UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-08915
Exact name of registrant as specified in charter:	Strategic Partners Asset Allocation Funds
Address of principal executive offices:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	973-367-7521
Date of fiscal year end:	07/31/2005
Date of reporting period:	10/31/2004

Item 1. Schedule of Investments [INSERT REPORT]

Strategic Partners Conservative Growth Portfolio

Schedule of Investments

As of October 31, 2004 (Unaudited)

Shares	Description	Value
LONG-TERM INVESTMENTS 79.4%
COMMON STOCK 38.6%
Aerospace & Defense 0.7%
2,800	Applied Signal Technology, Inc.		$ 84,812
2,470	Drs Technologies, Inc.(a)		89,463
2,460	Engineered Support Systems, Inc.		118,178
12,300	Lockheed Martin Corp.		677,607
2,550	Moog, Inc. (Class A shares)(a)		95,702
6,800	Northrop Grumman Corp.		351,900
			1,417,662
Apparel 0.2%
12,900	Ashworth, Inc.(a)		108,360
2,380	Oxford Industries, Inc.		88,274
6,200	Phillips-Van Heusen Corp.		141,298
			337,932
Automobiles
2,500	Winnebago Industries, Inc.		78,500
Banks 0.2%
6,600	BankUnited Financial Corp. (Class A shares)(a)		196,350
1,200	Hibernia Corp. (Class A shares)		34,800
2,330	PrivateBancorp, Inc.		75,376
			306,526
Biotechnology 0.9%
8,100	Amgen, Inc.(a)		460,080
9,800	Genentech, Inc.(a)		446,194
14,000	Gilead Sciences, Inc.(a)		484,820
14,000	Medimmune, Inc.(a)		397,880
			1,788,974
Building Products 0.1%
3,900	Watsco, Inc.		110,994
Capital Markets 1.9%
4,800	Goldman Sachs Group, Inc.		472,224
12,900	Lehman Brothers Holdings, Inc.		1,059,735
9,900	Mellon Financial Corp.		286,110
17,100	Merrill Lynch & Co., Inc.		922,374
8,600	State Street Corp.		387,430
22,800	The Bank of New York Co., Inc.		740,088
			3,867,961
Chemicals 0.3%
28,300	Mosaic Company(a)		425,632
1,900	Scotts Co. (Class A shares)(a)		122,018
1,700	Valspar Corp.		79,322
			626,972

Commercial Banks 0.7%
26,306	Bank of America Corp.	1,178,246
3,800	Nara Bancorp, Inc.	72,618
2,100	Signature Bank(a)	61,887
3,750	Southwest Bancorp of Texas, Inc.	87,900
		1,400,651
Commercial Services & Supplies 0.9%
9,900	Administaff, Inc.(a)	113,355
9,400	Allied Waste Industries, Inc.(a)	76,704
2,600	Apollo Group, Inc.(a)	171,600
15,900	Cendant Corp.	327,381
1,240	Chemed Corp.	74,958
1,000	Huron Consulting Group, Inc.(a)	19,500
2,600	Kelly Services, Inc. (Class A shares)	69,979
8,950	Kforce, Inc.(a)	94,781
2,770	Laureate Education, Inc.(a)	108,639
3,520	Navigant Consulting, Inc.(a)	87,542
700	Paychex, Inc.	22,956
4,250	Providence Service, Corp. (The)(a)	78,540
3,600	Republic Services, Inc.(a)	110,880
1,200	School Specialty, Inc.(a)	49,104
16,500	Waste Management, Inc.	469,920
		1,875,839
Communication Equipment 0.9%
27,800	Cisco Systems, Inc.(a)	534,038
101,700	Nortel Networks Corp. (Canada)(a)	344,763
11,100	Qualcomm, Inc.	464,091
4,900	Research In Motion Ltd.(a)	432,180
		1,775,072
Computers & Peripherals 1.0%
12,500	Apple Computer, Inc.(a)	656,625
18,000	Dell, Inc.(a)	631,080
11,734	Hewlett-Packard Co.	218,956
4,000	IBM Corp.	359,000
2,400	Lexmark International, Inc.(a)	199,464
4,350	M-Systems Flash Disk Pioneers (Israel)(a)	61,161
		2,126,286
Consumer Finance 0.6%
18,100	American Express Co.	960,567
13,900	MBNA Corp.	356,257
		1,316,824
Distributors
5,400	Beacon Roofing Supply, Inc.(a)	101,250
Diversified Financial Services 1.9%
3,500	Accredited Home Lenders Holding Co.(a)	126,280
9,300	AmeriCredit Corp.(a)	180,420
2,800	Astoria Financial Corp.	109,452
23,500	Citigroup, Inc.	1,042,695
3,800	Eaton Vance Corp.	165,756

33,800	J.P. Morgan Chase & Co.	1,304,680
5,200	Jefferies Group, Inc.	208,676
14,400	Principal Financial Group	543,744
5,450	Raymond James Financial, Inc.	142,245
500	Student Loan Corp.	73,250
		3,897,198
Diversified Manufacturing
142	GenTek, Inc.(a)	5,840
Diversified Telecommunication Services 0.8%
6,700	Alltel Corp.	368,031
2,690	SafeNet, Inc.(a)	82,395
30,000	SBC Communications, Inc.	757,800
8,500	Verizon Communications, Inc.	332,350
		1,540,576
Electric Utilities 1.1%
3,100	E.ON AG ADR (Germany)	252,805
9,800	Exelon Corp.	388,276
4,200	FirstEnergy Corp.	173,586
17,100	PG&E Corp.(a)	547,884
4,800	PNM Resources, Inc.	111,744
13,200	TXU Corp.	808,104
		2,282,399
Electronic Equipment & Instruments 0.8%
31,800	Agilent Technologies, Inc.(a)	796,908
2,240	BEI Technologies, Inc.	66,954
1,470	Ceradyne, Inc.(a)	63,048
8,700	Checkpoint Systems, Inc.(a)	148,770
4,100	FLIR Systems, Inc.(a)	218,161
11,700	Sanmina-SCI Corp.(a)	93,600
12,600	SRS Labs., Inc.(a)	87,066
5,650	Sypris Solutions, Inc.	77,970
		1,552,477
Energy Equipment & Services 1.9%
9,400	BJ Services Co.	479,400
2,240	Cal Dive International, Inc.(a)	79,318
5,200	ENSCO International, Inc.	158,860
19,000	GlobalSantaFe Corp.	560,500
20,200	Halliburton Co.	748,208
2,660	Maverick Tube Corp.(a)	70,144
5,950	Patterson-UTI Energy, Inc.	114,419
18,100	Schlumberger Ltd. (Netherlands)	1,139,213
4,300	Smith International, Inc.(a)	249,744
8,250	Superior Energy Services, Inc.(a)	106,343
2,950	Unit Corp.(a)	109,416
		3,815,565
Exchange Traded Funds 0.1%
2,800	iShares Russel 2000	168,000
Food & Staples Retailing 0.7%
5,600	Costco Wholesale Corp.	268,464
44,400	Kroger Co.(a)	670,884
6,400	Whole Foods Market, Inc.	521,152
		1,460,500

Health Care Equipment & Supplies 0.9%
5,000	Abaxis, Inc.(a)	64,625
1,950	Advanced Neuromodulation Systems, Inc.(a)	62,069
4,200	Alcon, Inc. (Switzerland)	299,040
1,600	Arthrocare Corp.(a)	49,296
4,700	Closure Medical Corp.(a)	80,182
4,600	Cooper Companies, Inc.	323,609
6,400	Guidant Corp.	426,367
3,600	Hologic, Inc.(a)	72,288
2,210	Intuitive Surgical, Inc.(a)	64,488
1,700	Laserscope(a)	46,002
15,000	Orthovita, Inc.(a)	66,000
2,050	PolyMedica Corp.	71,750
15,450	Spectranetics Corp.(a)	73,079
9,300	Thermogenesis(a)	51,941
		1,750,736
Health Care Providers & Services 1.4%
1,600	Accredo Health, Inc.(a)	36,848
3,000	America Service Group, Inc.(a)	107,310
5,900	American Healthways, Inc(a)	178,062
13,100	Caremark Rx, Inc.(a)	392,607
6,600	Cigna Corp.	418,836
4,600	Covance, Inc.(a)	182,712
9,000	Express Scripts, Inc. (Class A shares)(a)	576,000
3,450	Kindred Healthcare, Inc.(a)	83,145
3,850	LabOne, Inc.(a)	115,500
7,104	Medco Health Solutions, Inc.(a)	240,897
2,400	Pediatrix Medical Group, Inc.(a)	135,000
5,500	Pharmaceutical Product Development, Inc.(a)	232,265
5,900	Serologicals Corp. International(a)	139,535
		2,838,717
Homebuilding 0.1%
7,100	Hovnanian Enterprises, Inc. (Class A shares)(a)	266,534
Hotels, Restaurants & Leisure 0.9%
3,700	Brinker International, Inc.(a)	119,510
2,600	CEC Entertainment, Inc.(a)	98,852
11,600	McDonald’s Corp.	338,140
2,645	Rare Hospitality International, Inc.(a)	73,293
8,550	Scientific Games Corp. (Class A shares)(a)	181,089
3,700	Sonic Corp.(a)	100,751
14,600	Starbucks Corp.(a)	772,048
5,000	WMS Industries, Inc.(a)	146,250
		1,829,933
Household Durables 0.6%
6,700	Harman International Industries, Inc.	805,206
1,800	Meritage Corp.(a)	159,660
4,700	Snap-On, Inc.	138,086
3,200	Standard-Pacific Corp.	179,680
		1,282,632

Household Products 0.5%
3,070	Cost Plus, Inc.(a)	99,161
7,200	Kimberly-Clark Corp.	429,624
7,600	Procter & Gamble Co.	388,968
		917,753
Industrial Conglomerates 1.4%
51,400	General Electric Co.	1,753,768
4,800	Phelps Dodge Corp.	420,192
19,700	Tyco International Ltd. (Bermuda)	613,655
		2,787,615
Insurance 2.0%
5,250	Affirmative Insurance Holdings, Inc.(a)	88,909
7,100	Allstate Corp.	341,439
6,162	American International Group, Inc.	374,095
3,000	Commerce Group, Inc.	151,830
2,150	Delphi Financial Group (Class A shares)	87,871
20,900	Genworth Financial, Inc.	498,674
3,770	Infinity Property & Casualty Corp.	117,172
8,500	Loews Corp.	509,150
4,300	MBIA, Inc.	248,798
3,500	Philadelphia Consolidated Holding Corp.(a)	202,930
1,650	ProAssurance Corp.(a)	58,889
1,700	Protective Life Corp.	66,810
15,041	St. Paul Travelers Cos., Inc. (The)	510,791
11,400	Tower Group, Inc.(a)	101,574
9,500	XL Capital, Ltd. (Cayman Islands) (Class A shares)	688,749
		4,047,681
Internet & Catalog Retail 0.5%
10,600	eBay, Inc.(a)	1,034,666
200	Shopping.com Ltd.(a)	5,394
		1,040,060
Internet Software & Services 1.0%
14,950	Digitas, Inc.(a)	134,550
1,400	Equinix, Inc.(a)	52,766
2,000	Google, Inc. (Class A shares)(a)	381,410
1,520	InfoSpace, Inc.(a)	79,800
2,750	j2 Global Communications, Inc.(a)	82,913
2,950	Jupitermedia Corp.(a)	58,513
9,150	Keynote Systems, Inc.(a)	128,695
3,350	RADWARE Ltd. (Israel)(a)	82,745
29,600	Yahoo!, Inc.(a)	1,071,224
		2,072,616
IT Services 0.2%
16,700	Accenture Ltd.(a)	404,307
Leisure Equipment & Products 0.1%
6,550	K2, Inc.(a)	106,241
Media 0.8%
9,200	CNET Networks, Inc.(a)	75,164
31,000	DirectTV Group, Inc.(a)	519,869
400	DreamWorks Animation SKG, Inc. (Class A shares)(a)	15,620

9,400	Image Entertainment, Inc.(a)	50,760
15,150	NTN Communications, Inc.(a)	40,148
2,800	Scholastic Corp.(a)	84,896
7,800	Sinclair Broadcast Group, Inc. (Class A shares)	54,600
14,300	Univision Communications, Inc. (Class A shares)(a)	442,728
9,000	Valueclick, Inc.(a)	83,610
8,514	Viacom, Inc. (Class B shares)	310,676
		1,678,071
Metals & Mining
1,700	Brush Wellman, Inc.(a)	26,520
Multi-Utilities 0.5%
7,100	Dominion Resources, Inc.	456,672
4,400	Oneok, Inc.	118,008
16,000	Sempra Energy	536,640
		1,111,320
Multiline Retail 0.4%
15,400	Target Corp.	770,308
Office Electronics 0.4%
4,210	Marlin Business Services, Inc.(a)	74,201
51,200	Xerox Corp.(a)	756,224
		830,425
Oil & Gas 2.6%
7,100	Cabot Oil and Gas Corp.	300,401
9,100	Chesapeake Energy Corp.	146,328
5,100	Eni SpA ADR (Italy)	583,593
5,600	Exxon Mobil Corp.	275,632
17,200	Grey Wolf, Inc.(a)	89,096
6,900	Kerr-McGee Corp.	408,618
5,350	Key Energy Services, Inc.(a)	61,525
13,900	Nexen, Inc. (Canada)	591,584
11,900	Occidental Petroleum Corp.	664,377
4,750	Oil States International, Inc.(a)	87,210
28,500	Suncor Energy, Inc. (Canada)	971,849
7,300	Swift Energy Co.(a)	177,025
2,080	Total SA, (France) (Class B Shares)	431,276
5,244	Total SA, ADR (France)	546,844
		5,335,358
Paper & Forest Products 0.5%
8,600	Boise Cascade Corp.	253,872
12,600	Georgia-Pacific Corp.	435,834
8,500	International Paper Co.	327,335
		1,017,041
Personal Products 0.4%
9,400	Avon Products, Inc.	371,770
8,000	Estee Lauder Cos., Inc. (The)	343,600
		715,370

Pharmaceuticals 2.4%
4,400	Alexion Pharmaceuticals, Inc.(a)	78,518
5,500	Allergan, Inc.	393,580
7,600	AstraZeneca PLC, ADR (United Kingdom)	313,120
1,700	Atherogenics, Inc.(a)	50,898
2,475	Barr Pharmaceuticals, Inc.(a)	93,184
5,100	Chattem, Inc.(a)	170,646
2,440	Connetics Corp.(a)	65,587
4,950	Cypress Bioscience, Inc.(a)	52,025
14,650	Durect Corp.(a)	26,663
14,700	Eli Lilly & Co.	807,176
4,150	Inspire Pharmaceuticals, Inc.(a)	64,989
5,000	IVAX Corp.(a)	90,500
6,950	KV Pharmaceutical Co. (Class A Shares)(a)	138,444
12,392	Nabi Biopharmaceuticals(a)	171,629
21,600	Novartis AG ADR (Switzerland)	1,037,015
11,975	Pfizer, Inc.	346,676
4,850	QLT, Inc. (Canada)(a)	80,753
2,600	Rigel Pharmaceuticals, Inc.(a)	62,400
5,200	Roche Holding AG ADR (Switzerland)	529,760
3,600	Salix Pharmaceuticals Ltd.(a)	57,708
6,800	Wyeth	269,620
		4,900,891
Real Estate Investment Trust 0.2%
100	Alexandria Real Estate Equities, Inc.	6,605
4,800	Biomed Realty Trust, Inc.	87,264
2,900	Entertainment Properties Trust	115,710
5,550	Saxon Capital, Inc.(a)	106,560
2,100	SL Green Realty Corp.	115,122
		431,261
Retail 0.3%
3,750	Aaron Rents, Inc. (Class B shares)	81,375
12,850	Casual Male Retail Group, Inc.(a)	64,571
6,100	CSK Auto Corp.(a)	89,304
8,550	Ezcorp, Inc.(a)	66,519
2,070	Guitar Center, Inc.(a)	92,384
3,630	Jos. A. Bank Clothiers, Inc.(a)	115,217
3,400	Movie Gallery, Inc.	55,012
		564,382
Semiconductors & Semiconductor Equipment 1.0%
143,400	Agere Systems, Inc. (Class B shares)(a)	164,910
3,400	Formfactor, Inc.(a)	79,730
13,600	Intel Corp.	302,736
18,850	LogicVision, Inc.(a)	37,135
16,400	Marvell Technology Group Ltd. (Bermuda)(a)	468,548
7,900	Maxim Integrated Products	347,521
4,050	Microsemi Corporation(a)	62,937
7,650	O2Micro International Ltd.(a)	93,024
2,350	Sigmatel, Inc.(a)	69,325
4,950	Silicon Image, Inc.(a)	67,815
13,700	Texas Instruments, Inc.	334,965
4,700	Ultratech Stepper, Inc.(a)	79,994
		2,108,640
Software 1.9%
13,300	Electronic Arts, Inc.(a)	597,436
6,750	Embarcadero Technologies, Inc.(a)	54,878

5,100	Epicor Software Corp.(a)	78,387
3,100	Global Payments, Inc.	169,756
7,700	Mercury Interactive Corp.(a)	334,411
5,500	Merge Technologies, Inc.(a)	98,808
48,200	Microsoft Corp.	1,349,117
4,700	Navteq Corp.(a)	189,457
2,340	Open Solutions, Inc.(a)	65,906
4,000	Sonic Solutions(a)	79,400
5,400	Symantec Corp.(a)	307,476
8,950	Synplicity, Inc.(a)	44,750
12,100	Systeme, Anwedungen, Produkte AG, ADR (Germany)	516,065
3,500	THQ, Inc.(a)	66,150
		3,951,997
Specialty Retail 1.1%
12,200	Bed Bath & Beyond, Inc.(a)	497,638
6,950	Charlotte Russe Holdings, Inc.(a)	91,810
11,700	Chico’s FAS, Inc.(a)	468,351
7,700	Lowe’s Cos., Inc.	433,356
5,300	Tiffany & Co.	155,449
25,900	Toys R’ Us, Inc.(a)	466,459
4,100	Williams-Sonoma, Inc.(a)	156,497
		2,269,560
Telecommunications
19,021	Netia SA (Poland)(a)	23,058
226	NTL, Inc.(a)	15,031
		38,089
Thrifts & Mortgage Finance 0.2%
5,100	Freddie Mac	339,660
Tobacco 0.3%
13,900	Altria Group, Inc.	673,594
Transportation 0.1%
1,590	Forward Air Corp.(a)	65,460
2,625	Old Dominion Freight Line, Inc.(a)	73,566
5,850	Vitran Corp., Inc. (Canada) (Class A shares)(a)	95,940
		234,966
Wireless Telecommunication Services 0.2%
20,300	American Tower Corp. (Class A shares)(a)	348,957
	Total common stock	78,545,233
PREFERRED STOCK 0.2%
Media 0.2%
10,541	The News Corp. Ltd., ADR (Australia)	331,409
Telecommunications
350	McLeodUSA, Inc., 2.50%	613
	Total preferred stock	332,022

Moody’s Rating (Unaudited)	Principal Amount
CORPORATE BONDS 15.5%
Aerospace/Defense 0.3%
			Alliant Techsystems, Inc., Sr. Sub. Notes,
B2	$	75	8.50%, 5/15/11	82,688
			BE Aerospace, Inc., Sr. Sub. Notes,
Caa3		105	8.875%, 5/1/11	110,460
			Esterline Technologies, Sr. Sub. Notes,
B1		125	7.75%, 6/15/13	134,687
			K&F Industries, Inc., Sr. Sub. Notes,
B3		50	9.625%, 12/15/10	58,000
			L-3 Communications Corp., Sr. Sub. Notes,
Ba3		100	7.625%, 6/15/12	110,500
			Sequa Corp., Sr. Notes,
B1		100	8.875%, 4/1/08	109,250
			Standard Aero Holdings, Inc. Sr. Sub. Notes,
Caa1		25	8.25%, 9/1/14	26,438
			TD Funding Corp., Gtd. Notes,
B3		50	8.375%, 7/15/11	53,750
				685,773
Airlines 0.1%
			AMR Corp., Notes, MTN
NR		150	10.55%, 3/12/21	77,999
			Continental Airlines, Inc., Notes,
Ba2		45	7.566%, 3/15/20	34,666
			Continental Airlines, Inc.,
			Ser. 981B,
Ba2		39	6.748%, 3/15/17	28,609
			Ser. 991B,
Ba2		70	6.795%, 8/2/18	55,181
			Delta Air Lines, Inc., Notes,
C(e)		40	10.00%, 8/15/08	21,000
Ca		50	8.30%, 12/15/29	18,000
				235,455
Automobiles 0.4%
			DaimlerChrysler NA Holdings Corp.,
			Gtd. Notes,
A3		700	7.40%, 1/20/05	707,409
			Notes, FRN, MTM
A3		200	2.34%, 5/24/06(f)	201,035
				908,444
Automotive 0.1%
			ArvinMeritor, Inc., Notes,
Ba1		125	8.75%, 3/1/12	139,375
			Collins & Aikman Products Co., Sr. Sub. Notes,
B3		25	12.875%, 8/15/12	21,625
			TRW Automotive, Inc., Sr. Notes,
B1		59	9.375%, 2/15/13	67,850
			Visteon Corp., Notes,
Ba1		20	8.25%, 8/1/10	20,800
Ba1		50	7.00%, 3/10/14	47,000
				296,650

.Banking 0.3%
			Citigroup, Inc. (Japan),
Aa1	JPY	3,000	1.275%, 12/28/04	28,301
			European Investment Bank, Notes,
NR	JPY	14,000	0.88%, 11/8/04	131,862
			HSBC Bank, Sr. Notes, FRN
Aa2	$	400	1.98%, 9/21/07(f)	399,618
			Kazkommerts International BV (Netherlands), Gtd. Notes,
Baa2		110	7.875%, 4/7/14	108,900
			KFW International Finance, Gtd. Notes,
Aaa	JPY	3,000	1.00%, 12/20/04	28,283
				696,964
Building Materials & Construction 0.2%
			Ainsworth Lumber Co. Ltd., Sr. Notes, (Canada)
B2	$	85	6.75%, 3/15/14	81,600
			American Standard, Inc., Gtd. Notes,
Ba2		100	7.375%, 4/15/05	102,000
			D.R. Horton, Inc., Sr. Notes,
Ba1		100	7.875%, 8/15/11	114,500
			KB Home, Sr. Sub. Notes,
Ba2		65	8.625%, 12/15/08	73,613
			Nortek, Inc. Sr. Sub. Notes,
B3		50	8.50%, 9/1/14	53,000
				424,713
Cable 0.3%
			Callahan Nordrhein Westfalen (Germany), Sr. Disc. Notes, Zero Coupon (unitl 7/15/05),
NR		50	16.00%, 7/15/10(b)	2,250
			Charter Communications Holdings LLC, Sr. Notes,
Caa1		50	10.25%, 9/15/10	52,000
			Charter Communications Holdings, Sr. Disc. Notes, Zero Coupon (until 5/15/06),
Ca		420	11.75%, 5/15/11	270,900
			CSC Holdings, Inc., Sr. Notes,
B1		50	7.875%, 12/15/07	53,875
			Kabel Deutschland GmbH, (Germany), Sr. Notes,
B2		60	10.625%, 7/1/14	67,200
			Rogers Cablesystems Ltd. (Canada), Sr. Notes,
Ba2		245	10.00%, 3/15/05	251,125
				697,350
Capital Goods 0.8%
			Allied Waste of North America, Inc., Sr. Notes,
B2		25	7.875%, 4/15/13	25,438
B2		220	8.50%, 12/1/08	230,999
			Amscan Holdings, Inc., Sr. Sub Notes,
B3		100	8.75%, 5/1/14	100,500
			Amsted Industries, Inc., Sr. Notes,
B3		75	10.25%, 10/15/11	82,500
			Blount, Inc., Sr. Sub. Notes,
Caa1		75	8.875%, 8/1/12	81,656
			Case New Holland, Inc., Sr. Notes,
Ba3		100	9.25%, 8/1/11	114,000
			Great Lakes Dredge & Dock Corp., Sr. Sub. Notes,
Caa2		35	7.75%, 12/15/13	31,325

		Invensys PLC (United Kingdom), Sr. Notes,
B3	60	9.875%, 3/15/11	62,700
		Joy Global, Inc., Sr. Sub. Notes,
B1	125	8.75%, 3/15/12	141,250
		Rexnord Corp., Gtd. Notes,
B3	100	10.125%, 12/15/12	113,000
		Sensus Metering,
Caa1	75	8.625%, 12/15/13	77,250
		SPX Corp.,
Ba3	35	7.50%, 1/1/13	37,450
		Stena AB, (Sweeden),
Ba3	75	7.50%, 11/1/13	78,188
		Terex Corp., Gtd. Notes,
B3	90	10.375%, 4/1/11	101,250
		Terex Corp., Sr. Sub. Notes,
B3	20	9.25%, 7/15/11	22,400
		The Manitowoc Co., Inc., Sr. Sub. Notes,
B2	150	10.50%, 8/1/12	173,437
		Thermadyne Holdings Corp.,
Caa1	75	9.25%, 2/1/14	71,250
		Tyco International Group SA, (Luxembourg), Gtd. Notes,
Baa3	25	6.125%, 11/1/08	27,222
		United Rentals of North America, Inc., Gtd. Notes,
B1	25	6.50%, 2/15/12	24,750
		United Rentals of North America, Inc., Sr. Sub. Notes,
B2	50	7.75%, 11/15/13	48,375
			1,644,940
Chemicals 0.6%
		Borden US Finance Corp./Nova Scotia Finance, Sec’d Notes,
B3	50	9.00%, 7/15/14	54,688
		Equistar Chemicals L.P., Gtd. Notes,
B2	80	10.125%, 9/1/08	91,900
		Hercules, Inc., Debs. Notes,
Ba1	150	6.60%, 8/1/27	154,499
		Huntsman Advanced Materials, Sec’d. Notes,
B2	45	11.00%, 7/15/10	51,975
		Huntsman ICI Chemicals, Inc., Gtd. Notes,
Caa1	20	10.125%, 7/1/09	21,000
B2	45	11.625%, 10/15/10	53,044
		IMC Global, Inc., Debs.,
B2	125	6.875%, 7/15/07	132,500
		IMC Global, Inc., Gtd. Notes,
B1	40	11.25%, 6/1/11	47,000
		Johnson Diversified Holdings, Inc., Zero Coupon (until 5/15/07),
B3	75	10.67%, 5/15/13	64,125
		Johnson Diversified, Inc., Gtd. Notes,
B2	75	9.625%, 5/15/12	84,375
		Nalco Co., Sr. Notes,
B2	125	7.75%, 11/15/11	135,313
		OM Group, Inc., Gtd. Notes,
Caa1	60	9.25%, 12/15/11	62,775
		Rhodia SA,
		Sr. Notes,
B3	100	10.25%, 6/1/10	108,500
		Sr. Sub. Notes,
Caa1	75	8.875%, 6/1/11	70,125
		Rockwood Specialties Corp., Sr. Sub. Notes,
B3	50	10.625%, 5/15/11	55,500
			1,187,319

Consumer 0.1%
		Alderwoods Group, Inc., Sr. Notes,
B2	50	7.75%, 9/15/12	54,000
		K2 , Inc., Sr. Notes,
Ba3	50	7.375%, 7/1/14	54,500
		KinderCare Learning Centers, Inc., Sr. Sub. Notes,
B3	59	9.50%, 2/15/09	59,738
		Levi Strauss & Co., Sr. Notes,
Ca	100	12.25%, 12/15/12	103,250
			271,488
Electric 1.9%
		AES Corp.,
		Sec’d. Notes,
B1	40	8.75%, 5/15/13	46,200
		Sr. Notes,
B2	195	9.375%, 9/15/10	228,150
		AES Eastern Energy LP,
Ba1	134	9.00%, 1/2/17	150,485
		Allegheny Energy,
B3	30	8.25%, 4/15/12	33,825
		Aquila, Inc., Sr. Notes,
B2	130	9.95%, 2/1/11	146,250
		Calpine Corp.,
		Sec’d. Notes,
B	95	8.75%, 7/15/13	68,875
		Sr. Notes,
Caa1	178	8.50%, 2/15/11	101,905
		CMS Energy Corp., Sr. Notes,
B3	115	7.50%, 1/15/09	123,338
B3	50	8.50%, 4/15/11	56,750
		Dynegy Holdings, Inc., Sec’d. Notes,
B3	205	10.125%, 7/15/13	238,825
		Edison Mission Energy, Sr. Notes,
B1	75	7.73%, 6/15/09	79,875
		Endesa (Chile), Ser. W.I.,
Ba2	75	8.35%, 8/1/13	84,244
Ba2	150	8.625%, 8/1/15	172,102
		Entergy Gulf States, FRN
Baa3	300	2.81%, 6/18/07(f)	301,067
		Homer City Funding LLC, Gtd. Notes,
Ba2	74	8.137%, 10/1/19	82,320
		Midland Funding Corp, Sr. Sec’d. Notes, Ser. A,
Ba3	4	11.75%, 7/23/05	4,711
		Midwest Generat,
B1	30	8.30%, 7/2/09	32,325
B1	50	8.75%, 5/1/34	56,625
		Midwest Generation LLC,
B1	60	8.56%, 1/2/16	66,000
		Mission Energy Holdings, Sec’d. Notes,
B3	35	13.50%, 7/15/08	44,363
		Nevada Power Co.,
Ba2	60	6.50%, 4/15/12	62,700
		Notes,
Ba2	5	10.875%, 10/15/09	5,875
		NoteCo Ltd., (United Kingdom) FRN,
NR	7	6.18%, 6/30/25(f)	12,377
		NRG Energy, Inc., Sec’d. Notes
B2	195	8.00%, 12/15/13	214,744

		Orion Power Holdings, Inc., Sr. Notes,
B2	50	12.00%, 5/1/10	63,000
		Pacific Gas & Electric Co., 1st Mortgage, FRN
Baa2	203	2.72%, 4/3/06(f)	203,249
		PP&L Capital Funding, Inc., Sr. Notes,
Baa3	200	7.75%, 4/15/05	204,211
		PPL Capital Funding Trust, Gtd. Notes,
Ba1	300	7.29%, 5/18/06	316,127
		Reliant Energy-Mid Atlantic, Ser. B,
B1	66	9.237%, 7/2/17	71,622
		Reliant Resources, Inc., Sec’d. Notes,
B1	125	9.50%, 7/15/13	140,625
		Sierra Pacific Resources,
B2	40	8.625%, 3/15/14	45,400
		TECO Energy, Inc., Sr. Notes,
Ba2	175	7.50%, 6/15/10	192,500
		TNP Enterprises, Inc., Sr. Sub. Notes,
B2	75	10.25%, 4/1/10	80,625
		TXU Energy Co. LLC, Notes, FRN
Baa2	200	2.84%, 1/17/06(f)	200,432
		Utilicorp Canada Finance Corp., Gtd. Notes,
B2	15	7.75%, 6/15/11	15,638
			3,947,360
Energy - Other 0.5%
		Chesapeake Energy Corp., Gtd. Notes,
Ba3	150	8.375%, 11/1/08	163,500
		Encore Acquisition Co., Sr. Sub. Notes,
B2	25	6.25%, 4/15/14	25,625
		Forest Oil Corp.,
Ba3	30	8.00%, 12/15/11	34,200
		Hanover Compressor Co., Sr. Notes,
B3	75	8.625%, 12/15/10	82,500
		Houston Exploration Co., Sr. Sub. Notes,
B2	25	7.00%, 6/15/13	26,563
		Magnum Hunter Resources, Inc., Gtd. Notes,
B2	8	9.60%, 3/15/12	9,140
		Newfield Exploration Co., Sr. Sub. Notes,
Ba3	50	8.375%, 8/15/12	56,625
		Parker Drilling Co., Sr. Notes,
B2	175	9.625%, 10/1/13	194,687
		Premcor Refining Group,
		Gtd. Notes,
Ba3	75	6.75%, 5/1/14	79,125
		Sr. Notes,
Ba3	25	6.75%, 2/1/11	27,063
		Sr. Sub. Notes,
B2	50	7.75%, 2/1/12	55,375
		Pride International, Inc., Sr. Notes,
Ba2	25	7.375%, 7/15/14	28,125
		Stone Energy Corp., Sr. Sub. Notes,
B2	105	8.25%, 12/15/11	113,925
		Vintage Petrolium, Inc., Sr. Notes,
Ba3	50	8.25%, 5/1/12	56,000
			952,453

Food 0.4%
		Agrilink Foods, Inc., Sr. Sub. Notes,
B3	8	11.875%, 11/1/08	8,340
		Ahold Finance USA, Inc., Notes,
Ba3	25	8.25%, 7/15/10	28,563
		B&G Foods Holdings Corp., Sr. Notes,
B2	50	8.00%, 10/1/11	52,750
		Carrols Corp., Sr. Sub. Notes,
B3	60	9.50%, 12/1/08	61,875
		Del Monte Corp., Sr. Sub. Notes,
B2	125	8.625%, 12/15/12	140,938
		Delhaize America, Inc., Gtd. Notes,
Ba1	140	8.125%, 4/15/11	161,297
		Dole Foods Co., Sr. Notes,
B2	50	8.625%, 5/1/09	55,375
B2	50	8.875%, 3/15/11	55,375
		Pathmark Stores, Inc., Gtd. Notes,
B3	70	8.75%, 2/1/12	63,700
		Smithfield Foods, Inc., Sr. Notes,
Ba2	80	8.00%, 10/15/09	88,800
			717,013
Gaming 0.7%
		Argosy Gaming Co., Sr. Sub. Notes,
B1	75	7.00%, 1/15/14	79,875
		Aztar Corp.,
Ba3	15	7.875%, 6/15/14	16,275
		Sr. Sub. Notes,
Ba3	100	9.00%, 8/15/11	112,000
		Boyd Gaming Corp., Sr. Sub. Notes,
B1	50	8.75%, 4/15/12	56,500
		Isle of Capri Casinos, Inc., Sr. Sub. Notes,
B2	50	7.00%, 3/1/14	51,750
		MGM Mirage, Inc., Sr. Notes,
Ba1	250	6.00%, 10/1/09	258,750
		Gtd. Notes,
Ba2	130	9.75%, 6/1/07	146,250
		Mohegan Tribal Gaming Authority, Sr. Sub. Notes,
Ba3	100	8.00%, 4/1/12	110,500
		Park Place Entertainment Corp., Sr. Notes,
Ba1	130	7.50%, 9/1/09	146,900
Ba2	35	8.125%, 5/15/11	40,906
Ba2	20	8.875%, 9/15/08	23,025
Ba2	20	9.375%, 2/15/07	22,350
		Station Casinos, Inc., Sr. Notes,
Ba3	90	6.00%, 4/1/12	94,050
		Venetian Casino Resort LLC, Gtd. Notes,
B2	105	11.00%, 6/15/10	120,619
		Wynn Las Vegas LLC,
B3	72	12.00%, 11/1/10	90,000
			1,369,750
Health Care & Pharmaceuticals 1.1%
		Alliance Imaging, Sr. Sub. Notes,
B3	115	10.375%, 4/15/11	127,075
		Concentra Operating Corp.,
B3	125	9.125%, 6/1/12	138,125
B3	75	9.50%, 8/15/10	83,250
		Coventry Health Care, Inc., Sr. Notes,
Ba1	45	8.125%, 2/15/12	48,600
		HCA, Inc., Debs.,
Ba1	180	7.50%, 12/15/23	177,999
		Notes, MTN
Ba1	60	9.00%, 12/15/14	71,480

			Healthsouth Corp.,
NR		25	7.625%, 6/1/12	24,250
			Sr. Notes,
NR		150	8.50%, 2/1/08	153,000
			IASIS Healthcare LLC, Sr. Sub. Notes,
B3		40	8.75%, 6/15/14	43,000
			Inverness Medical Innovations, Inc., Sr. Sub Notes,
Caa1		45	8.75%, 2/15/12	46,350
			Magellan Health Services, Inc.,
B3		131	9.375%, 11/15/08	142,236
			Mariner Health Care, Inc., Sr. Sub. Notes,
B3		120	8.25%, 12/15/13	136,200
			Medco Health Solutions, Inc., Sr. Notes,
Ba1		25	7.25%, 8/15/13	27,773
			Medical Device Manufacturing, Gtd. Notes,
Caa1		65	10.00%, 7/15/12	69,550
			Medquest, Inc., Sr. Sub. Notes,
B3		100	11.875%, 8/15/12	116,000
			NeighborCare, Inc., Sr. Sub. Notes,
Ba3		40	6.875%, 11/15/13	41,800
			Omega Healthcare Investors, Inc., Notes,
B1		50	6.95%, 8/1/07	51,625
B1		25	7.00%, 4/1/14	25,625
			Resources-Care, Inc., Sr. Notes,
B2		100	10.625%, 11/15/08	108,000
			Select Medical Corp., Sr. Sub. Notes,
B2		55	9.50%, 6/15/09	59,538
			Senior Housing Properties Trust, Sr. Notes,
Ba2		60	8.625%, 1/15/12	67,650
			Tenet Healthcare Corp., Sr. Notes,
B3		50	6.375%, 12/1/11	45,625
B3		70	6.50%, 6/1/12	63,525
			Vanguard Health Holding Co., LLC, Sr. Sub. Notes,
Caa1		75	9.00%, 10/1/14	78,375
			Ventas Realty LP,
			Gtd. Notes,
Ba3		40	8.75%, 5/1/09	45,200
			Sr. Notes,
Ba3		110	9.00%, 5/1/12	127,875
				2,119,726
Insurance 0.3%
			AIG Sunamerica, (Cayman Islands) Sec’d. Notes,
NR	JPY	67,000	1.20%, 1/26/05	632,487
Lodging 0.5%
			FelCor Lodging LP, Gtd. Notes,
B1		50	7.625%, 10/1/07	53,125
B1		75	9.00%, 6/1/11	84,375
B1		9	10.00%, 9/15/08	9,450
			HMH Properties, Inc., Sr. Notes, Ser. B,
Ba3		60	7.875%, 8/1/08	61,650
			Host Marriott LP, Sr. Notes,
Ba3		75	7.00%, 8/15/12	81,000
Ba3		40	7.125%, 11/1/13	43,200
Ba3		125	9.50%, 1/15/07	138,750
			La Quinta Properties, Inc., Sr. Notes,
Ba3		100	8.875%, 3/15/11	113,000
			Royal Caribbean Cruises Ltd. (Liberia), Sr. Notes,
Ba2		125	8.00%, 5/15/10	143,125
			Starwood Hotels & Resorts Worldwide, Inc., Notes,
Ba1		175	7.375%, 11/15/15	197,750
Ba1		125	7.875%, 5/1/12	146,563
				1,071,988

Media & Entertainment 1.2%
		Advertising Direct Solutions, Sr. Notes,
Caa1	75	9.25%, 11/15/12	78,281
		AMC Entertainment, Inc., Sr. Sub. Notes,
B3	40	8.00%, 3/1/14	38,400
		American Color Graphics, Notes,
Caa1	65	10.00%, 6/15/10	49,725
		American Media Operation, Inc., Gtd. Notes, Ser. B,
B2	5	10.25%, 5/1/09	5,263
		Canwest Media, Inc. (Canada), Sr. Sub. Notes,
B2	100	10.625%, 5/15/11	112,999
		Dex Media East LLC, Gtd. Notes,
B2	82	12.125%, 11/15/12	101,885
		Dex Media West LLC, Sr. Sub. Notes,
B2	167	9.875%, 8/15/13	197,477
		DirecTV Holdings LLC, Sr. Notes,
B1	80	8.375%, 3/15/13	91,200
		Echostar DBS Corp.,
		Gtd. Notes,
Ba3	80	6.625%, 10/1/14	81,800
		Sr. Notes,
Ba3	143	9.125%, 1/15/09	159,444
		Entercom Radio LLC, Gtd. Notes,
Ba3	30	7.625%, 3/1/14	32,100
		Granite Broadcasting Corp., Sec’d. Notes,
B3	15	9.75%, 12/1/10	13,838
		Gray Communications Systems, Inc., Sr. Sub Notes,
B2	150	9.25%, 12/15/11	168,937
		Intrawest Corp., Sr. Notes, (Canada)
B1	75	7.50%, 10/15/13	80,250
		Lowes Cineplex Entertainment Corp., Sr. Sub. Notes,
B3	35	9.00%, 8/1/14	36,663
		Marquee, Inc., Sr. Notes,
B2	100	8.625%, 8/15/12	109,250
		Medianews Group, Inc., Sr. Sub. Notes,
B2	75	6.875%, 10/1/13	77,813
		Morris Publishing, Sr. Sub. Notes,
Ba3	30	7.00%, 8/1/13	30,600
		New Skies Satellites NV (Netherlands)
		Sr. Notes, FRN
B3	25	7.44%, 11/1/11(f)	25,313
		Sr. Sub. Notes,
Caa1	25	9.125%, 11/1/12	25,563
		Primedia, Inc.,
B3	50	8.875%, 5/15/11	52,125
		Sr. Notes, FRN
B3	25	7.0863%, 5/15/10(f)	25,938
		Quebecor Media, Inc. (Canada), Sr. Notes,
B2	50	11.125%, 7/15/11	57,875
		R.R. Donnelley Financial Corp., Sr. Sub. Notes,
B2	175	10.875%, 12/15/12	213,937
		Six Flags, Inc., Sr. Notes,
B3	50	9.625%, 6/1/14	47,750
		Sun Media Corp. (Canada), Gtd. Notes,
Ba3	150	7.625%, 2/15/13	162,749

			Vail Resorts, Inc., Sr. Sub. Notes.,
B2		45	6.75%, 2/15/14	46,238
			Vertis, Inc., Sec’d. Notes,
B2		66	9.75%, 4/1/09	71,940
B3		55	10.875%, 6/15/09	59,950
				2,255,303
Metals 0.5%
			AK Steel Corp., Sr. Notes,
B3		50	7.75%, 6/15/12	50,625
			Alcan, Inc. (Canada), FRN
Baa1		300	2.10%, 12/8/04(f)	299,971
			Arch Western Finance LLC, Sr. Notes,
Ba3		50	6.75%, 7/1/13	53,125
			Century Aluminum Co., Gtd. Notes,
B1		75	7.50%, 8/15/14	79,500
			CSN Islands VII Corp. (Cayman Islands), Gtd. Notes,
B1		80	10.75%, 9/12/08	88,800
			Foundation PA Coal Co., Sr. Notes,
B1		50	7.25%, 8/1/14	53,438
			IMCO Recycling Escrow Inc., Sr. Notes,
NR		25	9.00%, 11/15/14	25,000
			Ispat Inland ULC, Ser. WI,
B3		155	9.75%, 4/1/14	188,325
			Russel Metals Inc.(Canada), Sr. Notes,
Ba3		100	6.375%, 3/1/14	100,000
			United States Steel LLC, Sr. Notes,
B1		89	10.75%, 8/1/08	105,465
				1,044,249
Non Captive Finance 0.9%
			Ford Motor Credit Co., Notes,
A3		400	7.50%, 3/15/05	407,088
			General Electric Capital Corp., (Japan) Sr. Unsub.,
Aaa	JPY	8,000	0.10%, 12/20/05	75,322
			General Motors Acceptance Corp.,
A3	$	300	7.50%, 7/15/05	309,931
			General Motors Acceptance Corp., Notes,
A3		1,000	6.875%, 9/15/11	1,040,985
				1,833,326
Packaging 0.4%
			Anchor Glass Container Corp., Sec’d. Notes,
B2		75	11.00%, 2/15/13	83,625
			Berry Plastics, Sr. Sub. Notes,
B3		100	10.75%, 7/15/12	115,000
			Crown Euro Holdings SA (France), Sec’d. Notes,
B1		100	9.50%, 3/1/11	114,000
			Graham Packaging Co., Inc. Sr. Notes,
Caa1		25	8.50%, 10/15/12	26,250
			Graham Packaging Co., Inc., Sr. Notes,
Caa2		50	9.875%, 10/15/14	53,000
			Greif Brothers Corp., Sr. Sub. Notes,
B2		175	8.875%, 8/1/12	194,688
			Owens-Brockway Glass Containers, Sec’d. Notes,
B2		180	8.75%, 11/15/12	202,950
			Portola Packaging,
B2		80	8.25%, 2/1/12	62,800
				852,313

Paper 0.4%
		Abitibi-Consolidated Co.,
Ba3	125	5.25%, 6/20/08	122,969
		Boise Cascade,
B2	40	7.125%, 10/15/14	41,752
		Caraustar Industries, Inc., Gtd. Notes,
Caa1	25	9.875%, 4/1/11	27,125
		Cascades, Inc. (Canada),
Ba1	60	7.25%, 2/15/13	64,800
		Cellu Tissue Holdings, Inc., Sec’d. Notes,
B2	100	9.75%, 3/15/10	104,500
		Georgia-Pacific Corp., Notes,
Ba3	75	7.50%, 5/15/06	79,406
Ba3	20	8.125%, 5/15/11	23,350
Ba3	100	8.875%, 5/15/31	123,249
		Millar Western Forest Products Ltd. (Canada),
B2	75	7.75%, 11/15/13	80,063
		Tembec Industries, Inc. (Canada), Gtd. Notes,
Ba3	30	7.75%, 3/15/12	29,400
Ba3	25	8.50%, 2/1/11	25,563
Ba3	25	8.625%, 6/30/09	25,438
			747,615
Pipelines & Other 0.8%
		AmeriGas Partners, LP, Sr. Notes,
B2	75	8.875%, 5/20/11	82,125
		EL Paso Corp., Gtd. Notes,
B3	210	7.75%, 6/1/13	218,925
		Sr. Notes,
Caa1	25	7.00%, 5/15/11	25,125
Caa1	150	7.75%, 1/15/32	138,000
		Ferrellgas Partners LP, Notes,
B2	40	8.75%, 6/15/12	43,500
		MarkWest Energy Partners LP, Sr. Notes,
B1	25	6.875%, 11/1/14	25,500
		Pacific Energy Partners LP, Sr. Notes,
Ba2	50	7.125%, 6/15/14	54,250
		Petroleos Mexicanos, (Mexico), Gtd. Notes,
Baa1	250	9.25%, 3/30/18	303,749
		Plains All American Pipeline LP, Gtd. Notes,
Baa3	20	7.75%, 10/15/12	23,707
		Southern Natural Gas, Notes,
B1	50	8.875%, 3/15/10	56,313
		Tennessee Gas Pipeline, Debs.,
B1	160	7.00%, 3/15/27 - 10/15/28	164,025
B1	125	7.625%, 4/1/37	126,719
		TranMontaigne, Inc., Sr. Sub. Notes,
B3	40	9.125%, 6/1/10	44,500
		Williams Companies., Inc., (The),
B3	150	7.125%, 9/1/11	168,000
B3	45	8.125%, 3/15/12	52,875
			1,527,313

Retailers 0.4%
		Asbury Automotive Group, Inc., Sr. Sub. Notes,
B3	25	8.00%, 3/15/14	24,375
		AutoNation, Inc., Sr. Notes,
Ba2	15	9.00%, 8/1/08	17,250
		Finlay Fine Jewelry Corp., Sr. Notes,
B1	75	8.375%, 6/1/12	81,938
		Group 1 Automotive, Inc., Sr. Sub. Notes,
B1	75	8.25%, 8/15/13	79,313
		JC Penney Co., Inc., Debs.,
Ba2	225	7.40%, 4/1/37	240,187
		Jean Coutu Group, Inc., (Canada),
		Sr. Notes,
B2	25	7.625%, 8/1/12	26,438
		Sr. Sub. Notes,
B3	50	8.50%, 8/1/14	51,000
		Lazy Days RV Center, Inc., Sr. Notes,
B3	120	11.75%, 5/15/12	126,599
		Pantry, Inc., Sr. Sub. Notes,
B3	50	7.75%, 2/15/14	52,250
		Saks, Inc., Notes,
Ba3	90	7.375%, 2/15/19	89,100
		Sonic Automotive, Inc., Sr. Sub. Notes,
B2	30	8.625%, 8/15/13	31,725
		Toys R’Us, Inc.,
Ba2	25	7.875%, 4/15/13	25,063
			845,238
Technology 0.4%
		Fairchild Semiconductor International, Inc., Sr. Sub. Notes,
B2	100	10.50%, 2/1/09	107,000
		Iron Mountain, Inc., Gtd. Notes,
B3	125	8.625%, 4/1/13	135,312
		Lucent Technologies, Inc., Notes,
B2	20	5.50%, 11/15/08	20,500
		Nortel Networks, Ltd. (Canada) Notes,
B3	25	6.125%, 2/15/06	25,563
		Sanmina-SCI Corp., Sec’d. Notes,
Ba2	95	10.375%, 1/15/10	111,388
		UGS Corp., Sr. Sub. Notes,
B3	100	10.00%, 6/1/12	111,999
		Unisys Corp., Sr. Notes,
Ba1	75	8.125%, 6/1/06	79,688
		Xerox Corp., Sr. Notes,
Ba2	100	6.875%, 8/15/11	106,750
Ba2	75	7.625%, 6/15/13	82,500
			780,700
Telecommunications 1.8%
		Alamosa Delaware, Inc.,
Caa1	75	8.50%, 1/31/12	79,500
		Gtd. Notes,
Caa1	50	11.00%, 7/31/10	58,500
		AT&T Corp., Sr. Notes,
Ba1	153	8.05%, 11/15/11	175,375
Ba1	15	8.75%, 11/15/31	17,363
		BellSouth Corp., Notes,
Aa3	400	4.119%, 4/26/21	403,118
		Centennial Communications,
Caa1	100	8.625%, 2/1/14	101,000
		Cincinnati Bell, Inc., Sr. Sub. Notes,
B3	50	8.375%, 1/15/14	47,750

		Citizens Communications Co., Notes,
Ba3	30	9.25%, 5/15/11	34,500
		Crown Castle International Corp., Sr. Notes,
B3	125	7.50%, 12/1/13 - 12/1/13	133,750
B3	50	9.375%, 8/1/11	56,750
		Dobson Cellular Systems, FRN
B2	25	11/1/11(f)	25,688
		Eircom Funding (Ireland),
B1	50	8.25%, 8/15/13	55,625
		MCI, Inc., Sr. Notes,
NR	69	5.908%, 5/1/07	68,828
NR	94	6.688%, 5/1/09	92,708
NR	9	7.735%, 5/1/14	8,674
		Nextel Communications, Inc., Sr. Notes,
Ba3	50	5.95%, 3/15/14	51,125
Ba3	235	7.375%, 8/1/15	260,849
		Qwest Capital Funding, Inc., Gtd. Notes,
Caa2	100	7.25%, 2/15/11	93,250
		Qwest Corp., Sr. Notes,
Ba3	100	7.875%, 9/1/11	106,500
		Qwest Services Corp., Notes,
Caa1	287	14.00%, 12/15/10	340,812
		SABA Communications Corp., Zero Coupon (until 12/15/07),
Caa1	100	9.75%, 12/15/11	84,250
		SBC Communications, Inc., Notes,
A2	700	4.206%, 6/5/21	707,111
		Tritel PCS, Inc., Sr. Sub. Disc. Notes,
Baa2	128	10.375%, 1/15/11	145,356
		UbiquiTel Operating Co., Sr. Notes,
Caa1	50	9.875%, 3/1/11	54,126
		US Unwired, Inc., Ser. B, Sec’d Notes, FRN
B2	25	6.13%, 6/15/10(f)	25,688
		Verizon Wireless Capital, FRN
A3	300	1.81%, 5/23/05(f)	299,902
			3,528,098
Tobacco 0.1%
		DIMON, Inc., Sr. Notes,
B1	75	9.625%, 10/15/11	80,063
		North Atlantic Trading Co., Sr. Notes,
B2	75	9.25%, 3/1/12	72,750
		Standard Commercial Corp., Sr. Notes,
Ba3	75	8.00%, 4/15/12	77,250
			230,063
		Total corporate bonds	31,504,091
CONVERTIBLE BONDS
Capital Goods
		Tyco International Group SA,
Baa3	25	2.75%, 1/15/18	35,281
Baa3	25	3.125%, 1/15/23	37,532
			72,813
Technology
		Nortel Networks Corp.
B3	20	4.25%, 9/1/08	19,225
		Total convertible bonds	92,038

MORTGAGE-RELATED SECURITIES 2.7%
		ACE Securities Corp., Ser. 2004, Class 2A, FRN,
Aaa	655	2.0425%, 4/25/34(f)	655,100
		American Express Credit Account Master Trust 2000-5, FRN,
Aaa	900	2.01%, 4/15/08(f)	901,057
		Ameriquest Mortgage Securities, Ser. 2004, Class R2 A, FRN,
Aaa	501	2.0225%, 4/25/34(f)	501,116
		Home Equity Mortgage Trust, 2004-4 A2 , FRN,
NR	369	2.0825%, 12/25/34(f)	368,979
		Honda Auto Receivables Owners Trust, Ser. 2004-3, Class A1,
NR	500	2.0925%, 11/18/05	499,922
		Mellon Residential Funding Corp., FRN, Ser. 199, Class A-3,
Aaa	86	2.7879%, 7/25/29	85,508
		Quest Capital Funding, Inc., FRN, Gtd. Notes,
Aaa	322	2.4925%, 6/25/34(f)	321,305
		Vendee Mortgage Trust, FRN, Ser. 2000-1, Class 1A,
NA	394	6.8168%, 1/15/30(f)	414,708
		Washington Mutual 2003-R1 A1, FRN,
Aaa	1,743	2.025%, 12/25/27(f)	1,741,203
		Washington Mutual, Ser. 2002-S2, Class 3A-1,
Aaa	36	6.00%, 3/25/17	36,301
		Total mortgage-related securities	5,525,199
MUNICIPAL BONDS 2.0%
		Chicago Illinois, Project & Refunding, Ser. A,
Aaa	400	5.00%, 1/1/41	406,212
		Florida St. Board of Ed.,
Aa2	400	5.00%, 6/1/32	411,580
		Georgia State Road & Tollway Auth. Rev.,
Aaa	200	5.00%, 3/1/21	212,856
		Golden State Tobacco Settlement Rev.,
Baa2	250	6.25%, 6/1/33	238,485
Baa2	100	6.75%, 6/1/39	98,680
		Massachusetts St. Water Res. Auth., Ser. J,
Aaa	250	5.00%, 8/1/32	255,960
		New Jersey, Tobacco Settlement Financing Corp.,
Baa2	300	6.00%, 6/1/37	265,119
Baa2	250	6.375%, 6/1/32	236,220
		New York St. Dormitory Auth. Revs.,
Aa2	500	6.65%, 8/15/30	582,475
		San Antonio Water Rev.,
Aaa	400	5.00%, 5/15/25	414,740
		South Carolina St. Hwy., Ser. B,
Aaa	200	5.00%, 4/1/17	216,878
		South Central Connecticut Regional Water Auth.,
Aaa	600	5.00%, 8/1/26	627,972
		Total municipal bonds	3,967,177
U.S. GOVERNMENT AND AGENCY SECURITIES 15.9%
		Federal Home Loan Mortgage Corp.,
	31	3.68%, 8/1/23(c)(d)(f)	32,196
	242	5.00%, 9/15/16(c)(d)	247,442
	411	6.00%, 9/1/22(c)(d)	428,610
	304	10.00%, 5/15/20(c)(d)	304,652
		Federal National Mortgage Association,

		158	4.099%, 5/1/36(c)(d)(f), FRN	162,205
		83	4.50%, 8/1/33(c)(d)	80,442
		4,000	4.50%, 11/15/33 TBA	3,882,500
		100	5.00%, 1/1/19(c)(d)	102,419
		361	6.00%, 5/1/16 - 12/1/17(c)(d)	379,324
		99	6.50%, 9/1/05 - 1/1/16(c)(d)	104,785
		174	7.50%, 1/1/32(c)(d)	186,729
		59	8.00%, 8/25/22(c)(d)	64,239
		5,500	5.00%, 11/1/34 TBA	5,479,375
		6,500	5.50%, 11/1/33 TBA	6,617,812
			Government National Mortgage Association,
		83	4.50%, 8/15/33 - 9/15/33(c)(d)	81,283
		17	4.75%, 9/20/22(c)(d)(f), FRN	17,126
		239	8.50%, 2/20/30 - 6/15/30(c)(d)	261,832
			United States Inflation Index Bonds,
		1,538	2.00%, 1/15/14(c)(d)	1,594,289
		359	3.375%, 1/15/07(c)(d)	384,437
		3,049	3.625%, 1/15/08(c)(d)	3,363,071
		219	3.875%, 4/15/29(c)(d)	291,155
			United States Treasury Bonds,
		575	7.50%, 11/15/16(c)(d)	744,692
		20	8.125%, 8/15/19(c)(d)	27,623
		300	11.25%, 2/15/15(c)(d)	479,543
		400	12.00%, 8/15/13(c)(d)	526,547
			United States Treasury Notes,
		5,800	2.50%, 9/30/06(c)(d)	5,795,243
		300	3.875%, 5/15/09(c)(d)	308,438
			United States Treasury Strip,
		600	Zero Coupon, 11/15/16 - 2/15/22(c)(d)	267,322
			Total U.S. government and agency securities	32,215,331
FOREIGN GOVERNMENT SECURITIES 4.5%
			Deutsche Bundesrepublik (Germany),
Aaa	EUR	600	6.50%, 7/4/27	976,257
			France Government Bond,
NR	EUR	1,000	5.00%, 4/25/12	1,384,646
			Government of Panama,
Ba1	$	300	9.625%, 2/8/11	342,750
			Italy Government International Bond,
Aa2	JPY	7,000	5.00%, 12/15/04	66,289
			Republic of Brazil,
B2	$	958	8.00%, 4/15/14 BRB	949,147
B1		45	8.25%, 1/20/34	40,545
B1		55	10.00%, 8/7/11	60,225
			Republic of Brazil, FRN
B2		48	3.0625%, 4/15/06(f)	48,058
			Republic of Columbia,
Ba2		75	10.00%, 1/23/12	83,625
			Russian Government Bonds,
NR		1,550	5.00%, 3/31/30	1,550,000
			United Kingdom Treasury Bond
AAA(e)	GBP	200	5.00%, 3/7/12	372,690
NR	GBP	1,600	5.00%, 9/7/14	2,991,780
			United Mexican States,
Baa2	$	325	5.875%, 1/15/14	332,638
			Total foreign government securities	9,198,650

	Units
Warrants (a)
	166	Gentek, Inc. Warrant B, expiring 10/31/08,	789
	81	Gentek, Inc. Warrant C, expiring 10/31/10,	360
	776	McLeodUSA, Inc. expiring 4/16/07,	60
	300,000	United Mexican States, Ser. C expiring 6/30/05,	6,030
	300,000	United Mexican States, Ser. D expiring 6/30/06,	7,110
	300,000	United Mexican States, Ser. E expiring 6/30/07,	6,510
		Total warrants	20,859
		Total long-term investments (cost $144,602,636)	161,400,600
SHORT-TERM INVESTMENT 27.6%
COMMERCIAL PAPER 22.7%
		ABN AMRO, Inc., Disc. Note,
P-1	900	1.93%, 1/24/05	895,716
		ANZ (Delaware), Inc., Disc. Note,
P-1	600	1.64%, 11/18/04	599,492
		ASB Bank Ltd., Disc. Note,
P-1	500	1.73%, 12/3/04	499,180
P-1	500	2.04%, 2/14/05	496,970
		Bank of Ireland, Disc. Note,
P-1	800	1.75%, 12/6/04	798,522
P-1	1,200	1.785%, 12/8/04	1,197,757
		Barclays U.S. Funding, Disc. Note,
P-1	1,600	1.80%, 12/8/04	1,597,060
P-1	1,000	1.85%, 12/16/04	997,670
P-1	100	1.92%, 12/20/04	99,741
		CBA (DE) Finance, Disc. Note,
P-1	1,700	1.64%, 11/16/04	1,698,671
		CDC Corp., Disc. Note,
	1,200	1.64%, 11/17/04	1,199,057
P-1	1,500	2.04%, 2/22/05	1,490,145
		Danske Corp., Disc. Note,
P-1	400	1.64%, 11/19/04	399,636
P-1	400	1.85%, 12/27/04	398,774
P-1	200	1.90%, 12/20/04	199,482
P-1	1,400	2.04%, 2/14/05	1,391,516
		Dexia Delaware LLC, Disc. Note,
P-1	100	1.81%, 12/13/04	99,779
P-1	100	1.83%, 12/23/04	99,704
P-1	500	2.01%, 1/21/05	497,710
		DNB Bank, Disc. Note,
P-1	300	1.81%, 12/20/04	299,211
P-1	2,000	1.84%, 12/23/04	1,994,387
		EI DuPont Nemours, Disc. Note,
P-1	1,400	1.88%, 12/20/04	1,396,374
		European Investment Bank, Disc. Note,
P-1	700	1.79%, 12/13/04	698,456
		Ford Motor Credit Co., Disc. Note,
P-1	400	2.52%, 4/7/05	395,684
		Fortis Funding LLC, Disc. Note,
P-1	2,400	2.00%, 1/21/05	2,389,008
		General Electric Capital Corp., Disc. Note,
P-1	1,100	1.80%, 12/16/04	1,097,437
		General Motors Corp., Disc. Note,
P-1	100	2.49%, 4/5/05	98,926
		HBOS Treasury Services, Disc. Note,
P-1	100	1.61%, 11/10/04	99,957
P-1	400	1.62%, 11/2/04	399,982

P-1	1,600	1.78%, 12/7/04 - 12/8/04	1,597,036
		ING US Funding LLC, Disc. Note,
P-1	400	1.59%, 11/8/04	399,876
		ING US Funding LLC, Disc. Note,
P-1	1,100	1.79%, 12/10/04	1,097,786
		Nordea North America Inc., Disc. Note,
P-1	1,200	1.91%, 1/18/05	1,194,648
		Royal Bank of Canada, Disc. Note,
P-1	2,400	1.81%, 12/22/04	2,393,617
		Royal Bank of Scotland PLC, Disc. Note,
P-1	100	1.63%, 11/3/04	99,991
P-1	1,100	2.02%, 1/21/05	1,094,962
		Spintab AB, Disc. Note,
P-1	300	1.62%, 11/1/04	300,000
P-1	100	1.71%, 12/3/04	99,848
		Stadshypotek, (DE), Disc. Note,
P-1	300	1.59%, 11/8/04	299,908
		Svenska Handelsbank PLC, Disc. Note,
P-1	300	1.61%, 11/10/04	299,879
P-1	300	1.62%, 11/4/04	299,959
P-1	1,300	1.79%, 12/8/04	1,297,570
P-1	600	1.80%, 12/15/04	598,637
		Swedbank, Disc. Note,
P-1	2,200	1.80%, 12/20/04	2,194,211
		Swedish National Housing, Disc. Note,
P-1	2,400	1.62%, 11/10/04	2,399,026
		UBS Finance (Delaware) LLC, Disc. Note,
P-1	300	1.57%, 11/9/04	299,895
P-1	200	1.78%, 12/14/04	199,544
P-1	2,200	1.84%, 11/1/04	2,186,116
P-1	100	2.03%, 2/22/05	99,343
		Unicredit (Delaware) Inc., Disc. Note,
P-1	600	1.64%, 11/5/04	599,891
P-1	1,400	1.99%, 1/31/05	1,392,692
		Westpac Capital, Corp., Disc. Note,
P-1	100	1.64%, 11/23/04	99,887
P-1	400	1.65%, 12/6/04	399,358
		Westpac Trust, Disc. Note,
P-1	1,600	1.68%, 11/26/04	1,597,947
		Total commercial paper	46,067,631
U.S. GOVERNMENT AND AGENCY SECURITIES 1.2%
		Federal National Mortgage Association,
	900	11/17/04 - 12/15/04	898,725
		United States Treasury Bill,
	1,490	12/2/04 - 12/16/04	1,487,466
		Total U.S. government and agency securities	2,386,191
	Shares
MUTUAL FUND 3.7%
	7,480,110	Dryden Core Investment Fund - Taxable Money Market Series	7,480,110
		Total short-term investment (cost $55,937,878)	55,933,932

	Contracts
OUTSTANDING OPTIONS PURCHASED
Put Options
	57	Euribor Futures, expiring 11/23/2004 @ $107.25	725
	7	Euribor Futures, expiring 12/13/04 @ $94.50	111
	25	Euro Futures, expiring 3/14/05 @ $93.25	313
			1,149
	Notional Amount (000)
Swap Options
Call Options
	500	Swap Option 3 month LIBOR, expiring 4/27/09 @ 5.75%	45,301
Put Options
	500	Swap Option 3 month LIBOR, expiring 4/27/09 @ 6.25%	28,297
		Total outstanding options purchased (cost $61,983)	74,747
		Total Investments, Before Outstanding Options Written and Securities Sold Short 107.0% (cost $200,602,497)	217,409,279
	Contracts
OUTSTANDING OPTIONS WRITTEN (0.1)%
Call Options
	(94)	United States Treasury Notes 10 yr. Futures, 11/26/04 @ $115	(22,031	)
Put Options
	(5)	90 Day LIBOR, expiring 12/21/2005 @ 94.25	(573	)
	(58)	United States Treasury Notes 10 yr. Futures, 11/26/04 @ $109	(1,812	)
	(36)	United States Treasury Notes 10 yr. Futures, 11/26/04 @$108	(563	)
			(2,948	)
	Notional Amount (000)
Swap Options (0.1)%
Call Options
	(1,300)	Swap Option 3 month LIBOR, expiring 10/31/05 @ 4.00%	(16,572	)
	(2,900)	Swap Option 3 month LIBOR, expiring 7/07/06 @ 4.00%	(40,498	)
	(3,000)	Swap Option 3 month LIBOR, expiring 9/23/05 @ 4.00%	(37,383	)
			(94,453	)

Put Options (0.1)%
	(1,300)	Swap Option 3 month LIBOR, expiring 10/31/05 @ 7.00%		(1,652	)
	(2,900)	Swap Option 3 month LIBOR, expiring 7/03/06 @ 6.00%		(34,669	)
	(3,000)	Swap Option 3 month LIBOR, expiring 9/23/05 @ 7.00%		(2,706	)
				(39,027	)
		Total outstanding options written (premiums received $372,470)		(158,459	)
	Principal Amount (000)
SECURITIES SOLD SHORT (2.1)%
		United States Treasury Notes,
	(1,000)	3.875%, 2/15/13		(1,000,312	)
	(1,400)	4.00%, 11/15/12		(1,415,532	)
	(500)	4.375%, 5/15/07		(520,410	)
	(1,200)	4.875%, 2/15/12		(1,286,016	)
				(4,222,270	)
		Total securities sold short (proceeds $4,196,131)		(4,222,270	)
		Total Investments, Net of Outstanding Call Options Written and Securities Sold Short 104.8% (cost $196,033,896(g))		213,028,550
		Variation Margin on Open Futures Contracts (h)		(11,688	)
		Unrealized Depreciation on Forward Foreign Currency Contracts (i)		(13,408	)
		Unrealized Depreciation on Swap Agreements (j)		(42,939	)
		Liabilities in excess of other assets (4.8%)		(9,681,676	)
		Net Assets 100.0%	$	203,278,839

The following abbreviations are used in the schedule of investments descriptions:

ADR- American Depository Receipt.

BRB- Brady Bond.

EUR- Euro Dollar

FRN- Floating Rate Note

GBP- Great British Pounds.

JPY- Japanese Yen

MTN- Medium Term Note

TBA- Securities Purchased (sold) on a forward commitment basis.

(a) Non-income producing security.

(b) Represents issuer in default on interest payments, non-income producing security.

(c) Pledged as initial margin on financial futures contracts, short sells and written options.

(d) All or portion of security segregated as collateral for TBA.

(e) S&P rating

(f) Rate shown reflects current rate on variable rate instrument.

(g) The United States federal income tax basis of the Fund’s investments was $196,829,732, accordingly, net unrealized appreciation on investments for federal income tax purposes was $16,198,818 (gross unrealized appreciation - $17,967,071; gross unrealized depreciation - $1,768,253). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

(h) Open futures contracts at October 31, 2004:

Number of Contracts	Type	Expiration Date	Value at October 31, 2004		Value at Trade Date		Unrealized Appreciation (Depreciation)
	Long Positions
88	Euro-BOBL	Dec. 2004	$	12,574,259	$	12,442,470	$	131,789
71	10 Yr. US T-Note	Dec. 2004		8,062,937		7,753,609		309,328
40	5 Yr. US T-Note	Dec. 2004		4,455,000		4,372,609		82,391
40	90 Day Euro	Dec. 2004		9,767,500		9,769,500		(2,000	)
38	Euro-BOBL	Dec. 2004		5,652,631		5,640,451		12,180
28	90 Day Euro	Dec. 2005		6,784,050		6,728,800		55,250
16	10 Yr. US T-Note	Mar. 2005		1,807,250		1,805,750		1,500
10	2 Yr. US T-Note	Dec. 2004		2,117,656		2,116,190		1,466
4	90 Day Euro	Jun. 2005		972,950		971,750		1,200
3	90 Day GBP LIBOR	Mar. 2005		653,169		660,828		(7,659	)
							$	585,445
	Short Positions
17	US T-Bond	Dec. 2004		1,935,344		1,894,039	$	(41,305	)

(i) Foreign currency exchange contracts outstanding at October 31, 2004:

Sales Contracts

Description	Par Amount		Value at Settlement Date Receivable		Current Value		Unrealized Depreciation
Euros, Expiring 12/09/04	EUR	929,000	$	1,169,393	$	1,181,734	$	(12,341	)
Pound Sterling, Expiring 12/14/04	GBP	187,000		342,070		342,640		(570	)
Japanese Yen, Expiring 1/27/05	JPY	8,000,000		74,840		75,337		(497	)
			$	1,586,302	$	1,599,711	$	(13,408	)

SP Conservative Growth 10/31/04

(j) Swap agreements outstanding at October 31, 2004:

Interest Rate Swaps

Counterparty	Termination Date	Notional Amount (000)		Fixed Rate		Floating Rate	Unrealized Appreciation (Depreciation)
JP Morgan (1)	3/15/2032	EUR	1,100,000	4.00	%	6 month LIBOR	$	14,100
JP Morgan (1)	3/15/2007	EUR	600,000	4.00	%	6 month LIBOR		6,253
Merrill Lynch & Co. (1)	3/15/2007	EUR	100,000	4.00	%	6 month LIBOR		1,781
Goldman Sachs (1)	12/21/2007	EUR	500,000	4.00	%	6 month LIBOR		3,771
Barclays (1)	3/15/2007	EUR	100,000	4.00	%	6 month LIBOR		1,546
Barclays (1)	12/21/2007	EUR	500,000	4.00	%	6 month LIBOR		5,207
JP Morgan (1)	6/17/2010	EUR	400,000	4.00	%	6 month LIBOR		7,347
UBS Warburg, LLC (1)	6/17/2010	EUR	400,000	4.00	%	6 month LIBOR		7,347
UBS Warburg, LLC (2)	12/15/2014	EUR	3,700,000	5.00	%	6 month LIBOR		(269,069	)
Barclays (2)	12/18/2034	GBP	500,000	5.00	%	6 month LIBOR		(8,743	)
JP Morgan (1)	6/18/2034	EUR	700,000	6.00	%	6 month LIBOR		24,466
Merrill Lynch & Co. (1)	12/15/2009	$	1,100,000	4.00	%	3 month LIBOR		34,597
Goldman Sachs (1)	6/15/2008	GBP	100,000	5.00	%	6 month LIBOR		939
Barclays (2)	3/15/2032	GBP	900,000	5.00	%	6 month LIBOR		(3,695	)
UBS Warburg, LLC (1)	12/15/2007	$	1,500,000	4.00	%	3 month LIBOR		22,193
Goldman Sachs (1)	12/15/2009	$	3,100,000	4.00	%	3 month LIBOR		98,897
UBS Warburg, LLC (2)	12/16/2014	$	4,800,000	5.00	%	3 month LIBOR		8,478
UBS Warburg, LLC (1)	12/16/2019	$	6,000,000	6.00	%	3 month LIBOR		(4,629	)
							$	(49,214	)

(1) Portfolio pays the floating rate and receives the fixed rate.

(2) Portfolio pays the fixed rate and receives the floating rate.

Credit default swaps

Counterparty	Termination Date	Notional Amount (000)		Fixed Rate		Underlying Bond	Unrealized Appreciation (Depreciation)
Morgan Stanley (1)	12/20/2008	$	200,000	0.26	%	Allstate Corp., 6.125%, due 2/15/12	$	(660	)
UBS Warburg LLC (1)	12/20/2008		300,000	0.35	%	AutoZone, Inc., 5.875%, due 10/15/12		5,878
Citigroup (1)	12/20/2008		200,000	0.28	%	Eaton Corp., 5.75%, due 7/15/12		(951	)
Barclays Bank PLC (1)	12/20/2008		200,000	0.16	%	Eli Lilly & Co., Inc., 6.00%, due 3/15/12		302
Citigroup (1)	12/20/2008		100,000	0.29	%	FedEx Corp., 7.25%, due 2/15/11		72
Lehman Brothers (1)	12/20/2008		100,000	0.97	%	Goodrich Corp., 7.625%, due 12/15/12		(2,124	)
Bear Stearns & Co (1)	12/20/2008		200,000	0.32	%	Hewlett Packard Co., 6.50%, due 7/1/12		(493	)
Lehman Brothers (1)	12/20/2008		200,000	0.12	%	Home Depot, Inc., 5.375%, due 4/1/06		(116	)
Merrill Lynch & Co (1)	12/20/2008		100,000	0.32	%	Ingersoll-Rand Co., 6.48%, due 6/1/25		(293	)
Lehman Brothers (1)	12/20/2008		200,000	0.11	%	Johnson & Johnson, 3.80%, due 5/15/13		(130	)
Lehman Brothers (1)	12/20/2008		100,000	0.53	%	Lockheed Martin Corp., 8.20%, due 12/1/09		(941	)
Lehman Brothers (1)	12/20/2008		100,000	0.35	%	Masco Corp., 5.875%, due 7/15/12		(77	)
Lehman Brothers (1)	12/20/2008		100,000	0.48	%	Northrop Gruman Corp., 7.125%, due 2/15/11		(727	)
Lehman Brothers (1)	12/20/2008		100,000	0.35	%	Radioshack Corp., 7.375%, due 5/15/11		(6	)
Barclays Bank PLC (1)	12/20/2008		100,000	0.67	%	The Walt Disney Co., 6.375%, due 3/1/12		(1,404	)
Citigroup (1)	12/20/2008		300,000	0.14	%	Wal-Mart Stores, Inc., 6.875%, due 8/10/09		157
Lehman Brothers (1)	12/20/2008		100,000	0.29	%	Whirlpool Corp., 8.60%, due 5/1/10		1,104
Lehman Bros. (1)	6/20/2009		500,000	0.40	%	Republic of China, 6.80%, due 5/23/11		(2,419	)
Morgan Stanley (1)	12/20/2008		100,000	0.21	%	Emerson Electric Co., 6.48%, due 10/15/12		(91	)
Bank of America (1)	12/20/2008		100,000	0.13	%	E.I. DuPont, 6.875%, due 10/15/09		(65	)
Lehman Brothers (1)	12/20/2008		100,000	0.24	%	Costco Wholesale Corp., 5.50%, due 3/15/07		(79	)
Bear Stearns & Co (2)	6/20/2005		2,000,000	0.69	%	General Motors Corp. 7.125%, due 7/15/13		(2,974	)
Bear Stearns & Co (2)	6/20/2005		2,000,000	0.55	%	General Motors Corp. 6.875%, due 8/28/12		5,429
							$	(608	)

(1) Portfolio pays the fixed rate.

(2) Portfolio pays receives the fixed rate.

Total Return swap

Counterparty	Termination Date	Notional Amount (000)		Return Received	Return Paid	Unrealized Appreciation
Bank of America	1/1/05	$	1,500	Lehman Bros. CMBS Index	1 month LIBOR minus .33%	$	6,883

Strategic Partners High Growth Portfolio

Schedule of Investments

As of October 31, 2004 (Unaudited)

Shares	Description	Value
LONG-TERM INVESTMENTS 93.8%
COMMON STOCK 93.4%
Aerospace/Defense 1.3%
6,560	DRS Technologies, Inc.(a)	$	237,603
6,520	Engineered Support Systems, Inc.		313,221
21,100	Lockheed Martin Corp.		1,162,399
7,050	Moog, Inc. (Class A shares)(a)		264,587
11,500	Northrop Grumman Corp.		595,125
18,800	Smiths Group PLC (United Kingdom)		256,804
			2,829,739
Automobiles 1.0%
93,600	Nissan Motor Co., Ltd. (Japan)		1,053,320
22,800	Volkswagen AG (Germany)		1,012,195
6,100	Winnebago Industries, Inc.		191,540
			2,257,055
Beverages 0.7%
84,800	Diageo PLC (United Kingdom)		1,131,937
14,912	Heineken NV (Netherlands)		467,391
			1,599,328
Biotechnology 1.7%
15,700	Amgen, Inc.(a)		891,760
18,700	Genentech, Inc.(a)		851,411
28,000	Gilead Sciences, Inc.(a)		969,640
25,600	Medimmune, Inc.(a)		727,552
14,600	Serologicals Corp.(a)		345,290
			3,785,653
Building Products 0.4%
100	CRH PLC (United Kingdom)		2,385
22,577	CRH PLC (Ireland)		537,046
9,800	Watsco, Inc.		278,908
			818,339
Capital Markets 3.6%
38,000	Bank of New York Co., Inc. (The)		1,233,480
9,300	Goldman Sachs Group, Inc.		914,934
23,300	Lehman Brothers Holdings, Inc.		1,914,095
17,600	Mellon Financial Corp.		508,640
30,700	Merrill Lynch & Co., Inc.		1,655,958
66,000	Nomura Holdings, Inc. (Japan)		807,986
16,500	State Street Corp.		743,325
			7,778,418

Chemicals 1.5%
	13,700	BASF AG (Germany)	854,798
	50,600	Mosaic Co. (The)(a)	761,024
	4,400	Scotts Co. (The) (Class A shares)(a)	282,568
	20,000	Shin-Etsu Chemical Co. Ltd. (Japan)	759,017
	8,900	Takeda Chemical Industries Ltd. (Japan)	429,118
	4,300	Valspar Corp.	200,638
			3,287,163
Commercial Banks 5.4%
	24,720	Allied Irish Banks PLC (Ireland)	429,225
	4,600	Allied Irish Banks PLC (United Kingdom)	80,106
	6,900	Astoria Financial Corp.	269,721
	47,638	Bank of America Corp.	2,133,706
	26,900	Bank of Ireland (Ireland)	367,845
	34,400	Bank of Ireland (United Kingdom)	470,404
	16,300	BankUnited Financial Corp. (Class A shares)(a)	484,925
	113,400	Barclays PLC (United Kingdom)	1,105,405
	42,190	Credit Agricole SA (France)	1,232,749
	34,600	Den Norske Bank (Norway)	292,310
	3,900	Hibernia Corp. (Class A shares)	113,100
	110,784	HSBC Holdings PLC (United Kingdom)	1,785,293
	10,100	Nara Bancorp, Inc.	193,011
	80,250	Overseas-Chinese Banking Corp., Ltd. (Singapore)	665,035
	6,180	PrivateBancorp., Inc.	199,923
	46,200	Royal Bank of Scotland Group PLC (United Kingdom)	1,358,669
	9,960	Southwest Bancorp of Texas, Inc.(a)	233,462
	77,000	Sumitomo Trust & Banking Co., Ltd. (The) (Japan)	448,121
			11,863,010
Commercial Services & Supplies 2.5%
	26,800	Administaff, Inc.(a)	306,860
	23,600	Allied Waste Industries, Inc.(a)	192,576
	5,100	Apollo Group, Inc. (Class A shares)(a)	336,600
	28,300	Cendant Corp.	582,696
	6,800	Global Payments, Inc.	372,368
	2,600	Huron Consulting Group Inc.(a)	50,700
	6,400	Kelly Services, Inc. (Class A shares)	172,256
	23,750	Kforce, Inc.(a)	251,513
	7,360	Laureate Education, Inc.(a)	288,659
	9,350	Navigant Consulting, Inc.(a)	232,535
	1,400	Paychex, Inc.	45,912
	11,250	Providence Service Corp. (The)(a)	207,900
	191,100	Rentokil Initial PLC (United Kingdom)	542,737
	9,900	Republic Services, Inc.	304,920
	3,100	School Specialty, Inc.(a)	126,852
	22,750	Scientific Games Corp.(a)	481,845
	24,700	ThermoGenesis Corp.(a)	137,950
	29,000	Waste Management, Inc.	825,919
			5,460,798
Communication Equipment 2.4%
	53,100	Cisco Systems, Inc.(a)	1,020,051
	112,700	Nokia Oyj (Finland)	1,733,222
	173,900	Nortel Networks Corp. (Canada)(a)	589,521
	40,300	NTN Communications, Inc.(a)	106,795
	21,300	Qualcomm, Inc.	890,553
	9,300	Research In Motion Ltd.(a)	820,260
			5,160,402

Computer & Peripherals 2.0%
	24,000	Apple Computer, Inc.(a)	1,260,720
	34,400	Dell, Inc.(a)	1,206,064
	21,047	Hewlett-Packard Co.	392,737
	7,900	International Business Machines Corp.	709,025
	4,700	Lexmark International, Inc.(a)	390,617
	11,550	M-Systems Flash Disk Pioneers Ltd.(a)	162,393
	14,550	Merge Technologies, Inc.(a)	261,391
			4,382,947
Consumer Finance 1.1%
	34,300	American Express Co.	1,820,301
	23,700	MBNA Corp.	607,431
			2,427,732
Distributors 0.1%
	14,300	Beacon Roofing Supply, Inc.(a)	268,125
Diversified Financial Services 4.5%
	8,300	Accredited Home Lenders Holding Co.(a)	299,464
	7,100	Acom Co., Ltd. (Japan)	444,628
	2,400	Aiful Corp.	239,119
	24,600	AmeriCredit Corp.(a)	477,240
	40,400	Citigroup, Inc.	1,792,547
	33,120	Credit Suisse Group (Switzerland)	1,128,856
	9,600	Eaton Vance Corp.	418,752
	62,600	J.P. Morgan Chase & Co.	2,416,359
	13,200	Jefferies Group, Inc.	529,716
	11,290	Marlin Business Services, Inc.(a)	198,986
	25,200	Principal Financial Group	951,552
	12,500	Raymond James Financial, Inc.	326,250
	14,750	Saxon Capital, Inc.(a)	283,200
	5,550	Signature Bank	163,559
	1,500	Student Loan Corp.	219,750
			9,889,978
Diversified Telecommunication Services 2.0%
	11,700	Alltel Corp.	642,681
	7,430	Applied Signal Technology, Inc.	225,055
	68,100	Deutsche Telekom AG (Germany)	1,302,864
	7,130	Safenet, Inc.(a)	218,392
	52,600	SBC Communications, Inc.	1,328,675
	14,800	Verizon Communications, Inc.	578,680
			4,296,347
Electric Utilities 2.8%
	14,200	E.ON AG (Germany)	1,156,038
	5,400	E.ON AG Sponsored ADR	440,370
	59,500	Enel SpA	536,620
	17,500	Exelon Corp.	693,350
	7,300	FirstEnergy Corp.	301,709
	30,500	PG&E Corp.(a)	977,220
	12,150	PNM Resources, Inc.	282,852
	121,000	Terna S.p.A (Italy)(a)	293,983
	23,400	TXU Corp.	1,432,549
			6,114,691

Electrical Equipment 0.5%
47,000	Kesa Electricals PLC (United Kingdom)(a)	234,241
35,147	Koninklijke (Royal) Philips Electronics NV ADR (Netherlands)	829,347
		1,063,588
Electronic Equipment & Instruments 2.2%
59,700	Agilent Technologies, Inc.(a)	1,496,081
5,940	BEI Technologies, Inc.	177,547
3,950	Ceradyne, Inc.(a)	169,416
23,500	Checkpoint Systems, Inc.(a)	401,850
13,100	Fanuc Ltd. (Japan)	789,527
12,800	FLIR Systems, Inc.(a)	681,088
7,400	NEC Electronics Corp. (Japan)	360,976
29,400	Sanmina-SCI Corp.(a)	235,200
33,450	SRS Labs, Inc.(a)	231,140
15,150	Sypris Solutions, Inc.	209,070
		4,751,895
Energy Equipment & Services 3.2%
18,000	BJ Services Co.	918,000
5,950	Cal Dive International, Inc.(a)	210,690
8,900	ENSCO International, Inc.	271,895
33,600	GlobalSantaFe Corp.	991,200
35,100	Halliburton Co.	1,300,104
34,000	Schlumberger, Ltd.	2,139,960
8,400	Smith International, Inc.(a)	487,872
21,900	Superior Energy Services, Inc.(a)	282,291
7,700	Unit Corp.(a)	285,593
		6,887,605
Exchange Traded Fund 0.2%
7,550	iShares Russel 2000 Growth Index Fund	453,000
Food & Staples Retailing 1.6%
20,100	Carrefour SA (France)	877,756
10,700	Costco Wholesale Corp.	512,958
75,600	Kroger Co. (The)(a)	1,142,316
12,100	Whole Foods Market, Inc.	985,303
		3,518,333
Food Products 0.5%
61,100	Cadbury Schweppes PLC (United Kingdom)	506,590
63,900	Unilever PLC (United Kingdom)	537,415
		1,044,005
Gas Utilities 0.1%
11,400	Oneok, Inc.	305,748
Health Care Equipment & Supplies 2.0%
13,300	Abaxis, Inc.(a)	171,903
5,200	Advanced Neuromodulation Systems, Inc.(a)	165,516
8,200	Alcon, Inc. (Switzerland)	583,840
4,320	ArthroCare Corp.(a)	133,099
12,600	Chattem, Inc.(a)	421,596
12,400	Closure Medical Corp.(a)	211,544
10,300	Cooper Cos., Inc.	724,605
12,300	Guidant Corp.	819,426

	9,500	Holologic, Inc.(a)	190,760
	5,900	Intuitive Surgical, Inc.(a)	172,162
	4,300	Laserscope(a)	116,358
	39,850	Orthovita, Inc.(a)	175,340
	5,450	PolyMedica Corp.	190,750
	40,900	Spectranetics Corp.(a)	193,457
			4,270,356
Health Care Providers & Services 2.8%
	7,400	Accredo Health, Inc.(a)	170,422
	7,980	America Service Group, Inc.(a)	285,445
	18,200	American Healthways, Inc.(a)	549,276
	25,100	Caremark Rx Inc.(a)	752,247
	3,290	Chemed Corp.	198,881
	11,700	Cigna Corp.	742,482
	11,900	Covance, Inc.(a)	472,668
	15,400	Express Scripts, Inc.(a)	985,600
	9,150	Kindred Healthcare, Inc.(a)	220,515
	10,200	LabOne, Inc.(a)	306,000
	11,695	Medco Health Solutions, Inc.(a)	396,577
	6,300	Pediatrix Medical Group, Inc.(a)	354,375
	13,900	Pharmaceutical Product Development, Inc.(a)	586,997
			6,021,485
Hotels, Restaurants & Leisure 1.6%
	9,400	Brinker International, Inc.(a)	303,620
	7,100	CEC Entertainment, Inc.(a)	269,942
	20,300	McDonald’s Corp.	591,745
	7,020	RARE Hospitality International, Inc.(a)	194,524
	9,200	Sonic Corp.(a)	250,516
	27,900	Starbucks Corp.(a)	1,475,352
	12,500	WMS Industries, Inc.(a)	365,625
			3,451,324
Household Durables 1.8%
	15,800	Harman International Industries, Inc.	1,898,844
	18,100	Hovnanian Enterprises, Inc. (Class A shares)(a)	679,474
	4,600	Meritage Corp.(a)	408,020
	13,800	Snap-On, Inc.	405,444
	8,000	Standard Pacific Corp.	449,200
			3,840,982
Household Products 0.7%
	12,600	Kimberly-Clark Corp.	751,842
	14,600	Procter & Gamble Co.	747,228
			1,499,070
Industrial Conglomerates 2.6%
	94,200	General Electric Co.	3,214,104
	8,300	Phelps Dodge Corp.	726,582
	9,600	Siemens AG (Germany)	714,383
	34,600	Tyco International Ltd. (Bermuda)	1,077,790
			5,732,859

Insurance 4.2%
	13,950	Affirmative Insurance Holdings, Inc.(a)	236,243
	12,100	Allstate Corp.	581,889
	11,750	American International Group, Inc.	713,343
	6,800	Commerce Group, Inc.	344,148
	5,050	Delphi Financial Group (Class A shares)	206,394
	36,300	Genworth Financial, Inc.	866,118
	10,010	Infinity Property & Casualty Corp.	311,111
	14,700	Loews Corp.	880,530
	7,500	MBIA, Inc.	433,950
	8,900	Philadelphia Consolidated Holding Corp.(a)	516,022
	4,330	ProAssurance Corp.(a)	154,538
	5,100	Protective Life Corp.	200,430
	86,400	Prudential Corp. PLC (United Kingdom)	634,035
	13,500	Swiss Reinsurance Co. (Switzerland)	825,877
	25,942	The St. Paul Travelers Cos., Inc.	880,990
	30,300	Tower Group, Inc.(a)	269,973
	16,500	XL Capital, Ltd. (Class A shares)(Cayman Islands)	1,196,249
			9,251,840
Internet & Catalog Retail 0.9%
	20,300	eBay, Inc.(a)	1,981,483
Internet Software & Services 2.1%
	39,700	Digitas, Inc.(a)	357,300
	3,700	Equinix, Inc.(a)	139,453
	3,900	Google Inc (Class A shares)(a)	743,749
	4,040	InfoSpace, Inc.(a)	212,100
	7,400	j2 Global Communications, Inc.(a)	223,110
	7,850	Jupitermedia Corp.(a)	155,705
	24,300	Keynote Systems, Inc.(a)	341,780
	8,900	RADWARE Ltd. (Israel)(a)	219,830
	550	Shopping.com Ltd. (Isreal)(a)	14,834
	23,900	Valueclick, Inc.(a)	222,031
	56,600	Yahoo!, Inc.(a)	2,048,353
			4,678,245
IT Services 0.3%
	28,900	Accenture Ltd. (Bermuda)(a)	699,669
Leisure Equipment & Products 0.1%
	17,450	K2, Inc.(a)	283,039
Media 1.8%
	24,400	CNET Networks, Inc.(a)	199,348
	54,300	DIRECTV Group, Inc. (The)(a)	910,611
	800	DreamWorks Animation SKG, Inc. (Class A shares)(a)	31,240
	21,700	Emap PLC	312,521
	24,900	Image Entertainment, Inc.(a)	134,460
	7,850	Lagardere SA (France)	504,272
	7,000	Scholastic Corp.(a)	212,240
	21,100	Sinclair Broadcast Group, Inc. (Class A shares)	147,700
	27,600	Univision Communications, Inc. (Class A shares)(a)	854,496
	14,854	Viacom, Inc. (Class B shares)	542,023
			3,848,911
Metals & Mining 0.2%
	4,400	Brush Wellman, Inc.(a)	68,640
	17,900	Rio Tinto PLC (United Kingdom)	467,046
			535,686

Multi-utilities & Unregulated Power 0.8%
	12,400	Dominion Resources, Inc.	797,568
	27,800	Sempra Energy	932,412
			1,729,980
Multiline Retail 0.8%
	36,800	Marks & Spencer Group PLC (United Kingdom)	242,069
	29,500	Target Corp.	1,475,590
			1,717,659
Office Electronics 0.6%
	92,100	Xerox Corp.(a)	1,360,317
Oil & Gas 8.2%
	78,717	BP PLC (United Kingdom)	760,830
	21,700	Cabot Oil & Gas Corp.	918,127
	33,000	Chesapeake Energy Corp.	530,640
	9,100	ENI S.p.A ADR (Italy)	1,041,313
	55,000	ENI S.p.A (Italy)	1,245,336
	9,600	ExxonMobil Corp.	472,512
	45,650	Grey Wolf, Inc.(a)	236,467
	12,000	Kerr-McGee Corp.	710,640
	14,200	Key Energy Services, Inc.(a)	163,300
	7,070	Maverick Tube Corp.(a)	186,436
	24,200	Nexen, Inc. (Canada)	1,029,952
	21,200	Occidental Petroleum Corp.	1,183,596
	12,550	Oil States International, Inc.(a)	230,418
	15,890	Patterson-UTI Energy, Inc.	305,565
	36,000	Royal Dutch Petroleum Co. (Netherlands)	1,950,357
	41,100	Statoil ASA (Norway)	593,173
	51,000	Suncor Energy, Inc. (Canada)	1,739,100
	21,500	Swift Energy Co.(a)	521,375
	215,000	Tokyo Gas Co. Ltd. (Japan)	799,746
	7,110	Total SA (Class B shares) (France)	1,474,216
	17,333	Total SA ADR (France)	1,807,485
			17,900,584
Paper & Forest Products 1.1%
	14,700	Boise Cascade Corp.	433,944
	21,300	Georgia-Pacific Corp.	736,767
	14,500	International Paper Co.	558,395
	44,500	Stora Enso Oyj (Class R shares) (Finland)	633,423
			2,362,529
Personal Products 0.6%
	18,300	Avon Products, Inc.	723,765
	15,300	Estee Lauder Cos., Inc. (Class A shares)	657,135
			1,380,900
Pharmaceuticals 5.9%
	11,650	Alexion Pharmaceuticals, Inc.(a)	207,894
	10,400	Allergan, Inc.	744,224
	14,500	AstraZeneca PLC ADR (United Kingtom)	597,400
	4,450	Atherogenics, Inc.(a)	133,233
	6,075	Barr Pharmaceuticals, Inc.(a)	228,724
	6,380	Connetics Corp.(a)	171,494

	13,200	Cypress Bioscience, Inc.(a)	138,732
	38,700	Durect Corp.(a)	70,434
	26,900	Eli Lilly & Co.	1,477,079
	80,300	GlaxoSmithKline PLC (United Kingdom)	1,687,624
	11,000	Inspire Pharmaceuticals, Inc.(a)	172,260
	9,750	IVAX Corp.(a)	176,475
	17,200	K-V Pharmaceutical Co. (Class A shares)(a)	342,624
	31,408	Nabi Biopharmaceuticals(a)	435,001
	38,900	Novartis AG ADR (Switzerland)	1,867,588
	23,201	Pfizer, Inc.	671,669
	12,900	QLT, Inc. (Canada)(a)	214,785
	6,900	Rigel Pharmaceuticals, Inc.(a)	165,600
	9,900	Roche Holding AG ADR (Switzerland)	1,008,581
	9,600	Salix Pharmaceuticals Ltd.(a)	153,888
	15,679	Sanofi-Synthelabo SA (France)	1,142,818
	9,700	Schering AG (Germany)	620,646
	11,600	Wyeth	459,940
			12,888,713
Real Estate Investment Trust 0.7%
	12,650	Biomed Realty Trust, Inc.	229,977
	7,600	Entertainment Properties Trust	303,240
	67,000	Mitsubishi Estate Co. Ltd. (Japan)	706,027
	5,300	SL Green Realty Corp.	290,546
			1,529,790
Road & Rail 0.2%
	91	East Japan Railway Co. (Japan)	477,324
Semiconductor Equipment & Products 1.8%
	8,950	Formfactor, Inc.(a)	209,878
	26,100	Intel Corp.	580,986
	31,300	Marvell Technology Group Ltd. (Bermuda)(a)	894,241
	15,200	Maxim Integrated Products, Inc.	668,648
	10,650	Microsemi Corp.(a)	165,501
	20,250	O2 Micro International Ltd. (Cayman Islands)(a)	246,240
	6,200	Sigmatel, Inc.(a)	182,900
	12,950	Silicon Image, Inc.(a)	177,415
	26,300	Texas Instruments, Inc.	643,035
	12,600	Ultratech, Inc.(a)	214,452
			3,983,296
Semiconductors & Semiconductor Equipment 0.1%
	247,700	Agere Systems, Inc. (Class B shares)(a)	284,855
Software 3.4%
	25,500	Electronic Arts, Inc.(a)	1,145,460
	17,850	Embarcadero Technologies, Inc.(a)	145,121
	13,500	Epicor Software Corp.(a)	207,495
	55,850	LogicVision, Inc.(a)	110,025
	14,900	Mercury Interactive Corp.(a)	647,107
	91,700	Microsoft Corp.	2,566,682
	9,100	NAVTEQ Corp.(a)	366,821
	6,190	Open Solutions, Inc.(a)	174,341
	23,200	SAP AG-Sponsored ADR (Germany)	989,480
	10,600	Sonic Solutions(a)	210,410
	10,400	Symantec Corp.(a)	592,176
	24,900	Synplicity, Inc.(a)	124,500
	9,250	THQ Inc.(a)	174,825
			7,454,443

Specialty Retail 3.5%
	9,875	Aaron Rents, Inc. (Class B shares) (Isreal)	214,288
	34,250	Ashworth, Inc.(a)	287,700
	23,300	Bed Bath & Beyond, Inc.(a)	950,406
	34,000	Casual Male Retail Group, Inc.(a)	170,850
	18,500	Charlotte Russe Holding, Inc.(a)	244,385
	22,300	Chico’s FAS, Inc.(a)	892,669
	18,300	Compagnie Financiere Richemont AG (Class A shares)(Switzerland)	517,113
	8,040	Cost Plus, Inc.(a)	259,692
	15,100	CSK Auto Corp.(a)	221,064
	22,750	Ezcorp, Inc.(a)	176,995
	5,530	Guitar Center, Inc.(a)	246,804
	29,120	Imperial Tobacco Group PLC (United Kingdom)	678,696
	14,900	Lowe’s Cos, Inc.	838,572
	8,400	Movie Gallery, Inc.	135,912
	16,500	Phillips-Van Heusen Corp.	376,035
	10,100	Tiffany & Co.	296,233
	45,500	Toys ‘R’ Us, Inc.(a)	819,455
	8,100	Williams-Sonoma, Inc.(a)	309,177
			7,636,046
Textiles, Apparel & Luxury Goods 0.2%
	9,640	Jos. A. Bank Clothiers, Inc.(a)	305,974
	6,310	Oxford Industries, Inc.	234,038
			540,012
Thrifts & Mortgage Finance 0.3%
	8,700	Freddie Mac	579,420
Tobacco 0.8%
	15,600	Altadis SA (Spain)	570,911
	24,700	Altria Group, Inc.	1,196,962
			1,767,873
Transportation 0.3%
	4,210	Forward Air Corp.(a)	173,326
	7,050	Old Dominion Freight Line, Inc.(a)	197,576
	15,550	Vitran Corp., Inc. (Class A shares) (Canada)(a)	255,020
			625,922
Wireless Telecommunication Services 1.7%
	52,400	American Tower Corp. (Class A shares)(a)	900,756
	383	NTT DoCoMo, Inc. (Japan)	674,461
	800,700	Vodafone Group PLC (United Kingdom)	2,046,637
			3,621,854
		Total common stocks (cost $170,657,558)	204,180,365
PREFERRED STOCKS 0.4%
Automobiles 0.1%
	440	Porsche AG Pfd. (Germany)	279,851

Media 0.3%
	18,539	News Corp. Ltd. ADR Pfd. (Australia)		582,866
		Total preferred stocks (cost $642,544)		862,717
Units
RIGHT
Insurance
	14,400	Prudential PLC (United Kingdom)		24,274
		Total long-term investments (cost $171,300,102)		205,067,356
Shares
SHORT-TERM INVESTMENT 4.2%
Mutual Fund
	9,070,040	Dryden Core Investment Fund - Taxable Money Market Series (cost $9,070,040)		9,070,040
		Total Investments 98.0% (cost $180,370,142(b))		214,137,396
		Assets in excess of other liabilities 2.0%		4,438,041
		Net Assets 100.0%	$	218,575,437

(a) Non-income producing security.

(b) The United States federal income tax basis of the Fund’s investments was $181,774,164; accordingly, net unrealized appreciation on investments for federal income tax purposes was $32,363,232 (gross unrealized appreciation - $35,781,944; gross unrealized depreciation - $3,418,712). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

ADR-American Depository Receipt.

Strategic Partners Moderate Growth Portfolio

Schedule of Investments

As of October 31, 2004 (Unaudited)

Shares	Description	Value
LONG-TERM INVESTMENTS 87.4%
COMMON STOCKS 62.0%
Advertising 0.1%
7,950	JupiterMedia Corp.(a)	$	157,688
24,100	ValueClick, Inc.(a)		223,889
			381,577
Aerospace/Defense 0.9%
7,490	Applied Signal Technology, Inc.		226,872
6,610	DRS Technologies, Inc.(a)		239,414
6,580	Engineered Support Systems, Inc.		316,103
28,000	Lockheed Martin Corp.		1,542,520
7,050	Moog, Inc. (Class A shares)(a)		264,587
15,300	Northrop Grumman Corp.		791,775
			3,381,271
Apparel 0.2%
19,550	Charlotte Russe Holdings, Inc.(a)		258,256
6,370	Oxford Industries, Inc.		236,263
18,000	Phillips-Van Heusen Corp.		410,220
			904,739
Automobiles 0.6%
98,100	Nissan Motor Co., Ltd. (Japan)		1,103,959
24,000	Volkswagen AG (Germany)		1,065,469
6,500	Winnebago Industries, Inc.		204,100
			2,373,528
Beverages 0.6%
61,600	Cadbury Schweppes PLC (United Kingdom)		510,735
88,500	Diageo PLC (United Kingdom)		1,181,326
15,238	Heineken NV (Netherlands)		477,609
			2,169,670
Biotechnology 1.1%
18,100	Amgen, Inc.(a)		1,028,080
22,000	Genentech, Inc.(a)		1,001,660
31,600	Gilead Sciences, Inc.(a)		1,094,308
31,900	Medimmune, Inc.(a)		906,598
			4,030,646
Building & Construction 0.3%
3,500	CRH PLC, (Ireland) (London Exchange)		83,478
20,129	CRH PLC, (Ireland) (Dublin Exchange)		478,815
20,000	Hovnanian Enterprises, Inc. (Class A shares)(a)		750,800
			1,313,093

Building Products 0.1%
10,200	Watsco, Inc.	290,292
Capital Markets 2.6%
51,100	Bank of New York Co., Inc. (The)	1,658,706
10,900	Goldman Sachs Group, Inc. (The)	1,072,342
30,000	Lehman Brothers Holdings, Inc.	2,464,500
22,500	Mellon Financial Corp.	650,250
37,500	Merrill Lynch & Co., Inc.	2,022,750
77,000	Nomura Holdings, Inc. (Japan)	942,650
19,400	State Street Corp.	873,970
		9,685,168
Chemicals 1.0%
14,400	BASF AG (Germany)	898,474
64,900	Mosaic Co.(a)	976,096
4,200	Scotts Co. (Class A shares)(a)	269,724
21,000	Shin-Etsu Chemical Co., Ltd. (Japan)	796,968
11,000	Takeda Chemical Industries Ltd. (Japan)	530,370
3,500	Valspar Corp.	163,310
		3,634,942
Commercial Banks 3.7%
18,858	Allied Irish Banks PLC (Ireland) (Dublin Exchange)	327,440
11,900	Allied Irish Banks PLC (Ireland) (London Exchange)	207,231
59,402	Bank of America Corp.	2,660,615
23,500	Bank of Ireland (Ireland) (Dublin Exchange)	321,351
40,800	Bank of Ireland (Ireland) (London Exchange)	557,921
17,300	Bank United Financial Corp. (Class A shares)(a)	514,675
119,100	Barclays PLC (United Kingdom)	1,160,968
44,009	Credit Agricole SA (France)	1,285,898
33,930	Credit Suisse Group, Inc. (Switzerland)(a)	1,156,464
36,000	DNB NOR ASA (Norway)	304,137
3,600	Hibernia Corp. (Class A shares)	104,400
116,210	HSBC Holdings PLC (United Kingtom)	1,872,734
10,200	Nara Bancorp, Inc.	194,922
84,400	Overseas-Chinese Banking Corp., Ltd. (Singapore)	699,427
6,240	PrivateBanCorp., Inc.	201,864
48,700	Royal Bank of Scotland PLC (The) (United Kingdom)	1,432,190
5,850	Signature Bank(a)	172,400
10,040	Southwest Bancorporation of Texas, Inc.	235,338
81,000	Sumitomo Trust & Banking Co. Ltd. (The) (Japan)	471,400
		13,881,375
Commercial Services & Supplies 1.4%
27,100	Administaff, Inc.(a)	310,295
23,600	Allied Waste Industries, Inc.(a)	192,576
5,900	Apollo Group, Inc., (Class A shares)(a)	389,400
36,100	Cendant Corp.	743,299
7,300	Global Payments, Inc.	399,748
2,700	Huron Consulting Group, Inc.(a)	52,650
6,800	Kelly Services, Inc. (Class A shares)	183,022
7,630	Laureate Education, Inc.(a)	299,249
9,450	Navigant Consulting, Inc.(a)	235,022
198,900	Rentokil Initial PLC (United Kingdom)	564,889
1,600	Paychex, Inc.	52,470
9,700	Republic Services, Inc.	298,760
3,100	School Specialty, Inc.(a)	126,852

23,950	Scientific Games Corp. (Class A shares)(a)	507,261
37,700	Waste Management, Inc.	1,073,695
		5,429,188
Communication Equipment 1.1%
62,300	Cisco Systems, Inc.(a)	1,196,783
219,900	Nortel Networks Corp. (Canada)(a)	745,461
25,000	QUALCOMM, Inc.	1,045,250
10,900	Research In Motion Ltd.(a)	961,380
6,138	UnitedGlobalCom, Inc.(a)	45,912
		3,994,786
Computer & Peripherals 1.4%
28,100	Apple Computer, Inc.(a)	1,476,093
40,200	Dell, Inc.(a)	1,409,412
29,194	Hewlett-Packard Co.	544,760
9,000	IBM Corp.	807,750
5,500	Lexmark International, Inc.(a)	457,105
11,650	M-Systems Flash Disk Pioneers, Ltd. (Israel)(a)	163,799
14,900	Merge Technologies, Inc.(a)	267,679
26,200	Synplicity, Inc.(a)	131,000
		5,257,598
Consumer Finance 0.8%
40,000	American Express Co.	2,122,800
31,500	MBNA Corp.	807,345
		2,930,145
Distributors 0.1%
14,450	Beacon Roofing Supply, Inc.	270,938
Diversified Financial Services 2.6%
9,300	Accredited Home Lenders Holding Co.(a)	335,544
7,260	Acom Co., Ltd. (Japan)	454,647
2,500	Aiful Corp. (Japan)	249,082
24,700	AmeriCredit Corp.(a)	479,180
7,000	Astoria Financial Corp.	273,630
53,000	Citigroup, Inc.	2,351,610
9,900	Eaton Vance Corp.	431,838
76,100	JPMorgan Chase & Co.	2,937,460
14,300	Jefferies Group, Inc.	573,859
33,400	Principal Financial Group, Inc.	1,261,184
13,500	Raymond James Financial, Inc.	352,350
1,600	Student Loan Corp., (The)	234,400
		9,934,784
Diversified Telecommunication Services 1.0%
14,800	Alltel Corp.	812,964
285	GenTek, Inc.(a)	11,721
401	NTL, Inc.(a)	26,671
7,200	SafeNet, Inc.(a)	220,536
68,400	SBC Communications, Inc.	1,727,783
19,800	Verizon Communications, Inc.	774,180
		3,573,855

Electric Utilities 1.9%
14,800	E.ON AG (Germany)	1,204,885
7,200	E.ON AG ADR (Germany)	587,160
62,600	Enel SpA (Italy)	564,579
22,400	Exelon Corp.	887,488
9,600	FirstEnergy Corp.	396,768
39,100	PG&E Corp.(a)	1,252,764
12,650	PNM Resources, Inc.	294,492
118,200	Terna SpA (Italy)(a)	287,180
30,700	TXU Corp.	1,879,454
		7,354,770
Electrical Equipment 0.1%
47,520	Kesa Electricals PLC (United Kingdom)	236,833
34,950	SRS Labs, Inc.(a)	241,504
		478,337
Electronic Equipment & Instruments 1.4%
72,200	Agilent Technologies, Inc.(a)	1,809,331
5,980	BEI Technologies, Inc.	178,742
3,950	Ceradyne, Inc.(a)	169,416
23,700	Check Point Systems, Inc.(a)	405,270
13,700	FANUC Ltd. (Japan)	825,690
14,800	FLIR Systems, Inc.(a)	787,508
11,780	Marlin Business Services, Inc.(a)	207,623
7,700	NEC Electronics Corp. (Japan)	375,610
20,450	O2Micro International Ltd. (Cayman Islands)	248,672
30,500	Sanmina-SCI Corp.(a)	244,000
15,900	Sypris Solutions, Inc.	219,420
		5,471,282
Energy Equipment And Services 2.3%
21,100	BJ Services Co.(a)	1,076,100
6,020	Cal Dive International, Inc.(a)	213,168
11,800	ENSCO International, Inc.	360,490
43,000	GlobalSantaFe Corp.	1,268,500
46,200	Halliburton Co.	1,711,248
7,330	Maverick Tube Corp.(a)	193,292
16,020	Patterson-UTI Energy, Inc.	308,065
40,600	Schlumberger Ltd.	2,555,364
9,800	Smith International, Inc.(a)	569,184
22,100	Superior Energy Services, Inc.(a)	284,869
		8,540,280
Exchange Traded Funds 0.1%
7,950	iShares Russell 2000 Growth Index Fund	477,000
Food & Drug Retailing 0.2%
19,800	Carrefour S.A. (France)	864,655
Food & Staples Retailing 0.9%
12,600	Costco Wholesale Corp.	604,044
100,100	Kroger Co., (The)(a)	1,512,511
14,300	Whole Foods Market, Inc.	1,164,449
		3,281,004
Food Products 0.1%
66,700	Unilever PLC (United Kingdom)	560,964

Gas Utilities 0.1%
11,700	Oneok, Inc.	313,794
Health Care Equipment & Supplies 1.2%
13,400	Abaxis, Inc.(a)	173,195
5,250	Advanced Neuromodulation Systems, Inc.(a)	167,108
9,500	Alcon, Inc.	676,400
4,350	Arthrocare Corp.(a)	134,024
12,700	Closure Medical Corp.(a)	216,662
11,000	Cooper Companies, Inc. (The)	773,849
14,500	Guidant Corp.	965,989
10,000	Holologic, Inc.(a)	200,800
6,020	Intuitive Surgical, Inc.(a)	175,664
23,950	Kforce, Inc.(a)	253,631
4,300	Laserscope(a)	116,358
40,200	Orthovita, Inc.(a)	176,880
5,500	PolyMedica Corp.	192,500
41,300	Spectranetics Corp. (The)(a)	195,349
24,900	ThermoGenesis(a)	139,067
		4,557,476
Health Care Providers & Services 2.0%
8,100	Accredo Health, Inc.(a)	186,543
8,050	America Service Group, Inc.(a)	287,949
16,000	American Healthways, Inc.(a)	482,880
29,500	Caremark RX, Inc.(a)	884,115
3,320	Chemed Corp.	200,694
16,200	CIGNA Corp.	1,028,052
13,500	Covance, Inc.(a)	536,220
20,100	Express Scripts, Inc.(a)	1,286,400
9,650	Kindred Healthcare, Inc.(a)	232,565
10,250	LabOne, Inc.(a)	307,500
16,474	Medco Health Solutions, Inc.(a)	558,633
6,400	Pediatrix Medical Group, Inc.(a)	360,000
15,300	Pharmaceutical Product Development, Inc.(a)	646,119
11,800	Providence Service Corp. (The)(a)	218,064
16,300	Serologicals Corp.(a)	385,495
		7,601,229
Hotels, Restaurants & Leisure 1.1%
9,800	Brinker International, Inc.(a)	316,540
7,900	CEC Entertainment, Inc.(a)	300,358
17,600	K2, Inc.(a)	285,472
26,000	McDonald’s Corp.	757,900
7,080	RARE Hospitality International, Inc.(a)	196,187
10,150	Sonic Corp.(a)	276,385
32,300	Starbucks Corp.(a)	1,708,023
13,600	WMS Industries, Inc.(a)	397,800
		4,238,665
Household Durables 1.0%
16,700	Harman International Industries, Inc.	2,007,006
36,956	Koninklijke Philips Electronics N.V.(Denmark)	872,033
4,900	Meritage Corp.(a)	434,630
8,700	Standard-Pacific Corp.	488,505
		3,802,174

Household Products 0.5%
15,900	Kimberly-Clark Corp.	948,753
16,800	Procter & Gamble Co. (The)	859,824
		1,808,577
Industrial Conglomerates 2.0%
115,700	General Electric Co.	3,947,684
10,900	Phelps Dodge Corp.	954,186
11,200	Siemens AG (Germany)	833,447
19,000	Smiths Industries PLC (United Kingdom)	259,536
44,900	Tyco International Ltd. (Bermuda)	1,398,635
		7,393,488
Insurance 2.9%
14,050	Affirmative Insurance Holdings, Inc.(a)	237,937
15,000	Allstate Corp.	721,350
13,812	American International Group, Inc.	838,527
7,600	Commerce Group, Inc.	384,636
5,500	Delphi Financial Group (Class A shares)	224,785
47,900	Genworth Financial, Inc. (Class A Shares)	1,142,894
10,090	Infinity Property & Casualty Corp.	313,597
18,600	Loews Corp.	1,114,140
9,900	MBIA, Inc.	572,814
9,400	Philadelphia Consolidated Holding Corp.(a)	545,012
4,460	ProAssurance Corp.(a)	159,177
4,000	Protective Life Corp.	157,200
88,900	Prudential PLC (United Kingdom)	652,381
32,993	St. Paul Travelers Companies., Inc. (The)	1,120,442
14,200	Swiss Reinsurance Co. (Switzerland)	868,700
30,550	Tower Group, Inc.(a)	272,201
21,800	XL Capital Ltd. (Cayman Islands) (Class A Shares)	1,580,499
		10,906,292
Internet & Catalog Retail 0.6%
23,400	eBay, Inc.(a)	2,284,074
550	Shopping.com Ltd.(a)	14,834
		2,298,908
Internet Software & Services 1.3%
41,750	Digitas, Inc.(a)	375,750
3,700	Equinix, Inc.(a)	139,453
4,600	Google Inc (Class A Shares)(a)	877,243
4,080	InfoSpace, Inc.(a)	214,200
7,700	j2 Global Communications, Inc.(a)	232,155
25,600	Keynote Systems, Inc.(a)	360,064
9,000	RADWARE Ltd. (Israel)(a)	222,300
66,500	Yahoo!, Inc.(a)	2,406,635
		4,827,800
IT Services 0.2%
38,300	Accenture Ltd.(Bermuda)(a)	927,243
Machinery 0.1%
12,600	Snap-On, Inc.	370,188

Media 1.2%
	25,700	CNET Networks, Inc.(a)	209,969
	69,500	DIRECTV Group, Inc. (The)(a)	1,165,515
	900	DreamWorks Animation Inc SKG, (Class A)(a)	35,145
	22,800	Emap PLC	328,363
	25,200	Image Entertainment, Inc.(a)	136,080
	8,300	Lagardere S.A. (France)	533,180
	40,700	NTN Communications, Inc.(a)	107,855
	8,100	Scholastic Corp.(a)	245,592
	21,300	Sinclair Broadcast Group, Inc. (Class A shares)	149,100
	31,800	Univision Communications, Inc. (Class A shares)(a)	984,528
	19,292	Viacom, Inc. (Class B shares)	703,968
			4,599,295
Metals & Mining 0.1%
	4,600	Brush Wellman, Inc.(a)	71,760
	18,800	Rio Tinto PLC (United Kingdom)	490,529
			562,289
Multi-utilities & Unregulated Power 0.6%
	15,800	Dominion Resources, Inc.	1,016,256
	36,800	Sempra Energy	1,234,272
			2,250,528
Multiline Retail 0.6%
	23,950	EZCORP, Inc. (Class A shares)(a)	186,331
	38,600	Marks & Spencer Group PLC (United Kingdom)	253,909
	34,600	Target Corp.	1,730,692
			2,170,932
Office Electronics 0.5%
	117,300	Xerox Corp.(a)	1,732,521
Oil & Gas 5.2%
	80,900	BP PLC (United Kingdom)	781,930
	19,100	Cabot Oil & Gas Corp.	808,121
	23,800	Chesapeake Energy Corp.	382,704
	57,900	Eni SpA (Italy)	1,311,000
	11,600	Eni SpA, ADR (Italy)	1,327,388
	12,700	ExxonMobil Corp.	625,094
	48,050	Grey Wolf, Inc.(a)	248,899
	15,300	Kerr-McGee Corp.	906,066
	14,350	Key Energy Services, Inc.(a)	165,025
	30,700	Nexen, Inc. (Canada)	1,306,592
	27,300	Occidental Petroleum Corp.	1,524,159
	13,250	Oil States International, Inc.(a)	243,270
	37,800	Royal Dutch Petroleum Co. (Netherlands)	2,047,875
	41,400	Statoil ASA (Norway)	597,503
	63,600	Suncor Energy, Inc. (Canada)	2,168,759
	18,900	Swift Energy Co.(a)	458,325
	225,000	Tokyo Gas Co. Ltd. (Japan)	836,943
	12,143	Total S.A. (France) (Class B shares)	2,517,778
	11,885	Total S.A., ADR (France)	1,239,368
	8,100	Unit Corp.(a)	300,429
			19,797,228
Paper & Forest Products 0.8%
	20,200	Boise Cascade Corp.	596,304

	27,500	Georgia-Pacific Corp.	951,225
	19,100	International Paper Co.	735,541
	47,100	Stora Enso Oyj (Class R shares), (Finland)	670,432
			2,953,502
Personal Products 0.6%
	21,400	Avon Products, Inc.	846,370
	13,900	Chattem, Inc.(a)	465,094
	18,000	Estee Lauder Companies, Inc. (The), (Class A shares)	773,100
			2,084,564
Pharmaceuticals 3.8%
	12,300	Alexion Pharmaceuticals, Inc.(a)	219,494
	12,200	Allergan, Inc.	873,032
	17,000	AstraZeneca PLC, ADR (United Kingdom)	700,400
	4,500	AtheroGenics, Inc. (Israel)(a)	134,730
	6,250	Barr Pharmaceuticals, Inc.(a)	235,313
	6,740	Connetics Corp.(a)	181,171
	13,900	Cypress Bioscience, Inc.(a)	146,089
	41,100	Durect Corp.(a)	74,802
	33,200	Eli Lilly & Co.	1,823,011
	84,900	GlaxoSmithKline PLC (United Kingdom)	1,784,299
	11,100	Inspire Pharmaceuticals, Inc.(a)	173,826
	11,125	IVAX Corp.(a)	201,363
	11,450	KV Pharmaceutical Co., (Class A Shares)(a)	228,084
	33,982	Nabi Biopharmaceuticals(a)	470,651
	48,200	Novartis AG (ADR) (Switzerland)	2,314,081
	26,914	Pfizer, Inc.	779,160
	13,550	QLT, Inc. (Canada)(a)	225,608
	7,000	Rigel Pharmaceuticals, Inc.(a)	168,000
	11,600	Roche Holding AG, ADR (Switzerland)	1,181,772
	9,700	Salix Pharmaceuticals Ltd.(a)	155,491
	15,191	Sanofi-Synthelabo S.A. (France)	1,107,248
	10,200	Schering AG (Germany)	652,638
	15,000	Wyeth	594,750
			14,425,013
Real Estate Investment Trust 0.5%
	13,350	Biomed Realty Trust, Inc.	242,703
	7,700	Entertainment Properties Trust	307,230
	71,000	Mitsubishi Estate Co. Ltd. (Japan)	748,178
	14,900	Saxon Capital, Inc.,(a)	286,080
	5,600	SL Green Realty Corp.	306,992
			1,891,183
Semiconductor & Semiconductor Equipment 1.2%
	320,200	Agere Systems, Inc. (Class B shares)(a)	368,230
	9,400	FormFactor, Inc.(a)	220,430
	30,500	Intel Corp.	678,930
	48,450	LogicVision, Inc.(a)	95,447
	36,800	Marvell Technology Group Ltd.(a)	1,051,376
	17,400	Maxim Integrated Products, Inc.	765,426
	11,200	Microsemi Corp.(a)	174,048
	6,300	Sigmatel, Inc.(a)	185,850
	13,050	Silicon Image, Inc.(a)	178,785
	30,800	Texas Instruments, Inc.	753,060
	13,200	Ultratech, Inc.(a)	224,664
			4,696,246

Software 2.3%
	29,800	Electronic Arts, Inc.(a)	1,338,616
	18,000	Embarcadero Technologies, Inc.(a)	146,340
	13,600	Epicor Software Corp.(a)	209,032
	17,200	Mercury Interactive Corp.(a)	746,996
	116,500	Microsoft Corp.	3,260,835
	10,600	NAVTEQ Corp.(a)	427,286
	6,250	Open Solutions, Inc.(a)	176,031
	27,200	SAP AG (Germany)	1,160,080
	10,700	Sonic Solutions, Inc.(a)	212,395
	12,200	Symantec Corp.(a)	694,668
	9,300	THQ, Inc.(a)	175,770
			8,548,049
Specialty Retail 1.9%
	9,975	Aaron Rents, Inc. (Class B shares)	216,458
	34,550	Ashworth, Inc.(a)	290,220
	27,400	Bed, Bath & Beyond, Inc.(a)	1,117,646
	35,850	Casual Male Retail Group, Inc.(a)	180,146
	26,200	Chico’s FAS, Inc.(a)	1,048,786
	18,500	Compagnie Financiere Richemont AG (Switzerland)	522,764
	8,460	Cost Plus, Inc.(a)	273,258
	16,700	CSK Auto Corp.(a)	244,488
	5,620	Guitar Center, Inc.(a)	250,821
	9,787	Jos. A. Bank Clothiers, Inc.(a)	310,639
	17,200	Lowe’s Companies, Inc.	968,016
	9,300	Movie Gallery, Inc.	150,474
	11,800	Tiffany & Co.	346,094
	58,600	Toys “R” Us, Inc.(a)	1,055,386
	9,400	Williams-Sonoma, Inc., (The)(a)	358,798
			7,333,994
Thrifts & Mortgage Finance 0.2%
	11,500	Freddie Mac	765,900
Tobacco 0.7%
	16,400	Altadis SA, (Spain), (Class A shares)	600,189
	31,500	Altria Group, Inc.	1,526,490
	29,180	Imperial Tobacco Group PLC (United Kingdom)	680,094
			2,806,773
Transportation 0.3%
	93	East Japan Railway Co. (Japan)	487,814
	4,250	Forward Air Corp.(a)	174,973
	7,200	Old Dominion Freight Line, Inc.(a)	201,780
	15,700	Vitran Corporation, Inc., (Class A shares), (Canada) (a)	257,480
			1,122,047
Wireless Telecommunication Services 1.9%
	60,400	American Tower Corp. (Class A shares)(a)	1,038,276
	71,500	Deutsche Telekom AG (Germany)	1,367,911
	47,555	Netia SA (Poland)(a)	57,647
	118,500	Nokia Oyj (Finland)	1,822,421
	370	NTT DoCoMo, Inc. (Japan)	651,568
	830,200	Vodafone Group PLC (United Kingdom)	2,122,040
			7,059,863
		Total common stocks (cost $195,348,925)	234,311,648

PREFERRED STOCKS 0.3%
Automobiles 0.1%
420	Porsche AG (Germany)	267,130
Media 0.2%
24,364	News Corp. Ltd. ADR (Australia)	766,005
5	Paxson Communications Corp.,	40,842
		806,847
Publishing
500	PRIMEDIA, Inc., Ser D	48,750
Telecommunications
687	McLeodUSA, Inc., Ser. A	1,202
	Total preferred stocks (cost $973,405)	1,123,929
RIGHTS(a)
14,816	Prudential PLC (United Kingdom) (cost $0)	24,976

Moody’s Rating	Principal Amount (000)		Description
ASSET-BACKED SECURITIES 0.8%
			ACE Securities Corp., Ser. 2004, Class 2A, F.R.N.
Aaa	$	655	2.04%, 4/25/34(f)	655,100
			American Express Credit Account Master Trust, Ser. 2005-5, F.R.N.
Aaa		900	2.01%, 4/15/08(f)	901,057
			Ameriquest Mortgage Securities, F.R.N.
Aaa		501	2.02%, 4/25/34(f)	501,116
			Brazos Student Finance Corp., Student Loan Assoc., Notes, F.R.N.
Aaa		299	2.02%, 6/1/23(d)(f)	302,148
			Honda Auto Receivables Owners Trust, Ser. 2004-3, Class A1,
NR		500	2.09%, 11/18/05	499,922
			Total asset-backed securities (cost $2,854,654)	2,859,343
COLLATERIZED MORTGAGE SECURITIES 0.6%
			BankTrust Mortgage Trust, Ser. 1, Class G,
Aaa		363	5.70%, 12/1/23(d)	303,764
			Residential Funding Mortgage, Ser. 1999-S8, Class A1,
AAA(e)		58	6.25%, 3/25/14(d)	57,860
			Washington Mutual, Ser. 2003-R1, Class A1, F.R.N.
Aaa		1,813	2.025%, 12/25/27(f)	1,810,853
			Total collateralized mortgage securities (cost $2,228,685)	2,172,477
CORPORATE BONDS 8.8%
Aerospace/Defense 0.2%
			Alliant Techsystems, Inc.,Sr. Sub. Notes,
B2		85	8.50%, 5/15/11	93,713
			BE Aerospace, Inc., Sr. Sub. Notes,
Caa3		100	8.875%, 5/1/11	105,200

			Dunlop Standard Aerospace Holdings PLC (United Kingdom),
Caa1		40	8.25%, 9/1/14(g)	42,300
			K&F Industries, Inc.,
B3		150	9.625%, 12/15/10	173,999
			L-3 Communications Corp., Sr. Sub. Notes,
Ba3		125	7.625%, 6/15/12	138,125
			Sequa Corp., Sr. Notes,
B1		125	8.875%, 4/1/08	136,563
				689,900
Airlines 0.1%
			AMR Corp.,
			M.T.N., Ser. B,
NR		100	10.55%, 3/12/21	52,000
			Debs.,
Caa2		50	10.00%, 4/15/21	27,500
			Continental Airlines, Inc., Pass Through Certificates,
			Ser. 01-1,
Ba1		85	7.373%, 12/15/15	65,740
			Ser. 981B,
Ba2		39	6.748%, 3/15/17	28,609
			Ser. 1996-C,
B3		22	9.50%, 10/15/13	15,756
Ba2		93	6.795%, 8/2/18	73,574
			Delta Air Lines, Inc., Sr. Notes,
Ca		110	8.30%, 12/15/29	39,600
				302,779
Automotive 0.5%
			ArvinMeritor, Inc., Notes,
Ba1		125	8.75%, 3/1/12	139,375
			Collins & Aikman Products Co.,
B3		50	12.875%, 8/15/12(g)	43,250
			DaimlerChrysler NA Holding Corp., Gtd. Notes,
A3		300	7.40%, 1/20/05	303,175
			M.T.N., F.R.N.
A3		600	2.34%, 5/24/06(f)	603,104
			Ford Motor Credit Co., Notes,
A3		500	7.50%, 3/15/05	508,861
			Navistar International Corp., Sr. Notes,
Ba3		50	9.375%, 6/1/06	54,000
			TRW Automotive, Inc., Sr. Notes,
B1		59	9.375%, 2/15/13	67,850
			Visteon Corp., Notes,
Ba1		20	8.25%, 8/1/10	20,800
Ba1		60	7.00%, 3/10/14	56,400
				1,796,815
Banking 0.2%
			Citigroup, Inc.,
Aa1	JPY	2,000	1.275%, 12/28/04(d)	18,868
			European Investment Bank, Notes,
Aaa	JPY	21,000	0.88%, 11/8/04	197,792
			HSBC North America Holdings, Inc., Sr. Notes, F.R.N.
Aa2	$	400	1.98%, 9/21/07(f)	399,619
			Kazkommerts International BV, (Netherlands), Gtd. Notes,
Baa2		150	7.875%, 4/7/14(g)	148,500
			KFW International Finance, Gtd. Notes,
Aaa	JPY	9,000	1.00%, 12/20/04(d)	84,848
				849,627

Building Materials & Construction 0.1%
			Ainsworth Lumber Co. Ltd., Sr. Notes, (Canada)
B2	$	25	7.25%, 10/1/12	25,313
B2		25	6.75%, 3/15/14	24,000
			D.R. Horton, Inc., Sr. Notes,
Ba1		115	7.875%, 8/15/11	131,674
			KB Home, Sr. Sub. Notes,
Ba2		95	8.625%, 12/15/08	107,588
			Nortek Inc., Sr. Sub. Notes,
B3		75	8.50%, 9/1/14(g)	79,500
				368,075
Cable 0.2%
			Callahan Nordrhein Westfalen GmbH (Germany), Sr. Notes,
NR		50	7/15/10(b)	2,250
			Charter Communications Holdings, Inc.,
			Sr. Notes
Ca		100	8.625%, 4/1/09	80,500
Caa1		75	10.25%, 9/15/10	78,000
			Sr. Disc. Notes, Zero Coupon (until 5/15/06),
Ca		445	11.75%, 5/15/11	287,025
			CSC Holdings, Inc., Sr. Notes,
B1		50	7.875%, 12/15/07	53,875
			Kabel Deutschland (Germany), Sr. Notes,
B2		65	10.625%, 7/1/14(g)	72,800
			Rogers Cablesystems Ltd. (Canada), Sr. Notes,
Ba2		300	10.00%, 3/15/05	307,500
				881,950
Capital Goods 0.5%
			Allied Waste North America, Inc.,
			Sr. Notes,
B2		165	8.50%, 12/1/08	173,250
B2		50	7.875%, 4/15/13	50,875
			Sr. Sec’d. Notes,
Ba3		55	6.50%, 11/15/10	52,938
			Amscan Holdings, Inc., Sr. Sub. Notes,
B3		125	8.75%, 5/1/14(g)	125,625
			Amsted Industry, Inc., Sr. Notes,
B3		75	10.25%, 10/15/11(g)	82,500
			Blount, Inc., Sr. Sub. Notes,
Caa1		100	8.875%, 8/1/12	108,875
			Case New Holland, Inc., Sr. Notes,
Ba3		100	9.25%, 8/1/11(g)	114,000
			Great Lakes Dredge & Dock Corp., Sr. Notes,
Caa2		40	7.75%, 12/15/13	35,800
			Invensys PLC, Sr. Notes,
B3		70	9.875%, 3/15/11(g)	73,150
			Joy Global, Inc., Gtd. Notes,
B1		100	8.75%, 3/15/12	113,000
			Manitowoc Co., Inc., Sr. Sub. Notes,
B2		200	10.50%, 8/1/12	231,250
			Rexnord Corp., Sr. Sub. Notes,
B3		125	10.125%, 12/15/12	141,250
			Sensus Metering Systems, Inc., Sr. Sub. Notes,
Caa1		85	8.625%, 12/15/13	87,550
			SPX Corp., Sr. Notes,
Ba3		40	7.50%, 1/1/13	42,800

		Stena AB (Sweden), Sr. Notes,
Ba3	75	7.50%, 11/1/13	78,188
		Terex Corp., Sr. Sub. Notes,
B3	170	10.375%, 4/1/11	191,250
		Thermadyne Holdings Corp., Gtd. Notes,
Caa1	100	9.25%, 2/1/14	95,000
		United Rentals North America, Inc.,
		Gtd. Notes,
B1	25	6.50%, 2/15/12	24,750
B2	50	Sr. Sub. Notes,	48,375
		7.75%, 11/15/13
			1,870,426
Chemicals 0.4%
		Borden U.S. Finance Corp./Borden Nova Scotia Finance PLC,
B3	75	9.00%, 7/15/14(g)	82,031
		EquiStar Chemicals LP, Gtd., Notes,
B2	75	10.125%, 9/1/08	86,156
		Hercules, Inc., Debs.,
Ba1	200	6.60%, 8/1/27	206,000
		Huntsman Advanced Materials, Sr. Sec’d. Notes,
B2	60	11.00%, 7/15/10(g)	69,300
		Huntsman International, LLC., Sr. Sec’d. Notes,
Caa1	26	10.125%, 7/1/09	27,300
B2	25	11.625%, 10/15/10	29,469
		IMC Global, Inc., Sr. Sec’d. Notes,
B1	225	10.875%, 6/1/08 - 8/1/13	281,687
		Johnson Diversified Holdings, Inc., Sr. Disc. Notes, Zero Coupon (until 5/15/07),
B3	100	10.67%, 5/15/13	85,500
		JohnsonDiversey, Inc., Gtd., Notes,
B2	55	9.625%, 5/15/12	61,875
		Nalco Co., Sr. Notes,
B2	175	7.75%, 11/15/11	189,438
		OM Group, Inc., Gtd. Notes,
Caa1	64	9.25%, 12/15/11	66,960
		Rhodia S.A. (France),
		Sr. Notes,
B3	90	10.25%, 6/1/10	97,650
		Sr. Sub. Notes,
Caa1	120	8.875%, 6/1/11	112,200
		Rockwood Specialties Corp., Sr. Sub. Notes,
B3	100	10.625%, 5/15/11	111,000
			1,506,566
Consumer 0.1%
		Alderwoods Group, Inc., Sr. Notes,
B2	50	7.75%, 9/15/12(g)	54,000
		Levi Strauss & Co., Sr. Notes,
Ca	100	12.25%, 12/15/12	103,250
		K2, Inc., Sr. Notes,
Ba3	75	7.375%, 7/1/14(g)	81,750
		KinderCare Learning Center, Inc., Sr. Sub. Notes,
B3	120	9.50%, 2/15/09	121,500
			360,500

Electric 0.4%
		AES Corp., Sr. Notes,
B2	175	9.375%, 9/15/10(g)	204,749
		AES Eastern Energy, Pass-Thru Certificates., Class A-1, Ser. 99-A,
Ba1	167	9.00%, 1/2/17	188,105
		Allegheny Energy Supply, Bonds,
B3	30	8.25%, 4/15/12(g)	33,825
		Aquila, Inc., Sr. Notes,
B2	90	9.95%, 2/1/11	101,250
B2	25	7.75%, 6/15/11	26,063
		Calpine Corp., Sr. Notes,
Caa1	99	8.50%, 2/15/11	56,678
B (e)	185	8.75%, 7/15/13(g)	134,125
		CMS Energy Corp., Sr. Notes,
B3	140	7.50%, 1/15/09	150,150
B3	60	8.50%, 4/15/11	68,100
		Dynegy Holdings, Inc., Sr. Sec’d. Notes,
B3	140	10.125%, 7/15/13(g)	163,100
		Edison Mission Energy, Sr. Notes,
B1	130	7.73%, 6/15/09	138,450
		Empresa Nacional de Electricdad S.A. (Chile), Sr. Notes,
Ba2	150	8.35%, 8/1/13	168,489
			1,433,084
Energy - Other 0.3%
		Chesapeake Energy Corp., Sr. Notes,
Ba3	180	8.375%, 11/1/08	196,199
		Encore Acquisition,
B2	50	6.25%, 4/15/14	51,250
		Forest Oil Corp., Sr. Notes,
Ba3	40	8.00%, 12/15/11	45,600
		Hanover Compress Co., Sr. Notes
B3	75	8.625%, 12/15/10	82,500
		Houston Exploration Co., Sr. Sub. Notes,
B2	50	7.00%, 6/15/13	53,125
		Magnum Hunter Resources Inc., Gtd. Notes,
B2	7	9.60%, 3/15/12	7,998
		Newfield Exploration, Inc., Sr. Sub. Notes,
Ba3	50	8.375%, 8/15/12	56,625
		Parker Drilling Co., Sr. Notes,
B2	73	10.125%, 11/15/09	76,924
		Premcor Refining Group, Inc., Gtd. Notes,
Ba3	110	6.75%, 5/1/14	116,050
		Sr. Notes,
B2	50	7.75%, 2/1/12	55,375
Ba3	25	7.50%, 6/15/15	27,375
		Pride International, Inc., Sr. Notes,
Ba2	25	7.375%, 7/15/14(g)	28,125
		Stone Energy Corp., Sr. Sub. Notes,
B2	145	8.25%, 12/15/11	157,325
		Vintage Petrolium, Inc., Sr. Notes,
Ba3	75	8.25%, 5/1/12	84,000
			1,038,471
Foods 0.3%
		Agrilink Foods, Inc., Sr. Sub. Notes,
B3	17	11.875%, 11/1/08	17,723
		Ahold Finance USA, Inc., Sr. Notes,
Ba3	25	8.25%, 7/15/10	28,563
		B & G Foods Holdings Corp., Sr. Notes,
B2	50	8.00%, 10/1/11	52,750

		Carrols Corp., Sr. Sub. Notes,
B3	115	9.50%, 12/1/08	118,594
		Del Monte Corp., Sr. Sub. Notes,
B2	175	8.625%, 12/15/12	197,312
		Delhaize America Inc., Gtd. Notes,
Ba1	145	8.125%, 4/15/11	167,058
		Dole Foods Co., Sr. Notes,
B2	50	8.625%, 5/1/09	55,375
B2	155	8.875%, 3/15/11	171,662
		Pathmark Stores, Gtd. Notes,
B3	75	8.75%, 2/1/12	68,250
		Smithfield Foods, Inc., Sr. Notes,
Ba2	100	8.00%, 10/15/09	111,000
			988,287
Gaming 0.4%
		Argosy Gaming, Inc., Sr. Notes,
B1	100	7.00%, 1/15/14	106,500
		Aztar Corp,
		Sr. Sub. Notes,
Ba3	150	9.00%, 8/15/11	168,000
Ba3	20	7.875%, 6/15/14	21,700
		Boyd Gaming Corp., Sr. Sub. Notes,
B1	80	8.75%, 4/15/12	90,400
		Isle of Capri Casinos, Inc., Sr. Sub. Notes,
B2	75	7.00%, 3/1/14	77,625
		MGM Mirage, Inc.,
		Gtd. Notes,
Ba2	145	9.75%, 6/1/07	163,125
		Sr. Notes,
Ba1	300	6.00%, 10/1/09	310,500
		Mohegan Tribal Gaming Authority, Sr. Notes,
Ba3	110	8.00%, 4/1/12	121,550
		Park Place Entertainment Corp., Sr. Notes,
Ba2	30	9.375%, 2/15/07	33,525
Ba2	125	7.875%, 3/15/10	143,281
Ba2	60	8.125%, 5/15/11	70,125
		Venetian Casino Resort LLC, Second Mtge. Bonds.,
B2	110	11.00%, 6/15/10	126,363
		Wynn Las Vegas LLC, Sr. Sub. Notes,
B3	117	12.00%, 11/1/10	146,250
			1,578,944
Health Care & Pharmaceutical 0.6%
		Alliance Imaging, Inc., Sr. Sub. Notes,
B3	120	10.375%, 4/15/11	132,600
		Concentra Operating Corp., Gtd. Notes,
B3	100	9.125%, 6/1/12(g)	110,500
		Coventry Health Care, Inc., Sr. Notes,
Ba1	50	8.125%, 2/15/12	54,000
		HCA, Inc., Debs.,
Ba1	125	7.50%, 12/15/23 - 11/15/95	119,407
Ba1	50	8.36%, 4/15/24	53,771
		HCA, Inc., Notes, M.T.N.,
Ba1	55	9.00%, 12/15/14	65,524
		HealthSouth Corp, Sr. Notes,
NR	50	6.875%, 6/15/05	50,250
NR	100	8.50%, 2/1/08	102,000
NR	50	7.625%, 6/1/12	48,500

			IASIS Healthcare Corp., Sr. Sub. Notes,
B3		70	8.75%, 6/15/14(g)	75,250
			Inverness Medical Innovations, Inc., Sr. Sub. Notes,
Caa1		55	8.75%, 2/15/12(g)	56,650
			Magellan Health Services, Sr. Notes,
B3		178	9.375%, 11/15/08	192,381
			Mariner Health Care, Inc. Sr. Sub. Notes,
B3		165	8.25%, 12/15/13(g)	187,275
			MedcoHealth Solutions, Sr. Notes,
Ba1		25	7.25%, 8/15/13	27,773
			Medical Device Manufacturing, Gtd. Notes,
Caa1		75	10.00%, 7/15/12(g)	80,250
			MedQuest, Inc., Sr. Sub. Notes,
B3		100	11.875%, 8/15/12	116,000
			NeighborCare, Inc., Sr. Sub. Notes,
Ba3		50	6.875%, 11/15/13	52,250
			Omega Healthcare Investors, Inc., Sr. Notes,
B1		25	7.00%, 4/1/14	25,625
			Res-Care, Inc., Sr. Notes,
B2		110	10.625%, 11/15/08	118,800
			Select Medical Corp., Sr. Sub. Notes,
B2		75	9.50%, 6/15/09	81,188
			Senior Housing Properties Trust, Sr. Notes,
Ba2		80	8.625%, 1/15/12	90,200
			Tenet Healthcare Corp., Sr. Notes,
B3		65	6.375%, 12/1/11	59,313
B3		95	6.50%, 6/1/12	86,213
			Vanguard Health Holding Co. LLC, Sr. Sub. Notes,
Caa1		75	9.00%, 10/1/14(g)	78,375
			Ventas Realty L.P., Gtd. Notes,
Ba3		121	8.75%, 5/1/09	136,730
Ba3		120	9.00%, 5/1/12	139,500
				2,340,325
Insurance 0.1%
			AIG SunAmerica, Sr. Sec’d. Notes,
NR	JPY	36,000	1.20%, 1/26/05	339,844
Lodging 0.3%
			FelCor Lodging L.P., Gtd. Notes,
B1	$	37	10.00%, 9/15/08	38,850
			FelCor Suites L.P., Gtd. Notes,
B1		75	7.625%, 10/1/07	79,688
			HMH Properties, Inc., Gtd. Notes, Ser. B,
Ba3		47	7.875%, 8/1/08	48,293
			Host Marriott L.P.,
			Gtd. Notes,
Ba3		50	9.25%, 10/1/07	56,250
			Sr. Notes,
Ba3		185	9.50%, 1/15/07	205,350
Ba3		75	7.00%, 8/15/12(g)	81,000
Ba3		45	7.125%, 11/1/13	48,600
			La Quinta Properties, Inc., Sr. Notes,
Ba3		125	8.875%, 3/15/11	141,250
			Royal Caribbean Cruises Ltd. (United Kingdom), Sr. Notes,
Ba2		125	8.00%, 5/15/10	143,125
			Starwood Hotels & Resorts Worldwide, Inc., Notes,
Ba1		70	7.875%, 5/1/12	82,075
Ba1		200	7.375%, 11/15/15	225,999
				1,150,480

Media & Entertainment 0.5%
		Advertising Direct Solutions, Sr. Notes,
Caa1	75	9.25%, 11/15/12(g)	78,281
		AMC Entertainment, Inc., Sr. Sub Notes,
B3	50	8.00%, 3/1/14(g)	48,000
		American Color Graphics, Inc., Sr. Notes,
Caa1	70	10.00%, 6/15/10	53,550
		American Media Operation, Inc., Sr. Notes,
B2	5	10.25%, 5/1/09	5,263
		CanWest Media, Inc. (Canada), Sr. Sub. Notes,
B2	75	10.625%, 5/15/11	84,750
		Dex Media East LLC, Sr. Sub. Notes,
B2	134	12.125%, 11/15/12	166,495
		Dex Media West LLC., Sr. Sub. Notes,
B2	147	9.875%, 8/15/13	173,827
		DirecTV Holdings LLC., Sr. Notes,
B1	110	8.375%, 3/15/13	125,400
		Echostar DBS Corp., Gtd. Notes,
Ba3	90	6.625%, 10/1/14(g)	92,025
		Echostar DBS Corp., Sr. Notes,
Ba3	131	9.125%, 1/15/09	146,065
		Entercom Radio LLC, Gtd. Notes,
Ba3	40	7.625%, 3/1/14	42,800
		Granite Broadcasting Corp., Gtd. Notes,
B3	50	9.75%, 12/1/10	46,125
		Gray Television, Inc., Gtd. Notes,
B2	100	9.25%, 12/15/11	112,625
		IntraWest Corp. (Canada), Sr. Notes,
B1	75	7.50%, 10/15/13(g)	80,250
		LCE Acquisition Corp., Sr. Sub. Notes,
B3	50	9.00%, 8/1/14(g)	52,375
		Marquee, Inc., Sr. Notes,
B2	75	8.625%, 8/15/12(g)	81,938
		Medianews Group, Inc., Sr. Sub. Notes,
B2	100	6.875%, 10/1/13	103,750
		Morris Publishing Group LLC., Gtd. Notes,
Ba3	40	7.00%, 8/1/13	40,800
		New Skies Satellites NV (Netherlands),
		Sr. Notes, F.R.N.
B3	25	7.44%, 11/1/11(f)(g)	25,313
		Sr. Sub. Notes (Netherlands),
Caa1	25	9.125%, 11/1/12(g)	25,563
		Quebecor Media, Inc. (Canada), Sr. Notes,
B2	150	11.125%, 7/15/11	173,625
		R.R. Donnelley Financial Corp., Sr. Sub. Notes,
B2	100	10.875%, 12/15/12(g)	122,250
		Six Flags, Inc., Sr. Notes,
B3	25	9.625%, 6/1/14	23,875
		Vail Resorts, Inc., Sr. Sub. Notes,
B2	70	6.75%, 2/15/14	71,925
		Vertis, Inc., Gtd. Notes,
B3	135	10.875%, 6/15/09	147,150
			2,124,020
Metals 0.3%
		AK Steel Corp., Sr. Notes,
B3	60	7.75%, 6/15/12	60,750
		Alcan, Inc. (Canada), Debs, F.R.N.
Baa1	300	2.10%, 12/8/04(f)	299,971

		Arch Westn Finance LLC, Sr. Notes,
Ba3	50	6.75%, 7/1/13(g)	53,125
		Century Aluminum Co., Gtd. Notes,
B1	75	7.50%, 8/15/14(g)	79,500
		CSN Islands VII Corp. (Cayman Islands), Gtd. Notes,
BB- (e)	105	10.75%, 9/12/08(g)	116,550
		IMCO Recycling Escrow, Inc., Sr. Notes,
NR	50	9.00%, 11/15/14(g)	50,000
		Ispat Inland Ulc., Series WI, Sr. Sec’d Notes,
B3	175	9.75%, 4/1/14	212,625
		Russel Metals, Inc. (Canada), Sr. Notes,
Ba3	75	6.375%, 3/1/14	75,000
		United States Steel LLC, Sr. Notes,
B1	125	10.75%, 8/1/08	148,125
			1,095,646
Non-Captive Finance 0.3%
		General Motors Acceptance Corp.
		Notes,
A3	350	7.50%, 7/15/05	361,586
		M.T.N.,
A3	100	5.25%, 5/16/05	101,510
A3	500	6.875%, 9/15/11	520,492
			983,588
Packaging 0.2%
		Anchor Glass Container Corp., Sr. Sec’d. Notes,
B2	150	11.00%, 2/15/13	167,250
		Berry Plastics, Sr. Sub. Notes,
B3	125	10.75%, 7/15/12	143,750
		Crown Euro Holdings S.A. (France), Sr. Sec’d. Notes,
B1	100	9.50%, 3/1/11	114,000
		Graham Packaging Co., Inc., Sr. Notes,
Caa1	50	8.50%, 10/15/12(g)	52,500
Caa2	50	9.875%, 10/15/14(g)	53,000
		Greif Brothers Corp., Sr. Sub. Notes,
B2	175	8.875%, 8/1/12	194,688
		Owens-Brockway Glass Containers, Sr. Sec’d. Notes,
B2	140	8.75%, 11/15/12	157,850
		Portola Packaging, Inc. Sr. Notes,
B2	110	8.25%, 2/1/12	86,350
			969,388
Paper 0.3%
		Abitibi-Consolidated Co. (Canada), Notes,
Ba3	150	5.25%, 6/20/08	147,563
		Boise Cascade LLC, Sr. Sub. Notes,
B2	60	7.125%, 10/15/14(g)	62,628
		Caraustar Industries, Inc., Gtd. Notes,
Caa1	50	9.875%, 4/1/11	54,250
		Cascades, Inc., Sr. Notes,
Ba1	70	7.25%, 2/15/13	75,600
		Cellu Tissue Holdings, Inc., Sr. Sec’d. Notes,
B2	100	9.75%, 3/15/10(g)	104,500
		Georgia-Pacific Corp., Sr. Notes,
Ba3	100	7.50%, 5/15/06	105,875
Ba3	45	8.125%, 5/15/11	52,538
Ba3	150	8.875%, 5/15/31	184,874
		Millar Western Forest, Inc., Sr. Notes,
B2	100	7.75%, 11/15/13	106,750

		Tembec Industries, Inc., Gtd. Notes,
Ba3	25	8.625%, 6/30/09	25,438
Ba3	50	8.50%, 2/1/11	51,125
Ba3	15	7.75%, 3/15/12	14,700
			985,841
Pipelines & Other 0.5%
		AmeriGas Partners, L.P., Sr. Notes,
B2	75	8.875%, 5/20/11	82,125
		El Paso Corp.,
		Sr. Notes,
Caa1	55	7.00%, 5/15/11	55,275
		M.T.N.,
Caa1	250	7.80%, 8/1/31	229,375
		EL Paso Production Holdings Co., Sr. Notes,
B3	275	7.75%, 6/1/13	286,687
		Ferrellgas Partners L.P., Sr. Notes,
B2	50	8.75%, 6/15/12	54,375
		MarkWest Energy Partners L.P., Sr. Notes,
B1	25	6.875%, 11/1/14(g)	25,500
		Pacific Energy Partners L.P., Sr. Notes,
Ba2	75	7.125%, 6/15/14(g)	81,375
		Petroleos Mexicanos (Mexico), Notes,
Baa1	250	9.25%, 3/30/18	303,749
		Plains All American Pipeline L.P., Gtd. Notes,
Baaa3	25	7.75%, 10/15/12	29,634
		Southern Natural Gas Inc., Notes,
B1	50	8.875%, 3/15/10	56,313
		Tennessee Gas Pipeline Co., Debs.,
B1	155	7.00%, 3/15/27 - 10/15/28	158,763
B1	155	7.625%, 4/1/37	157,131
		TransMontaigne, Inc., Sr. Sub. Notes,
B3	55	9.125%, 6/1/10	61,188
		Williams Companies., Inc. (The), Sr. Notes,
B3	175	7.125%, 9/1/11	196,000
B3	95	8.125%, 3/15/12	111,625
			1,889,115
Retailers 0.3%
		Asbury Automotive Group, Inc., Sr. Sub. Notes,
B3	50	8.00%, 3/15/14(g)	48,750
		AutoNation, Inc., Sr. Notes,
Ba2	25	9.00%, 8/1/08	28,750
		Finlay Fine Jewelry, Corp., Sr. Notes,
B1	100	8.375%, 6/1/12	109,250
		Group 1 Automotive, Inc., Sr. Sub. Notes,
B1	100	8.25%, 8/15/13	105,750
		J.C. Penney Co., Inc., Notes,
Ba2	25	6.875%, 10/15/15	26,938
		Debs.,
Ba2	25	7.65%, 8/15/16	28,375
Ba2	260	7.40%, 4/1/37	277,549
		Jean Coutu Group, Inc. (The), Sr. Sub. Notes,
B3	90	8.50%, 8/1/14(g)	91,800
		Lazydays RV Center, Inc., Sr. Notes,
B3	170	11.75%, 5/15/12(g)	179,350
		Pantry, Inc. (The) (Canada), Sr. Sub. Notes,
B3	50	7.75%, 2/15/14	52,250

		Saks, Inc., Notes,
Ba3	125	7.375%, 2/15/19	123,750
		Sonic Automotive, Inc., Sr. Sub. Notes,
B2	35	8.625%, 8/15/13	37,013
		Toys “R” US, Inc., Sr. Notes,
Ba2	25	7.875%, 4/15/13	25,063
			1,134,588
Technology 0.2%
		Fairchild Semiconductor International, Inc., Gtd. Notes,
B2	140	10.50%, 2/1/09	149,799
		Iron Mountain, Inc., Sr. Sub. Notes,
B3	75	8.625%, 4/1/13	81,188
		Lucent Technologies, Inc., Notes,
B2	30	5.50%, 11/15/08	30,750
		Nortel Networks Corp. (Canada), Notes,
B3	25	6.125%, 2/15/06	25,563
		ON Semiconductor Corp., Sr. Notes,
Caa1	44	13.00%, 5/15/08	49,720
		Sanmina-SCI Corp., Sr. Sec’d. Notes,
Ba2	115	10.375%, 1/15/10	134,838
		UGS Corp., Sr. Sub. Notes,
B3	100	10.00%, 6/1/12(g)	112,000
		Unisys Corp., Sr. Notes,
Ba1	100	8.125%, 6/1/06	106,250
		Xerox Corp., Sr. Notes,
Ba2	100	6.875%, 8/15/11	106,750
Ba2	125	7.625%, 6/15/13	137,500
			934,358
Telecommunications 0.9%
		Alamosa Delaware, Inc.,
		Gtd. Notes,
Caa1	100	11.00%, 7/31/10	117,000
Caa1	125	8.50%, 1/31/12	132,500
		AT&T Corp., Sr. Notes,
Ba1	181	8.05%, 11/15/11	207,470
Ba1	15	8.75%, 11/15/31	17,363
		Centennial Communications Corp., Sr. Notes,
Caa1	125	8.625%, 2/1/14(g)	126,250
		Cinncinati Bell, Inc., Sr. Notes,
B3	50	8.375%, 1/15/14	47,750
		Citizens Communications Co., Notes,
Ba3	30	9.25%, 5/15/11	34,500
		Crown Castle International Corp., Sr. Notes,
B3	100	9.375%, 8/1/11	113,500
B3	75	7.50%, 12/1/13	80,250
		Dobson Cellular Systems, F.R.N.
B2	25	11/1/11(f)(g)	25,688
		Eircom Funding PLC (Ireland), Sr. Notes,
B1	55	8.25%, 8/15/13	61,188
		MCI, Inc., Sr. Notes,
NR	72	5.908%, 5/1/07	71,820
NR	122	6.688%, 5/1/09	120,323
NR	12	7.735%, 5/1/14	11,565
		Nextel Communications, Inc., Sr. Notes,
Ba3	250	7.375%, 8/1/15	277,499
		Qwest Capital Funding, Inc., Gtd. Notes,
Caa2	100	7.25%, 2/15/11	93,250

		Qwest Corp
Ba3	225	7.875%, 9/1/11(g)	239,624
		Qwest Services Corp., Notes,
Caa1	236	14.00%, 12/15/10	280,249
		Rogers Wireless Communications, Inc. (Canada), Sr. Sec’d. Notes,
Ba3	65	9.625%, 5/1/11	73,775
		SBA Communications Corp., Sr. Disc. Notes, Zero Coupon (until 12/15/07),
Caa1	150	9.75%, 12/15/11	126,375
		SBC Communications, Inc., Notes,
A2	600	4.206%, 6/5/21	606,095
		Tritel PCS, Inc., Sr. Sub. Notes,
Baa2	148	10.375%, 1/15/11	168,067
		UbiquiTel Operating Co., Sr. Notes,
Caa1	50	9.875%, 3/1/11(g)	54,126
		U.S. Unwired, Inc., Series B, Sr. Sec’d Notes, F.R.N.
B2	25	6.13%, 6/15/10(f)	25,688
		Verizon Wireless Capital LLC, Notes, F.R.N.
A3	200	1.81%, 5/23/05(f)	199,935
			3,311,850
Tobacco 0.1%
		DIMON, Inc., Sr. Notes,
B1	50	9.625%, 10/15/11	53,375
		North Atlantic Trading Co., Sr. Notes,
B2	100	9.25%, 3/1/12	97,000
		Standard Commercial Corp., Sr. Notes,
Ba3	125	8.00%, 4/15/12	128,750
			279,125
Utilities 0.5%
		Entergy Gulf States, First Mtge. Bonds, F.R.N.
Baa3	200	2.81%, 6/18/07(f)	200,711
		Homer City Funding LLC, Gtd. Notes,
Ba2	49	8.137%, 10/1/19	54,880
		Midwest Generation LLC, Notes,
B1	30	8.30%, 7/2/09	32,325
B1	15	8.56%, 1/2/16	16,500
B1	75	8.75%, 5/1/34	84,938
		Mission Energy Holdings Co., Sr. Sec’d. Notes,
B3	30	13.50%, 7/15/08	38,025
		Nevada Power Co., Notes,
Ba2	10	10.875%, 10/15/09	11,750
		Nevada Power, Ref. Mtge. Bonds,
Ba2	80	6.50%, 4/15/12	83,200
		NoteCo Ltd., Notes,
NR	11	6.18%, 6/30/25	19,450
		NRG Energy, Inc., Sr. Sec’d Notes,
B2	160	8.00%, 12/15/13(g)	176,200
		Orion Power Holdings, Inc., Sr. Notes,
B2	115	12.00%, 5/1/10	144,900
		Pacific Gas & Electric Co., First Mtge. Bonds, F.R.N.
Baa2	73	2.72%, 4/3/06(f)	73,090
		PPL Capital Funding Trust I, Gtd. Notes,
Ba1	300	7.29%, 5/18/06	316,127
		PP&L Capital Funding, Inc., M.T.N.,
Baa3	200	7.75%, 4/15/05	204,211
		Reliant Resources, Inc., Sr. Sec’d. Notes,
B1	135	9.50%, 7/15/13	151,875
		Sierra Pacific Resources, Sr. Notes,
B2	60	8.625%, 3/15/14	68,100

			TECO Energy, Inc., Sr. Notes,
Ba2		100	7.50%, 6/15/10	110,000
			TNP Enterprises, Inc., Sr. Sub. Notes,
B2		40	10.25%, 4/1/10	43,000
			TXU Energy Co. LLC, F.R.N.
Baa2		200	2.84%, 1/17/06(f)	200,432
				2,029,714
			Total corporate bonds (cost $31,444,861)	33,233,306
CONVERTIBLE BONDS
Capital Goods
			Tyco International Group S.A. (Luxembourg), Gtd. Notes,
Ba3		50	3.125%, 1/15/23(g)	75,063
Technology
			Nortel Networks Corp. (Canada), Sr. Notes,
B3		40	4.25%, 9/1/08	38,450
			Total convertible bonds (cost $81,887)	113,513
FOREIGN GOVERNMENT SECURITIES 2.4%
			Brazilian Government Bonds,
B2		70	10.00%, 8/7/11(d)	76,650
B2		350	11.00%, 1/11/12(d)	399,000
B2		501	8.00%, 4/15/14 BRB(d)	496,647
B2		60	8.25%, 1/20/34	54,060
			Colombia Government Bonds,
Ba2		75	10.00%, 1/23/12	83,625
			German Government Bonds,
Aaa	EUR	900	3.75%, 1/4/09(d)	1,179,113
Aaa		500	4.00%, 7/4/09(d)	659,813
Aaa		250	4.50%, 1/4/13(d)	335,360
Aaa		600	6.50%, 7/4/27(d)	976,257
			Italian Government Bonds,
Aa2	JPY	26,000	5.00%, 12/15/04(d)	246,217
			Mexican Government Bonds,
Baa2	$	275	5.875%, 1/15/14(d)	281,463
			Panamanian Government Bonds,
Ba1		200	9.625%, 2/8/11(d)	228,500
			Russian Government Bonds,
Baa3		1,550	5.00%, 3/31/30(d)	1,550,000
			United Kingdom Treasury Bonds,
Aaa	GBP	1,300	5.00%, 9/7/14(d)	2,430,820
			Total foreign government securities (cost $8,509,684)	8,997,525
Municipal Bonds 0.9%
			Florida State Board of Education,
Aa2	$	400	5.00%, 6/1/32(d)	411,580
			Georgia State Thruway Authority Revenue,
Aaa		200	5.00%, 3/1/21(d)	212,856
			Golden State Tobacco Settlement Revenue, Ser. 2003-A-1,
Baa2		250	6.25%, 6/1/33(d)	238,485
			Massachusetts St. Wtr. Res. Auth., Ser. J,
Aaa		250	5.00%, 8/1/32(d)	255,960

		Salt River Project, Ser. B,
Aa2	500	4.75%, 1/1/32(d)	502,325
		San Antonio Texas Water Rev.,
Aaa	400	5.00%, 5/15/25(d)	414,740
		South Carolina St. Hwy., Ser. B,
Aaa	200	5.00%, 4/1/17(d)	216,878
		South Central Connecticut Regional Water Authority,
Aaa	600	5.00%, 8/1/26(d)	627,972
		Tobacco Settlement Financing Corp., New Jersey,
Baa3	250	6.375%, 6/1/32	236,220
Baa3	300	6.00%, 6/1/37	265,119
		Total municipal bonds (cost $3,274,766)	3,382,135
U.S. GOVERNMENT AGENCY AND AGENCY SECURITIES 11.6%
		Federal Home Loan Mortgage Corp.,
		Ser. 119, Class H,
	102	7.50%, 1/15/21(d)	101,645
		Ser. 2266, Class F, F.R.N.
	20	2.32%, 11/15/30(d)(f)	19,807
		Ser. 2535, Class DT,
	911	6.00%, 8/1/06 - 9/1/22(d)	953,305
	201	5.00%, 9/15/16(d)	206,201
		Federal National Mortgage Association,
	388	5.936%, 11/1/11(d)	422,899
	7,018	5.50%, 7/1/14 - 11/1/33(d)	7,155,879
	92	6.00%, 3/1/17(d)	96,597
	174	5.00%, 2/1/19, TBA	177,854
	828	4.50%, 8/1/33(d)	804,868
	3,700	4.50%, 11/15/33, TBA	3,591,312
	5,500	5.00%, 11/1/34, TBA	5,479,374
	500	6.50%, 11/1/34, TBA	525,625
	30	2.3388%, 10/18/30, F.R.N. (d)(f)	30,535
	258	5.052%, 9/1/34, F.R.N. (d)(f)	260,899
	158	4.099%, 5/1/36, F.R.N. (d)(f)	162,205
		Ser. 1998-73, Class MZ,
	707	6.30%, 10/17/38(d)	755,301
		Government National Mortgage Association,
	15	4.75%, 9/20/22, F.R.N. (d)(f)	15,558
	28	4.625%, 10/20/27, F.R.N. (d)(f)	28,924
	47	4.00%, 11/20/29, F.R.N. (d)(f)	47,424
	27	8.50%, 5/20/30 - 4/20/31(d)	29,421
	197	5.50%, 1/15/32(d)	201,962
	80	4.50%, 8/15/33(d)	78,068
		Ser. 2000-9, Class FH,
	75	2.389%, 2/16/30, F.R.N. (d)(f)	75,946
		United States Inflation Index Bonds,
	478	3.375%, 1/15/07(d)	512,583
	3,635	3.625%, 1/15/08(d)	4,009,842
	1,333	2.00%, 1/15/14(d)	1,381,717
		United States Treasury Notes,
	3,000	1.625%, 4/30/05(d)	2,992,968
	1,100	5.00%, 2/15/11(d)	1,187,828
	9,400	4.88%, 2/15/12(d)	10,073,792
	1,225	7.50%, 11/15/16(d)	1,586,518
		United States Treasury Strips, P/O,
	1,550	11/15/16 - 2/15/22	697,122
		Total U.S. government and agency securities (cost $43,201,983)	43,663,979

WARRANTS(a)
	Units
		GenTek, Inc.,
	333	Class B, expires 10/31/08	1,582
	162	Class C, expires 10/31/10	721
	1,525	McLeod USA, Inc., expires 4/16/07	118
		Total warrants (cost $0)	2,421
		Total long-term investments (cost $287,918,850)	329,885,252
	Principal Amount (000)
SHORT-TERM INVESTMENT 16.4%
Commercial Paper 11.2%
		ABN AMRO, Inc.,
P-1	300	1.945%, 1/31/05(c)(d)	298,443
		ANZ (Delaware) Inc.,
P-1	1,200	1.86%, 12/8/04(c)(d)	1,197,706
P-1	100	1.845%, 12/17/04(c)(d)	99,758
		ANZ (Delaware), Inc.,
P-1	100	1.615%, 11/2/04(c)(d)	99,996
P-1	300	1.635%, 11/18/04(c)(d)	299,746
		ASB Bank Ltd,
P-1	600	2.04%, 2/14/05(c)(d)	596,364
		Bank of Ireland,
P-1	1,700	1.785%, 12/8/04(c)(d)	1,696,823
		Barclays U.S. Funding Corp.,
P-1	2,500	1.80%, 12/8/04(c)(d)	2,495,406
		CBA Finance, Inc.
P-1	2,100	1.635%, 11/16/04(c)(d)	2,098,358
P-1	100	1.85%, 12/15/04(c)(d)	99,777
		CDC Corp.,
P-1	1,200	1.64%, 11/17/04(c)(d)	1,199,057
P-1	1,600	2.10%, 2/23/05(c)(d)	1,589,392
		Danske Corp.,
P-1	800	1.645%, 11/19/04(c)(d)	799,272
P-1	900	1.79%, 12/20/04(c)(d)	897,669
P-1	100	1.845%, 12/21/04(c)(d)	99,732
P-1	1,000	2.035%, 2/14/05(c)(d)	993,940
		Dexia Delaware LLC,
P-1	300	1.83%, 12/20/04(c)(d)	299,223
P-1	100	1.855%, 12/23/04(c)(d)	99,704
P-1	1,600	2.06%, 1/26/05(c)(d)	1,592,126
		DNB Bank ASA,
P-1	500	1.73%, 12/2/04(c)(d)	499,208
P-1	1,500	1.81%, 12/20/04(c)(d)	1,496,053
P-1	200	1.84%, 12/23/04(c)(d)	199,439
P-1	600	1.85%, 12/27/04(c)(d)	598,133
		EI DU Pont Nemours,
P-1	2,200	1.88%, 12/20/04(c)(d)	2,194,302
		Ford Motor Credit Co.,
P-1	300	2.52%, 4/7/05(c)(d)	296,763
		Fortis Funding LLC,
P-1	1,400	2.00%, 1/21/05(c)(d)	1,393,588
		General Electric Capital Corp,
P-1	400	1.80%, 12/15/04(c)(d)	399,106

P-1	900	1.80%, 12/16/04(c)(d)	897,903
P-1	500	2.04%, 2/4/05(c)(d)	497,280
		General Motors Acceptance Corp.,
P-1	100	2.362%, 3/21/05(c)(d)	99,081
P-1	550	2.495%, 4/5/05(c)(d)	544,155
		HBOS Treasury Services PLC (United Kingdom),
P-1	100	1.625%, 11/2/04(c)(d)	99,995
P-1	1,000	1.575%, 11/9/04(c)(d)	999,584
P-1	300	1.61%, 11/10/04(c)(d)	299,872
P-1	200	1.82%, 12/14/04(c)(d)	199,544
P-1	100	1.85%, 12/20/04(c)(d)	99,741
		ING US Funding LLC,
P-1	800	1.59%, 11/8/04(c)(d)	799,753
P-1	300	1.81%, 11/12/04(c)(d)	299,834
P-1	300	1.79%, 12/10/04(c)(d)	299,396
P-1	500	1.82%, 12/16/04(c)(d)	498,838
		Nordea North America, Inc.,
P-1	300	1.91%, 1/18/05(c)(d)	298,662
P-1	200	1.865%, 12/21/04(c)(d)	199,455
P-1	500	1.97%, 2/1/05(c)(d)	497,335
		Royal Bank of Scotland PLC (The) (United Kingdom),
P-1	300	1.63%, 11/3/04(c)(d)	299,973
		Spintab AB (Sweden),
P-1	300	1.71%, 12/3/04(c)(d)	299,544
		Stadshypotek (Delaware) LLC,
P-1	1,500	1.585%, 11/8/04(c)(d)	1,499,538
P-1	500	1.82%, 12/14/04(c)(d)	498,842
		Svenska Handelsbank PLC,
P-1	1,500	1.61%, 11/10/04(c)(d)	1,499,396
		Swedish National Housing,
P-1	2,500	1.625%, 11/10/04(c)(d)	2,498,983
		UBS Finance (Delaware) LLC,
P-1	1,000	1.575%, 11/9/04(c)(d)	999,650
P-1	600	1.785%, 12/14/04(c)(d)	598,632
P-1	1,100	1.85%, 12/21/04(c)(d)	1,097,048
P-1	100	2.03%, 2/22/05(c)(d)	99,343
		Unicredit (Delaware), Inc.,
P-1	700	1.985%, 1/31/05(c)(d)	696,346
		Westpac Capital Corp.,
P-1	1,700	1.65%, 12/6/04(c)(d)	1,697,273
		Westpac Trust Ltd. (Australia),
P-1	400	1.68%, 11/26/04(c)(d)	399,487
		Total commercial paper (cost $42,446,036)	42,443,567
U.S. Government and Agency Securities 1.5%
		United States Treasury Bonds,
	460	1.59%, 12/2/04	459,373
	730	1.64%, 12/16/04	728,565
		United States Treasury Notes,
	800	2.50%, 9/30/06	799,344
	3,500	4.00%, 2/15/14	3,500,137
		Total U.S. government and agency securities (cost $5,455,554)	5,487,419

Mutual Fund 3.7%
	Shares
	14,061,440	Dryden Core Investment Fund - Taxable Money Market Series (cost $14,061,440)	14,061,440
		Total short-term investment (cost $61,963,030)	61,992,426
OUTSTANDING OPTIONS PURCHASED
	Contracts
Call Options
	35	United States Treasury Notes, 10 yr. Futures, 11/26/2004 @114	36,094
Put Options
	140	Euribor Futures, expiring 11/23/04 @ 105.50	1,780
	5	Euro Futures, expiring 12/13/04 @ 94.50	80
	20	Euro Futures, expiring 9/19/05 @ 93.75	125
			1,985
SWAP OPTIONS
Call Options
	Notional Amount (000)
	600	Swap Option 3 Month LIBOR, expiring 4/27/09 @ 5.75%	54,362
Put Options
	600	Swap Option 3 Month LIBOR, expiring 4/27/09 @ 6.25%	33,956
		Total outstanding options purchased (cost $111,981)	126,397
		Total Investments, Before Outstanding Options Written and Securities Sold Short 103.8% (cost $349,993,861)	392,004,075
OUTSTANDING OPTIONS WRITTEN
	Contracts
	98	United States Treasury Notes, expiring 11/26/04 @ 115	(22,969	)
	46	United States Treasury Notes, expiring 11/26/04 @ 114	(25,875	)
			(48,844	)
Put Options
	5	90 Day LIBOR, expiring 12/21/05 @ 94.25	(573	)
	61	United States Treasury Notes, expiring 11/26/04 @ 109	(1,906	)
	37	United States Treasury Notes, expiring 11/26/04 @ 108	(578	)
			(3,057	)
SWAP OPTIONS
Call Options
	Notional Amount (000)
	1,700	Swap Option 3 month LIBOR, expiring 7/03/06 @ 4.0%	(23,740	)
	5,900	Swap Option 3 Month LIBOR, expiring, 9/23/05 @ 4.0%	(73,520	)
			(97,260	)

Put Options
	1,700	Swap Option 3 month LIBOR, expiring 7/03/06 @ 6.0%		(20,323	)
	3,300	Swap Option 3 Month LIBOR, expiring 9/23/05 @ 7.0%		(2,977	)
				(23,300	)
		Total outstanding options written (premium received $361,938)		(172,461	)
	Principal Amount (000)
SECURITIES SOLD SHORT (2.3)%
		United States Treasury Notes,
	500	4.375%, 5/15/07		(520,410	)
	7,600	4.385%, 2/15/12		(8,144,768	)
		Total securities sold short (proceeds $8,670,304)		(8,665,178	)
		Total Investments 101.5% (cost $340,961,619)(h)		383,166,436
		Variation Margin on Open Futures Contracts, net(i)		24,557
		Unrealized Depreciation on Forward Currency Contracts, net(j)		(7,347	)
		Unrealized Appreciation on interest rate swap agreements, net(k)		42,258
		Unrealized Depreciation on credit default swap agreements, net(l)		(2,012	)
		Liabilities in excess of other assets (1.5%)		(5,652,227	)
		Net Assets 100%	$	377,571,665

ADR- American Depository Receipt.

BRB- Brady Bond.

EUR- Euro.

F.R.N.- Floating Rate Note.

GBP- Great British Pounds.

JPY- Japanese Yen.

M.T.N.- Medium Term Note.

NR-Not Rated by Moody’s or Standard & Poor’s.

P/O-Principal Only Securities.

TBA- To Be Announced Securities. Such securities are purchased on a forward commitment basis.

The Fund’s current Prospectus contains a description of Moody’s and Standard & Poor’s ratings.

(a) Non-income producing security.

(b) Represents issuer in default on interest payments, non-income producing security.

(c) Percentage quoted represents yield-to-maturity as of purchase date.

(d) Portion of security segregated as collateral for financial futures contracts.

(e) Standard & Poor’s rating.

(f) Rate shown reflects current rate on variable rate instruments.

(g) Securities were 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.

(h) The United States federal income tax basis of the Fund’s investments was $341,117,556; accordingly, net unrealized appreciation on investments for federal income tax purposes was $42,048,880 (gross unrealized appreciation $46,845,515; gross unrealized depreciation $4,796,635). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

(i) The Open futures contracts at October 31, 2004 were as follows:

Number of Contracts	Type	Expiration Date	Value at October 31, 2004		Value at Trade Date		Unrealized Appreciation (Depreciation)
	Long Positions:
121	10 Yr. US T-Notes	Dec. 2004	$	13,741,062	$	13,419,172	$	321,890
74	Euro-BOBL	Dec. 2004		10,573,809		10,455,845		117,964
36	10 Yr. US T-Note	Mar. 2005		4,066,313		4,062,938		3,375
34	90 Day Euro	Jun. 2005		8,270,075		8,263,700		6,375
32	Euro-BOBL	Dec. 2004		4,760,111		4,766,027		(5,916	)
25	90 Day Euro	Dec. 2005		6,057,188		6,003,063		54,125
21	90 Day Euro	Sept. 2005		5,098,800		5,093,500		5,300
5	90 Day Euro	Dec. 2004		1,220,937		1,221,250		(313	)
5	90 Day GBP LIBOR	Dec. 2005		1,089,303		1,085,383		3,920
3	90 Day GBP LIBOR	Mar. 2005		653,169		660,828		(7,659	)
							$	499,061
	Short Positions:
27	US T-Bond	Dec. 2004		3,073,781		3,073,555	$	(226	)
129	5 Yr US T-Note	Dec. 2004		14,367,375		14,296,187		(71,188	)
							$	(71,414	)

(j) Outstanding forward foreign currency contracts as of October 31, 2004 were as follows:

Purchase Contracts

Description	Value at Settlement Date Payable		Value at October 31, 2004		Unrealized Appreciation
Euros, 129,000
expiring 12/09/04	$	161,437	$	164,094	$	2,657
Sales Contracts
Description	Value at Settlement Date Receivable		Value at October 31, 2004		Unrealized Depreciation
Euros, 657,000
expiring 12/09/04	$	827,008	$	835,736	$	(8,728	)
Euros, 154,690
expiring 11/01/04		195,497		196,773		(1,276	)
	$	1,022,505	$	1,032,509	$	(10,004	)

(k) The Fund entered into interest rate swap agreements outstanding as of October 31, 2004. Details of the swap agreements as of October 31, 2004 were as follows:

Counterparty	Termination Date	Notional Amount (000)		Fixed Rate		Floating Rate	Unrealized Appreciation (Depreciation)
JPMorgan (1)	3/15/32	EUR	1,100	6.00	%	6 month LIBOR	$	11,848
JPMorgan (1)	3/15/07		400	4.00	%	6 month LIBOR		3,808
Merrill Lynch & Co., Inc. (1)	3/15/07		100	4.00	%	6 month LIBOR		1,765
Goldman, Sachs Group, Inc. (1)	12/21/07		800	4.00	%	6 month LIBOR		5,696
Barclay’s Capital PLC (1)	3/15/07		100	4.00	%	6 month LIBOR		1,542
Barclay’s Capital PLC (1)	12/21/07		800	4.00	%	6 month LIBOR		8,147
JPMorgan (1)	6/17/10		300	4.00	%	6 month LIBOR		5,425
UBS Warburg LLC (1)	6/17/10		600	4.00	%	6 month LIBOR		10,850
UBS Warburg LLC (2)	12/15/14		3,100	5.00	%	6 month LIBOR		(220,688	)
Barclay’s Capital PLC (2)	12/18/34	GBP	300	5.00	%	6 month LIBOR		(3,899	)
JPMorgan (1)	6/18/34	EUR	800	6.00	%	6 month LIBOR		22,434
Merrill Lynch & Co., Inc. (1)	12/15/09	$	400	4.00	%	3 month LIBOR		(4,180	)
UBS Warburg LLC (2)	6/18/34	GBP	300	5.00	%	6 month LIBOR		(3,420	)
Barclay’s Capital PLC (2)	3/15/32		900	5.00	%	6 month LIBOR		(3,072	)
Bank of America Securities LLC (1)	12/15/06	$	19,800	4.00	%	3 month LIBOR		(15,774	)
Goldman, Sachs Group, Inc. (1)	12/15/09		2,700	4.00	%	3 month LIBOR		86,137
Goldman, Sachs Group, Inc. (1)	12/15/14		4,400	5.00	%	3 month LIBOR		16,062
UBS Warburg LLC (2)	12/16/14		3,300	5.00	%	3 month LIBOR		5,829
UBS Warburg LLC (1)	12/16/19		4,100	6.00	%	3 month LIBOR		(3,163	)
UBS Warburg LLC (1)	12/15/09		1,200	4.00	%	3 month LIBOR		33,165
Bank of America Securities LLC (1)	12/15/09		1,700	4.00	%	3 month LIBOR		83,746
							$	42,258

(1) Portfolio pays the floating rate and receives the fixed rate.

(2) Portfolio pays the fixed rate and receives the floating rate.

(l) Outstanding credit default swap agreements as of October 31, 2004 were as follows:

Counterparty	Termination Date	Notional Amount (000)		Fixed Rate		Underlying Bond	Unrealized Appreciation (Depreciation)
Morgan Stanley (1)	12/20/08	$	200	0.26	%	Allstate Corp., 6.125%, 2/15/12	$	(660	)
UBS Warburg LLC (1)	12/20/08		200	0.35	%	AutoZone, Inc., 5.875%, 10/15/12		3,919
Bank of America Securities LLC (1)	12/20/08		300	0.13	%	E.I. DuPont, 6.875%, 10/15/09		(65	)
Citigroup, Inc. (1)	12/20/08		100	0.28	%	Eaton Corp., 5.75%, 7/15/12		(475	)
Barclay’s Bank PLC (1)	12/20/08		200	0.16	%	Eli Lilly & Co., Inc., 6.00%, 3/15/12		302
Morgan Stanley (1)	12/20/08		300	0.21	%	Emerson Electric Co,. 6.48%, 10/15/12		(91	)
Citigroup, Inc. (1)	12/20/08		100	0.29	%	FedEx Corp., 7.25%, 2/15/11		72
Bear Stearns & Co, Inc. (2)	6/20/05		1,700	0.55	%	General Motors Corp. 6.875%, 8/28/12		4,615
Bear Stearns & Co, Inc. (2)	6/20/05		1,700	0.69	%	General Motors Corp. 7.125%, 7/15/13		(2,528	)
Lehman Brothers, Inc. (1)	12/20/08		100	0.97	%	Goodrich Corp., 7.625%, 12/15/12		(2,125	)
Bear Stearns & Co, Inc. (1)	12/20/08		100	0.32	%	Hewlett Packard Co., 6.50%, 7/1/12		(247	)
Lehman Brothers, Inc. (1)	12/20/08		100	0.12	%	Home Depot, Inc., 5.375%, 4/1/06		(58	)
Merrill Lynch & Co, Inc. (1)	12/20/08		100	0.32	%	Ingersoll-Rand Co., 6.48%, 6/1/25		(293	)
Lehman Brothers, Inc. (1)	12/20/08		100	0.11	%	Johnson & Johnson, 3.80%, 5/15/13		(65	)
Lehman Brothers, Inc. (1)	12/20/08		100	0.53	%	Lockheed Martin Corp., 8.20%, 12/1/09		(941	)
Lehman Brothers, Inc. (1)	12/20/08		100	0.35	%	Masco Corp., 5.875%, 7/15/12		(77	)
Lehman Brothers, Inc. (1)	12/20/08		100	0.48	%	Northrop Gruman Corp., 7.125%, 2/15/11		(727	)
Lehman Brothers, Inc. (1)	12/20/08		100	0.35	%	Radioshack Corp., 7.375%, 5/15/11		(6	)
Lehman Brothers, Inc. (1)	6/20/09		500	0.40	%	People’s Republic of China, 6.80%, 5/23/11		(2,419	)
Barclay’s Bank PLC (1)	12/20/08		100	0.67	%	Walt Disney Co., (The), 6.375%, 3/1/12		(1,404	)
Citigroup, Inc. (1)	12/20/08		300	0.14	%	Wal-Mart Stores, Inc., 6.875%, 8/10/09		157
Lehman Brothers, Inc. (1)	12/20/08		100	0.29	%	Whirlpool Corp., 8.60%, 5/1/10		1,104
							$	(2,012	)

(1) Portfolio pays the fixed rate and receives the floating rate.

(2) Portfolio pays the floating rate and receives the fixed rate.

Notes to Schedules of Investments (Unaudited)

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 if an asked price. Securities traded via Nasdaq are valued at the Nasdaq official closing price (“NOCP”) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI or Manager”), in consultation with the subadvisers; to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker.

Corporate bonds (other than convertible debt securities) and U.S. government securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by an Adviser in consultation with the Manager to be over-the-counter, are valued by an independent pricing agent or more than one principal market maker (if available, otherwise by a principal market maker or a primary market dealer). Convertible debt securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by an Adviser in consultation with the Manager to be over-the-counter, are valued by an independent pricing agent or at the mean between the last reported bid and asked prices (or at the last bid price in the absence of an asked price) provided by more than one principal market maker (if available, otherwise by a principal market maker or a primary market dealer).

Municipal securities (including commitments to purchase such securities on a “when-issued” basis) are valued as of the close of trading on the New York Stock Exchange, on the basis of prices provided by a pricing service which uses information with respect to transactions in comparable securities and various relationships between securities in determining values.

Options on securities and indices traded on an exchange are valued on their last sales price as of the close of trading on the applicable exchange or, if there was no sale, at the mean between the most recently quoted bid and asked prices on such exchange.

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.

Securities for which market quotations are not readily available, or whose values have been effected 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 Trustees’ 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 values. Market values of investments traded in a foreign currency are translated into U.S. dollars at the current rates of exchange.

Forward currency contracts are valued daily at current exchange rates.

Swaps are valued by “marking-to-market” the unrealized gains or loses daily.

Investments in mutual funds are valued at the net asset value as of the close of the New York Stock Exchange on the date of valuation.

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 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 quotations.

Certain Funds invest in the Taxable Money Market Series (the “Series”), a portfolio of Dryden Core Investment Fund, pursuant to an exemptive order received from the Securities and Exchange Commission. The Series is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by Pl.

Other information regarding Funds is available in the Funds’ most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

Item 2. 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 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – 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 Asset Allocation Funds

By (Signature and Title)*	/s/    DEBORAH A. DOCS
	Deborah A. Docs Secretary of the Fund

Date December 21, 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 December 21, 2004

By (Signature and Title)*	/s/    GRACE C. TORRES
	Grace C. Torres Treasurer and Principal Financial Officer

Date December 21, 2004

* Print the name and title of each signing officer under his or her signature.