N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-3264

Dryden Government Securities Trust

(Exact name of registrant as specified in charter)

Gateway Center 3, 100 Mulberry Street, Newark, New Jersey	07102
(Address of principal executive offices)	(Zip code)

Marguerite E. H. Morrison

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

(Name and address of agent for service)

Registrant’s telephone number, including area code: 973-367-7525

Date of fiscal year end: 11/30/03

Date of reporting period: 11/30/03

Item 1 – Reports to Stockholders – [ INSERT REPORT ]

Dryden Government Securities Trust/

Money Market Series &

U.S. Treasury Money Market Series

Formerly known as Prudential Government Securities Trust

NOVEMBER 30, 2003 ANNUAL REPORT

FUND TYPE

Money market

OBJECTIVES

Money Market Series: High current income, preservation of capital, and maintenance of liquidity.

U.S. Treasury Money Market Series: High current income consistent with the preservation of principal and liquidity.

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

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

JennisonDryden is a service mark of The Prudential Insurance Company of America.

Dear Shareholder,

January 14, 2004

As you may know, the mutual fund industry recently has been the subject of much media attention. There has been press coverage of Prudential, and recently, administrative complaints were filed against Prudential Securities* and several of its former brokers and branch managers in Massachusetts. As president of your Trust, I’d like to provide you with an update on the issues as they pertain to JennisonDryden mutual funds.

Regulators and government authorities have requested information regarding trading practices from many mutual fund companies across the nation. Our fund family has been cooperating with inquiries it has received, and at the same time, Prudential Financial, Inc. has been conducting its own internal review. This review encompasses the policies, systems, and procedures of our fund family, Prudential Financial’s investment units and its proprietary distribution channels, including the former Prudential Securities. The review also includes mutual fund trading activity by investment professionals who manage our funds.

Market timing

Prudential Investments LLC, the Trust’s investment manager, has actively discouraged disruptive market timing, and for years our mutual fund prospectuses have identified and addressed this issue. Prudential Investments has established operating policies and procedures that are designed to detect and deter frequent trading activities that would be disruptive to the management of our mutual fund portfolios, and has rejected numerous orders placed by market timers in the past.

* Prudential Investments LLC, the manager of JennisonDryden mutual funds, and Prudential Investment Management Services LLC, the distributor of the funds, are part of the Investment Management segment of Prudential Financial, Inc. and are separate legal entities from the entity formerly known as Prudential Securities Incorporated, a retail brokerage firm. In February 2003, Prudential Financial and Wachovia Corporation announced they were combining their retail brokerage forces. The transaction was completed in July 2003. Wachovia Corporation has a 62% interest in the new firm, which is now known as Wachovia Securities LLC, and Prudential Financial owns the remaining 38%.

Late trading

The Securities and Exchange Commission requires that orders to purchase or redeem mutual fund shares be received either by the fund or by an intermediary (such as a broker, financial adviser, or 401(k) record keeper) before the time at which the fund calculates its net asset value (normally 4:00 p.m., Eastern time) if they are to receive that day’s price. The policies of our mutual funds do not make and have not made allowances for the practice known as “late trading”.

For more than 40 years we have offered investors quality investment products, financial guidance, and responsive customer service. Today we remain committed to this heritage and to the highest ethical principles in our investment practices.

Sincerely,

Judy A. Rice, President

Dryden Government Securities Trust/Money Market Series

Dryden Government Securities Trust/U.S. Treasury Money Market Series

Dryden Government Securities Trust 1

Your Trust’s Performance

Fund Objectives—Money Market Series

The investment objectives of the Money Market Series are high current income, preservation of capital, and maintenance of liquidity. There can be no assurance that the Money Market Series will achieve its investment objectives.

Fund Facts as of 11/30/03
	7-Day Current Yield*		Net Asset Value (NAV)		Weighted Avg. Maturity (WAM)	Net Assets (Millions)
Class A	0.29	%	$	1.00	32 Days	$	504.8
Class Z	0.42	%	$	1.00	32 Days	$	22.5
iMoneyNet, Inc. Government & Agency Avg.**	0.38	%		N/A	56 Days		N/A

* Yields will fluctuate from time to time, and past performance is not indicative of future results. An investment in the Money Market Series is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Money Market Series seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Money Market Series.

** iMoneyNet, Inc. reports a seven-day current yield, NAV, and WAM on Tuesdays. This is the data of all funds in the iMoneyNet, Inc. Government & Agency Average as of November 25, 2003, the closest date to the end of our reporting period.

Fund Objective—U.S. Treasury Money Market Series

The investment objective of the U.S. Treasury Money Market Series is high current income consistent with the preservation of principal and liquidity. There can be no assurance that the U.S. Treasury Money Market Series will achieve its investment objective.

Fund Facts as of 11/30/03
	7-Day Current Yield*		Net Asset Value (NAV)		Weighted Avg. Maturity (WAM)	Net Assets (Millions)
Class A	0.26	%	$	1.00	51 Days	$	343.5
Class Z	0.39	%	$	1.00	51 Days	$	5.8
iMoneyNet, Inc. Treasury Retail Avg.**	0.34	%		N/A	70 Days		N/A

* Yields will fluctuate from time to time, and past performance is not indicative of future results. An investment in the U.S. Treasury Money Market Series is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the U.S. Treasury Money Market Series seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the U.S. Treasury Money Market Series.

** iMoneyNet, Inc. reports a seven-day current yield, NAV, and WAM on Tuesdays. This is the data of all funds in the iMoneyNet, Inc. Treasury Retail Average as of November 25, 2003, the closest date to the end of our reporting period.

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Investment Adviser’s Report

Prudential Investment Management, Inc.

Money Market Series

Facing the challenge of low interest rates

During the 12-month period that began December 1, 2002, investors searching for high-quality money market securities with attractive yields had to contend with interest rates that hovered at their lowest levels in decades. Therefore our investment strategy aimed to enhance the Series’ yield and to provide its shareholders with easy access to their money. The Series’ NAV remained at $1.00 per share throughout its fiscal year.

We typically invested in two maturity categories. Our short-term investments, securities maturing in three months or less, were federal agency notes and repurchase agreements with various U.S. financial institutions. Our longer-term investments were federal agency notes maturing in nine months to one year.

From time to time, we emphasized one maturity category more than the other, reflecting changing market conditions or the liquidity needs of the Series’ shareholders. For example, the threat of war with Iraq, among other things, undermined economic vitality in the United States during the early months of our reporting period. As 2003 continued, there was growing speculation in the financial markets that the Federal Reserve (the Fed) would reduce short-term interest rates to encourage sustainable economic growth. This outlook for a more accommodative monetary policy meant that money market yields could decline even further.

We believed we found particularly good value in federal agency notes scheduled to mature in one year that could be retired early (or called) by their respective issuers in three or six months. These callable notes featured relatively attractive yields to compensate investors for this early maturity option. During the reporting period, some federal agency notes held by the Series were called while others were not. Those issues that were called still benefited the Series by providing incremental yield during the time that they were held in the portfolio.

Overnight bank lending rate reduced to 1%

The change in monetary policy finally occurred in late June 2003. The rate banks charge each other for overnight loans was reduced a quarter of a percentage point to 1%. (Some investors had expected the benchmark rate to be cut by half a percentage point.) Disappointment over this modest change in monetary policy and signs of faster-than-expected economic growth put upward pressure on money market yields in the summer. Yields rose amid concern that the Fed might begin to consider increasing short-term rates.

Dryden Government Securities Trust 3

During the summer of 2003, we took advantage of what we believed to be an attractive investment opportunity. The Federal Home Loan Mortgage Corporation (Freddie Mac), a U.S. government-sponsored enterprise, buys mortgages and packages them into mortgage-backed securities that are sold to investors. Freddie Mac had to restate its earnings higher because of accounting irregularities. As a result of this news, yield spreads on Freddie Mac notes became tighter relative to corporate debt securities with comparable maturities. This partly reflected uncertainty about how Freddie Mac and the Federal National Mortgage Association (Fannie Mae) would be regulated in the future to prevent such problems from reoccurring. We capitalized on this window of opportunity by purchasing Freddie Mac and Fannie Mae notes, which provided incremental yield that benefited the Series.

In the autumn of 2003, we adjusted our strategy by selling federal agency notes maturing in six months to a year and buying those maturing in two months or less. This prepared the Series to accommodate an anticipated outflow of assets in late 2003 associated with a joint venture between Prudential Securities Incorporated and Wachovia Securities LLC.

U.S. Treasury Money Market Series

Investing amid low interest rates

Money market funds that invest exclusively in U.S. Treasury securities offer a lower-risk alternative amid volatile financial markets. However, the average seven-day current yield on money market funds declined significantly during our 12-month reporting period that began December 1, 2002. This trend occurred as the Federal Reserve (the Fed) reduced short-term interest rates to their lowest level in decades with a goal of stimulating sustainable economic growth in the United States.

Confronted with the challenge posed by the low-interest-rate environment, we employed an investment strategy aimed at enhancing the Series’ yield while providing its shareholders with quick access to their money. The Series’ NAV remained at $1.00 per share throughout its fiscal year.

Adjusting our two-pronged investment strategy

We typically invested in two maturity categories of Treasurys—those that came due in one month or less and those that had one year left to maturity. From time to time, we adjusted our approach so that our purchases focused more on one of these maturity categories than the other. Our adjustment depended on the flow of assets in the Series and changing conditions in the money markets. For example, the liquidity needs of the Series’ shareholders typically increase early in the calendar year. In order to

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provide the Series with the flexibility to accommodate this development, we

emphasized Treasurys maturing in one month or less. Moreover, one-month Treasurys offered relatively higher yields because of the burgeoning supply of these debt securities. The U.S. Department of the Treasury has greatly increased the amount of securities it issues (some maturities more than others) to finance the ballooning federal budget deficit.

As 2003 continued, there was growing speculation in the financial markets that the Fed would cut short-term interest rates because, among other things, the threat of war with Iraq had hurt economic conditions in the United States. Therefore we began to emphasize Treasurys maturing in one year to lock in their yields before the general level of money market yields declined even further.

Overnight bank lending rate reduced to 1%

The long-awaited change in monetary policy occurred in late June 2003. The rate banks charge each other for overnight loans was reduced a quarter of a percentage point to 1%. (Some investors had expected the benchmark rate to be cut by half a percentage point.) Disappointment over this modest change in monetary policy and signs that the economy might be expanding at a brisk pace put upward pressure on money market yields in the summer of 2003. Yields rose amid concern that the Fed might begin to consider increasing short-term rates. In August 2003, we took advantage of this temporary rise in yields by purchasing Treasurys maturing in one year.

During the autumn of 2003, we adjusted our investment strategy by selling Treasurys maturing in nine months to one year and buying those maturing in three months or less. This prepared the Series to accommodate an anticipated outflow of assets in late 2003 associated with a joint venture between Prudential Securities Incorporated and Wachovia Securities LLC.

Dryden Government Securities Trust 5

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Financial Statements

November 30, 2003 ANNUAL REPORT

Dryden Government Securities Trust

Money Market Series

U.S. Treasury Money Market Series

Portfolio Of Investments

as of November 30, 2003

Money Market Series

Principal Amount (000)		Description	Value (Note 1)
	Federal Farm Credit Bank    0.1%
$	500	5.10%, 4/26/04	$	507,649
	Federal Home Loan Bank    22.6%
	5,160	5.25%, 2/13/04, M.T.N.		5,202,560
	6,000	1.30%, 12/4/03, F.R.N.		6,000,000
	5,000	1.25%, 12/11/03, F.R.N.		5,000,000
	30,000	1.015%, 12/24/03, F.R.N.		29,992,899
	20,000	1.05%, 1/7/04, F.R.N.		19,997,293
	33,000	1.01%, 1/14/04, F.R.N.		32,990,932
	300	5.35%, 12/1/03		300,000
	100	5.53%, 12/8/03		100,081
	100	5.85%, 12/15/03		100,174
	500	3.26%, 12/19/03		500,512
	500	Zero Coupon, 2/25/04		497,514
	1,000	1.25%, 4/15/04		1,000,598
	10,000	4.875%, 4/16/04		10,134,232
	250	1.125%, 5/19/04		249,886
	7,000	2.25%, 8/13/04		7,054,429
				119,121,110
	Federal Home Loan Mortgage Corporation    5.9%
	15,000	1.01%, 12/15/03		14,994,108
	12,500	0.99%, 12/31/03		12,489,688
	758	5.25%, 2/15/04		764,254
	750	5.625%, 3/12/04		759,203
	2,000	3.25%, 5/20/04		2,016,962
				31,024,215
	Federal National Mortgage Association    17.5%
	3,817	5.125%, 2/13/04, M.T.N.		3,847,397
	6,340	1.003%, 12/10/03, F.R.N.		6,338,637
	25,000	1.06%, 12/18/03, F.R.N.		24,995,416
	10,500	1.01%, 1/22/04, F.R.N.		10,499,226
	19,000	1.00%, 1/28/04, F.R.N.		18,995,214
	8,000	1.35%, 3/23/04, F.R.N.		8,000,000
	5,138	1.005%, 1/15/04		5,131,544
	4,000	1.14%, 2/18/04		3,989,993
	10,000	6.50%, 8/15/04		10,370,154
				92,167,581

See Notes to Financial Statements.

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Principal Amount (000)		Description	Value (Note 1)
	Repurchase Agreements(a)    54.3%
$	20,000	Bear Stearns & Co., Inc.  1.06%, dated 11/24/03, due 12/1/03 in the amount of $20,004,122 (cost $20,000,000; the value of the collateral including interest was $20,400,244)	$	20,000,000
	50,000	Deutsche Bank Securities, Inc., 1.06%, dated 11/26/03, due 12/03/03 in the amount of $50,010,306 (cost $50,000,000; the value of the collateral including interest was $51,000,000)		50,000,000
	50,000	Greenwich Capital Markets, 1.05%, dated 11/26/03, due 12/01/03 in the amount of $50,007,292 (cost $50,000,000; the value of the collateral including interest was $51,001,080)		50,000,000
	50,000	JP Morgan Chase Securities, Inc., 1.05%, dated 11/26/03, due 12/01/03 in the amount of $50,007,292 (cost $50,000,000; the value of the collateral including interest was $51,000,496)		50,000,000
	66,524	Joint Repurchase Agreement (Note 4), 1.07%, dated 11/28/03, due 12/01/03 in the amount of $66,529,932 (cost $66,524,000 the value of the collateral including interest was $67,528,442)		66,524,000
	50,000	Merrill Lynch & Co., Inc., 1.04%, dated 11/28/03, due 12/02/03 in the amount of $50,005,778 (cost $50,000,000; the value of the collateral including interest was $51,002,651)		50,000,000
				286,524,000
		Total Investments    100.4% (amortized cost $529,344,555(b))		529,344,555
		Liabilities in excess of other assets    (0.4%)		(2,052,150	)
		Net Assets    100%	$	527,292,405

F.R.N.—Floating Rate Note. The interest rate reflected is the rate in effect at November 30, 2003.

M.T.N.—Medium Term Note.

(a) Repurchase Agreements are collateralized by U.S. Treasury or Federal agency obligations.

(b) The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.

See Notes to Financial Statements.

Dryden Government Securities Trust 9

Portfolio Of Investments

as of November 30, 2003

U.S. Treasury Money Market Series

Principal Amount (000)		Description	Value (Note 1)
	United States Treasury Bills     86.1%
$	1,495	0.825%, 12/18/03	$	1,494,417
	30,000	0.92%, 12/18/03		29,986,967
	2,705	0.902%, 12/26/03		2,703,306
	64,900	0.938572%, 12/26/03		64,857,699
	75,000	0.945%, 12/26/03		74,950,781
	19,784	0.90%, 1/2/04		19,768,173
	5,198	0.9025%, 1/2/04		5,193,830
	20,465	0.91%, 1/2/04		20,448,446
	10,571	0.915%, 1/2/04		10,562,402
	878	0.925%, 1/2/04		877,278
	6,931	0.92%, 1/8/04		6,924,269
	6,702	0.94%, 1/8/04		6,695,350
	33,225	0.905%, 1/15/04		33,187,414
	1,000	0.94%, 1/15/04		998,825
	12,000	0.97%, 1/15/04		11,985,450
	10,000	0.96%, 1/29/04		9,984,267
	213	1.01%, 2/5/04		212,606
	31	1.035%, 2/26/04		30,923
				300,862,403
	United States Treasury Notes     13.6%
	14,465	2.125%, 8/31/04		14,553,637
	25,000	3.625%, 3/31/04		25,202,620
	5,000	3.375%, 4/30/04		5,043,080
	2,607	5.25%, 5/15/04		2,653,599
				47,452,936
		Total Investments    99.7% (amortized cost $348,315,339(a))		348,315,339
		Other assets in excess of liabilities    0.3%		1,007,511
		Net Assets    100%	$	349,322,850

(a) The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.

See Notes to Financial Statements.

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Statement of Assets and Liabilities

as of November 30, 2003

Assets		Money Market Series		U.S. Treasury Money Market Series
Investments, at amortized cost	$	242,820,555	$	348,315,339
Repurchase Agreements		286,524,000		—
Cash		69,362		26,377
Receivable for Series shares sold		2,418,249		5,259,068
Interest receivable		744,692		251,595
Prepaid expenses and other assets		14,428		10,663
Total assets		532,591,286		353,863,042
Liabilities
Payable for Series shares reacquired		4,500,644		4,172,065
Accrued expenses and other liabilities		526,293		180,696
Management fee payable		177,803		120,462
Distribution fee payable		53,228		37,034
Dividends payable		30,399		17,656
Deferred trustee’s fees		10,514		12,279
Total liabilities		5,298,881		4,540,192
Net Assets	$	527,292,405	$	349,322,850
Net assets were comprised of:
Shares of beneficial interest, at par ($.01 per share )	$	5,272,924	$	3,493,229
Paid-in capital in excess of par		522,019,481		345,829,621
Net assets, November 30, 2003	$	527,292,405	$	349,322,850
Class A
Net asset value, offering price and redemption price per share ($504,806,153 ÷ 504,806,153 shares of beneficial interest issued and outstanding)		$1.00
($343,476,543 ÷ 343,476,543 shares of beneficial interest issued and outstanding)				$1.00
Class Z
Net asset value, offering price and redemption price per share ($22,486,252 ÷ 22,486,252 shares of beneficial interest issued and outstanding)		$1.00
($5,846,307 ÷ 5,846,307 shares of beneficial interest issued and outstanding)				$1.00

See Notes to Financial Statements.

Dryden Government Securities Trust 11

Statement of Operations

Year Ended November 30, 2003

Net Investment Income		Money Market Series		U.S. Treasury Money Market Series
Interest	$	7,866,963	$	6,092,148
Expenses
Management fee		2,375,892		2,052,872
Distribution fee—Class A		714,954		634,029
Transfer agent's fees and expenses		1,535,000		200,000
Reports to shareholders		142,000		52,000
Custodian’s fees and expenses		112,000		101,000
Registration fees		100,000		73,000
Legal fees and expenses		32,000		29,000
Audit fee		26,000		26,000
Trustees’ fees		15,000		23,000
Miscellaneous		31,350		9,636
Total expenses		5,084,196		3,200,537
Net investment income		2,782,767		2,891,611
Realized Gain on Investments
Net realized gain on investment transactions		17,514		95,657
Net Increase In Net Assets Resulting From Operations	$	2,800,281	$	2,987,268

See Notes to Financial Statements.

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Statement of Changes in Net Assets

Money Market Series

	Year Ended November 30,
	2003			2002
Increase (Decrease) In Net Assets
Operations
Net investment income	$	2,782,767		$	7,353,632
Net realized gain on investment transactions		17,514			108,891
Net increase in net assets resulting from operations		2,800,281			7,462,523
Dividends and distributions (Note 1)
Class A		(2,675,669	)		(7,104,781	)
Class Z		(124,612	)		(357,742	)
		(2,800,281	)		(7,462,523	)
Series share transactions(a) (Note 5)
Net proceeds from shares subscribed		855,912,790			898,494,487
Net asset value of shares issued in reinvestment of dividends and distributions		2,790,554			7,518,194
Cost of shares reacquired		(961,997,498	)		(914,652,030	)
Net decrease in net assets from Series share transactions		(103,294,154	)		(8,639,349	)
Total decrease		(103,294,154	)		(8,639,349	)
Net Assets
Beginning of year		630,586,559			639,225,908
End of year	$	527,292,405		$	630,586,559

(a) At $1.00 per share for the Money Market Series.

See Notes to Financial Statements.

Dryden Government Securities Trust 13

Statement of Changes in Net Assets

U.S. Treasury Money Market Series

	Year Ended November 30,
	2003			2002
Increase (Decrease) In Net Assets
Operations
Net investment income	$	2,891,611		$	6,213,512
Net realized gain on investment transactions		95,657			327,216
Net increase in net assets resulting from operations		2,987,268			6,540,728
Dividends and distributions (Note 1)
Class A		(2,947,679	)		(6,462,685	)
Class Z		(39,589	)		(78,043	)
		(2,987,268	)		(6,540,728	)
Series share transactions(a) (Note 5)
Net proceeds from shares subscribed		4,022,332,273			2,921,203,514
Net asset value of shares issued in reinvestment of dividends and distributions		2,634,240			6,027,099
Cost of shares reacquired		(4,062,912,149	)		(3,049,069,855	)
Net decrease in net assets from Series share transactions		(37,945,636	)		(121,839,242	)
Total decrease		(37,945,636	)		(121,839,242	)
Net Assets
Beginning of year		387,268,486			509,107,728
End of year	$	349,322,850		$	387,268,486

(a) At $1.00 per share for the U.S. Treasury Money Market Series.

See Notes to Financial Statements.

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Notes to Financial Statements

Dryden Government Securities Trust (the “Fund”), formerly known as Prudential Government Securities Trust, is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund consists of two series: the Money Market Series and the U.S. Treasury Money Market Series (each a “Series”); the monies of each series are invested in separate, independently managed portfolios. The Money Market Series seeks high current income, preservation of capital and maintenance of liquidity by investing primarily in a diversified portfolio of short-term money market instruments issued or guaranteed by the U.S. Government or its agencies or instrumentalities that mature in 13 months or less. The U.S. Treasury Money Market Series seeks high current income consistent with the preservation of principal and liquidity by investing exclusively in U.S. Treasury obligations that mature in 13 months or less.

Note 1. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund and each Series in the preparation of its financial statements.

Securities Valuations: Portfolio securities of the Fund are valued at amortized cost, which approximates market value. The amortized cost method of valuation involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. If the amortized cost method is determined not to represent fair value, the fair value shall be determined by or under the direction of the Board of Trustees.

Repurchase Agreements: In connection with transactions in repurchase agreements with U.S. financial institutions, it is the Fund’s policy that its custodian or designated subcustodians, as the case may be under triparty repurchase agreements, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase agreement exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

Securities Transactions and Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) on sales of securities are calculated on the identified cost basis. The Fund amortizes premiums and accretes discounts on

Dryden Government Securities Trust 15

Notes to Financial Statements

Cont’d

purchases of portfolio securities as adjustments to interest income. Interest income is recorded on the accrual basis. Expenses are recorded on the accrual basis which may require the use of certain estimates by management. The Fund’s expenses are allocated to the respective Series on the basis of relative net assets except for Series specific expenses which are allocated at a Series or class level.

Dividends and Distributions: The Series declare daily dividends from net investment income and net realized short-term capital gains. Payment of dividends is made monthly. Income distributions and realized capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Federal Income Taxes: For federal income tax purposes, each Series of the Fund is treated as a separate taxable entity. It is each Series’ policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income and capital gains, if any, to shareholders. Therefore, no federal income tax provision is required.

Note 2. Agreements

The Fund has a management agreement with Prudential Investments LLC (“PI”). Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with Prudential Investment Management, Inc. (“PIM”). PIM furnishes investment advisory services in connection with the management of the Fund. In connection therewith, PIM is obligated to keep certain books and records of the Fund. PI pays for the services of PIM, the compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly based on the average daily net assets of each Series. With respect to the Money Market Series, the management fee is payable as follows: .40 of 1% of average daily net assets up to $1 billion, .375 of 1% of the average daily net assets between $1 billion and $1.5 billion and .35 of 1% in excess of $1.5 billion. With respect to the U.S. Treasury Money Market Series, the management fee is payable at an annual rate of .40 of 1% of the average daily net assets of the Series.

16 Visit our website at www.jennisondryden.com

Each Series has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A and Class Z shares of each Series. Each Series compensates PIMS for distributing and servicing the Class A shares, pursuant to a plan of distribution (the “Class A Plan”), regardless of expenses actually incurred by PIMS. The distribution fees for Class A shares are accrued daily and payable monthly. The distributor pays various broker-dealers for account servicing fees and for the expenses incurred by such broker-dealers. No distribution or service fees are paid to PIMS as distributor of the Class Z shares of each Series.

Pursuant to the Class A Plan, the Money Market Series and the U.S. Treasury Money Market Series compensate PIMS at an annual rate of .125 of 1% of each Series’ Class A average daily net assets.

PI, PIM and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. During the year ended November 30, 2003, the Fund incurred fees of approximately $818,800 and $198,300, respectively, for the Money Market Series and U.S. Treasury Money Market Series. As of November 30, 2003, approximately $60,600 and $12,700 of such fees were due to PMFS, respectively, for the Money Market Series and U.S. Treasury Money Market Series. Transfer agent fees and expenses in the Statement of Operations include certain out-of-pocket expenses and sub-transfer agent fees paid to non-affiliates.

Note 4. Joint Repurchase Agreement Account

The Money Market Series, along with other affiliated registered investment companies, transfers uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. As of November 30, 2003, the Money Market Series had a 23.3% undivided interest in the joint account. The undivided interest for the Money Market Series represents $66,524,000 in principal amount. As of such date, each repurchase agreement in the joint account and the collateral therefore were as follows:

Bank of America, 1.07%, in the principal amount of $95,303,000, repurchase price $95,311,498, due 12/01/03. The value of the collateral including accrued interest was $97,209,060.

Dryden Government Securities Trust 17

Notes to Financial Statements

Cont’d

SBC Warburg Asia Limited, 1.07%, in the principal amount of $95,303,000, repurchase price $95,311,498 due 12/01/03. The value of the collateral including accrued interest was $95,400,000.

Barclays Securities, Inc., 1.07%, in the principal amount of $95,304,000, repurchase price $95,312,498, due 12/01/03. The value of the collateral including accrued interest was $97,212,581.

Note 5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present undistributed net investment income, accumulated net realized capital gains (losses) and paid-in capital on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, undistributed net investment income and accumulated net realized gains on investments. For the year ended November 30, 2003, the adjustments were to decrease accumulated net realized gains and increase undistributed net investment income by $17,514 for the Money Market Series. For the year ended November 30, 2003, the adjustments were to decrease accumulated net realized gains and increase undistributed net investment income by $95,657 for the U.S. Treasury Money Market Series. Net investment income, net realized gains and net assets were not affected by this change.

For the years ended November 30, 2002 and November 30, 2003, the tax character of the dividends paid, as reflected in the Statement of Changes for the Money Market Series and the U.S. Treasury Money Market Series was ordinary income. The dividends were as follows:

	November 30, 2002		November 30, 2003
Money Market Series	$	7,462,523	$	2,800,281
U.S. Treasury Money Market Series	$	6,540,728	$	2,987,268

Both the Money Market Series and the U.S. Treasury Money Market Series had no distributable earnings as of November 30, 2003.

Note 6. Capital

The Fund offers Class A and Class Z shares. Neither Class A nor Class Z shares are subject to any sales or redemption charge. Class Z shares are offered exclusively for sale to a limited group of investors. The Money Market Series may also offer Class S shares. There are no Class S shares currently issued and outstanding. Each Series has authorized an unlimited number of shares of beneficial interest at $.01 par value.

Transactions in shares of beneficial interest at $1 net asset value per share, for the Money Market Series were as follows:

18 Visit our website at www.jennisondryden.com

	Year Ended November 30,
	2003		2002
Class A
Shares sold	844,459,956		860,460,410
Shares issued in reinvestment of dividends and distributions	2,662,762		7,153,338
Shares reacquired	(949,900,975	)	(868,067,278	)
Net increase (decrease) in shares outstanding	(102,778,257	)	(453,530	)
Class Z
Shares sold	11,452,834		38,034,077
Shares issued in reinvestment of dividends and distributions	127,792		364,856
Shares reacquired	(12,096,523	)	(46,584,752	)
Net increase (decrease) in shares outstanding	(515,897	)	(8,185,819	)

Transactions in shares of beneficial interest at $1 net asset value per share, for the U.S. Treasury Money Market Series were as follows:

	Year Ended November 30,
	2003		2002
Class A
Shares sold	4,017,929,839		2,917,283,152
Shares issued in reinvestment of dividends and distributions	2,594,099		5,947,387
Shares reacquired	(4,058,788,613	)	(3,043,851,561	)
Net increase (decrease) in shares outstanding	(38,264,675	)	(120,621,022	)
Class Z
Shares sold	4,402,434		3,920,362
Shares issued in reinvestment of dividends and distributions	40,141		79,712
Shares reacquired	(4,123,536	)	(5,218,294	)
Net increase (decrease) in shares outstanding	319,039		(1,218,220	)

Note 7. Reorganization

The U.S. Treasury Series historically has served as a sweep vehicle of an affiliated broker/dealer. During fiscal 2003 the U.S. Treasury Series was notified that it would no longer be utilized in such a manner. Consequently, U.S. Treasury Series assets will likely decline over time.

On November 18, 2003, the Board of Trustees of the Fund approved an Agreement and Plan of Reorganization which provided for the transfer of all assets and assumption of all liabilities of Class A and Z shares of the U.S. Treasury Money Market Series for Class A and Z shares of the Money Market Series, respectively.

At the close of business on November 19, 2003, the U.S. Treasury Series has been closed to new accounts pending the merger with the Money Market Series. Shareholders of the U.S. Treasury Series may redeem shares through the effective time of the merger.

Dryden Government Securities Trust 19

Financial Highlights

Money Market Series

	Class A
	Year Ended November 30, 2003
Per Share Operating Performance:
Net Asset Value, Beginning of Year	$	1.000
Net investment income and net realized gain on investment transactions		0.005
Dividends and distributions		(0.005	)
Net asset value, end of year	$	1.000
Total Return(a):		0.47	%
Ratios/Supplemental Data:
Net assets, end of year (000)	$	504,806
Average net assets (000)	$	571,964
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		0.87	%
Expenses, excluding distribution and service (12b-1) fees		0.74	%
Net investment income		0.46	%

(a) Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions.

See Notes to Financial Statements.

20 Visit our website at www.jennisondryden.com

Class A
Year Ended November 30,
2002			2001			2000			1999
$	1.000		$	1.000		$	1.000		$	1.000
	0.012			0.039			0.053			0.042
	(0.012	)		(0.039	)		(0.053	)		(0.042	)
$	1.000		$	1.000		$	1.000		$	1.000
	1.19	%		4.04	%		5.43	%		4.31	%
$	607,585		$	608,038		$	558,307		$	576,868
$	612,109		$	589,136		$	559,103		$	594,266
	0.77	%		0.83	%		0.91	%		0.90	%
	0.64	%		0.70	%		0.79	%		0.77	%
	1.14	%		3.82	%		5.35	%		4.23	%

See Notes to Financial Statements.

Dryden Government Securities Trust 21

Financial Highlights

Cont’d

	Class Z
	Year Ended November 30, 2003
Per Share Operating Performance:
Net Asset Value, Beginning of Year	$	1.000
Net investment income and net realized gain on investment transactions		0.006
Dividends and distributions		(0.006	)
Net asset value, end of year	$	1.000
Total Return(a):		0.60	%
Ratios/Supplemental Data:
Net assets, end of year (000)	$	22,486
Average net assets (000)	$	22,010
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		0.74	%
Expenses, excluding distribution and service (12b-1) fees		0.74	%
Net investment income		0.56	%

(a) Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions.

See Notes to Financial Statements.

22 Visit our website at www.jennisondryden.com

Class Z
Year Ended November 30,
2002			2001			2000			1999
$	1.000		$	1.000		$	1.000		$	1.000
	0.013			0.04			0.054			0.044
	(0.013	)		(0.040	)		(0.054	)		(0.044	)
$	1.000		$	1.000		$	1.000		$	1.000
	1.32	%		4.16	%		5.56	%		4.44	%
$	23,002		$	31,188		$	38,534		$	41,546
$	27,790		$	37,641		$	34,243		$	32,984
	0.64	%		0.70	%		0.79	%		0.77	%
	0.64	%		0.70	%		0.79	%		0.77	%
	1.27	%		4.03	%		5.48	%		4.38	%

See Notes to Financial Statements.

Dryden Government Securities Trust 23

Financial Highlights

U.S. Treasury Money Market Series

	Class A
	Year Ended November 30, 2003
Per Share Operating Performance:
Net Asset Value, Beginning Of Year	$	1.000
Net investment income and net realized gain on investment transactions		0.006
Dividends and distributions		(0.006	)
Net asset value, end of year	$	1.000
Total Return(a)		0.55	%
Ratios/Supplemental Data:
Net assets, end of year (000)	$	343,477
Average net assets (000)	$	507,223
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		0.63	%
Expenses, excluding distribution and service (12b-1) fees		0.50	%
Net investment income		0.56	%

(a) Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions.

(b) Reflects overall Series ratio for investment income and non-class specific expenses.

See Notes to Financial Statements.

24 Visit our website at www.jennisondryden.com

Class A
Year Ended November 30,
2002			2001			2000			1999
$	1.000		$	1.000		$	1.000		$	1.000
	0.013			0.038			0.052			0.041
	(0.013	)		(0.038	)		(0.052	)		(0.041	)
$	1.000		$	1.000		$	1.000		$	1.000
	1.32	%		4.01	%		5.27	%		4.19	%
$	381,741		$	502,362		$	365,154		$	321,641
$	492,503		$	444,533		$	396,454		$	383,772
	0.63	%		0.62	%(b)		0.61	%		0.63	%
	0.50	%		0.49	%(b)		0.48	%		0.51	%
	1.25	%		3.92	%(b)		5.09	%		4.08	%

See Notes to Financial Statements.

Dryden Government Securities Trust 25

Financial Highlights

Cont’d

	Class Z
	Year Ended November 30, 2003
Per Share Operating Performance:
Net Asset Value, Beginning Of Year	$	1.000
Net investment income and net realized gain on investment transactions		0.007
Dividends and distributions		(0.007	)
Net asset value, end of year	$	1.000
Total Return(a)		0.68	%
Ratios/Supplemental Data:
Net assets, end of year (000)	$	5,846
Average net assets (000)	$	5,995
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		0.50	%
Expenses, excluding distribution and service (12b-1) fees		0.50	%
Net investment income		0.64	%

(a) Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions.

(b) Reflects overall Series ratio for investment income and non-class specific expenses.

See Notes to Financial Statements.

26 Visit our website at www.jennisondryden.com

Class Z
Year Ended November 30,
2002			2001			2000			1999
$	1.000		$	1.000		$	1.000		$	1.000
	0.014			0.040			0.053			0.043
	(0.014	)		(0.040	)		(0.053	)		(0.043	)
$	1.000		$	1.000		$	1.000		$	1.000
	1.45	%		4.14	%		5.40	%		4.37	%
$	5,527		$	6,746		$	5,510		$	2,013
$	5,514		$	5,870		$	2,191		$	1,942
	0.50	%		0.49	% (b)		0.48	%		0.51	%
	0.50	%		0.49	% (b)		0.48	%		0.51	%
	1.37	%		4.04	% (b)		5.31	%		4.19	%

See Notes to Financial Statements.

Dryden Government Securities Trust 27

Report of Independent Auditors

To the Shareholders and Board of Trustees of

Dryden Government Securities Trust

In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Money Market Series and U.S. Treasury Money Market Series (constituting Dryden Government Securities Trust, formerly Prudential Government Securities Trust, hereafter referred to as the “Fund”) at November 30, 2003, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2003 by correspondence with the custodian, provide a reasonable basis for our opinion.

As described in Note 7, the Board of Trustees has approved a reorganization plan whereby the U.S. Treasury Money Market Series would be merged into the Money Market Series subject to the U.S. Treasury Money Market Series’ shareholders approval.

PricewaterhouseCoopers LLP

New York, New York

January 20, 2004

28 Visit our website at www.jennisondryden.com

Federal Income Tax Information

(Unaudited)

We are required by New York, California, Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders provided the mutual fund meets certain requirements mandated by the respective states’ taxing authorities. We are pleased to report that 34.75% of the dividends paid by the Money Market Series* and 98.45% of the dividends paid by the U.S. Treasury Money Market Series qualify for such deduction.

Shortly after the close of the calendar year ended December 31, 2003, you will be advised as to the federal tax status of the dividends you received in calendar year 2003.

For more detailed information regarding your federal, state and local taxes, you should contact your tax adviser.

* Due to certain minimum portfolio holding requirements in California, Connecticut and New York, residents of those states will not be able to exclude interest on federal obligations from state and local tax.

Dryden Government Securities Fund 29

Management of the Fund

(Unaudited)

Information pertaining to the Trustees of the Fund is set forth below. Trustees who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Fund are referred to as “Interested Trustees.” “Fund Complex”^† consists of the Fund and any other investment companies managed by Prudential Investments LLC (PI).

Independent Trustees²

Delayne Dedrick Gold (65), Trustee since 1981³ Oversees 86 portfolios in Fund complex

Principal occupations (last 5 years): Marketing Consultant (1982-present); formerly Senior Vice President and Member of the Board of Directors, Prudential Bache Securities, Inc.

Other Directorships held:⁴ None.

Robert E. La Blanc (69), Trustee since 2003³ Oversees 106 portfolios in Fund complex

Principal occupations (last 5 years): President (since 1981) of Robert E. La Blanc Associates, Inc. (telecommunications); formerly General Partner at Salomon Brothers and Vice-Chairman of Continental Telecom; Trustee of Manhattan College.

Other Directorships held:⁴ Trustee of Storage Technology Corporation (since 1979) (technology), Chartered Semiconductor Manufacturing, Ltd. (since 1998); Titan Corporation (electronics) (since 1995), Computer Associates International, Inc. (since 2002) (software company); FiberNet Telecom Group, Inc. (since 2003) (telecom company); Director (since April 1999) of the High Yield Plus Fund, Inc.

Thomas T. Mooney (62), Trustee since 1996³ Oversees 82 portfolios in Fund complex

Principal occupations (last 5 years): Chief Executive Officer, the Rochester Business Alliance, formerly President of the Greater Rochester Metro Chamber of Commerce, Rochester City Manager; formerly Deputy Monroe County Executive; Director of Blue Cross of Rochester and Executive Service Corps of Rochester; Director of the Rochester Individual Practice Association; Director of Rural Metro Ambulance Rochester (since 2003).

Other Directorships held:⁴ Director (since 1988) of the High Yield Plus Fund, Inc.

Richard A. Redeker (60), Trustee since 1995³ Oversees 100 portfolios in Fund complex

Principal occupations (last 5 years): Management Consultant; formerly employee of Prudential Investments (October 1996-December 1998); Director of Invesmart, Inc. (since 2001) and Director of Penn Tank Lines, Inc. (since 1999).

Other Directorships held:⁴ None.

30 Visit our website at www.jennisondryden.com

Robin B. Smith (64), Trustee since 2003³ Oversees 105 portfolios in Fund complex

Principal occupations (last 5 years): Chairman of the Board (since January 2003) of Publishers Clearing House (direct marketing), formerly Chairman and Chief Executive Officer (August 1996-January 2003) of Publishers Clearing House.

Other Directorships held:⁴ Director of BellSouth Corporation (since 1992).

Louis A. Weil, III (62), Trustee since 1991³ Oversees 81 portfolios in Fund complex

Principal occupations (last 5 years): Formerly Chairman (January 1999-July 2000), President and Chief Executive Officer (January 1996-July 2000) and Director (since September 1991) of Central Newspapers, Inc.; formerly Chairman of the Board (January 1996-July 2000), Publisher and Chief Executive Officer (August 1991-December 1995) of Phoenix Newspapers, Inc.

Other Directorships held:⁴ None

Interested Trustees

Judy A. Rice (55), President since 2003 and Trustee since 2000³ Oversees 108 portfolios in Fund complex

Principal occupations (last 5 years): President, Chief Executive Officer, Chief Operating Officer and Officer-in-Charge (since 2003) of PI; Director, Officer-in-Charge, President, Chief Executive Officer and Chief Operating Officer (since May 2003) of American Skandia Advisory Services, Inc. and American Skandia Investment Services, Inc.; Director, Officer-in-Charge, President, Chief Executive Officer (since May 2003) of American Skandia Fund Services, Inc.; Vice President (since February 1999) of Prudential Investment Management Services LLC; President, Chief Executive Officer and Officer-In-Charge (since April 2003) of Prudential Mutual Fund Services LLC; formerly various positions to Senior Vice President (1992-1999) of Prudential Securities; and various positions to Managing Director (1975-1992) of Salomon Smith Barney; Member of Board of Governors of the Money Management Institute.

Other Directorships held:⁴ None

Robert F. Gunia (57), Vice President and Trustee since 1996³ Oversees 187 portfolios in Fund complex

Principal occupations (last 5 years): Chief Administrative Officer (since June 1999) of PI; Executive Vice President and Treasurer (since January 1996) of PI; President (since April 1999) of Prudential Investment Management Services LLC (PIMS); Corporate Vice President (since September 1997) of The Prudential Insurance Company of America (Prudential); Director, Executive Vice President and Chief Administrative Officer (since May 2003) of American Skandia Investment Services, Inc., American Skandia Advisory Services, Inc. and American Skandia Fund Services, Inc.; President (since April 1999) of Prudential Investment Management Services LLC; Executive Vice President (since March 1999) and Treasurer (since May 2000) of Prudential Mutual Fund Services LLC; formerly Senior Vice President (March 1987-May 1999) of Prudential Securities.

Other Directorships held:⁴ Vice President and Director (since May 1989) and Treasurer (since 1999) of The Asia Pacific Fund, Inc.

Dryden Government Securities Trust 31

Information pertaining to the Officers of the Fund is set forth below.

Officers²

Marguerite E.H. Morrison (47), Chief Legal Officer since 2003 and Assistant Secretary since 2002³

Principal occupations (last 5 years): Vice President and Chief Legal Officer—Mutual Funds and Unit Investment Trust (since August 2000) of Prudential; Senior Vice President and Secretary (since April 2003) of PI; Senior Vice President and Secretary (since May 2003) of American Skandia Investment Services, Inc., American Skandia Advisory Services, Inc. and American Skandia Fund Services, Inc.; Vice President and Assistant Secretary of PIMS (since October 2001), previously Senior Vice President and Assistant Secretary (February 2001-April 2003) of PI, Vice President and Associate General Counsel (December 1996-February 2001) of PI.

Maryanne Ryan (39), Anti-Money Laundering Compliance Officer since 2002³

Principal occupations (last 5 years): Vice President, Prudential (since November 1998), First Vice President, Prudential Securities (March 1997-May 1998); Anti-Money Laundering Compliance Officer (since 2003) of American Skandia Investment Services, Inc., American Skandia Advisory Services, Inc. and American Skandia Marketing, Inc.

Grace C. Torres (44), Treasurer and Principal Financial and Accounting Officer since 1998³

Principal occupations (last 5 years): Senior Vice President (since January 2000) of PI, Senior Vice President and Assistant Treasurer (since May 2003) of American Skandia Investment Services, Inc. and American Skandia Advisory Services, Inc.; formerly First Vice President (December 1996-January 2000) of PI and First Vice President (March 1993-1999) of Prudential Securities.

Jonathan D. Shain (45), Secretary since 2001³

Principal occupations (last 5 years): Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2003) of American Skandia Investment Services, Inc. and American Skandia Fund Services, Inc.; formerly Attorney with Fleet Bank, N.A. (January 1997-July 1998).

^† The Fund Complex consists of all investment companies managed by PI. The Funds for which PI serves as manager include JennisonDryden Mutual Funds, Strategic Partners Funds, American Skandia Advisor Funds, Inc., The Prudential Variable Contract Accounts 2, 10, 11, The Target Portfolio Trust, The Prudential Series Fund, Inc., American Skandia Trust, and Prudential’s Gibraltar Fund.

¹ “Interested” Trustee, as defined in the 1940 Act, by reason of employment with the Manager, (Prudential Investments LLC or PI), the Subadviser (Jennison Associates LLC or Jennison) or the Distributor (Prudential Investment Management Services LLC or PIMS).

² Unless otherwise noted, the address of the Trustees and Officers is c/o: Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, NJ 07102.

³ There is no set term of office for Trustees and Officers. The Independent Trustees have adopted a retirement policy, which calls for the retirement of Trustees on December 31 of the year in which they reach the age of 75. The table shows the individuals length of service as Trustee and/or Officer.

⁴ This includes only directorships of companies requested to register, or file reports with the SEC under the Securities and Exchange Act of 1934 (that is, “public companies”) or other investment companies registered under the 1940 Act.

Additional information about the Fund’s Trustees is included in the Fund’s Statement of Additional Information which is available without charge, upon request, by calling (800) 521-7466 or (732) 482-7555 (Calling from outside the U.S.)

32 Visit our website at www.jennisondryden.com

n MAIL	n TELEPHONE	n WEBSITE
Gateway Center Three 100 Mulberry Street Newark, NJ 07102	(800) 225-1852	www.jennisondryden.com

TRUSTEES

Delayne Dedrick Gold • Robert F. Gunia • Robert E. La Blanc • Thomas T. Mooney • Richard A. Redeker • Judy A. Rice • Robin B. Smith • Louis A. Weil III

OFFICERS

Judy A. Rice, President • Robert F. Gunia, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Marguerite E.H. Morrison, Chief Legal Officer and Assistant Secretary • Jonathan D. Shain, Secretary • Maryanne Ryan, Anti-Money Laundering Compliance Officer

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT ADVISER	Prudential Investment Management, Inc.	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 14th Floor 100 Mulberry Street Newark, NJ 07102
CUSTODIAN	State Street Bank and Trust Company	One Heritage Drive North Quincy, MA 02171
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 8098 Philadelphia, PA 19101
INDEPENDENT AUDITORS	PricewaterhouseCoopers LLP	1177 Avenue of the Americas New York, NY 10036
FUND COUNSEL	Shearman & Sterling LLP	599 Lexington Avenue New York, NY 10022

Dryden Government Securities Trust/Money Market Series
Share Class	A	Z
Nasdaq	PBGXX	PGZXX
CUSIP	262434301	262434400
Dryden Government Securities Trust/U.S. Treasury Money Market Series
Share Class	A	Z
Nasdaq	PUSXX	PTZXX
CUSIP	262434608	262434707

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

Dryden Government Securities Trust/Money Market Series
Share Class	A	Z
Nasdaq	PBGXX	PGZXX
CUSIP	262434301	262434400
Dryden Government Securities Trust/U.S. Treasury Money Market Series
Share Class	A	Z
Nasdaq	PUSXX	PTZXX
CUSIP	262434608	262434707

MF100E    IFS-A087152

Item 2 – Code of Ethics—See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 973-367-7525, and ask for a copy of the Section 406 Standards for Investment Companies—Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. David Carson, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services – Not required in this filing

Item 5 – Reserved

Item 6 – Reserved

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not required in

                this filing

Item 8 – Reserved

Item 9 – 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 10 – Exhibits

(a) Code of Ethics – attached hereto

(b) Certifications pursuant to Section 302 and 906 of the Sarbanes-Oxley Act – Attached hereto

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Dryden Government Securities Trust
By (Signature and Title)*	/s/    Marguerite E. H. Morrison
	Marguerite E. H. Morrison Assistant Secretary
Date    January 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    January 21, 2004

By (Signature and Title)*	/s/    Grace C. Torres
	Grace C. Torres Treasurer and Principal Financial Officer
Date    January 21, 2004

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

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

This code of ethics (the “Code”) is established for each fund listed on Attachment A hereto (each a Fund” and together the “Funds”) pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission (“SEC”). The Code applies to each Fund’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the “Covered Officers” each of whom are set forth in Exhibit B) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by a Fund;

• compliance with applicable governmental laws, rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”) and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Fund. A Fund’s and its investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund’s investment adviser, principal underwriter, administrator, or other service providers to the Fund (together “Service Providers”), of which the Covered Officers may also be principals or employees. As a

result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Board of Directors/Trustees (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund; and

• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds’ Chief Legal Officer or other senior legal officer, if material. Examples of these include:

• service as a director on the board of any public or private company;

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or employment relationship with, any of a Fund’s Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

2

III. Disclosure and Compliance

Each Covered Officer:

• should familiarize himself with the disclosure requirements generally applicable to the Funds;

• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund’s Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board of Directors/Trustees that he has received, read, and understands the Code;

• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the Code; and

• notify the Funds’ Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds’ Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

The Funds will follow the following procedures in investigating and enforcing this Code:

• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported to her;

• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should be reviewed by a Fund’s Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund’s Board or Board Committee comprised of Independent Directors/Trustees;

3

• based upon its review of any matter referred to it, a Fund’s Board or Board Committee comprised of Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund’s Board or Board Committee comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund’s investment adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and their investment adviser’s and principal underwriter’s code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

VIII. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

IX. Recordkeeping

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

4

EXHIBIT A

Funds Covered by this Code of Ethics

The Retail Funds:

Strategic Partners Asset Allocation Funds - Strategic Partners Moderate Growth Fund

Strategic Partners Asset Allocation Funds - Strategic Partners Conservative Growth Fund

Strategic Partners Style Specific Funds - Strategic Partners International Equity Fund

Strategic Partners Style Specific Funds - Strategic Partners Large Capitalization Growth Fund

Strategic Partners Style Specific Funds - Strategic Partners Small Capitalization Value Fund

Strategic Partners Style Specific Funds - Strategic Partners Large Capitalization Value Fund

Strategic Partners Asset Allocations Funds - Strategic Partners High Growth Fund

Strategic Partners Style Specific Funds - Strategic Partners Total Return Bond Fund

Strategic Partners Style Specific Funds - Strategic Partners Small Capitalization Growth Fund

Dryden California Municipal Fund: California Income Series

Dryden California Municipal Fund: California Money Market Series

Dryden California Municipal Fund: California Series

Dryden Municipal Series Fund: Florida Series

Dryden Municipal Series Fund: New Jersey Money Market Series

Dryden Municipal Series Fund: New Jersey Series

Dryden Municipal Series Fund: New York Money Market Series

Dryden Municipal Series Fund: New York Series

Dryden Municipal Series Fund: Pennsylvania Series

Cash Accumulation Trust - Liquid Assets Series

Cash Accumulation Trust - National Money Market Fund

Dryden Index Series Fund: Dryden Stock Index Fund

The Prudential Investment Portfolios, Inc., Jennison Equity Opportunity Fund

The Prudential Investment Portfolios, Inc., Jennison Growth Fund

The Prudential Investment Portfolios, Inc., Dryden Active Balanced Fund

Jennison Small Company Fund, Inc.

Dryden Tax-Managed Funds, Dryden Tax-Managed Equity Fund

Dryden Tax-Managed Small-Cap Fund, Inc.

Jennison U.S. Emerging Growth Fund, Inc.

Jennison Value Fund

Prudential World Fund, Inc., Jennison Global Growth Fund

Prudential World Fund, Inc., Strategic Partners International Value Fund

Prudential World Fund, Inc., Jennison International Growth Fund

A-1

Dryden Government Securities Trust - Money Market Series

Dryden Government Securities Trust - U.S.Treasury Money Market Series

Jennison Sector Funds, Inc. - Jennison Financial Services Fund

Jennison Sector Funds, Inc. - Jennison Health Sciences Fund

Jennison Sector Funds, Inc. - Jennison Technology Fund

Jennison Sector Funds, Inc. - Jennison Utility Fund

Strategic Partners Equity Fund, Inc.

Dryden Global Total Return Fund, Inc.

Dryden High Yield Fund, Inc.

MoneyMart Assets, Inc.

Dryden National Municipals Fund, Inc.

Dryden Short-Term Bond Fund, Inc. - Dryden Short-Term Corporate Bond Fund

Dryden Short-Term Bond Fund, Inc. - Dryden Ultra Short Bond Fund

Tax-Free Money Fund, Inc.

Dryden Total Return Bond Fund, Inc.

The Target Portfolio Trust - Intermediate-Term Bond Portfolio

The Target Portfolio Trust - International Bond Portfolio

The Target Portfolio Trust - International Equity Portfolio

The Target Portfolio Trust - Large Capitalization Growth Portfolio

The Target Portfolio Trust - Large Capitalization Value Portfolio

The Target Portfolio Trust - Mortgage Backed Securities Portfolio

The Target Portfolio Trust - Small Capitalization Growth Portfolio

The Target Portfolio Trust - Small Capitalization Value Portfolio

The Target Portfolio Trust - Total Return Bond Portfolio

The Target Portfolio Trust - U.S. Government Money Market Portfolio

Jennison 20/20 Focus Fund

Dryden Core Investment Fund

Dryden Government Income Fund, Inc.

Strategic Partners Opportunity Funds - Strategic Partners Focused Growth Fund

Strategic Partners Opportunity Funds - Strategic Partners Focused Value Fund

Strategic Partners Opportunity Funds - Strategic Partners Mid-Cap Value Fund

Strategic Partners Opportunity Funds - Strategic Partners New Era Growth Fund

Prudential Institutional Liquidity Portfolio, Inc. - Institutional Money Market Series

Strategic Partners Real Estate Securities Fund

A-2

Dryden Municipal Bond Fund - High Income Series

Dryden Municipal Bond Fund - Insured Series

Prudential Europe Growth Fund, Inc.

Prudential Pacific Growth Fund, Inc.

Jennison Natural Resources Fund, Inc.

COMMAND Government Fund

COMMAND Money Fund

COMMAND Tax-Free Fund

Special Money Market Fund, Inc. - Money Market Series

Nicholas-Applegate Fund, Inc. - Nicholas-Applegate Growth Equity Fund

American Skandia Advisor Funds, Inc. - ASAF American Century International Growth Fund

American Skandia Advisor Funds, Inc. - ASAF American Century Strategic Balanced Fund

American Skandia Advisor Funds, Inc. - ASAF DeAM International Equity Fund

American Skandia Advisor Funds, Inc. - ASAF Federated High Yield Bond Fund

American Skandia Advisor Funds, Inc. - ASAF Gabelli Small-Cap Value Fund

American Skandia Advisor Funds, Inc. - ASAF INVESCO Capital Income Fund

American Skandia Advisor Funds, Inc. - ASAF Goldman Sachs Concentrated Growth Fund

American Skandia Advisor Funds, Inc. - ASAF Money Market Fund

American Skandia Advisor Funds, Inc. - ASAF PIMCO Total Return Bond Fund

American Skandia Advisor Funds, Inc. - ASAF PBHG Small-Cap Growth Fund

American Skandia Advisor Funds, Inc. - ASAF Alliance Growth Fund

American Skandia Advisor Funds, Inc. - ASAF Alliance Growth and Income Fund

American Skandia Advisor Funds, Inc. - ASAF William Blair International Growth Fund

American Skandia Advisor Funds, Inc. - ASAF Marsico Capital Growth Fund

American Skandia Advisor Funds, Inc. - ASAF Neuberger Berman Mid-Cap Growth Fund

American Skandia Advisor Funds, Inc. - ASAF Neuberger Berman Mid-Cap Value Fund

American Skandia Advisor Funds, Inc. - ASAF MFS Growth with Income Fund

American Skandia Advisor Funds, Inc. - ASAF Sanford Bernstein Managed Index 500 Fund

American Skandia Advisor Funds, Inc. - ASAF Strong International Equity Fund

American Skandia Advisor Funds, Inc. - ASAF DeAM Small-Cap Growth Fund

American Skandia Advisor Funds, Inc. - ASAF Alger All-Cap Growth Fund

American Skandia Advisor Funds, Inc. - ASAF Gabelli All-Cap Value Fund

American Skandia Advisor Funds, Inc. - ASAF INVESCO Technology Fund

American Skandia Advisor Funds, Inc. - ASAF Goldman Sachs Mid-Cap Growth Fund

A-3

American Skandia Advisor Funds, Inc. - ASAF ProFund Managed OTC Fund

American Skandia Advisor Funds, Inc. - ASAF Alliance / Bernstein Growth + Value Fund

American Skandia Advisor Funds, Inc. - ASAF INVESCO Health Sciences Fund

American Skandia Advisor Funds, Inc. - ASAF Sanford Bernstein Core Value Fund

American Skandia Advisor Funds, Inc. - ASAF T. Rowe Price Tax Managed Fund

American Skandia Advisor Funds, Inc. - ASAF DeAM Large-Cap Growth Fund

American Skandia Advisor Funds, Inc. - ASAF DeAM Large-Cap Value Fund

The Insurance Funds:

American Skandia Trust - AST Strong International Equity Portfolio

American Skandia Trust - AST William Blair International Growth Portfolio

American Skandia Trust - AST American Century International Growth Portfolio

American Skandia Trust - AST DeAM International Equity Portfolio

American Skandia Trust - AST MFS Global Equity Portfolio

American Skandia Trust - AST PBHG Small-Cap Growth Portfolio

American Skandia Trust - AST DeAM Small-Cap Growth Portfolio

American Skandia Trust - AST Federated Aggressive Growth Portfolio

American Skandia Trust - AST Goldman Sachs Small-Cap Value Portfolio

American Skandia Trust - AST Gabelli Small-Cap Value Portfolio

American Skandia Trust - AST DeAM Small-Cap Value Portfolio

American Skandia Trust - AST Goldman Sachs Mid-Cap Growth Portfolio

American Skandia Trust - AST Neuberger Berman Mid-Cap Growth Portfolio

American Skandia Trust - AST Neuberger Berman Mid-Cap Value Portfolio

American Skandia Trust - AST Alger All-Cap Growth Portfolio

American Skandia Trust - AST Gabelli All-Cap Value Portfolio

American Skandia Trust - AST T. Rowe Price Natural Resources Portfolio

American Skandia Trust - AST Alliance Growth Portfolio

American Skandia Trust—AST MFS Growth Portfolio

American Skandia Trust - AST Marisco Capital Growth Portfolio

American Skandia Truat - AST Goldman Sachs Concentrated Growth Portfolio

American Skandia Trust - AST DeAM Large-Cap Growth Portfolio

American Skandia Trust - AST DeAM Large-Cap Value Portfolio

American Skandia Trust - AST Alliance/Bernstein Growth + Value Portfolio

American Skandia Trust - AST Sanford Bernstein Core Value Portfolio

American Skandia Trust - AST Cohen & Steers Realty Portfolio

American Skandia Trust - AST Sandford Bernstein Managed Index 500 Portfolio

American Skandia Trust - AST American Century Income & Growth Portfolio

American Skandia Trust - AST Alliance Growth and Income Portfolio

American Skandia Trust - AST MFS Growth with Income Portfolio

American Skandia Trust - AST INVESCO Capital Income Portfolio

American Skandia Trust - AST DeAM Global Allocation Portfolio

American Skandia Trust - AST American Century Strategic Balanced Portfolio

American Skandia Trust - AST T. Rowe Price Asset Allocation Portfolio

American Skandia Trust - AST T. Rowe Price Global Bond Portfolio

A-4

American Skandia Trust - AST Federated High Yield Portfolio

American Skandia Trust - AST Lord Abbett Bond-Debenture Portfolio

American Skandia Trust - AST DeAM Bond Portfolio

American Skandia Trust - AST PIMCO Total Return Bond Portfolio

American Skandia Trust - AST PIMCO Limited Maturity Bond Portfolio

American Skandia Trust - AST Money Market Portfolio

The Prudential Series Fund, Inc. - SP Aggressive Growth Asset Allocation Portfolio

The Prudential Series Fund, Inc. - SP AIM Aggressive Growth Portfolio

The Prudential Series Fund, Inc. - SP AIM Core Equity Portfolio

The Prudential Series Fund, Inc. - SP Alliance Large Cap Growth Portfolio

The Prudential Series Fund, Inc. - SP Alliance Technology Portfolio

The Prudential Series Fund, Inc. - SP Balanced Asset Allocation Portfolio

The Prudential Series Fund, Inc. - SP Conservative Asset Allocation Portfolio

The Prudential Series Fund, Inc. - SP Davis Value Portfolio

The Prudential Series Fund, Inc. - SP Deutsche International Equity Portfolio

The Prudential Series Fund, Inc. - SP Growth Asset Allocation Portfolio

The Prudential Series Fund, Inc. - SP INVESCO Small Company Growth Portfolio

The Prudential Series Fund, Inc. - SP Jennison International Growth Portfolio

The Prudential Series Fund, Inc. - SP Large Cap Value Portfolio

The Prudential Series Fund, Inc. - SP MFS Capital Opportunites Portfolio

The Prudential Series Fund, Inc. - SP MFS Mid Cap Growth Portfolio

The Prudential Series Fund, Inc. - SP PIMCO High Yield Portfolio

The Prudential Series Fund, Inc. - SP PIMCO Total Return Portfolio

The Prudential Series Fund, Inc. - SP Prudential U.S. Emerging Growth Portfolio

The Prudential Series Fund, Inc. - SP Small/Mid Cap Value Growth Portfolio

The Prudential Series Fund, Inc. - SP Strategic Partners Focused Growth Portfolio

The Prudential Series Fund, Inc. - Stock Index Portfolio

The Prudential Series Fund, Inc. - Jennison 20/20 Focus Portfolio

The Prudential Series Fund, Inc. - Conservative Balanced Portfolio

The Prudential Series Fund, Inc. - Diversified Bond Portfolio

The Prudential Series Fund, Inc. - Diversified Conservative Growth Portfolio

The Prudential Series Fund, Inc. - Equity Portfolio

The Prudential Series Fund, Inc. - Flexible Managed Portfolio

The Prudential Series Fund, Inc. - Global Portfolio

The Prudential Series Fund, Inc. - Government Income Portfolio

The Prudential Series Fund, Inc. - High Yield Bond Portfolio

The Prudential Series Fund, Inc. - Jennison Portfolio

The Prudential Series Fund, Inc. - Money Market Portfolio

The Prudential Series Fund, Inc. - Natural Resources Portfolio

The Prudential Series Fund, Inc. - Small Capitalization Stock Portfolio

The Prudential Series Fund, Inc. - Value Portfolio

The Prudential Series Fund, Inc. - Zero Coupon Bond Portfolio 2005

Prudential’s Gibraltar Fund, Inc.

A-5

EXHIBIT B

Persons Covered by this Code of Ethics

Judy A. Rice – President and Chief Executive Officer of the Retail Funds

David R. Odenath – President and Chief Executive Officer of the Insurance Funds

Grace C. Torres – Treasurer and Chief Financial Officer for the Retail and Insurance Funds

B-1

EX-99.CERT

Item 10

Dryden Government Securities Trust

Annual period ending 11/30/03

File No. 811-3264

CERTIFICATIONS

I, Judy A. Rice, certify that:

1. I have reviewed this report on Form N-CSR of Dryden Government Securities Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 21, 2004

/s/    Judy A. Rice

Judy A. Rice

President and Principal Executive

Officer

Item 10

Dryden Government Securities Trust

Annual period ending 11/30/03

File No. 811-3264

CERTIFICATIONS

I, Grace C. Torres, certify that:

1. I have reviewed this report on Form N-CSR of Dryden Government Securities Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

c. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 21, 2004

/s/    Grace C. Torres

Grace C. Torres

Treasurer and Chief Financial Officer

EX-99.906CERT

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Dryden Government Securities Trust

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date: January 21, 2004	/s/    Judy A. Rice
	Judy A. Rice President and Principal Executive Officer

Date: January 21, 2004	/s/    Grace C. Torres
	Grace C. Torres Treasurer and Principal Financial Officer