STRATEGIC PARTNERS ASSET ALLOCATION FUNDS
                   STRATEGIC PARTNERS CONSERVATIVE GROWTH FUND
                     STRATEGIC PARTNERS MODERATE GROWTH FUND
                       STRATEGIC PARTNERS HIGH GROWTH FUND

                        Supplement dated October 18, 2004
                     to the Prospectus dated October 1, 2004

THE SECTION OF THE PROSPECTUS ENTITLED "RISK/RETURN SUMMARY - CONSERVATIVE
GROWTH FUND" IS AMENDED BE REPLACING THE LAST SENTENCE OF THE SECOND PARAGRAPH
ON PAGE 5 WITH THE FOLLOWING:

On July 31, 2004, the duration of the Lehman Brothers U.S. Aggregate Bond Index
was 4.67 years and the duration of the Conservative Growth Fund was 4.50 years.

THE SECTION OF THE PROSPECTUS ENTITLED "RISK/RETURN SUMMARY - MODERATE GROWTH
FUND" IS AMENDED BE REPLACING THE LAST SENTENCE OF THE FIRST PARAGRAPH ON PAGE 7
WITH THE FOLLOWING:

On July 31, 2004, the duration of the Lehman Brothers U.S. Aggregate Bond Index
was 4.67 years and the duration of the Moderate Growth Fund was 4.41 years.

THE SECTION OF THE PROSPECTUS ENTITLED "RISK/RETURN SUMMARY - EVALUATING
PERFORMANCE - CONSERVATIVE GROWTH FUND - AVERAGE ANNUAL RETURNS" IS AMENDED BY
REPLACING THE FIRST SENTENCE OF FOOTNOTE 5 ON PAGE 12 WITH THE FOLLOWING:

Customized Benchmark for Conservative Growth Fund (Customized Blend): a model
portfolio consisting of the S&P Barra Value Index (15%), S&P Barra Growth Index
(15%), the Russell 2000 Value Index (5%), the Russell 2000 Growth Index (5%),
the Lehman Brothers U.S. Aggregate Bond Index (40%) and the Lehman Brothers High
Yield Bond Index (20%).

MFSP504C1


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