Strategic Partners Asset Allocation Funds

                      Prospectus dated September 27, 2002
                       Supplement dated November 25, 2002

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   Effective November 20, 2002, RS Investment Management, LP replaced Franklin
Advisers, Inc. as subadviser for a portion of the assets of the Conservative
Growth Fund, Moderate Growth Fund, and High Growth Fund of Strategic Partners
Asset Allocation Funds.

   The following replaces the discussion of Franklin Advisers, Inc. in the
section of the prospectus titled 'How the Trust is Managed--Advisers and
Portfolio Managers':

     RS Investment Management, LP (RS Investments)

        RS Investments is an independent, privately held money management
     firm that specializes in domestic small and mid-cap stocks. As of
     September 30, 2002, the firm had approximately $4 billion in assets
     under management, which include a family of no-load mutual funds and
     institutional separate accounts. The principal office of RS
     Investments is at 388 Market St., Suite 1700, San Francisco,
     California 94111.

        Bill Wolfenden, a principal of RS Investments and lead portfolio
     manager of its small-cap growth separate accounts, manages the RS
     Investments portion of the Funds. Prior to joining RS in April 2001,
     he was at Dresdner RCM Global Investors from 1994 until March 2001
     where he served on the micro-cap and small-cap growth investment
     management teams. He holds a B.A. in economics from Southern
     Methodist University and an M.B.A. with a dual concentration in
     finance and accounting from Vanderbilt University.






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