date of fiscal year end: 10/31/2004

Date of reporting period: 4/30/2004

Item1 – Reports to Stockholders—[ INSERT REPORT ]

SEMIANNUAL REPORT

APRIL 30, 2004

LOGO

STRATEGIC PARTNERS

MUTUAL FUNDS, INC.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Funds’ portfolio holdings are for the period covered by this report and are subject to change thereafter.

STRATEGIC PARTNERS MUTUAL FUNDS, INC.

List of Subadvisers as of May 31, 2004


STRATEGIC PARTNERS FUND NAME		SUBADVISER
Strategic Partners International Growth Fund		William Blair & Company, L.L.C.
Strategic Partners Small Cap Growth Opportunity Fund		State Street Research & Management Company
Strategic Partners Managed Small Cap Growth Fund		Deutsche Asset Management, Inc.
Strategic Partners Small Company Fund		GAMCO Investors, Inc. (Gabelli Asset Management Company)
Strategic Partners Mid Cap Growth Fund		Goldman Sachs Asset Management, L.P.
Strategic Partners Relative Value Fund		Neuberger Berman Management Inc.
Strategic Partners Technology Fund		INVESCO Institutional (N.A.), Inc.
Strategic Partners Health Sciences Fund		INVESCO Institutional (N.A.), Inc.
Strategic Partners Managed OTC Fund		ProFund Advisors LLC
Strategic Partners Capital Growth Fund		Marsico Capital Management, LLC
Strategic Partners Concentrated Growth Fund		Goldman Sachs Asset Management, L.P.
Strategic Partners Managed Large Cap Growth Fund		Jennison Associates LLC
Strategic Partners Core Value Fund		Sanford C. Bernstein & Co., LLC
Strategic Partners Managed Index 500 Fund		Sanford C. Bernstein & Co., LLC
Strategic Partners Small Company Fund		GAMCO Investors, Inc. (Gabelli Asset Management Company)
Strategic Partners Equity Income Fund		Alliance Capital Management, L.P.
Strategic Partners Growth with Income Fund		Massachusetts Financial Services Company (MFS)
Strategic Partners Capital Income Fund		INVESCO Institutional (N.A.), Inc.
Strategic Partners Balanced Fund		American Century Investment Management, Inc.
Strategic Partners High Yield Bond Fund		Goldman Sachs Asset Management, L.P.
Strategic Partners Bond Fund		Pacific Investment Management Company LLC (PIMCO)
Strategic Partners Money Market Fund		Wells Capital Management, Inc.

For more information about Strategic Partners Mutual Funds, Inc. see the prospectus.

Subadvisers are subject to change. You should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing. The prospectus will contain this and other information about the investment company. Please read the prospectus carefully before investing. Shares of Strategic Partners Mutual Funds, Inc. are distributed by Prudential Investment Management Services LLC (PIMS), Three Gateway Center, 14th Floor, Newark, NJ 07102-4077. PIMS is a Prudential Financial company and member SIPC.

STRATEGIC PARTNERS MUTUAL FUNDS, INC.

CUSIP Numbers and NASDAQ Symbols


FUND	CLASS	CUSIP	NASDAQ
International Growth Fund	A	86277E492	N/A
	B	86277E476	N/A
	C	86277E450	WBCIX
	L*	86277E484	WBAIX
	M**	86277E468	WBBIX
	X***	86277E443	WBZIX


FUND	CLASS	CUSIP	NASDAQ
Small Cap Growth Opportunity Fund	A	86277E831	N/A
	B	86277E815	N/A
	C	86277E781	PBHCX
	L*	86277E823	PBSAX
	M**	86277E799	PBSBX
	X***	86277E773	PBSZX


FUND	CLASS	CUSIP	NASDAQ
Managed Small Cap Growth Fund	A	86277C777	N/A
	B	86277C751	N/A
	C	86277C736	DCAMX
	L*	86277C769	DAMAX
	M**	86277C744	DAMBX
	X***	86277C728	DAMZX


FUND	CLASS	CUSIP	NASDAQ
Small Company Fund	A	86277C645	N/A
	B	86277C629	N/A
	C	86277C595	GCSVX
	L*	86277C637	GASVX
	M**	86277C611	GBSVX
	X***	86277C587	GXSVX


FUND	CLASS	CUSIP	NASDAQ
Mid Cap Growth Fund	A	86277C512	N/A
	B	86277C488	N/A
	C	86277C462	GCMGX
	L*	86277C496	GAMGX
	M**	86277C470	GBMGX
	X***	86277C454	N/A


FUND	CLASS	CUSIP	NASDAQ
Relative Value Fund	A	86277E807	N/A
	B	86277E872	N/A
	C	86277E856	NCBVX
	L*	86277E880	NABVX
	M**	86277E864	NBBVX
	X***	86277E849	NBVZX


FUND	CLASS	CUSIP	NASDAQ
Technology Fund	A	86277C314	N/A
	B	86277C280	N/A
	C	86277C264	ICNVX
	L*	86277C298	IANVX
	M**	86277C272	IBNVX
	X***	86277C256	IXNZX


FUND	CLASS	CUSIP	NASDAQ
Health Sciences Fund	A	86277C371	N/A
	B	86277C355	N/A
	C	86277C330	INHCX
	L*	86277C363	INHAX
	M**	86277C348	IHSBX
	X***	86277C322	N/A


FUND	CLASS	CUSIP	NASDAQ
Managed OTC Fund	A	86277E690	N/A
	B	86277E674	N/A
	C	86277E658	PCMOX
	L*	86277E682	PRMAX
	M**	86277E666	PMOBX
	X***	86277E641	N/A


FUND	CLASS	CUSIP	NASDAQ
Capital Growth Fund	A	86277C249	N/A
	B	86277C223	N/A
	C	86277C199	MARCX
	L*	86277C231	MARAX
	M**	86277C215	MARBX
	X***	86277C181	MARZX


FUND	CLASS	CUSIP	NASDAQ
Concentrated Growth Fund	A	86277C579	N/A
	B	86277C553	N/A
	C	86277C538	CCGSX
	L*	86277C561	CAGSX
	M**	86277C546	CBGSX
	X***	86277C520	CZGSX


FUND	CLASS	CUSIP	NASDAQ
Managed Large Cap Growth Fund	A	86277C843	N/A
	B	86277C827	N/A
	C	86277C793	N/A
	L*	86277C835	N/A
	M**	86277C819	N/A
	X***	86277C785	N/A


FUND	CLASS	CUSIP	NASDAQ
Core Value Fund	A	86277E633	N/A
	B	86277E617	N/A
	C	86277E583	SBVCX
	L*	86277E625	SOVAX
	M**	86277E591	SVCBX
	X***	86277E575	N/A


FUND	CLASS	CUSIP	NASDAQ
Managed Index 500 Fund	A	86277E567	N/A
	B	86277E542	N/A
	C	86277E526	MCIFX
	L*	86277E559	MAIFX
	M**	86277E534	MBIFX
	X***	86277E518	MXIFX


FUND	CLASS	CUSIP	NASDAQ
Equity Income Fund	A	86277C108	N/A
	B	86277C306	N/A
	C	86277C504	AGOCX
	L*	86277C207	AGOAX
	M**	86277C405	AGOBX
	X***	86277C603	AXGOX


FUND	CLASS	CUSIP	NASDAQ
Growth with Income Fund	A	86277C173	N/A
	B	86277C157	N/A
	C	86277C132	GCIFX
	L*	86277C165	GAIFX
	M**	86277C140	GBIFX
	X***	86277C124	GCIZX


FUND	CLASS	CUSIP	NASDAQ
Capital Income Fund	A	86277C447	N/A
	B	86277C421	N/A
	C	86277C397	IEICX
	L*	86277C439	IEIAX
	M**	86277C413	IBEIX
	X***	86277C389	IEIZX


FUND	CLASS	CUSIP	NASDAQ
Balanced Fund	A	86277C702	N/A
	B	86277C884	N/A
	C	86277C868	ACBCX
	L*	86277C801	AACBX
	M**	86277C876	ACBBX
	X***	86277C850	ACBZX


FUND	CLASS	CUSIP	NASDAQ
High Yield Bond Fund	A	86277C710	N/A
	B	86277C686	N/A
	C	86277C660	FCHYX
	L*	86277C694	FHYAX
	M**	86277C678	FBHYX
	X***	86277C652	FHYZX


FUND	CLASS	CUSIP	NASDAQ
Bond Fund	A	86277E765	N/A
	B	86277E740	N/A
	C	86277E724	TCRBX
	L*	86277E757	TARBX
	M**	86277E732	TBRBX
	X***	86277E716	TRBZX


FUND	CLASS	CUSIP	NASDAQ
Money Market Fund****
	D	86277E302	N/A
	C	86277E609	ASCXX
	L*	86277E203	AASXX
	M**	86277E500	ABSXX
	X***	86277E708	ASXXX

*Closed to most new purchases (with the exception of reinvested dividends and purchases by college savings plans) and available for limited exchanges only.

**Closed to new purchases (with the exception of reinvested dividends) and available for limited exchanges only.

***Closed to new purchases and available for limited exchanges only.

****Available for limited exchanges only.

Dear Shareholder,

June 18, 2004

As the U.S. stock market slowed in 2004 following its particularly strong performance in 2003, some investors still seemed to be watching developments from the sidelines. Though the economy appears sound, given the unsettled global political climate and the potential for rising interest rates in the United States, we can understand why some investors may want to remain cautious. For those with long-term goals, a broadly diversified asset allocation can increase your chances of participating in economic growth.

We recommend that you develop a diversified asset allocation strategy in consultation with a financial professional who knows you and who understands your reasons for investing, the time you have to reach your goals, and the amount of risk you are comfortable assuming. Strategic Partners mutual funds offer a wide range of investment choices, and your financial professional can help you choose the appropriate funds to implement your strategy.

Whether you are investing for your retirement, your children’s education, or some other purpose, Strategic Partners mutual funds offer the resources and professional discipline of leading asset management firms. Our team of experienced analysts monitors and evaluates firms that are widely respected by institutional and individual investors. These firms have established track records in the specific asset classes and management styles they offer in Strategic Partners funds. Our analysts continue to monitor their performance and adherence to the investment processes that earned them their reputations.

Thank you for your confidence in Strategic Partners mutual funds.

Sincerely,

LOGO

Judy A. Rice, President

Strategic Partners Mutual Funds, Inc.

STRATEGIC PARTNERS MUTUAL FUNDS, INC.

Table of Contents


Summary of Definitions		1


	Fund Performance	Schedule of Investments	Financial Highlights
ASAF International Equity Fund	4	49	186
Strategic Partners International Growth Fund	6	51	186
Strategic Partners Small Cap Growth Opportunity Fund	8	54	188
Strategic Partners Managed Small Cap Growth Fund	10	58	188
Strategic Partners Small Company Fund	12	63	190
Strategic Partners Mid Cap Growth Fund	14	70	190
Strategic Partners Relative Value Fund	16	73	192
Strategic Partners Technology Fund	18	76	192
Strategic Partners Health Sciences Fund	20	79	194
Strategic Partners Managed OTC Fund	22	81	194
Strategic Partners Capital Growth Fund	24	84	196
Strategic Partners Concentrated Growth Fund	26	86	196
Strategic Partners Managed Large Cap Growth Fund	28	88	198
ASAF T. Rowe Price Tax Managed Fund	30	90	198
Strategic Partners Core Value Fund	32	93	200
Strategic Partners Managed Index 500 Fund	34	97	200
Strategic Partners Equity Income Fund	36	102	202
Strategic Partners Growth with Income Fund	38	105	202
Strategic Partners Capital Income Fund	40	108	204
Strategic Partners Balanced Fund	42	112	204
Strategic Partners High Yield Bond Fund	44	120	206
Strategic Partners Bond Fund	46	134	206
Strategic Partners Money Market Fund	48	142	208


Financial Statements
Statements of Assets and Liabilities		144
Statements of Operations		152
Statements of Changes in Net Assets		158
Notes to Financial Statements		166

Summary of Definitions

The following pages present information on the investment performance of each Fund that has been in operation for at least six months as of April 30, 2004, including comparisons with relevant market indexes.

Definitions for Broad Market Indexes

Investors cannot invest directly in an index. Returns for the Indexes on the following pages would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how U.S. stock prices have performed.

S&P MidCap 400 Index—The Standard & Poor’s MidCap 400 Stock Index (S&P MidCap 400 Index) is an unmanaged index of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It gives a broad look at how U.S. mid-cap stock prices have performed.

Russell 2000 Index—The Russell 2000 Index is an unmanaged, weighted index that comprises the smallest 2,000 stocks among the largest 3,000 equity-capitalized U.S. corporations and represents approximately 10% of their aggregate market value.

NASDAQ-100 Index—The NASDAQ-100 Index is an unmanaged, modified capitalization-weighted index of the 100 largest and most active nonfinancial domestic and international issues listed on the NASDAQ.

ML High Yield Master II Index—The Merrill Lynch (ML) High Yield Master II Index is an unmanaged index of publicly traded, nonconvertible U.S. bonds rated below investment grade.

Lehman Brothers Aggregate Bond Index—The Lehman Brothers Aggregate Bond Index is an unmanaged, market-weighted index that tracks the daily price, coupon pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and nonconvertible investment-grade debt issues without at least $100 million par amount outstanding and with at least one year to final maturity.

MSCI EAFE Index—The Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE Index) is an unmanaged, weighted index of performance that reflects stock price movements in Europe, Australasia, and the Far East.

Blended Index—The Blended Index is calculated by weighting the S&P 500 Index at 60% and the Lehman Brothers Government/Corporate Bond Index at 40%. The Lehman Brothers Government/ Corporate Bond Index is an unmanaged index comprised of intermediate- and long-term government and investment-grade corporate debt securities.

Definitions for Lipper Averages

Lipper Averages represent returns based on the average return of all funds in the stated Lipper Average. The returns for the Lipper Averages on the following pages reflect the deduction of operating expenses, but not sales charges or taxes.

Lipper Balanced Funds Average—Funds in the Lipper Balanced Funds Average have primary objectives to conserve principal by maintaining at all times a balanced portfolio of both stocks and bonds. Typically, the stock:bond ratio ranges around 60%:40%.

Lipper Corporate Debt Funds A Rated Average—Funds in the Lipper Corporate Debt Funds A Rated Average invest primarily in corporate debt issues rated “A” or better or government issues.


		1


2

Lipper Equity Income Funds Average—Funds in the Lipper Equity Income Funds Average seek relatively high current income and growth of income through investing 60% or more of its portfolio in equities.

Lipper Health/Biotechnology Funds Average—Funds in the Lipper Health/Biotechnology Funds Average invest primarily in shares of companies engaged in healthcare, medicine, and biotechnology.

Lipper High Current Yield Funds Average—Funds in the Lipper High Current Yield Funds Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade

debt issues.

Lipper International Funds Average—Funds in the Lipper International Funds Average invest their assets in securities with primary trading markets outside of the United States.

Lipper Large-Cap Core Funds Average—Funds in the Lipper Large-Cap Core Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P 500 Index.

Lipper Large-Cap Growth Funds Average—Funds in the Lipper Large-Cap Growth Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P 500 Index.

Lipper Large-Cap Value Funds Average—Funds in the Lipper Large-Cap Value Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P 500 Index.

Lipper Mid-Cap Core Funds Average—Funds in the Lipper Mid-Cap Core Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap core funds have more latitude in the companies in which they invest. These funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P MidCap 400 Index.

Lipper Mid-Cap Value Funds Average—Funds in the Lipper Mid-Cap Value Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P MidCap 400 Index.

Lipper Multi-Cap Growth Funds Average—Funds in the Lipper Multi-Cap Growth Funds Average invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% and 75% of their assets invested in

companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SuperComposite 1500 Index.

Lipper Multi-Cap Value Funds Average—Funds in the Lipper Multi-Cap Value Funds Average, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% and 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap value funds have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SuperComposite 1500 Index.

Lipper Science & Technology Funds Average—Funds in the Lipper Science & Technology Funds Average invest primarily in science and technology stocks.

Lipper Small-Cap Core Funds Average—Funds in the Lipper Small-Cap Core Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SmallCap 600 Index.

Lipper Small-Cap Growth Funds Average—Funds in the Lipper Small-Cap Growth Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SmallCap 600 Index.


		3

Your Fund’s Performance

ASAF International Equity Fund***

(Formerly ASAF Strong International Equity Fund)

Fund objective

The investment objective of the ASAF International Equity Fund (the Fund) is to seek long-term capital growth by investing in a diversified portfolio of international equity securities, the issuers of which are considered to have strong earnings momentum. There can be no assurance that the Fund will achieve its investment objective.

As of the close of business May 7, 2004, the Fund merged into Strategic Partners International Growth Fund.

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. An investor may obtain performance data current to the most recent month-end by visiting our website at www.strategicpartners.com or by calling (800) 225-1852.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Three Years

Since Inception²

Class A³

N/A

–6.70

Class B⁴

N/A

–6.70

Class C

10.00

28.37

–10.01

–36.20

Class L³

10.47

28.99

–8.66

–34.60

Class M⁴

9.97

28.26

–9.99

–36.00

Class X

10.14

28.46

–9.97

–35.90

MSCI EAFE Index⁵

12.39

40.23

1.12

Lipper International Funds Avg.⁵

10.46

36.28

–0.95

Average Annual Total Returns¹ as of 3/31/04

One Year

Three Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

42.45

–1.08

–8.77

Class L³

37.15

–2.15

–9.34

Class M⁴

39.12

–2.08

–9.12

Class X

42.50

–1.22

–8.79

MSCI EAFE Index⁵

57.54

3.43

–1.77

Lipper International Funds Avg.⁵

53.63

2.49

–1.09

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A and Class L shares are subject to a maximum front-end sales charge of 5.50% and 5.75% respectively. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 6%, and 6% respectively. A $10 fee may be imposed for wire transfers of redemption proceeds.


4

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns do take into account applicable sales charges. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on fund distributions or following the redemption of fund shares. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and/or expense reimbursements, the returns for the classes would have been lower. Without a distribution and service (12b-1) fee waiver of 0.05% for Class A shares, the returns would have been lower. Class A shares are subject to a 12b-1 fee of up to 0.30% annually. Class B, Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1%. Class L shares are subject to a 12b-1 fee of 0.50%.

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 11/1/99.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*MSCI EAFE Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.26% for Class A and Class B; and –9.67% for Class C, Class L, Class M, and Class X.

**Lipper International Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.91% for Class A and Class B; and –5.75% for Class C, Class L, Class M, and Class X.

***Between December 10, 2001 and December 1, 2003, the ASAF International Equity Fund was known as the ASAF Strong International Equity Fund and Strong Capital Management, Inc. served as the subadviser to the Fund. Prior to December 10, 2001, the Fund was known as the ASAF AIM International Equity Fund and AIM Capital Management, Inc. served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/04
Sumitomo Mitsui Financial Group, Inc., Financial—Bank & Trust	3.6	%
UBS AG, Financial—Bank & Trust	3.1
Manulife Financial Corp., Insurance	3.0
Sumitomo Trust & Banking Co. Ltd., Financial—Bank & Trust	2.7
Keyence Corp., Electronics Components & Equipment	2.7

Holdings are subject to change.


		5

Your Fund’s Performance

Strategic Partners International Growth Fund***

(Formerly ASAF William Blair International Growth Fund)


6

Fund objective

The investment objective of the Strategic Partners International Growth Fund (the Fund) is to seek long-term growth of capital. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception²
Class A³	N/A		N/A		N/A		–6.27	%
Class B⁴	N/A		N/A		N/A		–6.26
Class C	5.62	%	38.63	%	–4.21	%	14.48
Class L³	5.97		39.39		–1.83		18.00
Class M⁴	5.63		38.55		–4.30		14.26
Class X	5.63		38.55		–4.23		14.26
MSCI EAFE Index⁵	12.39		40.23		–3.60		*
Lipper International Equity Funds Avg.⁵	10.46		36.28		2.93		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			52.67	%	0.17	%	2.68	%
Class L³			47.26		–0.17		2.35
Class M⁴			49.47		–0.02		2.67
Class X			53.20		0.30		2.94
MSCI EAFE Index⁵			57.54		0.52		3.59
Lipper International Equity Funds Avg.⁵			53.63		1.76		3.62

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 12/31/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*MSCI EAFE Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.26% for Class A and Class B; and 22.04% for Class C, Class L, Class M, and Class X.

**Lipper International Equity Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.91% for Class A and Class B; and 23.48% for Class C, Class L, Class M, and Class X.

***Prior to November 11, 2002, the Strategic Partners International Growth Fund was known as the ASAF Janus Overseas Growth Fund and Janus Capital Management, LLC served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/04
Sumitomo Mitsui Financial Group, Inc., Financial—Bank & Trust	3.7	%
UBS AG, Financial—Bank & Trust	3.2
Manulife Financial Corp., Insurance	3.0
Keyence Corp., Electronics Components & Equipment	2.7
Tesco PLC, Food	2.6

Holdings are subject to change.


		7

Your Fund’s Performance

Strategic Partners Small Cap Growth Opportunity Fund***

(Formerly ASAF PBHG Small-Cap Growth Fund)

Fund objective

The investment objective of the Strategic Partners Small Cap Growth Opportunity Fund (the Fund) is to seek capital growth. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Five Years

Since Inception²

Class A³

N/A

–9.12

Class B⁴

N/A

–9.18

Class C

–3.00

31.77

–13.41

10.40

Class L³

–2.74

32.44

–11.34

14.01

Class M⁴

–3.00

31.66

–13.35

10.30

Class X

–3.00

31.66

–13.49

10.30

Russell 2000 Index⁵

6.54

42.01

38.09

Lipper Small-Cap Growth Funds Avg.⁵

1.71

36.74

29.73

Average Annual Total Returns¹ as of 3/31/04

One Year

Five Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

50.82

–0.13

2.48

Class L³

45.38

–0.67

2.19

Class M⁴

47.40

–0.51

2.35

Class X

51.09

–0.26

2.59

Russell 2000 Index⁵

63.83

9.66

6.80

Lipper Small-Cap Growth Funds Avg.⁵

56.31

6.46

5.28


8

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*Russell 2000 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –5.10% for Class A and Class B; and 47.14% for Class C, Class L, Class M, and Class X.

**Lipper Small-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –5.17% for Class A and Class B; and 42.10% for Class C, Class L, Class M, and Class X.

***Between January 1, 1999 and September 14, 2001, the Strategic Partners Small Cap Growth Opportunity Fund was known as the ASAF Janus Small-Cap Growth Fund, and Janus Capital Management LLC served as subadviser to the Fund. Prior to January 1, 1999, the Fund was known as the ASAF Founders Small Capitalization Fund, and Founders Asset Management LLC served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Tractor Supply Co., Retail & Merchandising	1.4	%
Too, Inc., Clothing & Apparel	1.3
Urban Outfitters, Inc., Retail & Merchandising	1.3
Career Education Corp., Personal Services	1.2
University of Phoenix Online, Personal Services	1.2

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		9

Your Fund’s Performance

Strategic Partners Managed Small Cap Growth Fund***

(Formerly ASAF DeAM Small-Cap Growth Fund)

Fund objective

The investment objective of the Strategic Partners Managed Small Cap Growth Fund (the Fund) is to seek maximum growth of investors’ capital from a portfolio primarily of growth stocks of smaller companies. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Three Years

Since Inception²

Class A³

N/A

–7.13

Class B⁴

N/A

–8.20

Class C

2.41

36.83

–11.17

–49.10

Class L³

2.57

37.30

–10.05

–48.10

Class M⁴

2.42

36.56

–11.34

–49.20

Class X

2.41

36.46

–11.17

–49.10

Russell 2000 Index⁵

6.54

42.01

20.04

Lipper Small-Cap Growth Funds Avg.⁵

1.71

36.74

–1.00

Average Annual Total Returns¹ as of 3/31/04

One Year

Three Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

54.53

1.34

–14.21

Class L³

48.37

0.18

–15.02

Class M⁴

50.89

0.37

–14.63

Class X

54.49

1.26

–14.29

Russell 2000 Index⁵

63.83

10.90

1.87

Lipper Small-Cap Growth Funds Avg.⁵

56.31

4.84

–8.06


10

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 3/1/00.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*Russell 2000 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –5.10% for Class A and Class B; and 2.37% for Class C, Class L, Class M, and Class X.

**Lipper Small-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –5.17% for Class A and Class B; and –28.18% for Class C, Class L, Class M, and Class X.

***Prior to December 10, 2001, the Strategic Partners Managed Small Cap Growth Fund was known as the ASAF Scudder Small-Cap Growth Fund and Zurich Scudder Investments, Inc. served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Patina Oil & Gas Corp., Oil & Gas	1.4	%
Select Medical Corp., Healthcare Services	1.4
East West Bancorp, Inc., Financial—Bank & Trust	1.3
Varian Inc., Electronic Components & Equipment	1.3
Petco Animal Supplies, Inc., Retail & Merchandising	1.3

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		11

Your Fund’s Performance

Strategic Partners Small Company Fund***

(Formerly ASAF Gabelli Small-Cap Value Fund)

Fund objective

The investment objective of the Strategic Partners Small Company Fund (the Fund) is to provide long-term capital growth by investing primarily in small-capitalization stocks that appear to be undervalued. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception²
Class A³	N/A		N/A		N/A		–2.70	%
Class B⁴	N/A		N/A		N/A		–2.78
Class C	10.35	%	35.37	%	68.01	%	51.52
Class L³	10.68		35.94		72.16		56.92
Class M⁴	10.34		35.20		67.92		51.61
Class X	10.33		35.30		68.22		51.71
Russell 2000 Index⁵	6.54		42.01		38.09		*
Lipper Small-Cap Core Funds Avg.⁵	8.28		41.86		69.75		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			47.90	%	13.09	%	6.57	%
Class L³			42.27		12.48		6.30
Class M⁴			44.37		12.87		6.49
Class X			47.82		13.31		6.78
Russell 2000 Index⁵			63.83		9.66		6.80
Lipper Small-Cap Core Funds Avg.⁵			60.36		13.32		8.03


12

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*Russell 2000 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –5.10% for Class A and Class B; and 47.14% for Class C, Class L, Class M, and Class X.

**Lipper Small-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –3.85% for Class A and Class B; and 66.26% for Class C, Class L, Class M, and Class X.

***Prior to September 11, 2000, the Strategic Partners Small Company Fund was known as the ASAF T.Rowe Price Small Company Value Fund and T.Rowe Price Associates, Inc. served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Cablevision Systems New York Group. (Class “A” Stock), Cable Television	2.4	%
Media General, Inc. (Class “A” Stock), Broadcasting	1.7
Sybron Dental Specialties, Inc., Medical Supplies & Equipment	1.7
Duquesne Light Holdings, Inc., Utilities	1.4
MacDermid, Inc., Chemicals	1.4

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		13

Your Fund’s Performance

Strategic Partners Mid Cap Growth Fund***

(Formerly ASAF Goldman Sachs Mid-Cap Growth Fund)


14

Fund objective

The investment objective of the Strategic Partners Mid Cap Growth Fund (the Fund) is to seek long-term growth of capital. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Three Years

Since Inception²

Class A³

N/A

–3.98

Class B⁴

N/A

–3.80

Class C

5.22

26.73

–33.94

–59.68

Class L³

5.40

27.33

–33.01

–58.92

Class M⁴

5.21

27.04

–33.77

–59.58

Class X

5.22

27.13

–33.83

–59.68

S&P MidCap 400 Index⁵

6.93

34.45

18.20

Lipper Mid-Cap Core Funds Avg.⁵

6.53

33.08

14.38

Average Annual Total Returns¹ as of 3/31/04

One Year

Three Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

38.13

–10.79

–22.25

Class L³

32.91

–11.79

–23.14

Class M⁴

34.41

–11.56

–22.86

Class X

37.91

–10.90

–22.60

S&P MidCap 400 Index⁵

49.10

10.71

4.13

Lipper Mid-Cap Core Funds Avg.⁵

47.77

8.29

1.36

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 9/11/00.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P MidCap 400 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –3.28% for Class A and Class B; and 11.82% for Class C, Class L, Class M, and Class X.

**Lipper Mid-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –3.28% for Class A and Class B; and 4.26% for Class C, Class L, Class M, and Class X.

***Prior to November 11, 2002, the Strategic Partners Mid Cap Growth Fund was known as the ASAF Janus Mid-Cap Growth Fund and Janus Capital Management LLC served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Scripps (E.W.) Co. (Class “A” Stock), Broadcasting	2.3	%
ARAMARK Corp. (Class “B” Stock), Business Services	2.2
Coach, Inc., Clothing & Apparel	2.2
Checkfree Corp., Internet Services	2.1
FLIR Systems, Inc., Electronic Components & Equipment	2.0

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		15

Your Fund’s Performance

Strategic Partners Relative Value Fund

(Formerly ASAF Neuberger Berman Mid-Cap Value Fund)

Fund objective

The investment objective of the Strategic Partners Relative Value Fund (the Fund) is to seek capital growth. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception²
Class A³	N/A		N/A		N/A		–3.49	%
Class B⁴	N/A		N/A		N/A		–3.47
Class C	9.37	%	34.55	%	52.84	%	85.13
Class L³	9.63		35.24		56.55		90.30
Class M⁴	9.37		34.55		52.84		85.14
Class X	9.32		34.56		52.63		84.74
S&P MidCap 400 Index⁵	6.93		34.45		56.29		*
Lipper Mid-Cap Value Funds Avg.⁵	9.71		38.12		64.58		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			42.92	%	10.78	%	11.82	%
Class L³			37.75		10.40		11.38
Class M⁴			39.39		10.75		11.81
Class X			42.90		11.14		12.26
S&P MidCap 400 Index⁵			49.10		11.76		15.98
Lipper Mid-Cap Value Funds Avg.⁵			53.99		12.22		14.02


16

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 8/19/98.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P MidCap 400 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –3.28% for Class A and Class B; and 121.25% for Class C, Class L, Class M, and Class X.

**Lipper Mid-Cap Value Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.84% for Class A and Class B; and 109.66% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
XTO Energy, Inc., Oil & Gas	2.6	%
Triad Hospitals, Inc., Healthcare Services	2.6
Constellation Brands, Inc. (Class “A” Stock), Beverages	2.5
SPX Corp., Industrial Products	2.4
Radian Group, Inc., Insurance	2.3

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		17

Your Fund’s Performance

Strategic Partners Technology Fund

(Formerly ASAF INVESCO Technology Fund)

Fund objective

The investment objective of the Strategic Partners Technology Fund (the Fund) is to seek capital growth by investing primarily in the equity securities of companies engaged in technology-related industries. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Three Years

Since Inception²

Class A³

N/A

–10.27

Class B⁴

N/A

–10.21

Class C

–6.23

23.67

–48.80

–74.40

Class L³

–6.09

24.76

–47.81

–73.76

Class M⁴

–6.25

23.79

–48.90

–74.50

Class X

–6.57

23.67

–48.80

–74.40

S&P 500 Index⁵

6.27

22.87

–6.92

Lipper Science & Technology Funds Avg.⁵

–4.43

32.50

–33.36

Average Annual Total Returns¹ as of 3/31/04

One Year

Three Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

41.94

–12.39

–30.62

Class L³

36.77

–13.36

–31.32

Class M⁴

38.68

–13.32

–31.29

Class X

41.67

–12.39

–30.87

S&P 500 Index⁵

35.10

0.63

–6.55

Lipper Science & Technology Funds Avg.⁵

58.15

–5.48

–26.21


18

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 9/11/00.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and –22.79% for Class C, Class L, Class M, and Class X.

**Lipper Science & Technology Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –7.43% for Class A and Class B; and –66.96% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Cisco Systems, Inc., Computers—Networking	3.1	%
Yahoo! Inc., Internet Services	2.8
Symantec Corp., Internet Services	2.4
Microsoft Corp., Computer Services & Software	2.3
eBay, Inc., Internet Services	2.2

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		19

Your Fund’s Performance

Strategic Partners Health Sciences Fund

(Formerly ASAF INVESCO Health Sciences Fund)


20

Fund objective

The investment objective of the Strategic Partners Health Sciences Fund (the Fund) is to seek growth. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Three Years		Since Inception²
Class A³	N/A		N/A		N/A		–2.99	%
Class B⁴	N/A		N/A		N/A		–3.03
Class C	10.96	%	22.12	%	3.87	%	15.40
Class L³	11.22		22.77		5.31		17.00
Class M⁴	10.89		22.19		3.69		15.10
Class X	10.96		22.12		3.87		15.40
S&P 500 Index⁵	6.27		22.87		–6.92		*
Lipper Health/Biotechnology Funds Avg.⁵	13.78		31.63		4.39		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Three Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			26.34	%	3.87	%	4.60	%
Class L³			21.64		2.60		3.37
Class M⁴			22.55		2.88		3.96
Class X			25.67		3.82		4.58
S&P 500 Index⁵			35.10		0.63		–1.50
Lipper Health/Biotechnology Funds Avg.⁵			36.76		3.17		–0.96

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A and Class L shares are subject to a maximum front-end sales charge of 5.50% and 5.75% respectively. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 6% and, 6% respectively. A $10 fee may be imposed for wire transfers of redemption proceeds.

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 3/1/01.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and –6.04% for Class C, Class L, Class M, and Class X.

**Lipper Health/Biotechnology Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are 1.62% for Class A and Class B; and 0.30% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Caremark RX, Inc., Pharmaceuticals	4.0	%
Pfizer, Inc., Pharmaceuticals—Research & Manufacturing	3.8
Procter & Gamble, Consumer Products & Services	3.8
Zimmer Holdings, Medical Supplies & Equipment	3.5
Medco Health Solutions, Inc., Healthcare Services	3.2

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		21

Your Fund’s Performance

Strategic Partners Managed OTC Fund***

(Formerly ASAF ProFund Managed OTC Fund)

Fund objective

The investment objective of the Strategic Partners Managed OTC Fund (the Fund) is to provide investment results that correlate to the performance of a benchmark for securities that are traded in the over-the-counter market. The Fund’s current benchmark is a multiple of the NASDAQ-100 Index. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Three Years

Since Inception²

Class A³

N/A

–7.69

Class B⁴

N/A

–7.78

Class C

–2.48

30.39

–38.22

–76.40

Class L³

–2.45

31.32

–37.60

–76.10

Class M⁴

–2.47

30.39

–38.22

–76.40

Class X

–2.47

30.94

–38.12

–76.30

NASDAQ-100 Index⁵

–1.06

26.70

–24.46

Lipper Multi-Cap Growth Funds Avg.⁵

2.49

25.39

–15.98

Average Annual Total Returns¹ as of 3/31/04

One Year

Three Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

47.50

–8.23

–32.71

Class L³

41.71

–9.36

–33.59

Class M⁴

43.39

–9.18

–33.28

Class X

46.97

–8.43

–33.01

NASDAQ-100 Index⁵

41.21

–2.94

–25.23

Lipper Multi-Cap Growth Funds Avg.⁵

39.55

–1.43

–15.07

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A and Class L shares are subject to a maximum front-end sales charge of 5.50% and 5.75% respectively. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 6% and, 6% respectively. A $10 fee may be imposed for wire transfers of redemption proceeds.


22

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 9/11/00.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*NASDAQ-100 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.58% for Class A and Class B; and –65.63% for Class C, Class L, Class M, and Class X.

**Lipper Multi-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –3.44% for Class A and Class B; and –43.15% for Class C, Class L, Class M, and Class X.

***Prior to March 1, 2001, the Strategic Partners Managed OTC Fund was known as the ASAF Rydex Managed OTC Fund, and Rydex Global Advisors served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Microsoft Co., Software	7.9	%
QUALCOMM Inc., Telecommunications	4.9
Intel Corp., Semiconductors	4.8
Cisco Systems, Telecommunications	4.2
eBay, Inc., Internet Services	3.2

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		23

Your Fund’s Performance

Strategic Partners Capital Growth Fund

(Formerly ASAF Marsico Capital Growth Fund)

Fund objective

The investment objective of the Strategic Partners Capital Growth Fund (the Fund) is to seek capital growth. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception²
Class A³	N/A		N/A		N/A		–4.37	%
Class B⁴	N/A		N/A		N/A		–4.42
Class C	0.24	%	23.35	%	–6.19	%	27.30
Class L³	0.54		24.03		–3.67		31.20
Class M⁴	0.24		23.43		–6.11		27.50
Class X	0.24		23.38		–6.20		27.20
S&P 500 Index⁵	6.27		22.87		–10.79		*
Lipper Large-Cap Growth Funds Avg.⁵	2.47		18.26		–23.30		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			32.31	%	0.26	%	4.73	%
Class L³			27.44		–0.07		4.36
Class M⁴			28.50		0.05		4.64
Class X			31.78		0.35		5.07
S&P 500 Index⁵			35.10		–1.20		4.45
Lipper Large-Cap Growth Funds Avg.⁵			29.15		–4.95		2.08


24

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 8/19/98.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and 25.54% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.17% for Class A and Class B; and 11.34% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Genentech, Inc., Pharmaceuticals	6.7	%
UnitedHealth Group, Inc., Healthcare Services	5.6
Citigroup, Inc., Financial Services	5.1
QUALCOMM, Inc., Telecommunications	4.6
SLM Corp., Financial Services	4.5

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		25

Your Fund’s Performance

Strategic Partners Concentrated Growth Fund***

(Formerly ASAF Goldman Sachs Concentrated Growth Fund)

Fund objective

The investment objective of the Strategic Partners Concentrated Growth Fund (the Fund) is to seek growth of capital. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Five Years

Since Inception²

Class A³

N/A

–3.25

Class B⁴

N/A

–3.25

Class C

2.73

13.97

–46.88

–2.03

Class L³

2.91

14.47

–45.49

1.46

Class M⁴

2.72

13.92

–46.83

–1.73

Class X

2.72

13.91

–46.84

–1.63

S&P 500 Index⁵

6.27

22.87

–10.79

Lipper Large-Cap Growth Funds Avg.⁵

2.47

18.26

–23.30

Average Annual Total Returns¹ as of 3/31/04

One Year

Five Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

25.83

–11.92

–0.09

Class L³

21.38

–12.35

–0.34

Class M⁴

22.18

–12.25

–0.20

Class X

25.03

–12.00

0.03

S&P 500 Index⁵

35.10

–1.20

4.04

Lipper Large-Cap Growth Funds Avg.⁵

29.15

–4.95

1.38


26

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and 28.14% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.17% for Class A and Class B; and 9.05% for Class C, Class L, Class M, and Class X.

***Prior to November 11, 2002, the Strategic Partners Concentrated Growth Fund was known as the ASAF Janus Capital Growth Fund and Janus Capital Management LLC served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Viacom, Inc. (Class “B” Stock), Entertainment & Leisure	6.5	%
Univision Communications, Inc. (Class “A” Stock), Broadcasting	5.8
Cendant Corp., Business Services	5.1
First Data Corp., Business Services	4.6
Pfizer, Inc., Pharmaceuticals	4.5

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		27

Your Fund’s Performance

Strategic Partners Managed Large Cap Growth Fund***

(Formerly ASAF Large-Cap Growth Fund)

Fund objective

The investment objective of the Strategic Partners Managed Large Cap Growth Fund (the Fund) is to seek maximum growth of investors’ capital from a portfolio primarily of growth stocks of larger companies. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Since Inception²
Class A³	N/A		N/A		–4.29	%
Class B⁴	N/A		N/A		4.34
Class C	4.01	%	18.48	%	–0.36
Class L³	4.31		19.11		0.76
Class M⁴	4.01		18.50		–0.46
Class X	4.75		19.32		–0.49
S&P 500 Index⁵	6.27		22.87		*
Lipper Multi-Cap Value Funds Avg.⁵	8.14		27.90		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Since Inception²
Class A³			N/A		N/A
Class B⁴			N/A		N/A
Class C			28.65	%	0.46	%
Class L³			23.98		–1.58
Class M⁴			24.87		–1.48
Class X			28.86		–0.23
S&P 500 Index⁵			35.10		4.21
Lipper Multi-Cap Value Funds Avg.⁵			41.67		5.18


28

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns do take into account applicable sales charges. The returns in the tables not reflect the deduction of taxes that a shareholder would pay on fund distributions or following the redemption of fund shares. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and/or expense reimbursements, the returns for the classes would have been lower. Without a distribution and service (12b-1) fee waiver of 0.05% for Class A shares, the returns would have been lower. Class A shares are subject to a 12b-1 fee of up to 0.30% annually. Class B, Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1%. Class L shares are subject to a 12b-1 fee of 0.50%.

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 5/1/02.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and 6.52% for Class C, Class L, Class M, and Class X.

**Lipper Multi-Cap Value Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.20% for Class A and Class B; and 7.91% for Class C, Class L, Class M, and Class X.

***Prior to February 2, 2004, the Strategic Partners Managed Large-Cap Growth Fund was known as the ASAF DeAM Large-Cap Growth Fund and Deutsche Asset Management, Inc. served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
eBay, Inc., Internet & Catalog Retail	3.6	%
Intel Corp., Semiconductors & Semiconductor Equipment	3.1
Cisco Systems, Inc., Communications Equipment	2.8
Microsoft Corp., Software	2.6
American Express Co., Consumer Finance	2.6

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		29

Your Fund’s Performance

ASAF T. Rowe Price Tax Managed Fund

Fund objective

The investment objective of the ASAF T. Rowe Price Tax Managed Fund (the Fund) is to seek attractive long-term capital appreciation on an after-tax basis. There can be no assurance that the Fund will achieve its investment objective.

As of the close of business May 7, 2004, the Fund merged into Strategic Partners Capital Growth Fund.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Three Years

Since Inception²

Class A³

N/A

–3.63

Class B⁴

N/A

–3.48

Class C

2.50

16.58

–10.20

–5.80

Class L³

2.69

17.03

–9.05

–4.50

Class M⁴

2.40

16.48

–10.39

–6.00

Class X

5.02

19.48

–8.11

–3.70

S&P 500 Index⁵

6.27

22.87

–6.92

Lipper Large-Cap Core Funds Avg.⁵

4.51

19.51

–13.23

Average Annual Total Returns¹ as of 3/31/04

One Year

Three Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

27.76

–1.49

–1.83

Class L³

23.15

–2.64

–2.93

Class M⁴

24.01

–2.53

–2.52

Class X

30.19

–0.97

–1.34

S&P 500 Index⁵

35.10

0.63

–1.50

Lipper Large-Cap Core Funds Avg.⁵

31.22

–1.63

–3.83


30

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 3/1/01.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and –6.04% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.93% for Class A and Class B; and –12.80% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Pfizer, Inc., Pharmaceuticals	3.5	%
Microsoft Corp., Computer Services & Software	3.4
General Electric Co., Electronic Components & Equipment	2.9
American International Group, Inc., Insurance	2.6
Citigroup, Inc., Financial Services	2.6

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		31

Your Fund’s Performance

Strategic Partners Core Value Fund

(Formerly ASAF Sanford Bernstein Core Value Fund)

Fund objective

The investment objective of the Strategic Partners Core Value Fund (the Fund) is to seek long-term capital growth. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Three Years		Since Inception²
Class A³	N/A		N/A		N/A		–3.85	%
Class B⁴	N/A		N/A		N/A		–4.03
Class C	6.96	%	25.13	%	14.44	%	17.76
Class L³	7.30		25.72		16.06		19.65
Class M⁴	7.05		25.11		14.42		17.86
Class X	6.96		25.13		14.44		17.76
S&P 500 Index⁵	6.27		22.87		–6.92		*
Lipper Multi-Cap Value Funds Avg.⁵	8.14		27.90		5.05		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Three Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			36.45	%	6.58	%	6.09	%
Class L³			31.61		5.35		4.95
Class M⁴			32.98		5.75		5.60
Class X			36.31		6.66		6.16
S&P 500 Index⁵			35.10		0.63		–1.50
Lipper Multi-Cap Value Funds Avg.⁵			41.67		4.12		2.70


32

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 3/1/01.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and –6.04% for Class C, Class L, Class M, and Class X.

**Lipper Multi-Cap Value Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.20% for Class A and Class B; and 6.92% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Citigroup, Inc., Financial Services	4.6	%
Exxon Mobil Corp., Oil & Gas	4.3
Bank of America Corp., Financial—Bank & Trust	4.0
ChevronTexaco Corp., Oil & Gas	2.4
Altria Group, Inc., Conglomerates	2.1

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		33

Your Fund’s Performance

Strategic Partners Managed Index 500 Fund***

(Formerly ASAF Sanford Bernstein Managed Index 500 Fund)


34

Fund objective

The investment objective of the Strategic Partners Managed Index 500 Fund (the Fund) is to outperform the Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) through stock selection, resulting in different weightings of common stocks relative to the Index. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Three Years

Since Inception²

Class A³

N/A

–3.75

Class B⁴

N/A

–3.72

Class C

4.53

19.64

–7.68

–14.65

Class L³

4.81

20.28

–6.24

–12.74

Class M⁴

4.53

19.64

–7.68

–14.65

Class X

4.42

19.52

–7.70

–14.85

S&P 500 Index⁵

6.27

22.87

–6.92

Lipper Large-Cap Core Funds Avg.⁵

4.51

19.51

–13.23

Average Annual Total Returns¹ as of 3/31/04

One Year

Three Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

28.62

–0.42

–3.07

Class L³

24.13

–1.53

–3.72

Class M⁴

24.98

–1.43

–3.51

Class X

28.15

–0.61

–3.22

S&P 500 Index⁵

35.10

0.63

–2.80

Lipper Large-Cap Core Funds Avg.⁵

31.22

–1.63

–3.98

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 11/1/99.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and –3.09% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.93% for Class A and Class B; and –4.24% for Class C, Class L, Class M, and Class X.

***Prior to May 1, 2000, the Strategic Partners Managed Index 500 Fund was known as the ASAF Bankers Trust Managed Index 500 Fund, and Bankers Trust Company served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Pfizer, Inc., Pharmaceuticals	3.6	%
General Electric Co., Electronic Components & Equipment	3.5
Wal-Mart Stores, Inc., Retail & Merchandising	3.4
Citigroup, Inc., Financial Services	3.4
Microsoft Corp., Computer Services & Software	3.1

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		35

Your Fund’s Performance

Strategic Partners Equity Income Fund***

(Formerly ASAF Alliance Growth and Income Fund)


36

Fund objective

The investment objective of the Strategic Partners Equity Income Fund (the Fund) is long-term growth of capital and income while attempting to avoid excessive fluctuations in market value. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception
Class A³	N/A		N/A		N/A		–3.31	%
Class B⁴	N/A		N/A		N/A		–3.31
Class C	8.30	%	24.68	%	7.76	%	34.14
Class L³	8.45		25.29		10.34		38.15
Class M⁴	8.29		24.65		7.66		34.24
Class X	8.30		24.70		7.59		34.04
S&P 500 Index⁵	6.27		22.87		–10.79		*
Lipper Large-Cap Value Funds Avg.⁵	7.68		24.91		2.55		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			35.56	%	3.06	%	4.93	%
Class L³			30.53		2.70		4.59
Class M⁴			31.84		2.90		4.98
Class X			35.07		3.22		5.25
S&P 500 Index⁵			35.10		–1.20		3.91
Lipper Large-Cap Value Funds Avg.⁵			38.38		2.23		3.82

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 12/31/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and 25.10% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Value Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.90% for Class A and Class B; and 25.49% for Class C, Class L, Class M, and Class X.

***Prior to May 1, 2000, the Strategic Partners Equity Income Fund was known as the ASAF Lord Abbett Growth and Income Fund and Lord, Abbett & Co. served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Citigroup, Inc., Financial Services	4.8	%
Bank of America Corp., Financial—Bank & Trust	4.1
American International Group, Insurance	4.0
Bank One Corp., Financial—Bank & Trust	3.3
Viacom, Inc. CL-B, Entertainment & Leisure	3.1

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		37

Your Fund’s Performance

Strategic Partners Growth with Income Fund

(Formerly ASAF MFS Growth with Income Fund)

Fund objective

The investment objective of the Strategic Partners Growth with Income Fund (the Fund) is to seek long-term growth of capital with a secondary objective to seek reasonable current income. There can be no assurance that the Fund will achieve its investment objectives.

Cumulative Total Returns¹ as of 4/30/04

Six Months

One Year

Three Years

Since Inception²

Class A³

N/A

–3.56

Class B⁴

N/A

–3.64

Class C

3.79

15.07

–17.55

–20.60

Class L³

3.97

15.53

–16.39

–18.90

Class M⁴

3.79

14.91

–17.55

–20.60

Class X

3.80

14.93

–17.74

–20.70

S&P 500 Index⁵

6.27

22.87

–6.92

Lipper Large-Cap Core Funds Avg.⁵

4.51

19.51

–13.23

Average Annual Total Returns¹ as of 3/31/04

One Year

Three Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

24.09

–4.03

–4.72

Class L³

19.54

–5.15

–5.35

Class M⁴

20.41

–5.01

–5.12

Class X

23.26

–4.26

–4.84

S&P 500 Index⁵

35.10

0.63

–2.80

Lipper Large-Cap Core Funds Avg.⁵

31.22

–1.63

–3.98

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A and Class L shares are subject to a maximum front-end sales charge of 5.50% and 5.75%, respectively. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M and Class X shares are subject to a maximum CDSC of 5%, 1%, 6% and 6%, respectively. A $10 fee may be imposed for wire transfers of redemption proceeds.


38

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 11/1/99.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and –13.17% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.93% for Class A and Class B; and –16.89% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Citigroup, Inc., Financial Services	3.6	%
Johnson & Johnson, Consumer Products & Services	3.6
Microsoft Corp., Computer Services & Software	3.3
BP PLC [ADR], Oil & Gas	2.5
American International Group, Inc., Insurance	2.4

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		39

Your Fund’s Performance

Strategic Partners Capital Income Fund

(Formerly ASAF INVESCO Capital Income Fund)

Fund objectives

The investment objective of the Strategic Partners Capital Income Fund (the Fund) is to seek capital growth and current income while following sound investment practices. There can be no assurance that the Fund will achieve its investment objectives.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception²
Class A³	N/A		N/A		N/A		–4.35	%
Class B⁴	N/A		N/A		N/A		–4.42
Class C	1.17	%	10.81	%	–7.80	%	26.11
Class L³	1.34		11.29		–5.58		30.16
Class M⁴	1.08		10.71		–7.81		26.11
Class X	1.17		10.72		–7.81		26.01
S&P 500 Index⁵	6.27		22.87		–10.79		*
Lipper Equity Income Funds Avg.⁵	7.56		23.87		8.79		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			19.74	%	–0.03	%	3.96	%
Class L³			15.47		–0.58		3.65
Class M⁴			15.81		–0.42		3.84
Class X			18.73		–0.12		4.09
S&P 500 Index⁵			35.10		–1.20		4.04
Lipper Equity Income Funds Avg.⁵			35.78		3.30		5.05


40

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.57% for Class A and Class B; and 28.14% for Class C, Class L, Class M, and Class X.

**Lipper Equity Income Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –1.91% for Class A and Class B; and 37.44% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Pfizer, Inc., Pharmaceuticals	3.9	%
Citigroup, Inc., Financial Services	3.2
Microsoft Corp., Computer Services & Software	2.9
Fannie Mae, Financial Services	2.8
Cisco Systems, Inc., Computer Services & Software	2.8

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		41

Your Fund’s Performance

Strategic Partners Balanced Fund

(Formerly ASAF American Century Strategic Balanced Fund)

Fund objective

The investment objective of the Strategic Partners Balanced Fund (the Fund) is to seek capital growth and current income. There can be no assurance that the Fund will achieve its investment objectives.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception²
Class A³	N/A		N/A		N/A		–2.38	%
Class B⁴	N/A		N/A		N/A		–2.47
Class C	3.75	%	13.51	%	2.71	%	30.11
Class L³	4.09		14.23		5.41		34.92
Class M⁴	3.75		13.60		2.79		30.22
Class X	3.75		13.51		2.79		30.11
Blended Index⁵	4.23		14.16		8.85		*
Lipper Balanced Funds Avg.⁵	4.13		15.15		8.11		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			19.51	%	1.55	%	4.42	%
Class L³			15.22		1.03		4.16
Class M⁴			15.64		1.18		4.31
Class X			18.55		1.47		4.57
Blended Index⁵			22.95		2.65		5.84
Lipper Balanced Funds Avg.⁵			23.88		2.50		4.51


42

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*Blended Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.17% for Class A and Class B; and 42.86% for Class C, Class L, Class M, and Class X.

**Lipper Balanced Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.23% for Class A and Class B; and 32.24% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets^† as of 4/30/04
Federal National Mortgage Assoc. 5% 05/15/19, U.S. Government Agency	2.0	%
Citigroup, Inc., Financial Services	1.8
iShares GS Corp. Bond Fund, Exchange Traded Funds	1.7
Microsoft Corp., Computer Services & Software	1.7
International Business Machines Corp., Computer Hardware	1.7

^†Excludes cash received as a result of securities on loan.

Holdings are subject to change.


		43

Your Fund’s Performance

Strategic Partners High Yield Bond Fund

(Formerly ASAF Federated High Yield Bond Fund)

Fund objective

The investment objective of the Strategic Partners High Yield Bond Fund (the Fund) is to seek a high level of current income and may also consider the potential for capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Please note that prior to May 3, 2004, Federated Investment Management Company (“Federated”) served as subadviser to the Strategic Partners High Yield Bond Fund. Goldman Sachs Asset Management, L.P. assumed management responsibilities for the Strategic Partners High Yield Bond Fund on May 3, 2004. The performance figures shown in the tables below reflect the time period when Federated served as subadviser to the Fund.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception²
Class A³	N/A		N/A		N/A		–0.16	%
Class B⁴	N/A		N/A		N/A		–0.18
Class C	4.94	%	12.56	%	11.00	%	24.29
Class L³	5.20		13.12		13.92		28.56
Class M⁴	4.94		12.57		10.86		24.18
Class X	5.09		12.57		10.97		24.25
ML High Yield Master II Index⁵	5.35		14.74		25.06		*
Lipper High Current Yield Funds Avg.⁵	5.03		13.82		16.74		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			15.06	%	2.24	%	3.13	%
Class L³			12.81		2.07		3.14
Class M⁴			11.27		2.15		3.18
Class X			14.06		2.52		3.48
ML High Yield Master II Index⁵			22.21		5.09		5.62
Lipper High Current Yield Funds Avg.⁵			19.71		3.47		3.11

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A and Class L shares are subject to a maximum front-end sales charge of 4.50% and 4.25% respectively. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 6%, and 6% respectively. A $10 fee may be imposed for wire transfers of redemption proceeds.


44

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns do take into account applicable sales charges. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on fund distributions or following the redemption of fund shares. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and expense reimbursements, the returns for the classes would have been lower. Without a distribution and service (12b-1) fee waiver of 0.05% for Class A shares, the returns would have been lower. Class A shares are subject to a 12b-1 fee of up to 0.30% annually. Class B, Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1%. Class L shares are subject to a 12b-1 fee of 0.50%.

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*ML High Yield Master II Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –0.66% for Class A and Class B; and 5.44% for Class C, Class L, Class M, and Class X.

**Lipper High Current Yield Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –0.40% for Class A and Class B; and 3.02% for Class C, Class L, Class M, and Class X.


Five Largest Issues expressed as a percentage of net assets as of 4/30/04
Qwest Communications International, Inc. 13.5% 12/15/10, Wireless Communications	1.4	%
Qwest Communications International, Inc. 8.875% 03/15/12, Wireless Communications	1.1
MGM Grand, Inc. 8.375% 02/01/11, Gaming	1.0
HCA, The Healthcare Corp. 8.75% 09/01/10, Healthcare Services	0.9
El Paso Energy 7.8% 08/01/31, Utility—Natural Gas	0.8

Issues are subject to change.


		45

Your Fund’s Performance

Strategic Partners Bond Fund

(Formerly ASAF PIMCO Total Return Bond Fund)

Fund objective

The investment objective of the Strategic Partners Bond Fund (the Fund) is to seek to maximize total return, consistent with preservation of capital and prudent investment management. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/04
	Six Months		One Year		Five Years		Since Inception²
Class A³	N/A		N/A		N/A		–1.19	%
Class B⁴	N/A		N/A		N/A		–1.27
Class C	1.16	%	1.43	%	31.82	%	44.74
Class L³	1.46		1.89		34.99		50.86
Class M⁴	1.18		1.36		31.82		44.70
Class X	1.16		1.43		31.06		43.91
Lehman Brothers Aggregate Bond Index⁵	1.25		1.82		38.03		*
Lipper Corporate Debt Funds A Rated Avg.⁵	1.29		2.19		32.18		**

Average Annual Total Returns¹ as of 3/31/04
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			2.83	%	5.97	%	5.92	%
Class L³			1.00		5.77		6.63
Class M⁴			–1.09		5.86		5.97
Class X			7.50		6.59		6.00
Lehman Brothers Aggregate Bond Index⁵			5.40		7.29		7.23
Lipper Corporate Debt Funds A Rated Avg.⁵			6.11		6.30		6.18

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A and Class L shares are subject to a maximum front-end sales charge of 4.50% and 4.25% respectively. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 6%, and 6% respectively. A $10 fee may be imposed for wire transfers of redemption proceeds.


46

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns do take into account applicable sales charges. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on fund distributions or following the redemption of fund shares. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and expense reimbursements, the returns for the classes would have been lower. Without a distribution and service (12b-1) fee waiver of 0.05% for Class A shares, the returns would have been lower. Class A shares are subject to a 12b-1 fee of up to 0.30% annually. Class B, Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1%. Class L shares are subject to a 12b-1 fee of 0.50%.

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*Lehman Brothers Aggregate Bond Index Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.60% for Class A and Class B; and 6.72% for Class C, Class L, Class M, and Class X.

**Lipper Corporate Debt Funds A Rated Average Closest Month-End to Inception cumulative total returns as of 4/30/04 are –2.59% for Class A and Class B; and 5.71% for Class C, Class L, Class M, and Class X.


Five Largest Issues expressed as a percentage of net assets as of 4/30/04
U.S. Treasury Inflationary Bonds [Tips] 3.875% 01/15/09, U.S. Government	3.4	%
Federal National Mortgage Assoc. 5.50% 05/13/34, U.S. Government	2.7
Federal National Mortgage Assoc. 4.00% 05/01/36, U.S. Government	1.8
Federal National Mortgage Assoc. 5.00% 06/01/18, U.S. Government	1.7
Clark County General Obligation Ltd. Bonds 5.00% 06/01/32, Nevada	1.5

Issues are subject to change.


		47

Your Fund’s Performance

Strategic Partners Money Market Fund

(Formerly ASAF Money Market Fund)


48

Fund objectives

The investment objectives of the Strategic Partners Money Market Fund (the Fund) are to seek high current income and maintain high levels of liquidity. There can be no assurance that the Fund will achieve its investment objectives.

Yields will fluctuate from time to time, and past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. An investment in the Fund is not insured or 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 per share, it is possible to lose money by investing in the Fund.


Fund Facts as of 4/30/04*
	7-Day Current Yield		Net Asset Value (NAV)		Weighted Avg. Maturity (WAM)		Net Assets (Millions)
Class C	**		$	1.00	42	Days	$	35
Class D	0.42	%		1.00	42			25
Class L	0.53			1.00	42			69
Class M	**			1.00	42			88
Class X	**			1.00	42			19

*Class D and Class L shares are subject to a distribution and service (12b-1) fee of 0.50%. Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1%.

**Yield is less than 0.005%.

ASAF International Equity Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 96.4%
Common Stock
Australia — 2.3%
Macquarie Bank Ltd.	21,400	$	535,518
Toll Holdings Ltd.	74,500		559,021

			1,094,539

Austria — 1.6%
Erste Bank der Oesterreichischen Sparkassen AG	5,100		763,288

Brazil — 1.3%
Banco Itau Holding Financeira SA	7,810,000		619,606

Canada — 5.7%
Alimentation Couche-Tard, Inc. (Class “B” Stock)*	13,400		228,002
Manulife Financial Corp.	39,000		1,438,058
Precision Drilling Corp.*	7,700		365,334
Research in Motion Ltd.*	5,300		461,305
Shoppers Drug Mart Corp.*	11,000		243,156

			2,735,855

France — 6.1%
Dior, (Christian) SA	17,300		1,086,693
Hermes International Designs	2,500		498,082
Klepierre	4,900		301,918
Sanofi-Synthelabo SA	16,700		1,061,017

			2,947,710

Germany — 6.3%
Bayerische Motoren Werke AG	23,100		996,053
Puma AG Rudolf Dassler Sport	3,500		805,143
SAP AG	8,100		1,228,302

			3,029,498

Hong Kong — 2.3%
Esprit Holdings Ltd.	86,500		354,881
Li & Fung Ltd.	230,000		358,278
Techtronic Industries Co. Ltd.	152,000		407,293

			1,120,452

India — 1.8%
HDFC Bank Ltd.	29,600		250,206
Infosys Technologies Ltd.	5,200		601,847

			852,053

Indonesia — 0.3%
PT Unilever Indonesia TBK	341,000		142,698

Ireland — 0.8%
Anglo Irish Bank Corp. PLC	23,300		381,257


	*Shares*	*Value* *(Note 2)*

Israel — 1.1%
Teva Pharmaceutical Industries Ltd. [ADR]	8,600	$	529,416

Italy — 2.1%
Banco Popolare di Verona e Novara Scrl	43,100		717,128
Merloni Elettrodomestici SPA	16,000		282,906

			1,000,034

Japan — 24.5%
Askul Corp.	6,300		435,014
Fast Retailing Co. Ltd.	7,800		607,856
Hino Motors Ltd.	98,000		581,668
Hoya Corp.	8,200		887,209
Keyence Corp.	5,400		1,296,724
Nitto Denko Corp.	14,300		794,336
Oracle Corp.	5,900		332,010
Orix Corp.	7,300		773,957
Pioneer Corp.	17,600		502,379
Sharp Corp.	43,000		775,407
Shinsei Bank Ltd.	18,000		121,191
SMC Corp.	8,000		917,040
Sumitomo Mitsui Financial Group, Inc.	227		1,715,537
Sumitomo Trust & Banking Co. Ltd.	219,000		1,317,712
Toto Ltd.	40,000		427,711
Yamada Denki Co. Ltd.	11,500		394,953

			11,880,704

Korea — 4.5%
Hyundai Motor Co. Ltd.	17,400		663,613
Kookmin Bank	9,500		354,626
Samsung Electronics Co. Ltd.	2,400		1,139,301

			2,157,540

Mexico — 2.5%
America Movil SA de CV	384,500		653,435
Wal-Mart de Mexico SA de CV	188,000		549,802

			1,203,237

Singapore — 0.7%
Venture Corp. Ltd.	28,000		314,320

South Africa — 1.0%
Standard Bank Group Ltd.	84,700		488,627

Spain — 1.7%
Banco Popular Espanol SA	9,700		535,232
Grupo Ferrovial SA	7,100		283,166

			818,398


		49

ASAF International Equity Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Sweden — 0.9%
Hennes & Mauritz AB (Class “B” Stock)	17,800	$	435,712

Switzerland — 4.4%
Logitech International SA*	6,400		277,649
Serono SA (Class “B” Stock)	600		359,556
UBS AG	21,200		1,506,694

			2,143,899

Taiwan — 2.7%
Hon Hai Precision Industry Co. Ltd.	135,000		532,360
MediaTek, Inc.	38,000		362,613
Quanta Computer, Inc.	190,000		400,361

			1,295,334

Thailand — 0.6%
Bangkok Bank Public Co. Ltd.*	115,000		271,620

United Kingdom — 21.2%
3i Group PLC	23,700		253,433
Acambis PLC*	38,400		216,549
BG Group PLC	213,300		1,232,176
British Sky Broadcasting Group PLC	95,900		1,132,637
Capita Group PLC	93,700		515,109
Carnival PLC	17,100		766,301
HBOS PLC	90,400		1,171,080
Man Group PLC	23,400		700,465
Next PLC	14,700		363,655
Reckitt Benckiser PLC	33,200		863,118
Smith & Nephew PLC	78,000		791,896
Standard Chartered PLC	66,300		1,015,840
Tesco PLC	276,000		1,217,503

			10,239,762

Total Long-Term Investments
(Cost $43,510,265)			46,465,559

Total Investments — 96.4%
(Cost $43,510,265; Note 5)			46,465,559
Other Assets in Excess of Liabilities — 3.6%			1,734,894

Net Assets — 100.0%		$	48,200,453

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotation is used throughout the Schedule of Investments:

*	Non-income producing security.

The following is a breakdown of the foreign stock portion of the Fund, by industry classification, as of April 30, 2004. Percentages are based on net assets.


Industry
Financial—Bank & Trust		23.0%
Electronic Components & Equipment		9.7%
Retail & Merchandising		6.8%
Consumer Products & Services		5.2%
Financial Services		4.7%
Automobile Manufacturers		4.6%
Pharmaceuticals		4.5%
Computer Services & Software		4.5%
Medical Supplies & Equipment		3.7%
Computer Hardware		3.5%
Oil & Gas		3.3%
Insurance		3.0%
Machinery & Equipment		2.8%
Clothing & Apparel		2.7%
Food		2.5%
Broadcasting		2.3%
Entertainment & Leisure		1.6%
Chemicals		1.6%
Conglomerates		1.5%
Telecommunications		1.4%
Transportation		1.2%
Commercial Services		1.1%
Real Estate		0.6%
Construction		0.6%

		96.4%
Other assets in excess of liabilities		3.6%

Total		100.0%

See Notes to Financial Statements.


50

Strategic Partners International Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 96.3%
Common Stock
Australia — 2.3%
Macquarie Bank Ltd.	116,117	$	2,905,734
Macquarie Infrastructure Group	28,682		56,964
Toll Holdings Ltd.	349,600		2,623,275
Wesfarmers Ltd.	3,440		71,003
Westfield Holdings Ltd.	5,562		56,919
Westfield Trust	32,620		95,646
Woolworths Ltd.	9,543		81,325

			5,890,866

Austria — 1.6%
Erste Bank der Oesterreichischen Sparkassen AG	28,189		4,218,888

Brazil — 1.3%
Banco Itau Holding Financeira SA	42,330,000		3,358,247

Canada — 5.7%
Alimentation Couche-Tard, Inc. (Class “B” Stock)*	70,600		1,201,265
Manulife Financial Corp.	205,700		7,584,837
Precision Drilling Corp.*	41,700		1,978,495
Research in Motion Ltd.*	28,100		2,445,788
Shoppers Drug Mart Corp.*	58,700		1,297,568

			14,507,953

Finland
Nokia Oyj	3,000		42,220

France — 6.2%
Alcatel SA*	21,817		325,084
Aventis SA	2,110		160,741
BNP Paribas SA	10,420		625,800
Dior (Christian) SA	31,700		1,991,225
Gecina SA	3,120		232,635
Klepierre	16,900		1,041,309
LVMH Moet Hennessy Louis Vuitton SA	46,048		3,245,771
Sanofi-Synthelabo SA	90,110		5,725,043
Societe Generale (Class “A” Stock)	19,350		1,612,113
Vivendi Universal SA*	20,220		508,772
Wanadoo*	41,654		404,456

			15,872,949

Germany — 5.3%
Bayerische Motoren Werke AG	85,400		3,682,376
Deutsche Telekom AG	47,788		824,919
Puma AG Rudolf Dassler Sport	9,500		2,185,387


	*Shares*	*Value* *(Note 2)*

SAP AG	34,940	$	5,298,381
Siemens AG	16,950		1,224,212
T-Online International AG*	42,301		459,926

			13,675,201

Greece — 1.3%
Coca-Cola Hellenic Bottling Co. SA	121,600		3,224,397
Public Power Corp.	6,920		175,530

			3,399,927

Hong Kong — 2.5%
Cnooc LTD.	510,000		184,716
Esprit Holdings Ltd.	484,000		1,985,692
Huaneng Power International, Inc.	232,000		217,134
Li & Fung Ltd.	1,188,000		1,850,586
Techtronic Industries Co. Ltd.	817,700		2,191,073

			6,429,201

India — 1.5%
HDFC Bank Ltd.	108,500		917,139
Infosys Technologies Ltd.	25,433		2,943,610

			3,860,749

Indonesia — 0.3%
PT Unilever Indonesia Tbk	1,553,000		649,883

Ireland — 1.0%
Anglo Irish Bank Corp. PLC	107,392		1,757,253
Anglo Irish Bank Corp. PLC	26,480		433,292
Ryanair Holdings PLC [ADR]*	8,680		289,218

			2,479,763

Israel — 1.1%
Teva Pharmaceutical Industries Ltd. [ADR]	47,128		2,901,200

Italy — 2.3%
Banca Intesa SpA	144,595		478,402
Banco Popolare di Verona e Novara Scrl	233,500		3,885,135
Merloni Elettrodomestici SpA	86,100		1,522,387

			5,885,924

Japan — 23.8%
Askul Corp.	34,200		2,361,506
Canon, Inc.	12,600		661,085
Chugai Pharmaceutical Co. Ltd.	38		575
FANUC Ltd.	12,400		759,585
Fast Retailing Co. Ltd.	42,700		3,327,624
Hino Motors Ltd.	534,000		3,169,498
Hoya Corp.	44,200		4,782,275


		51

Strategic Partners International Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

JGC Corp.	6,000	$	53,174
JSR Corp.	6,000		126,410
Keyence Corp.	29,200		7,011,917
Mitsubishi Corp.	99,000		943,754
Mitsui Fudosan Co. Ltd.	36,000		396,357
NEC Corp.	600		4,714
Nissan Motor Co. Ltd.	103,700		1,154,885
Nitto Denko Corp.	75,100		4,171,655
Nomura Holdings, Inc.	14,000		227,339
Orix Corp.	38,900		4,124,235
Pioneer Corp.	95,900		2,737,393
Sharp Corp.	234,900		4,235,884
Shinsei Bank Ltd.	96,000		646,350
SMC Corp.	43,800		5,020,797
Sumitomo Mitsui Financial Group, Inc.	1,238		9,356,097
Sumitomo Trust & Banking Co. Ltd.	863,000		5,192,625
Tokyo Electron Ltd.	4,600		280,114
Toto Ltd.	6,100		65,226
Yamada Denki Co. Ltd.	1,700		58,384

			60,869,458

Korea — 4.6%
Hyundai Motor Co. Ltd.	91,800		3,501,129
Kookmin Bank	52,900		1,974,705
Samsung Electronics Co. Ltd.	13,320		6,323,126

			11,798,960

Mexico — 2.2%
America Movil (Class “L” Stock) [ADR]	13,160		444,808
America Movil SA de CV	2,093,600		3,557,950
Wal-Mart de Mexico SA de CV	517,000		1,511,954

			5,514,712

Norway — 0.2%
Telenor ASA	85,500		562,102

Russia — 0.1%
Mobile Telesystems [ADR]	3,478		375,485

Singapore — 0.7%
Venture Corp. Ltd.	162,400		1,823,057

Spain — 1.1%
Grupo Ferrovial SA	33,600		1,340,053
Telefonica SA	98,393		1,463,746

			2,803,799

Sweden — 1.4%
Atlas Copco AB (Class “A” Stock)	10,200		357,827


	*Shares*	*Value* *(Note 2)*

Atlas Copco AB (Class “B” Stock)	12,590	$	407,062
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)	30,000		81,289
Hennes & Mauritz AB (Class “B” Stock)	97,100		2,376,833
Nobel Biocare Holding AG	2,460		333,283

			3,556,294

Switzerland — 5.1%
Adecco SA*	6,400		286,040
Holcim Ltd.	5,016		259,001
Logitech International SA*	22,500		976,111
Nestle SA	2,003		506,698
Novartis AG	13,786		614,554
Serono SA (Class “B” Stock)	3,600		2,157,335
UBS AG	115,773		8,228,044

			13,027,783

Taiwan — 2.4%
Hon Hai Precision Industry Co. Ltd.	742,000		2,926,008
MediaTek, Inc.	198,000		1,889,404
Quanta Computer, Inc.	599,500		1,263,245

			6,078,657

Thailand — 0.6%
Bangkok Bank Public Co. Ltd.*	97,500		238,815
Bangkok Bank Public Co. Ltd.*	530,000		1,251,812

			1,490,627

United Kingdom — 21.7%
3i Group PLC	133,279		1,425,204
Acambis PLC*	215,100		1,213,013
BG Group PLC	1,120,300		6,471,674
British Sky Broadcasting Group PLC	522,080		6,166,081
Capita Group PLC	507,300		2,788,846
Carnival PLC	89,700		4,019,718
EMAP PLC	14,160		217,083
GlaxoSmithKline PLC	93,950		1,944,310
GUS PLC	32,410		448,878
HBOS PLC	383,318		4,965,664
Man Group PLC	127,042		3,802,924
Next PLC	17,560		434,407
Reckitt Benckiser PLC	170,790		4,440,116
Royal Bank of Scotland Group PLC	14,890		447,043
SABMiller PLC	35,030		380,180


52


	*Shares*	*Value* *(Note 2)*

Smith & Nephew PLC	410,000	$	4,162,529
Standard Chartered PLC	222,017		3,401,715
Tesco PLC	1,485,970		6,554,975
Vodafone Group PLC	937,971		2,278,809

			55,563,169

Total Investments — 96.3%
(Cost $195,556,350; Note 5)			246,637,074
Other Assets in Excess of Liabilities — 3.7%			9,498,687

Net Assets — 100.0%		$	256,135,761

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotation is used throughout the Schedule of Investments:

*	Non-income producing security.

The following is a breakdown of the foreign stock portion of the Fund, by industry classification, as of April 30, 2004. Percentages are based on net assets.


Industry
Financial—Bank & Trust		20.4%
Electronic Components & Equipment		9.7%
Pharmaceuticals		6.0%
Retail & Merchandising		5.1%
Financial Services		4.9%
Automobile Manufacturers		4.5%
Telecommunications		3.9%
Medical Supplies & Equipment		3.6%
Oil & Gas		3.4%
Computer Services & Software		3.2%
Conglomerates		3.2%
Machinery & Equipment		3.1%
Computer Hardware		3.0%
Insurance		3.0%
Food		2.8%
Consumer Products & Services		2.8%
Broadcasting		2.6%
Chemicals		1.6%
Entertainment & Leisure		1.6%
Beverages		1.4%
Semiconductors		1.3%
Commercial Services		1.2%
Transportation		1.0%
Clothing & Apparel		0.9%
Real Estate		0.7%
Construction		0.5%
Internet Services		0.3%
Office Equipment		0.2%
Airlines		0.1%
Automotive Parts		0.1%
Building Materials		0.1%
Printing & Publishing		0.1%

		96.3%
Other assets in excess of liabilities		3.7%

Total		100.0%

See Notes to Financial Statements.


		53

Strategic Partners Small Cap Growth Opportunity Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 94.6%
Common Stock
Advertising — 0.7%
ADVO, Inc.	23,100	$	725,340

Aerospace — 0.4%
Alliant Techsystems, Inc.*	7,300		432,817

Airlines — 0.3%
SkyWest, Inc.	16,300		296,660

Broadcasting — 4.9%
Cumulus Media, Inc. (Class “A” Stock)*	30,453		640,122
Emmis Communications Corp. (Class “A” Stock)*	45,800		1,071,720
Entravision Communications Corp. (Class “A” Stock)*	53,800		491,194
Gray Television, Inc.	21,700		321,594
Lin TV Corp. (Class “A” Stock)*	13,000		292,370
Radio One, Inc. (Class “A” Stock)*	38,100		726,948
Sinclair Broadcast Group, Inc.*	86,500		1,069,140
Spanish Broadcasting Systems, Inc. (Class “A” Stock)*	83,600		812,592

			5,425,680

Business Services — 4.7%
Advisory Board Co.*	15,700		543,377
Arbitron, Inc.*	21,800		812,050
Charles River Associates, Inc.*	9,500		306,565
Gevity HR, Inc.	23,600		519,908
Icon PLC [ADR] (Ireland)*	11,900		474,810
Medical Staffing Network Holdings, Inc.*	63,500		502,285
Metrologic Instruments, Inc.*	28,700		451,164
National Processing, Inc.*	6,900		171,120
Navigant Consulting, Inc.*	33,500		587,255
Parametric Technology Corp.*	185,700		850,506

			5,219,040

Cable Television — 0.6%
Mediacom Communications Corp.*	84,400		615,276

Chemicals — 0.8%
Olin Corp.	54,400		939,488

Clothing & Apparel — 2.4%
Deckers Outdoor Corp.*	9,200		246,468
K-Swiss, Inc. (Class “A” Stock)	20,000		390,200
Mothers Work, Inc.*	13,400		328,300
Rocky Shoes & Boots, Inc.*	10,000		224,610
Too, Inc.*	81,400		1,427,756

			2,617,334


	*Shares*	*Value* *(Note 2)*

Computer Hardware — 2.3%
Insight Enterprises, Inc.*	18,200	$	304,668
Integrated Circuit Systems, Inc.*	33,000		781,770
Merge Technologies, Inc.*	19,200		300,672
Quantum Corp.*	318,700		997,531
Sierra Wireless, Inc. (Canada)*	5,800		129,630

			2,514,271

Computer Services & Software — 9.8%
Altiris, Inc.*	19,000		480,700
Avid Technology, Inc.*	13,500		647,595
BARRA, Inc.	10,900		445,265
Borland Software Corp.*	66,900		551,925
Cerner Corp.*	10,700		458,174
Cognizant Technology Solutions Corp.*	18,400		795,983
Concurrent Computer Corp.*	57,100		117,055
Extreme Networks, Inc.*	51,000		282,030
FileNET Corp.*	21,200		582,152
Manhattan Associates, Inc.*	13,400		360,058
MatrixOne, Inc.*	65,300		392,453
Micromuse, Inc.*	26,500		177,815
MicroStrategy, Inc. (Class “A” Stock)*	12,100		581,296
NetIQ Corp.*	24,000		308,640
Omnicell, Inc.*	11,900		163,982
OPNET Technologies, Inc.*	17,200		250,776
Packeteer, Inc.*	17,300		208,465
Quality Systems, Inc.*	7,400		318,200
Quest Software, Inc.*	28,600		321,750
Radware Ltd.*	14,500		306,385
Red Hat, Inc.*	23,900		542,769
Retek, Inc.*	29,900		208,702
SafeNet, Inc.*	9,600		206,400
ScanSource, Inc.*	13,600		751,128
SupportSoft, Inc.*	28,700		283,843
Trident Microsystems, Inc.*	36,750		509,723
Versata, Inc.*	183		348
webMethods, Inc.*	88,300		759,380

			11,012,992

Conglomerates — 0.9%
Brink’s Co. (The)	36,000		998,280

Consumer Products & Services — 1.9%
Aaron Rents, Inc.	25,500		738,480
Coinstar, Inc.*	19,100		329,475
Integrated Alarm Services Group, Inc.*	86,000		834,200
Inter Parfums, Inc.	8,300		182,849

			2,085,004


54


	*Shares*	*Value* *(Note 2)*

Electronic Components & Equipment — 2.8%
Applied Films Corp.*	13,200	$	314,160
Benchmark Electronics, Inc.*	13,000		351,390
California Amplifier, Inc.*	22,800		183,540
EDO Corp.	25,800		585,660
Faro Technologies, Inc.*	6,000		107,100
Merix Corp.*	14,900		231,695
Moog, Inc. (Class “A” Stock)**	17,950		592,350
Teledyne Technologies, Inc.*	28,200		535,236
Veeco Instruments, Inc.*	10,100		229,775

			3,130,906

Environmental Services — 0.4%
Republic Services, Inc.	16,400		472,648

Equipment Services — 0.3%
TTM Technologies, Inc.*	32,200		357,742

Farming & Agriculture — 0.2%
Sunopta, Inc.*	27,400		257,286

Financial — Bank & Trust — 2.4%
Bancorp Bank (The)*	5,700		107,673
Bank Mutual Corp.	39,987		422,263
Brookline Bancorp, Inc.	49,303		698,130
Franklin Bank Corp.*	2,400		40,584
Jefferson Bancshares, Inc.	10,700		128,935
Provident Financial Services, Inc.	27,000		486,000
UMB Financial Corp.	15,195		762,941

			2,646,526

Financial Services — 1.7%
Affiliated Managers Group, Inc.*	9,300		452,910
Asset Acceptance Capital Corp.*	5,800		108,924
Friedman, Billings, Ramsey Group, Inc. (Class “A” Stock)	36,600		677,100
PrivateBancorp, Inc.	11,000		608,520
Signature Bank*	2,000		47,060

			1,894,514

Food — 0.3%
Performance Food Group Co.*	10,200		358,326

Healthcare Services — 4.2%
American Healthways, Inc.*	45,100		1,092,773
AMERIGROUP Corp.*	6,300		261,513
Apria Healthcare Group, Inc.*	30,800		888,272
Centene Corp.*	7,900		264,650
Coventry Health Care, Inc.*	14,250		596,220
Genesis HealthCare Corp.*	11,700		273,663
Hooper Holmes, Inc.	49,000		269,990
Matria Healthcare, Inc.*	20,700		396,819
Odyssey Healthcare, Inc.*	7,125		119,771
PAREXEL International Corp.*	27,900		545,166

			4,708,837


	*Shares*	*Value* *(Note 2)*

Industrial Products — 0.8%
Ceradyne, Inc.*	31,350	$	894,729

Insurance — 2.4%
Allmerica Financial Corp.*	20,400		709,104
American Medical Security Group, Inc.*	13,700		350,720
Bristol West Holdings, Inc.	24,300		498,150
HCC Insurance Holdings, Inc.	15,700		502,714
Odyssey Re Holdings Corp.	26,000		616,980

			2,677,668

Internet Services — 5.5%
Ask Jeeves, Inc.*	22,300		790,981
Blue Coat Systems, Inc.*	10,700		477,124
Digital Insight Corp.*	18,200		351,260
Digital River, Inc.*	20,500		527,875
eCollege.com, Inc.*	18,900		341,712
eResearch Technology, Inc.*	33,350		1,049,858
F5 Networks, Inc.*	23,400		594,360
InfoSpace, Inc.*	14,300		467,467
Internet Security Systems, Inc.*	41,500		551,535
Macromedia, Inc.*	21,600		444,960
Netflix, Inc.*	21,000		531,090

			6,128,222

Machinery & Equipment — 2.1%
Global Power Equipment Group, Inc.*	51,800		375,032
Grant Prideco, Inc.*	41,800		637,450
JLG Industries, Inc.	16,800		248,472
Lone Star Technologies, Inc.*	35,800		733,900
Rofin-Sinar Technologies, Inc.*	13,500		312,795

			2,307,649

Medical Supplies & Equipment — 7.0%
Advanced Neuromodulation Systems, Inc.*	7,300		198,925
Align Technology, Inc.*	31,300		542,116
Applera Corp. — Celera Genomics Group*	22,100		260,559
Closure Medical Corp.*	11,900		309,043
Cytyc Corp.*	25,400		543,560
Digene Corp.*	8,400		298,200
Gen-Probe, Inc.*	32,600		1,086,884
ICU Medical, Inc.*	26,900		897,653
Inamed Corp.*	9,300		547,212
Integra LifeSciences Holdings Corp.*	19,200		614,400
Kensey Nash Corp.*	14,200		460,080
Kyphon, Inc.*	12,800		321,280
Laserscope*	14,500		430,795


		55

Strategic Partners Small Cap Growth Opportunity Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

LCA-Vision, Inc.*	19,100	$	481,129
Martek Biosciences Corp.*	11,800		749,182

			7,741,018

Oil & Gas — 5.9%
AGL Resources, Inc.	20,000		572,000
Atwood Oceanics, Inc.*	21,300		780,645
Cal Dive International, Inc.*	17,300		467,792
Core Laboratories NV*	42,500		966,450
Frontier Oil Corp.	30,300		538,734
Pride International, Inc.*	54,300		916,041
Stone Energy Corp.*	7,900		388,680
Tom Brown, Inc.*	25,900		1,240,092
Universal Compression Holdings, Inc.*	11,800		351,168
Vintage Petroleum, Inc.	21,300		320,991

			6,542,593

Personal Services — 2.4%
Career Education Corp.*	21,290		1,362,560
University of Phoenix Online*	14,766		1,285,528

			2,648,088

Pharmaceuticals — 4.9%
CIMA Labs, Inc.*	20,200		639,128
Covance, Inc.*	28,800		971,712
Eon Labs, Inc.*	13,100		861,325
Kos Pharmaceuticals, Inc.*	14,100		580,356
Medicis Pharmaceutical Corp. (Class “A” Stock)	15,000		643,800
Priority Healthcare Corp. (Class “B” Stock)*	30,400		609,520
SFBC International, Inc.*	13,200		482,592
Taro Pharmaceuticals Industries Ltd.*	15,300		661,725

			5,450,158

Printing & Publishing — 0.7%
Journal Register Co.*	38,400		761,472

Real Estate — 2.4%
Affordable Residential Communities, Inc. [REIT]	14,500		246,500
Boston Properties, Inc. [REIT]	5,400		253,800
Brandywine Realty Trust [REIT]	11,000		278,740
Capital Lease Funding, Inc. [REIT]*	9,400		98,888
Government Properties Trust, Inc. [REIT]	11,300		123,735
Jones Lang Lasalle, Inc. [REIT]*	17,600		415,536
MeriStar Hospitality Corp. [REIT]*	212,400		1,231,920

			2,649,119


	*Shares*	*Value* *(Note 2)*

Restaurants — 1.4%
Krispy Kreme Doughnuts, Inc.*	23,500	$	763,985
P.F. Chang’s China Bistro, Inc.*	17,000		830,620

			1,594,605

Retail & Merchandising — 7.2%
Barnes & Noble, Inc.*	9,900		295,713
Cache, Inc.*	10,100		282,800
Charming Shoppes, Inc.*	60,400		426,424
Dick’s Sporting Goods, Inc.*	20,200		544,794
Dillard’s, Inc. (Class “A” Stock)	51,100		860,013
Jos. A. Bank Clothiers, Inc.*	21,000		660,660
Kenneth Cole Productions, Inc. (Class “A” Stock)	9,500		328,605
LeapFrog Enterprises, Inc.*	29,800		640,998
Select Comfort Corp.*	20,400		494,496
Tractor Supply Co.*	40,500		1,581,930
Urban Outfitters, Inc.*	30,200		1,394,334
Wet Seal, Inc. (The)*	82,200		452,922

			7,963,689

Semiconductors — 7.6%
Brooks Automation, Inc.*	18,300		304,512
Conexant Systems, Inc.*(a)	73,708		320,630
Cymer, Inc.*	14,300		457,314
DSP Group, Inc.*	42,900		1,063,062
Emulex Corp.*	8,600		143,362
ESS Technology, Inc.*	36,500		391,280
Formfactor, Inc.*	20,100		353,559
Integrated Device Technology, Inc.*	33,500		450,575
LTX Corp.*	32,800		358,504
Marvell Technology Group Ltd.*	16,700		646,791
Mattson Technology, Inc.*	35,700		349,146
MKS Instruments, Inc.*	28,200		542,004
Omnivision Technologies, Inc.*	46,400		1,034,813
Power Integrations, Inc.*	20,400		502,452
Silicon Laboratories, Inc.*	23,800		1,122,170
Standard Microsystems Corp.*	9,500		226,480
TriQuint Semiconductor, Inc.*	42,800		234,972

			8,501,626

Telecommunications — 1.3%
ADTRAN, Inc.	13,200		323,532
Boston Communications Group, Inc.*	26,400		284,064
Carrier Access Corp.*	27,300		290,472
Foundry Networks, Inc.*	28,000		316,400
Insight Communications Co., Inc.*	31,400		286,054

			1,500,522


56


	*Shares*		*Value* *(Note 2)*

Utilities — 1.0%
Massey Energy Co.		26,400	$	618,288
MGE Energy, Inc.		7,800		242,736
UGI Corp.		8,050		253,575

				1,114,599

Total Long-Term Investments
(Cost $83,385,608)				105,184,724


	*Par*
Short-Term Investments — 5.0%
Corporate Obligations
General Electric Capital Corp. 1.06%, 05/10/04(b)(c)	$	3,800		3,797

Time Deposit
Deutsche Bank AG 1.04%, 05/03/04(b)		3		3


	*Shares*
Registered Investment Company — 5.0%
BlackRock Provident Institutional Funds TempFund Portfolio(j)		5,585,941		5,585,941

Total Short-Term Investments
(Cost $5,589,741)				5,589,741

Total Investments — 99.6%
(Cost $88,975,349; Note 5)				110,774,465
Other Assets in Excess of Liabilities — 0.4%				444,389

Net Assets — 100.0%			$	111,218,854

The following abbreviations are used throughout the schedule of investments:


ADR		—American Depositary Receipt
REIT		—Real Estate Investment Trust

The following annotations are used throughout the schedule of investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $3,336; cash collateral of $3,800 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


		57

Strategic Partners Managed Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*		*Value* *(Note 2)*

Long-Term Investments — 97.3%
Common Stock
Advertising — 0.4%
ADVO, Inc.	6,900	$	216,660

Aerospace — 0.1%
United Industrial Corp.	2,300		47,242

Airlines — 0.7%
AMR Corp.*	25,900		293,965
ExpressJet Holdings, Inc.*	6,500		82,680

			376,645

Automobile Manufacturers — 0.2%
Oshkosh Truck Corp.	2,300		117,760

Broadcasting
Cumulus Media, Inc. (Class “A” Stock)*(a)	18		378

Building Materials — 0.9%
Drew Industries, Inc.*	800		29,760
SCP Pool Corp.	10,200		410,142

			439,902

Business Services — 2.0%
Charles River Associates, Inc.*	800		25,816
CoStar Group, Inc.*	3,500		138,005
CSG Systems International, Inc.*	17,200		288,788
Dionex Corp.*	4,000		204,120
FreeMarkets, Inc.*	10,000		69,500
FTI Consulting, Inc.*	16,600		273,070
Pegasus Solutions, Inc.*	3,000		32,100
Pre-Paid Legal Services, Inc.*(a)	600		15,000

			1,046,399

Chemicals — 3.3%
Georgia Gulf Corp.	17,600		560,736
Hercules, Inc.*(a)	53,500		594,385
MacDermid, Inc.	16,200		524,556
Olin Corp.(a)	600		10,362

			1,690,039

Clothing & Apparel — 1.2%
J. Jill Group, Inc.*	6,600		139,788
Pacific Sunwear of California, Inc.*	22,050		473,414

			613,202

Computer Hardware — 1.6%
Hutchinson Technology, Inc.*(a)	9,300		228,687
Komag, Inc.*	21,000		266,910
Lexar Media, Inc.*(a)	9,800		91,140
Mercury Computer Systems, Inc.*	4,900		109,760
Silicon Storage Technology, Inc.*	4,600		60,950
Synaptics, Inc.*	4,200		69,510

			826,957


	*Shares*	*Value* *(Note 2)*

Computer Services & Software — 10.6%
Ansys, Inc.*	3,100	$	114,855
Aspen Technology, Inc.*	14,200		92,300
At Road, Inc.*	8,400		70,728
Computer Network Technology Corp.*	41,300		270,515
Concord Communications, Inc.*	12,800		156,800
Concur Technologies, Inc.*	28,500		294,975
Concurrent Computer Corp.*	15,200		31,160
FileNET Corp.*(a)	500		13,730
IDX Systems Corp.*	7,200		228,240
Intergraph Corp.*	17,700		446,217
Kronos, Inc.*	13,200		481,535
Macrovision Corp.*	9,200		154,928
MatrixOne, Inc.*	8,000		48,080
Micromuse, Inc.*	6,800		45,628
Micros Systems, Inc.*	5,200		228,124
MicroStrategy, Inc. (Class “A” Stock)*	7,000		336,287
MRO Software, Inc.*	27,800		370,574
Netegrity, Inc.*	7,200		60,480
Omnicell, Inc.*	17,900		246,662
Packeteer, Inc.*	7,800		93,990
PC-TEL, Inc.*	7,600		84,208
Progress Software Corp.*	9,400		192,700
Retek, Inc.*	27,700		193,346
Seachange International, Inc.*	8,000		92,960
SS&C Technologies, Inc.	16,200		374,058
Sybase, Inc.*	26,900		459,990
TIBCO Software, Inc.*	18,600		139,500
Transaction Systems Architects, Inc. (Class “A” Stock)*	5,300		112,519
Websense, Inc.*	2,300		67,850

			5,502,939

Conglomerates — 1.2%
Brink’s Co. (The)	22,000		610,060

Construction — 0.2%
Palm Harbor Homes, Inc.*	5,700		128,250

Consumer Products & Services — 2.6%
Aaron Rents, Inc.	18,100		524,176
Engineered Support Systems, Inc.	9,450		459,554
NBTY, Inc.*	2,600		96,616
Nu Skin Enterprises, Inc. (Class “A” Stock)	11,600		274,572

			1,354,918

Containers & Packaging — 1.0%
Silgan Holdings, Inc.	11,800		496,426


58


	*Shares*	*Value* *(Note 2)*

Electronic Components & Equipment — 5.2%
Advanced Energy Industries, Inc.*	1,900	$	25,156
Applied Films Corp.*	3,400		80,920
BEI Technologies, Inc.	17,000		358,360
Checkpoint Systems, Inc.*	15,800		253,906
Franklin Electric Co., Inc.	400		24,104
II-VI, Inc.	10,400		256,672
Littelfuse, Inc.*	7,500		288,000
Teledyne Technologies, Inc.*	11,700		222,066
Varian, Inc.*	16,600		681,264
Vicor Corp.*	33,100		460,090

			2,650,538

Entertainment & Leisure — 1.8%
Ameristar Casinos, Inc.	10,300		326,716
Isle of Capri Casinos, Inc.*	15,900		333,900
Winnebago Industries, Inc.	9,200		265,236

			925,852

Financial — Bank & Trust — 6.6%
Accredited Home Lenders Holding Co.*	14,800		429,052
Bank Of The Ozarks, Inc.	8,400		200,256
Cathay Bancorp, Inc.	3,000		195,300
City Holding Co.	4,200		128,520
CVB Financial Corp.	6,820		139,946
Dime Community Bancshares	6,600		112,860
East West Bancorp, Inc.	12,100		681,593
Flagstar Bancorp, Inc.	2,600		53,118
Independent Bank Corp.	5,461		136,689
National Penn Bancshares, Inc.	1,100		33,077
Oriental Financial Group, Inc.	6,987		199,269
Pacific Capital Bancorp	9,600		352,128
R&G Financial Corp. (Class “B” Stock)	1,400		43,330
Republic Bancorp, Inc.	5,186		67,470
Texas Regional Bancshares, Inc. (Class “A” Stock)	6,600		278,652
TrustCo Bank Corp.	7,200		90,792
UCBH Holdings, Inc.	6,700		248,034

			3,390,086

Financial Services — 1.0%
Westcorp, Inc.	9,400		414,540
WFS Financial, Inc.*	1,400		62,356
World Acceptance Corp.*	1,700		26,010

			502,906

Food — 0.1%
Wild Oats Markets, Inc.*	4,000		55,200


	*Shares*	*Value* *(Note 2)*

Healthcare Services — 5.5%
Allscripts Healthcare Solutions*	32,500	$	305,825
AMERIGROUP Corp.*(a)	3,600		149,436
Labone, Inc.*	11,900		351,526
NDCHealth Corp.(a)	20,400		466,548
Odyssey Healthcare, Inc.*	2,100		35,301
Select Medical Corp.	36,800		697,360
United Surgical Partners International, Inc.*	15,500		561,410
VCA Antech, Inc.*	6,000		245,340

			2,812,746

Hotels & Motels — 0.9%
Choice Hotels International, Inc.	9,900		444,510

Industrial Products — 0.8%
General Cable Corp.*	55,300		425,810

Insurance — 0.8%
Philadelphia Consolidated Holdings Corp.*	4,300		248,282
Zenith National Insurance Corp.(a)	3,300		142,296

			390,578

Internet Services — 4.7%
Akamai Technologies, Inc.*(a)	4,300		50,826
Ask Jeeves, Inc.*(a)	4,300		152,521
Autobytel, Inc.*	16,900		158,184
BroadVision, Inc.*	16,600		57,934
CNET Networks, Inc.*	24,800		211,296
Digital Insight Corp.*	5,400		104,220
Digital River, Inc.*	2,200		56,650
drugstore.com, Inc.*	16,700		77,321
EarthLink, Inc.*	23,600		217,356
eCollege.com, Inc.*	11,000		198,880
eResearch Technology, Inc.*	2,500		78,700
eSPEED, Inc. (Class “A” Stock)*	4,000		70,400
F5 Networks, Inc.*(a)	6,600		167,640
InfoSpace, Inc.*	2,800		91,532
NetBank, Inc.	8,200		88,478
Openwave Systems, Inc.*	7,600		64,752
Priceline.com, Inc.*(a)	4,200		101,766
ProQuest Co.*	2,300		61,410
RSA Security, Inc.*	5,700		91,314
Sohu.com, Inc.*(a)	7,800		130,572
WebEx Communications, Inc.*	7,100		159,324

			2,391,076

Machinery & Equipment — 0.3%
CLARCOR, Inc.	3,500		154,070


		59

Strategic Partners Managed Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Medical Supplies & Equipment — 9.4%
Advanced Medical Optics, Inc.*(a)	13,100	$	413,174
ALARIS Medical Systems, Inc.*	20,900		405,878
Digene Corp.*	11,600		411,800
Gen-Probe, Inc.*	10,800		360,072
Inamed Corp.*	7,700		453,068
Integra LifeSciences Holdings Corp.*	14,500		464,000
Kyphon, Inc.*	2,200		55,220
Lifeline Systems, Inc.*	3,900		77,259
Martek Biosciences Corp.*(a)	9,000		571,410
Merit Medical Systems, Inc.*	23,567		370,238
Quidel Corp.*	31,300		212,840
Serologicals Corp.*	8,200		151,864
Sybron Dental Specialties, Inc.*	15,000		438,750
Ventana Medical Systems, Inc.*	4,400		217,756
Wright Medical Group, Inc.*	7,800		267,852

			4,871,181

Metals & Mining — 0.5%
Steel Dynamics, Inc.*	10,000		240,700

Office Equipment — 1.0%
United Stationers, Inc.*	13,400		509,200

Oil & Gas — 4.9%
Comstock Resources, Inc.*	24,300		494,505
Evergreen Resources, Inc.*(a)	10,400		417,352
KCS Energy, Inc.*	35,000		420,700
Patina Oil & Gas Corp.	25,900		720,020
Plains Exploration & Production Co.*	13,000		256,100
Prima Energy Corp.*	1,400		51,982
Veritas DGC, Inc.*	6,600		134,838

			2,495,497

Personal Services — 0.5%
Bright Horizons Family Solutions, Inc.*	5,600		248,472

Pharmaceuticals — 7.3%
Bradley Pharmaceuticals, Inc.*	13,700		359,214
Connetics Corp.*	21,600		420,120
Covance, Inc.*(a)	900		30,366
Enzon Pharmaceuticals, Inc.*	5,300		76,903
First Horizon Pharmaceutical Corp.*	17,100		265,221
Impax Laboratories, Inc.*(a)	8,300		172,723
K-V Pharmaceutical Co. (Class “A” Stock)*	1,500		36,030
Kos Pharmaceuticals, Inc.*	9,300		382,788
Kosan Biosciences, Inc.*	22,300		308,186


	*Shares*	*Value* *(Note 2)*

Ligand Pharmaceuticals, Inc. (Class “B” Stock)*	12,100	$	259,061
MGI Pharma, Inc.*	6,600		408,012
Nabi Biopharmaceuticals*	1,000		16,350
Nektar Therapeutics*(a)	600		12,150
Perrigo Co.	4,900		105,693
POZEN, Inc.*	21,500		254,560
Priority Healthcare Corp. (Class “B” Stock)*	1,500		30,075
Regeneron Pharmaceuticals, Inc.*	25,300		317,009
SFBC International, Inc.*	2,700		98,712
Tanox, Inc.*	13,200		225,060

			3,778,233

Printing & Publishing — 0.4%
Information Holdings, Inc.*	3,800		94,430
Presstek, Inc.*	11,300		120,345

			214,775

Real Estate — 1.2%
Alexandria Real Estate Equities, Inc. [REIT]	2,800		159,096
Essex Property Trust, Inc. [REIT](a)	2,200		134,090
Novastar Financial, Inc. [REIT](a)	2,400		77,904
Sun Communities, Inc. [REIT]	2,700		94,365
Washington Real Estate Investment Trust [REIT]	6,400		174,080

			639,535

Restaurants — 1.2%
CEC Entertainment, Inc.*	5,550		189,644
P.F. Chang’s China Bistro, Inc.*(a)	8,700		425,082

			614,726

Retail & Merchandising — 7.1%
7-Eleven, Inc.*(a)	38,000		611,800
Coldwater Creek, Inc.*	1,700		35,003
Hibbett Sporting Goods, Inc.*	8,850		214,878
Hollywood Entertainment Corp.*	19,500		262,470
Hot Topic, Inc.*(a)	24,000		534,240
Movie Gallery, Inc.(a)	22,300		433,066
PETCO Animal Supplies, Inc.*	22,000		645,920
Select Comfort Corp.*	14,600		353,904
The Children’s Place Retail Stores, Inc.*	7,300		192,282
Yankee Candle Co., Inc.*	13,000		352,040

			3,635,603

Semiconductors — 4.1%
DSP Group, Inc.*	3,300		81,774
Helix Technology Corp.	8,600		151,360
Lattice Semiconductor Corp.*	13,000		92,560


60


	*Shares*	*Value* *(Note 2)*

Mattson Technology, Inc.*	14,700	$	143,766
Micrel, Inc.*	29,200		356,824
Microsemi Corp.*	24,400		265,228
Mykrolis Corp.*	20,400		296,820
Photronics, Inc.*	12,800		190,592
Standard Microsystems Corp.*	14,800		352,832
Vitesse Semiconductor Corp.*	27,200		116,416
Zoran Corp.*	3,800		62,814

			2,110,986

Telecommunications — 5.7%
Arris Group, Inc.*	19,200		114,816
Aspect Communications Corp.*	15,400		182,182
C-COR.net Corp.*	9,900		89,892
Comtech Telecommunications Corp.*	4,500		72,810
Golden Telecom, Inc.	12,700		359,029
Intervoice, Inc.*	18,500		230,325
Intrado, Inc.*	7,900		135,801
Lightbridge, Inc.*	34,500		219,420
NII Holdings, Inc. (Class “B” Stock)*(a)	8,300		290,500
Plantronics, Inc.*	6,400		242,880
Powerwave Technologies, Inc.*(a)	38,000		257,260
RF Micro Devices, Inc.*(a)	35,200		259,072
Sonus Networks, Inc.*	13,600		51,680
ViaSat, Inc.*	100		2,198
Westell Technologies, Inc. (Class “A”	22,000		160,996
Western Wireless Corp. (Class “A” Stock)*(a)	11,500		239,430

			2,908,291

Transportation — 0.3%
Heartland Express, Inc.	6,300		154,665

Total Long-Term Investments
(Cost $45,818,749)			50,033,013


	*Par* *(000)*		*Value* *(Note 2)*

Short-Term Investments — 13.9%
Certificates of Deposit — 0.8%
Svenska Handelsbanken
1.39%, 10/27/04(b)	$	411	$	410,538

Corporate Obligations — 3.3%
Bank of America NA
1.05%, 05/03/04(b)(c)		129		128,616
Merrill Lynch & Co., Inc.
1.19%, 05/03/04(b)(c)		302		302,416
Natexis Banque NY
1.11%, 05/03/04(b)(c)		434		434,334
Swedbank NY
1.06%, 05/17/04(b)(c)		781		780,438
Westdeutsche Landesbank
1.07%, 05/28/04(b)(c)		29		29,384

				1,675,188

Time Deposit — 0.6%
Deutsche Bank AG
1.04%, 05/03/04(b)		310		309,579

U.S. Treasury Bills — 0.2%
U S Treasury Bills
0.95%, 07/29/04(k)(n)		120		119,715


	*Shares*
Non-Registered Investment Company — 9.0%
BlackRock Institutional Money Market Trust(b)(j)		4,632,269		4,632,269

Total Short-Term Investments
(Cost $7,147,298)				7,147,289

Total Investments — 111.2%
(Cost $52,966,047; Note 5)				57,180,302
Liabilities in Excess of Other Assets — (11.2%)				(5,763,757	)

Net Assets — 100.0%			$	51,416,545


		61

Strategic Partners Managed Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)

The following abbreviation is used throughout the Schedule of Investments:


REIT		—Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $6,545,230; cash collateral of $7,027,574 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

(k)	Securities with an aggregate market value of $119,715 have been segregated with the custodian to cover margin requirements for the following open futures contracts at April 30, 2004:


Number of Contracts	*Type*	Expiration Month	Value at Trade Date		Value at April 30, 2004		Unrealized Depreciation
Long Position:
6	Russell 2000 Index	June 04	$	1,732,080	$	1,679,550	$	(52,530	)

(n)	Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.


62

Strategic Partners Small Company Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 99.6%
Common Stock — 99.3%
Advertising — 0.1%
Interep National Radio Sales, Inc.*	12,900	$	27,090
Penton Media, Inc.*	250,000		187,500
ValueVision Media, Inc.*	5,380		75,535

			290,125

Aerospace — 2.1%
AAR Corp.*	18,000		182,700
Alliant Techsystems, Inc.*	5,740		340,325
Curtiss-Wright Corp. (Class “B” Stock)	60,000		2,688,600
Fairchild Corp. (Class “A” Stock)*	85,000		397,800
Sequa Corp. (Class “A” Stock)*	17,000		830,110
Sequa Corp. (Class “B” Stock)*	3,500		185,500

			4,625,035

Airlines
Midwest Air Group, Inc.*	25,000		107,500

Automobile Manufacturers — 0.6%
Monaco Coach Corp.	10,000		260,700
Navistar International Corp.*(a)	22,000		993,300
Thor Industries, Inc.	4,000		111,440

			1,365,440

Automotive Parts — 3.6%
American Axle & Manufacturing Holdings, Inc.	1,540		59,244
BorgWarner, Inc.	26,000		2,130,440
Cooper Tire & Rubber Co.	34,000		727,260
Dana Corp.	60,000		1,209,600
Exide Technologies*(a)	40,000		160
Federal-Mogul Corp.*(a)	40,000		13,600
Midas, Inc.*	80,500		1,469,930
Myers Industries, Inc.	100,000		1,411,000
Raytech Corp.*	70,000		206,500
Schieb, (Earl), Inc.*	10,000		31,550
TBC Corp.*	17,310		483,641
Transpro, Inc.*(a)	28,000		146,440

			7,889,365

Beverages — 1.6%
Boston Beer Co., Inc. (Class “A” Stock)*	32,600		621,356
Farmer Brothers Co.	800		292,000
Genesee Corp.*	15,000		57,375
Mondavi, (Robert) Corp. (Class “A” Stock)*	22,000		792,000


	*Shares*	*Value* *(Note 2)*

PepsiAmericas, Inc.	88,180	$	1,766,245

			3,528,976

Broadcasting — 7.9%
Beasley Broadcast Group, Inc.*	10,000		158,000
Crown Media Holdings, Inc.*	171,000		1,509,930
Fisher Communications, Inc.*	13,000		655,213
Granite Broadcasting Corp.*	86,000		136,740
Gray Television, Inc.	100,600		1,490,892
Gray Television, Inc. (Class “A” Stock)	8,000		111,120
Liberty Media Corp. (Class “A” Stock)*(a)	78,000		853,320
Media General, Inc. (Class “A” Stock)	52,000		3,737,759
Nexstar Broadcasting Group, Inc. (Class “A” Stock)*	10,000		123,200
Paxson Communications Corp.*	180,000		540,000
Saga Communications, Inc. (Class “A” Stock)*	32,500		617,500
Salem Communications Corp. (Class “A” Stock)*	44,000		1,311,640
SBS Broadcasting SA NY Reg.*	7,400		233,026
Scripps, (E.W.) Co. (Class “A” Stock)	18,500		1,952,675
Sinclair Broadcast Group, Inc.*	137,200		1,695,792
Spanish Broadcasting Systems, Inc. (Class “A” Stock)*	30,000		291,600
UnitedGlobalCom, Inc. (Class “A” Stock)*	32,046		239,704
Young Broadcasting, Inc. (Class “A” Stock)*	105,800		1,868,428

			17,526,539

Building Materials — 1.8%
Apogee Enterprises, Inc.	10,380		115,633
Florida Rock Industries, Inc.(a)	3,000		119,370
Gibraltar Steel Corp.	19,000		467,400
Hughes Supply, Inc.	1,000		55,890
Modine Manufacturing Co.	50,000		1,375,000
Skyline Corp.	5,000		213,700
Texas Industries, Inc.	2,780		93,714
Thomas Industries, Inc.	45,000		1,518,750

			3,959,457

Business Services — 1.1%
Acxiom Corp.(a)	2,950		68,263
BearingPoint, Inc.*(a)	10,000		100,200
Edgewater Technology, Inc.*	300,000		1,854,000
GP Strategies Corp.*(a)	18,000		118,800
Harland, (John H.) Co.	980		30,194


		63

Strategic Partners Small Company Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Insurance Auto Auctions, Inc.*	7,260	$	114,200
Key3Media Group, Inc.*	30,000		0
Kroll, Inc.*(a)	3,000		88,920
StarTek, Inc.	3,000		97,350

			2,471,927

Cable Television — 2.6%
Adelphia Communications Corp. (Class “A” Stock)*(a)	30,000		24,525
Cablevision Systems New York Group (Class“A” Stock)*	245,000		5,348,350
Mediacom Communications Corp.*	60,000		437,400

			5,810,275

Chemicals — 6.5%
Airgas, Inc.	13,000		287,950
Albemarle Corp.	10,000		292,500
Arch Chemicals, Inc.	48,000		1,402,080
Cytec Industries, Inc.	14,030		551,660
Ethyl Corp.*	30,000		558,600
Ferro Corp.	40,000		1,035,600
Fuller, (H.B.) Co.	34,410		942,834
Great Lakes Chemical Corp.(a)	50,000		1,256,000
Hercules, Inc.*(a)	115,000		1,277,650
MacDermid, Inc.	98,000		3,173,240
Omnova Solutions, Inc.*	95,800		455,050
Schulman, (A.), Inc.	38,000		760,000
Sensient Technologies Corp.(a)	105,000		2,148,300
TETRA Technologies, Inc.*	6,000		143,460

			14,284,924

Clothing & Apparel — 0.7%
Burlington Coat Factory Warehouse Corp.	8,000		151,680
Hartmarx Corp.*	125,000		728,750
Wolverine World Wide, Inc.	25,000		672,000

			1,552,430

Computer Services & Software — 0.4%
Baldwin Technology Co., Inc. (Class “A” Stock)*	100,000		329,999
Intergraph Corp.*	5,884		148,336
Keane, Inc.*(a)	1,000		14,200
PLATO Learning, Inc.*	4,180		38,289
Xanser Corp.*	120,000		300,000

			830,824

Conglomerates — 0.6%
Brink’s Co. (The)	4,900		135,877
Cendant Corp.(a)	45,000		1,065,600
Griffon Corp.*	3,780		82,971


	*Shares*	*Value* *(Note 2)*

Park Ohio Holdings Corp.*	7,400	$	82,998

			1,367,446

Construction — 0.4%
Cavco Industries, Inc.*	6,000		239,280
Champion Enterprises, Inc.*	10,000		108,900
Fleetwood Enterprises, Inc.*	30,000		435,000
KB Home	1,000		68,930

			852,110

Consumer Products & Services — 5.3%
Aaron Rents, Inc.	25,000		724,000
Aaron Rents, Inc. (Class “A” Stock)	22,500		573,750
Alberto-Culver Co. (Class “B” Stock)	2,340		110,354
Aviall, Inc.*	15,000		248,250
Bowlin Travel Centers, Inc.*	6,000		10,980
Church and Dwight Co., Inc.	24,680		1,109,366
CNS, Inc.	7,390		78,334
Concorde Career Colleges, Inc.*	2,740		56,170
Culp, Inc.*	8,000		68,880
Elizabeth Arden, Inc.*	45,000		985,500
Energizer Holdings, Inc.*	24,000		1,039,200
Fedders Corp.	165,000		892,650
Fortune Brands, Inc.	6,000		457,500
GC Companies, Inc.*	150,000		70,500
Jarden Corp.*	3,045		113,274
Marine Products Corp.	18,000		318,240
Oil-Dri Corp. of America	51,500		862,625
Rayovac Corp.*	18,000		479,700
Revlon, Inc. (Class “A” Stock)*	93,807		314,254
Rollins, Inc.	29,000		688,750
Roto-Rooter, Inc.	40,200		1,945,681
Scotts Co. (The) (Class “A” Stock)*(a)	4,000		263,800
Weider Nutrition International, Inc.*	65,500		294,750

			11,706,508

Containers & Packaging — 0.9%
Crown Holdings, Inc.*	30,000		253,200
Greif, Inc. (Class “A” Stock)	26,000		854,620
Pactiv Corp.*	40,000		918,000

			2,025,820

Diversified — 0.1%
Standex International Corp.	8,000		215,200

Electronic Components & Equipment — 6.9%
Agere Systems, Inc. (Class “A” Stock)*	40,000		90,400


64


	*Shares*	*Value* *(Note 2)*

Agere Systems, Inc. (Class “B” Stock)*	60,000	$	130,200
AMETEK, Inc.	74,000		1,961,000
Baldor Electric Co.	67,500		1,524,150
Belden, Inc.	35,000		612,150
C & D Technologies, Inc.	6,000		93,000
CTS Corp.	100,000		1,305,000
Electro Rental Corp.	37,700		383,409
ESCO Technologies, Inc.*	1,500		72,450
FLIR Systems, Inc.*(a)	3,000		140,730
Franklin Electric Co., Inc.	28,000		1,687,280
GrafTech International Ltd.*(a)	35,000		310,450
Katy Industries, Inc.*	28,000		175,840
Lamson & Sessions Co.*	99,000		642,510
Landauer, Inc.	16,000		624,960
Lecroy Corp.*	4,000		77,080
Littelfuse, Inc.*	10,800		414,720
Magnetek, Inc.*	45,000		310,500
Methode Electronics, Inc. (Class “A” Stock)	18,000		204,120
Monolithic System Technology, Inc.*	20,000		150,400
Park Electrochemical Corp.	14,000		329,980
Parker-Hannifin Corp.	4,100		226,689
Pentair, Inc.	7,090		422,493
Rockwell Automation, Inc.	4,000		130,760
SL Industries, Inc.*	14,000		135,100
Thomas & Betts Corp.	125,000		3,005,000
Trans-Lux Corp.	20,000		153,000

			15,313,371

Entertainment & Leisure — 3.2%
Brunswick Corp.	3,670		150,874
Churchill Downs, Inc.	2,500		91,275
Dover Downs Gaming & Entertainment, Inc.	75,000		851,250
Dover Motorsports, Inc.	112,000		448,000
Gaylord Entertainment Co. (Class “A” Stock)*	50,060		1,568,880
International Speedway Corp. (Class “A” Stock)	4,000		168,520
Magna Entertainment Corp.*(a)	200,000		1,034,000
Pinnacle Entertainment, Inc.*	10,000		114,200
Six Flags, Inc.*	190,000		1,411,700
Topps Co., Inc. (The)	38,290		341,930
Vail Resorts, Inc.*	3,800		59,090
Vivendi Universal SA [ADR] (France)*	10,000		247,200
World Wrestling Entertainment, Inc.	35,000		481,600

			6,968,519


	*Shares*	*Value* *(Note 2)*

Environmental Services — 1.9%
Allied Waste Industries, Inc.*(a)	150,000	$	1,888,500
Catalytica Energy Systems, Inc.*	40,000		132,400
CUNO, Inc.*	8,000		352,480
Newpark Resources, Inc.*	65,000		372,450
Republic Services, Inc.	35,000		1,008,700
Waste Connections, Inc.*(a)	12,000		483,240

			4,237,770

Equipment Services — 0.4%
Gerber Scientific, Inc.*	38,000		228,000
Industrial Distribution Group, Inc.*	70,000		560,700

			788,700

Farming & Agriculture
Delta & Pine Land Co.	1,310		31,781

Financial — Bank & Trust — 1.5%
Community First Bankshares, Inc.	18,000		579,240
Crazy Woman Creek Bancorp, Inc.	5,600		95,200
First Republic Bank	30,000		1,143,000
Hibernia Corp. (Class “A” Stock)	12,000		261,480
Riggs National Corp.	22,000		397,980
Silicon Valley Bancshares*(a)	19,000		652,840
TCF Financial Corp.(a)	2,890		143,200

			3,272,940

Financial Services — 1.1%
BKF Capital Group, Inc.	48,000		1,317,600
CIT Group, Inc.	11,800		405,566
Interactive Data Corp.*	35,000		585,200
Webster Financial Corp.	2,000		87,000

			2,395,366

Food — 5.3%
Archer-Daniels-Midland Co.(a)	40,000		702,400
Corn Products International, Inc.	70,000		2,975,000
Del Monte Foods Co.*	174,770		1,932,956
Flowers Foods, Inc.	110,000		2,693,900
Hain Celestial Group, Inc.*	15,000		297,000
Ingles Markets, Inc. (Class “A” Stock)	67,600		757,120
Performance Food Group Co.*	6,800		238,884
Smucker, (J.M.) Co. (The)	9,000		470,700
Suprema Specialties, Inc.* (cost $12,750; purchased 11/08/01)(g)	1,000		0
Tl Administration Corp.*	111,500		2,342
Tootsie Roll Industries, Inc.	11,404		397,315
Weis Markets, Inc.	35,000		1,228,500

			11,696,117


		65

Strategic Partners Small Company Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Furniture
HON Industries, Inc.	2,650	$	98,077

Healthcare Services — 0.1%
Laboratory Corp. of America Holdings*	2,700		107,298
NeighborCare, Inc.*(a)	2,060		47,668
VitalWorks Inc.*	800		3,032

			157,998

Hotels & Motels — 1.7%
Aztar Corp.*(a)	75,000		1,942,500
Boca Resorts, Inc. (Class “A” Stock)*	40,000		700,000
Kerzner International Ltd.*(a)	20,000		855,000
La Quinta Corp.*	40,000		287,600
Wyndham International, Inc. (Class “A” Stock)*	80,000		81,600

			3,866,700

Industrial Products — 5.2%
Acuity Brands, Inc.	36,500		893,155
Barnes Group, Inc.	10,000		272,500
Carlisle Companies, Inc.	1,540		91,245
Core Molding Technologies, Inc.*	10,000		33,200
Crane Co.(a)	90,000		2,772,900
Donaldson Co., Inc.	34,000		932,620
Kaman Corp. (Class “A” Stock)	110,000		1,367,300
Precision Castparts Corp.	62,000		2,790,620
Robbins & Myers, Inc.	22,000		480,920
Roper Industries, Inc.	15,000		728,250
Watts Water Technologies, Inc. (Class “A” Stock)	43,000		1,053,070

			11,415,780

Insurance — 1.6%
Alleghany Corp.*	8,000		2,099,680
Argonaut Group, Inc.*	28,000		518,000
CNA Financial Corp.*	4,500		49,005
Everest Reinsurance Group Ltd.	4,000		340,720
Midland Co.	6,000		159,012
Phoenix Companies, Inc. (The)	3,000		38,010
PMI Group, Inc. (The)(a)	3,000		129,090
ProAssurance Corp.*	4,000		135,680
UnumProvident Corp.(a)	10,500		163,275

			3,632,472

Internet Services — 0.1%
J Net Enterprises, Inc.*	127,000		184,150
Stellent, Inc.*	9,560		71,222

			255,372


	*Shares*	*Value* *(Note 2)*

Lumber & Wood Products — 0.2%
Deltic Timber Corp.	10,500	$	357,105

Machinery & Equipment — 4.8%
AGCO Corp.*	10,000		192,500
Albany International Corp. (Class “A” Stock)	3,280		100,040
Carbo Ceramics, Inc.(a)	12,000		776,160
CLARCOR, Inc.	43,000		1,892,860
Flowserve Corp.*	50,000		1,068,500
Gardner Denver, Inc.*	18,000		471,960
Gencorp, Inc.	130,000		1,379,300
Graco, Inc.	49,500		1,395,900
IDEX Corp.	25,000		1,181,250
Lone Star Technologies, Inc.*	7,000		143,500
Smith, (A.O.) Corp.	35,000		1,046,500
Tennant Co.	22,000		873,400
Toro Co. (The)	1,450		84,318

			10,606,188

Medical Supplies & Equipment — 4.7%
Apogent Technologies, Inc.*(a)	24,600		797,532
ArthroCare Corp.*	2,000		47,020
Bio-Rad Laboratories, Inc.*	800		46,880
Biosite, Inc.*(a)	2,000		79,240
Cholestech Corp.*	800		7,832
CONMED Corp.*	800		19,744
Cytyc Corp.*	950		20,330
DJ Orthopedics, Inc.*	800		18,424
Encore Medical Corp.*	800		6,280
Exactech, Inc.*	800		16,568
ICU Medical, Inc.*	4,800		160,176
Inamed Corp.*	24,000		1,412,160
Interpore International, Inc.*	2,000		28,780
Inverness Medical Innovations, Inc.*	15,000		282,750
Invitrogen Corp.*(a)	10,010		723,022
Kensey Nash Corp.*	3,300		106,920
Lifecore Biomedical, Inc.*	5,460		36,910
Ocular Sciences, Inc.*	4,000		112,400
Orthofix International NV*	5,000		225,000
Osteotech, Inc.*	800		5,312
Owens & Minor, Inc.	50,000		1,215,000
Regeneration Technologies, Inc.*	10,000		95,000
Schein, (Henry), Inc.*	5,500		387,585
Schick Technologies, Inc.*	2,000		21,600
Sola International, Inc.*	25,000		513,000
SurModics, Inc.*(a)	3,420		76,540
Sybron Dental Specialties, Inc.*	125,000		3,656,250
Techne Corp.*(a)	1,200		46,752
Thoratec Corp.*	2,000		27,220


66


	*Shares*	*Value* *(Note 2)*

Viasys Healthcare, Inc.*	3,000	$	58,200
Wilson Greatbatch Technologies, Inc.*	1,960		67,620

			10,318,047

Metals & Mining — 0.8%
Barrick Gold Corp.(a)	43,000		826,890
Layne Christensen Co.*	7,000		97,790
Material Sciences Corp.*	70,610		684,917
WHX Corp.*(a)	25,000		47,500
Worthington Industries, Inc.	10,000		180,500

			1,837,597

Office Equipment — 0.6%
Danka Business Systems PLC [ADR] (United Kingdom)*	7,760		31,583
McGrath Rentcorp	27,800		866,359
Nashua Corp.*	60,000		537,600

			1,435,542

Oil & Gas — 4.5%
Callon Petroleum Co.*	63,000		740,250
Devon Energy Corp.	17,000		1,040,400
El Paso Corp.(a)	5,000		35,050
EOG Resources, Inc.	8,800		433,400
Equitable Resources, Inc.	12,500		587,375
Forest Oil Corp.*(a)	39,000		1,023,750
Gyrodyne Co. of America, Inc.*	4,000		110,000
Key Energy Services, Inc.*	6,190		65,985
Lufkin Industries, Inc.	10,000		317,000
ONEOK, Inc.	94,500		1,979,775
Pioneer Natural Resources Co.	2,000		65,420
Rowan Companies, Inc.*	20,000		446,000
W-H Energy Services, Inc.*	14,000		257,320
XTO Energy, Inc.(a)	104,000		2,776,800

			9,878,525

Paper & Forest Products — 0.5%
Boise Cascade Corp.	8,000		269,840
Schweitzer-Mauduit International, Inc.	18,000		557,820
Wausau-Mosinee Paper Corp.	20,000		280,600

			1,108,260

Personal Services — 0.2%
Matthews International Corp. (Class “A” Stock)	17,790		542,595

Pharmaceuticals — 0.1%
Bone Care International, Inc.*	5,000		123,300
CollaGenex Pharmaceuticals, Inc.*	1,500		15,300


	*Shares*	*Value* *(Note 2)*

Priority Healthcare Corp. (Class “B” Stock)*	6,200	$	124,310

			262,910

Printing & Publishing — 2.8%
Bowne & Co., Inc.	6,210		105,135
Hollinger International, Inc.	4,530		90,374
Journal Communications, Inc. (Class “A” Stock)	7,940		140,220
Journal Register Co.*	65,000		1,288,950
Lee Enterprises, Inc.	5,000		238,900
McClatchy Co.	11,000		781,000
Nelson, (Thomas), Inc.	19,000		497,040
PRIMEDIA, Inc.*	209,800		612,616
Pulitzer, Inc.	46,800		2,368,080

			6,122,315

Real Estate — 0.4%
Griffin Land & Nurseries, Inc.*	13,000		353,340
Harbor Global Co.	17,500		183,750
Innkeepers USA Trust [REIT]	25,000		191,250
Sun Communities, Inc. [REIT]	5,000		174,750

			903,090

Restaurants — 1.1%
Denny’s Corp.*	5,000		13,000
Steak ‘n Shake Co. (The)*	75,000		1,413,750
Triarc Companies, Inc. (Class “A” Stock)	26,720		293,920
Triarc Companies, Inc. (Class “B” Stock)	53,560		559,702
Wendy’s International, Inc.	3,300		128,700

			2,409,072

Retail & Merchandising — 1.2%
Big 5 Sporting Goods Corp.*	3,000		74,460
Blockbuster, Inc. (Class “A” Stock)(a)	2,000		33,100
Bon-Ton Stores, Inc.	6,000		77,220
Cole National Corp.*	4,680		119,574
Fred’s, Inc.	3,000		55,710
Goody’s Family Clothing, Inc.	8,000		99,920
Movado Group, Inc.	2,000		60,000
Neiman Marcus Group, Inc. (Class “A” Stock)	25,500		1,240,319
Neiman Marcus Group, Inc. (Class “B” Stock)	16,000		724,000
Office Depot, Inc.*	4,550		79,671
Sports Authority, Inc. (The)*	2,602		99,761

			2,663,735


		67

Strategic Partners Small Company Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Semiconductors — 0.4%
Axcelis Technologies, Inc.*	70,000	$	735,700
Zoran Corp.*	5,000		82,650

			818,350

Telecommunications — 4.3%
Acme Communications, Inc.*	135,300		909,216
Airgate PCS, Inc.*	5,000		95,100
Andrew Corp.*(a)	8,000		135,600
AO VimpelCom [ADR] (Russia)*	21,000		1,884,960
Centennial Communications, Inc.*	38,000		227,620
Cincinnati Bell, Inc.*	200,000		790,000
Corning, Inc.*	70,000		772,100
D & E Communications, Inc.	80,000		1,091,200
Dobson Communications Corp.*	82,000		293,560
Lucent Technologies, Inc.*	75,000		252,750
Nextel Communications, Inc. (Class “A” Stock)*	20,000		477,200
Plantronics, Inc.*	6,000		227,700
Rural Cellular Corp.*(a)	45,000		387,000
Stratos International, Inc.*	10,000		49,800
Sycamore Networks, Inc.*	30,000		111,000
Triton PCS Holdings, Inc.*	18,000		90,180
Western Wireless Corp. (Class “A” Stock)*(a)	78,000		1,623,960

			9,418,946

Transportation — 0.6%
GATX Corp.	46,000		1,081,000
Grupo TMM S.A. De C.V [ADR] (Mexico)*	15,000		42,000
Hub Group, Inc. (Class “A” Stock)*	2,000		69,000
Ryder System, Inc.	6,000		220,740

			1,412,740

Utilities — 6.8%
AES Corp.*	23,000		199,410
Allete, Inc.	4,430		153,057
Alliant Energy Corp.	9,200		228,712
Aquila, Inc.*	90,000		382,500
CH Energy Group, Inc.	44,000		2,037,200
Connecticut Water Service, Inc.	23,000		626,750
DPL, Inc.	28,000		493,360
Duquesne Light Holdings, Inc.(a)	170,000		3,190,899
El Paso Electric Co.*	155,000		2,193,250
Florida Public Utilities Co.	8,000		162,000
Ionics, Inc.*	2,550		58,829
Maine & Maritimes Corp.	5,000		160,500
MGE Energy, Inc.	28,000		871,360


	*Shares*		*Value* *(Note 2)*

Northeast Utilities		140,000	$	2,569,000
Southern Union Co.*		26,250		516,075
Southwest Gas Corp.		10,000		228,000
TXU Corp.(a)		4,500		153,630
Westar Energy, Inc.		35,000		714,350

				14,938,882

Total Common Stock
(Cost $159,275,361)				219,574,763

Preferred Stock — 0.3%
Broadcasting
News Corp. Ltd. .72% [ADR] (Australia)
(Cost $580,350)		18,000		607,500

Total Long-Term Investments
(Cost $159,855,711)				220,182,263


	*Par* *(000)*
Short-Term Investments — 12.8%
Certificates of Deposit — 0.1%
Canadian Imperial Bank of Commerce
1.055%, 05/28/04(b)(c)	$	75		74,583
Credit Lyonnais Bank
1.075%, 09/30/04(b)		213		212,586

				287,169

Commercial Paper — 0.4%
Fairway Finance Corp.
1.035%, 05/13/04(b)		797		796,050
Monumental Global Funding
1.10%, 05/28/04(b)(c)		12		12,455

				808,505

Corporate Obligations — 5.3%
Bank of America NA
1.05%, 05/03/04(b)(c)		873		873,154
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		95		94,953
General Electric Capital Corp.
1.06%, 05/10/04(b)(c)		3		2,558
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		1,768		1,767,766
Natexis Banque NY
1.11%, 05/03/04(b)(c)		3,973		3,972,471
1.162%, 05/03/04(b)(c)		1,399		1,399,021
Societe Generale NY
1.137%, 05/03/04(b)(c)		553		552,718


68


	*Par* *(000)*		*Value* *(Note 2)*

Swedbank NY
1.06%, 05/17/04(b)(c)	$	938	$	938,316
Westdeutsche Landesbank
1.06%, 05/10/04(b)(c)		1,547		1,547,008
1.065%, 05/24/04(b)(c)		523		522,672
1.07%, 05/28/04(b)(c)		155		154,462

				11,825,099

Time Deposit — 0.6%
Deutsche Bank AG
1.04%, 05/03/04(b)		1,396		1,395,839


	*Shares*
Non-Registered Investment Company — 6.4%
BlackRock Institutional Money Market Trust(b)(j)		13,905,397		13,905,397

Total Short-Term Investments
(Cost $28,222,009)				28,222,009

Total Investments — 112.4%
(Cost $188,077,720; Note 5)				248,404,272
Liabilities in Excess of Other Assets — (12.4%)				(27,346,033	)

Net Assets — 100.0%			$	221,058,239

The following abbreviations are used throughout the Schedule of Investments:


ADR		—American Depositary Receipt
REIT		—Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $26,748,467; cash collateral of $28,222,009 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(g)	Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $12,750. The aggregate value, $0 represents 0.0% of net assets.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


		69

Strategic Partners Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 99.6%
Common Stock
Advertising — 2.3%
Getty Images, Inc.*(a)	19,000	$	1,037,400
Lamar Advertising Co.*(a)	74,150		3,044,599

			4,081,999

Aerospace — 1.7%
Alliant Techsystems, Inc.*	51,084		3,028,770

Broadcasting — 6.9%
Citadel Broadcasting Co.*(a)	136,500		2,368,275
Entercom Communications Corp.*	35,685		1,627,236
Entravision Communications Corp. (Class “A” Stock)*	214,525		1,958,613
Scripps, (E.W.) Co. (Class “A” Stock)(a)	38,750		4,090,063
Univision Communications, Inc. (Class “A” Stock)*(a)	67,975		2,300,954

			12,345,141

Building Materials — 1.1%
American Standard Companies, Inc.*	17,990		1,892,368

Business Services — 3.6%
ARAMARK Corp. (Class “B” Stock)	137,050		3,919,631
Iron Mountain, Inc.*(a)	56,725		2,581,555

			6,501,186

Cable Television — 3.0%
Cablevision Systems New York Group (Class “A” Stock)*(a)	83,700		1,827,171
EchoStar Communications Corp. (Class “A” Stock)*(a)	71,250		2,364,788
Lodgenet Entertainment Corp.*	61,950		1,251,390

			5,443,349

Clothing & Apparel — 3.8%
Coach, Inc.*	91,000		3,876,600
Reebok International Ltd.	79,850		2,904,943

			6,781,543

Computer Hardware — 0.5%
SanDisk Corp.*(a)	36,400		841,204

Computer Services & Software — 7.9%
Avocent Corp.*	98,300		3,154,447
Cognos, Inc. (Canada)*	25,000		788,250
Electronic Arts, Inc.*(a)	51,800		2,622,116
Intuit, Inc.*	22,425		952,390
Manhattan Associates, Inc.*(a)	72,700		1,953,449


	*Shares*	*Value* *(Note 2)*

Symantec Corp.*(a)	75,000	$	3,378,750
Take-Two Interactive Software, Inc.*	43,735		1,263,504

			14,112,906

Conglomerates — 0.2%
Brink’s Co. (The)	14,825		411,097

Consumer Products & Services — 1.1%
Energizer Holdings, Inc.*	4,000		173,200
UST, Inc.	48,440		1,802,452

			1,975,652

Electronic Components & Equipment — 8.5%
Amphenol Corp.*	82,900		2,620,469
FLIR Systems, Inc.*(a)	77,473		3,634,257
Gentex Corp.	69,350		2,727,536
Harman International Industries, Inc.	33,000		2,503,050
Molex, Inc.	64,000		1,905,920
Zebra Technologies Corp. (Class “A” Stock)*(a)	25,400		1,861,566

			15,252,798

Entertainment & Leisure — 1.8%
Harrah’s Entertainment, Inc.	30,975		1,647,251
International Game Technology, Inc.	43,400		1,637,916

			3,285,167

Equipment Services — 1.7%
Millipore Corp.*	59,470		3,118,012

Financial — Bank & Trust — 1.7%
M&T Bank Corp.	17,100		1,453,500
National Commerce Financial Corp.	60,125		1,598,724

			3,052,224

Financial Services — 4.8%
Ambac Financial Group, Inc.	21,625		1,492,125
Investors Financial Services Corp.(a)	66,000		2,565,420
Legg Mason, Inc.(a)	30,200		2,780,212
Moody’s Corp.	28,400		1,832,084

			8,669,841

Furniture — 1.8%
Ethan Allen Interiors, Inc.(a)	76,075		3,162,438

Healthcare Services — 2.0%
Caremark Rx, Inc.*	95,000		3,215,750
Hooper Holmes, Inc.	75,775		417,520

			3,633,270


70


	*Shares*	*Value* *(Note 2)*

Hotels & Motels — 0.9%
Marriott International, Inc. (Class “A” Stock)(a)	32,350	$	1,525,626

Industrial Products — 3.4%
Fastenal Co.(a)	54,500		2,990,415
Grainger (W.W.), Inc.(a)	59,140		3,098,936

			6,089,351

Insurance — 1.3%
RenaissanceRe Holdings Ltd.	6,450		339,851
Willis Group Holdings Ltd. (United Kingdom)	53,775		1,952,570

			2,292,421

Internet Services — 2.7%
Checkfree Corp.*(a)	126,525		3,800,811
CNET Networks, Inc.*	99,000		843,480
ProQuest Co.*	9,350		249,645

			4,893,936

Machinery & Equipment — 1.4%
Danaher Corp.(a)	26,300		2,433,276

Medical Supplies & Equipment — 3.9%
Apogent Technologies, Inc.*(a)	76,800		2,489,856
Charles River Laboratories International, Inc.*(a)	62,325		2,866,950
St. Jude Medical, Inc.*	22,500		1,715,850

			7,072,656

Office Equipment — 1.4%
Pitney Bowes, Inc.	58,750		2,570,313

Oil & Gas — 4.3%
Murphy Oil Corp.	27,000		1,849,500
Nabors Industries Ltd.*(a)	34,550		1,532,638
Pogo Producing Co.	20,375		1,004,895
Smith International, Inc.*(a)	60,625		3,319,219

			7,706,252

Personal Services — 1.0%
ITT Educational Services, Inc.*	44,700		1,802,751

Pharmaceuticals — 4.0%
Allergan, Inc.(a)	27,500		2,421,375
Biogen Idec, Inc.*(a)	25,820		1,523,380
Covance, Inc.*(a)	60,325		2,035,366
MedImmune, Inc.*	47,075		1,141,098

			7,121,219

Restaurants — 0.6%
P.F. Chang’s China Bistro, Inc.*(a)	21,900		1,070,034


	*Shares*		*Value* *(Note 2)*

Retail & Merchandising — 11.0%
99 Cents Only Stores*(a)		40,850	$	807,196
CarMax, Inc.*		56,000		1,451,520
Chico’s FAS, Inc.*(a)		60,175		2,450,928
Dollar Tree Stores, Inc.*(a)		81,750		2,203,163
PETCO Animal Supplies, Inc.*		78,350		2,300,356
PETsMART, Inc.(a)		48,000		1,329,600
Ross Stores, Inc.(a)		95,000		2,897,499
Tiffany & Co.		50,000		1,950,000
Tuesday Morning Corp.*		46,500		1,371,285
Williams-Sonoma, Inc.*(a)		83,550		2,713,703

				19,475,250

Semiconductors — 5.0%
KLA-Tencor Corp.*(a)		62,375		2,599,166
Microchip Technology, Inc.		85,500		2,395,710
Tessera Technologies, Inc.*		114,157		2,022,862
Xilinx, Inc.(a)		59,100		1,987,533

				9,005,271

Telecommunications — 3.3%
ADTRAN, Inc.(a)		110,030		2,696,835
Crown Castle International Corp.*(a)		104,650		1,459,868
Nextel Partners, Inc. (Class “A” Stock)*		131,500		1,755,525

				5,912,228

Transportation — 1.0%
C.H. Robinson Worldwide, Inc.		43,275		1,776,005

Total Long-Term Investments
(Cost $154,588,299)				178,335,554


	*Par* *(000)*
Short-Term Investments — 36.7%
Certificates of Deposit — 0.3%
Canadian Imperial Bank of Commerce
1.05%, 05/28/04(b)(c)	$	468		468,461
Credit Lyonnais Bank
1.075%, 09/30/04(b)		44		44,243

				512,704

Commercial Paper — 0.3%
Concord Minutemen Capital Co.
1.04%, 05/20/04(b)		150		150,257
Crown Point Capital Co.
1.04%, 05/10/04(b)		31		31,440
Monumental Global Funding
1.10%, 05/28/04(b)(c)		171		171,348


		71

Strategic Partners Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Par* *(000)*		*Value* *(Note 2)*

Tannehill Capital Co., LLC
1.04%, 05/18/04(b)	$	248	$	248,015

				601,060

Corporate Obligations — 26.7%
American Express Credit
1.07%, 05/13/04(b)(c)		2,810		2,810,008
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		1,026		1,026,377
General Electric Capital Corp.
1.06%, 05/10/04(b)(c)		1,515		1,514,937
Merrill Lynch & Co., Inc.
1.19%, 05/03/04(b)(c)		15,815		15,814,501
Natexis Banque NY
1.11%, 05/03/04(b)(c)		4,484		4,483,805
1.16%, 05/03/04(b)(c)		2,941		2,941,172
Societe Generale NY
1.14%, 05/03/04(b)(c)		3,967		3,967,218
Swedbank NY
1.06%, 05/17/04(b)(c)		5,391		5,391,070
Westdeutsche Landesbank
1.06%, 05/10/04(b)(c)		3,803		3,802,989
1.065%, 05/24/04(b)(c)		170		169,833
1.07%, 05/28/04(b)(c)		5,818		5,817,608

				47,739,518

Time Deposit — 1.0%
Deutsche Bank AG
1.04%, 05/03/04(b)		1,869		1,869,278


	*Shares*	*Value* *(Note 2)*
Non-Registered Investment Company — 8.4%
BlackRock Institutional Money Market Trust(b)(j)	15,075,391	$	15,075,391

Total Short-Term Investments
(Cost $65,797,951)			65,797,951

Total Investments — 136.3%
(Cost $220,386,250; Note 5)			244,133,505
Liabilities in Excess of Other Assets — (36.3%)			(65,012,756	)

Net Assets — 100.0%		$	179,120,749

The following annotations are used throughout the schedule of investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $63,212,139; cash collateral of $65,797,950 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


72

Strategic Partners Relative Value Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 98.6%
Common Stock
Aerospace — 0.4%
Boeing Co.	3,000	$	128,070
General Dynamics Corp.	800		74,896
Honeywell International, Inc.	19,000		657,020
Northrop Grumman Corp.	4,600		456,550

			1,316,536

Automotive Parts — 7.1%
AutoNation, Inc.*	101,500		1,727,530
AutoZone, Inc.*(a)	79,500		6,961,815
BorgWarner, Inc.	74,900		6,137,306
Dana Corp.	33,000		665,280
Genuine Parts Co.	18,000		644,400
Lear Corp.(a)	114,000		6,910,680

			23,047,011

Beverages — 2.5%
Constellation Brands, Inc. (Class “A” Stock)*	243,000		8,050,590

Business Services — 2.2%
Manpower, Inc.	150,600		7,063,140

Chemicals — 0.2%
Sensient Technologies Corp.(a)	30,000		613,800

Clothing & Apparel — 5.5%
Liz Claiborne, Inc.	147,900		5,191,290
Reebok International Ltd.	157,000		5,711,660
VF Corp.	145,400		6,711,664

			17,614,614

Computer Hardware — 2.1%
Hewlett-Packard Co.	9,351		184,215
Maxtor Corp.*	30,000		195,300
Western Digital Corp.*	802,000		6,480,160

			6,859,675

Computer Services & Software — 1.6%
Computer Associates International, Inc.(a)	198,500		5,321,785

Conglomerates — 2.0%
Altria Group, Inc.	8,000		443,040
Cendant Corp.(a)	27,000		639,360
ITT Industries, Inc.	2,000		158,580
Johnson Controls, Inc.	94,300		5,173,298

			6,414,278

Consumer Products & Services — 4.4%
Black & Decker Corp.	88,500		5,119,725
Energizer Holdings, Inc.*	16,000		692,800


	*Shares*	*Value* *(Note 2)*

International Flavors & Fragrances, Inc.	1,000	$	36,250
Mattel, Inc.	20,000		339,200
Procter & Gamble Co.	6,000		634,500
Whirlpool Corp.	113,800		7,455,038

			14,277,513

Electronic Components & Equipment — 0.4%
AMETEK, Inc.	6,000		159,000
Cooper Industries Ltd. (Class “A” Stock)	10,000		549,100
Eastman Kodak Co.(a)	20,000		515,800

			1,223,900

Environmental Services — 0.2%
Republic Services, Inc.	20,000		576,400

Financial — Bank & Trust — 10.7%
Bank of New York Co., Inc. (The)	16,000		466,240
Charter One Financial, Inc.	191,700		6,397,029
First Horizon National Corp.	164,100		7,213,836
GreenPoint Financial Corp.	155,400		6,060,600
North Fork Bancorp, Inc.(a)	119,100		4,420,992
SouthTrust Corp.	120,900		3,757,572
TCF Financial Corp.	124,400		6,164,020

			34,480,289

Financial Services — 10.0%
Ambac Financial Group, Inc.	95,350		6,579,150
American Express Co.	12,500		611,875
Bear Stearns Companies, Inc.	83,300		6,675,662
CIT Group, Inc.	177,800		6,110,986
Countrywide Financial Corp.	2,799		165,981
Fannie Mae	2,500		171,800
Freddie Mac	1,500		87,600
IndyMac Bancorp, Inc.(a)	212,000		6,817,920
J.P. Morgan Chase & Co.	7,000		263,200
KeyCorp	5,000		148,500
Mellon Financial Corp.	2,000		59,280
Merrill Lynch & Co., Inc.	5,600		303,688
Price, (T. Rowe) Group, Inc.(a)	13,000		666,640
Waddell & Reed Financial, Inc. (Class “A” Stock)	160,900		3,576,807
Washington Mutual, Inc.(a)	2,000		78,780

			32,317,869

Food — 3.9%
Campbell Soup Co.(a)	20,000		552,600
Del Monte Foods Co.*	410,600		4,541,236
Fresh Del Monte Produce, Inc.(a)	221,600		5,174,360
General Mills, Inc.	13,000		633,750
Heinz, (H.J.) Co.	16,000		611,040


		73

Strategic Partners Relative Value Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Kellogg Co.	12,000	$	514,800
McCormick & Co., Inc.	16,000		546,560
Ralcorp Holdings, Inc.*	1,000		34,810

			12,609,156

Furniture — 1.3%
Mohawk Industries, Inc.*	54,900		4,234,986

Healthcare Services — 10.1%
Anthem, Inc.*(a)	74,900		6,634,642
DaVita, Inc.*	69,100		3,531,010
Laboratory Corp. of America Holdings*	45,300		1,800,222
Medco Health Solutions, Inc.*	5,000		177,000
Omnicare, Inc.	47,300		1,962,004
Oxford Health Plans, Inc.	80,600		4,387,864
Quest Diagnostics, Inc.	7,000		590,450
Tenet Healthcare Corp.*	3,000		35,280
Triad Hospitals, Inc.*	246,300		8,376,663
Universal Health Services, Inc. (Class “B” Stock)	118,500		5,202,150

			32,697,285

Industrial Products — 2.9%
Crane Co.(a)	20,000		616,200
Precision Castparts Corp.	13,000		585,130
SPX Corp.(a)	177,500		7,872,125
Watts Water Technologies, Inc. (Class “A” Stock)	10,000		244,900

			9,318,355

Insurance — 11.5%
Allstate Corp. (The)	7,000		321,300
Arch Capital Group Ltd.*	73,300		2,945,194
Loews Corp.	25,100		1,456,051
PartnerRe Ltd.	96,200		5,512,260
PMI Group, Inc. (The)(a)	142,600		6,136,078
Radian Group, Inc.	161,800		7,525,317
RenaissanceRe Holdings Ltd.(a)	136,700		7,202,723
The Hartford Financial Services Group, Inc.	2,000		122,160
UnumProvident Corp.(a)	7,700		119,735
WellChoice, Inc.*	125,900		5,338,160

			36,678,978

Medical Supplies & Equipment — 0.3%
Baxter International, Inc.	2,600		82,290
DENTSPLY International, Inc.	1,500		72,690
Owens & Minor, Inc.	1,000		24,300
Schein, (Henry), Inc.*	1,500		105,705
Sybron Dental Specialties, Inc.*	21,000		614,250

			899,235


	*Shares*	*Value* *(Note 2)*

Oil & Gas — 8.1%
Devon Energy Corp.	3,340	$	204,408
Equitable Resources, Inc.	52,000		2,443,480
Exxon Mobil Corp.	6,000		255,300
National Fuel Gas Co.	10,000		244,900
ONEOK, Inc.	6,000		125,700
Pioneer Natural Resources Co.	219,000		7,163,490
Questar Corp.	4,000		141,880
Sunoco, Inc.	112,100		7,051,090
XTO Energy, Inc.(a)	313,750		8,377,125

			26,007,373

Paper & Forest Products
Schweitzer-Mauduit International, Inc.	5,000		154,950

Pharmaceuticals — 0.4%
Bristol-Meyers Squibb Co.	22,000		552,200
Merck & Co., Inc.	3,000		141,000
Pfizer, Inc.	17,500		625,800
Wyeth	2,000		76,140

			1,395,140

Printing & Publishing — 0.2%
Knight-Ridder, Inc.	8,000		619,520

Railroads — 1.1%
Canadian National Railway Co. (Canada)	97,850		3,695,795

Restaurants — 1.6%
Darden Restaurants, Inc.	228,600		5,180,076

Retail & Merchandising — 3.8%
Foot Locker, Inc.	238,900		5,733,600
Neiman Marcus Group, Inc. (Class “A” Stock)	10,000		486,400
Pier 1 Imports, Inc.	296,100		6,117,426

			12,337,426

Telecommunications — 0.7%
ALLTEL Corp.	7,000		352,380
CenturyTel, Inc.(a)	19,000		548,720
Sprint Corp.	37,000		661,930
Verizon Communications, Inc.	17,000		641,580
Western Wireless Corp. (Class “A” Stock)*(a)	5,000		104,100

			2,308,710

Transportation — 1.7%
CNF, Inc.	119,800		4,379,888
GATX Corp.	18,000		423,000
Teekay Shipping Corp.	10,900		662,720

			5,465,608


74


	*Shares*		*Value* *(Note 2)*

Utilities — 1.7%
Allegheny Energy, Inc.*(a)		55,000	$	757,900
CH Energy Group, Inc.		2,900		134,270
Cinergy Corp.		8,100		307,314
CMS Energy Corp.*(a)		10,000		83,100
Constellation Energy Group, Inc.		16,000		615,680
Duquesne Light Holdings, Inc.		30,000		563,100
FirstEnergy Corp.		5,000		195,500
Great Plains Energy, Inc.		10,000		312,100
NSTAR		12,000		580,800
PPL Corp.(a)		27,500		1,178,375
Wisconsin Energy Corp.		10,000		314,000
Xcel Energy, Inc.		20,000		334,600

				5,376,739

Total Long-Term Investments
(Cost $270,989,195)				318,156,732


	*Par* *(000)*
Short-Term Investments — 13.6%
Certificates of Deposit — 0.5%
Canadian Imperial Bank of Commerce
1.055%, 05/28/04(b)(c)	$	474		474,410
Svenska Handelsbanken
1.39%, 10/27/04(b)		1,093		1,092,433

				1,566,843

Commercial Paper — 1.2%
Monumental Global Funding
1.10%, 05/28/04(b)(c)		3,818		3,823,567

Corporate Obligations — 5.6%
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		633		633,017
General Electric Capital Corp.
1.06%, 05/10/04(b)(c)		706		706,434
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		3,977		3,976,575
Morgan Stanley
1.13%, 05/03/04(b)(c)		128		128,027
Natexis Banque NY
1.11%, 05/03/04(b)(c)		1,106		1,106,135
1.162%, 05/03/04(b)(c)		979		978,788


	*Par* *(000)*		*Value* *(Note 2)*

Societe Generale NY
1.137%, 05/03/04(b)(c)	$	6,136	$	6,134,763
Swedbank NY
1.06%, 05/17/04(b)(c)		955		955,029
Westdeutsche Landesbank
1.06%, 05/10/04(b)(c)		3,494		3,493,585
1.07%, 05/28/04(b)(c)		86		86,353

				18,198,706

Time Deposit — 0.6%
Deutsche Bank AG
1.04%, 05/03/04(b)		1,896		1,896,434


	*Shares*
Non-Registered Investment Company — 3.8%
BlackRock Institutional Money Market Trust(b)(j)		12,326,856		12,326,856

Registered Investment Company — 1.9%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		6,218,575		6,218,575

Total Short-Term Investments
(Cost $44,030,981)				44,030,981

Total Investments — 112.2%
(Cost $315,020,176; Note 5)				362,187,713
Liabilities in Excess of Other Assets — (12.2%)				(39,414,149	)

Net Assets — 100.0%			$	322,773,564

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $35,685,311; cash collateral of $37,812,406 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


		75

Strategic Partners Technology Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 95.5%
Common Stock
Broadcasting — 0.2%
Sirius Satellite Radio, Inc.*	15,900	$	52,470

Business Services — 3.7%
Accenture Ltd.*(a)	2,500		59,425
Automatic Data Processing, Inc.	4,400		192,764
Fair Isaac Corp	3,600		121,392
First Data Corp.	2,900		131,631
Paychex, Inc.	8,900		331,792

			837,004

Cable Television — 1.5%
Comcast Corp. (Class “A” Stock)*	5,900		177,590
Cox Communications, Inc. (Class “A” Stock)*(a)	4,900		160,181

			337,771

Computer Hardware — 6.9%
Apple Computer, Inc.*(a)	13,400		344,782
Dell, Inc.*(a)	8,100		281,151
Hewlett-Packard Co.	8,600		169,420
International Business Machines Corp.	2,700		238,059
Lexmark International, Inc. (Class “A” Stock)*	4,500		407,070
SanDisk Corp.*	4,700		108,617

			1,549,099

Computer Services & Software — 22.9%
Affiliated Computer Services, Inc. (Class “A” Stock)*(a)	1,000		48,500
BEA Systems, Inc.*(a)	23,100		263,571
CDW Corp.	2,700		168,723
Check Point Software Technologies Ltd.*(a)	12,100		283,503
Cognizant Technology Solutions Corp.*	3,500		151,410
Cognos, Inc. (Canada)*	2,900		91,437
Computer Associates International, Inc.(a)	10,700		286,867
DST Systems, Inc.*(a)	5,300		233,995
Electronic Arts, Inc.*	4,700		237,914
EMC Corp.*	37,700		420,732
FileNet Corp.*(a)	4,700		129,062
Hyperion Solutions Corp.*	5,400		207,252
Mercury Interactive Corp.*(a)	6,100		259,555
Microsoft Corp.(a)	20,100		521,996
Nomura Research Institute, Ltd. (Japan)	700		72,376
Novell, Inc.*	26,600		256,424


	*Shares*	*Value* *(Note 2)*

NVIDIA Corp.*	3,200	$	65,728
Opsware, Inc.*	17,700		129,564
Oracle Corp.*(a)	30,400		341,088
Red Hat, Inc.*(a)	7,300		165,783
SAP AG (Germany)	300		45,493
SAP AG [ADR] (Germany)	10,000		372,800
Siebel Systems, Inc.*	7,200		74,016
Skillsoft PLC [ADR] (Ireland)*	14,500		181,250
Veritas Software Corp.*	4,500		120,015

			5,129,054

Computers — Networking — 4.7%
Cisco Systems, Inc.*	33,300		694,971
Juniper Networks, Inc.*(a)	11,575		253,261
Network Appliance, Inc.*	5,900		109,858

			1,058,090

Electronic Components & Equipment — 11.1%
Amphenol Corp. (Class “A” Stock)*	7,300		230,753
Arrow Electronics, Inc.*	3,700		93,536
AU Optronics Corp.(a)	6,100		131,028
Cypress Semiconductor Corp.*	6,800		94,996
Flextronics International Ltd.*(a)	21,500		346,151
International Rectifier Corp.*	2,200		87,208
Jabil Circuit, Inc.*	8,800		232,232
KEMET Corp.*	4,900		60,662
Linear Technology Corp.	6,600		235,158
Samsung Electronics Co. Ltd. [GDR] (South Korea)144A(a)	900		213,619
Sanmina-SCI Corp.*	21,600		216,432
Teradyne, Inc.*	5,400		110,052
Trimble Navigation, Ltd. **	2,800		70,140
United Microelectronics Corp.*	13,387		69,612
Vishay Intertechnology, Inc.*(a)	6,700		116,580
Zebra Technologies Corp. (Class “A” Stock)*(a)	2,700		197,883

			2,506,042

Entertainment & Leisure — 1.5%
Time Warner, Inc.*	19,400		326,308

Healthcare Services — 0.2%
Quest Diagnostic, Inc.	500		42,175

Internet Services — 9.5%
eBay, Inc.*(a)	6,300		502,866
Symantec Corp.*(a)	12,000		540,600
United Online, Inc.*	6,800		112,880
VeriSign, Inc.*	21,700		350,021
Yahoo!, Inc.*(a)	12,700		640,842

			2,147,209


76


	*Shares*	*Value* *(Note 2)*

Medical Supplies & Equipment — 1.2%
Boston Scientific Corp.*	6,600	$	271,854

Office Equipment — 0.1%
Xerox Corp.*	2,500		33,575

Pharmaceuticals — 3.8%
Biogen Idec, Inc.*(a)	6,800		401,200
Genentech, Inc.*	1,100		135,080
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)(a)	5,000		307,800

			844,080

Semiconductors — 15.8%
Advanced Micro Devices, Inc.*(a)	7,500		106,650
Altera Corp.*(a)	11,400		228,114
Analog Devices, Inc.	5,200		221,520
Applied Materials, Inc.*	8,300		151,309
Applied Micro Circuits Corp.*	14,600		64,386
ASML Holding NV*	7,000		108,850
Broadcom Corp. (Class “A” Stock)*	9,100		343,616
Chartered Semiconductor Manufacturing Ltd.*(a)	6,600		57,024
Intel Corp.	9,600		247,008
Lam Research Corp.*	5,300		117,342
Maxim Integrated Products, Inc.	7,900		363,321
Microchip Technology, Inc.	6,700		187,734
Micron Technology, Inc.*	11,200		152,544
National Semiconductor Corp.*	5,400		220,266
Silicon Laboratories, Inc.*	3,300		155,595
Taiwan Semiconductor Manufacturing Co. Ltd. [ADR] (Taiwan)*(a)	22,877		218,018
Texas Instruments, Inc.(a)	11,600		291,160
Xilinx, Inc.(a)	9,800		329,574

			3,564,031

Telecommunications — 12.4%
Advanced Fibre Communications, Inc.*(a)	4,000		66,800
Alcatel SA [ADR] (France)*	11,300		165,658
Amdocs Ltd.*(a)	11,400		302,670
America Movil S.A. (Class “L” Stock) (Mexico)	1,600		54,080
Arris Group, Inc.*	10,900		65,182
Avaya Inc.*	13,300		181,944
Comverse Technology, Inc.*(a)	17,700		289,572
Corning, Inc.*(a)	11,900		131,257
Motorola, Inc.	20,000		365,000
Nextel Communications, Inc. (Class “A” Stock)*	8,300		198,038
Nextel Partners, Inc.*(a)	9,900		132,165


	*Shares*		*Value* *(Note 2)*

Nippon Telegraph & Telephone Corp. [ADR] (Japan)		2,125	$	55,186
QUALCOMM, Inc.(a)		3,800		237,348
Telefonaktiebolaget LM Ericsson [ADR] (United Kingdom)*		13,800		368,046
Vodafone Group PLC [ADR] (United Kingdom)(a)		7,500		184,050

				2,796,996

Total Long-Term Investments
(Cost $18,158,636)				21,495,758


	Par (000)
Short-Term Investments — 42.3%
Certificate of Deposit — 0.1%
Canadian Imperial Bank of Commerce
1.055%, 05/28/04(b)(c)	$	28		28,184

Commercial Paper — 5.5%
Concord Minutemen Capital Co.
1.04%, 05/20/04(b)		195		195,326
Crown Point Capital Co.
1.04%, 05/10/04(b)		5		4,813
Fairway Finance Corp.
1.035%, 05/13/04(b)		135		135,329
Tannehill Capital Co. Llc
1.04%, 05/18/04(b)		908		907,305

				1,242,773

Corporate Obligations — 20.3%
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		259		258,746
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		2,122		2,121,563
Morgan Stanley
1.13%, 05/03/04(b)(c)		513		512,704
Natexis Banque NY
1.11%, 05/03/04(b)(c)		525		525,046
1.162%, 05/03/04(b)(c)		250		249,638
Swedbank NY
1.06%, 05/17/04(b)(c)		215		215,049
Westdeutsche Landesbank
1.065%, 05/24/04(b)(c)		308		308,168
1.07%, 05/28/04(b)(c)		343		342,533

				4,533,447

Time Deposit — 1.5%
Deutsche Bank AG
1.04%, 05/03/04(b)		348		347,518


		77

Strategic Partners Technology Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Non-Registered Investment Company — 9.9%
BlackRock Institutional Money Market Trust(b)(j)	2,237,900	$	2,237,900

Registered Investment Company — 5.0%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	1,124,398		1,124,398

Total Short-Term Investments
(Cost $9,514,220)			9,514,220

Total Investments — 137.8%
(Cost $27,672,856; Note 5)			31,009,978
Liabilities in Excess of Other Assets — (37.8%)			(8,512,852	)

Net Assets — 100.0%		$	22,497,126

The following abbreviations are used in Schedule of Investments:


ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

(a)	Portion of securities on loan with an aggregate market value of $7,852,649; cash collateral of $8,389,822 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


78

Strategic Partners Health Sciences Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 92.7%
Common Stock
Biotechnology Healthcare — 3.9%
Amgen, Inc.*(a)	7,800	$	438,906
Genentech, Inc.*(a)	2,100		257,880
Genzyme Corp.*	4,300		187,308

			884,094

Conglomerates — 1.3%
Tyco International Ltd.(a)	10,900		299,205

Consumer Products & Services — 3.8%
Procter & Gamble Co.	8,184		865,458

Healthcare Facilities — 2.3%
Community Health Systems, Inc.*	10,300		265,637
Health Management Associates, Inc. (Class “A” Stock)(a)	10,700		247,491

			513,128

Healthcare Services — 3.2%
Medco Health Solutions, Inc.*	20,383		721,558

Healthcare Supplies — 8.3%
Alcon, Inc.	5,300		393,525
Johnson & Johnson Co.	12,860		694,826
Pharmaceutical Resources, Inc.*	3,200		128,960
Wyeth	17,500		666,225

			1,883,536

Machinery & Equipment — 1.5%
Thermo Electron Corp.*	11,800		344,560

Managed Healthcare — 12.0%
Aetna, Inc.	7,800		645,450
Anthem, Inc.*(a)	7,700		682,066
Coventry Health Care, Inc.*(a)	8,450		353,548
UnitedHealth Group, Inc.	10,442		641,974
Wellpoint Health Networks, Inc.*(a)	3,400		379,746

			2,702,784

Medical Equipment & Devices — 5.0%
Baxter International, Inc.	8,600		272,190
Nobel Biocare Holding AG (Switzerland)	1,600		216,875
St. Jude Medical, Inc.*	8,500		648,210

			1,137,275

Medical Supplies & Equipment — 21.7%
Abbott Laboratories(a)	15,610		687,152
Biogen Idec, Inc.*(a)	11,100		654,900
Boston Scientific Corp.*	17,100		704,349
Guidant Corp.	11,200		705,712
Invitrogen Corp.*(a)	4,300		310,589
Kinetic Concepts, Inc.*	6,700		324,280


	*Shares*		*Value* *(Note 2)*

Medtronic, Inc.		13,900	$	701,394
Zimmer Holdings, Inc.*(a)		9,994		798,021

				4,886,397

Pharmaceuticals — 17.2%
Allergan, Inc.		6,300		554,715
Bristol-Meyers Squibb Co.		8,700		218,370
Caremark Rx, Inc.*(a)		26,784		906,639
Elan Corp. PLC [ADR] (Ireland)*		16,900		365,040
Hospira, Inc.*		6,000		170,760
King Pharmaceuticals, Inc.*		3,400		58,650
Roche Holding AG (Germany)		2,309		242,190
Shire Pharmaceuticals Group PLC [ADR] (United Kingdom)*		22,600		627,150
Takeda Chemical Industries Ltd. (Japan)		11,200		451,633
Valeant Pharmaceuticals International		12,800		295,680

				3,890,827

Pharmaceuticals — Manufacturing — 5.6%
Barr Laboratories, Inc.*(a)		6,975		288,905
Forest Laboratories, Inc.*		6,900		444,912
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)(a)		8,560		526,953

				1,260,770

Pharmaceuticals — Research & Manufacturing — 6.9%
Lilly (Eli) & Co.(a)		3,200		236,192
Merck & Co., Inc.		9,800		460,600
Pfizer, Inc.		24,404		872,687

				1,569,479

Total Long-Term Investments
(Cost $17,377,565)				20,959,071


	Par (000)
Short-Term Investments — 24.3%
Commercial Paper — 2.6%
Atomium Funding Corp.
1.05%, 05/19/04(b)	$	406		405,503
Concord Minutemen Capital Co.
1.04%, 05/20/04(b)		182		181,786

				587,289

Corporate Obligations — 9.3%
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		1,049		1,049,179
Natexis Banque NY
1.162%, 05/03/04(b)(c)		562		562,240


		79

Strategic Partners Health Sciences Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Par (000)		*Value* *(Note 2)*
Societe Generale NY
1.137%, 05/03/04(b)(c)	$	313	$	312,919
Swedbank NY
1.06%, 05/17/04(b)(c)		73		73,119
Westdeutsche Landesbank
1.06%, 05/10/04(b)(c)		19		18,665
1.07%, 05/28/04(b)(c)		71		71,385

				2,087,507

Time Deposit — 0.7%
Deutsche Bank AG
1.04%, 05/03/04(b)		164		163,851


	*Shares*
Non-Registered Investment Company — 6.7%
BlackRock Institutional Money Market Trust(b)(j)		1,504,088		1,504,088

Registered Investment Company — 5.0%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,136,488		1,136,488

Total Short-Term Investments
(Cost $5,479,223)				5,479,223

Total Investments — 117.0%
(Cost $22,856,788; Note 5)				26,438,294
Liabilities in Excess of Other Assets — (17.0%)				(3,848,749	)

Net Assets — 100.0%			$	22,589,545

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $4,171,158; cash collateral of $4,342,735 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


80

Strategic Partners Managed OTC Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 92.4%
Common Stock
Advertising — 0.3%
Lamar Advertising Co.*	2,714	$	111,437

Airlines — 0.2%
Ryanair Holdings PLC*	2,006		66,840

Automobile Manufacturers — 0.9%
PACCAR, Inc.	6,372		359,763

Biotechnology — 7.8%
Amgen, Inc.*(a)	19,352		1,088,937
Biogen Idec, Inc.*(a)	12,272		724,048
Chiron Corp.*(a)	8,496		394,214
Genzyme Corp.*	9,086		395,786
Invitrogen Corp.*(a)	1,534		110,801
MedImmune, Inc.*	8,614		208,803
Millennium Pharmaceuticals, Inc.*	10,738		160,963

			3,083,552

Chemicals — 0.3%
Sigma Aldrich Corp.	2,124		120,303

Commercial Services — 3.1%
Apollo Group, Inc. (Class “A” Stock)*(a)	5,782		525,468
Career Education Corp.*	3,304		211,456
First Health Group Corp.*	3,186		53,206
Paychex, Inc.	11,564		431,106

			1,221,236

Computers — 6.0%
Apple Computer, Inc.*(a)	16,638		428,096
Dell, Inc.*(a)	30,444		1,056,712
Network Appliance, Inc.*	11,800		219,716
Research in Motion Ltd.*	2,950		255,942
SanDisk Corp.*(a)	4,720		109,079
Sun Microsystems, Inc.*	46,256		180,398
Synopsys, Inc.*(a)	4,602		123,011

			2,372,954

Distribution/Wholesale — 0.8%
CDW Corp.	2,832		176,972
Fastenal Co.(a)	2,360		129,493

			306,465

Electronic Components & Equipment — 0.5%
American Power Conversion Corp.	6,490		121,103
Molex, Inc.	3,186		94,879

			215,982

Electronics — 1.7%
Flextronics International Ltd.*(a)	18,526		298,268


	*Shares*	*Value* *(Note 2)*

Garmin Ltd.(a)	3,186	$	102,462
Gentex Corp.	2,596		102,101
Sanmina Corp.*	17,936		179,719

			682,550

Food — 0.4%
Whole Foods Market, Inc.(a)	1,888		151,021

Healthcare Services — 0.3%
Lincare Holdings, Inc.*(a)	3,068		106,552

Healthcare-Products — 2.0%
Biomet, Inc.(a)	11,092		438,134
DENTSPLY International, Inc.	2,478		120,084
Henry Schein, Inc.*	1,298		91,470
Patterson Dental Co.*	2,124		156,539

			806,227

Internet — 9.3%
Amazon.com, Inc.*	8,732		379,493
Check Point Software Technologies Ltd.*(a)	7,906		185,238
eBay, Inc.*(a)	15,812		1,262,114
InterActiveCorp*(a)	23,836		759,653
Symantec Corp.*(a)	10,502		473,115
VeriSign, Inc.*	7,434		119,910
Yahoo!, Inc.*(a)	10,384		523,977

			3,703,500

Media — 3.0%
Comcast Corp (Class “A” Stock)*	30,680		923,468
EchoStar Communications Corp. (Class “A” Stock)*(a)	8,260		274,149

			1,197,617

Oil & Gas — 0.2%
Patterson UTI Energy, Inc.	2,714		98,220

Packaging & Containers — 0.3%
Smurfit-Stone Container Corp.*(a)	8,024		137,933

Pharmaceuticals — 2.8%
Cephalon, Inc.*(a)	1,652		94,015
Express Scripts, Inc.*(a)	2,242		173,396
Gilead Sciences, Inc.*	6,726		409,143
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)(a)	7,198		443,109

			1,119,663

Retail — 5.3%
Bed Bath & Beyond, Inc.*	12,980		481,818
Costco Wholesale Corp.(a)	7,788		291,661
Dollar Tree Stores, Inc.*	3,540		95,403


		81

Strategic Partners Managed OTC Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Petsmart, Inc.(a)	4,602	$	127,475
Ross Stores, Inc.(a)	4,838		147,559
Staples, Inc.	10,856		279,651
Starbucks Corp.*(a)	17,818		692,407

			2,115,974

Semiconductors — 15.1%
Altera Corp.*	17,228		344,732
Applied Materials, Inc.*	28,202		514,122
ATI Technologies, Inc.*	7,788		113,315
Broadcom Corp. (Class “A” Stock)*	7,198		271,796
Intel Corp.	73,396		1,888,480
Intersil Holding Corp. (Class “A” Stock)(a)	4,602		90,890
KLA-Tencor Corp.*(a)	7,670		319,609
Lam Research Corp.*	4,484		99,276
Linear Technology Corp.(a)	13,452		479,295
Marvell Technology Group Ltd.*	3,894		150,815
Maxim Integrated Products, Inc.	14,868		683,779
Microchip Technology, Inc.	5,546		155,399
Novellus Systems, Inc.*(a)	5,074		146,943
NVIDIA Corp.*	5,782		118,762
QLogic Corp.*	3,068		82,805
Xilinx, Inc.	14,750		496,043

			5,956,061

Software — 17.2%
Adobe Systems, Inc.(a)	7,552		312,200
BEA Systems, Inc.*(a)	12,154		138,677
Citrix Systems, Inc.*	6,254		119,139
Compuware Corp.*	7,670		58,676
Electronic Arts, Inc.*(a)	9,794		495,772
Fiserv, Inc.*	7,906		289,043
Intuit, Inc.*	8,024		340,779
Mercury Interactive Corp.*(a)	3,186		135,564
Microsoft Corp.	120,124		3,119,621
Oracle Corp.*	70,446		790,404
PeopleSoft, Inc.*(a)	16,638		280,849
Pixar, Inc.*(a)	1,770		120,891
Siebel Systems, Inc.*	18,880		194,086
Veritas Software Corp.*	14,160		377,647

			6,773,348

Telecommunications — 13.6%
Cisco Systems, Inc.*	79,414		1,657,370
Comverse Technology, Inc.*(a)	6,490		106,176
JDS Uniphase Corp.*(a)	52,746		160,348
Juniper Networks, Inc.*(a)	8,378		183,311
Level 3 Communications, Inc.*(a)	21,594		61,111


	*Shares*		*Value* *(Note 2)*

Nextel Communications, Inc. (Class “A” Stock)*		44,368	$	1,058,620
PanAmSat Corp.*		6,490		149,789
QUALCOMM, Inc.		31,388		1,960,495
Tellabs, Inc.*		7,670		66,959

				5,404,179

Textiles — 0.7%
Cintas Corp.(a)		6,608		297,096

Transportation — 0.6%
C.H. Robinson Worldwide, Inc.		2,714		111,383
Expeditors International of Washington, Inc.(a)		3,304		132,787

				244,170

Total Long-Term Investments
(Cost $33,222,174)				36,652,643


	*Par* *(000)*
Short-Term Investments — 35.5%
Certificates of Deposit — 1.2%
Canadian Imperial Bank of Commerce
1.06%, 05/28/04(b)(c)	$	89		89,013
Credit Lyonnais Bank
1.09%, 09/30/04(b)		108		108,321
Svenska Handelsbanken
1.42%, 10/27/04(b)		280		280,176

				477,510

Commercial Paper — 10.1%
Atomium Funding Corp.
1.08%, 05/19/04(b)		995		994,259
Concord Minutemen Capital Co.
1.08%, 05/20/04(b)		737		736,479
Crown Point Capital Co.
1.09%, 05/10/04(b)		9		9,057
Monumental Global Funding
1.17%, 05/28/04(b)(c)		742		743,179
Tannehill Capital Co. Llc
1.11%, 05/18/04(b)		1,512		1,510,739

				3,993,713

Corporate Obligations — 11.3%
American Express Credit
1.16%, 05/13/04(b)(c)		118		118,241
Canadian Imperial Bank of Commerce
1.17%, 05/28/04(b)(c)		244		243,939
General Electric Capital Corp.
1.17%, 05/10/04(b)(c)		384		384,738


82


	*Par* *(000)*		*Value* *(Note 2)*

Merrill Lynch & Co., Inc.
1.32%, 05/03/04(b)(c)	$	1,618	$	1,618,330
Morgan Stanley
1.29%, 05/03/04(b)(c)		284		283,962
Natexis Banque NY
1.29%, 05/03/04(b)(c)		432		431,528
1.34%, 05/03/04(b)(c)		63		62,724
Societe Generale NY
1.33%, 05/03/04(b)(c)		151		151,454
Swedbank NY
1.25%, 05/17/04(b)(c)		262		262,271
Westdeutsche Landesbank
1.26%, 05/10/04(b)(c)		629		629,131
1.28%, 05/24/04(b)(c)		11		10,875
1.29%, 05/28/04(b)(c)		302		302,180

				4,499,373

Time Deposit — 1.2%
Deutsche Bank AG
1.28%, 05/03/04(b)		457		456,597


	*Shares*
Non-Registered Investment Company — 6.6%
Blackrock Institutional Money Market Trust(b)(j)		2,607,897		2,607,897

Registered Investment Companies — 5.1%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,010,715		1,010,715
BlackRock Provident Institutional Funds TempFund Portfolio(j)		1,010,714		1,010,714

				2,021,429

Total Short-Term Investments
(Cost $14,056,519)				14,056,519

Total Investments — 127.9%
(Cost $47,278,693; Note 5)				50,709,162
Liabilities in Excess of Other Assets(m) — (27.9%)				(11,064,980	)

Net Assets — 100.0%			$	39,644,182

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $11,378,760; cash collateral of $12,035,090 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

(m)	Cash of $1,434,000 has been segregated with the custodian to cover requirements for the following open futures contracts at April 30, 2004:


Number of Contracts	*Type*	Expiration Month	Value at Trade Date		Value at April 30, 2004		Unrealized Depreciation
Long Positions:
89	NASDAQ 100 Index	June 04	$	12,648,384	$	12,486,700	$	(161,684	)
33	E-mini NASDAQ 100 Index	June 04		959,254		925,980		(33,274	)

							$	(194,958	)

See Notes to Financial Statements.


		83

Strategic Partners Capital Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 97.9%
Common Stock
Aerospace — 1.3%
Honeywell International, Inc.	303,163	$	10,483,377

Beverages — 2.5%
PepsiCo, Inc.	357,988		19,506,766

Clothing & Apparel — 2.0%
NIKE, Inc. (Class “B” Stock)	219,157		15,768,346

Computer Hardware — 1.5%
Dell, Inc.*	333,842		11,587,656

Computer Services & Software — 2.6%
Automatic Data Processing, Inc.	189,256		8,291,305
Electronic Arts, Inc.*(a)	234,245		11,857,482

			20,148,787

Conglomerates — 1.0%
Tyco International Ltd.(a)	285,238		7,829,783

Construction — 3.1%
Lennar Corp. (Class “A” Stock)(a)	264,030		12,369,806
Lennar Corp. (Class “B” Stock)	42,778		1,877,954
MDC Holdings, Inc.	161,657		9,988,786

			24,236,546

Consumer Products & Services — 3.2%
Procter & Gamble Co.	236,025		24,959,644

Electronic Components & Equipment — 5.2%
General Electric Co.	1,073,431		32,149,258
Sharp Corp. (Japan)	474,000		8,547,506

			40,696,764

Entertainment & Leisure — 3.7%
Mandalay Resort Group(a)	235,792		13,546,250
Royal Caribbean Cruises Ltd.(a)	200,624		8,131,291
Wynn Resorts Ltd.*(a)	175,000		6,987,750

			28,665,291

Farming & Agriculture — 0.4%
Monsanto Co.	101,047		3,495,216

Financial Services — 17.0%
Citigroup, Inc.	831,772		39,999,914
Countrywide Financial Corp.	155,889		9,244,218
Goldman Sachs Group, Inc.(a)	160,321		15,511,057
J.P. Morgan Chase & Co.	196,705		7,396,108
Merrill Lynch & Co., Inc.	486,786		26,398,405
SLM Corp.	929,301		35,601,521

			134,151,223


	*Shares*	*Value* *(Note 2)*

Healthcare Services — 7.1%
Quest Diagnostics, Inc.(a)	136,786	$	11,537,899
UnitedHealth Group, Inc.	720,288		44,283,306

			55,821,205

Hotels & Motels — 1.9%
Four Seasons Hotels, Inc. (Canada)(a)	281,463		15,058,271

Internet Services — 1.0%
eBay, Inc.*	95,718		7,640,211

Machinery & Equipment — 3.8%
Caterpillar, Inc.	379,471		29,496,281

Medical Supplies & Equipment — 10.6%
Boston Scientific Corp.*	774,312		31,893,911
Medtronic, Inc.	332,942		16,800,253
St. Jude Medical, Inc.*	79,811		6,086,387
Zimmer Holdings, Inc.*(a)	354,490		28,306,027

			83,086,578

Pharmaceuticals — 10.7%
Forest Laboratories, Inc.*	300,526		19,377,916
Genentech, Inc.*(a)	425,766		52,284,065
Roche Holding AG (Switzerland)	114,203		11,978,720

			83,640,701

Retail & Merchandising — 7.2%
Lowe’s Companies, Inc.	288,935		15,041,956
Tiffany & Co.	685,952		26,752,128
Wal-Mart Stores, Inc.	252,127		14,371,239

			56,165,323

Semiconductors — 0.7%
Maxim Integrated Products, Inc.	123,994		5,702,484

Telecommunications — 9.1%
Motorola, Inc.	1,204,586		21,983,695
Nextel Communications, Inc. (Class “A” Stock)*	580,276		13,845,385
Qualcomm, Inc.	574,029		35,853,851

			71,682,931

Transportation — 2.3%
FedEx Corp.	254,877		18,328,205

Total Long-Term Investments
(Cost $611,663,665)			768,151,589


84


	Par (000)		*Value* *(Note 2)*

Short-Term Investments — 8.3%
Commercial Paper
Concord Minutemen Capital Co.
1.04%, 05/20/04(b)	$	33	$	33,052
Monumental Global Funding
1.10%, 05/28/04(b)(c)		270		270,924

				303,976

Corporate Obligations — 2.7%
Bank of America NA
1.05%, 05/03/04(b)(c)		454		453,625
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		5,702		5,701,740
Morgan Stanley
1.13%, 05/03/04(b)(c)		2,669		2,669,137
Natexis Banque NY
1.11%, 05/03/04(b)(c)		6,697		6,696,782
1.162%, 05/03/04(b)(c)		3,459		3,458,172
Societe Generale NY
1.114%, 05/03/04(b)(c)		2,317		2,316,253

				21,295,709


	*Shares*
Non-Registered Investment Company — 3.5%
BlackRock Institutional Money Market Trust(b)(j)		27,622,710		27,622,710

Registered Investment Companies — 1.8%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		6,929,797		6,929,797
BlackRock Provident Institutional Funds TempFund Portfolio(j)		6,929,796		6,929,796

				13,859,593


	Par (000)		*Value* *(Note 2)*

Time Deposit — 0.3%
Deutsche Bank AG
1.04%, 05/03/04(b)	$	1,987	$	1,986,804

Total Short-Term Investments
(Cost $65,068,792)				65,068,792

Total Investments — 106.2%
(Cost $676,732,457; Note 5)				833,220,381
Liabilities in Excess of Other Assets — (6.2%)				(48,434,267	)

Net Assets — 100.0%			$	784,786,114

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $49,650,199; cash collateral of $51,209,199 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


		85

Strategic Partners Concentrated Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 99.9%
Common Stock
Beverages — 4.3%
PepsiCo, Inc.	366,900	$	19,992,381

Broadcasting — 11.9%
Clear Channel Communications, Inc.(a)	495,800		20,570,742
Entravision Communications Corp. (Class “A” Stock)*	313,600		2,863,168
Univision Communications, Inc. (Class “A” Stock)*(a)	794,727		26,901,509
Westwood One, Inc.*(a)	182,000		5,376,280

			55,711,699

Business Services — 9.7%
Cendant Corp.(a)	1,009,500		23,904,960
First Data Corp.	474,100		21,519,399

			45,424,359

Cable Television — 7.3%
Cablevision Systems New York Group (Class “A” Stock)*(a)	841,335		18,366,343
Comcast Corp. (Special Class “A” Stock)*(a)	173,300		5,023,967
Liberty Media Corp. (Class “A” Stock)*(a)	427,000		4,671,380
Scripps, (E.W.) Co. (Class “A” Stock)	58,100		6,132,455

			34,194,145

Computer Hardware — 5.8%
Cisco Systems, Inc.*	641,500		13,388,105
Dell, Inc.*(a)	395,500		13,727,805

			27,115,910

Computer Services & Software — 4.5%
Microsoft Corp.(a)	804,906		20,903,409

Entertainment & Leisure — 15.1%
EchoStar Communications Corp. (Class “A” Stock)*	371,900		12,343,361
Harrah’s Entertainment, Inc.	340,100		18,086,518
Time Warner, Inc.*	557,076		9,370,018
Viacom, Inc. (Class “B” Stock)(a)	789,350		30,508,379

			70,308,276

Financial Services — 14.2%
Fannie Mae(a)	243,584		16,739,092
Freddie Mac	306,900		17,922,960
McGraw-Hill Companies, Inc.	137,500		10,843,250


	*Shares*		*Value* *(Note 2)*

Moody’s Corp.		89,100	$	5,747,841
Schwab, (Charles) Corp.		1,448,300		14,903,007

				66,156,150

Food — 2.0%
Wrigley, (Wm., Jr.) Co.(a)		148,100		9,137,770

Healthcare Services — 1.4%
Caremark Rx, Inc.*(a)		199,700		6,759,845

Hotels & Motels — 0.8%
Starwood Hotels & Resorts Worldwide, Inc.		87,965		3,500,127

Internet Services — 3.0%
eBay, Inc.*(a)		74,000		5,906,680
Sabre Holdings Corp.		238,900		5,635,651
Yahoo!, Inc.*(a)		46,000		2,321,160

				13,863,491

Pharmaceuticals — 7.2%
Pfizer, Inc.		594,200		21,248,592
Wyeth		330,800		12,593,556

				33,842,148

Retail & Merchandising — 4.1%
Dollar Tree Stores, Inc.*		77,374		2,085,229
Family Dollar Stores, Inc.		244,200		7,848,588
Wal-Mart Stores, Inc.		165,700		9,444,900

				19,378,717

Semiconductors — 3.7%
Intel Corp.		506,100		13,021,953
Linear Technology Corp.(a)		117,000		4,168,710

				17,190,663

Telecommunications — 4.9%
Crown Castle International Corp.*(a)		235,800		3,289,410
QUALCOMM, Inc.(a)		315,700		19,718,622

				23,008,032

Total Long-Term Investments
(Cost $419,407,104)				466,487,122


	*Par* *(000)*
Short-Term Investments — 21.3%
Certificate of Deposit — 0.1%
Credit Lyonnais Bank
1.075%, 09/30/04(b)	$	669		668,978

Commercial Paper — 6.4%
Atomium Funding Corp.
1.05%, 05/19/04(b)		8,216		8,209,396


86


	*Par* *(000)*		*Value* *(Note 2)*

Crown Point Capital Co.
1.04%, 05/10/04(b)	$	3,034	$	3,031,093
Fairway Finance Corp.
1.035%, 05/13/04(b)		2,351		2,348,891
Tannehill Capital Co., LLC
1.04%, 05/18/04(b)		16,355		16,341,546

				29,930,926

Corporate Obligations — 12.8%
American Express Credit
1.07%, 05/13/04(b)(c)		478		477,548
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		13,893		13,893,156
Natexis Banque NY
1.11%, 05/03/04(b)(c)		25,796		25,793,415
1.162%, 05/03/04(b)(c)		9,439		9,436,912
Swedbank NY
1.06%, 05/17/04(b)(c)		3,375		3,374,114
Westdeutsche Landesbank
1.07%, 05/28/04(b)(c)		6,494		6,492,750

				59,467,895

Time Deposit — 0.5%
Deutsche Bank AG
1.04%, 05/03/04(b)		2,556		2,556,405


	*Shares*

Non-Registered Investment Company — 1.5%
BlackRock Institutional Money Market Trust(b)(j)		7,106,281		7,106,281

Total Short-Term Investments
(Cost $99,730,485)				99,730,485

Total Investments — 121.2%
(Cost $519,137,589; Note 5)				566,217,607
Liabilities in Excess of Other Assets — (21.2%)				(98,914,157	)

Net Assets — 100.0%			$	467,303,450

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $94,425,575; cash collateral of $99,730,485 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


		87

Strategic Partners Managed Large Cap Growth Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 94.4%
Common Stock
Biotechnology — 5.3%
Amgen, Inc.*(a)	600	$	33,762
Genentech, Inc.*(a)	400		49,120
Gilead Sciences, Inc.*	600		36,498
MedImmune, Inc.*	500		12,120

			131,500

Capital Markets — 4.9%
Goldman Sachs Group, Inc.	400		38,700
JP Morgan Chase & Co.(a)	1,500		56,400
Merrill Lynch & Co., Inc.	500		27,115

			122,215

Commercial Services & Supplies — 1.5%
Apollo Group, Inc. (Class “A” Stock)*	400		36,352

Communications Equipment — 3.8%
Cisco Systems, Inc.*(a)	3,300		68,871
Qualcomm, Inc.	400		24,984

			93,855

Computers & Peripherals — 5.7%
Apple Computer, Inc.*(a)	500		12,865
Dell, Inc.*(a)	1,600		55,536
EMC Corp.*(a)	1,600		17,856
International Business Machines Corp.(a)	400		35,268
Lexmark International Group, Inc. (Class “A” Stock)*	200		18,092

			139,617

Consumer Finance — 2.6%
American Express Co.	1,300		63,635

Diversified Financial Services — 2.1%
Citigroup, Inc.(a)	1,100		52,899

Electronic Equipment & Instruments — 1.6%
Agilent Technologies, Inc.*	1,500		40,515

Energy Equipment & Services — 4.4%
BJ Services Co.*(a)	900		40,050
Schlumberger Ltd.	900		52,677
Smith International, Inc.*	200		10,950
Weatherford International, Inc.*	100		4,348

			108,025

Food & Staples Retailing — 5.4%
Costco Companies, Inc.(a)	700		26,215
Kroger Co.*(a)	1,000		17,500
Wal-Mart Stores, Inc.	600		34,200
Whole Foods Market, Inc.	700		55,993

			133,908


	*Shares*	*Value* *(Note 2)*

Health Care Equipment & Supplies — 1.9%
Alcon, Inc.*	200	$	14,850
Guidant Corp.	500		31,505

			46,355

Health Care Providers & Services — 1.1%
Caremark Rx, Inc.*(a)	800		27,080

Hotels Restaurants & Leisure — 3.4%
McDonald’s Corp.	1,100		29,953
Starbucks Corp.*	1,400		54,404

			84,357

Household Durables — 0.3%
Harman International Industries, Inc.	100		7,585

Household Products — 1.3%
Procter & Gamble Co.	300		31,725

Industrial Conglomerates — 2.4%
General Electric Co.	2,000		59,900

Insurance — 1.2%
American International Group, Inc.(a)	400		28,660

Internet & Catalog Retail — 4.6%
eBay, Inc.*(a)	1,100		87,802
InterActiveCorp*(a)	800		25,496

			113,298

Internet Software & Services — 1.8%
Yahoo!, Inc.*(a)	900		45,414

Media — 5.0%
Directv Group, Inc. (The)*	1,300		23,270
Univision Communications, Inc.*(a)	1,700		57,545
Viacom, Inc. (Class “B” Stock)(a)	1,100		42,515

			123,330

Multiline Retail — 1.2%
Kohl’s Corp.*(a)	700		29,253

Personal Products — 1.4%
Avon Products, Inc.(a)	400		33,600

Pharmaceuticals — 10.4%
Allergan, Inc.(a)	400		35,220
AstraZeneca Group PLC [ADR] (United Kingdom)	400		19,140
IVAX Corp.*	400		8,520
Lilly, (Eli) & Co.(a)	600		44,286
Novartis AG [ADR] (Switzerland)	700		31,360
Pfizer, Inc.	1,500		53,640
Roche Holding AG*[ADR] (Switzerland)	400		41,956
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)*(a)	400		24,624

			258,746


88


	*Shares*		*Value* *(Note 2)*

Semiconductors & Semiconductor Equipment — 6.6%
Intel Corp.		3,000	$	77,190
KLA-Tencor Corp.*(a)		200		8,334
Mervell Technology Group Ltd.*		700		27,111
Texas Instruments, Inc.(a)		2,000		50,200

				162,835

Software — 7.4%
Amdocs Ltd.*(a)		400		10,620
Electronic Arts, Inc.*		900		45,558
Mercury Interactive Corp.*(a)		300		12,765
Microsoft Corp.(a)		2,500		64,925
SAP AG [ADR] (Germany)*		1,200		44,736
Symantec Corp.*		100		4,505

				183,109

Specialty Retail — 6.0%
Bed Bath & Beyond, Inc.*		1,200		44,544
Chico’s FAS, Inc.*		700		28,511
Lowe’s Cos., Inc.(a)		600		31,236
Tiffany & Co.		1,100		42,900

				147,191

Wireless Telecommunication Services — 1.1%
Vodafone Airtouch PLC [ADR] (United Kingdom)*(a)		1,100		26,994

Total Long-Term Investments
(Cost $2,346,218)				2,331,953


	Par (000)
Short-Term Investments — 44.4%
Certificates of Deposit — 7.6%
Canadian Imperial Bank of Commerce
1.055%, 05/28/04(b)(c)	$	34		33,895
1.72%, 05/25/05(b)		101		101,136
Westdeutsche Landesbank
1.50%, 01/10/05(b)		54		53,729

				188,760

Commercial Paper — 13.2%
Atomium Funding Corp.
1.05%, 05/19/04(b)		129		128,892
Crown Point Capital Co.
1.04%, 05/10/04(b)		39		38,987
Fairway Finance Corp.
1.035%, 05/13/04(b)		56		55,724
Tannehill Capital Co. LLC
1.04%, 05/18/04(b)		102		102,338

				325,941


	Par (000)		*Value* *(Note 2)*

Corporate Obligations — 9.5%
Bank of America NA
1.05%, 05/03/04(b)(c)	$	9	$	8,864
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		24		24,233
General Electric Capital Corp.
1.06%, 05/10/04(b)(c)		3		2,598
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		116		116,097
Natexis Banque NY
1.162%, 05/03/04(b)(c)		10		10,185
Swedbank NY
1.06%, 05/17/04(b)(c)		38		38,400
Westdeutsche Landesbank
1.07%, 05/28/04(b)(c)		34		33,582

				233,959

Time Deposit — 1.7%
Deutsche Bank AG
1.04%, 05/03/04(b)		43		43,190


	*Shares*
Non-Registered Investment Company — 12.4%
BlackRock Institutional Money Market Trust(b)(j)		305,850		305,850

Total Short-Term Investments
(Cost $1,097,700)				1,097,700

Total Investments — 138.8%
(Cost $3,443,918; Note 5)				3,429,653
Liabilities in Excess of Other Assets — (38.8%)				(959,115	)

Net Assets — 100.0%			$	2,470,538

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $1,046,187; cash collateral of $1,097,700 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


		89

ASAF T. Rowe Price Tax Managed Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 97.9%
Common Stock
Advertising — 1.6%
Omnicom Group, Inc.	800	$	63,608
WPP Group PLC [ADR] (United Kingdom)	900		44,361

			107,969

Aerospace — 0.4%
Boeing Co.	600		25,614

Beverages — 3.6%
Anheuser-Busch Cos., Inc.	700		35,868
Coca-Cola Co.	2,500		126,425
PepsiCo, Inc.	1,500		81,735

			244,028

Broadcasting — 2.5%
Clear Channel Communications, Inc.	3,200		132,768
Univision Communications, Inc. (Class “A” Stock)*(a)	1,100		37,235

			170,003

Business Services — 2.9%
Certegy, Inc.	700		25,046
ChoicePoint, Inc.*	500		21,960
Equifax, Inc.	600		14,706
First Data Corp.	1,400		63,546
Monster Worldwide, Inc.*(a)	1,000		25,610
Paychex, Inc.	800		29,824
Robert Half International, Inc.	500		13,635

			194,327

Chemicals — 0.6%
Ecolab, Inc.(a)	800		23,840
Valspar Corp.	400		19,860

			43,700

Clothing & Apparel — 0.5%
Cintas Corp.(a)	500		22,480
NIKE, Inc. (Class “B” Stock)	200		14,390

			36,870

Computer Hardware — 2.0%
Dell, Inc.*(a)	3,900		135,369

Computer Services & Software — 9.2%
Adobe Systems, Inc.	200		8,268
Automatic Data Processing, Inc.	800		35,048
BMC Software, Inc.*(a)	1,300		22,490
Cisco Systems, Inc.*	7,000		146,090
Computer Associates International, Inc.(a)	900		24,129


	*Shares*	*Value* *(Note 2)*

EMC Corp.*	2,300	$	25,668
Intuit, Inc.*	900		38,223
Microsoft Corp.(a)	8,800		228,536
Oracle Corp.*(a)	4,800		53,856
SAP AG [ADR] (Germany)	1,000		37,280

			619,588

Conglomerates — 0.3%
3M Co.(a)	200		17,296

Consumer Products & Services — 5.0%
Avon Products, Inc.	200		16,800
Colgate-Palmolive Co.	800		46,304
Gillette Co.(a)	1,000		40,920
Johnson & Johnson	2,100		113,463
Kimberly-Clark Corp.	400		26,180
Procter & Gamble Co.	900		95,175

			338,842

Electronic Components & Equipment — 3.1%
General Electric Co.	6,500		194,675
Molex, Inc.	600		15,456

			210,131

Entertainment & Leisure — 5.2%
Disney, (Walt) Co.	3,000		69,090
Harley-Davidson, Inc.	900		50,688
International Game Technology, Inc.	500		18,870
Time Warner, Inc.*	4,100		68,962
Viacom, Inc. (Class “B” Stock)(a)	3,700		143,005

			350,615

Financial — Bank & Trust — 4.1%
Bank of New York Co., Inc. (The)	1,800		52,452
Northern Trust Corp.	1,600		67,648
State Street Corp.	1,500		73,200
Wells Fargo & Co.	1,400		79,044

			272,344

Financial Services — 10.1%
Ambac Financial Group, Inc.	200		13,800
American Express Co.(a)	1,000		48,950
Citigroup, Inc.	3,600		173,124
Fannie Mae(a)	1,800		123,696
Franklin Resources, Inc.	1,100		60,313
Freddie Mac	1,800		105,120
Mellon Financial Corp.	600		17,784
Moody’s Corp.(a)	800		51,608
Schwab, (Charles) Corp.	3,200		32,928
SLM Corp.	1,300		49,803

			677,126


90


	*Shares*	*Value* *(Note 2)*

Food — 1.5%
General Mills, Inc.	500	$	24,375
SYSCO Corp.	1,400		53,550
Wrigley, (Wm., Jr.) Co.(a)	400		24,680

			102,605

Healthcare Services — 3.3%
Medco Health Solutions, Inc.*	89		3,151
UnitedHealth Group, Inc.	1,800		110,664
WellPoint Health Networks, Inc.*(a)	1,000		111,690

			225,505

Industrial Products — 0.4%
Illinois Tool Works, Inc.	300		25,863

Insurance — 4.3%
American International Group, Inc.	2,457		176,044
Marsh & McLennan Companies, Inc.	2,500		112,750

			288,794

Internet Services — 3.0%
eBay, Inc.*(a)	1,400		111,748
InterActiveCorp.*(a)	1,500		47,805
Yahoo!, Inc.*	900		45,414

			204,967

Medical Supplies & Equipment — 5.5%
Abbott Laboratories(a)	1,000		44,020
Amgen, Inc.*(a)	1,900		106,913
Baxter International, Inc.(a)	500		15,825
Guidant Corp.	400		25,204
Medtronic, Inc.	3,000		151,380
Stryker Corp.	300		29,679

			373,021

Personal Services — 0.9%
Apollo Group, Inc. (Class “A” Stock)*	400		36,352
DeVry, Inc.*	900		25,920

			62,272

Pharmaceuticals — 8.2%
AstraZeneca PLC [ADR] (United Kingdom)	600		28,710
Cardinal Health, Inc.(a)	300		21,975
GlaxoSmithKline PLC [ADR] (United Kingdom)	1,500		63,000
Lilly, (Eli) & Co.(a)	1,200		88,572
Merck & Co., Inc.	1,400		65,800
Pfizer, Inc.	6,600		236,016
Wyeth	1,200		45,684

			549,757


	*Shares*		*Value* *(Note 2)*

Printing & Publishing — 1.2%
McGraw-Hill Companies, Inc.		1,000	$	78,860

Restaurants — 0.4%
Starbucks Corp.*		700		27,202

Retail & Merchandising — 6.7%
Bed Bath & Beyond, Inc.*		400		14,848
CVS Corp.		500		19,315
Dollar General Corp.		1,100		20,636
Family Dollar Stores, Inc.		700		22,498
Home Depot, Inc.		3,200		112,608
Tiffany & Co.		500		19,500
Wal-Mart Stores, Inc.		2,900		165,300
Walgreen Co.		1,600		55,168
Williams-Sonoma, Inc.*(a)		700		22,736

				452,609

Semiconductors — 10.2%
Altera Corp.*(a)		3,100		62,031
Analog Devices, Inc.		1,600		68,160
Applied Materials, Inc.*		1,700		30,991
Broadcom Corp. (Class “A” Stock)*		700		26,432
Intel Corp.		6,000		154,379
Linear Technology Corp.		2,400		85,512
Maxim Integrated Products, Inc.		2,100		96,579
Microchip Technology, Inc.		1,600		44,832
Texas Instruments, Inc.(a)		2,300		57,730
Xilinx, Inc.(a)		1,700		57,171

				683,817

Telecommunications — 0.8%
Nokia Corp. (Class “A” Stock) [ADR] (Finland)		1,200		16,812
Vodafone Group PLC [ADR] (United Kingdom)		1,500		36,810

				53,622

Transportation — 0.4%
Expeditors International of Washington, Inc.(a)		600		24,114

Total Long-Term Investments
(Cost $5,356,498)				6,596,830


	*Par* *(000)*
Short-Term Investments — 28.3%
Certificates of Deposit — 0.7%
Canadian Imperial Bank of Commerce
1.055%, 05/28/04(b)(c)	$	25		24,868


		91

ASAF T. Rowe Price Tax Managed Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Par* *(000)*		*Value* *(Note 2)*

Svenska Handelsbanken
1.39%, 10/27/04 (b)	$	21	$	21,200

				46,068

Commercial Paper — 7.4%
Atomium Funding Corp.
1.05%, 05/19/04(b)		309		308,279
Tannehill Capital Co., LLC
1.04%, 05/18/04(b)		192		191,521

				499,800

Corporate Obligations — 17.7%
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		38		38,080
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		707		707,201
Natexis Banque NY
1.11%, 05/03/04(b)(c)		225		224,798
1.162%, 05/03/04(b)(c)		154		153,611
Societe Generale NY
1.137%, 05/03/04(b)(c)		24		24,021
Swedbank NY
1.06%, 05/17/04(b)(c)		51		50,736

				1,198,447

Time Deposit — 0.9%
Deutsche Bank AG
1.04%, 05/03/04(b)		60		59,768


	*Shares*
Non-Registered Investment Company — 0.3%
BlackRock Institutional Money Market Trust(b)(j)		21,517		21,517


	*Shares*	*Value* *(Note 2)*

Registered Investment Companies — 1.3%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	43,128	$	43,128
BlackRock Provident Institutional Funds TempFund Portfolio(j)	43,127		43,127

			86,255

Total Short-Term Investments
(Cost $1,911,855)			1,911,855

Total Investments — 126.2%
(Cost $7,268,353; Note 5)			8,508,685
Liabilities in Excess of Other Assets — (26.2%)			(1,764,601	)

Net Assets — 100.0%		$	6,744,084

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $1,749,405; cash collateral of $1,825,600 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


92

Strategic Partners Core Value Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 96.6%
Common Stock
Advertising — 0.6%
Interpublic Group of Cos., Inc. (The)*	16,000	$	251,040

Aerospace — 1.5%
Boeing Co.	6,100		260,409
General Dynamics Corp.	1,500		140,430
Goodrich Corp.	8,975		258,390

			659,229

Automobile Manufacturers — 1.6%
General Motors Corp.(a)	8,600		407,812
PACCAR, Inc.	5,250		296,415

			704,227

Automotive Parts — 2.9%
American Axle & Manufacturing Holdings, Inc.	3,800		146,186
Autoliv, Inc.	6,900		293,457
BorgWarner, Inc.	2,000		163,880
Cooper Tire & Rubber Co.	5,600		119,784
Dana Corp.	7,275		146,664
Lear Corp.(a)	3,225		195,500
Magna International, Inc. (Class “A” Stock)	2,800		220,920

			1,286,391

Building Materials — 1.5%
Martin Marietta Materials, Inc.(a)	3,500		151,375
Masco Corp.(a)	9,725		272,397
Sherwin-Williams Co. (The)	1,800		68,490
Vulcan Materials Co.	3,400		157,216

			649,478

Cable Television — 1.4%
Comcast Corp. (Class “A” Stock)*	20,396		613,920

Chemicals — 1.1%
Ashland, Inc.	3,400		162,860
Dow Chemical Co.	1,200		47,628
DuPont, (E.I.) de Nemours & Co.	2,000		85,900
PPG Industries, Inc.	3,200		189,792

			486,180

Clothing & Apparel — 1.5%
Jones Apparel Group, Inc.	7,000		256,200
Liz Claiborne, Inc.	3,200		112,320
Reebok International Ltd.	2,900		105,502
VF Corp.	4,500		207,720

			681,742


	*Shares*	*Value* *(Note 2)*

Computer Hardware — 2.2%
Hewlett-Packard Co.	34,300	$	675,710
International Business Machines Corp.	3,335		294,047
Quantum Corp.*	7,900		24,727

			994,484

Computer Services & Software — 0.5%
Ingram Micro, Inc. (Class “A” Stock)*	7,600		90,820
Tech Data Corp.*	4,075		138,550

			229,370

Conglomerates — 3.8%
Altria Group, Inc.	16,900		935,922
Cendant Corp.(a)	6,600		156,288
Textron, Inc.(a)	5,900		325,562
Tyco International Ltd.(a)	9,600		263,520

			1,681,292

Construction — 0.1%
Pulte Corp.	1,000		49,170

Consumer Products & Services — 1.4%
Procter & Gamble Co.	1,500		158,625
UST, Inc.	7,100		264,191
Whirlpool Corp.(a)	3,375		221,096

			643,912

Containers & Packaging — 0.1%
Owens-Illinois, Inc.*	450		6,282
Smurfit-Stone Container Corp.*(a)	3,150		54,149

			60,431

Electronic Components & Equipment — 2.8%
Arrow Electronics, Inc.*	1,200		30,336
Avnet, Inc.*(a)	3,575		77,363
Cooper Industries Ltd. (Class “A” Stock)	3,200		175,712
Flextronics International Ltd.*(a)	13,800		222,180
Hubbell, Inc. (Class “B” Stock)(a)	3,875		174,143
Parker-Hannifin Corp.	5,000		276,450
Sanmina-SCI Corp.*	9,700		97,194
Solectron Corp.*(a)	36,500		178,850
Vishay Intertechnology, Inc.*(a)	2,000		34,800

			1,267,028

Entertainment & Leisure — 1.2%
Disney, (Walt) Co.	3,750		86,363
Time Warner, Inc.*	22,400		376,768
Viacom, Inc. (Class “B” Stock)(a)	2,200		85,030

			548,161


		93

Strategic Partners Core Value Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Farming & Agriculture — 0.8%
Monsanto Co.	10,900	$	377,031

Financial — Bank & Trust — 11.4%
Bank of America Corp.	22,479		1,809,334
Bank One Corp.	8,775		433,222
Comerica, Inc.	5,675		293,000
Golden West Financial Corp.	2,725		286,425
National City Corp.	10,925		378,770
SouthTrust Corp.	2,850		88,578
SunTrust Banks, Inc.	5,225		355,561
U.S. Bancorp	18,450		473,058
Wachovia Corp.	15,325		701,118
Wells Fargo & Co.	5,200		293,592

			5,112,658

Financial Services — 14.2%
Capital One Financial Corp.	700		45,871
Citigroup, Inc.	42,500		2,043,824
Countrywide Financial Corp.	6,000		355,800
Fannie Mae(a)	2,725		187,262
Freddie Mac	8,400		490,560
Goldman Sachs Group, Inc.(a)	4,400		424,600
J.P. Morgan Chase & Co.	22,575		848,820
KeyCorp	10,450		310,365
Lehman Brothers Holdings, Inc.(a)	4,925		361,495
Merrill Lynch & Co., Inc.	7,400		401,302
Morgan Stanley Dean Witter & Co.	7,800		400,842
Washington Mutual, Inc.(a)	13,012		512,543

			6,383,284

Food — 0.7%
Archer-Daniels-Midland Co.(a)	8,601		151,034
Tyson Foods, Inc. (Class “A” Stock)(a)	4,000		74,960
Unilever NV NY	1,000		65,930

			291,924

Healthcare Services — 0.4%
Humana, Inc.*	9,700		158,013

Industrial Products — 1.2%
Eaton Corp.	5,500		326,590
Ingersoll-Rand Co. (Class “A” Stock)	3,300		213,015

			539,605

Insurance — 7.6%
ACE Ltd.	2,500		109,600
Aetna, Inc.	925		76,544
Allstate Corp. (The)	10,950		502,605
American International Group, Inc.	5,273		377,810
Chubb Corp	4,300		296,700


	*Shares*	*Value* *(Note 2)*

Jefferson-Pilot Corp.	5,300	$	262,827
Manulife Financial Corp. (Canada)	9,601		353,026
MetLife, Inc.	7,400		255,300
MGIC Investment Corp.(a)	3,700		272,394
PartnerRe Ltd.	400		22,920
RenaissanceRe Holdings Ltd.	1,800		94,842
St. Paul Companies., Inc.(a)	8,917		362,654
The Hartford Financial Services Group, Inc.	5,700		348,156
Torchmark Corp.	850		44,234

			3,379,612

Machinery & Equipment — 0.5%
Caterpillar, Inc.	2,800		217,644

Medical Supplies & Equipment — 0.6%
Guidant Corp.	4,100		258,341

Metals & Mining — 2.0%
Alcan, Inc.	5,000		201,150
Alcoa, Inc.	13,900		427,425
United States Steel Corp.(a)	7,000		200,410
Worthington Industries, Inc.	4,300		77,615

			906,600

Oil & Gas — 11.5%
BP PLC [ADR] (United Kingdom)(a)	4,300		227,470
ChevronTexaco Corp.	11,572		1,058,838
ConocoPhillips	9,350		666,655
El Paso Corp.(a)	27,900		195,579
Exxon Mobil Corp.	45,450		1,933,897
Marathon Oil Corp.	8,400		281,904
Occidental Petroleum Corp.	9,100		429,520
Valero Energy Corp.	4,800		306,048
Williams Companies, Inc.	4,400		45,320

			5,145,231

Paper & Forest Products — 1.4%
Boise Cascade Corp.	1,700		57,341
Georgia-Pacific Corp.(a)	11,300		396,630
Temple-Inland, Inc.	2,600		160,602

			614,573

Pharmaceuticals — 2.2%
Bristol-Meyers Squibb Co.	7,950		199,545
GlaxoSmithKline PLC [ADR] (United Kingdom)	4,400		184,800
Merck & Co., Inc.	12,600		592,200

			976,545

Printing & Publishing — 0.6%
Donnelley, (R.R.) & Sons Co.	8,550		251,541


94


	*Shares*	*Value* *(Note 2)*

Railroads — 1.5%
Burlington Northern Santa Fe Corp.	8,225	$	268,958
CSX Corp.	4,700		144,572
Norfolk Southern Corp.	10,400		247,728

			661,258

Restaurants — 1.1%
McDonald’s Corp.	18,800		511,924

Retail & Merchandising — 3.7%
Federated Department Stores, Inc.	6,825		334,425
Foot Locker, Inc.	1,000		24,000
Kroger Co. (The)*	8,200		143,500
May Department Stores Co.	9,175		282,590
Office Depot, Inc.*	14,600		255,646
Safeway, Inc.*(a)	11,100		254,745
Sears, Roebuck and Co.(a)	8,275		331,414
SUPERVALU, Inc.	1,100		33,869

			1,660,189

Telecommunications — 5.9%
BellSouth Corp.	6,800		175,508
Corning, Inc.*(a)	35,500		391,565
Nortel Networks Corp. (Canada)*	42,400		158,576
Qwest Communications International, Inc.*	29,700		119,394
SBC Communications, Inc.	17,200		428,280
Sprint Corp.(a)	35,150		628,834
Tellabs, Inc.*	25,500		222,615
Verizon Communications, Inc.	13,750		518,925

			2,643,697

Utilities — 5.1%
Alliant Energy Corp.	8,200		203,852
American Electric Power Co., Inc.(a)	9,775		297,551
CMS Energy Corp.*(a)	11,500		95,565
Constellation Energy Group, Inc.	4,800		184,704
Edison International Co.	2,400		56,160
Entergy Corp.	5,100		278,460
FirstEnergy Corp.	8,500		332,350
Northeast Utilities(a)	9,500		174,325
PG&E Corp.*(a)	3,400		93,568
PPL Corp.(a)	4,900		209,965
Sempra Energy	7,400		234,950
Wisconsin Energy Corp.	400		12,560
Xcel Energy, Inc.	6,000		100,380

			2,274,390

Total Long-Term Investments
(Cost $37,747,272)			43,170,115


	Par (000)		*Value* *(Note 2)*

Short-Term Investments — 21.9%
Certificates of Deposit — 0.8%
Canadian Imperial Bank of Commerce
1.055%, 05/28/04(b)(c)	$	91	$	91,001
1.72%, 05/25/05(b)		211		211,229
Svenska Handelsbanken
1.39%, 10/27/04(b)		74		73,738

				375,968

Commercial Paper — 3.6%
Atomium Funding Corp.
1.05%, 05/19/04(b)		50		49,698
Fairway Finance Corp.
1.035%, 05/13/04(b)		891		889,824
Monumental Global Funding
1.10%, 05/28/04(b)(c)		671		671,861

				1,611,383

Corporate Obligations — 12.2%
Bank of America NA
1.05%, 05/03/04(b)(c)		51		50,824
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		100		99,601
General Electric Capital Corp.
1.06%, 05/10/04(b)(c)		56		56,012
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		1,700		1,700,133
Morgan Stanley
1.13%, 05/03/04(b)(c)		407		406,722
Natexis Banque NY
1.11%, 05/03/04(b)(c)		1,456		1,456,264
1.162%, 05/03/04(b)(c)		522		522,200
Societe Generale NY
1.137%, 05/03/04(b)(c)		407		406,425
Swedbank NY
1.06%, 05/17/04(b)(c)		327		326,600
Westdeutsche Landesbank
1.065%, 05/24/04(b)(c)		38		37,826
1.07%, 05/28/04(b)(c)		337		337,352

				5,399,959

Time Deposit — 0.7%
Deutsche Bank AG
1.04%, 05/03/04(b)		328		327,722


		95

Strategic Partners Core Value Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Non-Registered Investment Company — 1.2%
BlackRock Institutional Money Market Trust(b)(j)	531,744	$	531,744

Registered Investment Companies — 3.4%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	756,488		756,488
BlackRock Provident Institutional Funds TempFund Portfolio(j)	756,488		756,488

			1,512,976

Total Short-Term Investments
(Cost $9,759,752)			9,759,752

Total Investments — 118.5%
(Cost $47,507,024; Note 5)			52,929,867
Liabilities in Excess of Other Assets — (18.5%)			(8,265,235	)

Net Assets — 100.0%		$	44,664,632

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $7,824,083; cash collateral of $8,246,776 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


96

Strategic Partners Managed Index 500 Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 100.5%
Common Stock
Aerospace — 1.0%
Goodrich Corp.	7,500	$	215,925
Honeywell International, Inc.	6,000		207,480
Northrop Grumman Corp.	300		29,775
United Technologies Corp.	14,100		1,216,266

			1,669,446

Airlines — 0.1%
Southwest Airlines Co.	8,800		125,664

Automobile Manufacturers — 1.1%
Ford Motor Co.(a)	25,900		397,824
General Motors Corp.(a)	26,300		1,247,146
PACCAR, Inc.	4,400		248,424

			1,893,394

Automotive Parts — 0.4%
BorgWarner, Inc.	1,000		81,940
Delphi Corp.	50,000		510,000

			591,940

Beverages — 2.9%
Coca-Cola Co.	40,400		2,043,028
PepsiCo, Inc.	51,000		2,778,990

			4,822,018

Broadcasting — 0.3%
Clear Channel Communications, Inc.	7,000		290,430
Westwood One, Inc.*	8,700		256,998

			547,428

Building Materials — 0.8%
American Standard Companies, Inc.*	5,000		525,950
Masco Corp.(a)	15,300		428,553
Sherwin-Williams Co. (The)	8,800		334,840

			1,289,343

Business Services — 0.3%
Fiserv, Inc.*	14,000		511,840

Chemicals — 1.7%
Dow Chemical Co.	6,200		246,078
DuPont, (E.I.) de Nemours & Co.	17,400		747,330
Eastman Chemical Co.(a)	7,000		297,990
FMC Corp.*	8,900		381,721
Great Lakes Chemical Corp.	10,000		251,200
Lubrizol Corp.	14,000		445,200
PPG Industries, Inc.	6,300		373,653
Rohm & Haas Co.	4,000		155,120

			2,898,292


	*Shares*	*Value* *(Note 2)*

Clothing & Apparel — 0.4%
VF Corp.	13,112	$	605,250

Computer Hardware — 3.1%
Dell, Inc.*	64,400		2,235,324
Hewlett-Packard Co.	60,825		1,198,253
International Business Machines Corp.	20,500		1,807,485

			5,241,062

Computer Services & Software — 7.8%
Cisco Systems, Inc.*	177,900		3,712,773
Electronic Arts, Inc.*(a)	16,400		830,168
EMC Corp.*	39,900		445,284
Ingram Micro, Inc. (Class “A” Stock)*	11,200		133,840
Mercury Interactive Corp.*(a)	8,600		365,930
Microsoft Corp.	197,800		5,136,866
Oracle Corp.*	80,700		905,454
Symantec Corp.*(a)	17,600		792,880
Tech Data Corp.*	6,100		207,400
Veritas Software Corp.*	18,100		482,727

			13,013,322

Conglomerates — 3.2%
3M Co.(a)	4,400		380,512
Altria Group, Inc.	53,950		2,987,751
Cendant Corp.(a)	34,500		816,960
Textron, Inc.(a)	9,600		529,728
Tyco International Ltd.(a)	25,000		686,250

			5,401,201

Consumer Products & Services — 3.1%
Avon Products, Inc.	3,800		319,200
Fortune Brands, Inc.	3,300		251,625
Johnson & Johnson	29,175		1,576,325
Procter & Gamble Co.	22,100		2,337,075
Reynolds, (R.J.) Tobacco Holdings, Inc.	8,500		550,545
Whirlpool Corp.	2,600		170,326

			5,205,096

Containers & Packaging — 0.2%
Sonoco Products Co.	16,000		397,760

Electronic Components & Equipment — 4.9%
Cooper Industries Ltd. (Class “A” Stock)	8,700		477,717
Emerson Electric Co.(a)	5,700		343,254
Flextronics International Ltd.*(a)	9,700		156,170
General Electric Co.	196,100		5,873,195
Hubbell, Inc. (Class “B” Stock)	10,000		449,400
Sanmina-SCI Corp.*	27,000		270,540


		97

Strategic Partners Managed Index 500 Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Solectron Corp.*(a)	95,600	$	468,440
Vishay Intertechnology, Inc.*(a)	9,500		165,300

			8,204,016

Entertainment & Leisure — 1.6%
Carnival Corp.(a)	18,200		776,594
Disney, (Walt) Co.	18,800		432,964
Harley-Davidson, Inc.(a)	15,700		884,224
Viacom, Inc. (Class “B” Stock)	14,200		548,830

			2,642,612

Financial — Bank & Trust — 6.6%
AmSouth Bancorp	6,200		136,524
Bank of America Corp.	44,302		3,565,868
Bank of New York Co., Inc. (The)	5,800		169,012
Bank One Corp.	6,600		325,842
Comerica, Inc.	12,200		629,886
Commerce Bancorp, Inc.	7,800		444,678
Huntington Bancshares, Inc.(a)	5,000		107,000
National City Corp.	29,300		1,015,831
PNC Financial Services Group	10,800		573,480
Regions Financial Corp.	4,700		163,137
SunTrust Banks, Inc.	14,300		973,115
U.S. Bancorp	16,806		430,906
Union Planters Corp.	15,400		428,120
Wachovia Corp.	28,100		1,285,575
Wells Fargo & Co.	13,500		762,210

			11,011,184

Financial Services — 8.6%
Citigroup, Inc.	116,833		5,618,498
Fannie Mae	8,525		585,838
Franklin Resources, Inc.	3,400		186,422
Goldman Sachs Group, Inc.(a)	8,300		800,950
J.P. Morgan Chase & Co.	39,570		1,487,832
KeyCorp	25,000		742,500
Legg Mason, Inc.	4,600		423,476
Lehman Brothers Holdings, Inc.	5,600		411,040
MBIA, Inc.	1,350		79,502
MBNA Corp.	72,750		1,773,645
Merrill Lynch & Co., Inc.	13,000		704,990
Morgan Stanley Dean Witter & Co.	9,000		462,510
SLM Corp.	20,700		793,017

			14,070,220

Food — 1.4%
Archer-Daniels-Midland Co.	27,138		476,543
Dean Foods Co.*	10,600		355,948
General Mills, Inc.	17,700		862,875
Hershey Foods Corp.	6,200		551,118

			2,246,484


	*Shares*	*Value* *(Note 2)*

Healthcare Services — 3.1%
Anthem, Inc.*	4,000	$	354,320
Caremark Rx, Inc.*	24,800		839,480
HCA, Inc.(a)	8,100		329,103
Health Management Associates, Inc. (Class “A” Stock)(a)	36,000		832,680
UnitedHealth Group, Inc.	32,600		2,004,248
WellPoint Health Networks, Inc.*(a)	7,400		826,506

			5,186,337

Industrial Products — 0.6%
Crane Co.(a)	9,500		292,695
Eaton Corp.	10,800		641,304

			933,999

Insurance — 5.8%
ACE Ltd.	16,000		701,440
AFLAC, Inc.	6,200		261,826
Allstate Corp. (The)	9,700		445,230
American International Group, Inc.	63,994		4,585,171
Chubb Corp.	10,575		729,675
CIGNA Corp.	1,000		64,510
Manulife Financial Corp. (Canada)	11,379		418,401
Progressive Corp. (The)	11,400		997,728
St. Paul Companies., Inc.	20,697		841,747
The Hartford Financial Services Group, Inc.	3,000		183,240
XL Capital Ltd. (Class “A” Stock)	5,000		381,750

			9,610,718

Internet Services — 2.3%
eBay, Inc.*	26,400		2,107,248
Juniper Networks, Inc.*(a)	11,100		242,868
Yahoo!, Inc.*(a)	29,000		1,463,340

			3,813,456

Machinery & Equipment — 0.2%
Caterpillar, Inc.	4,200		326,466

Medical Supplies & Equipment — 5.1%
Amgen, Inc.*	44,300		2,492,761
Applera Corp. — Applied Biosystems Group	11,000		204,270
Boston Scientific Corp.*	14,100		580,779
Guidant Corp.	15,500		976,655
Medtronic, Inc.	49,400		2,492,724
St. Jude Medical, Inc.*	10,000		762,600
Zimmer Holdings, Inc.*	12,400		990,140

			8,499,929


98


	*Shares*	*Value* *(Note 2)*

Metals & Mining — 0.4%
Alcan, Inc.	7,100	$	285,633
Alcoa, Inc.	13,100		402,825

			688,458

Office Equipment — 0.1%
Pitney Bowes, Inc.	3,100		135,625

Oil & Gas — 4.8%
ChevronTexaco Corp.	18,747		1,715,351
ConocoPhillips	16,820		1,199,266
El Paso Corp.(a)	55,000		385,550
Exxon Mobil Corp.	79,400		3,378,470
Marathon Oil Corp.	6,500		218,140
Nabors Industries Ltd.*	6,000		266,160
Occidental Petroleum Corp.	3,900		184,080
Valero Energy Corp.	1,400		89,264
Western Gas Resources, Inc.	8,900		484,605

			7,920,886

Paper & Forest Products — 0.8%
Georgia-Pacific Corp.(a)	11,900		417,690
International Paper Co.	10,600		427,392
MeadWestvaco Corp.	10,483		274,130
Temple-Inland, Inc.	4,500		277,965

			1,397,177

Pharmaceuticals — 6.3%
Biogen Idec, Inc.*	15,800		932,200
Bristol-Meyers Squibb Co.	18,400		461,840
Cephalon, Inc.*(a)	8,000		455,280
Forest Laboratories, Inc.*	17,300		1,115,504
Gilead Sciences, Inc.*	8,900		541,387
Merck & Co., Inc.	10,700		502,900
Pfizer, Inc.	166,680		5,960,477
Wyeth	12,200		464,454

			10,434,042

Printing & Publishing — 0.8%
Donnelley, (R.R.) & Sons Co.	19,300		567,806
Tribune Co.	15,300		732,564

			1,300,370

Railroads — 0.6%
Burlington Northern Santa Fe Corp.	4,100		134,070
CSX Corp.	12,300		378,348
Norfolk Southern Corp.	22,100		526,422

			1,038,840


	*Shares*	*Value* *(Note 2)*

Real Estate — 0.5%
Equity Office Properties Trust [REIT]	22,000	$	553,740
Equity Residential Properties Trust [REIT]	12,800		351,488

			905,228

Restaurants — 0.2%
McDonald’s Corp.	10,000		272,300

Retail & Merchandising — 8.4%
Albertson’s, Inc.	2,500		58,400
Bed Bath & Beyond, Inc.*	17,500		649,600
Federated Department Stores, Inc.	6,425		314,825
Home Depot, Inc.	63,200		2,224,008
Lowe’s Companies, Inc.(a)	34,000		1,770,040
May Department Stores Co.	18,274		562,839
Ross Stores, Inc.(a)	12,600		384,300
Sears, Roebuck and Co.(a)	14,100		564,705
SUPERVALU, Inc.	7,400		227,846
Target Corp.	17,000		737,290
TJX Companies, Inc.(a)	30,400		746,928
Wal-Mart Stores, Inc.	99,500		5,671,500

			13,912,281

Semiconductors — 4.0%
Applied Materials, Inc.*	48,600		885,978
Broadcom Corp. (Class “A” Stock)*	19,000		717,440
Intel Corp.	127,700		3,285,721
Linear Technology Corp.	10,500		374,115
Marvell Technology Group Ltd.*	8,900		344,697
Maxim Integrated Products, Inc.(a)	16,000		735,840
Silicon Laboratories, Inc.*	3,500		165,025
Texas Instruments, Inc.	7,000		175,700

			6,684,516

Telecommunications — 4.5%
ALLTEL Corp.	4,400		221,496
AT&T Corp.(a)	10,380		178,017
AT&T Wireless Services, Inc.*	10,000		138,100
BellSouth Corp.	26,400		681,384
Corning, Inc.*(a)	29,763		328,286
Lucent Technologies, Inc.*	100,000		337,000
Motorola, Inc.	21,400		390,550
Nextel Communications, Inc. (Class “A” Stock)*	22,600		539,236
QUALCOMM, Inc.	21,400		1,336,644
SBC Communications, Inc.	47,200		1,175,280
Sprint Corp.	32,100		574,269
Verizon Communications, Inc.	41,572		1,568,927

			7,469,189


		99

Strategic Partners Managed Index 500 Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*		*Value* *(Note 2)*

Utilities — 2.5%
American Electric Power Co., Inc.(a)		25,800	$	785,352
CMS Energy Corp.*(a)		45,400		377,274
Constellation Energy Group, Inc.		6,300		242,424
DTE Energy Co.(a)		9,500		370,690
Entergy Corp.		12,200		666,120
FirstEnergy Corp.		18,000		703,800
Pinnacle West Capital Corp.(a)		6,000		234,360
PPL Corp.		15,600		668,460
Sempra Energy		600		19,050
TXU Corp.(a)		5,000		170,700

				4,238,230

Total Long-Term Investments
(Cost $154,459,384)				167,155,619


	Par (000)
Short-Term Investments — 10.9%
Certificate of Deposit — 0.1%
Credit Lyonnais Bank
1.075%, 09/30/04(b)	$	160		159,992

Commercial Paper — 1.5%
Atomium Funding Corp.
1.05%, 05/19/04(b)		939		938,451
Concord Minutemen Capital Co.
1.04%, 05/20/04(b)		478		477,861
Crown Point Capital Co.
1.04%, 05/10/04(b)		319		318,829
Monumental Global Funding
1.10%, 05/28/04(b)(c)		689		689,965

				2,425,106

Corporate Obligations — 7.3%
American Express Credit
1.07%, 05/13/04(b)(c)		331		330,643
Bank of America NA
1.05%, 05/03/04(b)(c)		254		253,658
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		317		317,066
General Electric Capital Corp.
1.06%, 05/10/04(b)(c)		799		800,254


	Par (000)		*Value* *(Note 2)*

Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)	$	3,422	$	3,421,913
1.192%, 05/03/04(b)(c)		179		178,982
Morgan Stanley
1.13%, 05/03/04(b)(c)		658		657,616
Natexis Banque NY
1.11%, 05/03/04(b)(c)		3,002		3,001,492
1.162%, 05/03/04(b)(c)		1,762		1,761,624
Societe Generale NY
1.137%, 05/03/04(b)(c)		15		15,251
Swedbank NY
1.06%, 05/17/04(b)(c)		650		650,017
Westdeutsche Landesbank
1.065%, 05/24/04(b)(c)		331		331,359
1.07%, 05/28/04(b)(c)		509		509,183

				12,229,058

Time Deposit — 0.3%
Deutsche Bank AG
1.04%, 05/03/04(b)		548		548,391


	*Shares*
Non-Registered Investment Company — 1.2%
BlackRock Institutional Money Market Trust(b)(j)		2,068,190		2,068,190

Registered Investment Companies — 0.5%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		388,541		388,541
BlackRock Provident Institutional Funds TempFund Portfolio(j)		388,541		388,541

				777,082

Total Short-Term Investments
(Cost $18,207,819)				18,207,819

Total Investments — 111.4%
(Cost $172,667,203; Note 5)				185,363,438
Liabilities in Excess of Other Assets — (11.4%)				(18,976,180	)

Net Assets — 100.0%			$	166,387,258


100

The following abbreviations are used throughout the Schedule of Investments:


REIT		—Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $16,574,474; cash collateral of $17,430,737 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


		101

Strategic Partners Equity Income Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 99.4%
Common Stock
Aerospace — 1.9%
General Dynamics Corp.	10,000	$	936,200
Northrop Grumman Corp.	20,000		1,985,000
United Technologies Corp.	22,800		1,966,728

			4,887,928

Beverages — 1.6%
Anheuser-Busch Cos., Inc.	40,000		2,049,600
Coca-Cola Co.	44,000		2,225,080

			4,274,680

Broadcasting — 2.7%
Clear Channel Communications, Inc.(a)	110,000		4,563,900
Westwood One, Inc.*	85,000		2,510,900

			7,074,800

Building Materials — 0.9%
American Standard Companies, Inc.*	21,500		2,261,585

Business Services — 1.3%
Fiserv, Inc.*	90,000		3,290,400

Cable Television — 2.5%
Comcast Corp. (Class “A” Stock)*	150,000		4,515,000
Comcast Corp. (Special Class “A” Stock)*(a)	75,000		2,174,250

			6,689,250

Chemicals — 0.7%
Air Products & Chemicals, Inc.	34,040		1,695,532
Cabot Corp.	800		27,040

			1,722,572

Computer Hardware — 1.5%
Hewlett-Packard Co.	200,000		3,940,000

Computer Services & Software — 3.0%
EMC Corp.*	16,200		180,792
Microsoft Corp.	300,000		7,791,000

			7,971,792

Conglomerates — 4.5%
3M Co.	22,500		1,945,800
Altria Group, Inc.	140,000		7,753,200
Johnson Controls, Inc.	40,000		2,194,400

			11,893,400

Consumer Products & Services — 5.0%
Avon Products, Inc.	60,000		5,040,000
Johnson & Johnson	25,000		1,350,750


	*Shares*	*Value* *(Note 2)*

Loews Corp. — Carolina Group	77,900	$	2,044,096
Procter & Gamble Co.	45,000		4,758,750

			13,193,596

Electronic Components & Equipment — 1.9%
Agilent Technologies, Inc.*	11,100		299,811
General Electric Co.	160,000		4,792,000

			5,091,811

Entertainment & Leisure — 6.0%
Carnival Corp.(a)	37,500		1,600,125
Harley-Davidson, Inc.(a)	40,000		2,252,800
Royal Caribbean Cruises Ltd.(a)	13,000		526,890
Time Warner, Inc.*	195,000		3,279,900
Viacom, Inc. (Class “B” Stock)	210,000		8,116,500

			15,776,215

Financial — Bank & Trust — 8.0%
Bank of America Corp.	135,000		10,866,150
Bank One Corp.	175,000		8,639,750
Fifth Third Bancorp	29,500		1,582,970

			21,088,870

Financial Services — 10.8%
Citigroup, Inc.	260,000		12,503,401
Fannie Mae	60,000		4,123,200
Lehman Brothers Holdings, Inc.	20,000		1,468,000
MBNA Corp.	175,000		4,266,500
Merrill Lynch & Co., Inc.	40,000		2,169,200
Morgan Stanley Dean Witter & Co.	72,500		3,725,775

			28,256,076

Food — 0.8%
Dean Foods Co.*	60,800		2,041,664

Healthcare Services — 6.1%
Anthem, Inc.*(a)	46,500		4,118,970
Caremark Rx, Inc.*(a)	48,000		1,624,800
HCA, Inc.(a)	100,000		4,063,000
Health Management Associates, Inc. (Class “A” Stock)(a)	80,000		1,850,400
WellPoint Health Networks, Inc.*	40,000		4,467,600

			16,124,770

Industrial Products — 0.3%
Ingersoll-Rand Co. (Class “A” Stock)	10,200		658,410

Insurance — 9.6%
ACE Ltd.	115,000		5,041,600
AFLAC, Inc.	33,340		1,407,948
Allstate Corp. (The)	75,000		3,442,500


102


	*Shares*	*Value* *(Note 2)*

American International Group, Inc.	145,500	$	10,425,075
Axis Capital Holdings Ltd.	75,200		2,049,200
MetLife, Inc.	57,400		1,980,300
XL Capital Ltd. (Class “A” Stock)	12,500		954,375

			25,300,998

Medical Supplies & Equipment — 2.1%
Alcon, Inc. (Switzerland)	30,000		2,227,500
Applera Corp. — Applied Biosystems Group	100,000		1,857,000
Boston Scientific Corp.*	35,000		1,441,650

			5,526,150

Oil & Gas — 9.7%
Baker Hughes, Inc.	50,000		1,834,000
BP PLC [ADR] (United Kingdom)	100,000		5,290,000
ConocoPhillips	100,000		7,130,000
EnCana Corp.	20,000		784,400
Exxon Mobil Corp.	57,500		2,446,625
Kerr-McGee Corp.	45,000		2,201,850
Nabors Industries Ltd.*	50,000		2,218,000
Noble Energy, Inc.	25,000		1,152,500
Occidental Petroleum Corp.	47,500		2,242,000
Western Gas Resources, Inc.	1,200		65,340

			25,364,715

Pharmaceuticals — 4.8%
Forest Laboratories, Inc.*	35,000		2,256,800
Pfizer, Inc.	225,000		8,046,000
Wyeth	60,000		2,284,200

			12,587,000

Railroads — 5.0%
Burlington Northern Santa Fe Corp.	175,000		5,722,500
Union Pacific Corp.	125,000		7,366,250

			13,088,750

Retail & Merchandising — 3.2%
Bed Bath & Beyond, Inc.*	17,300		642,176
Family Dollar Stores, Inc.	12,500		401,750
Home Depot, Inc.	145,000		5,102,550
Lowe’s Companies, Inc.	40,000		2,082,400
TJX Companies, Inc.(a)	12,600		309,582

			8,538,458

Semiconductors — 0.3%
Applied Materials, Inc.*	50,000		911,500


	*Shares*		*Value* *(Note 2)*

Telecommunications — 2.5%
BellSouth Corp.		75,000	$	1,935,750
Verizon Communications, Inc.		125,000		4,717,500

				6,653,250

Utilities — 2.7%
Dominion Resources, Inc.		5,200		331,812
Entergy Corp.		40,000		2,184,000
Exelon Corp.		37,500		2,510,250
PPL Corp.		50,000		2,142,500

				7,168,562

Total Long-Term Investments
(Cost $220,607,328)				261,377,202


	Par (000)
Short-Term Investments — 5.9%
Corporate Obligations — 3.4%
American Express Credit
1.07%, 05/13/04(b)(c)	$	5,842		5,841,563
Canadian Imperial Bank of Commerce
1.07%, 05/28/04(b)(c)		852		851,605
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		201		200,947
Natexis Banque NY
1.11%, 05/03/04(b)(c)		287		286,799
1.162%, 05/03/04(b)(c)		215		214,674
Swedbank NY
1.06%, 05/17/04(b)(c)		1,413		1,412,648
Westdeutsche Landesbank
1.06%, 05/10/04(b)(c)		226		225,731

				9,033,967

Time Deposit — 0.1%
Deutsche Bank AG
1.04%, 05/03/04(b)		233		232,776


	*Shares*
Non-Registered Investment Company — 0.8%
BlackRock Institutional Money Market Trust(b)(j)		2,028,026		2,028,026

Registered Investment Companies — 1.6%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		2,075,066		2,075,066


		103

Strategic Partners Equity Income Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

BlackRock Provident Institutional Funds TempFund Portfolio(j)	2,075,066	$	2,075,066

			4,150,132

Total Short-Term Investments
(Cost $15,444,901)			15,444,901

Total Investments — 105.3%
(Cost $236,052,229; Note 5)			276,822,103
Liabilities in Excess of Other Assets — (5.3%)			(14,054,232	)

Net Assets — 100.0%		$	262,767,871

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $10,846,812; cash collateral of $11,294,769 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


104

Strategic Partners Growth with Income Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 98.6%
Common Stock
Aerospace — 3.8%
Lockheed Martin Corp.	13,070	$	623,439
United Technologies Corp.	9,690		835,859

			1,459,298

Airlines — 0.6%
Southwest Airlines Co.	17,040		243,331

Automotive Parts — 0.5%
Magna International, Inc. (Class “A” Stock)	2,410		190,149

Beverages — 2.4%
Coca-Cola Co.	8,300		419,731
PepsiCo, Inc.	9,674		527,136

			946,867

Biotechnology — 1.5%
Genzyme Corp.*	8,150		355,014
Gilead Sciences, Inc.*	3,980		242,103

			597,117

Broadcasting — 2.1%
Clear Channel Communications, Inc.	9,890		410,336
Fox Entertainment Group, Inc. (Class “A” Stock)*	14,500		403,825

			814,161

Business Services — 1.5%
Accenture Ltd. (Class “A” Stock)*(a)	11,520		273,830
ARAMARK Corp. (Class “B” Stock)	6,670		190,762
Fiserv, Inc.*	2,800		102,368

			566,960

Cable Television — 2.0%
Comcast Corp. (Class “A” Stock)*	12,477		375,558
EchoStar Communications Corp. (Class “A” Stock)*	11,860		393,633

			769,191

Chemicals — 4.1%
Dow Chemical Co.	11,930		473,502
DuPont, (E.I.) de Nemours & Co.	8,300		356,485
PPG Industries, Inc.	3,510		208,178
Praxair, Inc.	14,680		536,554

			1,574,719

Computer Hardware — 2.0%
Dell, Inc.*	14,450		501,559
Hewlett-Packard Co.	5,171		101,869
Lexmark International, Inc.*	2,100		189,966

			793,394


	*Shares*	*Value* *(Note 2)*

Computer Services & Software — 6.3%
Cisco Systems, Inc.*	41,400	$	864,018
Microsoft Corp.	49,350		1,281,620
Veritas Software Corp.*	10,770		287,236

			2,432,874

Conglomerates — 3.7%
General Electric Co.	30,030		899,399
Tyco International Ltd.(a)	20,110		552,020

			1,451,419

Consumer Products & Services — 8.3%
Colgate-Palmolive Co.	7,190		416,157
Johnson & Johnson	25,590		1,382,629
Kimberly-Clark Corp.	6,360		416,262
Newell Rubbermaid, Inc.(a)	8,410		198,812
Procter & Gamble Co.	4,050		428,288
Reckitt Benckiser PLC (United Kingdom)	15,800		410,761

			3,252,909

Electronic Components & Equipment — 0.2%
Agere Systems, Inc. (Class “B” Stock)*	28,000		60,760

Entertainment & Leisure — 3.3%
Disney, (Walt) Co.	12,400		285,572
Harley-Davidson, Inc.	5,500		309,760
Time Warner, Inc.*	22,300		375,086
Viacom, Inc. (Class “B” Stock)	7,653		295,788

			1,266,206

Farming & Agriculture — 0.6%
Monsanto Co.	7,200		249,048

Financial — Bank & Trust — 4.1%
Bank of America Corp.	5,600		450,744
Bank One Corp.	14,120		697,105
Wells Fargo & Co.	7,540		425,708

			1,573,557

Financial Services — 10.2%
American Express Co.	8,770		429,292
Citigroup, Inc.	29,360		1,411,923
Countrywide Financial Corp.	2,100		124,530
Fannie Mae	12,220		839,758
Goldman Sachs Group, Inc.(a)	1,750		168,875
Legg Mason, Inc.(a)	2,400		220,944
Lehman Brothers Holdings, Inc.	2,450		179,830
Merrill Lynch & Co., Inc.	11,330		614,426

			3,989,578

Food — 1.1%
General Mills, Inc.(a)	8,600		419,250


		105

Strategic Partners Growth with Income Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Healthcare Services — 0.8%
HCA, Inc.(a)	7,800	$	316,914

Industrial Products — 1.2%
Eaton Corp.	4,900		290,962
Illinois Tool Works, Inc.	1,940		167,247

			458,209

Insurance — 2.8%
American International Group, Inc.	12,845		920,344
The Hartford Financial Services Group, Inc.	2,560		156,365

			1,076,709

Machinery & Equipment — 1.1%
Caterpillar, Inc.	5,400		419,742

Medical Supplies & Equipment — 2.5%
Bard, (C.R.), Inc.	1,920		204,038
Baxter International, Inc.(a)	10,430		330,110
Guidant Corp.	6,630		417,756

			951,904

Oil & Gas — 7.9%
BP PLC [ADR] (United Kingdom)(a)	18,215		963,574
EnCana Corp.	4,530		177,667
Encana Corp. (Canada)	4,170		163,131
EOG Resources, Inc.	3,800		187,150
Halliburton Co.(a)	12,980		386,804
Noble Corp.*	6,050		224,818
Schlumberger Ltd.	3,930		230,023
Total SA [ADR] (France)(a)	4,430		408,092
Unocal Corp.	9,610		346,344

			3,087,603

Pharmaceuticals — 4.3%
Abbott Laboratories	10,100		444,602
Allergan, Inc.	3,100		272,955
Lilly, (Eli) & Co.(a)	1,800		132,858
Novartis AG (Switzerland)	1,440		64,193
Roche Holding AG (Switzerland)	3,760		394,385
Wyeth	9,500		361,665

			1,670,658

Printing & Publishing — 1.5%
New York Times Co. (Class “A” Stock)	12,840		588,200
Railroads — 0.8%
Canadian National Railway Co. (Canada)	100		3,777
Union Pacific Corp.	5,440		320,579

			324,356
Restaurants — 0.5%
McDonald’s Corp.	7,380		200,957


	*Shares*		*Value* *(Note 2)*

Retail & Merchandising — 5.7%
CVS Corp.		10,130	$	391,322
Gap, Inc.		4,100		90,241
Home Depot, Inc.(a)		5,860		206,213
Kohl’s Corp.*(a)		9,960		416,228
Target Corp.		15,750		683,078
TJX Companies, Inc.(a)		17,030		418,427

				2,205,509

Semiconductors — 3.3%
Analog Devices, Inc.		9,420		401,292
Intel Corp.		14,780		380,289
Novellus Systems, Inc.*(a)		6,000		173,760
Texas Instruments, Inc.(a)		13,440		337,344

				1,292,685

Telecommunications — 3.0%
Nortel Networks Corp. (Canada)*		54,100		202,334
Sprint Corp.(a)		19,785		353,954
Telefonaktiebolaget LM Ericsson [ADR] (Sweden)*		5,300		141,351
Verizon Communications, Inc.		380		14,341
Vodafone Group PLC [ADR] (United Kingdom)(a)		18,566		455,609

				1,167,589

Tobacco — 1.3%
Altria Group, Inc.		9,140		506,173

Transportation — 1.4%
FedEx Corp.		4,340		312,089
United Parcel Service, Inc. (Class “B” Stock)		3,100		217,465

				529,554

Utilities — 2.2%
Dominion Resources, Inc.(a)		5,620		358,612
Entergy Corp.		1,400		76,440
Exelon Corp.		5,990		400,971

				836,023

Total Long-Term Investments
(Cost $35,126,031)				38,283,573


	*Par* *(000)*
Short-Term Investments — 17.8%
Commercial Paper — 1.4%
Monumental Global Funding
1.10%, 05/28/04(b)(c)	$	2		2,082
Tannehill Capital Co., LLC
1.04%, 05/18/04(b)		531		530,474

				532,556


106


	*Par* *(000)*	*Value* *(Note 2)*

Corporate Obligations — 11.5%
Bank of America NA
1.05%, 05/03/04(b)(c)	927	$	927,476
General Electric Capital Corp.
1.06%, 05/10/04(b)(c)	28		28,101
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)	1,136		1,136,408
Morgan Stanley
1.13%, 05/03/04(b)(c)	486		485,934
Natexis Banque NY
1.11%, 05/03/04(b)(c)	1,197		1,196,482
1.162%, 05/03/04(b)(c)	718		717,660

			4,492,061

Time Deposit — 0.6%
Deutsche Bank AG
1.04%, 05/03/04(b)	242		242,172


	*Shares*
Non-Registered Investment Company — 2.2%
BlackRock Institutional Money Market Trust(b)(j)	853,207		853,207

Registered Investment Companies — 2.1%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	402,489		402,489
BlackRock Provident Institutional Funds TempFund Portfolio(j)	402,488		402,488

			804,977


	*Value* *(Note 2)*


Total Short-Term Investments
(Cost $6,924,973)	$	6,924,973

Total Investments — 116.4%
(Cost $42,051,004; Note 5)		45,208,546
Liabilities in Excess of Other Assets — (16.4%)		(6,376,249	)

Net Assets — 100.0%	$	38,832,297

The following abbreviation is used throughout the Schedule of Investments:


ADR		—American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $5,867,708; cash collateral of $6,119,996 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

See Notes to Financial Statements.


		107

Strategic Partners Capital Income Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 99.4%
Common Stock — 90.2%
Aerospace — 3.4%
Honeywell International, Inc.	77,900	$	2,693,782
United Technologies Corp.	36,900		3,182,994

			5,876,776

Beverages — 1.5%
PepsiCo, Inc.	47,900		2,610,071

Building Materials — 0.2%
Masco Corp.(a)	10,616		297,354

Business Services — 0.9%
First Data Corp.	35,500		1,611,345

Chemicals — 6.4%
Air Products & Chemicals, Inc.	45,600		2,271,336
DuPont, (E.I.) de Nemours & Co.	47,500		2,040,125
Eastman Chemical Co.(a)	45,200		1,924,164
PPG Industries, Inc.	27,200		1,613,232
Praxair, Inc.	90,300		3,300,465

			11,149,322

Computer Hardware — 3.1%
Dell, Inc.*(a)	94,500		3,280,095
International Business Machines Corp.	23,500		2,071,995

			5,352,090

Computer Services & Software — 8.3%
Cisco Systems, Inc.*	234,200		4,887,754
EMC Corp.*	65,500		730,980
Microsoft Corp.(a)	192,600		5,001,822
Oracle Corp.*(a)	152,100		1,706,562
Symantec Corp.*	44,800		2,018,240

			14,345,358

Consumer Products & Services — 4.3%
Johnson & Johnson	89,000		4,808,670
Procter & Gamble Co.	24,443		2,584,847

			7,393,517

Electronic Components & Equipment — 4.7%
Emerson Electric Co.	25,800		1,553,676
General Electric Co.	134,600		4,031,270
Jabil Circuit, Inc.*	98,200		2,591,498

			8,176,444

Entertainment & Leisure — 1.1%
Viacom, Inc. (Class “B” Stock)(a)	50,700		1,959,555

Financial — Bank & Trust — 2.6%
Bank of New York Co., Inc. (The)	73,300		2,135,962
State Street Corp.	47,500		2,318,000

			4,453,962


	*Shares*	*Value* *(Note 2)*

Financial Services — 13.4%
Citigroup, Inc.	114,300	$	5,496,687
Fannie Mae(a)	71,400		4,906,608
Freddie Mac	36,900		2,154,960
Goldman Sachs Group, Inc.(a)	42,900		4,150,575
MBNA Corp.	101,900		2,484,322
Morgan Stanley Dean Witter & Co.	73,800		3,792,582

			22,985,734

Industrial Products — 5.4%
Eaton Corp.	65,500		3,889,390
Illinois Tool Works, Inc.	18,400		1,586,264
Ingersoll-Rand Co. (Class “A” Stock)	60,800		3,924,640

			9,400,294

Insurance — 4.5%
Allstate Corp. (The)	36,900		1,693,710
PMI Group, Inc. (The)(a)	67,800		2,917,434
Radian Group, Inc.	66,800		3,106,868

			7,718,012

Internet Services — 1.3%
eBay, Inc.*(a)	27,200		2,171,104

Machinery & Equipment — 1.1%
Deere & Co.	28,600		1,945,944

Medical Supplies & Equipment — 2.4%
Amgen, Inc.*(a)	30,400		1,710,608
Medtronic, Inc.	48,800		2,462,448

			4,173,056

Metals & Mining — 1.2%
Alcoa, Inc.	67,300		2,069,475

Paper & Forest Products — 2.6%
International Paper Co.	64,100		2,584,512
Weyerhaeuser Co.	31,300		1,852,960

			4,437,472

Pharmaceuticals — 3.9%
Pfizer, Inc.	188,980		6,757,925

Retail & Merchandising — 9.0%
Bed Bath & Beyond, Inc.*	44,700		1,659,264
Home Depot, Inc.(a)	59,900		2,107,881
Lowe’s Companies, Inc.(a)	65,900		3,430,754
Target Corp.	74,700		3,239,739
Wal-Mart Stores, Inc.	26,800		1,527,600
Walgreen Co.	103,700		3,575,576

			15,540,814

Semiconductors — 8.0%
Altera Corp.*(a)	89,400		1,788,894
Applied Materials, Inc.*	112,600		2,052,698
Intel Corp.	149,300		3,841,489


108


		*Shares*		*Value* *(Note 2)*

Linear Technology Corp.(a)			59,900	$	2,134,237
Maxim Integrated Products, Inc.(a)			28,600		1,315,314
Texas Instruments, Inc.(a)			106,600		2,675,660

					13,808,292

Telecommunications — 0.9%
QUALCOMM, Inc.			25,800		1,611,468

Total Common Stock
(Cost $148,981,094)					155,845,384


	*Moody’s* *Rating*	*Par* *(000)*
Corporate Obligations — 5.4%
Automobile Manufacturers — 0.1%
Ford Motor Co., Notes
7.45%, 07/16/31	Baa1	$	125		122,206
General Motors Corp., Debs.
8.25%, 07/15/23	Baa1		45		48,277
Sr. Notes
7.125%, 07/15/13(a)	Baa1		45		47,446

					217,929

Automotive Parts — 0.1%
Lear Corp., Gtd. Notes, Series B
8.11%, 05/15/09	Ba1		85		97,856

Broadcasting — 0.1%
Clear Channel Communications, Inc., Sr. Notes
7.65%, 09/15/10	Baa3		15		17,162
5.00%, 03/15/12	Baa3		110		109,387
News America, Inc., Gtd. Bonds
6.55%, 03/15/33	Baa3		70		71,320

					197,869

Cable Television — 0.1%
Comcast Cable Communications, Inc., Sr. Notes
6.75%, 01/30/11	Baa3		195		213,990

Financial Services — 3.0%
American General Finance, Notes, Series H
4.00%, 03/15/11	A1		70		66,904


	*Moody’s* *Rating*	*Par* *(000)*		*Value* *(Note 2)*

CIT Group, Inc., Sr. Notes
5.75%, 09/25/07	A2	$	175	$	186,602
Freddie Mac, Notes
2.125%, 11/15/05(a)	Aaa		2,135		2,136,365
General Motors Acceptance Corp., Notes
6.875%, 09/15/11	A3		35		36,789
Goldman Sachs Group, Inc., Notes
4.75%, 07/15/13	Aa3		450		428,858
Household Finance Co., Notes
6.75%, 05/15/11	A1		350		388,059
J.P. Morgan Chase & Co., Sub. Notes
6.75%, 02/01/11	A2		350		391,525
Lehman Brothers Holdings, Notes
3.50%, 08/07/08	A1		45		44,228
MBNA Corp., Notes
6.125%, 03/01/13	Baa2		150		158,239
Morgan Stanley, Notes
5.30%, 03/01/13	Aa3		350		350,417
National Rural Utilities, Notes
4.75%, 03/01/14	A1		150		145,005
Pemex Project Funding Master Trust, Gtd. Notes
8.00%, 11/15/11	Baa1		135		149,310
PNC Funding Corp., Bonds
5.25%, 11/15/15	A3		175		171,663
Verizon Global Funding Corp., Notes
7.75%, 12/01/30	A2		115		131,987
Washington Mutual, Inc., Notes
4.00%, 01/15/09	A3		185		182,526
6.875%, 06/15/11	A3		250		279,994

					5,248,471

Insurance — 0.1%
Loews Corp., Notes
5.25%, 03/15/16	Baa1		125		117,873
Zurich Reinsurance, Sr. Notes
7.125%, 10/15/23	Baa1		65		64,779

					182,652

Oil & Gas — 0.1%
Duke Energy Field Services Corp., Notes
8.125%, 08/16/30	Baa2		120		143,411


		109

Strategic Partners Capital Income Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Moody’s* *Rating*	*Par* *(000)*		*Value* *(Note 2)*

Valero Energy Corp., Notes
7.50%, 04/15/32	Baa3	$	45	$	50,730

					194,141

Paper & Forest Products — 0.1%
Weyerhaeuser Co., Notes
6.75%, 03/15/12	Baa2		95		104,305

Real Estate — 0.2%
Centex Corp., Sr. Notes
5.70%, 05/15/14	Baa2		80		79,546
Simon Property Group L.P., Notes
6.35%, 08/28/12	Baa2		300		321,803

					401,349

Restaurants — 0.1%
Yum! Brands, Inc., Sr. Notes
8.875%, 04/15/11	Ba1		75		91,551

Retail & Merchandising — 0.1%
Safeway, Inc., Notes
5.80%, 08/15/12	Baa2		140		144,054

Telecommunications — 0.5%
AT&T Corp., Sr. Notes
7.80%, 11/15/11 144A	Baa2		20		21,977
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)
8.75%, 06/15/30(l)	Baa3		250		311,426
France Telecom SA, Notes (France)
9.75%, 03/01/31(l)	Baa3		80		102,893
Koninklijke KPN NV, Sr., Unsub., (Netherlands)
8.00%, 10/01/10(l)	Baa1		35		40,991
Sprint Capital Corp., Gtd. Notes
8.75%, 03/15/32	Baa3		200		239,599
Telecom Italia Capital, Gtd. Notes (Italy)
5.25%, 11/15/13 144A(a)(l)	Baa2		110		108,653

					825,539

Transportation
FEDEX Corp., Notes
9.65%, 06/15/12	Baa2		55		70,498

Utilities — 0.8%
Columbus Southern Power Series C, Sr. Notes
5.50%, 03/01/13	A3		360		367,127
Jersey Central Power & Light Co., 1st


	*Moody’s* *Rating*	*Par* *(000)*		*Value* *(Note 2)*

Mortgage
7.98%, 02/16/23	A2	$	500	$	519,094
PPL Energy Supply LLC, Sr. Notes
6.40%, 11/01/11	Baa2		65		69,971
PSE&G Power Co., Gtd. Notes
6.95%, 06/01/12	Baa1		260		287,633
TXU Corp., Series C. Notes
6.375%, 01/01/08	Ba1		95		102,006
TXU Energy Co., Sr. Notes
7.00%, 03/15/13	Baa2		75		83,044

					1,428,875

Total Corporate Obligations
(Cost $9,405,834)					9,419,079

U.S. Government Agency Obligations — 2.9%
Federal Home Loan Mortgage Corp.
2.875%, 09/15/05			800		809,658
5.00%, 08/01/33			861		835,951

					1,645,609

Federal National Mortgage Assoc.
4.471%, 12/01/33			86		87,707
4.619%, 11/01/33			225		231,039
4.783%, 11/25/33			60		61,130
5.00%, 02/01/19			412		414,731
5.19%, 11/01/33			118		122,515
5.50%, 09/01/33			2,296		2,292,656
7.25%, 05/15/30(a)			150		179,834

					3,389,612

(Cost $5,094,303)					5,035,221

Collateralized Mortgage Obligations — 0.5%
MLCC Mortgage Investors, Inc. Series
2003-G Class A1
1.41%, 01/25/29	Aaa		196		196,026
Structured Adjustable Rate Mortgage Loan Series 2004-3AC Class A1
4.94%, 03/25/34	Aaa		488		495,225
Structured Asset Securities Corp. Series 2004-2AC Class A1
5.06%, 02/25/34	Aaa		159		158,849

(Cost $858,030)					850,100


110


	*Moody’s* *Rating*	*Par* *(000)*		*Value* *(Note 2)*

Asset Backed Securities — 0.3%
Accredited Mortgage Loan Trust Series 2003-3 Class A3
1.48%, 01/25/34	Aaa	$	185	$	185,428
Chase Funding Mortgage Loan Trust Series 2003-6 Class 2A2
1.39%, 09/25/33	Aaa		200		200,125
Vanerbilt Mortgage Finance Series 2002-B Class A4
5.84%, 02/07/26	Aaa		55		53,338

(Cost $439,816)					438,891

Sovereign Issues — 0.1%
United Mexican States
7.50%, 01/14/12	Baa2		100		109,250
7.50%, 04/08/33	Baa2		20		19,850

(Cost $128,760)					129,100

Total Long-Term Investments
(Cost $164,907,836)					171,717,775

Short-Term Investments — 22.2%
Commercial Paper — 6.4%
Atomium Funding Corp.
1.05%, 05/19/04(b)			4,403		4,399,324
Fairway Finance Corp.
1.045%, 05/13/04(b)			426		425,732
HBOS Treasury Services, PLC
1.132%, 08/11/04(b)			103		102,226
Tannehill Capital Co., LLC
1.071%, 05/18/04(b)			6,226		6,220,906

					11,148,188

Corporate Obligations — 12.9%
Merrill Lynch & Co., Inc.
1.24%, 05/03/04(b)(c)			2,223		2,222,834
1.252%, 05/03/04(b)(c)			3,221		3,221,315
1.264%, 05/03/04(b)(c)			4,815		4,815,000
Morgan Stanley
1.209%, 05/03/04(b)(c)			3,966		3,965,540
Natexis Banque NY
1.199%, 05/03/04(b)(c)			5,156		5,155,191
Societe Generale NY			2,910		2,909,467
1.239%, 05/03/04(b)(c)

					22,289,347


	*Par* *(000)*		*Value* *(Note 2)*

Time Deposit — 0.9%
Deutsche Bank AG
1.154%, 05/03/04(b)	$	1,610	$	1,610,169


	*Shares*
Non-Registered Investment Company — 1.3%
BlackRock Institutional Money Market Trust(b)(j)		2,181,054		2,181,054


Registered Investment Company — 0.7%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,223,378		1,223,378

Total Short-Term Investments
(Cost $38,452,136)				38,452,136

Total Investments — 121.6%
(Cost $203,359,972; Note 5)				210,169,911
Liabilities in Excess of Other Assets — (21.6%)				(37,299,539	)

Net Assets — 100.0%			$	172,870,372

The following abbreviation is used throughout the Schedule of Investments:

L.P.	Limited Partnership

The following annotations are used throughout the Schedule of Investments:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $35,706,151; cash collateral of $37,228,758 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(j)	Security available to institutional investors only.

(l)	US$ Denominated Foreign Bonds.


		111

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*	*Value* *(Note 2)*

Long-Term Investments — 97.8%
Common Stock — 60.5%
Airlines — 0.1%
Southwest Airlines Co.	6,247	$	89,207

Automobile Manufacturers — 1.2%
Ford Motor Co.(a)	111,435		1,711,642

Automotive Parts — 0.1%
Advance Auto Parts, Inc.*	2,082		89,838

Beverages — 1.5%
Coca-Cola Enterprises, Inc.(a)	23,239		627,453
Coors, (Adolph) Co. (Class “B” Stock)	18,669		1,226,740
PepsiAmericas, Inc.	15,619		312,849

			2,167,042

Building Materials — 0.4%
Sherwin-Williams Co. (The)	16,490		627,445

Business Services — 0.1%
Convergys Corp.*	3,881		56,352
Equifax, Inc.	5,497		134,732

			191,084

Computer Hardware — 2.0%
Dell, Inc.*	4,526		157,097
Hewlett-Packard Co.	15,268		300,780
International Business Machines Corp.	27,450		2,420,267

			2,878,144

Computer Services & Software — 2.6%
AutoDesk, Inc.	2,107		70,585
Cisco Systems, Inc.*	45,744		954,677
Computer Sciences Corp.*(a)	4,578		187,286
Microsoft Corp.	93,417		2,426,039

			3,638,587

Conglomerates — 1.3%
3M Co.(a)	657		56,817
Cendant Corp.(a)	35,346		836,993
Tyco International Ltd.(a)	32,345		887,871

			1,781,681

Construction — 1.0%
KB Home	6,379		439,704
NVR, Inc.*(a)	2,133		961,983

			1,401,687

Consumer Products & Services — 5.5%
Black & Decker Corp.	13,314		770,215
Energizer Holdings, Inc.*	7,153		309,725
Gillette Co.(a)	20,636		844,425


	*Shares*	*Value* *(Note 2)*

Hasbro, Inc.	23,787	$	449,336
Johnson & Johnson	43,197		2,333,934
Kimberly-Clark Corp.	942		61,654
Procter & Gamble Co.	12,398		1,311,089
Rent-A-Center, Inc.*	22,568		660,565
Reynolds, (R.J.) Tobacco Holdings, Inc.	16,967		1,098,953

			7,839,896

Containers & Packaging — 0.1%
Crown Holdings, Inc.*	12,313		103,922

Electronic Components & Equipment — 2.0%
Arrow Electronics, Inc.*	10,756		271,912
Avnet, Inc.*	23,070		499,235
Eastman Kodak Co.(a)	52,034		1,341,957
General Electric Co.	12,934		387,373
Sanmina-SCI Corp.*	30,369		304,297

			2,804,774

Entertainment & Leisure — 2.5%
Disney, (Walt) Co.	69,260		1,595,058
Regal Entertainment Group (Class “A” Stock)	12,818		279,304
Time Warner, Inc.*	95,972		1,614,249

			3,488,611

Exchange Traded Funds — 1.7%
iShares GS $ InvesTop Corporate Bond	22,550		2,457,950

Farming & Agriculture — 0.7%
Monsanto Co.	26,679		922,827

Financial — Bank & Trust — 3.9%
Bank of America Corp.	28,960		2,330,990
National City Corp.	43,975		1,524,613
Wachovia Corp.	37,386		1,710,410

			5,566,013

Financial Services — 3.8%
American Express Co.(a)	8,997		440,403
Citigroup, Inc.	53,945		2,594,215
Compucredit Corp.*	7,428		123,082
Fannie Mae	11,832		813,095
Goldman Sachs Group, Inc.(a)	1,652		159,418
Lehman Brothers Holdings, Inc.	3,893		285,746
MBNA Corp.	23,647		576,514
Morgan Stanley Dean Witter & Co.	3,931		202,014
New Century Financial Corp.	2,800		118,804

			5,313,291

Food — 1.3%
Archer-Daniels-Midland Co.(a)	18,424		323,525


112


	*Shares*	*Value* *(Note 2)*

Corn Products International, Inc.	1,019	$	43,308
Tyson Foods, Inc. (Class “A” Stock)(a)	76,614		1,435,746

			1,802,579

Healthcare Services — 0.1%
Humana, Inc.*	6,846		111,521
UnitedHealth Group, Inc.	360		22,133

			133,654

Insurance — 4.1%
ACE Ltd.	23,077		1,011,696
American International Group, Inc.	8,345		597,919
Berkley, (W.R.) Corp.	15,854		642,087
Fidelity National Financial, Inc.	5,145		188,307
First American Corp.	32,417		879,149
Lincoln National Corp.	17,044		764,935
Odyssey Re Holdings Corp.(a)	1,894		44,945
Principal Financial Group, Inc.	31,112		1,098,253
Progressive Corp. (The)	2,043		178,803
Protective Life Corp.	10,559		379,702

			5,785,796

Internet Services — 0.7%
Checkfree Corp.*	4,619		138,755
EarthLink, Inc.*	46,933		432,252
United Online, Inc.*	11,301		187,597
VeriSign, Inc.*	15,798		254,822

			1,013,426

Machinery & Equipment — 0.3%
Stanley Works(a)	8,293		352,535

Medical Supplies & Equipment — 2.0%
AmerisourceBergen Corp.	11,018		637,832
Amgen, Inc.*	12,706		714,967
Becton, Dickinson & Co.	22,497		1,137,223
Respironics, Inc.*	5,927		310,634

			2,800,656

Metals & Mining — 0.3%
Phelps Dodge Corp.*	6,755		444,682

Office Equipment — 0.3%
United Stationers, Inc.*	9,994		379,772

Oil & Gas — 4.1%
ChevronTexaco Corp.	20,093		1,838,509
ConocoPhillips	547		39,001
Exxon Mobil Corp.	27,963		1,189,826
Kerr-McGee Corp.	703		34,398
Marathon Oil Corp.	19,988		670,797
Schlumberger Ltd.	15,688		918,219
Sunoco, Inc.	16,826		1,058,355


	*Shares*	*Value* *(Note 2)*

Valero Energy Corp.	556	$	35,451

			5,784,556

Paper & Forest Products — 1.0%
Georgia-Pacific Corp.(a)	8,513		298,806
Louisiana-Pacific Corp.	28,647		675,783
Potlatch Corp.	12,907		488,917

			1,463,506

Pharmaceuticals — 2.4%
King Pharmaceuticals, Inc.*	34,412		593,607
Merck & Co., Inc.	2,646		124,362
Perrigo Co.	22,120		477,128
Pfizer, Inc.	62,409		2,231,746

			3,426,843

Printing & Publishing — 0.3%
McGraw-Hill Companies, Inc.	5,562		438,619

Railroads — 0.1%
Burlington Northern Santa Fe Corp.	540		17,658
Union Pacific Corp.	1,767		104,129

			121,787

Restaurants — 1.1%
McDonald’s Corp.	55,857		1,520,986

Retail & Merchandising — 3.9%
7-Eleven, Inc.*	1,917		30,864
Amazon.com, Inc.*	1,217		52,891
Barnes & Noble, Inc.*	12,138		362,562
Blockbuster, Inc. (Class “A” Stock)(a)	25,560		423,018
Claire’s Stores, Inc.	11,753		239,526
Federated Department Stores, Inc.	34,337		1,682,512
Gap, Inc.(a)	22,641		498,328
Home Depot, Inc.	990		34,838
May Department Stores Co.	19,381		596,935
RadioShack Corp.	11,902		366,106
Saks, Inc.(a)	3,944		56,794
SUPERVALU, Inc.	37,105		1,142,463

			5,486,837

Semiconductors — 1.6%
Intel Corp.	74,265		1,910,838
Texas Instruments, Inc.(a)	12,726		319,423

			2,230,261

Telecommunications — 3.3%
ALLTEL Corp.(a)	1,946		97,962
Aspect Communications Corp.*	7,341		86,844
AT&T Corp.(a)	4,787		82,097
BellSouth Corp.	31,619		816,086
Motorola, Inc.	33,541		612,123


		113

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Shares*		*Value* *(Note 2)*

Nextel Communications, Inc. (Class “A” Stock)*		40,631	$	969,456
PanAmSat Corp.*		27,654		638,254
Sprint Corp.		44,918		803,583
Verizon Communications, Inc.		13,728		518,095

				4,624,500

Transportation — 0.4%
FedEx Corp.		643		46,238
United Parcel Service, Inc. (Class “B” Stock)		7,093		497,574

				543,812

Utilities — 2.7%
CenterPoint Energy, Inc.		65,658		708,450
Edison International Co.		61,589		1,441,183
TXU Corp.(a)		47,474		1,620,761
UGI Corp.		3,183		100,265

				3,870,659

Total Common Stock
(Cost $73,010,094)				85,299,107


	Par (000)
U.S. Government Agency Obligations — 18.1%
Federal Home Loan Bank
1.875%, 06/15/06	$	1,000		986,528

Federal Home Loan Mortgage Corp.
3.375%, 04/15/09(a)		1,600		1,554,811
4.875%, 03/15/07(a)		400		420,574
5.00%, 05/15/19-08/01/33		2,245		2,222,772
5.50%, 12/01/33		663		662,746
6.00%, 06/15/34		1,500		1,529,063
6.50%, 06/01/16-06/01/31		703		736,269
7.00%, 06/01/14-08/01/29		232		247,352

				7,373,587

Federal National Mortgage Assoc.
1.49%, 07/25/17(c)		390		390,574
3.25%, 11/15/07-08/15/08		2,450		2,436,763
5.00%, 05/15/19 [TBA]		2,780		2,796,451
5.50%, 12/01/16-05/15/34		5,260		5,275,255
5.75%, 02/15/08		400		430,987
6.00%, 12/01/13-06/15/34		1,627		1,668,680
6.50%, 07/01/29-01/01/32		713		742,447
6.625%, 10/15/07(a)		450		498,200
7.00%, 05/01/11-06/01/32		1,668		1,766,430
7.50%, 07/01/29-09/01/30		138		148,140

				16,153,927


		Par (000)		*Value* *(Note 2)*

Government National Mortgage Assoc.
6.00%, 08/15/28		$	54	$	55,994
6.50%, 05/15/28-03/15/29			576		602,490
7.00%, 08/15/29-05/15/31			322		342,429
7.50%, 05/15/30			58		62,691

					1,063,604

(Cost $25,575,780)					25,577,646


	*Moody’s* *Rating*
Corporate Obligations — 10.8%
Automobile Manufacturers — 0.3%
General Motors Corp., Notes
7.20%, 01/15/11(a)	Baa1		425		452,525

Automotive Parts — 0.1%
Dana Corp., Notes
6.50%, 03/01/09	Ba3		100		105,500
Lear Corp., Gtd. Notes, Series B
8.11%, 05/15/09	Ba1		50		57,563

					163,063

Beverages — 0.1%
Miller Brewing Co., Notes
4.25%, 08/15/08 144A(cost $203,045; purchased 01/06/04)(g)	Baa1		200		200,883

Broadcasting — 0.3%
Liberty Media Corp., Sr. Notes
2.61%, 09/17/06(c)	Baa3		300		305,455
News America Holdings Co., Gtd. Notes
7.75%, 01/20/24	Baa3		100		114,753

					420,208

Cable Television — 0.6%
Comcast Cable Communications Corp., Notes
8.375%, 05/01/07	Baa3		350		397,042
Comcast Corp., Gtd. Notes
5.50%, 03/15/11	Baa3		350		359,095
Cox Communications, Inc., Notes
6.75%, 03/15/11	Baa2		100		109,410

					865,547

Chemicals — 0.2%
Crompton Corp., Sr. Notes
8.50%, 03/15/05	Ba2		250		260,653


114


	*Moody’s* *Rating*	Par (000)		*Value* *(Note 2)*

Consumer Products & Services — 0.4%
Dial Corp. (The), Sr. Notes
7.00%, 08/15/06	Baa3	$	300	$	325,861
General Electric Co., Notes
5.00%, 02/01/13	Aaa		250		249,001

					574,862

Containers & Packaging — 0.1%
Ball Corp., Gtd. Notes
7.75%, 08/01/06	Ba3		150		161,250

Diversified — 1.5%
Lehman Brothers Targeted Return Index Securities Trust Series 10-2002, Sec’d
6.829%, 01/22/02 144A(cost $1,052,041; purchased 05/23/02-08/14/02)(e)(g)	A3		1,022		1,136,989
Morgan Stanley Traded Custody Receipts Series 2002-2, Notes
7.061%, 03/01/32 144A(cost $789,735; purchased 03/15/02-08/28/02)(f)(g)	Baa1		756		870,289

					2,007,278

Entertainment & Leisure — 0.4%
Disney, (Walt) Co., Notes
5.50%, 12/29/06	Baa1		250		263,378
Park Place Entertainment, Inc., Sr. Sub. Notes
7.875%, 12/15/05	Ba2		200		213,000
Royal Caribbean Cruises, Sr. Notes
6.875%, 12/01/13	Ba2		100		100,750

					577,128

Environmental Services — 0.2%
Waste Management, Inc., Notes
7.00%, 10/15/06	Baa3		300		326,561

Financial — Bank & Trust — 0.5%
Bank of America Corp., Sr. Notes
4.375%, 12/01/10	Aa2		400		394,420
U.S. Bancorp, Sr. Notes
2.75%, 03/30/06	Aa3		300		301,317

					695,737


	*Moody’s* *Rating*	Par (000)		*Value* *(Note 2)*

Financial — Brokerage — 0.5%
Credit Suisse First Boston, Inc., Notes
1.39%, 06/19/06(c)	Aa3	$	200	$	200,906
Goldman Sachs Group, Inc., Notes
5.25%, 10/15/13	Aa3		150		147,702
Merrill Lynch & Co., Inc., Notes
2.07%, 06/12/06	Aa3		250		248,699
Morgan Stanley, Sr. Sub. Notes
4.75%, 04/01/14	A1e		150		140,414

					737,721

Financial Services – 1.9%
American General Finance, Notes
4.50%, 11/15/07	A1		200		206,163
American International Group, Inc., Notes
4.25%, 05/15/13 144A(cost $199,081; purchased 05/08/03)(g)	AAA(d)		200		187,794
Citigroup, Inc., Sub. Notes
7.25%, 10/01/10	Aa2		400		457,449
Diageo Capital PLC, Notes (United Kingdom)
3.375%, 03/20/08(l)	A2		250		246,754
Ford Motor Credit Co., Notes
7.375%, 10/28/09	A3		350		378,767
7.00%, 10/01/13	A3		150		154,529
Ford Motor Credit Co., Sr. Notes
5.80%, 01/12/09	A3		175		178,421
General Electric Capital Corp., Sr. Notes
4.25%, 12/01/10	Aaa		150		146,950
Goldman Sachs Group, Inc., Notes
6.125%, 02/15/33	Aa3		150		144,762
Morgan Stanley, Notes
4.25%, 05/15/10	Aa3		300		295,856
Wells Fargo & Co., Sub. Notes
4.95%, 10/16/13	Aa2		200		196,113

					2,593,558


		115

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Moody’s* *Rating*	Par (000)		*Value* *(Note 2)*

Food — 0.2%
Cadbury Schweppes US Finance LLC, Notes
5.125%, 10/01/13 144A(cost $199,040; purchased 10/08/03)(g)	Baa2	$	200	$	197,788
Sysco Corp., Notes
4.60%, 03/15/14 144A(cost $99,945; purchased 02/27/04)(g)	A1		100		96,653

					294,441

Insurance — 0.2%
Monumental Global Funding II, Notes
3.85%, 03/03/08 144A(cost $250,000; purchased 02/05/03)(g)	Aa3		250		251,178

Medical Supplies & Equipment — 0.3%
Beckman Coulter, Inc., Gtd. Notes
7.45%, 03/04/08	Baa3		300		334,689
Schering-Plough Corp., Notes
5.30%, 12/01/13	A3		100		100,025

					434,714

Oil & Gas — 0.6%
Anadarko Petroleum Corp., Debs.
7.95%, 04/15/29	Baa1		200		239,642
Centerpoint Energy Resources, Sr. Notes
5.95%, 01/15/14	B(d)		200		198,875
Devon Energy Corp., Sr. Notes
2.75%, 08/01/06	Baa2		200		199,042
Kinder Morgan Energy Partners, L.P., Sr. Notes
5.00%, 12/15/13	Baa1		250		240,474

					878,033

Printing & Publishing — 0.2%
Quebecor World Cap Corp., Gtd.
6.125%, 11/15/13	Baa3		250		246,439

Railroads — 0.1%
Norfolk Southern Corp., Bonds
7.80%, 05/15/27	Baa1		150		174,405


	*Moody’s* *Rating*	Par (000)		*Value* *(Note 2)*

Retail & Merchandising — 0.4%
Delhaize America, Inc., Gtd. Notes
7.375%, 04/15/06	Ba1	$	200	$	214,778
Safeway, Inc., Notes
6.15%, 03/01/06	Baa2		200		211,816
Toys “R” Us, Inc., Notes
7.375%, 10/15/18	Baa3		100		96,250

					522,844

Telecommunications — 1.0%
Ameritech Capital Funding SBC, Gtd. (Luxembourg)
6.25%, 05/18/09(l)	A1		200		214,956
AT&T Broadband Corp., Gtd. Notes
8.375%, 03/15/13	Baa3		38		45,412
AT&T Corp., Notes
6.00%, 03/15/09	Baa2		4		4,210
AT&T Wireless Services, Inc., Sr. Notes
7.875%, 03/01/11	Baa2		250		288,297
British Telecom PLC, Notes (United Kingdom)
7.00%, 05/23/07(l)	Baa1		175		191,562
France Telecom SA, Notes (France)
8.75%, 03/01/11(l)	Baa3		200		236,754
Sprint Capital Corp., Notes
8.375%, 03/15/12	Baa3		200		235,077
Verizon New England, Inc., Notes
4.75%, 10/01/13	Aa3		200		190,558

					1,406,826

Utilities — 0.7%
Dominion Resources, Inc., Notes
4.125%, 02/15/08	Baa1		250		251,604
Pacific Gas And Electric, First Mortgage Notes
6.05%, 03/01/34(a)	Baa2		50		47,443
Progress Energy, Inc., Sr. Notes	Baa2		200		223,199
7.10%, 03/01/11
Tampa Electric Co., Notes	Baa1		100		105,569
6.375%, 08/15/12
Virginia Electric & Power Co., Notes	A3		200		196,142
5.25%, 12/15/15


116


	*Moody’s* *Rating*	Par (000)		*Value* *(Note 2)*

Virginia Electric & Power Co., Sr. Notes	A3	$	200	$	211,062
5.75%, 03/31/06

					1,035,019

Total Corporate Obligations
(Cost $15,067,307)					15,280,873

U.S. Treasury Obligations — 4.9%
U.S. Treasury Bonds
8.00%, 11/15/21			1,300		1,712,954
6.25%, 08/15/23			900		1,000,337
5.375%, 02/15/31(a)			575		582,727

					3,296,018

U.S. Treasury Notes
3.00%, 02/15/08(a)			1,800		1,787,697
3.375%, 11/15/08(a)			1,050		1,044,463
2.625%, 03/15/09(a)			250		239,326
4.00%, 02/15/14(a)			500		480,469

					3,551,955

(Cost $6,953,310)					6,847,973

Asset Backed Securities — 1.8%
AQ Finance NIM Trust Series 2003-N11 Class A
7.143%, 10/25/33	BB(d)		34		34,173
Argent NIM Trust Series 2004-WN2 Class A
4.55%, 04/25/34	BBB(d)		60		60,056
Argent Securities, Inc. Series 2003-W3 Class AF3
3.991%, 09/25/30	Aaa		350		356,417
Asset Backed Funding Corp. NIM Trust Series 2003-OPT1 Class N1
6.90%, 07/26/33	BBB		27		27,482
Bayview Financial Acquisition Trust Series 1998-B Class M1
2.50%, 06/25/36 144A(cost $94,269; purchased 06/13/03)(c)(g)	Aa2		94		92,994
Bayview Financial Acquisition Trust Series 2002-DA Class M1
1.95%, 08/25/32 144A(cost $103,680; purchased 09/19/03)(g)	Aa2		103		104,123


	*Moody’s* *Rating*	Par (000)		*Value* *(Note 2)*

Chase Funding Mortgage Loan Asset-Backed Series 2001-1 Class 2M2
2.03%, 12/25/30(c)	A2	$	142	$	143,004
CIT RV Trust Series 1998-A Class A4
6.09%, 02/15/12	Aaa		30		30,317
First Franklin NIM Trust Series 2004-FF1 Class N1
4.50%, 11/25/34	BBB		98		97,902
Ford Credit Auto Owner Trust Series 2002-A Class B
4.79%, 11/15/06	Aa1		300		309,277
Household Mortgage Loan Trust Series 2002-HC1 Class M
1.74%, 05/20/32(c)	Aa2		145		145,077
Household Mortgage Loan Trust Series 2003-HC2 Class M
1.69%, 06/20/33	Aa2		150		150,937
Long Beach Mortgage Loan Trust Series 2001-2 Class M2
2.05%, 07/25/31	A2		280		278,966
Merrill Lynch Mortgage Investors, Inc Series 2003-Op1N Cl-N1
7.25%, 07/25/34	B(d)		44		43,966
Morgan Stanley ABS Capital I Series 2003-NC9N
7.60%, 07/25/33 144A(cost $27,737; purchased 10/29/03)(g)	A		28		27,977
Morgan Stanley ABS Capital I Series (d) 2004-NC2N
6.25%, 12/25/33 144A(cost $58,623; purchased 03/16/04)(g)	BBB+		58		58,572
Residential Asset Mortgage Products, Inc. Series 2001-RS2 Class MII1
1.65%, 06/25/31(c)	Aa2		150		150,651
Residential Asset Mortgage Products, Inc. Series 2003-RZ4 Class A4
4.04%, 12/25/30	Aaa		335		333,034


		117

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Moody’s* *Rating*	Par (000)		*Value* *(Note 2)*

Residential Asset Securities Corp. Series 2004-KS2 Class MI1
4.71%, 03/25/34	Aa2	$	75	$	72,459

(Cost $2,500,659)					2,517,384

Collateralized Mortgage Obligations — 0.9%
Banc of America Commercial Mortgage, Inc. Series 2004-1 Cl-Xp [IO]
0.83%, 11/10/39	Aaa		2,940		102,728
Commercial Mortgage Acceptance Corp. Series 1998-C2 Class X
1.03%, 09/15/30 [IO]	AAA		6,870		291,058
GMAC Commercial Mortgage Securities, Inc. Series 2002-C2 Class A1
4.321%, 10/15/38	Aaa		454		466,017
Master Alternative Loans Trust Series 2003-8 Class 4A1
7.00%, 12/25/33	Aaa		381		392,125
NationsLink Funding Corp. Series 1998-2 Class A1
6.001%, 08/20/30	Aaa		53		55,657

(Cost $1,286,482)					1,307,585

Municipal Bonds — 0.4%
Illinois — 0.2%
Illinois State Taxable Pension
5.10%, 06/01/33	Aa3		400		363,012

New Jersey — 0.2%
New Jersey State Turnpike Authority
4.252%, 01/01/16	Aaa		250		233,828

Total Municipal Bonds
(Cost $654,793)					596,840

Sovereign Issues — 0.4%
Canada
Province of Ontario
3.50%, 09/17/07(a)
(Cost $547,802)	Aa2		550		552,730

Total Long-term Investments
(Cost $125,596,227)					137,980,138


	*Par* *(000)*		*Value* *(Note 2)*

Short-term Investments — 22.5%
Certificate of Deposit — 0.5%
Svenska Handelsbanken
1.39%, 10/27/04(b)	$	643	$	642,662

Commercial Paper — 1.2%
Crown Point Capital Co.
1.04%, 05/10/04(b)		759		758,768
Fairway Finance Corp.
1.035%, 05/13/04(b)		896		895,632
Tannehill Capital Co., LLC
1.04%, 05/18/04(b)		9		9,178

				1,663,578

Corporate Obligations — 3.8%
Merrill Lynch & Co., Inc.
1.192%, 05/03/04(b)(c)		1,064		1,064,376
Natexis Banque NY
1.11%, 05/03/04(b)(c)		1,505		1,504,477
1.162%, 05/03/04(b)(c)		1,330		1,329,418
Swedbank NY
1.06%, 05/17/04(b)(c)		316		315,797
Westdeutsche Landesbank
1.06%, 05/10/04(b)(c)		1,120		1,119,761

				5,333,829

Time Deposit — 0.7%
Deutsche Bank AG
1.04%, 05/03/04(b)		1,045		1,045,218

U.S. Government Agency Obligation — 8.6%
Federal Home Loan Banks
0.90%, 05/03/04		12,100		12,100,000


	*Shares*
Non-Registered Investment Company — 7.7%
BlackRock Institutional Money Market Trust(b)(j)		10,879,001		10,879,001

Total Short-term Investments
(Cost $31,664,288)				31,664,288

Total Investments — 120.3%
(Cost $157,260,515; Note 5)				169,644,426
Liabilities in Excess of Other Assets(m) — (20.3%)				(28,606,482	)

Net Assets — 100.0%			$	141,037,944


118

The following abbreviations are used throughout the Schedule of Investments:

L.P.	—Limited Partnership

LLC	—Limited Liability Company

IO	—Interest Only

TBA	—Securities purchased on a forward commitment basis

The following annotations are used throughout the Schedule of Investments:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

*	Non-income producing security.

(a)	Portion of securities on loan with an aggregate market value of $18,974,823; cash collateral of $19,564,288 was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(d)	Standard & Poor's rating.

(e)

A TRAIN (Targeted Return Index Securities Trust) is a trust established pursuant to a series trust agreement. Each registered holder of certificates issued by the TRAIN is a beneficial owner of a fractional undivided interest in the TRAIN and is entitled to receive a pro rata share of interest and other amounts or property distributed. Rate shown reflects the weighted average rate of the underlying securities as of April 30, 2004.

(f)	A TRACER (Traded Custody Receipts). Rate shown reflects the weighted average rate of the underlying securities as of April 30, 2004.

(g)	Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid securities is $3,077,196. The aggregate value, $3,225,240 represents 2.29% of net assets.

(j)	Security available to institutional investors only.

(l)	US$ Denominated Foreign Bonds.

(m)	Cash of $48,000 has been segregated with the custodian to cover requirements for the following open futures contracts at April 30, 2004:


Number of Contracts	*Type*	Expiration Month	Value at Trade Date		Value at April 30, 2004		Unrealized Depreciation
Long Position:
3	S&P 500 Index	June 04	$	856,350	$	829,575	$	(26,775	)

See Notes to Financial Statements.


		119

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Long-term Investments — 94.1%
Corporate Obligations — 93.1%
Aerospace / Defense — 0.6%
Alliant Techsystems, Inc., Gtd. Notes
8.50%, 05/15/11	B2	$	625	$	690,625
GenCorp, Inc., Sr. Sub. Notes
9.50%, 08/15/13	B2		75		78,563
TransDigm, Inc., Gtd. Notes
8.375%, 07/15/11	B3		450		474,750

					1,243,938

Automotive — 2.7%
Accuride Corp., Sr. Sub. Notes, Series B
9.25%, 02/01/08	Caa1		225		233,438
Advanced Accessory System, Sr. Notes
10.75%, 06/15/11	B3		625		659,375
Arvin Industries, Inc., Sr. Notes
6.75%, 03/15/08	Ba1		600		621,000
ArvinMeritor, Inc., Notes
8.75%, 03/01/12	Ba1		225		247,500
Dana Corp., Notes
9.00%, 08/15/11	Ba3		150		177,750
Lear Corp., Gtd. Notes, Series B
8.11%, 05/15/09	Ba1		900		1,036,125
Stoneridge, Inc., Gtd. Notes
11.50%, 05/01/12	B2		675		813,375
TRW Automotive, Inc., Sr. Sub. Notes
11.00%, 02/15/13	B2		829		986,510
United Components, Inc., Sr. Sub. Notes
9.375%, 06/15/13	B3		425		459,000

					5,234,073

Building Materials — 3.5%
American Builders & Contractors Supply Co., Inc., Gtd. Notes, Series B
10.625%, 05/15/07	B3		300		307,500
Associated Materials, Inc., Gtd. Notes
9.75%, 04/15/12	B3		325		365,625


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Associated Materials, Inc., Sr. Disc. Notes, Zero Coupon (until 03/01/09)
11.25%, 03/01/14 144A	Caa1	$	750	$	487,500
Collins & Aikman Corp., Gtd. Notes
9.75%, 02/15/10	B2		350		371,000
ERICO International Corp., Sr. Sub. Notes
8.875%, 03/01/12 144A	B3		550		566,500
Euramax International PLC, Sr. Sub. Notes
8.50%, 08/15/11	B2		825		882,750
FIMEP SA, Sr. Notes (France) 10.50%, 02/15/13(l)	B1		275		321,750
MMI Products, Inc., Sr. Sub. Notes, Series B
11.25%, 04/15/07	Caa2		850		756,500
Mueller Group, Inc., Sr. Sub. Notes
10.00%, 05/01/12 144A	Caa1		425		448,375
NCI Building Systems, Inc., Sr. Sub. Notes, Series B
9.25%, 05/01/09	B2		650		680,875
Norcraft Cos. LLC, Sr. Sub. Notes
9.00%, 11/01/11 144A	B3		300		318,750
Nortek Holdings, Inc., Sr. Notes, Zero Coupon (until 11/15/07)
10.00%, 05/15/11 144A	Caa1		775		581,250
Ply Gem Industries, Inc., Sr. Sub. Notes
9.00%, 02/15/12 144A	B3		500		512,500
US Concrete, Inc., Sr. Sub. Notes
8.375%, 04/01/14 144A	B3		200		203,500

					6,804,375


120


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Chemicals — 4.3%
Compass Minerals Group, Inc., Gtd. Notes
10.00%, 08/15/11	B3	$	500	$	572,500
Compass Minerals International, Inc., Sr. Disc. Notes, Zero Coupon (until 06/01/08)
12.00%, 06/01/13	NR		1,000		775,000
Compass Minerals International, Inc., Sr. Notes, Zero Coupon (until 12/15/07)
12.75%, 12/15/12	NR		500		407,500
Equistar Chemical L.P., Gtd. Notes
10.125%, 09/01/08	B2		725		810,188
FMC Corp., Sec’d. Notes
10.25%, 11/01/09	Ba2		425		503,625
General Chemical Industrial Products, Inc., Sr. Sub. Notes
10.625%, 05/01/09 (cost $496,882; purchased 08/26/99-11/17/99)(g)(i)	NR		500		51,250
Huntsman Advanced Materials, Inc., Sec’d. Notes
11.00%, 07/15/10 144A	B2		325		365,625
Huntsman ICI Chemicals LLC, Gtd. Notes
10.125%, 07/01/09	Caa1		1,025		1,081,375
Koppers, Inc., Gtd. Notes
9.875%, 10/15/13 144A	B2		400		440,000
Lyondell Chemical Co., Gtd. Notes
9.50%, 12/15/08	B1		250		262,500
10.875%, 05/01/09	B3		1,050		1,099,874


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Lyondell Chemical Co., Sec’d. Notes
9.875%, 05/01/07	B1	$	600	$	633,000
Rhodia SA, Sr. Notes (France)
7.625%, 06/01/10 144A(l)	B3		150		139,500
8.875%, 06/01/11 144A(l)	Caa1		275		235,125
Union Carbide Corp., Debs.
6.79%, 06/01/05	B1		150		150,750
7.875%, 04/01/23	B1		75		71,813
7.50%, 06/01/25	B1		150		140,063
Union Carbide Corp., Gtd. Notes
8.75%, 08/01/22	B1		600		604,500

					8,344,188

Construction Machinery — 1.7%
AGCO Corp., Gtd. Notes
9.50%, 05/01/08	Ba3		750		826,875
Case New Holland, Inc., Sr. Notes
9.25%, 08/01/11 144A	Ba3		750		847,500
Clark Materials Handling Corp., Gtd. Notes, Series D
10.75%, 11/15/06 (cost $161,875; purchased 10/27/97-02/ 17/98)(g)(i)	NR		150		765
Columbus McKinnon Corp., Gtd. Notes
8.50%, 04/01/08	Caa1		675		624,375
Columbus Mckinnon Corp., Sec’d. Notes
10.00%, 08/01/10	B3		125		133,750
NationsRent Cos., Inc., Sec’d. Notes
9.50%, 10/15/10 144A	B2		475		510,625
United Rentals, Inc., Gtd. Notes
6.50%, 02/15/12 144A	B1		350		343,000

					3,286,890


		121

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Consumer Products — 4.4%
Alltrista Corp., Gtd. Notes
9.75%, 05/01/12	B2	$	875	$	988,750
American Achievement Corp., Sr. Sub.
8.25%, 04/01/12 144A	B3		150		153,750
American Greetings Corp., Sr. Sub. Notes
11.75%, 07/15/08	Ba2		925		1,091,499
Armkel Finance, Inc., Sr. Sub. Notes
9.50%, 08/15/09	B2		425		465,906
Chattem, Inc., Sr. Sub. Notes
7.00%, 03/01/14 144A	B2		350		346,500
Diamond Brands Operating, Corp., Gtd. Notes
10.125%, 04/15/08 (cost $50,313; purchased 4/15/98)(g)(i)	NR		50		5
Diamond Brands Operating, Inc., Debs.
12.875%, 04/15/09 (cost $36,708; purchased 5/14/98)(g)(i)	NR		50		5
ICON Health & Fitness, Inc., Gtd. Notes
11.25%, 04/01/12	B3		375		423,750
Jostens Holding Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08)
10.25%, 12/01/13 144A	Caa2		1,025		689,313
Jostens, Inc., Sr. Sub. Notes
12.75%, 05/01/10	B3		625		706,250
NBC Acquisition Corp., Sr. Disc. Notes, Zero Coupon (until 03/15/08)
11.00%, 03/15/13 144A	Caa2		450		291,375


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Nebraska Book Co., Inc., Sr. Sub. Notes
8.625%, 03/15/12 144A	Caa1	$	350	$	355,250
Playtex Products, Inc., Gtd. Notes
9.375%, 06/01/11	Caa2		775		773,063
Sealy Mattress Co., Sr. Sub. Notes
8.25%, 06/15/14 144A	Caa1		425		418,625
Simmons Co., Sr. Sub. Notes
7.875%, 01/15/14 144A	Caa1		150		150,375
Sleepmaster LLC, Gtd. Notes
11.00%, 05/15/09 (cost $227,713; purchased 06/22/00-08/30/00)(g)(i)(o)	C		250		68,438
Tempur World, Sr. Sub. Notes
10.25%, 08/15/10 144A	B2		244		279,380
True Temper Sports, Inc., Sr. Sub. Notes
8.375%, 09/15/11 144A	B3		100		103,000
United Industries Corp., Gtd. Notes, Series D
9.875%, 04/01/09	B3		950		995,125
WH Holdings Ltd., Sr. Notes
9.50%, 04/01/11 144A	B3		275		294,250

					8,594,609

Diversified Manufacturing — 1.3%
Amsted Industries, Inc., Sr. Notes
10.25%, 10/15/11 144A	B3		400		454,000
Communications & Power Industries, Sr. Sub. Notes
8.00%, 02/01/12 144A	B3		100		102,500


122


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Simonds Industries Inc., Notes
10.00%, 10/01/08 (cost $173,935; purchased 09/25/01)(g)(o)	NR	$	88	$	87,500
Thermadyne Holdings Corp., Gtd. Notes
9.25%, 02/01/14 144A	Caa1		150		154,500
Tyco International Group, Gtd. Notes (Luxembourg)
6.375%, 06/15/05(l)	Ba2		1,200		1,247,892
6.375%, 10/15/11(l)	Ba2		525		555,056

					2,601,448

Energy — 2.6%
CITGO Petroleum Corp., Sr. Notes
11.375%, 02/01/11	Ba3		725		840,999
Compton Petroleum Corp., Sr. Notes
9.90%, 05/15/09	B2		600		669,000
Continental Resources, Inc., Gtd. Notes
10.25%, 08/01/08	Caa1		550		569,938
Evergreen Resources, Inc., Sr. Sub. Notes
5.875%, 03/15/12 144A	Ba3		100		100,250
Ferrellgas Escrow LLC, Sr., Notes
6.75%, 05/01/14 144A	Ba3		325		325,813
Lone Star Technologies, Inc., Gtd. Notes
9.00%, 06/01/11	B3		150		152,250
Magnum Hunter Resources, Inc., Gtd. Notes
9.60%, 03/15/12	B2		300		333,000
Petroleum Helicopters, Inc., Gtd. Notes, Series B
9.375%, 05/01/09	B1		375		401,250


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Swift Energy Co., Sr. Sub. Notes
9.375%, 05/01/12	B3	$	675	$	756,000
Tesoro Petroleum Corp., Gtd. Notes, Series B
9.625%, 11/01/08	B3		650		715,000
Tesoro Petroleum Corp., Sec’d. Notes
8.00%, 04/15/08	Ba3		125		135,625

					4,999,125

Entertainment — 2.7%
AMC Entertainment, Inc., Sr. Sub. Notes
9.875%, 02/01/12	Caa1		750		806,250
Cinemark USA, Inc., Sr. Sub. Notes
9.00%, 02/01/13	B3		425		466,438
Cinemark, Inc., Sr. Disc. Notes, Zero Coupon (until 03/15/09)
9.75%, 03/15/14 144A	Caa1		700		437,500
Intrawest Corp., Gtd. Notes (Canada)
10.50%, 02/01/10(l)	B1		600		657,000
Six Flags, Inc., Sr. Notes
9.75%, 04/15/13	B2		525		553,875
Universal City Development Partners Ltd., Sr. Notes
11.75%, 04/01/10	B2		1,200		1,399,500
Vivendi Universal SA, Sr. Notes (France)
9.25%, 04/15/10(l)	B1		775		914,500

					5,235,063

Environmental — 1.6%
Allied Waste North America Co., Gtd. Notes, Series B
7.625%, 01/01/06	Ba3		1,100		1,166,000
8.875%, 04/01/08	Ba3		750		841,875
8.50%, 12/01/08	Ba3		225		252,000
7.875%, 01/01/09	Ba3		36		37,440


		123

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

9.25%, 09/01/12	Ba3	$	250	$	284,375
Synagro Technologies, Inc., Sr. Sub. Notes
9.50%, 04/01/09	B3		500		542,500

					3,124,190

Food & Beverage — 6.4%
Agrilink Foods, Inc., Gtd. Notes
11.875%, 11/01/08	B3		231		246,593
American Seafood Group LLC, Gtd. Notes
10.125%, 04/15/10	B3		750		903,749
B&G Foods, Inc., Gtd. Notes, Series D
9.625%, 08/01/07	B3		475		491,625
Constellation Brands, Inc., Gtd. Notes
8.00%, 02/15/08	Ba2		650		718,250
Cott Beverages, Inc., Sr. Notes
8.00%, 12/15/11	B2		525		573,563
Del Monte Corp., Sr. Sub. Notes
8.625%, 12/15/12	B2		325		361,969
Del Monte Foods Corp., Gtd. Notes, Series B
9.25%, 05/15/11	B2		875		975,624
Dole Foods Co., Inc., Gtd. Notes
7.25%, 06/15/10	B2		450		454,500
Dole Foods Co., Inc., Sr. Notes
8.625%, 05/01/09	B2		600		646,500
Eagle Family Foods, Inc., Gtd. Notes, Series B
8.75%, 01/15/08	Caa2		600		489,000
Gold Kist, Inc., Sr. Notes
10.25%, 03/15/14 144A	B2		500		527,500
Land O’ Lakes, Inc., Sr. Notes	B3		625		600,000
8.75%, 11/15/11
Michael Foods, Inc., Sr. Sub. Notes
8.00%, 11/15/13 144A	B3		350		371,875


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

National Beef Packaging Co. LLC, Sr. Notes
10.50%, 08/01/11 144A	B2	$	275	$	297,000
Pilgrim’s Pride Corp., Gtd. Notes
9.625%, 09/15/11	B1		825		897,187
Pilgrim’s Pride Corp., Sr. Sub. Notes
9.25%, 11/15/13	B2		525		561,750
Reddy Ice Group, Inc., Sr. Sub. Notes
8.875%, 08/01/11	B3		525		567,000
Smithfield Foods, Inc., Sr. Notes
8.00%, 10/15/09	Ba2		700		773,500
7.75%, 05/15/13	Ba2		575		626,750
Swift & Co., Gtd. Notes
10.125%, 10/01/09	B1		325		349,375
Swift & Co., Sr. Sub. Notes
12.50%, 01/01/10	B2		225		240,750
UAP Holding Corp., Sr. Disc. Notes, Zero Coupon (until 01/15/08)
10.75%, 07/15/12 144A	Caa2		800		636,000
United Agricultural Products, Sr. Notes
8.25%, 12/15/11 144A	B3		175		195,125

					12,505,185

Gaming — 6.9%
American Casino & Entertainment, Sec’d. Notes
7.85%, 02/01/12 144A	B2		200		208,500
Boyd Gaming Corp., Sr. Sub. Notes
8.75%, 04/15/12	B1		650		720,688
7.75%, 12/15/12	B1		250		265,000
Coast Hotels & Casinos, Inc., Gtd. Notes
9.50%, 04/01/09	B2		675		712,969


124


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Global Cash Access LLC, Sr. Sub. Notes
8.75%, 03/15/12 144A	Caa1	$	300	$	315,750
Isle of Capri Casinos, Inc., Gtd. Notes
9.00%, 03/15/12	B2		450		506,250
Isle of Capri Casinos, Inc., Sr. Sub. Notes
7.00%, 03/01/14 144A	B2		125		124,375
Majestic Star Casino LLC, Gtd. Notes
9.50%, 10/15/10	B2		325		338,813
Mandalay Resort Group, Sr. Notes
9.50%, 08/01/08	Ba2		50		58,875
Mandalay Resort Group, Sr. Sub. Notes
10.25%, 08/01/07	Ba3		1,325		1,546,937
MGM Grand, Inc., Gtd. Notes
8.375%, 02/01/11	Ba2		1,700		1,886,999
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
6.375%, 07/15/09	Ba3		600		618,000
8.00%, 04/01/12	Ba3		450		493,875
MTR Gaming Group, Inc., Gtd. Notes, Series B	B2		575		618,125
9.75%, 04/01/10
Park Place Entertainment Corp., Sr. Sub. Notes
7.875%, 03/15/10	Ba2		1,000		1,098,749
8.125%, 05/15/11	Ba2		700		784,875
Penn National Gaming, Inc., Gtd. Notes
8.875%, 03/15/10	B2		250		273,125
Penn National Gaming, Inc., Gtd. Notes, Series B
11.125%, 03/01/08	B2		500		561,250
River Rock Entertainment Authority, Sr. Notes
9.75%, 11/01/11 144A	B2		225		240,750


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Sun International Hotels Ltd., Gtd. Notes
8.875%, 08/15/11	B2	$	650	$	723,125
Venetian Casino / LV Sands, Gtd. Notes
11.00%, 06/15/10	B3		725		846,438
Wynn Las Vegas LLC, Sr. Notes
12.00%, 11/01/10	B3		500		597,500

					13,540,968

Healthcare — 4.5%
Alaris Medical, Inc., Sr. Sub. Notes
7.25%, 07/01/11	B2		150		156,000
AmeriPath, Inc., Gtd. Notes
10.50%, 04/01/13	Caa1		775		798,250
Ardent Health Services LLC, Sr. Sub. Notes
10.00%, 08/15/13 144A	B3		300		328,500
Concentra Operating Corp., Gtd. Notes
9.50%, 08/15/10	B3		200		223,000
Fisher Scientific International, Inc., Sr. Sub. Notes
8.00%, 09/01/13	B2		550		609,125
Hanger Orthopedic Group, Inc., Gtd. Notes
10.375%, 02/15/09	B2		300		336,750
HCA — The Healthcare Corp., Notes
6.91%, 06/15/05	Ba1		650		678,990
HCA — The Healthcare Corp., Notes
8.75%, 09/01/10	Ba1		1,450		1,668,601
Hudson Respiratory Care, Inc., Sr. Sub. Notes
9.125%, 04/15/08	Ca		300		280,500
Kinetic Concepts, Inc., Sr. Sub. Notes
7.375%, 05/15/13 144A	B3		114		121,553


		125

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Magellan Health Services, Inc., Sr. Notes, Series A
9.375%, 11/15/08	B3	$	303	$	328,531
Manor Care, Inc., Gtd. Notes
8.00%, 03/01/08	Ba1		725		808,919
Sybron Dental Specialties, Inc., Gtd. Notes
8.125%, 06/15/12	B2		375		414,375
Universal Hospital Services, Inc., Sr. Notes
10.125%, 11/01/11 144A	B3		650		699,563
Vanguard Health Systems, Inc., Gtd. Notes
9.75%, 08/01/11	B3		1,050		1,141,874
VWR International, Inc., Sr. Sub. Notes.
8.00%, 04/15/14 144A	B3		150		157,125

					8,751,656

Industrial — Other — 4.3%
Aearo Co., Sr. Sub. Notes
8.25%, 04/15/12 144A	B3		225		230,625
Brand Services, Inc., Gtd. Notes
12.00%, 10/15/12	B3		650		757,250
Briggs & Stratton Corp., Gtd. Notes
8.875%, 03/15/11	Ba1		400		478,000
Cabot Safety Acquisition Corp., Sr. Sub. Notes
12.50%, 07/15/05	B3		450		461,250
Eagle Picher Industries, Inc., Sr. Notes
9.75%, 09/01/13	B3		1,000		1,097,499
Foamex L.P., Gtd. Notes
9.875%, 06/15/07	Caa2		100		70,500
10.75%, 04/01/09	B3		375		354,375
Greif Brothers Corp., Gtd. Notes
8.875%, 08/01/12	B2		400		442,000


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Hines Nurseries, Inc., Gtd. Notes
10.25%, 10/01/11	B3	$	425	$	467,500
Interline Brands, Inc., Sr. Sub. Notes
11.50%, 05/15/11	Caa1		675		735,750
Neenah Corp., Sec’d. Notes
11.00%, 09/30/10 144A	B2		675		732,375
Neenah Corp., Sr. Sub. Notes
13.00%, 09/30/13 144A	Caa1		479		487,101
Norcross Safety Products, Sr. Sub. Notes
9.875%, 08/15/11	B3		375		408,750
Rexnord Corp., Gtd. Notes
10.125%, 12/15/12	B3		675		739,125
Sensus Metering Systems, Inc., Sr. Sub. Notes
8.625%, 12/15/13 144A	Caa1		575		570,688
Superior Essex Communications LLC, Sr. Notes
9.00%, 04/15/12 144A	B3		350		341,250

					8,374,038

Lodging — 2.6%
Courtyard by Marriott II Ltd., Sr. Notes, Series B
10.75%, 02/01/08	B2		450		454,500
Florida Panthers Holdings, Inc., Gtd. Notes
9.875%, 04/15/09	B2		800		846,000
Hilton Hotels Corp., Notes
7.625%, 05/15/08	Ba1		700		788,375
8.25%, 02/15/11	Ba1		175		203,875
7.625%, 12/01/12	Ba1		300		338,250
HMH Properties, Inc., Gtd. Notes, Series B
7.875%, 08/01/08	Ba3		221		229,288


126


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Royal Caribbean Cruises Ltd., Sr. Notes
8.00%, 05/15/10	Ba2	$	550	$	610,500
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes
7.375%, 05/01/07	Ba1		1,350		1,454,624
Starwood Hotels & Resorts Worldwide, Inc., Notes
6.75%, 11/15/05	Ba1		175		184,188

					5,109,600

Media — Cable — 2.1%
Cablevision Systems Corp., Sr. Notes
8.00%, 04/15/12 144A	B3		300		303,000
Charter Communications Holdings LLC, Sr. Notes
10.25%, 09/15/10 144A	Caa1		825		861,094
9.92%, 04/01/11	CA		1,000		840,000
10.00%, 05/15/11	Ca		450		378,000
CSC Holdings, Inc., Sr. Notes
7.875%, 12/15/07	B1		1,325		1,421,062
8.125%, 07/15/09	B1		150		160,875
NTL Cable PLC, Sr. Notes
8.75%, 04/15/14 144A	B3		125		130,625

					4,094,656

Media — Non Cable — 9.2%
Advanstar Communications, Inc., Gtd. Notes
12.00%, 02/15/11	Caa2		975		1,045,688
Advanstar Communications, Inc., Sec’d. Notes
10.75%, 08/15/10	B3		75		82,875
Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05)
15.00%, 10/15/11	NR		325		265,688


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Affinity Group Inc., Sr. Sub. Notes
9.00%, 02/15/12 144A	B3	$	350	$	374,500
American Media Operations, Inc., Gtd. Notes
8.875%, 01/15/11	B2		75		75,375
American Media Operations, Inc., Gtd. Notes, Series B
10.25%, 05/01/09	B2		700		738,500
Block Communications, Inc., Gtd. Notes
9.25%, 04/15/09	B2		375		397,500
Dex Media East LLC, Gtd. Notes
12.125%, 11/15/12	Caa1		1,300		1,514,499
Dex Media West, Sr. Sub. Notes
9.875%, 08/15/13 144A	Caa1		950		1,035,500
Dex Media, Inc., Disc. Notes, Zero Coupon (until 11/15/08)
9.00%, 11/15/13 144A	Caa2		425		261,375
Dex Media, Inc., Notes
8.00%, 11/15/13 144A	Caa2		225		218,250
DIRECTV Holdings LLC, Sr. Notes
8.375%, 03/15/13	B1		1,000		1,135,000
Echostar DBS Corp., Sr. Notes
10.375%, 10/01/07	Ba3		200		217,000
5.75%, 10/01/08 144A	Ba3		600		604,500
Houghton Mifflin Co., Sr. Disc. Notes, Zero Coupon (until 10/15/08)
11.50%, 10/15/13 144A	Caa1		350		169,750
Inmarsat Finance PLC, Gtd. Notes
7.625%, 06/30/12 144A	B2		100		102,000


		127

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Lamar Media Corp., Gtd. Notes
7.25%, 01/01/13	Ba3	$	600	$	649,500
Lodgenet Entertainment, Sr. Sub. Notes
9.50%, 06/15/13	B3		550		607,750
Muzak LLC, Sr. Notes
10.00%, 02/15/09	B3		325		336,375
PanAmSat Corp., Gtd. Notes
8.50%, 02/01/12	Ba3		1,150		1,305,249
Quebecor Media, Inc., Sr. Disc. Notes, Zero Coupon (until 07/15/06)
13.75%, 07/15/11	B2		425		393,125
Quebecor Media, Inc., Sr. Notes
11.125%, 07/15/11	B2		625		721,875
R.H. Donnelley Fiance Corp., Gtd. Notes
10.875%, 12/15/12 144A	B2		725		866,375
Reader’s Digest Assoc., Inc., Sr. Notes
6.50%, 03/01/11 144A	Ba3		125		126,875
Sinclair Broadcast Group, Inc., Gtd. Notes
8.75%, 12/15/11	B2		500		550,000
8.00%, 03/15/12	B2		525		563,063
Sun Media Corp., Gtd. Notes
7.625%, 02/15/13	Ba3		250		272,500
Vertis, Inc., Gtd. Notes, Series B
10.875%, 06/15/09	B3		1,250		1,324,999
Vertis, Inc., Sec’d. Notes
9.75%, 04/01/09	B2		200		218,500
XM Satellite Radio, Inc., Sec’d. Notes
12.00%, 06/15/10	Caa1		346		401,793
XM Satellite Radio, Inc., Sec’d. Notes, Zero Coupon (until 12/31/05)
14.00%, 12/31/09	Caa1		588		564,192


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Yell Finance BV, Sr. Disc. Notes, Zero Coupon (until 08/01/06) (Netherlands)
13.50%, 08/01/11(l)	B1	$	592	$	563,880
Yell Finance BV, Sr. Notes (Netherlands)
10.75%, 08/01/11(l)	B1		309		363,075
Ziff Davis Media, Inc., Gtd. Notes, Series B
12.00%, 08/12/09	NR		92		85,694

					18,152,820

Metals & Mining — 1.2%
California Steel Industries, Inc., Sr. Sub. Notes
6.125%, 03/15/14 144A	Ba3		150		149,250
Commonwealth Industries, Inc., Sr. Sub. Notes
10.75%, 10/01/06	B3		200		202,000
Imco Recycling, Inc., Sec’d. Notes
10.375%, 10/15/10 144A	B3		500		540,000
Ispat Inland ULC, Sec’d. Notes (Canada)
9.75%, 04/01/14 144A(l)	Caa1		350		366,625
Republic Technologies International, Inc., Gtd. Notes
13.75%, 07/15/09 (cost $184,868; purchased 08/06/99)(g)(i)	NR		400		6,000
Ryerson Tull, Inc., Notes
9.125%, 07/15/06	B1		550		566,500
United States Steel Corp., Sr. Notes
9.75%, 05/15/10	B1		484		559,020

					2,389,395


128


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Packaging — 2.7%
Graham Packaging Co., Gtd. Notes
4.795%, 01/15/08(c)	Caa1	$	600	$	555,000
8.75%, 01/15/08	Caa1		525		535,500
Huntsman Packaging Corp., Gtd. Notes
13.00%, 06/01/10	Caa2		575		526,125
Owens-Brockway Glass Container, Inc., Gtd. Notes
8.875%, 02/15/09	B2		750		815,625
7.75%, 05/15/11	B2		450		471,375
8.25%, 05/15/13	B3		375		389,063
Owens-Illinois, Inc., Sr. Notes
8.10%, 05/15/07	Caa1		625		640,625
7.35%, 05/15/08	Caa1		325		320,125
Plastipak Holdings, Inc., Gtd. Notes
10.75%, 09/01/11	B3		425		461,125
Pliant Corp., Sec’d. Notes
11.125%, 09/01/09	B3		150		162,375
Pliant Corp., Sr. Sub. Notes
13.00%, 06/01/10	Caa2		400		366,000
Russell Stanley Holdings, Inc. Sr. Sub.
9.00%, 11/30/08 [PIK] 144A (cost $162,127; purchased 12/02/02-12/16/03)(g)	NR		49		0

					5,242,938

Paper — 3.3%
Boise Cascade Co., Sr. Notes
6.50%, 11/01/10	Ba2		100		105,000
7.00%, 11/01/13	Ba2		125		131,563
Georgia-Pacific Corp., Gtd. Notes
9.375%, 02/01/13	Ba2		800		933,999
Georgia-Pacific Corp., Notes
7.50%, 05/15/06	Ba3		1,250		1,340,624
8.125%, 05/15/11	Ba3		525		594,563


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Graham Packaging International Corp., Sr. Sub. Notes
9.50%, 08/15/13	B3	$	100	$	112,500
Jefferson Smurfit Corp., Gtd. Notes
8.25%, 10/01/12	B2		525		565,688
7.50%, 06/01/13	B2		250		258,750
MDP Acquisitions PLC, Sub. Notes (Ireland)
15.50%, 10/01/13 [PIK](l)	Caa1		453		532,530
MDP Acquistions PLC, Sr. Notes (Ireland)
9.625%, 10/01/12(l)	B3		600		672,000
Riverside Forest Products Ltd., Sr. Notes
7.875%, 03/01/14 144A	B2		275		287,375
Stone Container Corp., Sr. Notes
9.75%, 02/01/11	B2		500		552,500
Tembec Industries, Inc., Gtd. Notes
8.50%, 02/01/11(l)	Ba3		450		459,000

					6,546,092

Restaurants — 0.4%
Advantica Restaurant Group, Inc., Sr. Notes
11.25%, 01/15/08	Ca		350		334,250
Buffets, Inc., Sr. Sub. Notes
11.25%, 07/15/10	B3		275		303,188
Dominos, Inc., Sr. Sub. Notes
8.25%, 07/01/11	B3		225		243,000

					880,438

Retailers — 3.8%
Buhrmann U.S., Inc., Gtd. Notes
12.25%, 11/01/09	B2		1,100		1,210,000
Couche-Tard Corp., Sr. Sub. Notes
7.50%, 12/15/13	Ba3		475		501,125
FTD, Inc., Gtd. Notes
7.75%, 02/15/14 144A	B3		125		125,000


		129

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

General Nutrition Center, Sr. Sub. Notes
8.50%, 12/01/10 144A	B3	$	200	$	211,250
Michaels Stores, Inc., Sr. Notes
9.25%, 07/01/09	Ba1		400		443,000
Mothers Work, Inc., Gtd. Notes
11.25%, 08/01/10	B3		300		313,500
PCA International, Inc., Sr. Notes
11.875%, 08/01/09	B3		800		888,000
Penney, (J.C.) Co., Inc., Notes
7.60%, 04/01/07	Ba3		300		330,750
9.00%, 08/01/12	Ba3		1,055		1,289,737
Petro Stopping Centers, Sec’d. Notes
9.00%, 02/15/12 144A	B3		150		157,500
Rite Aid Corp., Sec’d. Notes
8.125%, 05/01/10	B2		950		1,030,750
6.875%, 08/15/13	Caa1		475		450,063
United Auto Group, Inc., Gtd. Notes
9.625%, 03/15/12	B3		500		560,000

					7,510,675

Services — 0.8%
Brickman Group Ltd., Gtd. Notes, Series B
11.75%, 12/15/09	B2		625		726,563
CBRE Escrow, Inc., Sr. Notes
9.75%, 05/15/10	B1		175		195,125
SITEL Corp., Gtd. Notes
9.25%, 03/15/06	Caa2		550		552,750

					1,474,438

Technology — 2.9%
Activant Solutions, Sr. Notes
10.50%, 06/15/11	B2		500		517,500
AMI Semiconductor, Inc., Gtd. Notes
10.75%, 02/01/13	B3		325		382,688


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Danka Business Systems, Sr. Notes (Luxembourg)
11.00%, 06/15/10(l)	B2	$	450	$	461,250
Ingram Micro, Inc., Sr. Sub. Notes
9.875%, 08/15/08	Ba2		750		840,000
Seagate Technology HDD Holdings, Gtd. Notes
8.00%, 05/15/09	Ba2		400		434,000
Telex Communications, Inc., Sec’d. Notes
11.50%, 10/15/08 144A	B3		175		188,125
Unisys Corp., Sr. Notes
6.875%, 03/15/10	Ba1		425		452,625
Xerox Capital PLC, Gtd. Notes (United Kingdom)
5.875%, 05/15/04(l)	B1		275		276,375
Xerox Corp., Gtd. Notes
9.75%, 01/15/09	B1		1,250		1,425,000
Xerox Corp., Sr. Notes
7.625%, 06/15/13	B1		650		666,250

					5,643,813

Textile — 1.8%
GFSI, Inc., Sr. Sub. Notes, Series B
9.625%, 03/01/07	B3		675		651,375
Levi Strauss & Co., Sr. Notes
11.625%, 01/15/08	Ca		225		205,875
12.25%, 12/15/12	Ca		300		270,000
Phillips Van Heusen Corp., Sr. Notes
8.125%, 05/01/13	B2		475		501,125
Russell Corp., Gtd. Notes
9.25%, 05/01/10	B1		275		290,813
Warnaco Group, Inc., Sr. Notes
8.875%, 06/15/13	B2		1,025		1,109,562
William Carter Co., Gtd. Notes
10.875%, 08/15/11	B3		375		431,250

					3,460,000


130


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Tobacco — 0.7%
Commonwealth Brands, Inc., Sec’d. Notes
10.625%, 09/01/08 144A	B3	$	600	$	651,000
Dimon, Inc., Gtd. Notes
9.625%, 10/15/11	Ba3		325		351,406
Dimon, Inc., Sr. Notes
7.75%, 06/01/13	Ba3		250		247,500
Standard Commercial Corp., Sr. Notes
8.00%, 04/15/12 144A	Ba3		175		181,125

					1,431,031

Transportation — 0.8%
Allied Holdings, Inc., Gtd. Notes, Series B
8.625%, 10/01/07	Caa1		425		412,250
Holt Group, Inc., Gtd. Notes
9.75%, 01/15/06 (cost $103,000; purchased 02/09/98)(g)(i)	C		100		375
Stena AB, Sr. Notes (Sweden)
9.625%, 12/01/12(l)	Ba3		575		654,063
7.50%, 11/01/13 144A(l)	Ba3		450		474,750

					1,541,438

Utility — Electric — 3.4%
Caithness Coso Funding Corp., Sec’d. Notes
9.05%, 12/15/09	Ba2		757		844,072
Calpine Canada Energy Finance Corp., Gtd. Notes (Canada)
8.50%, 05/01/08(l)	Caa1		275		194,563
Calpine Corp., Sr. Notes
8.50%, 02/15/11	Caa1		825		581,625
CMS Energy Corp., Sr. Notes
8.90%, 07/15/08	B3		1,125		1,198,125


	Moody’s Rating	*Par* *(000)*		*Value* *(Note 2)*

Illinois Power Co., First Mortgage Notes
11.50%, 12/15/10	B1	$	900	$	1,080,000
Nevada Power Co., General Mortgage Notes
6.50%, 04/15/12 144A	Ba2		50		49,986
NRG Energy, Inc., Sec’d. Notes
8.00%, 12/15/13 144A	B2		525		534,188
PSEG Energy Holdings, Sr. Notes
10.00%, 10/01/09	Ba3		1,100		1,278,749
Reliant Resource, Inc., Sec’d. Notes
9.25%, 07/15/10	B1		375		405,000
9.50%, 07/15/13	B1		525		574,875

					6,741,183

Utility — Natural Gas — 3.7%
ANR Pipeline, Inc., Notes
8.875%, 03/15/10	B1		150		167,250
El Paso Corp., Sr. Notes
6.75%, 05/15/09	Caa1		825		738,375
8.05%, 10/15/30	Caa1		350		281,750
7.80%, 08/01/31	Caa1		2,025		1,604,812
El Paso Production Holding Co., Gtd. Notes
7.75%, 06/01/13	B3		775		740,125
Semco Energy, Inc., Sr. Notes
7.125%, 05/15/08	Ba2		375		391,875
Tennessee Gas Pipeline Co., Bonds
8.375%, 06/15/32	B1		350		360,063
Tennessee Gas Pipeline, Debs.
7.50%, 04/01/17	B1		250		255,000
Transcontinental Gas Pipe Corp., Notes, Series B
7.00%, 08/15/11	B1		150		159,750


		131

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Transcontinental Gas Pipe Corp., Sr. Notes, Series B
8.875%, 07/15/12 Series B	B1	$	475	$	553,375
Williams Cos., Inc., Notes
7.625%, 07/15/19	B3		800		782,000
7.875%, 09/01/21	B3		650		637,000
Williams Cos., Inc., Sr. Notes
8.625%, 06/01/10	B3		500		551,250

					7,222,625

Wireless Communications — 2.8%
Alaska Communications Systems Holdings, Inc., Gtd. Notes
9.375%, 05/15/09	B3		375		373,125
9.875%, 08/15/11	B2		375		387,188
American Cellular Corp., Sr. Notes, Series B
10.00%, 08/01/11	B3		725		708,688
Nextel Communications, Inc., Sr. Notes
9.375%, 11/15/09	B2		1,150		1,250,624
7.375%, 08/01/15	B2		875		918,749
Nextel Partners, Inc., Sr. Notes
12.50%, 11/15/09	Caa1		51		60,308
11.00%, 03/15/10	Caa1		375		425,625
11.00%, 03/15/10	Caa1		175		198,625
8.125%, 07/01/11	Caa1		200		211,000
Rogers Wireless, Inc., Sr. Sec’d. Notes
6.375%, 03/01/14 144A	Ba3		525		507,938
Triton PCS, Inc., Gtd. Notes
8.50%, 06/01/13	B2		500		522,500

					5,564,370

Wireline Communications — 3.4%
Cincinnati Bell, Inc., Gtd. Notes
7.25%, 07/15/13	B2		700		677,250
Cincinnati Bell, Inc., Sr. Sub. Notes
8.375%, 01/15/14	B3		525		500,063
Eircom Funding, Sr. Sub. Notes (Ireland)
8.25%, 08/15/13(l)	B1		375		406,875


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Primus Telecommunications Holding, Inc., Sr. Notes
8.00%, 01/15/14 144A	B3	$	300	$	283,500
Qwest Communications International, Inc., Notes
13.50%, 12/15/10 144A	Caa1		2,350		2,726,000
9.125%, 03/15/12 144A	Ba3		1,925		2,088,625

					6,682,313

Total Corporate Obligations
(Cost $170,822,574)					182,327,571


		*Shares*
Preferred Stock — 0.8%
Healthcare
River Holding Corp., Series B, 11.50% [PIK]*(cost $65,072; purchased 10/26/98-04/15/04)(g)			975		29,484

Media — Non Cable — 0.5%
Primedia, Inc., Series D, 10.00%			3,800		353,400
Primedia, Inc., Series F, 9.20%			6,750		619,312
Ziff Davis Media, Inc., Series E, 10.00%*			24		1,206

					973,918

Retailers — 0.3%
General Nutrition Center Holding Co., 12.00%*144A			575		593,688

Wireline Communications
McLeodUSA, Inc., Series A, 2.50% [CVT]*			7,219		32,486

Total Preferred Stock
(Cost $3,152,709)					1,629,576

Common Stock — 0.1%
Diversified Manufacturing
Simonds Industries, Inc.*(cost $194,838; purchased 09/25/01)(g)(o)			5,793		145,346


132


	*Shares*	*Value* *(Note 2)*

Media — Cable — 0.1%
NTL, Inc.*	1,776	$	100,824

Packaging
Russell Stanley Holdings, Inc.*(cost $80,450; purchased 02/05/99)(g)(o)	6,000		0

Wireline Communications
Viatel Holding Ltd. (United Kingdom)*	5,535		7,057

Total Common Stock
(Cost $1,810,152)			253,227

Warrants — 0.1%
Entertainment
AMF Bowling Worldwide, Inc., Series B, expiring 03/09/09*	1,499		525

Industrial — Other — 0.1%
ACP Holding Corp., expiring 10/07/13*	77,911		99,336

Media — Non Cable
Advanstar Holdings Corp., expiring 10/15/11*	225		2
XM Satellite Radio, Inc., expiring 03/15/10*	450		16,875
Ziff Davis Media, Inc., expiring 08/12/12*(cost $44, purchased 07/18/00)(g)	4,400		2,640

			19,517

Packaging
Pliant Corp., expiring 06/01/10*	475		5

Paper
MDP Acquisitions PLC, expiring 10/01/13 (Ireland)*144A(cost $0; purchased 04/30/03)(g)	275		1,513

Wireline Communications
McLeodUSA, Inc., expiring 04/16/07*	15,998		4,639

Total Warrants
(Cost $358,632)			125,535

Total Long-term Investments
(Cost $176,144,067)			184,335,909


	*Shares*	*Value* *(Note 2)*

Short-Term Investments — 4.3%
Registered Investment Companies
BlackRock Provident Institutional Funds	4,213,811	$	4,213,811
TempCash Portfolio(j)
BlackRock Provident Institutional Funds	4,213,810		4,213,810
TempFund Portfolio(j)

(Cost $8,427,621)			8,427,621

Total Investments — 98.4%
(Cost $184,571,688; Note 5)			192,763,530
Other Assets in Excess of Liabilities — 1.6%			3,070,281

Net Assets — 100.0%		$	195,833,811

The following abbreviations are used throughout the Schedule of Investments:


CVT		—Convertible Security
L.P.		—LimitedPartnership
NR		—Not Rated by Moody’s or Standard & Poor’s
PIK		—Payment-in-kind

The following annotations are used throughout the Schedule of Investments:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

*	Non-income producing security.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(g)	Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid securities is $1,937,825. The aggregate value, $393,321 represents 0.20% of net assets.

(i)	Represents issuer in default on interest payments, Non-income producing security.

(j)	Security available to institutional investors only.

(l)	US$ Denominated Foreign Bonds.

(o)	Indicates a fair valued security.

See Notes to Financial Statements.


		133

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Par (000)		*Value* *(Note 2)*

Long-Term Investments — 59.0%
U.S. Government Agency Obligations — 34.2%
Federal Home Loan Mortgage Corp.
5.00%, 09/15/16-11/01/18	$	2,270	$	2,292,676
5.50%, 03/15/15		82		83,125
6.00%, 02/01/16-01/01/34		6,581		6,750,199
6.50%, 08/01/32		1,032		1,075,013
6.50%, 12/15/23		293		309,974
7.00%, 02/15/27		1,843		1,949,364
7.50%, 07/15/30		1,355		1,417,530
7.832%, 07/01/30(c)		26		26,116
8.50%, 08/01/24-12/01/25		115		125,467

				14,029,464

Federal Housing Authority
6.68%, 01/01/09		525		523,728
Federal National Mortgage Assoc.
2.634%, 09/01/40(c)		1,385		1,405,877
3.995%, 05/01/36(c)		6,932		7,031,020
4.536%, 01/01/28(c)		95		96,453
5.00%, 10/01/18 [TBA]		43,098		43,340,064
5.50%, 01/01/17		2,201		2,261,685
5.50%, 03/01/18 [TBA]		34,062		34,683,008
5.937%, 11/01/11		4,385		4,677,676
6.00%, 11/01/16-04/01/17		1,350		1,409,001
6.00%, 03/01/17-03/01/33		3,666		3,821,940

				98,726,724

Government National Mortgage Assoc.
3.50%, 05/20/30(c)		753		759,279
6.75%, 10/16/40		5,616		5,675,936
6.875%, 02/15/40		4,893		5,114,010

				11,549,225

Small Business Administration
5.13%, 09/17/23 Series 2003-20I Class 1		294		294,677
6.29%, 01/01/21 Series 2001-20A Class 1		1,107		1,179,433
6.344%, 08/01/11 Series 2001-P10B Class 1		3,602		3,799,279
7.449%, 08/01/10 Series 2000-P10B Class 1		342		374,381

Total U.S. Government Agency Obligations				5,647,770

(Cost $130,097,980)				130,476,911


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Corporate Obligations — 7.3%
Airlines — 0.1%
Continental Airlines, Inc., Pass-Thru Cert., Series 991C
6.954%, 02/02/11	B2	$	531	$	451,534

Automobile Manufacturers — 1.4%
DaimlerChrysler NA Holding Corp., Gtd. Notes
1.663%, 08/02/04(c)	A3		200		200,137
1.44%, 08/16/04(c)	A3		5,000		5,001,170

					5,201,307

Business Services — 0.3%
Trinom Ltd., Sec’d. Notes
5.11%, 12/18/04 144A (cost $1,000,000; purchased 06/08/01)(c)(g)	Ba1		1,000		1,002,600

Financial — Bank & Trust — 1.0%
Bank of America Corp., Sr. Notes
1.37%, 08/26/05(c)	Aa2		4,000		4,003,848

Financial Services — 2.6%
Gemstone Investor Ltd., Gtd. Notes
7.71%, 10/31/04 144A Pemex Project Funding Master Trust, Gtd. Bonds	Caa1		900		914,625
7.375%, 12/15/14	Baa1		300		315,000
General Motors Acceptance Corp., Notes
1.93%, 05/04/04(c)	A3		6,100		6,100,000
1.83%, 05/10/04(c)	A3		1,100		1,100,050
1.499%, 07/21/04(c)	A3		200		199,978
Phoenix Quake Ltd., Notes
3.602%, 07/03/08 144A (cost $300,000; purchased 06/18/03)(c)(g)	Baa3		700		714,301


134


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Premium Asset Trust, Pass-Thru Cert., Series 2000-10
1.445%, 11/27/04 144A (cost $300,025; purchased 11/16/00)(c)(g)	A2	$	300	$	300,506
Qwest Capital Funding Corp., Gtd. Notes
7.25%, 02/15/11	Caa2		717		587,940

					10,232,400

Insurance — 0.8%
Residential Reinsurance Ltd., Sec’d. Notes
6.123%, 06/08/06 144A (cost $3,000,000; purchased 05/22/03)(c)(g)	Ba2		3,000		3,067,500

Oil & Gas — 0.6%
El Paso Corp., Sr. Notes
7.75%, 01/15/32	Caa1		2,700		2,119,500

Telecommunications — 0.5%
Sprint Capital Corp., Gtd. Notes
6.125%, 11/15/08	Baa3		1,700		1,822,130

Total Corporate Obligations
(Cost $28,072,876)					27,900,819

U.S. Treasury Obligations — 5.3%
U.S. Treasury Inflationary Bonds [TIPS]
3.00%, 07/15/12(c)			1,400		1,567,901
3.375%, 01/15/07(c)(k)			1,600		2,028,602
3.375%, 01/15/12(c)			800		931,117
3.875%, 01/15/09-04/15/29(c)			11,700		15,098,925
4.25%, 01/15/10(c)			600		764,678

Total U.S. Treasury Obligations
(Cost $19,413,753)					20,391,223

Municipal Bonds — 5.2%
California — 1.0%
California State Public Works Board Lease Revenue Bonds Series A
5.00%, 04/01/23	Aa2		2,225		2,216,812


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

California State Revenue Anticipation Notes Warrants Series A
2.00%, 06/16/04	Aaa	$	1,400	$	1,401,414
Orange County California Sanitation District Certificate Participation Notes
5.00%, 02/01/33	Aaa		300		296,370

					3,914,596

Michigan — 0.4%
Detroit Michigan Water Supply System
Revenue Bonds Series B
5.00%, 07/01/34	Aaa		1,420		1,406,794

Nevada — 1.6%
Clark County General Obligation Ltd. Bonds
(MBIA Insured)
5.00%, 06/01/32	Aaa		5,700		5,691,222

New Jersey — 0.5%
Tobacco Settlement Funding Corp. Revenue Bonds
4.375%, 06/01/19	Baa2		900		881,901
6.125%, 06/01/42	Baa2		1,200		1,032,876

					1,914,777

New York — 0.6%
New York City Transitional Financial Authority Series E
5.00%, 02/01/33	Aa2		2,500		2,473,475

Texas — 0.7%
Norwest Texas Independent School District General Obligation Unlimited Bonds
5.00%, 08/15/28	Aaa		2,465		2,454,499
University of Texas Revenue Bond Series B
5.00%, 08/15/33	Aaa		400		396,928

					2,851,427


		135

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Washington — 0.4%
Energy Northwest Washington Electric Series A
5.50%, 07/01/13	Aa1	$	800	$	884,088
5.50%, 07/01/14	Aa2		700		772,128

					1,656,216

Total Municipal Bonds
(Cost $19,906,884)					19,908,507

Collateralized Mortgage Obligations — 2.9%
Bear Stearns Trust Series 2002-8 Class 3A
6.053%, 08/25/32 [ARM](c)	Aaa		51		51,652
2002-9 Class 2A
5.291%, 10/25/32 [ARM](c)	Aaa		188		191,133
CS First Boston Mortgage Securities Corp. Series 2002-AR8 Class 2A
6.245%, 04/25/32(c)	Aaa		122		126,379
Prime Mortgage Trust Series 2004-CL1 Class 1A2
1.49%, 02/25/34	AAA(d)		829		829,146
Class 2A2
1.49%, 02/25/19	AAA(d)		245		245,266
Regal Trust IV Series 1999-1 Class A
3.311%, 09/29/31 144A (cost $3,589,362; purchased 10/26/01)(c)(g)	AAA(d)		3,566		3,296,815
Sequoia Mortgage Trust Series 8 Class 2A
1.40%, 08/20/32(c)	Aaa		1,869		1,832,822
Structured Asset Mortgage Investments, Inc. Series 2002-AR3 Class A1
1.42%, 09/19/32(c)	Aaa		914		916,014
Structured Asset Securities Corp. Series
2002-1A Class 4A
6.089%, 02/25/32(c)	Aaa		134		136,055
2002-13 Class 3A1
1.54%, 06/25/17(c)	Aaa		1,138		1,139,587
2002-14A Class 2A1
6.15%, 07/25/32	Aaa		232		238,813


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Torrens Trust Series 2000-1GA Class A
1.36%, 07/15/31 144A(c)	Aaa	$	506	$	507,630
United Mortgage Securities Corp. Series 1993-1 Class AA
4.354%, 09/25/33(c)	Aaa		413		414,800
Washington Mutual Series 2002-AR11 Class A1
5.157%, 10/25/32(c)	Aaa		929		945,925
Wells Fargo Mortgage Backed Securities Trust Series 2002-E Class 2A1
5.001%, 09/25/32(c)	Aaa		177		178,410

Total Collateralized Mortgage Obligations
(Cost $11,368,913)					11,050,447

Foreign Government Bonds — 2.4%
German Government (Germany)
5.25%, 01/04/11 (EUR)	Aaa		600		781,822
Republic of Brazil (Brazil)
2.063%, 04/15/06 [BRB](c)	B2		448		432,010
12.25%, 03/06/30	B2		500		510,000
2.125%, 04/15/09 [BRB](c)	B2		253		228,707
11.00%, 01/11/12	B2		3,670		3,743,401
Republic of Panama (Panama)	Ba1		700		710,500
8.875%, 09/30/27
9.375%, 07/23/12	Ba1		700		794,500
Republic of Peru (Peru)
9.125%, 02/21/12	Ba3		800		844,000
United Mexican States (Mexico)
6.375%, 01/16/13	Baa2		600		609,000
8.125%, 12/30/19	Baa2		100		109,000
9.875%, 02/01/10	Baa2		200		245,800

Total Foreign Government Bonds
(Cost $8,545,191)					9,008,740


136


	Moody’s Rating	Par (000)		*Value* *(Note 2)*

Asset Backed Securities — 1.7%
Ace Securities Corp. Series 2002-HE1 Class A
1.44%, 06/25/32(c)	Aaa	$	292	$	292,880
Brazos Student Loan Finance Corp. Series 1998-A Class A2
1.91%, 06/01/23(c)	Aaa		2,457		2,480,385
CDC Mortgage Capital Trust Series 2002-HE2 Class A
1.39%, 01/25/33(c)	Aaa		1,752		1,754,939
Conseco Finance Trust Series 2000-C Class A
1.47%, 12/15/29(c)	Aaa		552		552,743
Household Mortgage Loan Trust Series 2002-HC1 Class A
1.39%, 05/20/32(c)	Aaa		398		399,455
IMC Home Equity Loan Trust Series 1998-4 Class A
1.26%, 08/20/29(c)	Aaa		572		571,706
Irwin Home Equity Series 2002-1 Class 2A1
1.39%, 06/25/29(c)	Aaa		321		321,409

Total Asset Backed Securities
(Cost $6,331,248)					6,373,517

Total Long-Term Investments
(Cost $223,736,845)					225,110,164

Short-Term Investments — 44.0%
Commercial Paper — 24.8%
Altria-Philip Morris Group, Inc.
1.80%, 10/29/04(c)			600		600,000
ANZ, Inc.
1.025%, 05/20/04			3,400		3,398,271
1.035%, 06/25/04			7,600		7,587,840
Barclays Capital
1.11%, 08/25/04			10,700		10,661,399
1.11%, 08/26/04			1,000		996,362
CBA (DE) Finance Corp.
1.03%, 05/21/04			11,500		11,493,780
1.02%, 06/10/04			1,000		998,850
Danske Corp.
1.025%, 05/19/04			500		499,760


	Par (000)		*Value* *(Note 2)*

European Investment Bank
1.02%, 05/10/04	$	800	$	799,839
1.01%, 06/15/04		2,500		2,496,934
General Electric Capital Corp.
1.04%, 06/15/04		5,500		5,493,054
1.04%, 07/08/04		2,200		2,195,615
1.06%, 07/12/04		1,700		1,696,346
HBOS Treasury Services PLC
1.055%, 06/04/04		600		599,409
1.03%, 06/21/04		5,600		5,592,018
1.035%, 06/29/04		3,100		3,094,835
1.035%, 07/06/04		3,000		2,994,221
Nestle Capital Co.
1.11%, 08/25/04 (cost $597,891; purchased 04/26/04)(h)		600		597,836
Pfizer, Inc.
1.015%, 06/03/04 (cost $2,297,990; purchased 03/01/04)(h)		2,300		2,297,888
Rabobank USA Finance Corp.
1.11%, 08/23/04		200		199,291
Royal Bank of Scotland PLC
1.02%, 06/15/04		1,600		1,598,018
1.05%, 06/28/04		7,500		7,487,546
1.05%, 07/14/04		2,800		2,793,875
Svenska Handelsbank
1.075%, 07/28/04		2,400		2,393,622
UBS Finance (DE) LLC, Inc.
1.02%, 06/03/04		1,600		1,598,523
1.04%, 07/06/04		7,100		7,086,258
1.055%, 07/13/04		700		698,482
1.07%, 07/15/04		2,500		2,494,353
Westpac Capital Corp.
1.03%, 07/12/04		500		498,956
Westpac Trust
1.03%, 05/25/04		1,900		1,898,784
1.04%, 05/25/04		1,900		1,898,772

				94,740,737

U.S. Government Agency Obligations — 16.7%
Federal Home Loan Bank
1.00%, 05/28/04		3,600		3,597,375
Federal Home Loan Mortgage Corp.
1.02%, 05/04/04		5,200		5,199,850
1.025%, 05/04/04		6,500		6,499,812
1.015%, 05/11/04		10,200		10,197,661
1.00%, 05/18/04		11,500		11,495,128


		137

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	Par (000)		*Value* *(Note 2)*

Federal National Mortgage Assoc.
0.95%, 06/01/04	$	1,100	$	1,099,158
1.00%, 05/19/04		7,300		7,296,588
1.015%, 07/14/04		4,100		4,091,330
1.02%, 06/23/04		1,600		1,597,568
1.03%, 07/01/04		4,200		4,192,550
1.04%, 07/14/04		4,000		3,991,333
1.045%, 07/21/04		1,800		1,795,716
1.06%, 07/21/04		2,600		2,593,722

				63,647,791

U.S. Treasury Obligations — 2.1%
U.S. Treasury Bills
0.852%, 06/17/04(k)(n)		20		19,979
0.875%, 06/17/04(k)(n)		45		44,948
0.88%, 06/17/04(k)(n)		200		199,773
0.888%, 06/17/04(k)(n)		15		14,983
0.916%, 06/17/04(k)(n)		25		24,970
0.943%, 06/17/04(k)(n)		1,355		1,353,322
0.93%, 06/03/04(k)(n)		300		299,748
0.93%, 06/03/04(n)		130		129,891
1.025%, 05/06/04(n)		6,100		6,099,452

				8,187,066


	*Shares*
Registered Investment Companies — 0.4%
BlackRock Provident Institutional Funds
TempCash Portfolio(j)		704,955		704,955
BlackRock Provident Institutional Funds
TempFund Portfolio(j)		704,954		704,954

				1,409,909


	Number of Contracts	*Value* *(Note 2)*

Outstanding Put Options Purchased
3-Month Euro-Euribor Interest Futures, Strike Price 94.25, Expires 12/13/04*
(Cost $358)	23	$	0

Total Short-Term Investments
(Cost $167,993,038)			167,985,503

Total Investments, Before Outstanding Options Written — 103.0%
(Cost $391,729,883; Note 5)			393,095,667


	*Number of* Contracts/ Swap Notional Amount *$(000)*
Outstanding Options Written — (0.3)%
Call Options — (0.3)%
Swap 3-Month LIBOR & Fixed, Strike Price 5.20,
Expires 11/02/04*	8,000		(263,088	)
Swap 3-Month LIBOR & Fixed, Strike Price 5.50,
Expires 01/07/05*	11,600		(498,452	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.00,
Expires 10/19/04*	2,400		(169,958	)
Swap 3-Month LIBOR & Fixed, Strike Price 7.00,
Expires 10/07/04*	1,700		(3,060	)
U.S. Treasury Note Futures, Strike Price 111.50,
Expire 08/27/04*	11		(4,125	)
U.S. Treasury Note Futures, Strike Price 114,
Expire 08/27/04*	2		(844	)
U.S. Treasury Note Futures, Strike Price 115,
Expire 08/27/04*	61		(18,109	)
U.S. Treasury Note Futures, Strike Price 116,
Expire 05/21/04*	21		(329	)

			(957,965	)

Put Options
Eurodollar Futures, Strike Price 98.00, Expires 06/14/04*	135		(1,687	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.00, Expires 10/19/04*	2,400		(9,475	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.70, Expires 11/02/04*	8,000		(11,296	)


138


	*Number of* Contracts/ Swap Notional Amount *$(000)*	*Value* *(Note 2)*
Swap 3-Month LIBOR & Fixed, Strike Price 7.00, Expires 01/07/05*	13,000	$	(26,065	)
U.S. Treasury Note Futures, Strike Price 107.50, Expire 08/27/04*	17		(15,406	)
U.S. Treasury Note Futures, Strike Price 108, Expire 08/27/04*	34		(54,719	)
3-Month Euro-Euribor Interest Futures, Strike Price 97.00, Expires 12/13/04*	20		(599	)
3-Month Euro-Euribor Interest Futures, Strike Price 97.50, Expires 09/13/04*	17		(509	)

			(119,756	)

Total Written Options
(Premium Received $1,659,247)			(1,077,721	)

Total Investments, Net of Outstanding Options Written — 102.7%
(Cost $390,070,636)			392,017,946
Liabilities in Excess of Other Assets — (2.7%)			(10,344,616	)

Net Assets — 100.0%		$	381,673,330

The following abbreviations are used throughout the Schedule of Investments:


ARM		—Adjustable Rate Mortgage Security
BRB		—Brady Bond
BRC		—Brazilian Real
CLP		—Chilean Peso
EUR		—Euro Dollar
GBP		—British Pound
HKD		—Hong Kong Dollar
IDR		—Indonesian Rupiah
JPY		—Japanese Yen
KOR		—Korean Won
MXP		—Mexican Peso
PEI		—Peruvian Sol
RUB		—Russian Rouble
SGD		—Singapore Dollar
SKK		—Slovak Koruna
TBA		—Securities purchased on a forward commitment basis
TIPS		—Treasury Inflation Protection Securities
TWD		—Taiwan Dollar
ZAR		—South African Rand

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(d)	Standard & Poor’s rating.

(g)	Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid securities is $9,036,199. The aggregate value, $8,909,415 represents 2.33% of net assets.

(h)	Indicates a restricted security; the aggregate cost of the restricted securities is $2,895,881. The aggregate value, $2,895,724 is approximately 0.76% of net assets.

(j)	Security available to institutional investors only.

(k)	Securities with an aggregate market value of $2,319,068 have been segregated with the custodian to cover margin requirements for the following open futures contracts at April 30, 2004:


Number of Contracts	*Type*	Expiration Month	Value at Trade Date		Value at April 30, 2004		Unrealized Appreciation/ (Depreciation)
Long Positions:
22	U.S. Treasury 5 Year Note	June 04	$	2,459,531	$	2,418,625	$	(40,906	)
455	U.S. Treasury 10 Year Note	June 04		51,506,864		50,277,505		(1,229,359	)
53	U.S. Treasury 10 Year Note	Sep 04		5,812,642		5,781,970		(30,672	)
56	Euro Dollar	Dec 04		13,632,369		13,692,000		59,631
64	Euro Dollar	Mar 05		15,581,906		15,572,000		(9,906	)
74	Euro Dollar	June 05		17,972,831		17,920,950		(51,881	)
24	Euro Dollar	Sep 05		5,825,981		5,789,100		(36,881	)
26	Euro Dollar	Dec 05		6,288,700		6,250,075		(38,625	)
5	Euro Dollar	Mar 06		1,201,656		1,198,625		(3,031	)

							$	(1,381,630	)

Short Position:
157	Short U.S. Treasury 30 Year Bond	June 04		17,534,961		16,817,094		717,867

							$	(663,763	)

(n)	Rates shown are the effective yields at purchase date.


		139

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)

Foreign currency exchange contracts outstanding at April 30, 2004:


Settlement Month	*Type*		Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation/ (Depreciation)
05/04	Buy	BRC	259,543	$	87,300	$	88,070	$	770
06/04	Buy	BRC	300,000		100,000		101,798		1,798
07/04	Buy	BRC	121,770		40,221		41,320		1,099
05/04	Buy	CLP	60,910,000		100,000		97,261		(2,739	)
06/04	Buy	CLP	60,602,000		100,000		96,769		(3,231	)
05/04	Buy	HKD	678,932		87,300		87,098		(202	)
06/04	Buy	HKD	777,360		100,000		99,802		(198	)
07/04	Buy	HKD	654,171		84,074		83,870		(204	)
06/04	Buy	IDR	6,737,780		149,000		151,513		2,513
05/04	Buy	JPY	600,279,000		5,438,308		5,441,650		3,342
05/04	Buy	KOR	101,660,850		87,294		86,636		(658	)
06/04	Buy	KOR	118,000,000		99,993		100,560		567
07/04	Buy	KOR	97,524,000		83,430		83,110		(320	)
05/04	Buy	MXP	909,626		82,000		79,445		(2,555	)
06/04	Buy	MXP	1,121,100		100,000		97,516		(2,484	)
05/04	Buy	PEI	295,687		85,200		84,870		(330	)
06/04	Buy	PEI	347,900		100,000		99,856		(144	)
05/04	Buy	RUB	2,488,923		87,300		85,789		(1,511	)
06/04	Buy	RUB	2,854,000		100,000		98,373		(1,627	)
07/04	Buy	RUB	2,390,640		81,536		82,402		866
05/04	Buy	SGD	147,594		87,300		86,745		(555	)
06/04	Buy	SGD	170,475		100,000		100,218		218
07/04	Buy	SGD	141,820		83,682		83,411		(271	)
05/04	Buy	SKK	2,806,318		85,200		83,156		(2,044	)
06/04	Buy	SKK	3,343,000		100,000		99,059		(941	)
05/04	Buy	TWD	2,891,289		87,300		87,035		(265	)
06/04	Buy	TWD	3,321,000		100,000		99,970		(30	)
05/04	Buy	ZAR	572,408		85,200		81,786		(3,414	)
06/04	Buy	ZAR	685,850		100,000		97,315		(2,685	)

				$	8,021,638	$	8,006,403	($	15,235	)


Settlement Month	*Type*		Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation
05/04	Sell	EUR	2,438,000	$	2,924,369	$	2,922,139	$	2,230

Interest rate swap agreements outstanding at April 30, 2004:


*Description*	Expiration Month	Notional Amount (000)		Unrealized Appreciation/ (Depreciation)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR-BBA floating rate. (Cost $246,000, purchased 12/10/03)(g)(3)	06/09	$	41,000	$	(81,902	)
Receive variable rate payments on the one month LIBOR-BBA floating rate and pay fixed rate payments of 0.65%.(5)	09/04	$	800		(27,710	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (Cost $27,427 purchased 12/16/03)(g)(5)	03/07	EUR	5,100		57,589
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (Cost $12,077, purchased 12/19/03-03/22/04)(g)(4)	12/07	EUR	11,100		47,364


*Description*	Expiration Month		Notional Amount (000)	Unrealized Appreciation/ (Depreciation)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (Cost $111,236, purchased 03/10/04)(g)(2)	06/08	EUR	6,200	$	(53,548	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(4)	06/10	EUR	500		(5,718	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(7)	06/10	EUR	500		(5,989	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(1)	06/10	EUR	4,100		(21,913	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(2)	06/10	EUR	800		(4,884	)
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (Cost $(1,192) purchased 02/12/02)(g)(4)	03/17	EUR	500		8,925
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (Cost $(5,741) purchased 02/12/02-03/15/02)(g)(3)	03/17	EUR	3,900		66,058
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (Cost $9,368 purchased 03/26/02)(g)(4)	03/32	EUR	1,500		17,586
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (Cost $15,509 purchased 05/15/02-07/02/02)(g)(7)	03/32	EUR	1,300		7,851
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(7)	06/11	GBP	700		(14,745	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(1)	06/11	GBP	1,100		(24,431	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (Cost $10,880 purchased 03/14/02)(g)(7)	03/17	GBP	700		(161	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (Cost $4,459 purchased 03/15/02)(g)(4)	03/17	GBP	300		134


140


*Description*	Expiration Month		Notional Amount (000)	Unrealized Appreciation/ (Depreciation)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (Cost $16,789 purchased 02/12/02-03/15/02)(g)(3)	03/17	GBP	1,700	$	9,242
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(4)	03/32	GBP	900		6,145
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(7)	03/32	GBP	600		(758	)

				$	(20,865	)

Broker/Counterparty:

(1)	Barclays Bank PLC

(2)

Citigroup

(3)	Goldman Sachs

(4)	J.P. Morgan Chase & Co.

(5)	Merrill Lynch

(6)	Morgan Stanley

(7)	UBS — Warburg

Credit default swap agreements outstanding at April 30, 2004:


*Description*	Expiration Month	Notional Amount (000)	Unrealized Appreciation
Receive a fixed rate equal to 1.80% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/29. (Cost $0 purchased 05/30/03)(g)(6)	06/05	$100	$	1,347
Receive a fixed rate equal to 1.75% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/12. (Cost $0 purchased 05/30/03)(g)(6)	06/04	300		396

			$	1,743

Broker/Counterparty

(6)	Morgan Stanley

See Notes to Financial Statements.


		141

Strategic Partners Money Market Fund

SCHEDULE OF INVESTMENTS

APRIL 30, 2004 (Unaudited)


	*Par* *(000)*		*Value* *(Note 2)*

Commercial Paper — 61.7%
Abbey National North America LLC
1.035%, 06/30/04	$	7,000	$	6,988,328
Banco Bilbao
1.18%, 05/03/04(cost $10,999,999; purchased 04/30/04)(h)		11,000		10,999,999
Bank of Ireland
1.02%, 05/17/04 144A(cost $6,997,223; purchased 03/16/04)(h)		7,000		6,997,223
BASF AG
1.04%, 06/23/04 144A(cost $6,989,687; purchased 04/07/04)(h)		7,000		6,989,687
Bradford & Bingley PLC
1.12%, 07/08/04 144A(c)(cost $1,600,000; purchased 12/08/03)(h)		1,600		1,600,000
Danske Corp.
1.11%, 08/11/04		7,000		6,978,417
Den Norske Bank
1.06%, 05/07/04		7,000		6,999,175
Dexia Delaware LLC
1.03%, 06/08/04		7,000		6,992,790
European Investment Bank
1.00%, 05/25/04		7,000		6,995,722
General Electric Capital Corp.
1.04%, 05/26/04		7,000		6,995,349
HSBC USA, Inc.
1.03%, 05/12/04		7,000		6,998,198
Irish Life & Permanent PLC
1.07%, 06/11/04 144A(cost $6,991,886; purchased 02/09/04)(h)		7,000		6,991,886
Italy ( Republic of Italy)
1.04%, 07/29/04		7,000		6,982,407
J.P. Morgan Chase & Co.
1.05%, 05/03/04		3,600		3,600,000
KBC Financial Products International Ltd.
1.04%, 06/15/04 144A(cost $6,991,304; purchased 04/16/04)(h)		7,000		6,991,304
Natexis Banques Populaires
1.03%, 05/04/04		7,000		6,999,800


	*Par* *(000)*		*Value* *(Note 2)*

National Bank of New Zealand International Ltd.
1.18%, 05/05/04 144A(cost $8,499,442; purchased 11/05/03)(h)	$	8,500	$	8,499,442
Nationwide Building Society
1.03%, 05/27/04		7,300		7,294,938
Network Rail Finance PLC
1.05%, 06/17/04 144A(cost $6,990,813; purchased 03/03/04)(h)		7,000		6,990,813
Nordea North America, Inc.
1.07%, 07/19/04		7,000		6,983,980
Spintab Swedmortgage
1.05%, 07/21/04		3,300		3,292,396
Swedish National Housing Finance Corp.
1.03%, 06/15/04 144A(cost $4,993,849; purchased 03/18/04)(h)		5,000		4,993,849

Total Commercial Paper
(Cost $145,155,703)				145,155,703

U.S. Government Agency Obligations — 8.5%
Federal Home Loan Bank
4.875%, 05/14/04		13,000		13,014,198
Federal National Mortgage Assoc.
Zero Coupon, 05/19/04		7,000		6,996,889

(Cost $20,011,087)				20,011,087

Corporate Obligations — 6.3%
Lehman Brothers Holdings, Inc.
7.75%, 01/15/05		2,941		3,069,389
Marshall & Ilsley Corp.
5.252%, 12/15/04		2,500		2,557,503
Royal Bank of Canada NY
1.02%, 09/03/04(c)		9,000		8,998,822

Total Corporate Obligations
(Cost $14,625,714)				14,625,714

Private Placements — 6.0%
John Hancock Global Funding II
1.21%, 09/13/04 144A(c)		6,000		6,003,830
American Honda Finance Corp.
1.09%, 05/12/04 144A(c)		8,000		8,000,000

(Cost $14,003,830)				14,003,830


142


	*Par* *(000)*		*Value* *(Note 2)*

Yankee Certificates of Deposit — 5.5%
BNP Paribas NY
1.39%, 08/27/04	$	8,000	$	8,001,713
SwedBank
1.413%, 11/03/04		5,000		4,999,811

(Cost $13,001,524)				13,001,524

Euro Time Deposit — 4.7%
Caisse des Depots
1.04%, 05/03/04
(Cost $11,000,000)		11,000		11,000,000

Medium Term Note — 4.3%
Bear Stearns Co., Inc.
1.72%, 05/24/04(c)
(Cost $9,999,265)		10,000		9,999,265

Certificates of Deposit — 1.7%
Marshall & Ilsley Corp.
1.025%, 06/29/04
(Cost $3,999,968)		4,000		3,999,968

Asset Backed Securities — 0.9%
WFS Financial Owner Trust
1.129%, 08/20/04		1,769		1,768,541
Whole Auto Loan Trust
1.10%, 09/15/04		450		449,679

(Cost $2,218,220)				2,218,220

Total Investments — 99.4%
(Cost $234,015,311*)				234,015,311
Other Assets in Excess of Liabilities — 0.6%				1,506,960

Net Assets — 100.0%			$	235,522,271

*	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.

The following abbreviations are used throughout the Schedule of Investments:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at April 30, 2004.

(h)

Security is restricted as to resale and generally is sold only to institutional investors who agree that they are purchasing the paper for investment and not with a view to public distribution (does not include 144A securities — see footnote above). At the end of the current reporting period, the aggregate cost of such securities was $61,054,203. The aggregate value of $61,054,203 is approximately 25.9% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Directors.

The following is a breakdown of the money market portfolio by industry classification, as of April 30, 2004. Percentages are based on net assets.


Industry
Financial Bank & Trust		48.1%
Financial Services		18.9%
U.S. Government		8.5%
Financial—Brokerage		5.6%
Yankee Certificates of Deposits		5.5%
Time Deposits		4.7%
Chemicals		3.0%
Special Purpose Insurance		2.5%
Certificates of Deposits		1.7%
Asset Backed Securities		0.9%

		99.4%
Other assets in excess of liabilities		0.6%

		100.0%

See Notes to Financial Statements.


		143

Statements of Assets and Liabilities

APRIL 30, 2004 (Unaudited)


	ASAF INTERNATIONAL EQUITY FUND			STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND			STRATEGIC PARTNERS SMALL CAP GROWTH OPPORTUNITY FUND			STRATEGIC PARTNERS MANAGED SMALL CAP GROWTH FUND			STRATEGIC PARTNERS SMALL COMPANY FUND			STRATEGIC PARTNERS MID CAP GROWTH FUND
ASSETS:
Investments at Value (A), Including Securities on Loan (D)	$	46,465,559		$	246,637,074		$	110,774,465		$	57,180,302		$	248,404,272		$	244,133,505
Cash		370,346			4,792,973			849,607			1,586,931			666,254			124,787
Foreign Currency (B)		—			—			—			—			—			—
Receivable For:
Securities Sold		1,687,135			6,602,732			—			244			1,214,768			3,994,110
Dividends and Interest		226,481			1,180,201			16,904			11,268			131,986			16,493
Futures Variation Margin		—			—			—			—			—			—
Fund Shares Sold		71,720			307,846			77,961			82,863			280,889			160,752
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—			—			—			—			—
Unrealized Appreciation on Swap Agreements		—			—			—			—			—			—
Receivable from Investment Manager		—			—			—			—			—			—
Prepaid Expenses		22,430			113,738			20,800			41,347			26,778			37,726

Total Assets		48,843,671			259,634,564			111,739,737			58,902,955			250,724,947			248,467,373

LIABILITIES:
Payable to Custodian		—			—			—			—			—			—
Written Options Outstanding, at Value (C)		—			—			—			—			—			—
Unrealized Depreciation on Swap Agreements		—			—			—			—			—			—
Payable to Investment Manager		21,889			157,650			60,140			28,195			179,890			47,296
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			—			—			—			—
Payable from Loans		—			—			—			—			—			750,000
Payable to Broker for Collateral for Securities on Loan		—			—			3,800			7,027,574			28,222,009			65,797,950
Payable For:
Securities Purchased		326,520			1,585,954			—			—			184,113			1,767,774
Fund Shares Redeemed		212,042			1,146,071			240,189			316,583			765,606			636,697
Futures Variation Margin		—			—			—			14,750			—			—
Distribution Fees		34,510			197,510			87,388			39,152			166,101			132,081
Deferred Directors’ Fees		2,130			15,507			6,487			1,887			5,799			7,774
Accrued Expenses and Other Liabilities		43,874			291,767			122,879			58,269			143,190			207,052
Withholding Tax		2,253			104,344			—			—			—			—
Dividends and Distributions		—			—			—			—			—			—

Total Liabilities		643,218			3,498,803			520,883			7,486,410			29,666,708			69,346,624

Net Assets	$	48,200,453		$	256,135,761		$	111,218,854		$	51,416,545		$	221,058,239		$	179,120,749

Components of Net Assets
Common Stock, at $0.001 Par Value	$	7,474		$	22,990		$	10,047		$	10,053		$	15,706		$	44,243
Paid-In Capital in Excess of Par		67,386,774			374,402,192			222,087,856			83,653,959			162,285,632			161,170,110

		67,394,248			374,425,182			222,097,903			83,664,012			162,301,338			161,214,353
Undistributed Net Investment Income (Loss)		(254,823	)		(2,796,450	)		(1,122,176	)		(522,628	)		(1,143,881	)		(1,288,167	)
Accumulated Net Realized Gain (Loss) on Investments		(21,892,090	)		(166,488,948	)		(131,555,989	)		(35,886,564	)		(425,770	)		(4,552,692	)
Net Unrealized Appreciation (Depreciation) on Investments		2,953,118			50,995,977			21,799,116			4,161,725			60,326,552			23,747,255

Net Assets	$	48,200,453		$	256,135,761		$	111,218,854		$	51,416,545		$	221,058,239		$	179,120,749

(A) Investments at Cost	$	43,510,265		$	195,556,350		$	88,975,349		$	52,966,047		$	188,077,720		$	220,386,250

(B) Foreign Currency at Cost	$	—		$	—		$	—		$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—		$	—

(D) Securities on Loan at Value	$	—		$	—		$	3,336		$	6,545,230		$	26,748,467		$	63,212,139

See Notes to Financial Statements.


144


	ASAF INTERNATIONAL EQUITY FUND			STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND			STRATEGIC PARTNER SMALL CAP GROWTH OPPORTUNITY FUND			STRATEGIC PARTNERS MANAGED SMALL CAP GROWTH FUND			STRATEGIC PARTNERS SMALL COMPANY FUND			STRATEGIC PARTNERS MID-CAP GROWTH FUND
NET ASSET VALUE:
Class A: Net Assets	$	140,082		$	880,431		$	268,156		$	226,296		$	697,065		$	657,390

Shares Outstanding		21,429			77,444			23,610			43,458			48,342			160,351

Net Asset Value and Redemption Price Per Share	$	6.54		$	11.37		$	11.36		$	5.21		$	14.42		$	4.10

Maximum Sales Charge		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%

Offering Price Per Share*	$	6.92		$	12.03		$	12.02		$	5.51		$	15.26		$	4.34


Class B: Net Assets	$	22,170		$	158,526		$	55,611		$	49,133		$	116,688		$	151,087

Shares Outstanding		3,456			14,312			5,067			9,752			8,339			37,326


Net Asset Value, Offering and Redemption Price Per Share	$	6.41		$	11.08		$	10.98		$	5.04		$	13.99		$	4.05


Class C: Net Assets	$	8,207,814		$	55,509,021		$	20,279,151		$	10,965,981		$	44,363,178		$	31,914,708

Shares Outstanding		1,285,580			5,002,707			1,845,263			2,154,913			3,175,738			7,927,486

Net Asset Value, Offering and Redemption Price Per Share	$	6.38		$	11.10		$	10.99		$	5.09		$	13.97		$	4.03


Class L: Net Assets	$	17,138,949		$	55,137,553		$	26,167,084		$	13,083,857		$	48,536,023		$	47,373,097

Shares Outstanding		2,620,489			4,852,800			2,304,874			2,518,470			3,368,760			11,567,932

Net Asset Value and Redemption Price Per Share	$	6.54		$	11.36		$	11.35		$	5.20		$	14.41		$	4.10


Class M: Net Assets	$	18,221,782		$	111,362,148		$	51,606,984		$	22,754,410		$	98,107,718		$	82,587,806

Shares Outstanding		2,845,013			10,055,480			4,698,575			4,475,468			7,014,446			20,466,496

Net Asset Value and Redemption Price Per Share	$	6.40		$	11.07		$	10.98		$	5.08		$	13.99		$	4.04


Class X: Net Assets	$	4,469,656		$	33,088,082		$	12,841,868		$	4,336,868		$	29,237,567		$	16,436,661

Shares Outstanding		697,533			2,987,272			1,169,212			851,344			2,089,926			4,083,609

Net Asset Value, Offering and Redemption Price Per Share	$	6.41		$	11.08		$	10.98		$	5.09		$	13.99		$	4.03

*	On sales of $50,000 or more, the offering price of Class A shares is reduced.

See Notes to Financial Statements.


		145

Statements of Assets and Liabilities

APRIL 30, 2004 (Unaudited)


	STRATEGIC PARTNERS RELATIVE VALUE FUND			STRATEGIC PARTNERS TECHNOLOGY FUND			STRATEGIC PARTNERS HEALTH SCIENCES FUND			STRATEGIC PARTNERS MANAGED OTC FUND			STRATEGIC PARTNERS CAPITAL GROWTH FUND			STRATEGIC PARTNERS CONCENTRATED GROWTH FUND
ASSETS:
Investments at Value (A), Including Securities on Loan (D)	$	362,187,713		$	31,009,978		$	26,438,294		$	50,709,162		$	833,220,381		$	566,217,607
Cash		148			—			128,025			1,434,001			—			1,177,261
Foreign Currency (B)		—			—			18			—			—			—
Receivable For:
Securities Sold		2,437,231			—			416,767			—			17,005,659			2,189,127
Dividends and Interest		113,837			3,181			19,647			6,687			817,886			196,043
Futures Variation Margin		—			—			—			—			—			—
Fund Shares Sold		465,175			10,386			116,228			63,531			1,148,274			330,572
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—			—			—			—			—
Unrealized Appreciation on Swap Agreements		—			—			—			—			—			—
Receivable from Investment Manager		—			—			—			—			—			—
Prepaid Expenses		40,471			12,638			39,223			15,887			87,817			23,256

Total Assets		365,244,575			31,036,183			27,158,202			52,229,268			852,280,017			570,133,866

LIABILITIES:
Payable to Custodian		—			—			—			—			4,421,366			—
Written Options Outstanding, at Value (C)		—			—			—			—			—			—
Unrealized Depreciation on Swap Agreements		—			—			—			—			—			—
Payable to Investment Manager		237,801			1,641			6,011			11,713			599,178			279,037
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			—			—			—			—
Payable from Loans		—			—			—			—			—			—
Payable to Broker for Collateral for Securities on Loan		37,812,406			8,389,822			4,342,735			12,035,090			51,209,199			99,730,485
Payable For:
Securities Purchased		2,764,611			—			167,920			—			7,325,275			—
Fund Shares Redeemed		1,221,911			93,548			8,336			165,423			2,864,159			1,768,472
Futures Variation Margin		—			—			—			315,480			—			—
Distribution Fees		239,028			17,274			16,390			29,844			597,606			360,543
Deferred Directors’ Fees		8,671			824			562			889			27,318			57,971
Accrued Expenses and Other Liabilities		186,583			35,948			26,703			26,647			449,802			633,908
Withholding Tax		—			—			—			—			—			—
Dividends and Distributions		—			—			—			—			—			—

Total Liabilities		42,471,011			8,539,057			4,568,657			12,585,086			67,493,903			102,830,416

Net Assets	$	322,773,564		$	22,497,126		$	22,589,545		$	39,644,182		$	784,786,114		$	467,303,450

Components of Net Assets
Common Stock, at $0.001 Par Value	$	18,041		$	8,751		$	1,953		$	16,728		$	61,216		$	46,375
Paid-In Capital in Excess of Par		251,194,737			62,468,323			21,680,801			78,959,729			855,731,892			1,442,032,020

		251,212,778			62,477,074			21,682,754			78,976,457			855,793,108			1,442,078,395
Undistributed Net Investment Income (Loss)		(1,394,305	)		(263,551	)		(146,732	)		(415,005	)		(4,874,384	)		(3,424,700	)
Accumulated Net Realized Gain (Loss) on Investments		25,787,554			(43,053,509	)		(2,527,417	)		(42,152,781	)		(222,621,343	)		(1,018,430,263	)
Net Unrealized Appreciation (Depreciation) on Investments		47,167,537			3,337,112			3,580,940			3,235,511			156,488,733			47,080,018

Net Assets	$	322,773,564		$	22,497,126		$	22,589,545		$	39,644,182		$	784,786,114		$	467,303,450

(A) Investments at Cost	$	315,020,176		$	27,672,856		$	22,856,788		$	47,278,693		$	676,732,457		$	519,137,589

(B) Foreign Currency at Cost	$	—		$	—		$	18		$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—		$	—

(D) Securities on Loan at Value	$	35,685,311		$	7,852,649		$	4,171,158		$	11,378,760		$	49,650,199		$	94,425,575

See Notes to Financial Statements.


146


	STRATEGIC PARTNERS RELATIVE VALUE FUND			STRATEGIC PARTNERS TECHNOLOGY FUND			STRATEGIC PARTNERS HEALTH SCIENCES FUND			STRATEGIC PARTNERS MANAGED OTC FUND			STRATEGIC PARTNERS CAPITAL GROWTH FUND			STRATEGIC PARTNERS CONCENTRATED GROWTH FUND
NET ASSET VALUE:
Class A: Net Assets	$	1,171,400		$	273,023		$	251,624		$	133,102		$	1,760,019		$	874,953

Shares Outstanding		64,166			104,088			21,505			55,501			134,062			77,273

Net Asset Value and Redemption Price Per Share	$	18.26		$	2.62		$	11.70		$	2.40		$	13.13		$	11.32

Maximum Sales Charge		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%

Offering Price Per Share*	$	19.32		$	2.77		$	12.38		$	2.54		$	13.89		$	11.98


Class B: Net Assets	$	230,868		$	15,249		$	47,418		$	37,551		$	572,155		$	220,227

Shares Outstanding		12,980			5,970			4,119			15,874			44,838			22,407

Net Asset Value, Offering and Redemption Price Per Share	$	17.79		$	2.55		$	11.51		$	2.37		$	12.76		$	9.83


Class C: Net Assets	$	63,074,710		$	5,666,927		$	5,095,412		$	11,364,444		$	193,225,850		$	75,072,306

Shares Outstanding		3,547,723			2,214,617			441,631			4,817,503			15,167,081			7,667,033

Net Asset Value, Offering and Redemption Price Per Share	$	17.78		$	2.56		$	11.54		$	2.36		$	12.74		$	9.79


Class L: Net Assets	$	80,484,624		$	6,219,400		$	5,525,045		$	9,125,157		$	166,606,686		$	90,709,893

Shares Outstanding		4,410,448			2,377,680			472,300			3,812,699			12,710,765			8,017,163

Net Asset Value and Redemption Price Per Share	$	18.25		$	2.62		$	11.70		$	2.39		$	13.11		$	11.31


Class M: Net Assets	$	150,490,640		$	8,820,880		$	9,724,875		$	17,020,249		$	359,356,872		$	256,501,872

Shares Outstanding		8,465,553			3,463,154			844,629			7,196,530			28,188,235			26,123,445

Net Asset Value and Redemption Price Per Share	$	17.78		$	2.55		$	11.51		$	2.37		$	12.75		$	9.82


Class X: Net Assets	$	27,321,322		$	1,501,647		$	1,945,171		$	1,963,679		$	63,264,532		$	43,924,199

Shares Outstanding		1,540,092			585,540			168,546			830,095			4,971,192			4,467,544

Net Asset Value, Offering and Redemption Price Per Share	$	17.74		$	2.56		$	11.54		$	2.37		$	12.73		$	9.83

*	On sales of $50,000 or more, the offering price of Class A shares is reduced.

See Notes to Financial Statements.


		147

Statements of Assets and Liabilities

APRIL 30, 2004 (Unaudited)


	STRATEGIC PARTNERS MANAGED LARGE CAP GROWTH FUND			ASAF T. ROWE PRICE TAX MANAGED FUND			STRATEGIC PARTNERS CORE VALUE FUND			STRATEGIC PARTNERS MANAGED INDEX 500 FUND			STRATEGIC PARTNERS EQUITY INCOME FUND			STRATEGIC PARTNERS GROWTH WITH INCOME FUND
ASSETS:
Investments at Value (A), Including Securities on Loan (D)	$	3,429,653		$	8,508,685		$	52,929,867		$	185,363,438		$	276,822,103		$	45,208,546
Cash		10,139			—			1,727			—			—			—
Foreign Currency (B)		—			—			—			—			—			—
Receivable For:
Securities Sold		133,024			—			—			484,210			1,058,037			571,204
Dividends and Interest		3,445			11,400			53,962			148,306			269,704			43,030
Futures Variation Margin		—			—			—			—			—			—
Fund Shares Sold		3,884			40,106			90,718			285,128			264,486			42,516
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—			—			—			—			—
Unrealized Appreciation on Swap Agreements		—			—			—			—			—			—
Receivable from Investment Manager		15,979			12,704			—			—			—			—
Prepaid Expenses		26,722			41,259			44,545			51,722			37,139			18,670

Total Assets		3,622,846			8,614,154			53,120,819			186,332,804			278,451,469			45,883,966

LIABILITIES:
Payable to Custodian		—			—			—			298,194			9			—
Written Options Outstanding, at Value (C)		—			—			—			—			—			—
Unrealized Depreciation on Swap Agreements		—			—			—			—			—			—
Payable to Investment Manager		—			—			15,750			78,689			158,197			12,152
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			—			—			—			—
Payable from Loans		—			—			—			—			—			—
Payable to Broker for Collateral for Securities on Loan		1,097,700			1,825,600			8,246,776			17,430,737			11,294,769			6,119,996
Payable For:
Securities Purchased		34,827			10,181			51,567			—			2,915,777			821,877
Fund Shares Redeemed		—			400			72,921			1,952,610			939,144			31,198
Futures Variation Margin		—			—			—			—			—			—
Distribution Fees		1,763			4,798			33,355			127,712			197,816			28,921
Deferred Directors’ Fees		19			149			661			4,264			8,436			1,479
Accrued Expenses and Other Liabilities		17,999			28,942			35,157			53,340			169,450			36,046
Withholding Tax		—			—			—			—			—			—
Dividends and Distributions		—			—			—			—			—			—

Total Liabilities		1,152,308			1,870,070			8,456,187			19,945,546			15,683,598			7,051,669

Net Assets	$	2,470,538		$	6,744,084		$	44,664,632		$	166,387,258		$	262,767,871		$	38,832,297

Components of Net Assets
Common Stock, at $0.001 Par Value	$	280		$	714		$	3,823		$	19,428		$	20,861		$	4,865
Paid-In Capital in Excess of Par		2,398,951			6,458,311			39,060,341			183,575,722			281,344,236			50,666,914

		2,399,231			6,459,025			39,064,164			183,595,150			281,365,097			50,671,779
Undistributed Net Investment Income (Loss)		(14,044	)		(40,638	)		(1,912	)		(219,545	)		(287,653	)		(111,262	)
Accumulated Net Realized Gain (Loss) on Investments		99,616			(914,636	)		179,537			(29,684,582	)		(59,079,447	)		(14,887,287	)
Net Unrealized Appreciation (Depreciation) on Investments		(14,265	)		1,240,333			5,422,843			12,696,235			40,769,874			3,159,067

Net Assets	$	2,470,538		$	6,744,084		$	44,664,632		$	166,387,258		$	262,767,871		$	38,832,297

(A) Investments at Cost	$	3,443,918		$	7,268,353		$	47,507,024		$	172,667,203		$	236,052,229		$	42,051,004

(B) Foreign Currency at Cost	$	—		$	—		$	—		$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—		$	—

(D) Securities on Loan at Value	$	1,046,187		$	1,749,405		$	7,824,083		$	16,574,474		$	10,846,812		$	5,867,708

See Notes to Financial Statements.


148


	STRATEGIC PARTNERS MANAGED LARGE CAP GROWTH FUND			ASAF T. ROWE PRICE TAX MANAGED FUND			STRATEGIC PARTNERS CORE VALUE FUND			STRATEGIC PARTNERS MANAGED INDEX 500 FUND			STRATEGIC PARTNERS EQUITY INCOME FUND			STRATEGIC PARTNERS GROWTH WITH INCOME FUND
NET ASSET VALUE:
Class A: Net Assets	$	41,600		$	117,478		$	135,347		$	652,867		$	763,821		$	260,352

Shares Outstanding		4,657			12,287			11,530			74,900			59,474			32,069

Net Asset Value and Redemption Price Per Share	$	8.93		$	9.56		$	11.74		$	8.72		$	12.84		$	8.12

Maximum Sales Charge		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%

Offering Price Per Share*	$	9.45		$	10.12		$	12.42		$	9.23		$	13.59		$	8.59


Class B: Net Assets	$	2,281		$	3,056		$	35,210		$	127,942		$	220,274		$	42,616

Shares Outstanding		259			324			3,014			14,985			17,554			5,368

Net Asset Value, Offering and Redemption Price Per Share	$	8.81		$	9.43		$	11.68		$	8.54		$	12.55		$	7.94


Class C: Net Assets	$	447,012		$	2,120,733		$	11,729,833		$	35,831,519		$	52,160,569		$	6,923,053

Shares Outstanding		50,649			225,215			1,005,186			4,202,404			4,163,902			872,351

Net Asset Value, Offering and Redemption Price Per Share	$	8.83		$	9.42		$	11.67		$	8.53		$	12.53		$	7.94


Class L: Net Assets	$	481,282		$	1,490,051		$	9,570,188		$	33,459,479		$	55,617,746		$	9,072,256

Shares Outstanding		53,897			155,970			816,520			3,838,810			4,333,386			1,117,944

Net Asset Value and Redemption Price Per Share	$	8.93		$	9.55		$	11.72		$	8.72		$	12.83		$	8.12


Class M: Net Assets	$	1,123,317		$	2,746,312		$	19,721,402		$	87,643,605		$	123,039,334		$	19,676,435

Shares Outstanding		127,529			292,040			1,688,890			10,278,618			9,812,766			2,477,403

Net Asset Value and Redemption Price Per Share	$	8.81		$	9.40		$	11.68		$	8.53		$	12.54		$	7.94


Class X: Net Assets	$	375,046		$	266,454		$	3,472,652		$	8,671,846		$	30,966,127		$	2,857,585

Shares Outstanding		42,603			27,670			297,532			1,018,434			2,473,464			360,227

Net Asset Value, Offering and Redemption Price Per Share	$	8.80		$	9.63		$	11.67		$	8.51		$	12.52		$	7.93

*	On sales of $50,000 or more, the offering price of Class A shares is reduced.

See Notes to Financial Statements.


		149

Statements of Assets and Liabilities

APRIL 30, 2004 (Unaudited)


	STRATEGIC PARTNERS CAPITAL INCOME FUND			STRATEGIC PARTNERS BALANCED FUND			STRATEGIC PARTNERS HIGH YIELD BOND FUND			STRATEGIC PARTNERS BOND FUND			STRATEGIC PARTNERS MONEY MARKET FUND
ASSETS:
Investments at Value (A), Including Securities on Loan (D)	$	210,169,911		$	169,644,426		$	192,763,530		$	393,095,667		$	234,015,311
Cash		—			118,418			—			—			64,720
Foreign Currency (B)					—			—			2,683,617			—
Receivable For:
Securities Sold		367,087			10,342,367			—			10,324,319			—
Dividends and Interest		351,756			568,783			4,280,116			1,451,371			606,907
Futures Variation Margin		—			—			—			252,042			—
Fund Shares Sold		129,624			111,450			681,827			458,279			2,078,453
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—			—			13,403			—
Unrealized Appreciation on Swap Agreements		—			—			—			222,637			—
Receivable from Investment Manager		—			—			—			—			—
Prepaid Expenses		17,295			22,388			36,910			11,859			55,369

Total Assets		211,035,673			180,807,832			197,762,383			408,513,194			236,820,760

LIABILITIES:
Payable to Custodian		15			—			—			2,434,539			—
Written Options Outstanding, at Value (C)		—			—			—			1,077,721			—
Unrealized Depreciation on Swap Agreements		—			—			—			241,759			—
Payable to Investment Manager		110,213			71,272			101,062			167,921			218,999
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			—			26,408			—
Payable from Loans		—			—			—			—			—
Payable to Broker for Collateral for Securities on Loan		37,228,758			19,564,288			—			—			—
Payable For:
Securities Purchased		99,738			19,655,965			—			19,848,079			—
Fund Shares Redeemed		427,070			274,140			441,944			2,516,195			837,908
Futures Variation Margin		—			6,000			—			—			—
Distribution Fees		134,002			104,769			152,021			287,974			158,566
Deferred Directors’ Fees		12,674			5,358			4,577			22,728			28,109
Accrued Expenses and Other Liabilities		152,831			88,096			101,659			216,540			16,007
Withholding Tax		—			—			—			—			—
Dividends and Distributions		—			—			1,127,309			—			38,900

Total Liabilities		38,165,301			39,769,888			1,928,572			26,839,864			1,298,489

Net Assets	$	172,870,372		$	141,037,944		$	195,833,811		$	381,673,330		$	235,522,271

Components of Net Assets
Common Stock, at $0.001 Par Value	$	14,546		$	11,517		$	26,717		$	36,425		$	235,521
Paid-In Capital in Excess of Par		211,288,169			149,065,693			226,389,484			376,866,589			235,284,112

		211,302,715			149,077,210			226,416,201			376,903,014			235,519,633
Undistributed Net Investment Income (Loss)		(427,430	)		156,658			(707,006	)		4,807,244			—
Accumulated Net Realized Gain (Loss) on Investments		(44,814,851	)		(20,553,060	)		(38,067,226	)		(1,225,408	)		2,638
Net Unrealized Appreciation (Depreciation) on Investments		6,809,938			12,357,136			8,191,842			1,188,480			—

Net Assets	$	172,870,372		$	141,037,944		$	195,833,811		$	381,673,330		$	235,522,271

(A) Investments at Cost	$	203,359,972		$	157,260,515		$	184,571,688		$	391,729,883		$	234,015,311

(B) Foreign Currency at Cost	$	—		$	—		$	—		$	2,654,074		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	1,659,247		$	—

(D) Securities on Loan at Value	$	35,706,151		$	18,974,823		$	—		$	—		$	—

See Notes to Financial Statements.


150


	STRATEGIC PARTNERS CAPITAL INCOME FUND			STRATEGIC PARTNERS BALANCED FUND			STRATEGIC PARTNERS HIGH YIELD BOND FUND			STRATEGIC PARTNERS BOND FUND			STRATEGIC PARTNERS MONEY MARKET FUND
NET ASSET VALUE:
Class A: Net Assets	$	368,593		$	633,052		$	242,670		$	944,869		$	—

Shares Outstanding		31,049			51,553			33,089			89,322			—

Net Asset Value and Redemption Price Per Share	$	11.87		$	12.28		$	7.33		$	10.58		$	—

Maximum Sales Charge		5.50	%		5.50	%		4.50	%		4.50	%		—

Offering Price Per Share*	$	12.56		$	12.99		$	7.68		$	11.08		$	—


Class B: Net Assets	$	81,007		$	115,832		$	170,866		$	212,076		$	—

Shares Outstanding		6,811			9,468			23,329			20,275			—

Net Asset Value, Offering and Redemption Price Per Share	$	11.89		$	12.23		$	7.32		$	10.46		$	—


Class C: Net Assets	$	32,059,306		$	20,951,925		$	28,953,836		$	63,678,812		$	35,048,197

Shares Outstanding		2,696,964			1,712,539			3,946,362			6,092,134			35,049,388

Net Asset Value, Offering and Redemption Price Per Share	$	11.89		$	12.23		$	7.34		$	10.45		$	1.00


Class D: Net Assets	$	—		$	—		$	—		$	—		$	24,773,417

Shares Outstanding		—			—			—			—			24,778,791

Net Asset Value, Offering and Redemption Price Per Share	$	—		$	—		$	—		$	—		$	1.00


Class L: Net Assets	$	32,968,378		$	29,940,273		$	28,065,182		$	81,707,822		$	69,432,282

Shares Outstanding		2,778,659			2,438,950			3,825,308			7,735,590			69,426,119

Net Asset Value and Redemption Price Per Share	$	11.86		$	12.28		$	7.34		$	10.56		$	1.00


Class M: Net Assets	$	83,926,100		$	73,084,112		$	122,621,799		$	203,678,122		$	87,666,599

Shares Outstanding		7,057,578			5,970,733			16,734,689			19,483,280			87,665,490

Net Asset Value and Redemption Price Per Share	$	11.89		$	12.24		$	7.33		$	10.45		$	1.00


Class X: Net Assets	$	23,466,988		$	16,312,750		$	15,779,458		$	31,451,629		$	18,601,776

Shares Outstanding		1,975,433			1,333,668			2,154,154			3,004,536			18,601,627

Net Asset Value, Offering and Redemption Price Per Share	$	11.88		$	12.23		$	7.33		$	10.47		$	1.00

*	On sales of $50,000 or more, the offering price of Class A shares is reduced.

See Notes to Financial Statements.


		151

Statements of Operations

SIX MONTHS ENDED APRIL 30, 2004 (Unaudited)


	ASAF INTERNATIONAL EQUITY FUND			STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND			STRATEGIC PARTNERS SMALL CAP GROWTH OPPORTUNITY FUND			STRATEGIC PARTNERS MANAGED SMALL CAP GROWTH FUND
INVESTMENT INCOME:
Interest	$	2,760		$	33,089		$	337		$	2,882
Dividends		370,230			1,820,494			227,501			90,491
Income from Securities Loaned, Net		—			—			20,556			13,159
Foreign Taxes Withheld		(34,826	)		(183,799	)		(32	)		(288	)

Total Income		338,164			1,669,784			248,362			106,244

EXPENSES:
Advisory Fees		251,818			1,194,404			562,315			263,005
Distribution Fees — Class A		9			70			23			19
Distribution Fees — Class B		5			36			14			11
Distribution Fees — Class C		45,128			258,042			118,001			59,413
Distribution Fees — Class L		43,235			127,573			72,928			37,063
Distribution Fees — Class M		91,336			514,277			289,625			119,764
Distribution Fees — Class X		22,062			151,953			71,224			23,433
Transfer Agent’s Fees and Expenses		133,000			596,000			306,000			153,000
Administration and Accounting Fees		27,000			81,000			51,000			28,000
Custodian Fees and Expenses		27,000			50,000			15,000			12,000
Reports to Shareholders		13,000			57,000			32,000			12,000
Audit and Legal Fees		9,000			25,000			10,000			9,000
Directors’ Fees		5,000			8,000			5,000			5,000
Registration Fees		30,000			17,000			22,000			19,000
Interest Expense		—			1,095			—			—
Miscellaneous		4,290			16,544			9,311			6,994

Total Expenses		701,883			3,097,994			1,564,441			747,702
Less: Advisory Fee Waivers and Expense Reimbursements		(111,026	)		(164,997	)		(200,390	)		(120,569	)

Net Expenses		590,857			2,932,997			1,364,051			627,133

Net Investment Income (Loss)		(252,693	)		(1,263,213	)		(1,115,689	)		(520,889	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		9,608,165			22,551,819			13,300,760			6,508,324
Futures		—			163,979			—			81,082
Options Written		—			—			—			—
Swap Agreements		—			—			—			—
Foreign Currencies		(33,117	)		17,879			—			—

		9,575,048			22,733,677			13,300,760			6,589,406

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,665,357	)		(8,496,488	)		(15,160,122	)		(4,575,126	)
Futures		—			—			—			(71,581	)
Options Written		—			—			—			—
Swap Agreements		—			—			—			—
Foreign Currencies		(7,680	)		3,865			—			—

		(4,673,037	)		(8,492,623	)		(15,160,122	)		(4,646,707	)

Net Gain (Loss) on Investments and Foreign Currencies		4,902,011			14,241,054			(1,859,362	)		1,942,699

Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,649,318		$	12,977,841		$	(2,975,051	)	$	1,421,810

See Notes to Financial Statements.


152


	STRATEGIC PARTNERS SMALL COMPANY FUND			STRATEGIC PARTNERS MID CAP GROWTH FUND			STRATEGIC PARTNERS RELATIVE VALUE FUND			STRATEGIC PARTNERS TECHNOLOGY FUND			STRATEGIC PARTNERS HEALTH SCIENCES FUND
INVESTMENT INCOME:
Interest	$	3,992		$	3,328		$	2,614		$	128		$	274
Dividends		1,346,249			295,471			1,893,355			20,496			98,503
Income from Securities Loaned, Net		27,117			19,025			25,729			4,734			2,447
Foreign Taxes Withheld		(1,024	)		—			(6,790	)		(887	)		(4,985	)

Total Income		1,376,334			317,824			1,914,908			24,471			96,239

EXPENSES:
Advisory Fees		1,111,256			722,686			1,336,514			127,587			106,775
Distribution Fees — Class A		56			58			106			31			29
Distribution Fees — Class B		25			38			60			4			9
Distribution Fees — Class C		229,070			130,512			294,054			32,556			24,181
Distribution Fees — Class L		124,505			95,184			184,634			18,883			13,732
Distribution Fees — Class M		488,523			323,445			694,174			48,821			45,720
Distribution Fees — Class X		144,442			63,879			127,104			8,338			9,302
Transfer Agent’s Fees and Expenses		345,000			408,000			454,000			81,000			63,000
Administration and Accounting Fees		81,000			59,000			93,000			24,000			25,000
Custodian Fees and Expenses		4,000			10,000			6,000			10,000			7,000
Reports to Shareholders		56,000			33,000			72,000			7,000			6,000
Audit and Legal Fees		14,000			10,000			15,000			7,000			7,000
Directors’ Fees		6,000			5,000			7,000			4,000			5,000
Registration Fees		23,000			26,000			26,000			23,000			14,000
Interest Expense		125			239			—			—			—
Miscellaneous		13,507			3,522			11,022			1,753			5,431

Total Expenses		2,640,509			1,890,563			3,320,668			393,973			332,179
Less: Advisory Fee Waivers and Expense Reimbursements		(98,301	)		(285,445	)		(17,553	)		(106,775	)		(89,770	)

Net Expenses		2,542,208			1,605,118			3,303,115			287,198			242,409

Net Investment Income (Loss)		(1,165,874	)		(1,287,294	)		(1,388,207	)		(262,727	)		(146,170	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		3,855,434			20,776,842			26,207,073			985,169			1,358,311
Futures		—			—			—			—			—
Options Written		—			—			—			124			—
Swap Agreements		—			—			—			—			—
Foreign Currencies		—			—			—			23			(13,270	)

		3,855,434			20,776,842			26,207,073			985,316			1,345,041

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		18,797,982			(12,875,411	)		(402,471	)		(2,267,901	)		907,584
Futures		—			—			—			—			—
Options Written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign Currencies		—			—			—			(10	)		(566	)

		18,797,982			(12,875,411	)		(402,471	)		(2,267,911	)		907,018

Net Gain (Loss) on Investments and Foreign Currencies		22,653,416			7,901,431			25,804,602			(1,282,595	)		2,252,059

Net Increase (Decrease) in Net Assets Resulting from Operations	$	21,487,542		$	6,614,137		$	24,416,395		$	(1,545,322	)	$	2,105,889

See Notes to Financial Statements.


		153

Statements of Operations

SIX MONTHS ENDED APRIL 30, 2004 (Unaudited)


	STRATEGIC PARTNERS MANAGED OTC FUND			STRATEGIC PARTNERS CAPITAL GROWTH FUND			STRATEGIC PARTNERS CONCENTRATED GROWTH FUND			STRATEGIC PARTNERS MANAGED LARGE CAP GROWTH FUND
INVESTMENT INCOME:
Interest	$	—		$	37,952		$	3,294		$	1,822
Dividends		44,857			3,439,091			2,016,956			5,127
Income from Securities Loaned, Net		5,606			42,554			48,269			104
Foreign Taxes Withheld		(235	)		(9,857	)		—			(150	)

Total Income		50,228			3,509,740			2,068,519			6,903

EXPENSES:
Advisory Fees		184,660			3,904,844			2,551,687			9,244
Distribution Fees — Class A		16			128			71			5
Distribution Fees — Class B		4			140			58			1
Distribution Fees — Class C		67,794			971,463			413,993			2,440
Distribution Fees — Class L		24,412			418,286			248,805			1,006
Distribution Fees — Class M		90,247			1,784,372			1,379,898			4,665
Distribution Fees — Class X		10,324			307,971			234,008			797
Transfer Agent’s Fees and Expenses		93,000			1,145,000			1,319,000			34,000
Administration and Accounting Fees		24,000			89,000			104,000			28,000
Custodian Fees and Expenses		6,000			9,000			2,000			7,000
Reports to Shareholders		12,000			185,000			124,000			3,000
Audit and Legal Fees		9,000			43,000			24,000			8,000
Directors’ Fees		5,000			15,000			10,000			5,000
Registration Fees		24,000			18,000			26,000			16,000
Interest Expense		102			—			1,966			—
Miscellaneous		1,200			26,760			19,840			2,211

Total Expenses		551,759			8,917,964			6,459,326			121,369
Less: Advisory Fee Waivers and Expense Reimbursements		(87,415	)		(365,693	)		(1,024,078	)		(100,439	)

Net Expenses		464,344			8,552,271			5,435,248			20,930

Net Investment Income (Loss)		(414,116	)		(5,042,531	)		(3,366,729	)		(14,027	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		(1,587,140	)		46,024,130			11,893,091			(33,877	)
Futures		577,342						—			177,753
Options Written		—			—			—			—
Swap Agreements		—			—			—			—
Foreign Currency		—			(361,095	)		—			—

		(1,009,798	)		45,663,035			11,893,091			143,876

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		933,362			(37,286,253	)		6,601,803			(58,522	)
Futures		(830,976	)		—			—			—
Options Written		—			—			—			—
Swap Agreements		—			—			—			—
Foreign Currencies		—			187,651			—			—

		102,386			(37,098,602	)		6,601,803			(58,522	)

Net Gain (Loss) on Investments and Foreign Currencies		(907,412	)		8,564,433			18,494,894			85,354

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,321,528	)	$	3,521,902		$	15,128,165		$	71,327

See Notes to Financial Statements.


154


	ASAF T. ROWE PRICE TAX MANAGED FUND			STRATEGIC PARTNERS CORE VALUE FUND			STRATEGIC PARTNERS MANAGED INDEX 500 FUND			STRATEGIC PARTNERS EQUITY INCOME FUND			STRATEGIC PARTNERS GROWTH WITH INCOME FUND
INVESTMENT INCOME:
Interest	$	—		$	—		$	2,987		$	—		$	3,041
Dividends		38,496			482,228			1,363,255			2,423,477			320,111
Income from Securities Loaned, Net		672			4,727			10,552			9,170			2,652
Foreign Taxes Withheld		(64	)		(511	)		(106	)		(8,555	)		(3,290	)

Total Income		39,104			486,444			1,376,688			2,424,092			322,514

EXPENSES:
Advisory Fees		34,342			181,637			675,182			1,323,844			198,591
Distribution Fees — Class A		6			11			55			66			27
Distribution Fees — Class B		—			11			22			55			5
Distribution Fees — Class C		13,677			61,176			186,029			267,491			36,919
Distribution Fees — Class L		3,725			23,193			86,265			143,529			24,397
Distribution Fees — Class M		13,858			89,788			438,738			616,064			98,082
Distribution Fees — Class X		897			16,295			44,981			152,861			14,700
Transfer Agent’s Fees and Expenses		43,000			75,000			196,000			362,000			95,000
Administration and Accounting Fees		27,000			24,000			26,000			87,000			23,000
Custodian Fees and Expenses		6,000			4,000			1,000			4,000			18,000
Reports to Shareholders		2,000			11,000			42,000			67,000			11,000
Audit and Legal Fees		8,000			8,000			12,000			15,000			7,000
Directors’ Fees		5,000			5,000			7,000			7,000			5,000
Registration Fees		13,000			15,000			25,000			28,000			20,000
Interest Expense		457			—			176			—			—
Miscellaneous		3,835			7,160			12,917			11,797			2,126

Total Expenses		174,797			521,271			1,753,365			3,085,707			553,847
Less: Advisory Fee Waivers and Expense Reimbursements		(95,204	)		(74,367	)		(155,007	)		(382,381	)		(121,550	)

Net Expenses		79,593			446,904			1,598,358			2,703,326			432,297

Net Investment Income (Loss)		(40,489	)		39,540			(221,670	)		(279,234	)		(109,783	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		216,352			832,326			467,611			10,126,112			1,874,371
Futures		—			—			—			21,512			—
Options Written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign Currency		—			—			—			—			(2,822	)

		216,352			832,326			467,611			10,147,624			1,871,549

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		15,604			1,790,277			7,009,267			10,986,811			(220,983	)
Futures		—			—			—			—			—
Options Written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign Currencies		—			—			—			—			924

		15,604			1,790,277			7,009,267			10,986,811			(220,059	)

Net Gain (Loss) on Investments and Foreign Currencies		231,956			2,622,603			7,476,878			21,134,435			1,651,490

Net Increase (Decrease) in Net Assets Resulting from Operations	$	191,467		$	2,662,143		$	7,255,208		$	20,855,201		$	1,541,707

See Notes to Financial Statements.


		155

Statements of Operations

SIX MONTHS ENDED APRIL 30, 2004 (Unaudited)


	STRATEGIC PARTNERS CAPITAL INCOME FUND			STRATEGIC PARTNERS BALANCED FUND			STRATEGIC PARTNERS HIGH YIELD BOND FUND			STRATEGIC PARTNERS BOND FUND			STRATEGIC PARTNERS MONEY MARKET FUND
INVESTMENT INCOME:
Interest	$	388,529		$	1,064,270		$	8,770,733		$	6,982,404		$	1,461,334
Dividends		1,134,671			723,588			52,277			13,695			285
Income from Securities Loaned, Net		12,450			17,318			—			—			—
Foreign Taxes Withheld		—			—			—			—			—

Total Income		1,535,650			1,805,176			8,823,010			6,996,099			1,461,619

EXPENSES:
Advisory Fees		705,211			649,878			735,958			1,379,849			646,748
Distribution Fees — Class A		33			58			23			85			—
Distribution Fees — Class B		20			22			23			63			—
Distribution Fees — Class C		182,314			114,912			164,823			361,838			194,866
Distribution Fees — Class D		—			—			—			—			9,047
Distribution Fees — Class L		90,155			80,332			85,532			227,293			240,147
Distribution Fees — Class M		451,006			363,262			638,196			1,132,386			494,514
Distribution Fees — Class X		126,522			83,032			77,336			171,129			105,697
Transfer Agent’s Fees and Expenses		278,000			166,000			220,000			390,000			363,000
Administration and Accounting Fees		75,000			60,000			80,000			106,000			27,000
Custodian Fees and Expenses		6,000			26,000			4,000			35,000			7,000
Reports to Shareholders		45,000			37,000			53,000			106,000			66,000
Audit and Legal Fees		12,000			13,000			15,000			23,000			14,000
Directors’ Fees		6,000			6,000			6,000			9,000			8,000
Registration Fees		28,000			25,000			30,000			50,000			23,000
Interest Expense		225			—			—			—			—
Miscellaneous		10,489			14,023			7,732			42,075			12,898

Total Expenses		2,015,975			1,638,519			2,117,623			4,033,718			2,211,917
Less: Advisory Fee Waivers and Expense Reimbursements		(65,572	)		(173,704	)		(100,243	)		(61,211	)		(1,000,005	)

Net Expenses		1,950,403			1,464,815			2,017,380			3,972,507			1,211,912

Net Investment Income (Loss)		(414,753	)		340,361			6,805,630			3,023,592			249,707

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		3,510,204			6,772,916			2,220,822			2,538,561			2,490
Futures		—			71,708			—			3,438,080			—
Options Written		—			—			—			868,377			—
Swap Agreements		—			—			—			384,290			—
Foreign Currency		—			—			—			(9,076	)		—

		3,510,204			6,844,624			2,220,822			7,220,232			2,490

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(252,798	)		(1,575,774	)		1,551,278			(2,483,340	)		—
Futures		—			(55,425	)		—			(2,317,632	)		—
Options Written		—			—			—			105,263			—
Swap Agreements		—			—			—			(332,628	)		—
Foreign Currencies		—			—			—			6,718			—

		(252,798	)		(1,631,199	)		1,551,278			(5,021,619	)		—

Net Gain (Loss) on Investments and Foreign Currencies		3,257,406			5,213,425			3,772,100			2,198,613			2,490

Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,842,653		$	5,553,786		$	10,577,730		$	5,222,205		$	252,197

See Notes to Financial Statements.


156

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		157

Statements of Changes in Net Assets

(Unaudited)


	ASAF INTERNATIONAL EQUITY FUND						STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND
	Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003
OPERATIONS:
Net Investment Income (Loss)	$	(252,693	)	$	(79,071	)	$	(1,263,213	)	$	(1,139,397	)
Net Realized Gain (Loss) on Investments and Foreign Currencies		9,575,048			(3,240,124	)		22,733,677			(15,176,335	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(4,673,037	)		12,215,200			(8,492,623	)		53,573,703

Net Increase (Decrease) in Net Assets Resulting from Operations		4,649,318			8,896,005			12,977,841			37,257,971

DIVIDENDS AND DISTRIBUTIONS:
Dividends from Net Investment Income:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class L		—			—			—			—
Class M		—			—			—			—
Class X		—			—			—			—

Total Dividends		—			—			—			—

Distributions from Net Realized Gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class L		—			—			—			—
Class M		—			—			—			—
Class X		—			—			—			—

Total Distributions		—			—			—			—

FUND SHARE TRANSACTIONS (Note 4 and 11)
Net Proceeds from Shares Sold (b)		7,586,662			162,026,900			127,209,106			128,004,807
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		—			—			—			—
Cost of Shares Redeemed		(10,958,273	)		(164,683,949	)		(38,810,475	)		(157,729,928	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(3,371,611	)		(2,657,049	)		88,398,631			(29,725,121	)

Net Increase (Decrease) in Net Assets		1,277,707			6,238,956			101,376,472			7,532,850
NET ASSETS:
Beginning of Period		46,922,746			40,683,790			154,759,289			147,226,439

End of Period (a)	$	48,200,453		$	46,922,746		$	256,135,761		$	154,759,289

(a) Includes Undistributed Net Investment Income of:	$	—		$	—		$	—		$	—

(b) Includes Shares Issued in Merger:	$	—		$	—		$	102,952,904		$	—

See Notes to Financial Statements.


158


STRATEGIC PARTNERS SMALL CAP GROWTH OPPORTUNITY FUND						STRATEGIC PARTNERS MANAGED SMALL CAP GROWTH FUND						STRATEGIC PARTNERS SMALL COMPANY FUND						STRATEGIC PARTNERS MID CAP GROWTH FUND
Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003

$	(1,115,689	)	$	(1,740,796	)	$	(520,889	)	$	(582,648	)	$	(1,165,874	)	$	(2,035,747	)	$	(1,287,294	)	$	(353,392	)
	13,300,760			(1,256,514	)		6,589,406			4,958,550			3,855,434			1,761,162			20,776,842			(1,033,062	)
	(15,160,122	)		38,523,080			(4,646,707	)		11,153,852			18,797,982			53,601,694			(12,875,411	)		6,482,513

	(2,975,051	)		35,525,770			1,421,810			15,529,754			21,487,542			53,327,109			6,614,137			5,096,059



	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	7,924,004			27,779,875			9,322,202			17,681,707			24,831,413			57,088,493			169,856,199			13,018,079
	—			—			—			—			—			—			—			—
	(21,127,762	)		(37,503,241	)		(12,301,463	)		(18,298,902	)		(33,981,447	)		(73,396,893	)		(25,097,932	)		(7,922,115	)

	(13,203,758	)		(9,723,366	)		(2,979,261	)		(617,195	)		(9,150,034	)		(16,308,400	)		144,758,267			5,095,964

	(16,178,809	)		25,802,404			(1,557,451	)		14,912,559			12,337,508			37,018,709			151,372,404			10,192,023

	127,397,663			101,595,259			52,973,996			38,061,437			208,720,731			171,702,022			27,748,345			17,556,322

$	111,218,854		$	127,397,663		$	51,416,545		$	52,973,996		$	221,058,239		$	208,720,731		$	179,120,749		$	27,748,345

$	—		$	—		$	—		$	—		$	—		$	21,993		$	—		$	—

$	—		$	—		$	—		$	—		$	—		$	—		$	158,906,224		$	—


		159

Statements of Changes in Net Assets

(Unaudited)


	STRATEGIC PARTNERS RELATIVE VALUE FUND						STRATEGIC PARTNERS TECHNOLOGY FUND
	Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003
OPERATIONS:
Net Investment Income (Loss)	$	(1,388,207	)	$	(1,986,912	)	$	(262,727	)	$	(375,910	)
Net Realized Gain (Loss) on Investments and Foreign Currencies		26,207,073			6,144,782			985,316			(5,842,995	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(402,471	)		43,575,815			(2,267,911	)		13,016,541

Net Increase (Decrease) in Net Assets Resulting from Operations		24,416,395			47,733,685			(1,545,322	)		6,797,636

DIVIDENDS AND DISTRIBUTIONS:
Dividends from Net Investment Income:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class L		—			—			—			—
Class M		—			—			—			—
Class X		—			—			—			—

Total Dividends		—			—			—			—

Distributions from Net Realized Gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		(551,438	)		—			—			—
Class L		(693,820	)		—			—			—
Class M		(1,287,867	)		—			—			—
Class X		(231,903	)		—			—			—

Total Distributions		(2,765,028	)		—			—			—

FUND SHARE TRANSACTIONS (Note 4 and 11)
Net Proceeds from Shares Sold (b)		127,826,299			54,346,402			4,913,053			10,914,460
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		2,544,463			—			—			—
Cost of Shares Redeemed		(46,251,235	)		(76,702,631	)		(6,292,305	)		(8,670,662	)

Increase (Decrease) in Net Assets from Fund Share Transactions		84,119,527			(22,356,229	)		(1,379,252	)		2,243,798

Net Increase (Decrease) in Net Assets		105,770,894			25,377,456			(2,924,574	)		9,041,434
NET ASSETS:
Beginning of Period		217,002,670			191,625,214			25,421,700			16,380,266

End of Period (a)	$	322,773,564		$	217,002,670		$	22,497,126		$	25,421,700

(a) Includes Undistributed Net Investment Income of:	$	—		$	—		$	—		$	—

(b) Includes Shares Issued in Merger:	$	87,404,927		$	—		$	—		$	—

See Notes to Financial Statements.


160


STRATEGIC PARTNERS HEALTH SCIENCES FUND						STRATEGIC PARTNERS MANAGED OTC FUND						STRATEGIC PARTNERS CAPITAL GROWTH FUND						STRATEGIC PARTNERS CONCENTRATED GROWTH FUND
Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003

$	(146,170	)	$	(224,550	)	$	(414,116	)	$	(589,781	)	$	(5,042,531	)	$	(8,459,997	)	$	(3,366,729	)	$	(7,202,090	)
	1,345,041			(363,004	)		(1,009,798	)		(1,293,743	)		45,663,035			(855,121	)		11,893,091			(82,673,295	)

	907,018			2,304,981			102,386			15,169,625			(37,098,602	)		130,396,473			6,601,803			146,068,121

	2,105,889			1,717,427			(1,321,528	)		13,286,101			3,521,902			121,081,355			15,128,165			56,192,736



	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	4,642,151			6,318,735			11,900,036			26,888,570			184,400,140			149,773,673			18,308,034			63,828,761
	—			—			—			—			—			—			—			—
	(2,521,554	)		(6,965,230	)		(12,497,032	)		(23,093,087	)		(103,216,956	)		(166,815,612	)		(86,529,481	)		(170,194,436	)

	2,120,597			(646,495	)		(596,996	)		3,795,483			81,183,184			(17,041,939	)		(68,221,447	)		(106,365,675	)

	4,226,486			1,070,932			(1,918,524	)		17,081,584			84,705,086			104,039,416			(53,093,282	)		(50,172,939	)

	18,363,059			17,292,127			41,562,706			24,481,122			700,081,028			596,041,612			520,396,732			570,569,671

$	22,589,545		$	18,363,059		$	39,644,182		$	41,562,706		$	784,786,114		$	700,081,028		$	467,303,450		$	520,396,732

$	—		$	—		$	—		$	—		$	—		$	168,147		$	—		$	—

$	—		$	—		$	—		$	—		$	109,382,412		$	—		$	—		$	—


		161

Statements of Changes in Net Assets

(Unaudited)


	STRATEGIC PARTNERS MANAGED LARGE CAP GROWTH FUND						ASAF T. ROWE PRICE TAX MANAGED FUND
	Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003
OPERATIONS:
Net Investment Income (Loss)	$	(14,027	)	$	(23,741	)	$	(40,489	)	$	(76,587	)
Net Realized Gain (Loss) on Investments and Foreign Currencies		143,876			283,538			216,352			(567,616	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(58,522	)		32,545			15,604			1,985,048

Net Increase (Decrease) in Net Assets Resulting from Operations		71,327			292,342			191,467			1,340,845

DIVIDENDS AND DISTRIBUTIONS:
Dividends from Net Investment Income:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class L		—			—			—			—
Class M		—			—			—			—
Class X		—			—			—			—

Total Dividends		—			—			—			—

Distributions from Net Realized Gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		(54,569	)		—			—			—
Class L		(40,911	)		—			—			—
Class M		(93,372	)		—			—			—
Class X		(22,649	)		—			—			—

Total Distributions		(211,501	)		—			—			—

FUND SHARE TRANSACTIONS (Note 4 and 11)
Net Proceeds from Shares Sold (b)		1,990,552			6,024,587			813,979			4,291,064
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		211,480			—			—			—
Cost of Shares Redeemed		(1,354,327	)		(5,166,673	)		(3,085,491	)		(2,703,596	)

Increase (Decrease) in Net Assets from Fund Share Transactions		847,705			857,914			(2,271,512	)		1,587,468

Net Increase (Decrease) in Net Assets		707,531			1,150,256			(2,080,045	)		2,928,313
NET ASSETS:
Beginning of Period		1,763,007			612,751			8,824,129			5,895,816

End of Period (a)	$	2,470,538		$	1,763,007		$	6,744,084		$	8,824,129

(a) Includes Undistributed Net Investment Income of:	$	—		$	—		$	—		$	—

(b) Includes Shares Issued in Merger:	$	—		$	—		$	—		$	—

See Notes to Financial Statements.


162


STRATEGIC PARTNERS CORE VALUE FUND						STRATEGIC PARTNERS MANAGED INDEX 500 FUND						STRATEGIC PARTNERS EQUITY INCOME FUND						STRATEGIC PARTNERS GROWTH WITH INCOME FUND
Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003

$	39,540		$	166,690		$	(221,670	)	$	7,320		$	(279,234	)	$	(153,798	)	$	(109,783	)	$	(192,169	)
	832,326			(150,643	)		467,611			(8,645,854	)		10,147,624			(9,538,499	)		1,871,549			(489,204	)
	1,790,277			7,147,798			7,009,267			32,027,345			10,986,811			57,249,883			(220,059	)		5,073,198

	2,662,143			7,163,845			7,255,208			23,388,811			20,855,201			47,557,586			1,541,707			4,391,825



	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(40,685	)		(25,649	)		—			—			—			—			—			—
	(55,771	)		(38,894	)		—			—			—			—			—			—
	(62,711	)		(27,787	)		—			—			—			—			—			—
	(11,514	)		(5,883	)		—			—			—			—			—			—

	(170,681	)		(98,213	)		—			—			—			—			—			—


	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	10,901,844			21,237,371			38,599,703			64,347,340			28,265,694			63,723,703			4,874,700			9,323,299
	161,100			93,486			—			—			—			—			—			—
	(9,809,371	)		(10,820,674	)		(32,075,382	)		(63,613,503	)		(40,246,547	)		(88,151,345	)		(7,067,271	)		(11,693,548	)

	1,253,573			10,510,183			6,524,321			733,837			(11,980,853	)		(24,427,642	)		(2,192,571	)		(2,370,249	)

	3,745,035			17,575,815			13,779,529			24,122,648			8,874,348			23,129,944			(650,864	)		2,021,576

	40,919,597			23,343,782			152,607,729			128,485,081			253,893,523			230,763,579			39,483,161			37,461,585

$	44,664,632		$	40,919,597		$	166,387,258		$	152,607,729		$	262,767,871		$	253,893,523		$	38,832,297		$	39,483,161

$	—		$	129,229		$	—		$	2,125		$	—		$	—		$	—		$	—

$	—		$	—		$	14,341,252		$	—		$	1,775,446		$	—		$	—		$	—


		163

Statements of Changes in Net Assets

(Unaudited)


	STRATEGIC PARTNERS CAPITAL INCOME FUND						STRATEGIC PARTNERS BALANCED FUND
	Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003
OPERATIONS:
Net Investment Income (Loss)	$	(414,753	)	$	1,001,555		$	340,361		$	1,172,303
Net Realized Gain (Loss) on Investments and Foreign Currencies		3,510,204			(2,669,449	)		6,844,624			(2,648,902	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(252,798	)		25,661,203			(1,631,199	)		19,406,458

Net Increase (Decrease) in Net Assets Resulting from Operations		2,842,653			23,993,309			5,553,786			17,929,859


DIVIDENDS AND DISTRIBUTIONS:
Dividends from Net Investment Income:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		(23,493	)		(194,929	)		(85,398	)		(232,529	)
Class D		—			—			—			—
Class L		(117,688	)		(382,056	)		(204,251	)		(478,782	)
Class M		(58,196	)		(465,670	)		(260,943	)		(676,400	)
Class X		(16,254	)		(133,124	)		(59,408	)		(163,307	)

Total Dividends		(215,631	)		(1,175,779	)		(610,000	)		(1,551,018	)

Distributions from Net Realized Gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class L		—			—			—			—
Class M		—			—			—			—
Class X		—			—			—			—

Total Distributions		—			—			—			—

FUND SHARE TRANSACTIONS (Note 4 and 11)
Net Proceeds from Shares Sold (b)		7,157,088			40,265,418			18,493,372			34,246,729
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		200,287			1,099,643			569,515			1,477,430
Cost of Shares Redeemed		(31,670,164	)		(72,502,614	)		(23,729,700	)		(46,472,236	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(24,312,789	)		(31,137,553	)		(4,666,813	)		(10,748,077	)

Net Increase (Decrease) in Net Assets		(21,685,767	)		(8,320,023	)		276,973			5,630,764
NET ASSETS:
Beginning of Period		194,556,139			202,876,162			140,760,971			135,130,207

End of Period (a)	$	172,870,372		$	194,556,139		$	141,037,944		$	140,760,971

(a) Includes Undistributed Net Investment Income of:	$	—		$	202,954		$	156,658		$	426,297

(b) Includes Shares Issued in Merger:	$	—		$	—		$	—		$	—

See Notes to Financial Statements.


164


STRATEGIC PARTNERS HIGH YIELD BOND FUND						STRATEGIC PARTNERS BOND FUND						STRATEGIC PARTNERS MONEY MARKET FUND
Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003			Six Months Ended April 30, 2004			Year Ended October 31, 2003

$	6,805,630		$	13,702,353		$	3,023,592		$	10,590,051		$	249,707		$	654,949
	2,220,822			(6,634,850	)		7,220,232			12,514,972			2,490			149

	1,551,278			32,696,629			(5,021,619	)		8,638,706			—			—

	10,577,730			39,764,132			5,222,205			31,743,729			252,197			655,098




	(646	)		—			(31	)		—			—			—
	(176	)		—			(19	)		—			—			—
	(1,100,973	)		(2,317,777	)		(639,428	)		(2,364,250	)		(237	)		(2,220	)
	—			—			—			—			(14,450	)		—
	(1,224,663	)		(2,545,859	)		(1,021,090	)		(3,289,216	)		(234,517	)		(647,377	)
	(4,264,653	)		(8,109,525	)		(1,985,747	)		(6,497,445	)		(420	)		(4,464	)
	(516,861	)		(1,083,405	)		(299,459	)		(961,488	)		(83	)		(888	)

	(7,107,972	)		(14,056,566	)		(3,945,774	)		(13,112,399	)		(249,707	)		(654,949	)


	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			(2,172,572	)		(3,230,154	)		—			(276	)
	—			—			—			—			—			—
	—			—			(2,712,956	)		(3,531,436	)		—			(558	)
	—			—			(7,005,565	)		(8,660,171	)		—			(639	)
	—			—			(1,044,571	)		(1,238,685	)		—			(130	)

	—			—			(12,935,664	)		(16,660,446	)		—			(1,603	)


	30,983,089			203,128,794			38,518,155			565,174,010			186,109,049			820,903,997
	4,726,266			9,446,457			15,363,487			25,359,046			288,968			680,232
	(60,092,946	)		(164,205,156	)		(129,405,020	)		(667,304,075	)		(244,933,408	)		(926,784,040	)

	(24,383,591	)		48,370,095			(75,523,378	)		(76,771,019	)		(58,535,391	)		(105,199,811	)

	(20,913,833	)		74,077,661			(87,182,611	)		(74,800,135	)		(58,532,901	)		(105,201,265	)

	216,747,644			142,669,983			468,855,941			543,656,076			294,055,172			399,256,437

$	195,833,811		$	216,747,644		$	381,673,330		$	468,855,941		$	235,522,271		$	294,055,172

$	—		$	—		$	4,807,244		$	5,729,426		$	—		$	—

$	—		$	—		$	—		$	—		$	—		$	—


		165

APRIL 30, 2004

Notes to Financial Statements (Unaudited)

1. Organization

Strategic Partners Mutual Funds, Inc., formerly known as American Skandia Advisor Funds, Inc., (the “Company”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The Company was organized on March 5, 1997, as a Maryland Corporation. The Company operates as a series company and effective April 12, 2004, the name of the Company was changed to Strategic Partners Mutual Funds, Inc. Relatedly, except for the ASAF International Equity Fund and the ASAF T. Rowe Price Tax Managed Fund, Funds’ names were also changed. At April 30, 2004, the Company consisted of 21 diversified and 2 non-diversified investment portfolios (Strategic Partners Mid Cap Growth Fund and Strategic Partners Managed OTC Fund) (each a “Fund” and collectively the “Funds”).

The Funds of the Company have the following as investment objectives:

ASAF International Equity Fund (“International Equity”): Capital growth by investing in equity securities of foreign companies.

Strategic Partners International Growth Fund (“International Growth”), formerly known as ASAF William Blair International Growth Fund: Capital growth by investing in equity securities of foreign companies.

Strategic Partners Small Cap Growth Opportunity Fund (“Small Cap Growth Opportunity”), formerly known as ASAF PBHG Small-Cap Growth Fund: Capital growth by investing primarily in common stocks of small capitalization U.S. companies.

Strategic Partners Managed Small Cap Growth Fund (“Managed Small Cap Growth”), formerly known as ASAF DeAM Small-Cap Growth Fund: Maximum capital growth by investing in equity securities of small capitalization companies included in the Russell 2000 Growth Index.

Strategic Partners Small Company Fund (“Small Company”), formerly known as ASAF Gabelli Small-Cap Value Fund: Long-term capital growth by investing in stocks and equity-related securities of small capitalization U.S. companies that appear to be undervalued.

Strategic Partners Mid Cap Growth Fund (“Mid Cap Growth”), formerly known as ASAF Goldman Sachs Mid-Cap Growth Fund: Long-term capital growth by investing primarily in equity securities of medium-sized companies.

Strategic Partners Relative Value Fund (“Relative Value”), formerly known as ASAF Neuberger Berman Mid-Cap Value Fund: Capital growth by investing primarily in common stocks of medium capitalization companies.

Strategic Partners Technology Fund (“Technology”), formerly known as ASAF INVESCO Technology Fund: Capital growth by investing primarily in equity securities of companies engaged in technology-related industries.

Strategic Partners Health Sciences Fund (“Health Science”), formerly known as ASAF INVESCO Health Sciences Fund: Growth by investing primarily in the equity securities of companies that develop, produce or distribute products or services related to health care.

Strategic Partners Managed OTC Fund (“Managed OTC”), formerly known as ASAF ProFund Managed OTC Fund: Provide investment results that correlate to a multiple of the daily performance of the NASDAQ 100 Index by investing primarily in securities of companies included in the NASDAQ 100 and leveraged instruments, such as futures contracts and options, relating to the NASDAQ 100.

Strategic Partners Capital Growth Fund (“Capital Growth”), formerly known as ASAF Marsico Capital Growth Fund: Capital growth by investing primarily in common stocks, with the majority of the Fund’s assets in large-cap stocks.


166

Strategic Partners Concentrated Growth Fund (“Concentrated Growth”), formerly known as ASAF Goldman Sachs Concentrated Growth Fund: Capital growth by investing in equity securities of approximately 30-45 large-cap companies.

Strategic Partners Managed Large Cap Growth Fund (“Managed Large Cap Growth”), formerly known as ASAF Large-Cap Growth Fund: Maximum capital growth by investing in equity securities of large capitalization companies included in the Russell 1000 Growth Index.

ASAF T. Rowe Price Tax Managed Fund (“T. Rowe Price Tax Managed”): Long-term capital appreciation on an after-tax basis by investing primarily in large-capitalization stocks selected mainly from the 1,000 largest U.S. companies.

Strategic Partners Core Value Fund (“Core Value”), formerly known as ASAF Sanford Bernstein Core Value Fund: Long-term capital growth by investing primarily in common stocks of large capitalization companies that appear to be undervalued.

Strategic Partners Managed Index 500 Fund (“Managed Index 500”), formerly known as ASAF Sanford Bernstein Managed Index 500 Fund: To outperform the S&P 500 Stock Index by investing primarily in common stocks included in the S&P 500.

Strategic Partners Equity Income Fund (“Equity Income”), formerly known as ASAF Alliance Growth and Income Fund: Long term capital growth and income by investing primarily in common stocks that are believed to be selling at reasonable valuation in relation to their fundamental business prospects.

Strategic Partners Growth with Income Fund (“Growth with Income”), formerly known as ASAF MFS Growth with Income Fund: Long-term growth of capital with a secondary objective to seek reasonable current income by investing primarily in common stocks and related securities.

Strategic Partners Capital Income Fund (“Capital Income”), formerly known as ASAF INVESCO Capital Income Fund: Capital growth and current income by investing primarily in dividend-paying common and preferred stocks, and to a lesser extent in fixed income securities.

Strategic Partners Balanced Fund (“Balanced”), formerly known as ASAF American Century Strategic Balanced Fund: Capital growth and current income by investing in approximately 60% of its assets in equity securities and the remainder in bonds and other fixed income securities.

Strategic Partners High Yield Bond Fund (“High Yield Bond”), formerly known as ASAF Federated High Yield Bond Fund: High current income by investing primarily in lower-quality fixed income securities.

Strategic Partners Bond Fund (“Bond”), formerly known as ASAF PIMCO Total Return Bond Fund: Maximize total return, consistent with preservation of capital by investing in higher-quality fixed income securities of varying maturities, so that the Fund’s expected average duration will be from three to six years.

Strategic Partners Money Market Fund (“Money Market”), formerly known as ASAF Money Market Fund: Maximize current income and maintain high levels of liquidity by investing in high-quality, short-term, U.S. dollar-denominated instruments.

2. Significant Accounting Policies

The following accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are consistently followed by the Company and the Funds in the preparation of their financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.


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Securities Valuation

Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence of an asked price. Securities that are actively traded via Nasdaq are valued at the official closing price as provided by Nasdaq. Securities that are actively traded in the over-the-counter market, including listed securities for which primary market is believed by Prudential Investments LLC (“PI” or “Manager”) in consultation with the subadviser, to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted prices on such exchange or board of trade or at the last bid price in the absence of an asked price. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities for which reliable market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at fair value in accordance with the Board of Directors’ approved fair valuation procedures. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset value.

Short-term securities, which mature in sixty days or less, are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase or market value on the 61st day, and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term securities, which mature in more than sixty days, are valued at current market quotation.

Foreign Currency Translation

Fund securities and other assets and liabilities denominated in foreign currencies are translated each business day into U.S. dollars based on the prevailing rates of exchange. Purchases and sales of Fund securities and income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Gains and losses resulting from changes in exchange rates applicable to long-term foreign securities are not reported separately from gains and losses arising from movements in securities prices.

Net realized foreign exchange gains and losses include gains and losses from sales and maturities of foreign currency exchange contracts, gains and losses realized between the trade and settlement dates of foreign securities transactions, and the difference between the amount of net investment income accrued on foreign securities and the U.S. dollar amount actually received. Net unrealized foreign exchange gains and losses include gains and losses from changes in the value of assets and liabilities other than Fund securities, resulting from changes in exchange rates.

Forward Currency Contracts

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Funds, as defined in the prospectus, enter into forward currency contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency. The contracts are valued daily at forward exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on investments. Gain or loss is realized on the settlement date of the contract equal to the difference between the settlement value of the original and


168

renegotiated forward contracts. This gain or loss, if any, is included in net realized gain or loss on foreign currency transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

Options

The Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option.

If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid, respectively. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on written option transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

When a Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts

A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on financial futures contracts. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and underlying hedged assets.


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Repurchase Agreements

A repurchase agreement is a commitment to purchase securities from a seller who agrees to repurchase the securities at an agreed-upon price and date. The excess of the resale price over the purchase price determines the yield on the transaction. Under the terms of the agreement, the market value, including accrued interest, of the securities will be at least equal to their repurchase price. Repurchase agreements are recorded at cost, which, combined with accrued interest, approximates market value.

Repurchase agreements bear a risk of loss in the event that the seller defaults on its obligation to repurchase the securities. In such case, the Fund may be delayed or prevented from exercising its right to dispose of the securities.

Swap Agreements

The Funds may enter into swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Funds may enter into interest rate, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. Dividends and interest on the securities in the swap are included in the value of the exchange. The swaps are valued daily at current market value and any unrealized gain or loss is included in the net unrealized appreciation or depreciation on investments. Gain or loss is realized on the termination date of the swap and is equal to the difference between the Fund’s basis in the swap and the proceeds of the closing transaction, including fees. During the period that the swap agreement is open, the Fund may be subject to risk from the potential inability of the counterparty to meet the terms of the agreement.

Forward currency contracts, written options, financial futures contracts, and swap agreements involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

Delayed Delivery Transactions

Certain Funds may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.


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Securities Loans

The Funds may lend their portfolio securities to broker-dealers. The loans are secured by collateral at least equal at all times to the market value of the securities loaned. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail financially, the Funds have the right to repurchase the securities using the collateral in the open market. The Funds recognize income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The Funds also continue to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognize any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These may include the Institutional Money Market Trust, advised by BlackRock Capital Management, Inc., or directly in high-quality, short-term instruments with a maturity date not to exceed 397 days.

Investment Transactions and Investment Income

Securities transactions are recorded on the trade date. Realized gains or losses on sales of investments and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. The Fund amortizes premiums and discounts on portfolio securities as adjustments to interest income. Expenses are recorded on the accrual basis which may require the use of certain estimates by management.

Net investment income or loss (other than distribution fees, which are charged directly to the respective class) and unrealized and realized gains or losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-divided date. Dividends, if any, from net investment income are declared and paid at least annually by the International Equity, International Growth, Small Cap Growth Opportunity, Managed Small Cap Growth, Small Company, Mid Cap Growth, Relative Value, Technology, Health Sciences, Managed OTC, Capital Growth, Concentrated Growth, Managed Large Cap Growth, T. Rowe Price Tax Managed, Core Value, Managed Index 500, Equity Income, Growth with Income; semiannually by the Capital Income and Balanced, and declared daily and paid monthly by the High Yield Bond, Bond and Money Market.

These dividends and distributions are determined in accordance with federal income tax regulations and may differ from accounting principles generally accepted in the United States of America. Net realized gains from investment transactions, if any are distributed at least annually. Permanent book/tax differences relating to income and gains are reclassified to paid-in capital when they arise.

3. Agreements and Other Transactions with Affiliates

The Funds have entered into investment management agreements with Prudential Investments LLC (“Investment Manager”) which provide that the Investment Manager will furnish each Fund with investment advice and investment management and administrative services. The Investment Manager has engaged the following firms as Sub-advisors for their respective Funds:

Alliance Capital Management, L.P. for Equity Income; American Century Investment Management, Inc. for Balanced; Deutsche Asset Management, Inc. for Managed Small Cap Growth; Federated


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Investment Managed Company for High Yield Bond; GAMCO Investors, Inc. for Small Company; Goldman Sachs Asset Management, L.P. for Mid Cap Growth and Concentrated Growth; INVESCO Institutional (N.A.), Inc. for Technology, Health Science and Capital Income; Jennison Associates LLC for Managed Large Cap Growth; Marsico Capital Management, LLC for Capital Growth; Massachusetts Financial Services Company for Growth with Income; Neuberger Berman Management, Inc. for Relative Value; Pacific Investment Management Company LLC for Bond; Pilgrim Baxter & Associates, Ltd. For Small Cap Growth Opportunity; ProFund Advisors LLC for Managed OTC; Sanford C. Bernstein & Co., LLC for Core Value and Managed Index 500; T. Rowe Price Associates, Inc. for T. Rowe Price Tax Managed; Wells Capital Management, Inc. for Money Market; William Blair & Company, LLC for International Equity and International Growth.

Advisory Fees and Expense Limitations

The Investment Manager receives a fee, computed daily and paid monthly, based on an annual rate of the average net assets. The Investment Manager pays each Sub-advisor a fee as compensation for advisory services provided to the Funds.

The Investment Manager has voluntarily agreed to waive expenses in accordance with limitation expense policies as noted in the table below. The Investment Manager will reimburse each Fund for its respective operating expenses, exclusive of taxes, interest, brokerage commissions, distribution fees and extraordinary expenses, but inclusive of the advisory fee, which in the aggregate exceed specified percentages of the Funds’ average net assets while retaining their ability to be reimbursed for such fee waivers prior to the end of the fiscal year. The advisory fees and expense limitations are summarized as follows:


	Advisory Expense		Fees Limitations
International Equity	1.10	%	1.60	%
International Growth	1.00	%	1.60	%
Small Cap Growth Opportunity	0.90	%	1.30	%
Managed Small Cap Growth	0.95	%	1.40	%
Small Company	1.00	%	1.40	%
Mid-Cap Growth	1.00	%	1.40	%
Relative Value	0.90	%	1.35	%
Technology	1.00	%	1.40	%
Health Sciences	1.00	%	1.40	%
Managed OTC	0.85	%	1.25	%
Capital Growth	1.00	%	1.30	%
Concentrated Growth	1.00	%	1.25	%
Managed Large Cap Growth	0.90	%	1.17	%
T. Rowe Price Tax Managed	0.95	%	1.30	%
Core Value	0.85	%	1.20	%
Managed Index 500	0.80	%	1.00	%
Equity Income	1.00	%	1.15	%
Growth with Income	1.00	%	1.30	%
Capital Income	0.75	%	1.17	%
Balanced	0.90	%	1.15	%
High Yield Bond	0.70	%	1.00	%
Bond	0.65	%	1.00	%
Money Market	0.50	%	1.00	%


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The Investment Manager has voluntarily agreed to waive portions of its advisory fees equal to 0.07% of average daily net assets of Concentrated Growth, 0.05% of average daily net assets of International Growth, 0.10% for Managed Small Cap Growth, Managed Large Cap Growth and Mid Cap Growth; 0.20% of the average daily net assets of Equity Income for the six months ended April 30, 2004. The Investment Manager will waive a portion of its advisory fee for the Money Market Fund to the extent necessary to keep net operating expenses from exceeding total investment income. Such voluntary fee waivers or reductions have been calculated prior to any fee reimbursements with respect to the expense limitations, and may be rescinded at any time and without notice to investors. All reimbursements by the Investment Manager are reflected in the Statements of Operations.

Management of the Company

Certain officers and directors of the Funds are officers or directors of the Investment Manager. The Funds pay no compensation directly to their officers or interested directors.

Distributor

Effective February 1, 2004, Prudential Investment Management Services LLC (“PIMS”), an affiliate of Prudential Investments LLC and an indirect, wholly-owned subsidiary of Prudential serves as the distributor for the Funds. Prior to February 1, 2004, American Skandia Marketing, Incorporated (“ASMI”) served as the principal underwriter and distributor for each Fund. The Company has adopted a separate Distribution and Service plan (each a “Plan” and collectively the “Plans”) for Class A, B, C, D, L, M and X shares of each Fund in accordance with the requirements of Rule 12b-1 of the Investment Company Act of 1940.

During the six months ended April 30, 2004, ASMI has received front-end sales charges (“FESC”) and contigent deferred sales charges (“CDSC”) during the distribution of fund shares. These amounts were approximately as follows:


	Class L FESC		Class C FESC		Class L CDSC		Class M CDSC		Class C CDSC		Class X CDSC
International Equity	$	17,200	$	2,100		—	$	32,000	$	500	$	12,500
International Growth		65,100		19,300		—		183,400		1,500		50,100
Small Cap Growth Opportunity		32,600		5,600		—		101,700		1,000		30,400
Managed Small Cap Growth		23,700		6,400		—		35,300		1,000		9,700
Small Company		107,700		16,500	$	100		121,700		3,500		34,000
Mid Cap Growth		51,200		7,400		100		120,700		1,400		37,700
Relative Value		105,300		30,800		400		185,400		2,500		46,800
Technology		11,100		3,900		—		18,700		500		4,400
Health Sciences		13,500		2,300		—		9,500		800		4,700
Managed OTC		61,700		5,200		100		62,400		1,400		2,600
Capital Growth		328,600		97,400		1,000		511,900		10,400		114,800
Concentrated Growth		100,900		12,400		—		562,600		3,400		119,500
Managed Large Cap Growth		4,800		300		—		1,500		—		—
T. Rowe Price Tax Managed		1,900		500		—		4,300		100		100
Core Value		33,500		6,200		—		18,400		800		2,200
Managed Index 500		49,900		22,200		100		139,300		4,500		25,400
Equity Income		92,200		19,700		500		208,000		2,200		47,800
Growth with Income		21,400		2,400		—		32,200		200		8,400
Capital Income		43,500		4,800		—		170,600		2,500		51,500
Balanced		70,400		9,400		—		113,900		1,700		36,300
High Yield Bond		28,500		10,100		—		235,400		1,100		21,400
Bond		75,300		26,700		1,200		631,100		9,200		74,100
Money Market		—		30,500		100		454,600		11,500		151,700


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During the six months ended April 30, 2004, PIMS has advised the Funds of its receipt of front-end sales charges and contigent deferred sales charges. These amounts were approximately as follows:


	Class A FESC		Class C CDSC
International Equity	$	800	$	—
International Growth		8,600		1,400
Small Cap Growth Opportunity		2,500		100
Managed Small Cap Growth		1,500		100
Small Company		5,100		2,300
Mid Cap Growth		3,500		100
Relative Value		11,300		4,700
Technology		400		—
Health Sciences		500		—
Managed OTC		1,100		200
Capital Growth		17,900		1,500
Concentrated Growth		4,300		300
Managed Large Cap Growth		1,100		—
T. Rowe Price Tax Managed		2,100		—
Core Value		1,700		700
Managed Index 500		5,400		400
Equity Income		6,300		200
Growth with Income		1,500		—
Capital Income		2,600		400
Balanced		5,600		100
High Yield Bond		1,700		200
Bond		4,100		700
Money Market		—		1,100

Under the Plans, the Funds compensates PIMS a distribution and service fee at an annual rate up to 0.30%, 1.00%, 1.00%, 0.50%, 0.50%, 1.00% and 1.00% of the average daily net assets of the Class A, B, C, D, L, M and X shares, respectively. Such expenses under the Plans were 0.25%, 1.00%, 1.00%, 0.50%, 0.50%, 1.00% and 1.00% for Class A, B, C, D, L, M and X shares, respectively. In connection with the Class X plan, prior to April 12, 2004, ASMI used the distribution and services fees as reimbursement for its purchase of Bonus Shares. Bonus Shares were paid to shareholders at the time of initial purchase and each subsequent purchase of Class X shares in an amount equal to 2.50% of the purchase.

During the six months ended April 30, 2004, ASMI paid the following approximate amounts in conjunction with the purchase of bonus shares.


International Equity	$	4,200
International Growth		16,200
Small Cap Growth Opportunity		7,400
Managed Small Cap Growth		3,700
Small Company		13,500
Mid-Cap Growth		13,500
Relative Value		15,200
Technology		2,200
Health Sciences		1,400
Managed OTC		1,700
Capital Growth		38,000
Concentrated Growth		30,700
Managed Large Cap Growth		—
T. Rowe Price Tax Managed		1,300
Core Value		3,100
Managed Index 500		6,700
Equity Income		16,200
Growth with Income		1,600


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Capital Income	$	7,800
Balanced		8,400
High Yield Bond		4,600
Bond		17,800
Money Market		20,100

On August 2, 1999, the Company adopted a Supplemental Distribution Plan (“Supplemental Plan”) under Rule 12b-1. The Supplemental Plan permitted ASMI to receive brokerage commissions in connection with purchases and sales of securities by the Funds. The Supplemental Plan was terminated on June 27, 2001. Commissions received by ASMI under the Supplemental Plan are reflected in the expense ratios, in the Financial Highlights for the years ended 1999 and 2000.

Transfer Agent

Effective April 12, 2004, Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of Prudential Investments LLC and an indirect, wholly-owned subsidiary of Prudential, serves as the Funds’ transfer agent. Prior to April 12, 2004, American Skandia Fund Services, Inc. (“ASFSI”) served as transfer agent of the Company. In addition, Boston Financial Data Services, Inc. serves as sub-transfer agent. Transfer agent fees and expenses are shown in the Statements of Operations.

For the six months ended April 30, 2004, there was no fee incurred for the services of PMFS and the following approximate amounts represent the fees incurred for the services of ASFSI:


	ASFSI
International Equity	$	11,600
International Growth		59,200
Small Cap Growth Opportunity		29,900
Managed Small Cap Growth		13,200
Small Company		52,700
Mid Cap Growth		38,900
Relative Value		72,900
Technology		6,100
Health Sciences		5,000
Managed OTC		10,500
Capital Growth		189,000
Concentrated Growth		120,900
Managed Large Cap Growth		500
T. Rowe Price Tax Managed		1,700
Core Value		10,100
Managed Index 500		40,500
Equity Income		62,900
Growth with Income		9,400
Capital Income		45,000
Balanced		34,400
High Yield Bond		50,500
Bond		102,000
Money Market		62,100

Broker

For the six months ended April 30, 2004, Wachovia Securies LLC (“Wachovia”), an affiliate of PI, earned the following amount of brokerage commissions from portfolio transactions executed on behalf of the Funds:


Relative Value	$	910
Capital Growth		438
Managed Large Cap Growth		5
Equity Income		1,495
Capital Income		1,810
Balanced		756


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4. Shares of Capital Stock

The Funds offered Class A, Class B, Class C, and Class X shares up until April 12, 2004. Effective April 12, 2004, Class A shares were closed to new purchases and re-designated as “Class L” shares. New Class A shares (except for Money Market) are sold with a front-end sales charge of up to 5.50%. Purchases of $1 million or more are subject to a contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of their purchase. Class B shares were closed to new purchases and re-designated as “Class M” shares. New Class B shares (except for Money Market) are sold with a CDSC which declines from 5% to zero depending upon the period of time the shares are held. Class B shares will automatically convert to Class A shares approximately seven years after purchase. Class C shares are sold with a CDSC of 1% during the first 12 months. Class X share are closed to new purchases. In addition, for Money Market only, Class D shares are offered with no sales charge. The authorized capital stock of the Funds is 5.5 billion shares, with a par value of $.001 per share.

Transactions in shares of capital stock, during the six months ended April 30, 2004, were as follows:


	CLASS A					CLASS B					CLASS C					CLASS L					CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
INTERNATIONAL EQUITY:
Sold	21,581		$	147,134		3,747		$	25,016		258,658		$	1,616,478		447,291		$	2,912,750		352,791		$	2,261,847		97,030		$	623,437
Redeemed	(152	)		(1,035	)	(291	)		(2,000	)	(693,640	)		(4,284,350	)	(478,539	)		(3,140,331	)	(430,789	)		(2,729,048	)	(128,329	)		(801,509	)

Net Increase/(Decrease)	21,429		$	146,099		3,456		$	23,016		(434,982	)	$	(2,667,872	)	(31,248	)	$	(227,581	)	(77,998	)	$	(467,201	)	(31,299	)	$	(178,072	)

INTERNATIONAL GROWTH:
Sold	82,124		$	967,083		14,378		$	165,321		2,786,953		$	29,938,448		2,856,069		$	31,566,522		4,713,443		$	50,667,511		1,290,555		$	13,904,221
Redeemed	(4,680	)		(54,194	)	(66	)		(734	)	(1,046,460	)		(11,623,149	)	(964,595	)		(11,101,679	)	(1,173,614	)		(13,118,777	)	(260,605	)		(2,911,942	)

Net Increase/(Decrease)	77,444		$	912,889		14,312		$	164,587		1,740,493		$	18,315,299		1,891,474		$	20,464,843		3,539,829		$	37,548,734		1,029,950		$	10,992,279

SMALL CAP GROWTH OPPORTUNITY:
Sold	23,797		$	289,356		5,067		$	59,198		126,335		$	1,480,956		251,382		$	3,033,769		196,654		$	2,302,536		64,770		$	758,189
Redeemed	(187	)		(2,203	)	—			—		(475,119	)		(5,522,904	)	(475,281	)		(5,742,116	)	(686,588	)		(8,009,249	)	(158,583	)		(1,851,290	)

Net Increase/(Decrease)	23,610		$	287,153		5,067		$	59,198		(348,784	)	$	(4,041,948	)	(223,899	)	$	(2,708,347	)	(489,934	)	$	(5,706,713	)	(93,813	)	$	(1,093,101	)

MANAGED SMALL CAP GROWTH:
Sold	44,429		$	242,087		9,770		$	52,052		366,813		$	1,923,915		458,113		$	2,440,099		683,215		$	3,539,770		215,320		$	1,124,279
Redeemed	(971	)		(5,221	)	(18	)		(99	)	(544,246	)		(2,848,706	)	(964,848	)		(5,097,899	)	(644,220	)		(3,378,434	)	(185,928	)		(971,104	)

Net Increase/(Decrease)	43,458		$	236,866		9,752		$	51,953		(177,433	)	$	(924,791	)	(506,735	)	$	(2,657,800	)	38,995		$	161,336		29,392		$	153,175

SMALL COMPANY:
Sold	48,430		$	709,039		8,391		$	119,758		416,414		$	5,743,256		559,035		$	7,900,949		598,122		$	8,249,474		152,384		$	2,108,937
Redeemed	(88	)		(1,297	)	(52	)		(742	)	(861,036	)		(11,709,655	)	(742,600	)		(10,539,837	)	(679,890	)		(9,405,861	)	(168,684	)		(2,324,055	)

Net Increase/(Decrease)	48,342		$	707,742		8,339		$	119,016		(444,622	)	$	(5,966,399	)	(183,565	)	$	(2,638,888	)	(81,768	)	$	(1,156,387	)	(16,300	)	$	(215,118	)

MID CAP GROWTH:
Sold	164,270		$	687,751		37,326		$	154,697		7,708,485		$	30,075,857		11,236,277		$	44,627,619		20,115,508		$	78,782,827		3,969,777		$	15,527,448
Redeemed	(3,919	)		(16,318	)	0			0		(1,628,695	)		(6,526,042	)	(1,940,147	)		(7,952,505	)	(2,196,335	)		(8,909,320	)	(421,316	)		(1,693,747	)

Net Increase/(Decrease)	160,351		$	671,433		37,326		$	154,697		6,079,790		$	23,549,815		9,296,130		$	36,675,114		17,919,173		$	69,873,507		3,548,461		$	13,833,701

RELATIVE VALUE:
Sold	64,487		$	1,201,856		13,117		$	238,590		1,634,970		$	28,307,428		2,170,375		$	38,506,998		2,963,518		$	51,130,601		486,473		$	8,440,826
Reinvested	—			—		—			—		29,237			506,961		34,774			617,578		68,640			1,189,541		13,317			230,383
Redeemed	(321	)		(6,148	)	(137	)		(2,481	)	(719,426	)		(12,663,951	)	(879,592	)		(15,920,947	)	(829,098	)		(14,666,626	)	(168,945	)		(2,991,082	)

Net Increase/(Decrease)	64,166		$	1,195,708		12,980		$	236,109		944,781		$	16,150,438		1,325,557		$	23,203,629		2,203,060		$	37,653,516		330,845		$	5,680,127


176


	CLASS A					CLASS B					CLASS C					CLASS L					CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
TECHNOLOGY:
Sold	122,399		$	346,407		5,970		$	16,535		324,796		$	912,911		806,716		$	2,316,144		398,573		$	1,120,880		71,235		$	200,176
Redeemed	(18,311	)		(50,870	)	—			—		(543,925	)		(1,499,399	)	(1,103,771	)		(3,138,294	)	(500,437	)		(1,385,114	)	(78,925	)		(218,628	)

Net Increase/(Decrease)	104,088		$	295,537		5,970		$	16,535		(219,129	)	$	(586,488	)	(297,055	)	$	(822,150	)	(101,864	)	$	(264,234	)	(7,690	)	$	(18,452	)

HEALTH SCIENCES:
Sold	21,540		$	256,124		4,119		$	48,643		62,061		$	708,191		79,887		$	923,861		195,247		$	2,157,328		48,665		$	548,004
Redeemed	(35	)		(417	)	—			—		(46,043	)		(526,225	)	(86,317	)		(991,695	)	(61,286	)		(698,191	)	(26,778	)		(305,026	)

Net Increase/(Decrease)	21,505		$	255,707		4,119		$	48,643		16,018		$	181,966		(6,430	)	$	(67,834	)	133,961		$	1,459,137		21,887		$	242,978

MANAGED OTC:
Sold	56,385		$	144,045		15,874		$	40,233		1,182,254		$	3,014,996		961,821		$	2,436,884		2,076,292		$	5,174,119		440,249		$	1,089,759
Redeemed	(884	)		(2,294	)	—			—		(1,943,518	)		(4,743,048	)	(881,274	)		(2,220,118	)	(1,917,871	)		(4,719,213	)	(332,031	)		(812,359	)

Net Increase/(Decrease)	55,501		$	141,751		15,874		$	40,233		(761,264	)	$	(1,728,052	)	80,547		$	216,766		158,421		$	454,906		108,218		$	277,400

CAPITAL GROWTH:
Sold	392,482		$	5,351,464		180,213		$	2,378,755		3,489,669		$	44,528,769		3,454,019		$	44,270,953		5,547,119		$	73,692,917		1,286,152		$	14,177,282
Redeemed	(258,420	)		(3,549,931	)	(135,375	)		(1,792,615	)	(2,356,261	)		(30,325,081	)	(2,093,975	)		(27,830,871	)	(2,582,499	)		(33,351,737	)	(493,247	)		(6,366,721	)

Net Increase/(Decrease)	134,062		$	1,801,533		44,838		$	586,140		1,133,408		$	14,203,688		1,360,044		$	16,440,082		2,964,620		$	40,341,180		792,905		$	7,810,561

CONCENTRATED GROWTH:
Sold	78,075		$	907,089		22,784		$	230,102		325,744		$	3,227,657		603,963		$	6,800,478		558,857		$	5,557,330		160,067		$	1,585,378
Redeemed	(802	)		(9,225	)	(377	)		(3,780	)	(1,815,823	)		(17,964,394	)	(1,945,932	)		(22,150,919	)	(4,041,326	)		(40,122,611	)	(630,103	)		(6,278,552	)

Net Increase/(Decrease)	77,273		$	897,864		22,407		$	226,322		(1,490,079	)	$	(14,736,737	)	(1,341,969	)	$	(15,350,441	)	(3,482,469	)	$	(34,565,281	)	(470,036	)	$	(4,693,174	)

MANAGED LARGE CAP GROWTH:
Sold	4,657		$	43,297		259		$	2,351		45,411		$	419,351		22,929		$	211,006		116,447		$	1,051,360		29,212		$	263,187
Reinvested	—			—		—			—		6,117			54,566		4,540			40,900		10,479			93,369		2,562			22,645
Redeemed	—			—		—			—		(49,266	)		(457,574	)	(21,511	)		(206,519	)	(68,723	)		(623,949	)	(7,368	)		(66,285	)

Net Increase/(Decrease)	4,657		$	43,297		259		$	2,351		2,262		$	16,343		5,958		$	45,387		58,203		$	520,780		24,406		$	219,547

T. ROWE PRICE TAX MANAGED:
Sold	13,369		$	131,165		324		$	3,110		24,286		$	234,980		20,663		$	196,891		15,575		$	147,159		10,686		$	100,674
Redeemed	(1,082	)		(10,738	)	—			—		(302,999	)		(2,825,369	)	(9,026	)		(86,979	)	(17,101	)		(159,401	)	(326	)		(3,004	)

Net Increase/(Decrease)	12,287		$	120,427		324		$	3,110		(278,713	)	$	(2,590,389	)	11,637		$	109,912		(1,526	)	$	(12,242	)	10,360		$	97,670

CORE VALUE:
Sold	19,798		$	239,157		49,562		$	600,126		221,672		$	2,596,616		213,587		$	2,501,714		370,372		$	4,347,344		52,537		$	616,887
Reinvested	—			—		—			—		3,325			38,601		4,559			53,110		4,998			58,027		979			11,362
Redeemed	(8,268	)		(101,244	)	(46,548	)		(563,992	)	(529,653	)		(6,019,418	)	(170,251	)		(1,975,860	)	(83,927	)		(978,606	)	(14,412	)		(170,251	)

Net Increase/(Decrease)	11,530		$	137,913		3,014		$	36,134		(304,656	)	$	(3,384,201	)	47,895		$	578,964		291,443		$	3,426,765		39,104		$	457,998

MANAGED INDEX 500:
Sold	104,300		$	933,032		73,631		$	649,599		1,030,586		$	8,787,239		933,244		$	8,052,245		2,059,711		$	17,538,171		312,053		$	2,639,417
Redeemed	(29,400	)		(266,279	)	(58,646	)		(518,452	)	(1,250,577	)		(10,686,930	)	(892,156	)		(7,774,955	)	(1,284,179	)		(11,028,007	)	(209,311	)		(1,800,759	)

Net Increase/(Decrease)	74,900		$	666,753		14,985		$	131,147		(219,991	)	$	(1,899,691	)	41,088		$	(277,290	)	775,532		$	6,510,164		102,742		$	838,658

EQUITY INCOME:
Sold	59,724		$	779,993		17,554		$	224,277		533,087		$	6,598,811		564,776		$	7,192,528		866,929		$	10,723,171		220,088		$	2,746,914
Redeemed	(250	)		(3,246	)	—			—		(1,017,183	)		(12,444,168	)	(887,830	)		(11,303,106	)	(1,088,649	)		(13,508,090	)	(240,774	)		(2,987,937	)

Net Increase/(Decrease)	59,474		$	776,747		17,554		$	224,277		(484,096	)	$	(5,845,357	)	(323,054	)	$	(4,110,578	)	(221,720	)	$	(2,784,919	)	(20,686	)	$	(241,023	)

GROWTH WITH INCOME:
Sold	49,889		$	414,879		73,935		$	599,881		86,417		$	693,922		129,631		$	1,051,820		225,958		$	1,800,504		38,862		$	313,694
Redeemed	(17,820	)		(149,956	)	(68,567	)		(556,233	)	(248,243	)		(1,975,983	)	(263,461	)		(2,169,894	)	(214,981	)		(1,718,262	)	(62,543	)		(496,943	)

Net Increase/(Decrease)	32,069		$	264,923		5,368		$	43,648		(161,826	)	$	(1,282,061	)	(133,830	)	$	(1,118,074	)	10,977		$	82,242		(23,681	)	$	(183,249	)

CAPITAL INCOME:
Sold	31,349		$	384,027		6,811		$	83,536		117,882		$	1,440,287		202,766		$	2,455,175		188,955		$	2,295,331		40,938		$	498,732
Reinvested	—			—		—			—		1,747			21,378		9,016			110,004		4,314			52,846		1,313			16,059
Redeemed	(300	)		(3,637	)	—			—		(790,653	)		(9,617,341	)	(601,943	)		(7,325,026	)	(949,695	)		(11,541,788	)	(261,453	)		(3,182,372	)

Net Increase/(Decrease)	31,049		$	380,390		6,811		$	83,536		(671,024	)	$	(8,155,676	)	(390,161	)	$	(4,759,847	)	(756,426	)	$	(9,193,611	)	(219,202	)	$	(2,667,581	)


		177


	CLASS A					CLASS B					CLASS C					CLASS L					CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
BALANCED:
Sold	86,645		$	1,081,574		29,023		$	366,260		183,566		$	2,264,876		368,356		$	4,478,158		704,990		$	8,668,208		131,832		$	1,634,296
Reinvested	—			—		—			—		6,698			82,105		15,579			191,423		19,412			237,917		4,740			58,070
Redeemed	(35,092	)		(441,839	)	(19,555	)		(248,698	)	(452,351	)		(5,615,074	)	(598,215	)		(7,378,283	)	(639,230	)		(7,862,340	)	(177,251	)		(2,183,466	)

Net Increase/(Decrease)	51,553		$	639,735		9,468		$	117,562		(262,087	)	$	(3,268,093	)	(214,280	)	$	(2,708,702	)	85,172		$	1,043,785		(40,679	)	$	(491,100	)

HIGH YIELD BOND:
Sold	33,107		$	243,398		23,303		$	171,078		1,007,014		$	7,419,288		1,240,005		$	9,098,379		1,654,809		$	12,166,225		255,761		$	1,884,721
Reinvested	76			557		26			191		121,666			895,489		129,325			952,071		326,892			2,403,388		64,565			474,570
Redeemed	(94	)		(689	)	—			—		(2,315,099	)		(17,053,213	)	(2,578,082	)		(18,989,929	)	(2,978,392	)		(21,927,817	)	(287,550	)		(2,121,298	)

Net Increase/(Decrease)	33,089		$	243,266		23,329		$	171,269		(1,186,419	)	$	(8,738,436	)	(1,208,752	)	$	(8,939,479	)	(996,691	)	$	(7,358,204	)	32,776		$	237,993

BOND:
Sold	231,940		$	2,483,500		263,868		$	2,796,722		905,566		$	9,699,361		1,061,723		$	11,444,617		966,750		$	10,358,388		161,794		$	1,735,567
Reinvested	35,649			386,421		61,759			662,058		255,896			2,696,072		295,349			3,139,194		675,634			7,107,133		130,024			1,372,609
Redeemed	(178,267	)		(1,919,436	)	(305,352	)		(3,245,403	)	(3,146,378	)		(33,724,625	)	(2,619,816	)		(28,248,201	)	(5,131,509	)		(54,763,615	)	(701,777	)		(7,503,740	)

Net Increase/(Decrease)	89,322		$	950,485		20,275		$	213,377		(1,984,916	)	$	(21,329,192	)	(1,262,744	)	$	(13,664,390	)	(3,489,125	)	$	(37,298,094	)	(409,959	)	$	(4,395,564	)


	CLASS C					CLASS D					CLASS L					CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
MONEY MARKET:
Sold	28,581,433		$	28,581,247		43,421,172		$	43,421,172		75,301,482		$	75,301,482		28,989,494		$	28,989,494		9,815,654		$	9,815,654
Reinvested	9,861			9,861		9,026			9,026		239,624			239,624		25,154			25,154		5,303			5,303
Redeemed	(39,264,168	)		(39,264,172	)	(18,651,407	)		(18,651,407	)	(109,341,006	)		(109,341,006	)	(61,524,743	)		(61,524,743	)	(16,152,080	)		(16,152,080	)

Net Increase/(Decrease)	(10,672,874	)	$	(10,673,064	)	24,778,791		$	24,778,791		(33,799,900	)	$	(33,799,900	)	(32,510,095	)	$	(32,510,095	)	(6,331,123	)	$	(6,331,123	)

Transactions in shares of capital stock, during the period ended October 31, 2003, were as follows:


	CLASS A					CLASS B					CLASS C					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
INTERNATIONAL EQUITY:
Sold	26,390,808		$	140,595,117		590,008		$	3,074,040		3,440,269		$	17,222,060		216,950		$	1,135,683
Redeemed	(26,351,158	)		(141,565,314	)	(848,493	)		(4,307,368	)	(3,486,720	)		(17,549,661	)	(245,279	)		(1,261,606	)

Net Increase/(Decrease)	39,650		$	(970,197	)	(258,485	)	$	(1,233,328	)	(46,451	)	$	(327,601	)	(28,329	)	$	(125,923	)

INTERNATIONAL GROWTH:
Sold	13,164,866		$	111,027,592		514,290		$	4,646,962		1,108,697		$	9,325,425		337,373		$	3,004,828
Redeemed	(14,047,264	)		(119,563,617	)	(2,091,593	)		(17,519,063	)	(1,861,993	)		(15,479,206	)	(609,184	)		(5,168,042	)

Net Increase/(Decrease)	(882,398	)	$	(8,536,025	)	(1,577,303	)	$	(12,872,101	)	(753,296	)	$	(6,153,781	)	(271,811	)	$	(2,163,214	)

SMALL CAP GROWTH OPPORTUNITY:
Sold	1,499,450		$	13,487,568		775,078		$	7,146,991		574,703		$	5,243,915		203,585		$	1,901,401
Redeemed	(1,653,907	)		(14,400,695	)	(1,526,735	)		(13,308,850	)	(798,863	)		(7,001,652	)	(322,320	)		(2,792,044	)

Net Increase/(Decrease)	(154,457	)	$	(913,127	)	(751,657	)	$	(6,161,859	)	(224,160	)	$	(1,757,737	)	(118,735	)	$	(890,643	)

MANAGED SMALL CAP GROWTH:
Sold	1,885,452		$	7,429,001		1,334,420		$	5,644,459		868,706		$	3,511,110		268,825		$	1,097,137
Redeemed	(1,852,418	)		(7,165,440	)	(1,668,279	)		(6,560,309	)	(861,114	)		(3,407,916	)	(310,401	)		(1,165,237	)

Net Increase/(Decrease)	33,034		$	263,561		(333,859	)	$	(915,850	)	7,592		$	103,194		(41,576	)	$	(68,100	)

SMALL COMPANY:
Sold	2,153,707		$	23,482,835		1,649,359		$	17,840,900		1,177,801		$	12,656,686		287,875		$	3,108,073
Redeemed	(2,338,950	)		(25,339,299	)	(2,707,668	)		(27,594,428	)	(1,400,217	)		(14,698,780	)	(549,740	)		(5,764,387	)

Net Increase/(Decrease)	(185,243	)	$	(1,856,464	)	(1,058,309	)	$	(9,753,528	)	(222,416	)	$	(2,042,094	)	(261,865	)	$	(2,656,314	)

MID CAP GROWTH:
Sold	1,223,603		$	4,141,276		865,866		$	2,901,621		1,510,072		$	4,898,868		306,746		$	1,076,314
Redeemed	(816,578	)		(2,705,349	)	(704,136	)		(2,252,212	)	(827,815	)		(2,731,496	)	(71,317	)		(233,058	)

Net Increase/(Decrease)	407,025		$	1,435,927		161,730		$	649,409		682,257		$	2,167,372		235,429		$	843,256

RELATIVE VALUE:
Sold	1,814,561		$	25,475,979		1,104,201		$	15,432,096		724,207		$	10,049,512		242,158		$	3,388,815
Redeemed	(2,044,400	)		(28,683,953	)	(2,224,042	)		(30,003,392	)	(956,291	)		(12,965,372	)	(371,008	)		(5,049,914	)

Net Increase/(Decrease)	(229,839	)	$	(3,207,974	)	(1,119,841	)	$	(14,571,296	)	(232,084	)	$	(2,915,860	)	(128,850	)	$	(1,661,099	)


178


	CLASS A					CLASS B					CLASS C					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
TECHNOLOGY:
Sold	1,334,353		$	3,114,558		1,752,977		$	3,996,616		1,377,700		$	3,092,984		316,593		$	710,302
Redeemed	(1,083,043	)		(2,459,496	)	(1,311,056	)		(2,912,125	)	(1,290,200	)		(2,775,369	)	(244,544	)		(523,672	)

Net Increase/(Decrease)	251,310		$	655,062		441,921		$	1,084,491		87,500		$	317,615		72,049		$	186,630

HEALTH SCIENCES:
Sold	190,682		$	1,857,449		239,935		$	2,336,047		178,805		$	1,724,970		41,569		$	400,269
Redeemed	(160,035	)		(1,545,533	)	(308,363	)		(2,824,822	)	(167,645	)		(1,610,106	)	(104,351	)		(984,769	)

Net Increase/(Decrease)	30,647		$	311,916		(68,428	)	$	(488,775	)	11,160		$	114,864		(62,782	)	$	(584,500	)

MANAGED OTC:
Sold	2,979,301		$	5,755,781		4,607,183		$	9,027,265		5,715,871		$	10,882,795		620,121		$	1,222,729
Redeemed	(2,398,708	)		(4,556,328	)	(4,413,768	)		(8,623,070	)	(4,941,343	)		(9,277,039	)	(358,865	)		(636,650	)

Net Increase/(Decrease)	580,593		$	1,199,453		193,415		$	404,195		774,528		$	1,605,756		261,256		$	586,079

CAPITAL GROWTH:
Sold	4,502,116		$	49,847,615		4,343,401		$	47,066,757		4,160,793		$	44,592,863		753,452		$	8,266,438
Redeemed	(4,766,621	)		(51,800,311	)	(6,082,488	)		(63,422,692	)	(3,945,442	)		(41,782,579	)	(937,726	)		(9,810,030	)

Net Increase/(Decrease)	(264,505	)	$	(1,952,696	)	(1,739,087	)	$	(16,355,935	)	215,351		$	2,810,284		(184,274	)	$	(1,543,592	)

CONCENTRATED GROWTH:
Sold	3,522,959		$	35,250,474		1,576,514		$	13,591,674		1,301,926		$	11,099,175		450,482		$	3,887,438
Redeemed	(5,669,666	)		(56,174,264	)	(8,270,415	)		(70,778,085	)	(3,796,081	)		(32,476,073	)	(1,256,562	)		(10,766,014	)

Net Increase/(Decrease)	(2,146,707	)	$	(20,923,790	)	(6,693,901	)	$	(57,186,411	)	(2,494,155	)	$	(21,376,898	)	(806,080	)	$	(6,878,576	)

MANAGED LARGE CAP GROWTH:
Sold	52,768		$	444,545		370,451		$	3,108,954		82,805		$	693,656		213,285		$	1,777,432
Redeemed	(14,755	)		(120,942	)	(345,143	)		(2,902,541	)	(56,353	)		(514,641	)	(195,212	)		(1,628,549	)

Net Increase/(Decrease)	38,013		$	323,603		25,308		$	206,413		26,452		$	179,015		18,073		$	148,883

T. ROWE PRICE TAX MANAGED:
Sold	52,314		$	429,081		151,900		$	1,263,971		313,143		$	2,511,653		10,113		$	86,359
Redeemed	(59,147	)		(469,076	)	(121,678	)		(981,864	)	(146,027	)		(1,213,587	)	(5,388	)		(39,069	)

Net Increase/(Decrease)	(6,833	)	$	(39,995	)	30,222		$	282,107		167,116		$	1,298,066		4,725		$	47,290

CORE VALUE:
Sold	574,999		$	5,506,030		661,293		$	6,334,412		884,739		$	8,394,882		103,223		$	1,002,047
Reinvested	4,066			36,878		2,899			26,299		2,716			24,638		625			5,671
Redeemed	(318,975	)		(3,100,199	)	(322,360	)		(3,064,634	)	(389,700	)		(3,736,679	)	(95,092	)		(919,162	)

Net Increase/(Decrease)	260,090		$	2,442,709		341,832		$	3,296,077		497,755		$	4,682,841		8,756		$	88,556

MANAGED INDEX 500:
Sold	1,838,674		$	13,522,865		4,058,814		$	29,231,171		2,492,562		$	17,919,500		496,210		$	3,673,804
Redeemed	(1,798,582	)		(13,103,337	)	(3,920,797	)		(27,534,438	)	(2,633,173	)		(18,729,993	)	(598,754	)		(4,245,735	)

Net Increase/(Decrease)	40,092		$	419,528		138,017		$	1,696,733		(140,611	)	$	(810,493	)	(102,544	)	$	(571,931	)

GROWTH AND INCOME:
Sold	2,677,403		$	28,382,415		1,766,168		$	18,487,535		1,226,799		$	12,634,529		405,606		$	4,219,224
Redeemed	(3,001,190	)		(31,192,439	)	(3,041,439	)		(30,461,896	)	(1,980,280	)		(19,798,145	)	(676,765	)		(6,698,865	)

Net Increase/(Decrease)	(323,787	)	$	(2,810,024	)	(1,275,271	)	$	(11,974,361	)	(753,481	)	$	(7,163,616	)	(271,159	)	$	(2,479,641	)

GROWTH WITH INCOME:
Sold	369,648		$	2,637,054		623,237		$	4,376,585		239,743		$	1,675,960		88,722		$	633,700
Redeemed	(565,096	)		(4,041,148	)	(669,277	)		(4,597,561	)	(323,197	)		(2,225,041	)	(119,797	)		(829,798	)

Net Increase/(Decrease)	(195,448	)	$	(1,404,094	)	(46,040	)	$	(220,976	)	(83,454	)	$	(549,081	)	(31,075	)	$	(196,098	)

CAPITAL INCOME:
Sold	1,990,720		$	21,614,741		722,595		$	7,882,449		801,278		$	8,579,697		202,819		$	2,188,531
Reinvested	33,419			360,003		39,281			424,052		17,075			184,330		12,171			131,258
Redeemed	(2,623,023	)		(28,422,892	)	(2,327,374	)		(24,979,409	)	(1,112,082	)		(11,960,307	)	(666,379	)		(7,140,006	)

Net Increase/(Decrease)	(598,884	)	$	(6,448,148	)	(1,565,498	)	$	(16,672,908	)	(293,729	)	$	(3,196,280	)	(451,389	)	$	(4,820,217	)


		179


	CLASS A					CLASS B					CLASS C					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
BALANCED:
Sold	975,818		$	10,725,672		1,328,830		$	14,725,222		588,885		$	6,357,473		221,945		$	2,438,363
Reinvested	42,781			463,160		58,434			628,725		20,946			225,578		14,875			159,967
Redeemed	(1,201,226	)		(13,286,668	)	(1,909,394	)		(20,727,871	)	(754,480	)		(8,178,615	)	(395,713	)		(4,279,082	)

Net Increase/(Decrease)	(182,627	)	$	(2,097,836	)	(522,130	)	$	(5,373,924	)	(144,649	)	$	(1,595,564	)	(158,893	)	$	(1,680,752	)

HIGH YIELD BOND:
Sold	12,668,267		$	86,702,413		10,322,456		$	70,655,474		5,710,619		$	39,056,824		980,905		$	6,714,083
Reinvested	275,577			1,898,166		673,588			4,626,155		282,319			1,942,366		142,964			979,770
Redeemed	(11,682,327	)		(80,501,207	)	(6,587,397	)		(45,281,247	)	(4,515,226	)		(31,133,806	)	(1,063,582	)		(7,288,896	)

Net Increase/(Decrease)	1,261,517		$	8,099,372		4,408,647		$	30,000,382		1,477,712		$	9,865,384		60,287		$	404,957

BOND:
Sold	39,190,641		$	427,497,151		7,045,516		$	75,777,403		4,648,430		$	50,072,504		1,099,230		$	11,826,952
Reinvested	533,853			5,771,225		1,162,467			12,424,977		470,821			5,031,304		199,053			2,131,540
Redeemed	(40,852,507	)		(445,439,363	)	(12,009,417	)		(129,199,426	)	(6,825,097	)		(73,469,664	)	(1,781,400	)		(19,195,622	)

Net Increase/(Decrease)	(1,128,013	)	$	(12,170,987	)	(3,801,434	)	$	(40,997,046	)	(1,705,846	)	$	(18,365,856	)	(483,117	)	$	(5,237,130	)

MONEY MARKET:
Sold	545,425,935		$	545,425,933		125,153,747		$	125,153,750		124,103,222		$	124,102,512		26,221,801		$	26,221,802
Reinvested	604,416			604,416		43,287			43,287		24,196			24,196		8,333			8,333
Redeemed	(577,846,098	)		(577,846,101	)	(162,891,939	)		(162,891,945	)	(152,190,494	)		(152,190,498	)	(33,855,495	)		(33,855,496	)

Net Increase/(Decrease)	(31,815,747	)	$	(31,815,752	)	(37,694,905	)	$	(37,694,908	)	(28,063,076	)	$	(28,063,790	)	(7,625,361	)	$	(7,625,361	)

5. Taxation

For federal income tax purposes, the following portfolios had capital loss carryforward as of October 31, 2003:


	EXPIRING IN
	2005		2006		2007		2008		2009		2010		2,011
International Equity (a)	$	—	$	—	$	—	$	3,689,149	$	14,623,752	$	9,627,877	$	3,268,667
International Growth		—		2,242,636		3,428,829		3,770,566		118,198,630		45,261,880		15,797,153
Small Cap Growth Opportunity		—		—		—		32,685,457		85,158,694		24,271,236		2,016,071
Managed Small Cap Growth		—		—		—		1,200,690		30,048,813		11,049,424		—
Small Company		—		—		—		—		—		1,836,181		—
Mid Cap Growth		—		—		—		17,950		15,446,744		8,720,541		1,026,620
Technology (a)		—		—		—		195,454		17,178,543		17,782,577		6,709,869
Health Sciences		—		—		—		—		35,228		3,215,584		379,039
Managed OTC		—		—		—		1,097,897		13,155,667		12,453,037		4,671,746
Capital Growth		—		—		6,851,824		43,351,133		137,802,459		76,515,600		—
Concentrated Growth (a)		—		4,828,688		52,015,103		304,073,150		384,441,491		201,055,611		82,009,725
T. Rowe Price Tax Managed		—		—		—		—		41,359		520,264		542,816
Core Value		—		—		—		—		—		501,181		150,643
Managed Index 500		—		—		—		—		9,737,483		10,478,884		8,777,767
Equity Income		—		—		—		—		—		55,152,479		10,532,980
Growth with Income		—		—		—		900,804		5,991,194		7,428,950		974,431
Capital Income		—		—		—		885,606		12,892,699		31,692,286		2,828,941
Balanced		—		—		—		1,622,189		8,074,458		11,842,580		3,468,657
High Yield Bond		4,183		17,619		327,379		1,538,529		13,149,572		18,610,007		6,554,905

(a)	It is uncertain whether the Fund will be able to realize the full benefit prior to the expiration date.


180

The United States federal income tax basis and unrealized appreciation (depreciation) of the Portfolio’s investments as of April 30, 2004 were as follows:


	TAX BASIS		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION (DEPRECIATION)
International Equity	$	43,510,265	$	4,333,980	$	(1,378,686	)	$	2,955,294
International Growth		196,178,076		55,993,324		(5,534,326	)		50,458,998
Small Cap Growth Opportunity		89,372,191		26,432,613		(5,030,339	)		21,402,274
Managed Small Cap Growth		53,010,922		6,823,836		(2,654,456	)		4,169,380
Small Company		190,530,569		67,772,958		(9,899,255	)		57,873,703
Mid Cap Growth		220,668,196		29,203,424		(5,738,115	)		23,465,309
Relative Value		315,362,160		51,476,178		(4,650,625	)		46,825,553
Technology		29,225,354		3,973,858		(2,189,234	)		1,784,624
Health Sciences		23,143,141		3,674,536		(379,383	)		3,295,153
Managed OTC		55,932,046		6,389,230		(11,612,114	)		(5,222,884	)
Capital Growth		679,652,338		164,807,352		(11,239,309	)		153,568,043
Concentrated Growth		521,459,486		77,186,020		(32,427,899	)		44,758,121
Managed Large Cap Growth		3,464,567		83,158		(118,072	)		(34,914	)
T. Rowe Price Tax Managed		7,295,695		1,278,977		(65,986	)		1,212,991
Core Value		47,507,984		6,412,900		(991,017	)		5,421,883
Managed Index 500		173,951,192		21,270,205		(9,857,959	)		11,412,246
Equity Income		227,760,174		43,638,778		(4,576,849	)		39,061,929
Growth with Income		43,247,425		3,791,555		(1,830,434	)		1,961,121
Capital Income		203,437,452		12,105,126		(5,372,667	)		6,732,459
Balanced		158,659,969		14,088,322		(3,103,865	)		10,984,457
High Yield Bond		184,594,166		14,396,673		(6,227,309	)		8,169,364
Bond		391,729,883		3,751,270		(2,385,486	)		1,365,784

The differences between book basis and tax basis are primarily attributable to deferred losses on wash sales.


		181

6. Portfolio Securities

Purchases and sales of securities, other than U.S. government securities and short-term obligations, during the six months ended April 30, 2004, were as follows:


	PURCHASES		SALES
International Equity	$	51,145,022	$	56,049,100
International Growth		137,746,047		153,950,291
Small Cap Growth Opportunity		41,318,203		56,324,587
Managed Small Cap Growth		47,265,618		51,173,441
Small Company		3,965,826		10,837,324
Mid Cap Growth		147,346,548		159,806,289
Relative Value		162,404,832		160,192,462
Technology		14,904,216		16,561,386
Health Sciences		14,743,398		13,608,166
Managed OTC		5,239,510		3,462,001
Capital Growth		474,175,334		530,348,888
Concentrated Growth		45,237,364		115,868,420
Managed Large Cap Growth		3,544,059		987,896
T. Rowe Price Tax Managed		214,276		2,600,043
Core Value		8,251,527		7,337,417
Managed Index 500		44,611,971		37,166,434
Equity Income		85,583,532		96,081,076
Growth with Income		22,230,229		23,875,728
Capital Income		45,501,342		62,896,222
Balanced		60,207,610		65,859,426
High Yield Bond		30,759,668		54,174,062
Bond		15,375,262		41,634,364

Purchases and sales of U.S. government securities, during the period ended April 30, 2004, were as follows:


	PURCHASES		SALES
Capital Income	$	7,908,154	$	12,161,514
Balanced		104,286,312		102,449,934
Bond		144,242,563		224,454,206

7. Written Options Transactions

Written options transactions, during the six months ended April 30, 2004, were as follows:


	BOND					TECHNOLOGY
	NUMBER OF CONTRACTS/ SWAP NOTIONAL AMOUNT $(000)		PREMIUM			NUMBER OF CONTRACTS		PREMIUM
Balance at beginning of period.	69,763		$	2,223,818		15		$	3,115
Written options	469			327,708		284			20,491
Written swap options	1,700			8,109		—			—
Expired options	(887	)		(560,736	)	(219	)		(13,846	)
Expired swap options	(23,600	)		(307,160	)	—			—
Excercised options	—			—		—			—
Closed options	(27	)		(32,492	)	(80	)		(9,760	)
Closed swap options	—			—		—			—

Balance at end of period.	47,418		$	1,659,247		—		$	—


182

8. Line of Credit

The Funds and other affiliated funds participate in a $200 million unsecured, committed line of credit, provided by a syndication of banks, under a line of credit agreement. Borrowings may be made for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Any borrowings must be repaid within 30 days of their receipt. Interest is charged to each Fund, based on its borrowings, at a premium above the Federal Funds Rate. In addition, a commitment fee, equal to an annual rate of 0.09% of the average daily unused portion of the line of credit, is allocated among the participants at the end of each quarter. The expiration date of the line of credit is April 30, 2004. Effective May 1, 2004, a new line of credit of $250 million will be provided by PNC Bank and the expiration date of the new credit agreement is October 29, 2004.

The following table summarizes the borrowing that occurred during the six months ended April 30, 2004:


	Average Loan Outstanding During the Borrowing Period		Average Interest Rate		Number of Days Outstanding
International Growth	$	1,850,000	1.522	%	14
Small Company		1,000,000	1.521	%	3
Mid Cap Growth		1,100,000	1.563	%	5
Managed OTC		1,200,000	1.531	%	2
Concentrated Growth		1,412,121	1.519	%	33
T. Rowe Price Tax Managed		375,862	1.510	%	29
Managed Index 500		700,000	1.510	%	6
Capital Income		1,800,000	1.500	%	3

9. Risks & Uncertainties

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

10. Change in Independent Auditors

PricewaterhouseCoopers LLP was previously the independent auditors for the Company.

The decision to change the independent auditors was approved by the Audit Committee and by the Board of Directors in a meeting held on September 2, 2003, resulting in KPMG LLP’s appointment as independent auditors of the Company.

The reports on the financial statements of the Funds audited by PricewaterhouseCoopers LLP through the year ended October 31, 2003 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. There were no disagreements between the Funds and PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.


		183

11. Reorganization

On July 25, 2003, the Board of Directors of the Company approved an Agreement and Plan of Reorganization (the “Plan”) which provides for the transfer of all the assets of the Class A, B, C, and X shares of the following funds for like shares of the acquiring funds and the assumption of the liabilities of the funds.

Shareholders approved the Plan at a meeting on December 18, 2003 and the reorganization took place on December 19, 2003.

The acquisition was accomplished by a tax-free exchange of the following shares:


MERGED FUNDS
ASAF Alger
All-Cap Growth Fund
Class	A	1,276,240
	B	2,379,283
	C	1,494,806
	X	380,063
ASAF Alliance
Growth Fund
Class	A	2,036,657
	B	3,979,795
	C	1,741,083
	X	1,138,657
ASAF Alliance/Bernstein
Growth + Value Fund
Class	A	377,816
	B	705,364
	C	316,026
	X	109,691
ASAF DeAM Large-Cap
Value Fund
Class	A	43,351
	B	98,988
	C	44,734
	X	16,176
ASAF Gabelli
All-Cap Value Fund
Class	A	2,456,830
	B	3,496,862
	C	1,833,231
	X	512,426
ASAF Neuberger Berman
Mid-Cap Growth Fund
Class	A	3,136,442
	B	5,937,783
	C	2,191,541
	X	1,152,349


ACQUIRING FUNDS
Strategic Partners
Capital Growth Fund			Value
Class	A	597,396	7,760,174
	B	1,126,570	14,262,374
	C	709,584	8,969,137
	X	180,209	2,276,043
Strategic Partners
Capital Growth Fund			Value
Class	A	1,372,321	17,826,450
	B	2,673,818	33,850,601
	C	1,168,385	14,768,384
	X	765,578	9,669,249
Strategic Partners
Managed lndex 500 Fund			Value
Class	A	422,780	3,631,677
	B	793,057	6,677,536
	C	355,443	2,992,833
	X	123,715	1,039,206
Strategic Partners
Equity Income Fund			Value
Class	A	30,657	380,757
	B	71,016	863,549
	C	32,119	390,243
	X	11,606	140,897
Strategic Partners
Relative Value Fund			Value
Class	A	1,488,724	26,156,887
	B	2,137,510	36,658,299
	C	1,120,740	19,220,694
	X	313,613	5,369,047
Strategic Partners
Mid Cap Growth Fund			Value
Class	A	10,340,675	40,949,074
	B	19,301,440	75,468,629
	C	7,142,121	27,854,271
	X	3,752,372	14,634,250


184


MERGED FUNDS
ASAF DeAM International
Equity Fund
Class	A	1,191,664
	B	2,480,570
	C	1,021,955
	X	626,028
ASAF American Century
International Growth Fund
Class	A	1,897,719
	B	2,955,106
	C	1,974,778
	X	842,653


ACQUIRING FUNDS
Strategic Partners
International Growth Fund			Value
Class	A	1,077,710	11,779,365
	B	2,231,351	23,808,515
	C	914,023	9,770,910
	X	562,686	6,003,857
Strategic Partners
International Growth Fund			Value
Class	A	1,163,269	12,714,526
	B	1,866,176	19,912,096
	C	1,241,875	13,275,643
	X	533,083	5,687,992

The aggregate net assets and unrealized appreciation of the Merged and Acquiring Funds immediately before the acquisitions and the future utilization of the acquired capital loss carryforwards from the merged funds were as follows:


	Total Net Assets		Unrealized Appreciation/ (Depreciation)	Capital Loss Carryforwards*
Merged Funds
ASAF Alger All-Cap Growth Fund	$	33,267,728	4,845,470	17,803,458
ASAF Alliance Growth Fund		76,114,684	9,083,543	84,807,875
ASAF Alliance/Bernstein Growth + Value Fund		14,341,252	1,156,519	2,134,182
ASAF DeAM Large-Cap Value Fund		1,775,446	20,235	—
ASAF Gabelli All-Cap Value Fund		87,404,927	11,066,165	11,268,957
ASAF Neuberger Berman Mid-Cap Growth Fund		158,906,224	32,085,991	200,340,837
ASAF DeAM International Equity Fund		51,362,647	7,090,302	93,418,773
ASAF American Century International Growth Fund		51,590,257	10,534,688	40,459,664
Acquiring Funds
Strategic Partners Capital Growth Fund	$	695,681,899
Strategic Partners Managed Index 500		156,123,490
Strategic Partners Equity Income Fund		260,093,199
Strategic Partners Relative Value Fund		226,378,019
Strategic Partners Mid Cap Growth Fund		27,213,020
Strategic Partners International Growth Fund		155,301,146

*	The future utilization of the acquired capital loss carry forwards may be limited under certain conditions defined in the Internal Revenue Code of 1986, as amended.

12. Subsequent Events

On November 19, 2003, the Board of Directors of the Company approved an Agreement and Plan of Reorganization (the “Plan”) which provides for the transfer of all the assets of the Class A, B, C, L, M and X shares of the following funds for like shares of the acquiring funds and the assumption of the liabilities of the funds.

Shareholders approved the Plan at a meeting on May 3, 2004 and the reorganization took place on May 7, 2004.


Fund		Acquiring Fund
International Equity		International Growth
T. Rowe Price Tax Managed		Capital Growth

Subject to shareholder approval, the following fund reorganizations were also approved by the Board of Directors on January 23, 2004.


Fund		Acquiring Fund
Managed Large Cap Growth		Jennison Growth Fund


		185

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains		Total Distributions			Net Asset Value End of Period
ASAF INTERNATIONAL EQUITY FUND:
Class A	04/30/04	* (10)	$	7.01	$	—	†	$	(0.47	)	$	(0.47	)	$	—		$	—	$	—		$	6.54

Class B	04/30/04	* (10)		6.87		—	†		(0.46	)		(0.46	)		—			—		—			6.41

Class C	04/30/04	*		5.80		(0.05	)		0.63			0.58			—			—		—			6.38
	10/31/03	(12)		4.86		(0.02	)		0.96			0.94			—			—		—			5.80
	10/31/02	(12)		6.02		(0.05	)		(1.11	)		(1.16	)		—			—		—			4.86
	10/31/01	(12)		8.77		(0.06	)		(2.69	)		(2.75	)		—			—		—			6.02
	10/31/00	(4)(12)		10.00		(0.01	)		(1.22	)		(1.23	)		—			—		—			8.77

Class L (11)	04/30/04	*		5.92		(0.02	)		0.64			0.62			—			—		—			6.54
	10/31/03	(12)		4.94		0.01			0.97			0.98			—			—		—			5.92
	10/31/02	(12)		6.10		(0.02	)		(1.14	)		(1.16	)		—			—		—			4.94
	10/31/01	(12)		8.81		(0.02	)		(2.69	)		(2.71	)		—			—		—			6.10
	10/31/00	(4)(12)		10.00		0.03			(1.22	)		(1.19	)		—			—		—			8.81

Class M (11)	04/30/04	*		5.82		(0.04	)		0.62			0.58			—			—		—			6.40
	10/31/03	(12)		4.87		(0.02	)		0.97			0.95			—			—		—			5.82
	10/31/02	(12)		6.04		(0.05	)		(1.12	)		(1.17	)		—			—		—			4.87
	10/31/01	(12)		8.78		(0.07	)		(2.67	)		(2.74	)		—			—		—			6.04
	10/31/00	(4)(12)		10.00		(0.02	)		(1.20	)		(1.22	)		—			—		—			8.78

Class X	04/30/04	*		5.82		(0.04	)		0.63			0.59			—			—		—			6.41
	10/31/03	(12)		4.87		(0.02	)		0.97			0.95			—			—		—			5.82
	10/31/02	(12)		6.04		(0.05	)		(1.12	)		(1.17	)		—			—		—			4.87
	10/31/01	(12)		8.79		(0.07	)		(2.68	)		(2.75	)		—			—		—			6.04
	10/31/00	(4)(12)		10.00		(0.02	)		(1.19	)		(1.21	)		—			—		—			8.79
STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND:
Class A	04/30/04	* (10)	$	12.13	$	0.01		$	(0.77	)	$	(0.76	)	$	—		$	—	$	—		$	11.37

Class B	04/30/04	* (10)		11.82		0.01			(0.75	)		(0.74	)		—			—		—			11.08

Class C	04/30/04	*		10.50		(0.02	)		0.62			0.60			—			—		—			11.10
	10/31/03	(12)		8.08		(0.08	)		2.50			2.42			—			—		—			10.50
	10/31/02	(12)		9.79		(0.05	)		(1.66	)		(1.71	)		—			—		—			8.08
	10/31/01	(12)		17.06		(0.18	)		(6.62	)		(6.80	)		(0.47	)		—		(0.47	)		9.79
	10/31/00	(12)		13.96		(0.17	)		3.27			3.10			—			—		—			17.06
	10/31/99	(12)		10.52		(0.15	)		3.59			3.44			—			—		—			13.96

Class L (11)	04/30/04	*		10.72		(0.01	)		0.65			0.64			—			—		—			11.36
	10/31/03	(12)		8.21		(0.04	)		2.55			2.51			—			—		—			10.72
	10/31/02	(12)		9.90		—	†		(1.69	)		(1.69	)		—			—		—			8.21
	10/31/01	(12)		17.27		(0.13	)		(6.67	)		(6.80	)		(0.57	)		—		(0.57	)		9.90
	10/31/00	(12)		14.06		(0.08	)		3.29			3.21			—			—		—			17.27
	10/31/99	(12)		10.55		(0.09	)		3.60			3.51			—			—		—			14.06

Class M (11)	04/30/04	*		10.48		(0.02	)		0.61			0.59			—			—		—			11.07
	10/31/03	(12)		8.06		(0.08	)		2.50			2.42			—			—		—			10.48
	10/31/02	(12)		9.77		(0.05	)		(1.66	)		(1.71	)		—			—		—			8.06
	10/31/01	(12)		17.03		(0.17	)		(6.62	)		(6.79	)		(0.47	)		—		(0.47	)		9.77
	10/31/00	(12)		13.94		(0.17	)		3.26			3.09			—			—		—			17.03
	10/31/99	(12)		10.51		(0.15	)		3.58			3.43			—			—		—			13.94

Class X	04/30/04	*		10.48		(0.02	)		0.62			0.60			—			—		—			11.08
	10/31/03	(12)		8.06		(0.08	)		2.50			2.42			—			—		—			10.48
	10/31/02	(12)		9.77		(0.05	)		(1.66	)		(1.71	)		—			—		—			8.06
	10/31/01	(12)		17.03		(0.15	)		(6.64	)		(6.79	)		(0.47	)		—		(0.47	)		9.77
	10/31/00	(12)		13.93		(0.18	)		3.28			3.10			—			—		—			17.03
	10/31/99	(12)		10.50		(0.14	)		3.57			3.43			—			—		—			13.93


186


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(6.70	%)	$	140	108	%	1.85	%	1.85	%	2.34	%	3.42	%

(6.70	%)		22	108	%	2.60	%	2.60	%	3.04	%	2.22	%

10.00	%		8,208	108	%	2.60	%	2.60	%	3.04	%	(1.25	%)
19.59	%		9,974	53	%	2.60	%	2.60	%	3.22	%	(0.38	%)
(19.44	%)		8,579	155	%	2.60	%	2.60	%	3.27	%	(0.82	%)
(31.36	%)		11,399	97	%	2.60	%	2.60	%	3.12	%	(0.89	%)
(12.30	%)		12,120	74	%	2.60	%	2.70	%	3.53	%	(0.13	%)

10.47	%		17,139	108	%	2.10	%	2.10	%	2.54	%	(0.70	%)
19.84	%		15,709	53	%	2.10	%	2.10	%	2.70	%	0.21	%
(19.02	%)		12,917	155	%	2.10	%	2.10	%	2.77	%	(0.31	%)
(30.76	%)		13,896	97	%	2.10	%	2.10	%	2.63	%	(0.25	%)
(11.90	%)		12,696	74	%	2.10	%	2.20	%	3.01	%	0.32	%

9.97	%		18,222	108	%	2.60	%	2.60	%	3.04	%	(1.20	%)
19.51	%		17,000	53	%	2.60	%	2.60	%	3.23	%	(0.40	%)
(19.37	%)		15,499	155	%	2.60	%	2.60	%	3.27	%	(0.82	%)
(31.29	%)		18,565	97	%	2.60	%	2.60	%	3.14	%	(0.97	%)
(12.20	%)		17,900	74	%	2.60	%	2.70	%	3.55	%	(0.22	%)

10.14	%		4,470	108	%	2.60	%	2.60	%	3.04	%	(1.19	%)
19.51	%		4,240	53	%	2.60	%	2.60	%	3.23	%	(0.40	%)
(19.37	%)		3,689	155	%	2.60	%	2.60	%	3.27	%	(0.83	%)
(31.29	%)		4,462	97	%	2.60	%	2.60	%	3.15	%	(0.97	%)
(12.10	%)		3,866	74	%	2.60	%	2.70	%	3.75	%	(0.23	%)


(6.27	%)	$	880	55	%	1.85	%	1.85	%	2.03	%	3.35	%

(6.26	%)		159	55	%	2.60	%	2.60	%	2.73	%	2.96	%

5.71	%		55,509	55	%	2.60	%	2.60	%	2.73	%	(1.18	%)
29.95	%		34,265	126	%	2.60	%	2.60	%	2.86	%	(0.94	%)
(17.47	%)		32,443	56	%	2.60	%	2.60	%	2.88	%	(0.48	%)
(40.76	%)		56,063	69	%	2.56	%	2.56	%	2.66	%	(1.13	%)
22.29	%		132,594	72	%	2.41	%	2.43	%	2.53	%	(0.86	%)
32.60	%		54,101	71	%	2.60	%	2.62	%	2.97	%	(1.21	%)

5.97	%		55,138	55	%	2.10	%	2.10	%	2.23	%	(0.68	%)
30.57	%		31,741	126	%	2.10	%	2.10	%	2.36	%	(0.41	%)
(17.07	%)		31,546	56	%	2.10	%	2.10	%	2.37	%	0.03	%
(40.46	%)		57,798	69	%	2.06	%	2.06	%	2.16	%	(0.64	%)
22.92	%		146,865	72	%	1.91	%	1.93	%	2.03	%	(0.39	%)
33.18	%		61,082	71	%	2.10	%	2.12	%	2.47	%	(0.70	%)

5.63	%		111,362	55	%	2.60	%	2.60	%	2.73	%	(1.18	%)
30.02	%		68,265	126	%	2.60	%	2.60	%	2.86	%	(0.95	%)
(17.50	%)		65,261	56	%	2.60	%	2.60	%	2.88	%	(0.47	%)
(40.78	%)		106,979	69	%	2.56	%	2.56	%	2.66	%	(1.13	%)
22.25	%		234,154	72	%	2.41	%	2.43	%	2.53	%	(0.87	%)
32.54	%		105,965	71	%	2.60	%	2.62	%	2.97	%	(1.22	%)

5.73	%		33,088	55	%	2.60	%	2.60	%	2.73	%	(1.18	%)
30.02	%		20,508	126	%	2.60	%	2.60	%	2.86	%	(0.95	%)
(17.50	%)		17,976	56	%	2.60	%	2.60	%	2.88	%	(0.48	%)
(40.79	%)		27,923	69	%	2.56	%	2.56	%	2.66	%	(1.13	%)
22.34	%		54,487	72	%	2.41	%	2.42	%	2.53	%	(0.90	%)
32.57	%		34,002	71	%	2.60	%	2.62	%	2.98	%	(1.19	%)

See Notes to Financial Statements.


		187

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income		From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS SMALL CAP GROWTH OPPORTUNITY FUND:
Class A	04/30/04	* (10)	$	12.50	$	—	†	$	(1.14	)	$	(1.14	)	$	—	$	—		$	—		$	11.36

Class B	04/30/04	* (10)		12.09		(0.01	)		(1.10	)		(1.11	)		—		—			—			10.98

Class C	04/30/04	*		11.33		(0.12	)		(0.22	)		(0.34	)		—		—			—			10.99
	10/31/03	(12)		8.14		(0.16	)		3.35			3.19			—		—			—			11.33
	10/31/02	(12)		10.82		(0.21	)		(2.47	)		(2.68	)		—		—			—			8.14
	10/31/01	(12)		17.03		(0.21	)		(6.00	)		(6.21	)		—		—			—			10.82
	10/31/00	(12)		16.90		(0.29	)		0.53			0.24			—		(0.11	)		(0.11	)		17.03
	10/31/99	(12)		9.06		(0.16	)		8.00			7.84			—		—			—			16.90

Class L (11)	04/30/04	*		11.67		(0.09	)		(0.23	)		(0.32	)		—		—			—			11.35
	10/31/03	(12)		8.34		(0.12	)		3.45			3.33			—		—			—			11.67
	10/31/02	(12)		11.04		(0.16	)		(2.54	)		(2.70	)		—		—			—			8.34
	10/31/01	(12)		17.30		(0.15	)		(6.11	)		(6.26	)		—		—			—			11.04
	10/31/00	(12)		17.08		(0.18	)		0.51			0.33			—		(0.11	)		(0.11	)		17.30
	10/31/99	(12)		9.11		(0.10	)		8.07			7.97			—		—			—			17.08

Class M (11)	04/30/04	*		11.32		(0.12	)		(0.22	)		(0.34	)		—		—			—			10.98
	10/31/03	(12)		8.13		(0.16	)		3.35			3.19			—		—			—			11.32
	10/31/02	(12)		10.81		(0.21	)		(2.47	)		(2.68	)		—		—			—			8.13
	10/31/01	(12)		17.02		(0.21	)		(6.00	)		(6.21	)		—		—			—			10.81
	10/31/00	(12)		16.87		(0.29	)		0.55			0.26			—		(0.11	)		(0.11	)		17.02
	10/31/99	(12)		9.04		(0.17	)		8.00			7.83			—		—			—			16.87

Class X	04/30/04	*		11.32		(0.12	)		(0.22	)		(0.34	)		—		—			—			10.98
	10/31/03	(12)		8.13		(0.16	)		3.35			3.19			—		—			—			11.32
	10/31/02	(12)		10.81		(0.21	)		(2.47	)		(2.68	)		—		—			—			8.13
	10/31/01	(12)		17.03		(0.22	)		(6.00	)		(6.22	)		—		—			—			10.81
	10/31/00	(12)		16.90		(0.29	)		0.53			0.24			—		(0.11	)		(0.11	)		17.03
	10/31/99	(12)		9.06		(0.15	)		7.99			7.84			—		—			—			16.90
STRATEGIC PARTNERS MANAGED SMALL CAP GROWTH FUND:
Class A	04/30/04	* (10)(12)	$	5.61	$	—	†	$	(0.40	)	$	(0.40	)	$	—	$	—		$	—		$	5.21

Class B	04/30/04	* (10)(12)		5.49		—	†		(0.45	)		(0.45	)		—		—			—			5.04

Class C	04/30/04	* (12)		4.97		(0.05	)		0.17			0.12			—		—			—			5.09
	10/31/03	(12)		3.46		(0.06	)		1.57			1.51			—		—			—			4.97
	10/31/02	(12)		4.55		(0.08	)		(1.01	)		(1.09	)		—		—			—			3.46
	10/31/01	(12)		8.04		(0.10	)		(3.39	)		(3.49	)		—		—			—			4.55
	10/31/00	(5)(12)		10.00		(0.10	)		(1.86	)		(1.96	)		—		—			—			8.04

Class L (11)	04/30/04	* (12)		5.06		(0.04	)		0.18			0.14			—		—			—			5.20
	10/31/03	(12)		3.51		(0.04	)		1.59			1.55			—		—			—			5.06
	10/31/02	(12)		4.59		(0.06	)		(1.02	)		(1.08	)		—		—			—			3.51
	10/31/01	(12)		8.08		(0.07	)		(3.42	)		(3.49	)		—		—			—			4.59
	10/31/00	(5)(12)		10.00		(0.06	)		(1.86	)		(1.92	)		—		—			—			8.08

Class M (11)	04/30/04	* (12)		4.96		(0.05	)		0.17			0.12			—		—			—			5.08
	10/31/03	(12)		3.46		(0.06	)		1.56			1.50			—		—			—			4.96
	10/31/02	(12)		4.54		(0.08	)		(1.00	)		(1.08	)		—		—			—			3.46
	10/31/01	(12)		8.04		(0.10	)		(3.40	)		(3.50	)		—		—			—			4.54
	10/31/00	(5)		10.00		(0.10	)		(1.86	)		(1.96	)		—		—			—			8.04

Class X	04/30/04	* (12)		4.97		(0.05	)		0.17			0.12			—		—			—			5.09
	10/31/03	(12)		3.47		(0.06	)		1.56			1.50			—		—			—			4.97
	10/31/02	(12)		4.55		(0.08	)		(1.00	)		(1.08	)		—		—			—			3.47
	10/31/01	(12)		8.05		(0.10	)		(3.40	)		(3.50	)		—		—			—			4.55
	10/31/00	(5)(12)		10.00		(0.10	)		(1.85	)		(1.95	)		—		—			—			8.05


188


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(9.12	%)	$	268	35	%	1.55	%	1.55	%	1.92	%	(1.25	%)

(9.18	%)		56	35	%	2.30	%	2.30	%	2.62	%	(1.98	%)

(3.00	%)		20,279	35	%	2.30	%	2.30	%	2.62	%	(1.90	%)
39.19	%		24,850	106	%	2.30	%	2.30	%	2.77	%	(1.78	%)
(24.77	%)		19,674	120	%	2.30	%	2.30	%	2.72	%	(1.98	%)
(36.50	%)		31,186	103	%	2.30	%	2.30	%	2.54	%	(1.71	%)
1.23	%		72,934	90	%	2.23	%	2.23	%	2.34	%	(1.31	%)
86.64	%		38,337	74	%	2.20	%	2.21	%	2.73	%	(1.25	%)

(2.74	%)		26,167	35	%	1.80	%	1.80	%	2.12	%	(1.40	%)
39.93	%		29,516	106	%	1.80	%	1.80	%	2.27	%	(1.28	%)
(24.46	%)		22,388	120	%	1.80	%	1.80	%	2.21	%	(1.49	%)
(36.18	%)		43,941	103	%	1.80	%	1.80	%	2.04	%	(1.21	%)
1.69	%		85,342	90	%	1.73	%	1.73	%	1.84	%	(0.81	%)
87.80	%		54,039	74	%	1.70	%	1.71	%	2.20	%	(0.73	%)

(3.00	%)		51,607	35	%	2.30	%	2.30	%	2.62	%	(1.90	%)
39.24	%		58,731	106	%	2.30	%	2.30	%	2.77	%	(1.78	%)
(24.79	%)		48,295	120	%	2.30	%	2.30	%	2.72	%	(1.98	%)
(36.52	%)		80,943	103	%	2.30	%	2.30	%	2.54	%	(1.71	%)
1.29	%		169,925	90	%	2.23	%	2.23	%	2.34	%	(1.31	%)
86.73	%		98,524	74	%	2.20	%	2.21	%	2.69	%	(1.24	%)

(3.00	%)		12,842	35	%	2.30	%	2.30	%	2.62	%	(1.90	%)
39.24	%		14,301	106	%	2.30	%	2.30	%	2.77	%	(1.78	%)
(24.79	%)		11,238	120	%	2.30	%	2.30	%	2.73	%	(1.98	%)
(36.52	%)		17,624	103	%	2.30	%	2.30	%	2.54	%	(1.71	%)
1.17	%		33,072	90	%	2.23	%	2.23	%	2.34	%	(1.31	%)
86.53	%		24,312	74	%	2.20	%	2.21	%	2.82	%	(1.21	%)


(7.13	%)	$	226	88	%	1.65	%	1.65	%	2.14	%	(1.08	%)

(8.20	%)		49	88	%	2.40	%	2.40	%	2.84	%	(1.83	%)

2.41	%		10,966	88	%	2.40	%	2.40	%	2.84	%	(2.02	%)
43.64	%		11,580	203	%	2.40	%	2.40	%	3.11	%	(1.55	%)
(23.96	%)		8,054	309	%	2.36	%	2.36	%	3.15	%	(1.78	%)
(43.41	%)		10,968	110	%	2.30	%	2.30	%	3.13	%	(1.76	%)
(19.60	%)		14,676	61	%	2.30	%	2.30	%	2.94	%	(1.24	%)

2.57	%		13,084	88	%	1.90	%	1.90	%	2.34	%	(1.52	%)
44.16	%		15,297	203	%	1.90	%	1.90	%	2.60	%	(1.05	%)
(23.53	%)		10,499	309	%	1.86	%	1.86	%	2.64	%	(1.29	%)
(43.19	%)		17,736	110	%	1.80	%	1.80	%	2.65	%	(1.24	%)
(19.20	%)		17,172	61	%	1.80	%	1.80	%	2.43	%	(0.72	%)

2.42	%		22,754	88	%	2.40	%	2.40	%	2.84	%	(2.02	%)
43.35	%		22,010	203	%	2.40	%	2.40	%	3.11	%	(1.56	%)
(23.79	%)		16,513	309	%	2.36	%	2.36	%	3.15	%	(1.78	%)
(43.53	%)		22,969	110	%	2.30	%	2.30	%	3.13	%	(1.75	%)
(19.60	%)		27,872	61	%	2.30	%	2.30	%	2.94	%	(1.25	%)

2.41	%		4,337	88	%	2.40	%	2.40	%	2.84	%	(2.02	%)
43.23	%		4,087	203	%	2.40	%	2.40	%	3.11	%	(1.55	%)
(23.74	%)		2,995	309	%	2.36	%	2.36	%	3.15	%	(1.78	%)
(43.48	%)		3,875	110	%	2.30	%	2.30	%	3.13	%	(1.76	%)
(19.50	%)		4,499	61	%	2.30	%	2.30	%	2.93	%	(1.23	%)

See Notes to Financial Statements.


		189

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			In Excess of Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS SMALL COMPANY FUND:
Class A	04/30/04	* (10)	$	14.82	$	—		$	(0.40	)	$	(0.40	)	$	—		$	—		$	—		$	—		$	14.42

Class B	04/30/04	* (10)		14.39		—			(0.40	)		(0.40	)		—			—			—			—			13.99

Class C	04/30/04	*		12.66		(0.08	)		1.39			1.31			—			—			—			—			13.97
	10/31/03	(12)		9.43		(0.13	)		3.36			3.23			—			—			—			—			12.66
	10/31/02	(12)		10.10		(0.13	)		(0.33	)		(0.46	)		—			—			(0.21	)		(0.21	)		9.43
	10/31/01	(12)		10.45		(0.08	)		0.11			0.03			—			—			(0.38	)		(0.38	)		10.10
	10/31/00	(12)		8.84		(0.02	)		1.87			1.85			—			—			(0.24	)		(0.24	)		10.45
	10/31/99	(12)		8.80		(0.03	)		0.07			0.04			—			—			—			—			8.84

Class L (11)	04/30/04	*		13.02		(0.05	)		1.44			1.39			—			—			—			—			14.41
	10/31/03	(12)		9.66		(0.08	)		3.44			3.36			—			—			—			—			13.02
	10/31/02	(12)		10.29		(0.08	)		(0.34	)		(0.42	)		—			—			(0.21	)		(0.21	)		9.66
	10/31/01	(12)		10.58		(0.03	)		0.12			0.09			—			—			(0.38	)		(0.38	)		10.29
	10/31/00	(12)		8.90		0.03			1.89			1.92			—			—			(0.24	)		(0.24	)		10.58
	10/31/99	(12)		8.85		0.02			0.06			0.08			—			(0.03	)		—			(0.03	)		8.90

Class M (11)	04/30/04	*		12.67		(0.08	)		1.40			1.32			—			—			—			—			13.99
	10/31/03	(12)		9.44		(0.13	)		3.36			3.23			—			—			—			—			12.67
	10/31/02	(12)		10.11		(0.13	)		(0.33	)		(0.46	)		—			—			(0.21	)		(0.21	)		9.44
	10/31/01	(12)		10.46		(0.08	)		0.11			0.03			—			—			(0.38	)		(0.38	)		10.11
	10/31/00	(12)		8.84		(0.02	)		1.88			1.86			—			—			(0.24	)		(0.24	)		10.46
	10/31/99	(12)		8.80		(0.03	)		0.07			0.04			—			—			—			—			8.84

Class X	04/30/04	*		12.68		(0.08	)		1.39			1.31			—			—			—			—			13.99
	10/31/03	(12)		9.44		(0.13	)		3.37			3.24			—			—			—			—			12.68
	10/31/02	(12)		10.11		(0.13	)		(0.33	)		(0.46	)		—			—			(0.21	)		(0.21	)		9.44
	10/31/01	(12)		10.47		(0.08	)		0.10			0.02			—			—			(0.38	)		(0.38	)		10.11
	10/31/00	(12)		8.84		(0.02	)		1.89			1.87			—			—			(0.24	)		(0.24	)		10.47
	10/31/99	(12)		8.80		(0.03	)		0.07			0.04			—			—			—			—			8.84
STRATEGIC PARTNERS MID CAP GROWTH FUND:
Class A	04/30/04	* (10)(12)	$	4.27	$	—		$	(0.17	)	$	(0.17	)	$	—		$	—		$	—		$	—		$	4.10

Class B	04/30/04	* (10)(12)		4.21		—			(0.16	)		(0.16	)		—			—			—			—			4.05

Class C	04/30/04	* (12)		3.83		(0.04	)		0.24			0.20			—			—			—			—			4.03
	10/31/03	(12)		3.06		(0.06	)		0.83			0.77			—			—			—			—			3.83
	10/31/02	(12)		4.03		(0.07	)		(0.90	)		(0.97	)		—			—			—			—			3.06
	10/31/01	(12)		10.01		(0.09	)		(5.89	)		(5.98	)		—	†		—			—			—			4.03
	10/31/00	(6)(12)		10.00		0.01			—			0.01			—			—			—			—			10.01

Class L (11)	04/30/04	* (12)		3.89		(0.03	)		0.24			0.21			—			—			—			—			4.10
	10/31/03	(12)		3.09		(0.04	)		0.84			0.80			—			—			—			—			3.89
	10/31/02	(12)		4.04		(0.05	)		(0.90	)		(0.95	)		—			—			—			—			3.09
	10/31/01	(12)		10.01		(0.06	)		(5.90	)		(5.96	)		(0.01	)		—			—			(0.01	)		4.04
	10/31/00	(6)(12)		10.00		0.02			(0.01	)		0.01			—			—			—			—			10.01

Class M (11)	04/30/04	* (12)		3.84		(0.04	)		0.24			0.20			—			—			—			—			4.04
	10/31/03	(12)		3.06		(0.06	)		0.84			0.78			—			—			—			—			3.84
	10/31/02	(12)		4.03		(0.07	)		(0.90	)		(0.97	)		—			—			—			—			3.06
	10/31/01	(12)		10.00		(0.09	)		(5.88	)		(5.97	)		—	†		—			—			—			4.03
	10/31/00	(6)(12)		10.00		0.01			(0.01	)		—			—			—			—			—			10.00

Class X	04/30/04	* (12)		3.83		(0.04	)		0.24			0.20			—			—			—			—			4.03
	10/31/03	(12)		3.06		(0.06	)		0.83			0.77			—			—			—			—			3.83
	10/31/02	(12)		4.02		(0.07	)		(0.89	)		(0.96	)		—			—			—			—			3.06
	10/31/01	(12)		10.00		(0.09	)		(5.89	)		(5.98	)		—	†		—			—			—			4.02
	10/31/00	(6)(12)		10.00		0.01			(0.01	)		—			—			—			—			—			10.00


190


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(2.70	%)	$	697	2	%	1.65	%	1.65	%	1.79	%	(0.34	%)

(2.78	%)		117	2	%	2.40	%	2.40	%	2.49	%	(0.81	%)

10.35	%		44,363	2	%	2.40	%	2.40	%	2.49	%	(1.16	%)
34.25	%		45,826	7	%	2.40	%	2.40	%	2.67	%	(1.24	%)
(4.86	%)		36,245	24	%	2.40	%	2.40	%	2.66	%	(1.21	%)
0.13	%		32,808	72	%	2.40	%	2.40	%	2.59	%	(0.78	%)
21.34	%		20,484	71	%	2.31	%	2.31	%	2.71	%	(0.22	%)
0.45	%		13,164	35	%	2.25	%	2.25	%	3.13	%	(0.34	%)

10.68	%		48,536	2	%	1.90	%	1.90	%	1.99	%	(0.66	%)
34.78	%		46,265	7	%	1.90	%	1.90	%	2.17	%	(0.74	%)
(4.37	%)		36,088	24	%	1.90	%	1.90	%	2.15	%	(0.72	%)
0.71	%		36,357	72	%	1.90	%	1.90	%	2.09	%	(0.28	%)
21.99	%		23,156	71	%	1.81	%	1.81	%	2.21	%	0.26	%
0.86	%		10,881	35	%	1.75	%	1.75	%	2.61	%	0.17	%

10.34	%		98,108	2	%	2.40	%	2.40	%	2.49	%	(1.16	%)
34.22	%		89,931	7	%	2.40	%	2.40	%	2.67	%	(1.24	%)
(4.86	%)		77,004	24	%	2.40	%	2.40	%	2.66	%	(1.21	%)
0.13	%		69,831	72	%	2.40	%	2.40	%	2.59	%	(0.78	%)
21.45	%		41,477	71	%	2.31	%	2.31	%	2.71	%	(0.22	%)
0.45	%		23,890	35	%	2.25	%	2.25	%	3.13	%	(0.35	%)

10.33	%		29,238	2	%	2.40	%	2.40	%	2.49	%	(1.16	%)
34.32	%		26,699	7	%	2.40	%	2.40	%	2.67	%	(1.24	%)
(4.86	%)		22,365	24	%	2.40	%	2.40	%	2.65	%	(1.21	%)
0.03	%		22,817	72	%	2.40	%	2.40	%	2.59	%	(0.77	%)
21.57	%		18,557	71	%	2.31	%	2.31	%	2.70	%	(0.22	%)
0.45	%		13,947	35	%	2.25	%	2.25	%	3.12	%	(0.31	%)


(3.98	%)	$	657	80	%	1.65	%	1.65	%	2.10	%	(1.43	%)

(3.80	%)		151	80	%	2.40	%	2.40	%	2.80	%	(2.12	%)

5.22	%		31,915	80	%	2.40	%	2.40	%	2.80	%	(1.94	%)
25.16	%		7,083	132	%	2.40	%	2.40	%	3.54	%	(1.85	%)
(24.07	%)		3,566	89	%	2.40	%	2.40	%	3.65	%	(1.88	%)
(59.72	%)		4,687	188	%	2.40	%	2.40	%	3.40	%	(1.61	%)
0.10	%		4,495	3	%	2.40	%	2.40	%	3.49	%	0.71	%

5.40	%		47,373	80	%	1.90	%	1.90	%	2.30	%	(1.45	%)
25.89	%		8,839	132	%	1.90	%	1.90	%	3.05	%	(1.34	%)
(23.51	%)		5,765	89	%	1.90	%	1.90	%	3.17	%	(1.38	%)
(59.56	%)		6,012	188	%	1.90	%	1.90	%	2.95	%	(1.13	%)
0.10	%		3,069	3	%	1.90	%	1.90	%	2.96	%	1.19	%

5.21	%		82,588	80	%	2.40	%	2.40	%	2.80	%	(1.96	%)
25.49	%		9,777	132	%	2.40	%	2.40	%	3.56	%	(1.83	%)
(24.07	%)		7,310	89	%	2.40	%	2.40	%	3.65	%	(1.88	%)
(59.68	%)		9,098	188	%	2.40	%	2.40	%	3.37	%	(1.60	%)
0.00	%		8,853	3	%	2.40	%	2.40	%	3.32	%	0.45	%

5.22	%		16,437	80	%	2.40	%	2.40	%	2.80	%	(1.96	%)
25.16	%		2,049	132	%	2.40	%	2.40	%	3.54	%	(1.85	%)
(23.88	%)		916	89	%	2.40	%	2.40	%	3.65	%	(1.88	%)
(59.78	%)		1,174	188	%	2.40	%	2.40	%	3.47	%	(1.65	%)
0.00	%		676	3	%	2.40	%	2.40	%	3.39	%	0.72	%

See Notes to Financial Statements.


		191

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			In Excess of Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS RELATIVE VALUE FUND:
Class A	04/30/04	* (10)	$	18.92	$	(0.01	)	$	(0.65	)	$	(0.66	)	$	—		$	—		$	—		$	—		$	18.26

Class B	04/30/04	* (10)		18.43		(0.01	)		(0.63	)		(0.64	)		—			—			—			—			17.79

Class C	04/30/04	*		16.40		(0.09	)		1.62			1.53			—			—			(0.15	)		(0.15	)		17.78
	10/31/03	(12)		12.84		(0.16	)		3.72			3.56			—			—			—			—			16.40
	10/31/02	(12)		13.17		(0.14	)		(0.08	)		(0.22	)		—			—			(0.11	)		(0.11	)		12.84
	10/31/01	(12)		14.53		(0.11	)		(1.17	)		(1.28	)		—			—			(0.08	)		(0.08	)		13.17
	10/31/00	(12)		11.38		(0.11	)		3.48			3.37			—			—			(0.22	)		(0.22	)		14.53
	10/31/99	(12)		10.22		(0.05	)		1.22			1.17			—			(0.01	)		—			(0.01	)		11.38

Class L (11)	04/30/04	*		16.79		(0.05	)		1.66			1.61			—			—			(0.15	)		(0.15	)		18.25
	10/31/03	(12)		13.08		(0.09	)		3.80			3.71			—			—			—			—			16.79
	10/31/02	(12)		13.35		(0.07	)		(0.09	)		(0.16	)		—			—			(0.11	)		(0.11	)		13.08
	10/31/01	(12)		14.65		(0.03	)		(1.19	)		(1.22	)		—			—			(0.08	)		(0.08	)		13.35
	10/31/00	(12)		11.42		(0.05	)		3.50			3.45			—			—			(0.22	)		(0.22	)		14.65
	10/31/99	(12)		10.23		0.03			1.19			1.22			—			(0.03	)		—			(0.03	)		11.42

Class M (11)	04/30/04	*		16.40		(0.09	)		1.62			1.53			—			—			(0.15	)		(0.15	)		17.78
	10/31/03	(12)		12.83		(0.16	)		3.73			3.57			—			—			—			—			16.40
	10/31/02	(12)		13.17		(0.14	)		(0.09	)		(0.23	)		—			—			(0.11	)		(0.11	)		12.83
	10/31/01	(12)		14.53		(0.11	)		(1.17	)		(1.28	)		—			—			(0.08	)		(0.08	)		13.17
	10/31/00	(12)		11.38		(0.11	)		3.48			3.37			—			—			(0.22	)		(0.22	)		14.53
	10/31/99	(12)		10.22		(0.05	)		1.22			1.17			—			(0.01	)		—			(0.01	)		11.38

Class X	04/30/04	*		16.37		(0.09	)		1.61			1.52			—			—			(0.15	)		(0.15	)		17.74
	10/31/03	(12)		12.81		(0.16	)		3.72			3.56			—			—			—			—			16.37
	10/31/02	(12)		13.14		(0.14	)		(0.08	)		(0.22	)		—			—			(0.11	)		(0.11	)		12.81
	10/31/01	(12)		14.50		(0.11	)		(1.17	)		(1.28	)		—			—			(0.08	)		(0.08	)		13.14
	10/31/00	(12)		11.36		(0.11	)		3.47			3.36			—			—			(0.22	)		(0.22	)		14.50
	10/31/99	(12)		10.22		(0.05	)		1.20			1.15			—			(0.01	)		—			(0.01	)		11.36
STRATEGIC PARTNERS TECHNOLOGY FUND:
Class A	04/30/04	* (10)	$	2.92	$	—	†	$	(0.30	)	$	(0.30	)	$	—		$	—		$	—		$	—		$	2.62

Class B	04/30/04	* (10)		2.84		—	†		(0.29	)		(0.29	)		—			—			—			—			2.55

Class C	04/30/04	*		2.73		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			2.56
	10/31/03	(12)		1.94		(0.05	)		0.84			0.79			—			—			—			—			2.73
	10/31/02	(12)		3.14		(0.06	)		(1.14	)		(1.20	)		—			—			—			—			1.94
	10/31/01	(12)		9.26		(0.08	)		(6.04	)		(6.12	)		—			—			—	†		—			3.14
	10/31/00	(6)(12)		10.00		—			(0.74	)		(0.74	)		—			—			—			—			9.26

Class L (11)	04/30/04	*		2.79		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			2.62
	10/31/03	(12)		1.97		(0.04	)		0.86			0.82			—			—			—			—			2.79
	10/31/02	(12)		3.18		(0.05	)		(1.16	)		(1.21	)		—			—			—			—			1.97
	10/31/01	(12)		9.27		(0.05	)		(6.03	)		(6.08	)		(0.01	)		—			—	†		(0.01	)		3.18
	10/31/00	(6)(12)		10.00		—			(0.73	)		(0.73	)		—			—			—			—			9.27

Class M (11)	04/30/04	*		2.72		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			2.55
	10/31/03	(12)		1.93		(0.05	)		0.84			0.79			—			—			—			—			2.72
	10/31/02	(12)		3.13		(0.07	)		(1.13	)		(1.20	)		—			—			—			—			1.93
	10/31/01	(12)		9.25		(0.08	)		(6.04	)		(6.12	)		—			—			—	†		—			3.13
	10/31/00	(6)(12)		10.00		—			(0.75	)		(0.75	)		—			—			—			—			9.25

Class X	04/30/04	*		2.74		(0.03	)		(0.15	)		(0.18	)		—			—			—			—			2.56
	10/31/03	(12)		1.94		(0.05	)		0.85			0.80			—			—			—			—			2.74
	10/31/02	(12)		3.14		(0.07	)		(1.13	)		(1.20	)		—			—			—			—			1.94
	10/31/01	(12)		9.25		(0.08	)		(6.03	)		(6.11	)		—			—			—	†		—			3.14
	10/31/00	(6)(12)		10.00		—			(0.75	)		(0.75	)		—			—			—			—			9.25


192


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(3.49	%)	$	1,171	56	%	1.60	%	1.60	%	1.66	%	(0.91	%)

(3.47	%)		231	56	%	2.35	%	2.35	%	2.36	%	(1.52	%)

9.37	%		63,075	56	%	2.35	%	2.35	%	2.36	%	(1.06	%)
27.73	%		42,700	61	%	2.35	%	2.35	%	2.52	%	(1.16	%)
(1.78	%)		36,403	109	%	2.35	%	2.35	%	2.49	%	(0.99	%)
(8.87	%)		34,719	219	%	2.35	%	2.35	%	2.41	%	(0.73	%)
29.86	%		22,114	196	%	2.29	%	2.36	%	2.62	%	(0.85	%)
11.57	%		7,731	126	%	2.25	%	2.35	%	3.32	%	(0.45	%)

9.63	%		80,485	56	%	1.85	%	1.85	%	1.86	%	(0.57	%)
28.36	%		51,801	61	%	1.85	%	1.85	%	2.01	%	(0.66	%)
(1.31	%)		43,346	109	%	1.85	%	1.85	%	1.99	%	(0.49	%)
(8.39	%)		43,595	219	%	1.85	%	1.85	%	1.91	%	(0.24	%)
30.46	%		27,571	196	%	1.79	%	1.87	%	2.11	%	(0.37	%)
12.06	%		8,561	126	%	1.75	%	1.85	%	2.76	%	0.06	%

9.37	%		150,491	56	%	2.35	%	2.35	%	2.36	%	(1.06	%)
27.83	%		102,711	61	%	2.35	%	2.35	%	2.52	%	(1.16	%)
(1.86	%)		94,735	109	%	2.35	%	2.35	%	2.49	%	(0.99	%)
(8.87	%)		96,608	219	%	2.35	%	2.35	%	2.41	%	(0.73	%)
29.86	%		57,561	196	%	2.29	%	2.37	%	2.62	%	(0.85	%)
11.57	%		21,560	126	%	2.25	%	2.35	%	3.29	%	(0.44	%)

9.32	%		27,321	56	%	2.35	%	2.35	%	2.36	%	(1.05	%)
27.79	%		19,791	61	%	2.35	%	2.35	%	2.52	%	(1.16	%)
(1.79	%)		17,141	109	%	2.35	%	2.35	%	2.49	%	(0.99	%)
(8.89	%)		15,781	219	%	2.35	%	2.35	%	2.41	%	(0.73	%)
29.83	%		10,565	196	%	2.29	%	2.36	%	2.62	%	(0.84	%)
11.38	%		4,608	126	%	2.25	%	2.35	%	3.35	%	(0.46	%)


(10.27	%)	$	273	61	%	1.65	%	1.65	%	2.54	%	(1.41	%)

(10.21	%)		15	61	%	2.40	%	2.40	%	3.24	%	(2.07	%)

(6.23	%)		5,667	61	%	2.40	%	2.40	%	3.24	%	(2.21	%)
40.72	%		6,651	89	%	2.40	%	2.40	%	3.77	%	(2.09	%)
(38.22	%)		4,559	91	%	2.40	%	2.40	%	3.54	%	(2.25	%)
(66.09	%)		6,939	74	%	2.40	%	2.40	%	3.31	%	(1.68	%)
(7.40	%)		7,384	4	%	2.40	%	2.40	%	3.05	%	(0.30	%)

(6.09	%)		6,219	61	%	1.90	%	1.90	%	2.74	%	(1.71	%)
41.62	%		7,452	89	%	1.90	%	1.90	%	3.27	%	(1.59	%)
(38.05	%)		4,773	91	%	1.90	%	1.90	%	3.03	%	(1.74	%)
(65.64	%)		7,989	74	%	1.90	%	1.90	%	2.90	%	(1.21	%)
(7.30	%)		4,910	4	%	1.90	%	1.90	%	2.65	%	0.19	%

(6.25	%)		8,821	61	%	2.40	%	2.40	%	3.24	%	(2.21	%)
40.93	%		9,694	89	%	2.40	%	2.40	%	3.77	%	(2.10	%)
(38.34	%)		6,036	91	%	2.40	%	2.40	%	3.52	%	(2.25	%)
(66.16	%)		10,259	74	%	2.40	%	2.40	%	3.30	%	(1.67	%)
(7.50	%)		11,811	4	%	2.40	%	2.40	%	3.02	%	(0.36	%)

(6.57	%)		1,502	61	%	2.40	%	2.40	%	3.24	%	(2.21	%)
41.24	%		1,624	89	%	2.40	%	2.40	%	3.78	%	(2.10	%)
(38.22	%)		1,013	91	%	2.40	%	2.40	%	3.51	%	(2.26	%)
(66.05	%)		1,830	74	%	2.40	%	2.40	%	3.44	%	(1.71	%)
(7.50	%)		1,003	4	%	2.40	%	2.40	%	3.16	%	(0.33	%)

See Notes to Financial Statements.


		193

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income		From Net Realized Gains		Total Distributions		Net Asset Value End of Period
STRATEGIC PARTNERS HEALTH SCIENCES FUND:
Class A	04/30/04	* (10)	$	12.06	$	—		$	(0.36	)	$	(0.36	)	$	—	$	—	$	—	$	11.70

Class B	04/30/04	* (10)		11.87		—			(0.36	)		(0.36	)		—		—		—		11.51

Class C	04/30/04	*		10.40		(0.08	)		1.22			1.14			—		—		—		11.54
	10/31/03	(12)		9.34		(0.14	)		1.20			1.06			—		—		—		10.40
	10/31/02	(12)		11.33		(0.18	)		(1.81	)		(1.99	)		—		—		—		9.34
	10/31/01	(7)(12)		10.00		(0.12	)		1.45			1.33			—		—		—		11.33

Class L (11)	04/30/04	*		10.52		(0.06	)		1.24			1.18			—		—		—		11.70
	10/31/03	(12)		9.40		(0.09	)		1.21			1.12			—		—		—		10.52
	10/31/02	(12)		11.35		(0.12	)		(1.83	)		(1.95	)		—		—		—		9.40
	10/31/01	(7)(12)		10.00		(0.08	)		1.43			1.35			—		—		—		11.35

Class M (11)	04/30/04	*		10.38		(0.08	)		1.21			1.13			—		—		—		11.51
	10/31/03	(12)		9.31		(0.14	)		1.21			1.07			—		—		—		10.38
	10/31/02	(12)		11.31		(0.18	)		(1.82	)		(2.00	)		—		—		—		9.31
	10/31/01	(7)(12)		10.00		(0.11	)		1.42			1.31			—		—		—		11.31

Class X	04/30/04	*		10.40		(0.08	)		1.22			1.14			—		—		—		11.54
	10/31/03	(12)		9.34		(0.14	)		1.20			1.06			—		—		—		10.40
	10/31/02	(12)		11.33		(0.18	)		(1.81	)		(1.99	)		—		—		—		9.34
	10/31/01	(7)(12)		10.00		(0.11	)		1.44			1.33			—		—		—		11.33
STRATEGIC PARTNERS MANAGED OTC FUND:
Class A	04/30/04	* (10)	$	2.60	$	—		$	(0.20	)	$	(0.20	)	$	—	$	—	$	—	$	2.40

Class B	04/30/04	* (10)		2.57		—			(0.20	)		(0.20	)		—		—		—		2.37

Class C	04/30/04	*		2.42		(0.03	)		(0.03	)		(0.06	)		—		—		—		2.36
	10/31/03	(12)		1.60		(0.04	)		0.86			0.82			—		—		—		2.42
	10/31/02	(12)		2.51		(0.05	)		(0.86	)		(0.91	)		—		—		—		1.60
	10/31/01	(12)		8.21		(0.07	)		(5.63	)		(5.70	)		—		—		—		2.51
	10/31/00	(6)(12)		10.00		(0.02	)		(1.77	)		(1.79	)		—		—		—		8.21

Class L (11)	04/30/04	*		2.45		(0.02	)		(0.04	)		(0.06	)		—		—		—		2.39
	10/31/03	(12)		1.61		(0.03	)		0.87			0.84			—		—		—		2.45
	10/31/02	(12)		2.53		(0.04	)		(0.88	)		(0.92	)		—		—		—		1.61
	10/31/01	(12)		8.22		(0.05	)		(5.64	)		(5.69	)		—		—		—		2.53
	10/31/00	(6)(12)		10.00		(0.01	)		(1.77	)		(1.78	)		—		—		—		8.22

Class M (11)	04/30/04	*		2.43		(0.03	)		(0.03	)		(0.06	)		—		—		—		2.37
	10/31/03	(12)		1.60		(0.04	)		0.87			0.83			—		—		—		2.43
	10/31/02	(12)		2.52		(0.05	)		(0.87	)		(0.92	)		—		—		—		1.60
	10/31/01	(12)		8.22		(0.07	)		(5.63	)		(5.70	)		—		—		—		2.52
	10/31/00	(6)(12)		10.00		(0.02	)		(1.76	)		(1.78	)		—		—		—		8.22

Class X	04/30/04	*		2.43		(0.03	)		(0.03	)		(0.06	)		—		—		—		2.37
	10/31/03	(12)		1.60		(0.04	)		0.87			0.83			—		—		—		2.43
	10/31/02	(12)		2.52		(0.05	)		(0.87	)		(0.92	)		—		—		—		1.60
	10/31/01	(12)		8.21		(0.07	)		(5.62	)		(5.69	)		—		—		—		2.52
	10/31/00	(6)(12)		10.00		(0.02	)		(1.77	)		(1.79	)		—		—		—		8.21


194


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(2.99	%)	$	252	66	%	1.65	%	1.65	%	2.54	%	(0.61	%)

(3.03	%)		47	66	%	2.40	%	2.40	%	3.24	%	(1.33	%)

10.96	%		5,095	66	%	2.40	%	2.40	%	3.24	%	(1.50	%)
11.35	%		4,427	144	%	2.40	%	2.40	%	3.62	%	(1.47	%)
(17.64	%)		3,870	122	%	2.40	%	2.40	%	3.68	%	(1.70	%)
13.40	%		2,659	35	%	2.40	%	2.40	%	4.70	%	(1.56	%)

11.22	%		5,525	66	%	1.90	%	1.90	%	2.74	%	(1.00	%)
11.91	%		5,036	144	%	1.90	%	1.90	%	3.12	%	(0.97	%)
(17.25	%)		4,210	122	%	1.90	%	1.90	%	3.18	%	(1.19	%)
13.60	%		3,971	35	%	1.90	%	1.90	%	3.96	%	(1.10	%)

10.89	%		9,725	66	%	2.40	%	2.40	%	3.24	%	(1.50	%)
11.37	%		7,375	144	%	2.40	%	2.40	%	3.62	%	(1.48	%)
(17.60	%)		7,256	122	%	2.40	%	2.40	%	3.66	%	(1.69	%)
13.10	%		6,427	35	%	2.40	%	2.40	%	4.75	%	(1.54	%)

10.96	%		1,945	66	%	2.40	%	2.40	%	3.24	%	(1.49	%)
11.35	%		1,526	144	%	2.40	%	2.40	%	3.62	%	(1.47	%)
(17.64	%)		1,956	122	%	2.40	%	2.40	%	3.69	%	(1.70	%)
13.40	%		1,702	35	%	2.40	%	2.40	%	5.49	%	(1.48	%)


(7.69	%)	$	133	9	%	1.50	%	1.50	%	1.95	%	(1.23	%)

(7.78	%)		38	9	%	2.25	%	2.25	%	2.65	%	(2.17	%)

(2.48	%)		11,364	9	%	2.25	%	2.25	%	2.65	%	(2.02	%)
51.25	%		13,526	17	%	2.25	%	2.25	%	2.93	%	(1.96	%)
(36.26	%)		7,688	30	%	2.25	%	2.25	%	3.10	%	(2.06	%)
(69.43	%)		7,760	54	%	2.25	%	2.25	%	3.14	%	(1.93	%)
(17.90	%)		6,927	1	%	2.25	%	2.25	%	2.82	%	(1.58	%)

(2.45	%)		9,125	9	%	1.75	%	1.75	%	2.15	%	(1.52	%)
52.17	%		9,161	17	%	1.75	%	1.75	%	2.42	%	(1.46	%)
(36.36	%)		5,076	30	%	1.75	%	1.75	%	2.58	%	(1.56	%)
(69.22	%)		6,805	54	%	1.75	%	1.75	%	2.59	%	(1.42	%)
(17.80	%)		7,052	1	%	1.75	%	1.75	%	2.40	%	(1.11	%)

(2.47	%)		17,020	9	%	2.25	%	2.25	%	2.65	%	(2.02	%)
51.88	%		17,120	17	%	2.25	%	2.25	%	2.93	%	(1.96	%)
(36.51	%)		10,978	30	%	2.25	%	2.25	%	3.09	%	(2.06	%)
(69.34	%)		13,664	54	%	2.25	%	2.25	%	3.13	%	(1.92	%)
(17.80	%)		12,048	1	%	2.25	%	2.25	%	2.73	%	(1.57	%)

(2.47	%)		1,964	9	%	2.25	%	2.25	%	2.65	%	(2.02	%)
51.88	%		1,756	17	%	2.25	%	2.25	%	2.92	%	(1.96	%)
(36.51	%)		739	30	%	2.25	%	2.25	%	3.07	%	(2.06	%)
(69.31	%)		1,106	54	%	2.25	%	2.25	%	3.23	%	(1.94	%)
(17.90	%)		835	1	%	2.25	%	2.25	%	2.81	%	(1.55	%)

See Notes to Financial Statements.


		195

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income		In Excess of Net Investment Income			From Net Realized Gains		Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS CAPITAL GROWTH FUND:
Class A	04/30/04	* (10)	$	13.73	$	—	†	$	(0.60	)	$	(0.60	)	$	—	$	—		$	—	$	—		$	13.13

Class B	04/30/04	* (10)		13.35		—	†		(0.59	)		(0.59	)		—		—			—		—			12.76

Class C	04/30/04	*		12.70		(0.09	)		0.13			0.04			—		—			—		—			12.74
	10/31/03	(12)		10.45		(0.16	)		2.41			2.25			—		—			—		—			12.70
	10/31/02	(12)		10.98		(0.17	)		(0.36	)		(0.53	)		—		—			—		—			10.45
	10/31/01	(12)		15.78		(0.17	)		(4.63	)		(4.80	)		—		—			—		—			10.98
	10/31/00	(12)		14.49		(0.18	)		1.47			1.29			—		—			—		—			15.78
	10/31/99	(12)		10.11		(0.16	)		4.54			4.38			—		—			—		—			14.49

Class L (11)	04/30/04	*		13.04		(0.06	)		0.13			0.07			—		—			—		—			13.11
	10/31/03	(12)		10.68		(0.11	)		2.47			2.36			—		—			—		—			13.04
	10/31/02	(12)		11.16		(0.12	)		(0.36	)		(0.48	)		—		—			—		—			10.68
	10/31/01	(12)		15.96		(0.10	)		(4.70	)		(4.80	)		—		—			—		—			11.16
	10/31/00	(12)		14.58		(0.10	)		1.48			1.38			—		—			—		—			15.96
	10/31/99	(12)		10.13		(0.09	)		4.55			4.46			—		(0.01	)		—		(0.01	)		14.58

Class M (11)	04/30/04	*		12.72		(0.09	)		0.12			0.03			—		—			—		—			12.75
	10/31/03	(12)		10.46		(0.16	)		2.42			2.26			—		—			—		—			12.72
	10/31/02	(12)		10.99		(0.17	)		(0.36	)		(0.53	)		—		—			—		—			10.46
	10/31/01	(12)		15.80		(0.17	)		(4.64	)		(4.81	)		—		—			—		—			10.99
	10/31/00	(12)		14.51		(0.19	)		1.48			1.29			—		—			—		—			15.80
	10/31/99	(12)		10.12		(0.16	)		4.55			4.39			—		—			—		—			14.51

Class X	04/30/04	*		12.69		(0.09	)		0.13			0.04			—		—			—		—			12.73
	10/31/03	(12)		10.44		(0.16	)		2.41			2.25			—		—			—		—			12.69
	10/31/02	(12)		10.97		(0.17	)		(0.36	)		(0.53	)		—		—			—		—			10.44
	10/31/01	(12)		15.77		(0.17	)		(4.63	)		(4.80	)		—		—			—		—			10.97
	10/31/00	(12)		14.48		(0.19	)		1.48			1.29			—		—			—		—			15.77
	10/31/99	(12)		10.11		(0.15	)		4.52			4.37			—		—			—		—			14.48
STRATEGIC PARTNERS CONCENTRATED GROWTH FUND(9):
Class A	04/30/04	* (10)	$	11.70	$	—	†	$	(0.38	)	$	(0.38	)	$	—	$	—		$	—	$	—		$	11.32

Class B	04/30/04	* (10)		10.16		—	†		(0.33	)		(0.33	)		—		—			—		—			9.83

Class C	04/30/04	*		9.53		(0.08	)		0.34			0.26			—		—			—		—			9.79
	10/31/03	(12)		8.51		(0.13	)		1.15			1.02			—		—			—		—			9.53
	10/31/02	(12)		10.91		(0.12	)		(2.28	)		(2.40	)		—		—			—		—			8.51
	10/31/01	(12)		20.10		(0.07	)		(9.12	)		(9.19	)		—		—			—		—			10.91
	10/31/00	(12)		19.47		(0.21	)		0.84			0.63			—		—			—		—			20.10
	10/31/99	(12)		12.85		(0.18	)		6.80			6.62			—		—			—		—			19.47

Class L (11)	04/30/04	*		10.99		(0.06	)		0.38			0.32			—		—			—		—			11.31
	10/31/03	(12)		9.76		(0.10	)		1.33			1.23			—		—			—		—			10.99
	10/31/02	(12)		12.44		(0.12	)		(2.56	)		(2.68	)		—		—			—		—			9.76
	10/31/01	(12)		22.80		0.01			(10.37	)		(10.36	)		—		—			—		—			12.44
	10/31/00	(12)		21.97		(0.11	)		0.94			0.83			—		—			—		—			22.80
	10/31/99	(12)		14.41		(0.10	)		7.66			7.56			—		—			—		—			21.97

Class M (11)	04/30/04	*		9.56		(0.08	)		0.34			0.26			—		—			—		—			9.82
	10/31/03	(12)		8.54		(0.13	)		1.15			1.02			—		—			—		—			9.56
	10/31/02	(12)		10.94		(0.12	)		(2.28	)		(2.40	)		—		—			—		—			8.54
	10/31/01	(12)		20.14		(0.07	)		(9.13	)		(9.20	)		—		—			—		—			10.94
	10/31/00	(12)		19.50		(0.21	)		0.85			0.64			—		—			—		—			20.14
	10/31/99	(12)		12.87		(0.17	)		6.80			6.63			—		—			—		—			19.50

Class X	04/30/04	*		9.57		(0.08	)		0.34			0.26			—		—			—		—			9.83
	10/31/03	(12)		8.55		(0.13	)		1.15			1.02			—		—			—		—			9.57
	10/31/02	(12)		10.95		(0.11	)		(2.29	)		(2.40	)		—		—			—		—			8.55
	10/31/01	(12)		20.17		(0.07	)		(9.15	)		(9.22	)		—		—			—		—			10.95
	10/31/00	(12)		19.52		(0.22	)		0.87			0.65			—		—			—		—			20.17
	10/31/99	(12)		12.88		(0.18	)		6.82			6.64			—		—			—		—			19.52


196


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(4.37	%)	$	1,760	62	%	1.55	%	1.55	%	1.69	%	1.19	%

(4.42	%)		572	62	%	2.30	%	2.30	%	2.39	%	0.55	%

0.24	%		193,226	62	%	2.30	%	2.30	%	2.39	%	(1.40	%)
21.88	%		178,255	81	%	2.30	%	2.30	%	2.51	%	(1.52	%)
(5.10	%)		144,397	103	%	2.30	%	2.30	%	2.50	%	(1.51	%)
(30.37	%)		156,021	133	%	2.30	%	2.30	%	2.44	%	(1.26	%)
8.90	%		249,913	108	%	2.26	%	2.28	%	2.36	%	(1.11	%)
43.32	%		125,796	105	%	2.25	%	2.26	%	2.53	%	(1.19	%)

0.54	%		166,607	62	%	1.80	%	1.80	%	1.89	%	(0.90	%)
22.44	%		148,052	81	%	1.80	%	1.80	%	2.01	%	(1.02	%)
(4.57	%)		124,022	103	%	1.80	%	1.80	%	2.00	%	(1.01	%)
(30.03	%)		149,093	133	%	1.80	%	1.80	%	1.94	%	(0.76	%)
9.47	%		232,611	108	%	1.78	%	1.78	%	1.87	%	(0.61	%)
44.18	%		103,196	105	%	1.75	%	1.76	%	2.03	%	(0.69	%)

0.24	%		359,357	62	%	2.30	%	2.30	%	2.39	%	(1.40	%)
21.96	%		320,738	81	%	2.30	%	2.30	%	2.51	%	(1.53	%)
(5.10	%)		282,066	103	%	2.30	%	2.30	%	2.50	%	(1.51	%)
(30.44	%)		331,904	133	%	2.30	%	2.30	%	2.44	%	(1.26	%)
8.89	%		534,179	108	%	2.27	%	2.28	%	2.36	%	(1.11	%)
43.52	%		285,342	105	%	2.25	%	2.26	%	2.53	%	(1.20	%)

0.24	%		63,265	62	%	2.30	%	2.30	%	2.39	%	(1.40	%)
21.90	%		53,036	81	%	2.30	%	2.30	%	2.51	%	(1.52	%)
(5.10	%)		45,557	103	%	2.30	%	2.30	%	2.50	%	(1.51	%)
(30.39	%)		51,745	133	%	2.30	%	2.30	%	2.44	%	(1.26	%)
8.83	%		79,187	108	%	2.27	%	2.28	%	2.36	%	(1.11	%)
43.47	%		49,980	105	%	2.25	%	2.26	%	2.53	%	(1.18	%)


(3.25	%)	$	875	9	%	1.50	%	1.50	%	1.96	%	(0.42	%)

(3.25	%)		220	9	%	2.25	%	2.25	%	2.66	%	(1.10	%)

2.73	%		75,072	9	%	2.25	%	2.25	%	2.66	%	(1.43	%)
11.99	%		87,291	107	%	2.25	%	2.25	%	2.76	%	(1.48	%)
(22.00	%)		99,201	76	%	2.25	%	2.25	%	2.67	%	(1.19	%)
(45.72	%)		185,968	54	%	2.25	%	2.25	%	2.47	%	(0.45	%)
3.24	%		421,207	32	%	2.22	%	2.22	%	2.31	%	(0.95	%)
51.52	%		222,230	47	%	2.20	%	2.21	%	2.50	%	(0.99	%)

2.91	%		90,710	9	%	1.75	%	1.75	%	2.16	%	(0.93	%)
12.60	%		102,837	107	%	1.75	%	1.75	%	2.26	%	(0.98	%)
(21.54	%)		112,352	76	%	1.75	%	1.75	%	2.16	%	(1.05	%)
(45.44	%)		210,590	54	%	1.75	%	1.75	%	1.98	%	0.05	%
3.78	%		463,777	32	%	1.72	%	1.72	%	1.81	%	(0.45	%)
52.46	%		234,575	47	%	1.70	%	1.71	%	2.00	%	(0.49	%)

2.72	%		256,502	9	%	2.25	%	2.25	%	2.66	%	(1.43	%)
11.94	%		283,005	107	%	2.25	%	2.25	%	2.76	%	(1.48	%)
(21.94	%)		309,908	76	%	2.25	%	2.25	%	2.67	%	(1.21	%)
(45.68	%)		556,811	54	%	2.25	%	2.25	%	2.47	%	(0.45	%)
3.28	%		1,219,774	32	%	2.22	%	2.22	%	2.31	%	(0.95	%)
51.52	%		684,778	47	%	2.20	%	2.21	%	2.51	%	(0.98	%)

2.72	%		43,924	9	%	2.25	%	2.25	%	2.66	%	(1.43	%)
11.93	%		47,264	107	%	2.25	%	2.25	%	2.76	%	(1.48	%)
(21.92	%)		49,108	76	%	2.25	%	2.25	%	2.67	%	(1.11	%)
(45.71	%)		82,210	54	%	2.25	%	2.25	%	2.47	%	(0.45	%)
3.33	%		172,382	32	%	2.22	%	2.22	%	2.31	%	(0.96	%)
51.55	%		133,655	47	%	2.20	%	2.21	%	2.48	%	(1.02	%)

See Notes to Financial Statements.


		197

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income		From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS MANAGED LARGE CAP GROWTH FUND:
Class A	04/30/04	* (10)	$	9.33	$	—		$	(0.40	)	$	(0.40	)	$	—	$	—		$	—		$	8.93

Class B	04/30/04	* (10)		9.21		—			(0.40	)		(0.40	)		—		—			—			8.81

Class C	04/30/04	*		9.58		(0.07	)		0.48			0.41			—		(1.16	)		(1.16	)		8.83
	10/31/03	(12)		8.06		(0.14	)		1.66			1.52			—		—			—			9.58
	10/31/02	(8)(12)		10.00		(0.04	)		(1.90	)		(1.94	)		—		—			—			8.06

Class L (11)	04/30/04	*		9.66		(0.04	)		0.47			0.43			—		(1.16	)		(1.16	)		8.93
	10/31/03	(12)		8.09		(0.10	)		1.67			1.57			—		—			—			9.66
	10/31/02	(8)(12)		10.00		(0.03	)		(1.88	)		(1.91	)		—		—			—			8.09

Class M (11)	04/30/04	*		9.57		(0.05	)		0.45			0.40			—		(1.16	)		(1.16	)		8.81
	10/31/03	(12)		8.06		(0.14	)		1.65			1.51			—		—			—			9.57
	10/31/02	(8)(12)		10.00		(0.04	)		(1.90	)		(1.94	)		—		—			—			8.06

Class X	04/30/04	*		9.50		(0.03	)		0.49			0.46			—		(1.16	)		(1.16	)		8.80
	10/31/03	(12)		8.07		(0.14	)		1.57			1.43			—		—			—			9.50
	10/31/02	(8)(12)		10.00		(0.04	)		(1.89	)		(1.93	)		—		—			—			8.07
ASAF T. ROWE PRICE TAX MANAGED FUND:
Class A	04/30/04	* (10)	$	9.92	$	—	†	$	(0.36	)	$	(0.36	)	$	—	$	—		$	—		$	9.56

Class B	04/30/04	* (10)		9.77		—	†		(0.34	)		(0.34	)		—		—			—			9.43

Class C	04/30/04	*		9.19		(0.08	)		0.31			0.23			—		—			—			9.42
	10/31/03	(12)		7.71		(0.09	)		1.57			1.48			—		—			—			9.19
	10/31/02	(12)		8.98		(0.10	)		(1.17	)		(1.27	)		—		—			—			7.71
	10/31/01	(7)(12)		10.00		(0.08	)		(0.94	)		(1.02	)		—		—			—			8.98

Class L (11)	04/30/04	*		9.30		(0.03	)		0.28			0.25			—		—			—			9.55
	10/31/03	(12)		7.77		(0.05	)		1.58			1.53			—		—			—			9.30
	10/31/02	(12)		9.00		(0.06	)		(1.17	)		(1.23	)		—		—			—			7.77
	10/31/01	(7)(12)		10.00		(0.05	)		(0.95	)		(1.00	)		—		—			—			9.00

Class M (11)	04/30/04	*		9.18		(0.06	)		0.28			0.22			—		—			—			9.40
	10/31/03	(12)		7.70		(0.09	)		1.57			1.48			—		—			—			9.18
	10/31/02	(12)		8.98		(0.11	)		(1.17	)		(1.28	)		—		—			—			7.70
	10/31/01	(7)(12)		10.00		(0.08	)		(0.94	)		(1.02	)		—		—			—			8.98

Class X	04/30/04	*		9.17		(0.04	)		0.50			0.46			—		—			—			9.63
	10/31/03	(12)		7.69		(0.09	)		1.57			1.48			—		—			—			9.17
	10/31/02	(12)		8.97		(0.10	)		(1.18	)		(1.28	)		—		—			—			7.69
	10/31/01	(7)(12)		10.00		(0.08	)		(0.95	)		(1.03	)		—		—			—			8.97


198


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(4.29	%)	$	42	96	%	1.42	%	1.42	%	9.50	%	(0.64	%)

(4.34	%)		2	96	%	2.17	%	2.17	%	10.20	%	(0.96	%)

4.01	%		447	96	%	2.17	%	2.17	%	10.20	%	(1.51	%)
18.86	%		464	0	%	2.17	%	2.17	%	14.99	%	(1.65	%)
(19.40	%)		177	0	%	2.17	%	2.17	%	77.24	%	(1.05	%)

4.31	%		481	96	%	1.67	%	1.67	%	9.70	%	(1.00	%)
19.41	%		463	0	%	1.67	%	1.67	%	14.18	%	(1.17	%)
(19.10	%)		80	0	%	1.67	%	1.67	%	45.32	%	(0.65	%)

4.01	%		1,123	96	%	2.17	%	2.17	%	10.20	%	(1.49	%)
18.73	%		663	0	%	2.17	%	2.17	%	13.58	%	(1.65	%)
(19.40	%)		355	0	%	2.17	%	2.17	%	62.70	%	(1.08	%)

4.75	%		375	96	%	2.17	%	2.17	%	10.20	%	(1.20	%)
17.72	%		173	0	%	2.17	%	2.17	%	11.62	%	(1.65	%)
(19.30	%)		1	0	%	2.17	%	2.17	%	38.29	%	(1.03	%)


(3.63	%)	$	117	3	%	1.55	%	1.55	%	4.83	%	1.03	%

(3.48	%)		3	3	%	2.30	%	2.30	%	5.53	%	0.69	%

2.50	%		2,121	3	%	2.30	%	2.30	%	5.53	%	(1.24	%)
19.20	%		4,629	22	%	2.30	%	2.30	%	4.70	%	(1.14	%)
(14.14	%)		2,597	21	%	2.30	%	2.30	%	5.87	%	(1.21	%)
(10.20	%)		867	12	%	2.30	%	2.30	%	11.19	%	(1.24	%)

2.69	%		1,490	3	%	1.80	%	1.80	%	5.03	%	(0.73	%)
19.69	%		1,342	22	%	1.80	%	1.80	%	4.19	%	(0.64	%)
(13.67	%)		1,174	21	%	1.80	%	1.80	%	5.34	%	(0.71	%)
(10.00	%)		746	12	%	1.80	%	1.80	%	8.94	%	(0.75	%)

2.40	%		2,746	3	%	2.30	%	2.30	%	5.53	%	(1.23	%)
19.22	%		2,694	22	%	2.30	%	2.30	%	4.71	%	(1.14	%)
(14.25	%)		2,028	21	%	2.30	%	2.30	%	5.81	%	(1.22	%)
(10.20	%)		1,237	12	%	2.30	%	2.30	%	9.51	%	(1.26	%)

5.02	%		266	3	%	2.30	%	2.30	%	5.53	%	(1.33	%)
19.25	%		159	22	%	2.30	%	2.30	%	4.73	%	(1.12	%)
(14.27	%)		97	21	%	2.30	%	2.30	%	5.89	%	(1.21	%)
(10.20	%)		33	12	%	2.30	%	2.30	%	15.47	%	(1.25	%)

See Notes to Financial Statements.


		199

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS CORE VALUE FUND:
Class A	04/30/04	* (10)	$	12.21	$	—	†	$	(0.47	)	$	(0.47	)	$	—		$	—		$	—		$	11.74

Class B	04/30/04	* (10)		12.17		—	†		(0.49	)		(0.49	)		—			—			—			11.68

Class C	04/30/04	*		10.95		0.02			0.74			0.76			(0.04	)		—			(0.04	)		11.67
	10/31/03	(12)		8.88		0.04			2.05			2.09			(0.02	)		—			(0.02	)		10.95
	10/31/02	(12)		9.73		0.03			(0.85	)		(0.82	)		(0.01	)		(0.02	)		(0.03	)		8.88
	10/31/01	(7)(12)		10.00		0.01			(0.28	)		(0.27	)		—			—			—			9.73

Class L (11)	04/30/04	*		10.99		0.03			0.77			0.80			(0.07	)		—			(0.07	)		11.72
	10/31/03	(12)		8.92		0.10			2.04			2.14			(0.07	)		—			(0.07	)		10.99
	10/31/02	(12)		9.77		0.08			(0.86	)		(0.78	)		(0.05	)		(0.02	)		(0.07	)		8.92
	10/31/01	(7)(12)		10.00		0.05			(0.28	)		(0.23	)		—			—			—			9.77

Class M (11)	04/30/04	*		10.95		—	†		0.77			0.77			(0.04	)		—			(0.04	)		11.68
	10/31/03	(12)		8.88		0.04			2.05			2.09			(0.02	)		—			(0.02	)		10.95
	10/31/02	(12)		9.74		0.03			(0.86	)		(0.83	)		(0.01	)		(0.02	)		(0.03	)		8.88
	10/31/01	(7)(12)		10.00		0.01			(0.27	)		(0.26	)		—			—			—			9.74

Class X	04/30/04	*		10.95		—	†		0.76			0.76			(0.04	)		—			(0.04	)		11.67
	10/31/03	(12)		8.88		0.04			2.05			2.09			(0.02	)		—			(0.02	)		10.95
	10/31/02	(12)		9.73		0.03			(0.85	)		(0.82	)		(0.01	)		(0.02	)		(0.03	)		8.88
	10/31/01	(7)(12)		10.00		0.02			(0.29	)		(0.27	)		—			—			—			9.73
STRATEGIC PARTNERS MANAGED INDEX 500 FUND:
Class A	04/30/04	* (10)	$	9.06	$	—	†	$	(0.34	)	$	(0.34	)	$	—		$	—		$	—		$	8.72

Class B	04/30/04	* (10)		8.87		—	†		(0.33	)		(0.33	)		—			—			—			8.54

Class C	04/30/04	*		8.16		(0.02	)		0.39			0.37			—			—			—			8.53
	10/31/03	(12)		6.85		(0.01	)		1.32			1.31			—			—			—			8.16
	10/31/02	(12)		8.08		(0.02	)		(1.21	)		(1.23	)		—			—			—			6.85
	10/31/01	(12)		10.20		(0.02	)		(2.09	)		(2.11	)		—			(0.01	)		(0.01	)		8.08
	10/31/00	(4)(12)		10.00		(0.03	)		0.23			0.20			—			—			—			10.20

Class L (11)	04/30/04	*		8.32		0.01			0.39			0.40			—			—			—			8.72
	10/31/03	(12)		6.95		0.03			1.34			1.37			—			—			—			8.32
	10/31/02	(12)		8.15		0.02			(1.22	)		(1.20	)		—			—			—			6.95
	10/31/01	(12)		10.24		0.02			(2.10	)		(2.08	)		—	†		(0.01	)		(0.01	)		8.15
	10/31/00	(4)(12)		10.00		0.03			0.21			0.24			—			—			—			10.24

Class M (11)	04/30/04	*		8.16		(0.02	)		0.39			0.37			—			—			—			8.53
	10/31/03	(12)		6.85		(0.01	)		1.32			1.31			—			—			—			8.16
	10/31/02	(12)		8.08		(0.02	)		(1.21	)		(1.23	)		—			—			—			6.85
	10/31/01	(12)		10.20		(0.02	)		(2.09	)		(2.11	)		—			(0.01	)		(0.01	)		8.08
	10/31/00	(4)(12)		10.00		(0.03	)		0.23			0.20			—			—			—			10.20

Class X	04/30/04	*		8.15		(0.02	)		0.38			0.36			—			—			—			8.51
	10/31/03	(12)		6.84		(0.01	)		1.32			1.31			—			—			—			8.15
	10/31/02	(12)		8.06		(0.02	)		(1.20	)		(1.22	)		—			—			—			6.84
	10/31/01	(12)		10.20		(0.02	)		(2.11	)		(2.13	)		—			(0.01	)		(0.01	)		8.06
	10/31/00	(4)(12)		10.00		(0.03	)		0.23			0.20			—			—			—			10.20


200


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(3.85	%)	$	135	18	%	1.45	%	1.45	%	1.85	%	0.62	%

(4.03	%)		35	18	%	2.20	%	2.20	%	2.55	%	(0.20	%)

6.96	%		11,730	18	%	2.20	%	2.20	%	2.55	%	0.11	%
23.64	%		14,337	21	%	2.20	%	2.20	%	2.72	%	0.41	%
(8.49	%)		7,212	14	%	2.20	%	2.20	%	3.25	%	0.30	%
(2.70	%)		3,040	9	%	2.20	%	2.20	%	4.73	%	0.22	%

7.30	%		9,570	18	%	1.70	%	1.70	%	2.05	%	0.57	%
24.15	%		8,450	21	%	1.70	%	1.70	%	2.21	%	0.91	%
(8.16	%)		4,537	14	%	1.70	%	1.70	%	2.76	%	0.75	%
(2.20	%)		1,677	9	%	1.70	%	1.70	%	3.95	%	0.70	%

7.05	%		19,721	18	%	2.20	%	2.20	%	2.55	%	0.06	%
23.64	%		15,304	21	%	2.20	%	2.20	%	2.72	%	0.42	%
(8.58	%)		9,378	14	%	2.20	%	2.20	%	3.26	%	0.29	%
(2.60	%)		3,867	9	%	2.20	%	2.20	%	5.57	%	0.22	%

6.96	%		3,473	18	%	2.20	%	2.20	%	2.55	%	0.06	%
23.64	%		2,829	21	%	2.20	%	2.20	%	2.72	%	0.43	%
(8.49	%)		2,217	14	%	2.20	%	2.20	%	3.28	%	0.30	%
(2.70	%)		514	9	%	2.20	%	2.20	%	4.75	%	0.23	%


(3.75	%)	$	653	22	%	1.25	%	1.25	%	1.48	%	0.25	%

(3.72	%)		128	22	%	2.00	%	2.00	%	2.18	%	0.37	%

4.53	%		35,832	22	%	2.00	%	2.00	%	2.18	%	(0.36	%)
19.12	%		36,069	39	%	2.00	%	2.00	%	2.35	%	(0.09	%)
(15.22	%)		31,253	19	%	2.00	%	2.00	%	2.33	%	(0.20	%)
(20.74	%)		30,585	30	%	2.00	%	2.00	%	2.35	%	(0.26	%)
2.00	%		25,239	107	%	2.00	%	2.04	%	2.56	%	(0.25	%)

4.81	%		33,459	22	%	1.50	%	1.50	%	1.68	%	0.13	%
19.71	%		31,579	39	%	1.50	%	1.50	%	1.84	%	0.40	%
(14.72	%)		26,122	19	%	1.50	%	1.50	%	1.83	%	(0.30	%)
(20.36	%)		24,163	30	%	1.50	%	1.50	%	1.86	%	0.24	%
2.40	%		19,437	107	%	1.50	%	1.54	%	2.00	%	0.30	%

4.53	%		87,644	22	%	2.00	%	2.00	%	2.18	%	(0.37	%)
19.12	%		77,502	39	%	2.00	%	2.00	%	2.34	%	(0.10	%)
(15.22	%)		64,146	19	%	2.00	%	2.00	%	2.33	%	(0.20	%)
(20.74	%)		53,206	30	%	2.00	%	2.00	%	2.36	%	(0.27	%)
2.00	%		34,025	107	%	2.00	%	2.04	%	2.53	%	(0.25	%)

4.42	%		8,672	22	%	2.00	%	2.00	%	2.18	%	(0.36	%)
19.15	%		7,459	39	%	2.00	%	2.00	%	2.35	%	(0.09	%)
(15.14	%)		6,964	19	%	2.00	%	2.00	%	2.33	%	(0.21	%)
(20.94	%)		5,918	30	%	2.00	%	2.00	%	2.36	%	(0.26	%)
2.00	%		4,959	107	%	2.00	%	2.04	%	2.50	%	(0.25	%)

See Notes to Financial Statements.


		201

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			In Excess of Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS EQUITY INCOME FUND:
Class A	04/30/04	* (10)	$	13.28	$	—	†	$	(0.44	)	$	(0.44	)	$	—		$	—		$	—		$	—		$	12.84

Class B	04/30/04	* (10)		12.98		—	†		(0.43	)		(0.43	)		—			—			—			—			12.55

Class C	04/30/04	*		11.57		(0.02	)		0.98			0.96			—			—			—			—			12.53
	10/31/03	(12)		9.40		(0.02	)		2.19			2.17			—			—			—			—			11.57
	10/31/02	(12)		12.09		(0.03	)		(2.36	)		(2.39	)		—			—			(0.30	)		(0.30	)		9.40
	10/31/01	(12)		13.67		(0.07	)		(0.92	)		(0.99	)		—			—			(0.59	)		(0.59	)		12.09
	10/31/00	(12)		12.31		(0.03	)		1.39			1.36			—			—			—			—			13.67
	10/31/99	(12)		10.51		(0.01	)		1.82			1.81			—			(0.01	)		—			(0.01	)		12.31

Class L (11)	04/30/04	*		11.83		0.02			0.98			1.00			—			—			—			—			12.83
	10/31/03	(12)		9.56		0.03			2.24			2.27			—			—			—			—			11.83
	10/31/02	(12)		12.23		0.03			(2.40	)		(2.37	)		—			—			(0.30	)		(0.30	)		9.56
	10/31/01	(12)		13.76		—			(0.94	)		(0.94	)		—			—			(0.59	)		(0.59	)		12.23
	10/31/00	(12)		12.33		0.04			1.39			1.43			—			—			—			—			13.76
	10/31/99	(12)		10.52		0.06			1.80			1.86			(0.01	)		(0.04	)		—			(0.05	)		12.33

Class M (11)	04/30/04	*		11.58		(0.02	)		0.98			0.96			—			—			—			—			12.54
	10/31/03	(12)		9.41		(0.02	)		2.19			2.17			—			—			—			—			11.58
	10/31/02	(12)		12.10		(0.03	)		(2.36	)		(2.39	)		—			—			(0.30	)		(0.30	)		9.41
	10/31/01	(12)		13.69		(0.07	)		(0.93	)		(1.00	)		—			—			(0.59	)		(0.59	)		12.10
	10/31/00	(12)		12.32		(0.02	)		1.39			1.37			—			—			—			—			13.69
	10/31/99	(12)		10.53		(0.01	)		1.81			1.80			—			(0.01	)		—			(0.01	)		12.32

Class X	04/30/04	*		11.56		(0.02	)		0.98			0.96			—			—			—			—			12.52
	10/31/03	(12)		9.39		(0.02	)		2.19			2.17			—			—			—			—			11.56
	10/31/02	(12)		12.08		(0.03	)		(2.36	)		(2.39	)		—			—			(0.30	)		(0.30	)		9.39
	10/31/01	(12)		13.66		(0.06	)		(0.93	)		(0.99	)		—			—			(0.59	)		(0.59	)		12.08
	10/31/00	(12)		12.30		(0.02	)		1.38			1.36			—			—			—			—			13.66
	10/31/99	(12)		10.52		(0.01	)		1.80			1.79			—			(0.01	)		—			(0.01	)		12.30
STRATEGIC PARTNERS GROWTH WITH INCOME FUND:
Class A	04/30/04	* (10)	$	8.42	$	—	†	$	(0.30	)	$	(0.30	)	$	—		$	—		$	—		$	—		$	8.12

Class B	04/30/04	* (10)		8.24		—	†		(0.30	)		(0.30	)		—			—			—			—			7.94

Class C	04/30/04	*		7.65		(0.03	)		0.32			0.29			—			—			—			—			7.94
	10/31/03	(12)		6.79		(0.05	)		0.91			0.86			—			—			—			—			7.65
	10/31/02	(12)		8.11		(0.06	)		(1.26	)		(1.32	)		—			—			—			—			6.79
	10/31/01	(12)		10.67		(0.07	)		(2.49	)		(2.56	)		—			—			—			—			8.11
	10/31/00	(4)(12)		10.00		(0.08	)		0.75			0.67			—			—			—			—			10.67

Class L (11)	04/30/04	*		7.80		(0.03	)		0.29			0.32			—			—			—			—			8.12
	10/31/03	(12)		6.89		(0.01	)		0.92			0.91			—			—			—			—			7.80
	10/31/02	(12)		8.19		(0.02	)		(1.28	)		(1.30	)		—			—			—			—			6.89
	10/31/01	(12)		10.73		(0.03	)		(2.51	)		(2.54	)		—			—			—			—			8.19
	10/31/00	(4)(12)		10.00		(0.03	)		0.76			0.73			—			—			—			—			10.73

Class M (11)	04/30/04	*		7.65		(0.03	)		0.32			0.29			—			—			—			—			7.94
	10/31/03	(12)		6.80		(0.05	)		0.90			0.85			—			—			—			—			7.65
	10/31/02	(12)		8.12		(0.06	)		(1.26	)		(1.32	)		—			—			—			—			6.80
	10/31/01	(12)		10.68		(0.07	)		(2.49	)		(2.56	)		—			—			—			—			8.12
	10/31/00	(4)(12)		10.00		(0.07	)		0.75			0.68			—			—			—			—			10.68

Class X	04/30/04	*		7.64		(0.03	)		0.32			0.29			—			—			—			—			7.93
	10/31/03	(12)		6.79		(0.05	)		0.90			0.85			—			—			—			—			7.64
	10/31/02	(12)		8.12		(0.06	)		(1.27	)		(1.33	)		—			—			—			—			6.79
	10/31/01	(12)		10.69		(0.07	)		(2.50	)		(2.57	)		—			—			—			—			8.12
	10/31/00	(4)(12)		10.00		(0.08	)		0.77			0.69			—			—			—			—			10.69


202


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(3.31	%)	$	764	33	%	1.40	%	1.40	%	1.74	%	0.74	%

(3.31	%)		220	33	%	2.15	%	2.15	%	2.44	%	0.44	%

8.30	%		52,161	33	%	2.15	%	2.15	%	2.44	%	(0.32	%)
23.09	%		53,779	60	%	2.15	%	2.15	%	2.59	%	(0.17	%)
(20.39	%)		50,779	88	%	2.15	%	2.15	%	2.54	%	(0.25	%)
(7.59	%)		64,103	128	%	2.15	%	2.15	%	2.44	%	(0.51	%)
11.05	%		47,592	135	%	2.12	%	2.23	%	2.59	%	(0.20	%)
17.18	%		23,210	47	%	2.10	%	2.13	%	2.72	%	(0.12	%)

8.45	%		55,618	33	%	1.65	%	1.65	%	1.94	%	0.18	%
23.74	%		55,064	60	%	1.65	%	1.65	%	2.09	%	0.32	%
(19.99	%)		47,611	88	%	1.65	%	1.65	%	2.04	%	0.25	%
(7.16	%)		66,446	128	%	1.65	%	1.65	%	1.94	%	(0.01	%)
11.60	%		49,218	135	%	1.62	%	1.73	%	2.09	%	0.31	%
17.72	%		28,123	47	%	1.60	%	1.63	%	2.21	%	0.39	%

8.29	%		123,039	33	%	2.15	%	2.15	%	2.44	%	(0.32	%)
23.06	%		116,211	60	%	2.15	%	2.15	%	2.59	%	(0.17	%)
(20.37	%)		106,401	88	%	2.15	%	2.15	%	2.54	%	(0.25	%)
(7.65	%)		152,314	128	%	2.15	%	2.15	%	2.44	%	(0.51	%)
11.12	%		110,793	135	%	2.12	%	2.23	%	2.59	%	(0.19	%)
17.05	%		66,009	47	%	2.10	%	2.13	%	2.71	%	(0.13	%)

8.30	%		30,966	33	%	2.15	%	2.15	%	2.44	%	(0.32	%)
23.11	%		28,840	60	%	2.15	%	2.15	%	2.59	%	(0.17	%)
(20.41	%)		25,972	88	%	2.15	%	2.15	%	2.54	%	(0.24	%)
(7.60	%)		36,297	128	%	2.15	%	2.15	%	2.44	%	(0.51	%)
11.06	%		33,141	135	%	2.12	%	2.23	%	2.60	%	(0.18	%)
16.97	%		24,369	47	%	2.10	%	2.13	%	2.72	%	(0.08	%)


(3.56	%)	$	260	57	%	1.55	%	1.55	%	2.20	%	0.46	%

(3.64	%)		43	57	%	2.30	%	2.30	%	2.90	%	1.68	%

3.79	%		6,923	57	%	2.30	%	2.30	%	2.90	%	(0.67	%)
12.67	%		7,909	79	%	2.30	%	2.30	%	2.98	%	(0.65	%)
(16.28	%)		7,592	88	%	2.30	%	2.30	%	2.92	%	(0.80	%)
(23.99	%)		9,084	64	%	2.30	%	2.30	%	2.93	%	(0.77	%)
6.70	%		6,681	65	%	2.30	%	2.30	%	3.06	%	(0.76	%)

3.97	%		9,072	57	%	1.80	%	1.80	%	2.40	%	(0.17	%)
13.21	%		9,764	79	%	1.80	%	1.80	%	2.48	%	(0.15	%)
(15.87	%)		9,978	88	%	1.80	%	1.80	%	2.43	%	(0.30	%)
(23.67	%)		11,312	64	%	1.80	%	1.80	%	2.43	%	(0.27	%)
7.30	%		7,301	65	%	1.80	%	1.80	%	2.54	%	(0.29	%)

3.79	%		19,676	57	%	2.30	%	2.30	%	2.90	%	(0.68	%)
12.50	%		18,875	79	%	2.30	%	2.30	%	2.98	%	(0.65	%)
(16.26	%)		17,075	88	%	2.30	%	2.30	%	2.92	%	(0.80	%)
(23.97	%)		20,584	64	%	2.30	%	2.30	%	2.91	%	(0.77	%)
6.80	%		16,156	65	%	2.30	%	2.30	%	3.17	%	(0.72	%)

3.80	%		2,858	57	%	2.30	%	2.30	%	2.90	%	(0.67	%)
12.52	%		2,935	79	%	2.30	%	2.30	%	2.98	%	(0.64	%)
(16.38	%)		2,817	88	%	2.30	%	2.30	%	2.92	%	(0.81	%)
(24.04	%)		4,153	64	%	2.30	%	2.30	%	2.91	%	(0.77	%)
6.90	%		3,487	65	%	2.30	%	2.30	%	3.06	%	(0.76	%)

See Notes to Financial Statements.


		203

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS CAPITAL INCOME FUND(9):

Class A	04/30/04	* (10)	$	12.41	$	—	†	$	(0.54	)	$	(0.54	)	$	—		$	—		$	—		$	11.87

Class B	04/30/04	* (10)		12.44		—	†		(0.55	)		(0.55	)		—			—			—			11.89

Class C	04/30/04	*		11.76		(0.03	)		0.17			0.14			(0.01	)		—			(0.01	)		11.89
	10/31/03	(12)		10.43		0.04			1.34			1.38			(0.05	)		—			(0.05	)		11.76
	10/31/02	(12)		12.13		0.07			(1.67	)		(1.60	)		(0.10	)		—			(0.10	)		10.43
	10/31/01	(12)		14.54		0.13			(2.42	)		(2.29	)		(0.12	)		—			(0.12	)		12.13
	10/31/00	(12)		13.68		0.15			1.04			1.19			(0.14	)		(0.19	)		(0.33	)		14.54
	10/31/99	(12)		11.77		0.14			1.86			2.00			(0.09	)		—			(0.09	)		13.68

Class L (11)	04/30/04	*		11.74		—			0.16			0.16			(0.04	)		—			(0.04	)		11.86
	10/31/03	(12)		10.41		0.10			1.34			1.44			(0.11	)		—			(0.11	)		11.74
	10/31/02	(12)		12.11		0.13			(1.67	)		(1.54	)		(0.16	)		—			(0.16	)		10.41
	10/31/01	(12)		14.51		0.20			(2.41	)		(2.21	)		(0.19	)		—			(0.19	)		12.11
	10/31/00	(12)		13.66		0.22			1.03			1.25			(0.21	)		(0.19	)		(0.40	)		14.51
	10/31/99	(12)		11.75		0.22			1.84			2.06			(0.15	)		—			(0.15	)		13.66

Class M (11)	04/30/04	*		11.77		(0.03	)		0.16			0.13			(0.01	)		—			(0.01	)		11.89
	10/31/03	(12)		10.43		0.04			1.35			1.39			(0.05	)		—			(0.05	)		11.77
	10/31/02	(12)		12.14		0.07			(1.68	)		(1.61	)		(0.10	)		—			(0.10	)		10.43
	10/31/01	(12)		14.55		0.13			(2.42	)		(2.29	)		(0.12	)		—			(0.12	)		12.14
	10/31/00	(12)		13.69		0.15			1.04			1.19			(0.14	)		(0.19	)		(0.33	)		14.55
	10/31/99	(12)		11.77		0.14			1.87			2.01			(0.09	)		—			(0.09	)		13.69

Class X	04/30/04	*		11.75		(0.04	)		0.18			0.14			(0.01	)		—			(0.01	)		11.88
	10/31/03	(12)		10.43		0.04			1.33			1.37			(0.05	)		—			(0.05	)		11.75
	10/31/02	(12)		12.13		0.07			(1.67	)		(1.60	)		(0.10	)		—			(0.10	)		10.43
	10/31/01	(12)		14.53		0.14			(2.42	)		(2.28	)		(0.12	)		—			(0.12	)		12.13
	10/31/00	(12)		13.68		0.14			1.04			1.18			(0.14	)		(0.19	)		(0.33	)		14.53
	10/31/99	(12)		11.76		0.13			1.88			2.01			(0.09	)		—			(0.09	)		13.68
STRATEGIC PARTNERS BALANCED FUND:

Class A	04/30/04	* (10)(12)	$	12.58	$	0.01		$	(0.31	)	$	(0.30	)	$	—		$	—		$	—		$	12.28

Class B	04/30/04	* (10)(12)		12.54		0.01			(0.32	)		(0.31	)		—			—			—			12.23

Class C	04/30/04	* (12)		11.83		0.02			0.42			0.44			(0.04	)		—			(0.04	)		12.23
	10/31/03	(12)		10.47		0.08			1.39			1.47			(0.11	)		—			(0.11	)		11.83
	10/31/02	(12)		11.50		0.14	(a)		(1.03	) (a)		(0.89	)		(0.14	)		—			(0.14	)		10.47
	10/31/01	(12)		13.10		0.15			(1.64	)		(1.49	)		(0.11	)		—			(0.11	)		11.50
	10/31/00	(12)		12.80		0.16			0.40			0.56			(0.13	)		(0.13	)		(0.26	)		13.10
	10/31/99	(12)		10.87		0.11			1.87			1.98			(0.05	)		—			(0.05	)		12.80

Class L (11)	04/30/04	* (12)		11.87		0.06			0.43			0.49			(0.08	)		—			(0.08	)		12.28
	10/31/03	(12)		10.50		0.13			1.41			1.54			(0.17	)		—			(0.17	)		11.87
	10/31/02	(12)		11.54		0.19	(a)		(1.04	) (a)		(0.85	)		(0.19	)		—			(0.19	)		10.50
	10/31/01	(12)		13.14		0.21			(1.64	)		(1.43	)		(0.17	)		—			(0.17	)		11.54
	10/31/00	(12)		12.85		0.23			0.39			0.62			(0.20	)		(0.13	)		(0.33	)		13.14
	10/31/99	(12)		10.89		0.19			1.89			2.08			(0.12	)		—			(0.12	)		12.85

Class M (11)	04/30/04	* (12)		11.84		0.02			0.42			0.44			(0.04	)		—			(0.04	)		12.24
	10/31/03	(12)		10.47		0.08			1.40			1.48			(0.11	)		—			(0.11	)		11.84
	10/31/02	(12)		11.50		0.14	(a)		(1.03	) (a)		(0.89	)		(0.14	)		—			(0.14	)		10.47
	10/31/01	(12)		13.10		0.15			(1.64	)		(1.49	)		(0.11	)		—			(0.11	)		11.50
	10/31/00	(12)		12.81		0.16			0.39			0.55			(0.13	)		(0.13	)		(0.26	)		13.10
	10/31/99	(12)		10.86		0.12			1.88			2.00			(0.05	)		—			(0.05	)		12.81

Class X	04/30/04	* (12)		11.83		0.02			0.42			0.44			(0.04	)		—			(0.04	)		12.23
	10/31/03	(12)		10.47		0.08			1.39			1.47			(0.11	)		—			(0.11	)		11.83
	10/31/02	(12)		11.50		0.14	(a)		(1.03	) (a)		(0.89	)		(0.14	)		—			(0.14	)		10.47
	10/31/01	(12)		13.09		0.15			(1.63	)		(1.48	)		(0.11	)		—			(0.11	)		11.50
	10/31/00	(12)		12.80		0.16			0.39			0.55			(0.13	)		(0.13	)		(0.26	)		13.09
	10/31/99	(12)		10.85		0.11			1.89			2.00			(0.05	)		—			(0.05	)		12.80


204


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)



(4.35	%)	$	369	29	%	1.42	%	1.42	%	1.54	%	1.40	%

(4.42	%)		81	29	%	2.17	%	2.17	%	2.24	%	1.24	%

1.17	%		32,059	29	%	2.17	%	2.17	%	2.24	%	(0.53	%)
13.31	%		39,614	104	%	2.17	%	2.17	%	2.35	%	0.41	%
(13.33	%)		38,192	36	%	2.17	%	2.17	%	2.30	%	0.60	%
(15.83	%)		56,530	25	%	2.17	%	2.17	%	2.21	%	0.98	%
8.78	%		56,401	63	%	2.10	%	2.14	%	2.26	%	1.02	%
17.08	%		34,157	66	%	2.05	%	2.09	%	2.41	%	1.02	%

1.34	%		32,968	29	%	1.67	%	1.67	%	1.74	%	(0.04	%)
13.91	%		37,203	104	%	1.67	%	1.67	%	1.85	%	0.92	%
(12.91	%)		39,223	36	%	1.67	%	1.67	%	1.80	%	1.10	%
(15.39	%)		56,537	25	%	1.67	%	1.67	%	1.71	%	1.48	%
9.35	%		54,424	63	%	1.60	%	1.64	%	1.76	%	1.51	%
17.60	%		31,960	66	%	1.55	%	1.59	%	1.91	%	1.52	%

1.08	%		83,926	29	%	2.17	%	2.17	%	2.24	%	(0.54	%)
13.41	%		91,942	104	%	2.17	%	2.17	%	2.35	%	0.42	%
(13.40	%)		97,872	36	%	2.17	%	2.17	%	2.30	%	0.60	%
(15.82	%)		139,634	25	%	2.17	%	2.17	%	2.21	%	0.98	%
8.86	%		138,391	63	%	2.10	%	2.14	%	2.26	%	1.02	%
17.08	%		79,962	66	%	2.05	%	2.09	%	2.42	%	1.02	%

1.17	%		23,467	29	%	2.17	%	2.17	%	2.24	%	(0.54	%)
13.22	%		25,797	104	%	2.17	%	2.17	%	2.35	%	0.42	%
(13.33	%)		27,589	36	%	2.17	%	2.17	%	2.30	%	0.60	%
(15.77	%)		37,635	25	%	2.17	%	2.17	%	2.21	%	0.99	%
8.79	%		42,330	63	%	2.10	%	2.14	%	2.26	%	1.02	%
17.09	%		33,884	66	%	2.05	%	2.09	%	2.42	%	0.99	%



(2.38	%)	$	633	115	%	1.39	%	1.39	%	1.68	%	1.56	%

(2.47	%)		116	115	%	2.14	%	2.14	%	2.38	%	1.61	%

3.75	%		20,952	115	%	2.14	%	2.14	%	2.38	%	0.36	%
14.16	%		23,359	129	%	2.15	%	2.15	%	2.51	%	0.75	%
(7.87	%)		22,188	119	%	2.15	%	2.15	%	2.45	%	1.21	% (a)
(11.44	%)		32,294	122	%	2.15	%	2.15	%	2.41	%	1.22	%
4.35	%		36,859	119	%	2.14	%	2.14	%	2.42	%	1.21	%
18.26	%		20,769	104	%	2.10	%	2.10	%	2.67	%	0.92	%

4.09	%		29,940	115	%	1.64	%	1.64	%	1.88	%	0.86	%
14.79	%		31,493	129	%	1.65	%	1.65	%	2.01	%	1.25	%
(7.46	%)		29,785	119	%	1.65	%	1.65	%	1.96	%	1.71	% (a)
(10.96	%)		37,523	122	%	1.65	%	1.65	%	1.91	%	1.71	%
4.87	%		38,001	119	%	1.64	%	1.64	%	1.91	%	1.71	%
19.10	%		24,443	104	%	1.60	%	1.60	%	2.15	%	1.44	%

3.75	%		73,084	115	%	2.14	%	2.14	%	2.38	%	0.36	%
14.25	%		69,656	129	%	2.15	%	2.15	%	2.51	%	0.75	%
(7.87	%)		67,109	119	%	2.15	%	2.15	%	2.46	%	1.21	% (a)
(11.44	%)		86,075	122	%	2.15	%	2.15	%	2.41	%	1.22	%
4.27	%		93,323	119	%	2.14	%	2.14	%	2.42	%	1.21	%
18.46	%		65,933	104	%	2.10	%	2.10	%	2.67	%	0.94	%

3.75	%		16,313	115	%	2.14	%	2.14	%	2.38	%	0.36	%
14.26	%		16,254	129	%	2.15	%	2.15	%	2.51	%	0.75	%
(7.96	%)		16,048	119	%	2.15	%	2.15	%	2.46	%	1.21	% (a)
(11.38	%)		21,106	122	%	2.15	%	2.15	%	2.41	%	1.22	%
4.27	%		23,269	119	%	2.14	%	2.14	%	2.42	%	1.20	%
18.48	%		19,258	104	%	2.10	%	2.10	%	2.67	%	0.88	%

See Notes to Financial Statements.


		205

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS HIGH YIELD BOND FUND:
Class A	04/30/04	* (10)	$	7.37	$	0.03		$	(0.04	)	$	(0.01	)	$	(0.03	)	$	—		$	(0.03	)	$	7.33

Class B	04/30/04	* (10)		7.36		0.03			(0.04	)		(0.01	)		(0.03	)		—			(0.03	)		7.32

Class C	04/30/04	*		7.23		0.23			0.12			0.35			(0.24	)		—			(0.24	)		7.34
	10/31/03	(12)		6.26		0.50			0.98			1.48			(0.51	)		—			(0.51	)		7.23
	10/31/02	(12)		6.96		0.55	(b)		(0.68	) (b)		(0.13	)		(0.57	)		—			(0.57	)		6.26
	10/31/01	(12)		8.02		0.71			(1.06	)		(0.35	)		(0.71	)		—			(0.71	)		6.96
	10/31/00	(12)		9.13		0.80			(1.11	)		(0.31	)		(0.80	)		—			(0.80	)		8.02
	10/31/99	(12)		9.38		0.75			(0.25	)		0.50			(0.75	)		—			(0.75	)		9.13

Class L (11)	04/30/04	*		7.23		0.26			0.11			0.37			(0.26	)		—			(0.26	)		7.34
	10/31/03	(12)		6.26		0.53			0.98			1.51			(0.54	)		—			(0.54	)		7.23
	10/31/02	(12)		6.96		0.59	(b)		(0.69	) (b)		(0.10	)		(0.60	)		—			(0.60	)		6.26
	10/31/01	(12)		8.02		0.75			(1.06	)		(0.31	)		(0.75	)		—			(0.75	)		6.96
	10/31/00	(12)		9.13		0.85			(1.11	)		(0.26	)		(0.85	)		—			(0.85	)		8.02
	10/31/99	(12)		9.38		0.80			(0.25	)		0.55			(0.80	)		—			(0.80	)		9.13

Class M (11)	04/30/04	*		7.22		0.23			0.12			0.35			(0.24	)		—			(0.24	)		7.33
	10/31/03	(12)		6.25		0.49			0.98			1.48			(0.51	)		—			(0.51	)		7.22
	10/31/02	(12)		6.96		0.55	(b)		(0.69	) (b)		(0.14	)		(0.57	)		—			(0.57	)		6.25
	10/31/01	(12)		8.02		0.71			(1.06	)		(0.35	)		(0.71	)		—			(0.71	)		6.96
	10/31/00	(12)		9.13		0.80			(1.11	)		(0.31	)		(0.80	)		—			(0.80	)		8.02
	10/31/99	(12)		9.39		0.75			(0.26	)		0.49			(0.75	)		—			(0.75	)		9.13

Class X	04/30/04	*		7.22		0.23			0.12			0.35			(0.24	)		—			(0.24	)		7.33
	10/31/03	(12)		6.25		0.49			0.98			1.48			(0.51	)		—			(0.51	)		7.22
	10/31/02	(12)		6.95		0.55	(b)		(0.68	) (b)		(0.13	)		(0.57	)		—			(0.57	)		6.25
	10/31/01	(12)		8.01		0.71			(1.06	)		(0.35	)		(0.71	)		—			(0.71	)		6.95
	10/31/00	(12)		9.13		0.80			(1.12	)		(0.32	)		(0.80	)		—			(0.80	)		8.01
	10/31/99	(12)		9.39		0.75			(0.26	)		0.49			(0.75	)		—			(0.75	)		9.13
STRATEGIC PARTNERS BOND FUND(9):
Class A	04/30/04	* (10)(12)	$	10.71	$	0.01		$	(0.13	)	$	(0.12	)	$	(0.01	)	$	—		$	(0.01	)	$	10.58

Class B	04/30/04	* (10)(12)		10.60		—	†		(0.13	)		(0.13	)		(0.01	)		—			(0.01	)		10.46

Class C	04/30/04	* (12)		10.76		0.07			0.04			0.10			(0.09	)		(0.32	)		(0.41	)		10.45
	10/31/03	(12)		10.72		0.19			0.42			0.61			(0.24	)		(0.33	)		(0.57	)		10.76
	10/31/02	(12)		10.93		0.28	(a)		0.06	(a)		0.34			(0.30	)		(0.25	)		(0.55	)		10.72
	10/31/01	(12)		10.08		0.43			0.85			1.28			(0.43	)		—			(0.43	)		10.93
	10/31/00	(12)		10.01		0.53			0.07			0.60			(0.53	)		—			(0.53	)		10.08
	10/31/99	(12)		10.67		0.54			(0.59	)		(0.05	)		(0.54	)		(0.07	)		(0.61	)		10.01

Class L (11)	04/30/04	* (12)		10.87		0.10			0.04			0.13			(0.12	)		(0.32	)		(0.44	)		10.56
	10/31/03	(12)		10.83		0.24			0.43			0.67			(0.30	)		(0.33	)		(0.63	)		10.87
	10/31/02	(12)		11.04		0.34	(a)		0.06	(a)		0.40			(0.36	)		(0.25	)		(0.61	)		10.83
	10/31/01	(12)		10.18		0.48			0.86			1.34			(0.48	)		—			(0.48	)		11.04
	10/31/00	(12)		10.11		0.58			0.07			0.65			(0.58	)		—			(0.58	)		10.18
	10/31/99	(12)		10.79		0.60			(0.61	)		(0.01	)		(0.60	)		(0.07	)		(0.67	)		10.11

Class M (11)	04/30/04	* (12)		10.76		0.07			0.03			0.10			(0.09	)		(0.32	)		(0.41	)		10.45
	10/31/03	(12)		10.73		0.19			0.41			0.60			(0.24	)		(0.33	)		(0.57	)		10.76
	10/31/02	(12)		10.93		0.28	(a)		0.07	(a)		0.35			(0.30	)		(0.25	)		(0.55	)		10.73
	10/31/01	(12)		10.08		0.43			0.85			1.28			(0.43	)		—			(0.43	)		10.93
	10/31/00	(12)		10.01		0.53			0.07			0.60			(0.53	)		—			(0.53	)		10.08
	10/31/99	(12)		10.68		0.54			(0.60	)		(0.06	)		(0.54	)		(0.07	)		(0.61	)		10.01

Class X	04/30/04	* (12)		10.78		0.07			0.04			0.10			(0.09	)		(0.32	)		(0.41	)		10.47
	10/31/03	(12)		10.74		0.20			0.42			0.62			(0.25	)		(0.33	)		(0.57	)		10.78
	10/31/02	(12)		10.94		0.28	(a)		0.07	(a)		0.35			(0.30	)		(0.25	)		(0.55	)		10.74
	10/31/01	(12)		10.09		0.43			0.85			1.28			(0.43	)		—			(0.43	)		10.94
	10/31/00	(12)		10.02		0.53			0.07			0.60			(0.53	)		—			(0.53	)		10.09
	10/31/99	(12)		10.69		0.54			(0.60	)		(0.06	)		(0.54	)		(0.07	)		(0.61	)		10.02


206


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


(0.16	%)	$	243	15	%	1.25	%	1.25	%	1.40	%	7.63	%

(0.18	%)		171	15	%	2.00	%	2.00	%	2.10	%	5.84	%

4.94	%		28,954	15	%	2.00	%	2.00	%	2.10	%	6.39	%
24.34	%		37,091	48	%	2.00	%	2.00	%	2.18	%	7.19	%
(2.24	%)		22,882	35	%	2.00	%	2.00	%	2.23	%	8.08	% (b)
(4.58	%)		16,599	31	%	2.00	%	2.00	%	2.33	%	9.33	%
(3.68	%)		12,637	20	%	2.00	%	2.00	%	2.27	%	9.14	%
5.05	%		13,205	18	%	2.00	%	2.00	%	2.32	%	7.74	%

5.20	%		28,065	15	%	1.50	%	1.50	%	1.60	%	6.87	%
24.96	%		36,377	48	%	1.50	%	1.50	%	1.68	%	7.63	%
(1.75	%)		23,613	35	%	1.50	%	1.50	%	1.74	%	8.58	% (b)
(4.10	%)		26,426	31	%	1.50	%	1.50	%	1.82	%	9.77	%
(3.20	%)		16,581	20	%	1.50	%	1.50	%	1.78	%	9.68	%
5.70	%		16,079	18	%	1.50	%	1.50	%	1.81	%	8.26	%

4.94	%		122,622	15	%	2.00	%	2.00	%	2.10	%	6.40	%
24.37	%		127,974	48	%	2.00	%	2.00	%	2.18	%	7.19	%
(2.39	%)		83,293	35	%	2.00	%	2.00	%	2.23	%	8.10	% (b)
(4.58	%)		80,038	31	%	2.00	%	2.00	%	2.33	%	9.40	%
(3.68	%)		73,413	20	%	2.00	%	2.00	%	2.27	%	9.14	%
5.05	%		68,160	18	%	2.00	%	2.00	%	2.31	%	7.73	%

5.09	%		15,779	15	%	2.00	%	2.00	%	2.10	%	6.39	%
24.20	%		15,306	48	%	2.00	%	2.00	%	2.18	%	7.24	%
(2.25	%)		12,882	35	%	2.00	%	2.00	%	2.24	%	8.12	% (b)
(4.59	%)		14,777	31	%	2.00	%	2.00	%	2.34	%	9.46	%
(3.80	%)		16,953	20	%	2.00	%	2.00	%	2.28	%	9.16	%
5.06	%		19,893	18	%	2.00	%	2.00	%	2.32	%	7.76	%


(1.19	%)	$	945	52	%	1.25	%	1.25	%	1.31	%	2.07	%

(1.27	%)		212	52	%	2.00	%	2.00	%	2.01	%	0.36	%

1.16	%		63,679	52	%	2.00	%	2.00	%	2.01	%	1.27	%
5.81	%		86,927	260	%	2.00	%	2.00	%	2.05	%	1.83	%
3.61	%		104,916	250	%	2.00	%	2.00	%	2.07	%	2.59	% (a)
13.04	%		75,605	394	%	2.00	%	2.00	%	2.06	%	3.82	%
6.16	%		27,548	464	%	1.94	%	1.94	%	2.11	%	5.26	%
(0.92	%)		26,112	145	%	1.90	%	1.90	%	2.24	%	4.84	%

1.46	%		81,708	52	%	1.50	%	1.50	%	1.51	%	1.82	%
6.29	%		97,836	260	%	1.50	%	1.50	%	1.54	%	2.27	%
4.26	%		109,692	250	%	1.50	%	1.50	%	1.57	%	3.10	% (a)
13.49	%		93,305	394	%	1.50	%	1.50	%	1.54	%	4.21	%
6.67	%		34,799	464	%	1.43	%	1.43	%	1.59	%	5.61	%
(0.55	%)		23,140	145	%	1.40	%	1.40	%	1.73	%	5.33	%

1.18	%		203,678	52	%	2.00	%	2.00	%	2.01	%	1.34	%
5.71	%		247,291	260	%	2.00	%	2.00	%	2.05	%	1.82	%
3.71	%		287,193	250	%	2.00	%	2.00	%	2.07	%	2.60	% (a)
13.03	%		217,344	394	%	2.00	%	2.00	%	2.06	%	3.90	%
6.16	%		102,417	464	%	1.94	%	1.94	%	2.11	%	5.26	%
(1.02	%)		83,936	145	%	1.90	%	1.90	%	2.23	%	4.82	%

1.16	%		31,452	52	%	2.00	%	2.00	%	2.01	%	1.31	%
5.80	%		36,801	260	%	2.00	%	2.00	%	2.05	%	1.82	%
3.72	%		41,855	250	%	2.00	%	2.00	%	2.07	%	2.61	% (a)
13.02	%		32,044	394	%	2.00	%	2.00	%	2.07	%	3.98	%
6.16	%		21,185	464	%	1.94	%	1.94	%	2.11	%	5.28	%
(1.00	%)		19,574	145	%	1.90	%	1.90	%	2.25	%	4.86	%

See Notes to Financial Statements.


		207

Financial Highlights (Unaudited)

Per Share Data (for a Share Outstanding

Throughout Each Period)


			Increase (Decrease) from Investment Operations											Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS MONEY MARKET FUND(9):
Class C	04/30/04	*	$	1.00	$	—	†	$	—	†	$	—	†	$	—	†	$	—		$	—	†	$	1.00
	10/31/03	(12)		1.00		—	†		—	†		—	†		—	†		—	†		—	†		1.00
	10/31/02	(12)		1.00		0.001			—	†		0.001			(0.001	)		—	†		(0.001	)		1.00
	10/31/01	(12)		1.00		0.030			—	†		0.030			(0.030	)		—	†		(0.030	)		1.00
	10/31/00	(12)		1.00		0.043			—			0.043			(0.043	)		—			(0.043	)		1.00
	10/31/99	(12)		1.00		0.030			—			0.030			(0.030	)		—			(0.030	)		1.00

Class D	04/30/04	* (10)		1.00		—	†		—	†		—	†		—	†		—			—	†		1.00

Class L (11)	04/30/04	*		1.00		0.003			—	†		0.003			(0.003	)		—			(0.003	)		1.00
	10/31/03	(12)		1.00		0.005			—	†		0.005			(0.005	)		—	†		(0.005	)		1.00
	10/31/02	(12)		1.00		0.006			—	†		0.006			(0.006	)		—	†		(0.006	)		1.00
	10/31/01	(12)		1.00		0.040			—	†		0.040			(0.040	)		—	†		(0.040	)		1.00
	10/31/00	(12)		1.00		0.048			—			0.048			(0.048	)		—			(0.048	)		1.00
	10/31/99	(12)		1.00		0.035			—			0.035			(0.035	)		—			(0.035	)		1.00

Class M (11)	04/30/04	*		1.00		—	†		—	†		—	†		—	†		—			—	†		1.00
	10/31/03	(12)		1.00		—	†		—	†		—	†		—	†		—	†		—	†		1.00
	10/31/02	(12)		1.00		0.001			—	†		0.001			(0.001	)		—	†		(0.001	)		1.00
	10/31/01	(12)		1.00		0.030			—	†		0.030			(0.030	)		—	†		(0.030	)		1.00
	10/31/00	(12)		1.00		0.042			—			0.042			(0.043	)		—			(0.043	)		1.00
	10/31/99	(12)		1.00		0.030			—			0.030			(0.030	)		—			(0.030	)		1.00

Class X	04/30/04	*		1.00		—	†		—	†		—	†		—	†		—			—	†		1.00
	10/31/03	(12)		1.00		—	†		—	†		—	†		—	†		—	†		—	†		1.00
	10/31/02	(12)		1.00		0.001			—	†		0.001			(0.001	)		—	†		(0.001	)		1.00
	10/31/01	(12)		1.00		0.030			—	†		0.030			(0.030	)		—	†		(0.030	)		1.00
	10/31/00	(12)		1.00		0.042			—			0.042			(0.043	)		—			(0.043	)		1.00
	10/31/99	(12)		1.00		0.030			—			0.030			(0.030	)		—			(0.030	)		1.00

(1)

Total return for Class X shares does not reflect the payment of bonus shares.

(2)

Annualized for periods less than one year.

(3)

Includes commissions received by American Skandia Marketing, Incorporated under the Funds’ Supplemental Distribution Plan,as described in Note 3 to the Financial Statements.

(4)

Commenced operations on November 1, 1999.

(5)

Commenced operations on March 1, 2000.

(6)

Commenced operations on September 11, 2000.

(7)

Commenced operations on March 1, 2001.

(8)

Commenced operations on May 1, 2002.

(9)

For the Periods ended 10/31/99, 10/31/00, 10/31/01, and 10/31/02 the Portfolio Turnover Rate, Ratios of Expenses and Ratios of Net Investment Income (Loss) represent the combined ratios for the respective Fund and its respective pro rata share of its Master Portfolio. On 9/27/02 these Funds withdrew their net assets-in-kind from its corresponding ASMT Portfolio. (See Note 1 in Notes to Financial Statements).

(10)

Opened on April 12, 2004.

(11)

Converted from classes A and B to classes L and M, respectively on April 12, 2004.

(12)

Calculations are based on average shares outstanding during the year.

(a)

The reclassification of paydown gains and losses as discussed in Note 2 of the Notes to Financial Statements had a (0.01) per share effect for American Century Strategic Balanced and no per share effect for PIMCO Total Return Bond. For American Century Strategic Balanced and PIMCO Total Return Bond the Ratio of Net Investment Income (Loss) would have been 1.64%, 1.14%, 1.14%, and 1.14%, and 3.19%, 2.70%, 2.69%, and 2.71% for Class A, Class B, Class C, and Class X, respectively, without the reclassification of paydown gains and losses for the year ended 10/31/02. Ratios for prior periods have not been restated to reflect this change.

(b)

The adoption of the change in amortization method as discussed in Note 2 of the Notes to Financial Statements had a 0.01 per share effect for Federated High Yield Bond. Without the change in amortization method the Net Investment Income Ratio would have been 8.71%, 8.23%, 8.21%, and 8.25% for Class A, Class B, Class C, and Class X, respectively. Ratios for prior periods have not been restated to reflect this change.

†	Amount rounds to zero.

*	Unaudited.


208


Supplemental Data					Ratios of Expenses to Average Net Assets(2)
Total Return(1)		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate	Net Operating Expenses		After Expense Reimbursement and Waiver(3)		Before Expense Reimbursement and Waiver(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)


—	%†	$	35,048	N/A	1.13	%	1.13	%	1.90	%	—	%†
—	%†		45,723	N/A	1.32	%	1.32	%	1.92	%	—	%†
0.15	%		73,787	N/A	1.89	%	1.89	%	1.96	%	0.13	%
3.09	%		73,282	N/A	1.91	%	1.91	%	1.91	%	2.95	%
4.33	%		31,743	N/A	1.98	%	1.98	%	1.98	%	4.43	%
3.06	%		28,923	N/A	2.00	%	2.00	%	2.13	%	3.07	%

0.02	%		24,773	N/A	0.63	%	0.63	%	1.40	%	0.48	%

0.25	%		69,432	N/A	0.63	%	0.63	%	1.40	%	0.50	%
0.50	%		103,228	N/A	0.80	%	0.80	%	1.42	%	0.50	%
0.65	%		135,044	N/A	1.39	%	1.39	%	1.46	%	0.66	%
3.61	%		176,679	N/A	1.41	%	1.41	%	1.41	%	3.55	%
4.85	%		108,598	N/A	1.48	%	1.48	%	1.48	%	5.03	%
3.57	%		43,004	N/A	1.50	%	1.50	%	1.63	%	3.56	%

—	%†		87,667	N/A	1.13	%	1.13	%	1.90	%	—	%†
—	%†		120,172	N/A	1.31	%	1.31	%	1.92	%	—	%†
0.15	%		157,867	N/A	1.89	%	1.89	%	1.96	%	0.14	%
3.09	%		147,983	N/A	1.91	%	1.91	%	1.91	%	2.78	%
4.33	%		75,980	N/A	1.98	%	1.98	%	1.98	%	4.27	%
3.05	%		79,202	N/A	2.00	%	2.00	%	2.12	%	3.04	%

—	%†		18,602	N/A	1.13	%	1.13	%	1.90	%	—	%†
—	%†		24,933	N/A	1.30	%	1.30	%	1.92	%	—	%†
0.15	%		32,558	N/A	1.89	%	1.89	%	1.96	%	0.14	%
3.09	%		30,941	N/A	1.91	%	1.91	%	1.91	%	2.95	%
4.33	%		18,632	N/A	1.98	%	1.98	%	1.98	%	4.16	%
3.06	%		28,385	N/A	2.00	%	2.00	%	2.13	%	3.06	%

See Notes to Financial Statements.


		209

Supplemental Proxy Information (Unaudited)

A meeting of the Company’s shareholders was held on December 18, 2003. The meeting was held for the following purposes:

To approve the Plan of Reorganization of the Company on behalf of the ASAF Alger All-Cap Growth Fund and the ASAF Marsico Capital Growth Fund.

To approve the Plan of Reorganization of the Company on behalf of the ASAF Alliance Growth Fund and the ASAF Marsico Capital Growth Fund.

To approve the Plan of Reorganization of the Company on behalf of the ASAF Alliance/Bernstein Growth + Value Fund and the ASAF Sanford Bernstein Managed Index 500 Fund.

To approve the Plan of Reorganization of the Company on behalf of the ASAF DeAM Large-Cap Value Fund and the ASAF Alliance Growth and Income Fund.

To approve the Plan of Reorganization of the Company on behalf of the ASAF Gabelli All-Cap Value Fund and the ASAF Neuberger Berman Mid-Cap Value Fund.

To approve the Plan of Reorganization of the Company on behalf of the ASAF Neuberger Berman Mid-Cap Growth Fund and the ASAF Goldman Sachs Mid-Cap Growth Fund.

To approve the Plan of Reorganization of the Company on behalf of the ASAF DeAM International Equity Fund and the ASAF William Blair International Growth Fund.

To approve the Plan of Reorganization of the Company on behalf of the ASAF American Century International Growth Fund and the ASAF William Blair International Growth Fund.

The results of the proxy solicitation on the preceding matters were:


Matter	Votes for	Votes Against	Abstentions
Reorganization plan between the ASAF Alger All-Cap Growth Fund and the ASAF Marsico Capital Growth Fund	3,138,811	56,883	85,883
Reorganization plan between the ASAF Alliance Growth Fund and the ASAF Marsico Capital Growth Fund	4,971,365	99,945	161,125
Reorganization plan between the ASAF Alliance/Bernstein Growth + Value Fund and the ASAF Sanford Bernstein Managed Index 500 Fund	879,341	10,757	29,793
Reorganization plan between the ASAF DeAM Large-Cap Value Fund and the ASAF Alliance Growth and Income Fund	110,947	1,083	5,285
Reorganization plan between the ASAF Gabelli All-Cap Value Fund and the ASAF Neuberger Berman Mid-Cap Value Fund	4,658,017	811,879	109,252
Reorganization plan between the ASAF Neuberger Berman Mid-Cap Growth Fund and the ASAF Goldman Sachs Mid-Cap Growth Fund	6,793,118	169,104	211,796
Reorganization plan between the ASAF DeAM International Equity Fund and the ASAF William Blair International Growth Fund	3,000,884	54,744	113,492
Reorganization plan between the ASAF American Century International Growth Fund and the ASAF William Blair International Growth Fund	4,470,547	76,593	159,946


210

ⁿ MAIL

ⁿ TELEPHONE

ⁿ WEBSITE

Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

(800) 225-1852

www.strategicpartners.com

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s Manager the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to each Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the SEC’s website at http://www.sec.gov.

DIRECTORS

David E.A. Carson • Robert F. Gunia • Robert E. La Blanc • Douglas H. McCorkindale • Richard A. Redeker • Judy A. Rice • Robin B. Smith • Stephen D. Stoneburn • Clay T. Whitehead

OFFICERS

Judy A. Rice, President • Robert F. Gunia, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • William V. Healey, Chief Legal Officer and Assistant Secretary • Maryanne Ryan, Anti-Money Laundering Compliance Officer • Lee D. Augsburger, Chief Compliance Officer


MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

INVESTMENT ADVISERS	Alliance Capital Management, L.P.	1345 Avenue of the Americas New York, NY 10105

	American Century Investment Management, Inc.	4500 Main Street Kansas City, MO 64111

	Deutsche Asset Management, Inc.	345 Park Avenue New York, NY 10154

	GAMCO Investors, Inc. (Gabelli Asset Management Company)	One Corporate Center Rye, NY 10580

	Goldman Sachs Asset Management, L.P.	32 Old Slip New York, NY 10005

	INVESCO Institutional (N.A.), Inc.	1360 Peachtree Street N.E. Suite 100 Atlanta, GA 30309

	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

	Marsico Capital Management, LLC	1200 Seventeenth Street Suite 1300 Denver, CO 80202

	Massachusetts Financial Services Company (MFS)	500 Boylston Street Boston, MA 02116

	Neuberger Berman Management Inc.	605 Third Avenue New York, NY 10158

	Pacific Investment Management Company LLC (PIMCO)	840 Newport Center Drive Suite 300 Newport Beach, CA 92660

	ProFund Advisors LLC	7501 Wisconsin Avenue Bethesda, MD 20814

	Sanford C. Bernstein & Co., LLC	767 Fifth Avenue New York, NY 10153

	State Street Research & Management Company	One Heritage Drive North Quincy, MA 02171

	Wells Capital Management, Inc.	525 Market Street San Francisco, CA 94105

	William Blair & Company, L.L.C.	222 West Adams Street Chicago, IL 60606


DISTRIBUTORS	Prudential Investment Management Services LLC	Gateway Center Three 14th Floor 100 Mulberry Street Newark, NJ 07102

	American Skandia Marketing, Incorporated	One Corporate Drive Shelton, CT 06484

CUSTODIANS	PFPC Trust Company	400 Bellevue Parkway Wilmington, DE 19809

	JP Morgan Chase Bank	4 MetroTech Center Brooklyn, NY 11245

TRANSFER AGENTS	Prudential Mutual Fund Services LLC	PO Box 8098 Philadelphia, PA 19101

	American Skandia Fund Services, Inc.	One Corporate Drive Shelton, CT 06484

	Boston Financial Data Services, Inc.	66 Brooks Drive Braintree, MA 02184

ADMINISTRATOR	PFPC Inc.	103 Bellevue Parkway Wilmington, DE 19809

INDEPENDENT AUDITORS	KPMG LLP	757 Third Avenue New York, NY 10017

FUND COUNSEL	Shearman & Sterling LLP	599 Lexington Avenue New York, NY 10022

An investor should consider the investment objectives, risks, and charges and expenses of the Funds carefully before investing. The prospectuses for the Funds contain this and other information about the Funds. An investor may obtain a prospectus by visiting our website at www.strategicpartners.com or by calling (800) 225-1852. The prospectus should be read carefully before investing.

The views expressed in this report and information about the Funds’ portfolio holdings are for the period covered by this report and are subject to change thereafter. The accompanying financial statements as of April 30, 2004 were not audited, and accordingly, no auditor’s opinion is expressed on them.

E-DELIVERY

To receive your mutual fund documents on-line, go to www.icsdelivery.com/prudential/funds and enroll. Instead of receiving printed documents by mail, you will receive notification via e-mail when new materials are available. You can cancel your enrollment or change your e-mail address at any time by clicking on the change/cancel enrollment option at the icsdelivery website address.

Mutual Funds:


ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY		MAY LOSE VALUE		ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

LOGO

Strategic Partners Mutual Funds, Inc.

MFSP601E2 IFS-A092807 Ed. 06/2004

Item 2 – Code of Ethics—Not required as this is not an annual filing.

Item 3 – Audit Committee Financial Expert—Not applicable with semi-annual filing

Item 4 – Principal Accountant Fees and Services—Not applicable with semi-annual filing.

Item 5 – Audit Committee of Listed Registrants—Not applicable.

Item 6 – Schedule of Investments—The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies—Not applicable.

Item 8 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers—Not applicable.

Item 9 – Submission of Matters to a Vote of Security Holders: None.

Item 10 – Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 11 – Exhibits

(a)

Code of Ethics – Not applicable with semi-annual filing.

(b)

Certifications pursuant to Section 302 and 906 of the Sarbanes-Oxley Act – Attached hereto

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Strategic Partners Mutual Funds, Inc. (fka American Skandia Advisor Funds, Inc.)



By (Signature and Title)*		/s/ William V. Healey
		William V. Healey
		Chief Legal Officer

Date June 29, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By (Signature and Title)*		/s/ Judy A. Rice
		Judy A. Rice
		President and Principal Executive Officer

Date June 29, 2004



By (Signature and Title)*		/s/ Grace C. Torres
		Grace C. Torres
		Treasurer and Principal Financial Officer

Date June 29, 2004

^*	Print the name and title of each signing officer under his or her signature.