Strategic Partners Mutual Funds
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                      Supplement dated December 28, 2001.

   In this Supplement, each investment portfolio to which this Supplement
relates is referred to as a 'Fund.'

   Effective January 15, 2002, each Fund is changing the time at which it
calculates its net asset value per share (NAV) from 4:15 p.m. New York time to
the close of regular trading on the New York Stock Exchange (NYSE), usually
4:00 p.m. New York time, as described below. This change also affects the time
by which a Fund must receive orders to buy, sell or exchange Fund shares in
order to receive the same day's NAV. This Supplement also discusses when a Fund
may fair value a security instead of using market quotations.

   The information in this Supplement supersedes any contrary information that
may be contained either in the prospectuses to which this Supplement relates or
in the statements of additional information that correspond to these Funds.
This Supplement relates to various sections within the prospectus section
generally entitled 'How to Buy, Sell and Exchange Shares of the Fund.'

   1. The following modifies the section entitled 'How to Buy Shares--Step 3:
Understanding the Price You'll Pay.'

         A Fund's portfolio securities are valued based upon market quotations
   or, if not readily available, at fair value as determined in good faith under
   procedures established by the Board that oversees the Fund's operations. A
   Fund also may use fair value pricing if it determines that a market quotation
   is not reliable based, among other things, on events that occur after the
   quotation is derived or after the close of the primary market on which the
   security is traded, but before the time that the Fund's NAV is determined. In
   the case of a Fund that invests in foreign securities, this use of fair value
   pricing most commonly occurs with securities that are primarily traded
   outside the U.S., but also may occur with U.S.-traded securities. The fair
   value of a portfolio security that a Fund uses to determine its NAV may
   differ from the security's quoted or published price. For purposes of
   computing a Fund's NAV, we will value the Fund's futures contracts 15 minutes
   after the close of regular trading on the NYSE. Except when we fair value
   securities or as noted below, in the case of a Fund that invests in foreign
   securities, we normally value each foreign security held by the Fund as of
   the close of the security's primary market.

         We determine each Fund's NAV once each business day at the close of
   regular trading on the NYSE, usually 4:00 p.m. New York time. The NYSE is
   closed on most national holidays and Good Friday. In the case of a Fund that
   invests in foreign securities, we do not price, and you will not be able to
   purchase or redeem, the Fund's shares on days when the NYSE is closed but the
   primary markets for these securities are open, even though the value of the
   Fund's foreign securities may have changed. Conversely, a Fund that invests
   in foreign securities will ordinarily price its shares, and you may purchase
   and redeem shares, on days that the NYSE is open but foreign securities
   markets are closed. We may not determine the Fund's NAV on days when we have
   not received any orders to purchase, sell or exchange Fund shares, or when
   changes in the value of the Fund's portfolio do not materially affect its
   NAV.

         Most national newspapers report the NAVs of larger mutual funds,
   allowing investors to check the prices of those funds daily.

MFSP2001C2




2. The following is added to the end of the section entitled 'How to Buy
Shares--What Price Will You Pay for Shares of the Fund?'

      Unless regular trading on the NYSE closes before 4:00 p.m., your order to
   purchase must be received by 4:00 p.m. New York time in order to receive that
   day's NAV. In the event that regular trading on the NYSE closes before 4:00
   p.m. New York time, you will receive the following day's NAV if your order
   to purchase is received after the close of regular trading on the NYSE.

3. The following modifies the section entitled 'How to Sell Your Shares.'

      If your broker holds your shares, your broker must receive your order to
   sell by 4:00 p.m. New York time to process the sale on that day. In the event
   that regular trading on the NYSE closes before 4:00 p.m. New York time, you
   will receive the following day's NAV if your order to sell is received after
   the close of regular trading on the NYSE.

4. The following modifies the first paragraph of the section entitled 'Telephone
Redemptions or Exchanges.'

      You may redeem or exchange your shares in any amount by calling the Fund
   at (800) 225-1852 before 4:00 p.m. New York time. You will receive a
   redemption or exchange amount based on that day's NAV. In the event that
   regular trading on the NYSE closes before 4:00 p.m. New York time, you will
   receive the following day's NAV if your order to sell or exchange is received
   after the close of regular trading on the NYSE.

5. The following modifies the section entitled 'Expedited Redemption Privilege.'

      A Fund must receive requests for expedited redemption prior to 4:00 p.m.
   New York time to receive a redemption amount based on the day's NAV. In the
   event that regular trading on the NYSE closes before 4:00 p.m., you will
   receive the following day's NAV if your order to sell is received after the
   close of regular trading on the NYSE.

   The information in this Supplement relates to the prospectuses indicated
below.

Fund Name                                                    Date of Prospectus
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Strategic Partners Asset Allocation Funds................... October 1, 2001
  Strategic Partners Conservative Growth Fund
  Strategic Partners Moderate Growth Fund
  Strategic Partners High Growth Fund

Strategic Partners Opportunity Funds
  Strategic Partners Focused Growth Fund.................... April 27, 2001
  Strategic Partners New Era Growth Fund.................... April 27, 2001
  Strategic Partners Focused Value Fund..................... February 13, 2001

Strategic Partners Style Specific Funds..................... October 1, 2001
  Strategic Partners Large Capitalization Growth Fund
  Strategic Partners Large Capitalization Value Fund
  Strategic Partners Small Capitalization Growth Fund
  Strategic Partners Small Capitalization Value Fund
  Strategic Partners International Equity Fund
  Strategic Partners Total Return Bond Fund