Prudential Investment Portfolios, Inc. 10 NCSRS Certified semi-annual shareholder report (management investment company)

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:		811-08085

Exact name of registrant as specified in charter:		Strategic Partners Mutual Funds, Inc. (fka American Skandia Advisor Funds, Inc.)

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:		10/31/2005

Date of reporting period:		4/30/2005

Item 1 – Reports to Stockholders – [ INSERT REPORT ]

SEMIANNUAL REPORT

APRIL 30, 2005

STRATEGIC PARTNERS

MUTUAL FUNDS, INC.

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 Funds’ portfolio holdings are for the period covered by this report and are subject to change thereafter.

LOGO

STRATEGIC PARTNERS MUTUAL FUNDS, INC.

Strategic Partners Managed Index 500 Fund

Supplement dated June 13, 2005

Prospectus dated March 1, 2005

Effective June 29, 2005, the Strategic Partners Managed Index 500 Fund will change its name to Strategic Partners Large Cap Core Fund.

MFSP601C2

Strategic Partners Mutual Funds, Inc.

List of Subadvisers as of April 30, 2005


STRATEGIC PARTNERS FUND NAME		SUBADVISER
Strategic Partners International Growth Fund		William Blair & Company, L.L.C.
Strategic Partners Small Cap Growth Opportunity Fund		Deutsche Asset Management, Inc.
Strategic Partners Managed Small Cap Growth Fund		Deutsche Asset Management, Inc.
Strategic Partners Small Company Fund		GAMCO Investors, Inc. (Gabelli Asset Management Company)
Strategic Partners Mid Cap Growth Fund		Goldman Sachs Asset Management, L.P.
Strategic Partners Relative Value Fund		Neuberger Berman Management Inc.
Strategic Partners Technology Fund		The Dreyfus Corporation
Strategic Partners Health Sciences Fund		A I M Capital Management, Inc.
Strategic Partners Managed OTC Fund		ProFund Advisors LLC
Strategic Partners Capital Growth Fund		Marsico Capital Management, LLC
Strategic Partners Concentrated Growth Fund		Goldman Sachs Asset Management, L.P.
Strategic Partners Core Value Fund		Alliance Capital Management, L.P.
Strategic Partners Managed Index 500 Fund		Alliance Capital Management, L.P.
Strategic Partners Equity Income Fund		Alliance Capital Management, L.P.
Strategic Partners Growth with Income Fund		Massachusetts Financial Services Company (MFS)
Strategic Partners Capital Income Fund		T. Rowe Price Associates, Inc.
Strategic Partners Balanced Fund		American Century Investment Management, Inc.
Strategic Partners High Yield Bond Fund		Goldman Sachs Asset Management, L.P.
Strategic Partners Bond Fund		Pacific Investment Management Company LLC (PIMCO)
Strategic Partners Money Market Fund		Wells Capital Management, Inc.

For more information about Strategic Partners Mutual Funds, Inc. see the prospectus.

Subadvisers are subject to change. You should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus will contain this and other information about the investment company. Please read the prospectus carefully before investing. Shares of Strategic Partners Mutual Funds, Inc. are distributed by Prudential Investment Management Services LLC (PIMS), Three Gateway Center, 14th Floor, Newark, NJ 07102-4077. PIMS is a Prudential Financial company and member SIPC.

STRATEGIC PARTNERS MUTUAL FUNDS, INC.

Table of Contents


Summary of Definitions		1


	Fund Performance	Schedule of Investments	Financial Highlights
Strategic Partners International Growth Fund	4	55	186
Strategic Partners Small Cap Growth Opportunity Fund	6	57	186
Strategic Partners Managed Small Cap Growth Fund	8	62	188
Strategic Partners Small Company Fund	10	67	188
Strategic Partners Mid Cap Growth Fund	12	74	190
Strategic Partners Relative Value Fund	14	77	190
Strategic Partners Technology Fund	16	80	192
Strategic Partners Health Sciences Fund	18	82	192
Strategic Partners Managed OTC Fund	20	85	194
Strategic Partners Capital Growth Fund	22	89	194
Strategic Partners Concentrated Growth Fund	24	92	196
Strategic Partners Core Value Fund	26	94	196
Strategic Partners Managed Index 500 Fund	28	98	198
Strategic Partners Equity Income Fund	30	103	198
Strategic Partners Growth with Income Fund	32	106	200
Strategic Partners Capital Income Fund	34	109	200
Strategic Partners Balanced Fund	36	112	202
Strategic Partners High Yield Bond Fund	38	124	202
Strategic Partners Bond Fund	40	139	204
Strategic Partners Money Market Fund	42	147	204


Financial Statements
Statements of Assets and Liabilities		150
Statements of Operations		158
Statements of Changes in Net Assets		162
Notes to Financial Statements		169
Approvals of New Subadvisory Agreements		207

Strategic Partners Mutual Funds, Inc.

CUSIP Numbers and NASDAQ Symbols


FUND	CLASS		CUSIP	NASDAQ
International Growth Fund	A		86277E492	N/A
	B		86277E476	N/A
	C		86277E450	WBCIX
	L	*	86277E484	WBAIX
	M	**	86277E468	WBBIX
	X	***	86277E443	WBZIX


FUND	CLASS		CUSIP	NASDAQ
Small Cap Growth Opportunity Fund	A		86277E831	N/A
	B		86277E815	N/A
	C		86277E781	PBHCX
	L	*	86277E823	PBSAX
	M	**	86277E799	PBSBX
	X	***	86277E773	PBSZX


FUND	CLASS		CUSIP	NASDAQ
Managed Small Cap Growth Fund	A		86277C777	N/A
	B		86277C751	N/A
	C		86277C736	DCAMX
	L	*	86277C769	DAMAX
	M	**	86277C744	DAMBX
	X	***	86277C728	DAMZX


FUND	CLASS		CUSIP	NASDAQ
Small Company Fund	A		86277C645	N/A
	B		86277C629	N/A
	C		86277C595	GCSVX
	L	*	86277C637	GASVX
	M	**	86277C611	GBSVX
	X	***	86277C587	GXSVX


FUND	CLASS		CUSIP	NASDAQ
Mid Cap Growth Fund	A		86277C512	N/A
	B		86277C488	N/A
	C		86277C462	GCMGX
	L	*	86277C496	GAMGX
	M	**	86277C470	GBMGX
	X	***	86277C454	N/A


FUND	CLASS		CUSIP	NASDAQ
Relative Value Fund	A		86277E807	N/A
	B		86277E872	N/A
	C		86277E856	NCBVX
	L	*	86277E880	NABVX
	M	**	86277E864	NBBVX
	X	***	86277E849	NBVZX


FUND	CLASS		CUSIP	NASDAQ
Technology Fund	A		86277C314	N/A
	B		86277C280	N/A
	C		86277C264	ICNVX
	L	*	86277C298	IANVX
	M	**	86277C272	IBNVX
	X	***	86277C256	IXNZX


FUND	CLASS		CUSIP	NASDAQ
Health Sciences Fund	A		86277C371	N/A
	B		86277C355	N/A
	C		86277C330	INHCX
	L	*	86277C363	INHAX
	M	**	86277C348	IHSBX
	X	***	86277C322	N/A


FUND	CLASS		CUSIP	NASDAQ
Managed OTC Fund	A		86277E690	N/A
	B		86277E674	N/A
	C		86277E658	PCMOX
	L	*	86277E682	PRMAX
	M	**	86277E666	PMOBX
	X	***	86277E641	N/A


FUND	CLASS		CUSIP	NASDAQ
Capital Growth Fund	A		86277C249	N/A
	B		86277C223	N/A
	C		86277C199	MARCX
	L	*	86277C231	MARAX
	M	**	86277C215	MARBX
	X	***	86277C181	MARZX


FUND	CLASS		CUSIP	NASDAQ
Concentrated Growth Fund	A		86277C579	N/A
	B		86277C553	N/A
	C		86277C538	CCGSX
	L	*	86277C561	CAGSX
	M	**	86277C546	CBGSX
	X	***	86277C520	CZGSX


FUND	CLASS		CUSIP	NASDAQ
Core Value Fund	A		86277E633	N/A
	B		86277E617	N/A
	C		86277E583	SBVCX
	L	*	86277E625	SOVAX
	M	**	86277E591	SVCBX
	X	***	86277E575	N/A

Strategic Partners Mutual Funds, Inc.

CUSIP Numbers and NASDAQ Symbols (continued)


FUND	CLASS		CUSIP	NASDAQ
Managed Index 500 Fund	A		86277E567	N/A
	B		86277E542	N/A
	C		86277E526	MCIFX
	L	*	86277E559	MAIFX
	M	**	86277E534	MBIFX
	X	***	86277E518	MXIFX


FUND	CLASS		CUSIP	NASDAQ
Equity Income Fund	A		86277C108	N/A
	B		86277C306	N/A
	C		86277C504	AGOCX
	L	*	86277C207	AGOAX
	M	**	86277C405	AGOBX
	X	***	86277C603	AXGOX


FUND	CLASS		CUSIP	NASDAQ
Growth with Income Fund	A		86277C173	N/A
	B		86277C157	N/A
	C		86277C132	GCIFX
	L	*	86277C165	GAIFX
	M	**	86277C140	GBIFX
	X	***	86277C124	GCIZX


FUND	CLASS		CUSIP	NASDAQ
Capital Income Fund	A		86277C447	N/A
	B		86277C421	N/A
	C		86277C397	IEICX
	L	*	86277C439	IEIAX
	M	**	86277C413	IBEIX
	X	***	86277C389	IEIZX


FUND	CLASS		CUSIP	NASDAQ
Balanced Fund	A		86277C702	N/A
	B		86277C884	N/A
	C		86277C868	ACBCX
	L	*	86277C801	AACBX
	M	**	86277C876	ACBBX
	X	***	86277C850	ACBZX


FUND	CLASS		CUSIP	NASDAQ
High Yield Bond Fund	A		86277C710	N/A
	B		86277C686	N/A
	C		86277C660	FCHYX
	L	*	86277C694	FHYAX
	M	**	86277C678	FBHYX
	X	***	86277C652	FHYZX


FUND	CLASS		CUSIP	NASDAQ
Bond Fund	A		86277E765	N/A
	B		86277E740	N/A
	C		86277E724	TCRBX
	L	*	86277E757	TARBX
	M	**	86277E732	TBRBX
	X	***	86277E716	TRBZX


FUND	CLASS		CUSIP	NASDAQ
Money Market Fund****
	D		86277E302	N/A
	C		86277E609	ASCXX
	L	*	86277E203	AASXX
	M	**	86277E500	ABSXX
	X	***	86277E708	ASXXX

*Closed to most new purchases (with the exception of reinvested dividends and purchases by college savings plans) and available for limited exchanges only.

**Closed to new purchases (with the exception of reinvested dividends) and available for limited exchanges only.

***Closed to new purchases and available for limited exchanges only.

****Available for limited exchanges only.

Dear Shareholder,

June 17, 2005

We hope that you find the semiannual report for Strategic Partners Mutual Funds, Inc. informative and useful. As a Strategic Partners Mutual Fund shareholder, you may be thinking about where you can find additional growth opportunities. You could invest in last year’s top-performing asset class and hope that history repeats itself or you could stay in cash while waiting for the “right moment” to invest.

We believe it is wise to take advantage of developing domestic and global investment opportunities through a diversified portfolio of stock and bond mutual funds. A diversified asset allocation offers two advantages. It helps you manage downside risk by not being overly exposed to any particular asset class, plus it gives you a better opportunity to have at least some of your assets in the right place at the right time. Your financial professional can help you create a diversified investment plan that may include mutual funds that cover all the basic asset classes and reflects your personal investment profile and tolerance for risk.

Strategic Partners Mutual Funds give you a wide range of choices that can help you make progress toward your financial goals. Our funds feature leading asset managers not just from a single company but from the entire investment industry.

Thank you for choosing Strategic Partners Mutual Funds.

Sincerely,

LOGO

Judy A. Rice, President

Strategic Partners Mutual Funds, Inc.

Summary of Definitions

The following pages present information on the investment performance of each Fund that has been in operation for at least 12 months as of April 30, 2005, including comparisons with relevant market indexes.

Definitions for Broad Market Indexes

Investors cannot invest directly in an index. Returns for the Indexes on the following pages would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how U.S. stock prices have performed.

S&P MidCap 400 Index—The Standard & Poor’s MidCap 400 Stock Index (S&P MidCap 400 Index) is an unmanaged index of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It gives a broad look at how U.S. mid-cap stock prices have performed.

Russell 2000 Index—The Russell 2000 Index is an unmanaged, weighted index that comprises the smallest 2,000 stocks among the largest 3,000 equity-capitalized U.S. corporations and represents approximately 10% of their aggregate market value.

NASDAQ-100 Index—The NASDAQ-100 Index is an unmanaged, modified, capitalization-weighted index of the 100 largest and most active nonfinancial domestic and international issues listed on the NASDAQ.

ML High Yield Master II Index—The Merrill Lynch (ML) High Yield Master II Index is an unmanaged index of publicly traded, nonconvertible U.S. bonds rated below investment grade.

Lehman Brothers U.S. Aggregate Bond Index—The Lehman Brothers U.S. Aggregate Bond Index is an unmanaged, market-weighted index that tracks the daily price, coupon pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and nonconvertible investment-grade debt issues without at least $100 million par amount outstanding and with at least one year to final maturity.

Lehman Brothers U.S. Corporate High Yield Index—The Lehman Brothers U.S. Corporate High Yield Index is an unmanaged index that is generally representative of corporate bonds rated below investment grade. It comprises issues that meet the following criteria: at least $150 million par value outstanding, maximum credit rating of Ba1 or BB+ (including defaulted issues), and at least one year to maturity.

MSCI EAFE^® Index—The Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE^® Index) is an unmanaged, weighted index of performance that reflects stock price movements in Europe, Australasia, and the Far East.

Blended Index—The Blended Index is calculated by weighting the S&P 500 Index at 60% and the Lehman Brothers Government/Corporate Bond Index at 40%. The Lehman Brothers Government/Corporate Bond Index is an unmanaged index composed of intermediate- and long-term government and investment-grade corporate debt securities.

Definitions for Lipper Averages

Lipper Averages are the average returns of all funds in the specified Lipper comparison group. The Lipper Averages on the following pages reflect the deduction of operating expenses, but not sales charges or taxes.


Strategic Partners Mutual Funds, Inc.		1

Summary of Definitions (continued)

Lipper Balanced Funds Average—Funds in the Lipper Balanced Funds Average have primary objectives to conserve principal by maintaining at all times a balanced portfolio of both stocks and bonds. Typically, the stock:bond ratio ranges around 60%:40%.

Lipper Corporate Debt Funds A-Rated Average—Funds in the Lipper Corporate Debt Funds A-Rated Average invest primarily in corporate debt issues rated “A” or better, or government issues.

Lipper Equity Income Funds Average—Funds in the Lipper Equity Income Funds Average seek relatively high current income and growth of income through investing 60% or more of its portfolio in equities.

Lipper Health/Biotechnology Funds Average—Funds in the Lipper Health/Biotechnology Funds Average invest primarily in shares of companies engaged in healthcare, medicine, and biotechnology.

Lipper High Current Yield Funds Average—Funds in the Lipper High Current Yield Funds Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues.

Lipper International Multi-Cap Growth Funds Average—Funds in the Lipper International Multi-Cap Growth Funds Average invest in a variety of market-capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies strictly outside of the United States with market capitalizations (on a three-year weighted basis) greater than the 250th largest company in the S&P/Citigroup World ex-U.S. Broad Market Index. Multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P/Citigroup World ex-U.S. BMI.

Lipper Large-Cap Core Funds Average—Funds in the Lipper Large-Cap Core Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P 500 Index.

Lipper Large-Cap Growth Funds Average—Funds in the Lipper Large-Cap Growth Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P 500 Index.

Lipper Large-Cap Value Funds Average—Funds in the Lipper Large-Cap Value Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P 500 Index.

Lipper Mid-Cap Core Funds Average—Funds in the Lipper Mid-Cap Core Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P MidCap 400 Index.


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Lipper Mid-Cap Value Funds Average—Funds in the Lipper Mid-Cap Value Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P MidCap 400 Index.

Lipper Money Market Instrument Funds Average—A fund that invests in high-quality financial instruments rated in top two grades with dollar-weighted average maturities of less than 90 days. Intend to keep constant net asset value.

Lipper Multi-Cap Growth Funds Average—Funds in the Lipper Multi-Cap Growth Funds Average invest in a variety of market-capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time. Multi-cap funds typically have between 25% and 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SuperComposite 1500 Index.

Lipper Multi-Cap Value Funds Average—Funds in the Lipper Multi-Cap Value Funds Average, by portfolio practice, invest in a variety of market-capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time. Multi-cap funds typically have between 25% and 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap value funds have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SuperComposite 1500 Index.

Lipper Science & Technology Funds Average—Funds in the Lipper Science & Technology Funds Average invest primarily in science and technology stocks.

Lipper Small-Cap Core Funds Average—Funds in the Lipper Small-Cap Core Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SmallCap 600 Index.

Lipper Small-Cap Growth Funds Average—Funds in the Lipper Small-Cap Growth Funds Average, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SmallCap 600 Index.


Strategic Partners Mutual Funds, Inc.		3

Your Fund’s Performance

Strategic Partners International Growth Fund

Fund objective

The investment objective of the Strategic Partners International Growth Fund is to seek long-term growth of capital. There can be no assurance that the Fund will achieve its investment objective.

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data current to the most recent month-end by visiting our website at www.strategicpartners.com or by calling (800) 225-1852. The maximum initial sales charge is 5.50% (Class A shares).


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	6.09	%	10.82	%	N/A		3.87	%
Class B⁴	5.67		9.97		N/A		2.99
Class C	5.75		10.04		–37.76	%	25.97
Class L³	5.94		10.47		–36.22		30.36
Class M⁴	5.67		9.97		–37.80		25.65
Class X	5.67		9.97		–37.80		25.65
MSCI EAFE^® Index⁵	8.71		14.95		–2.70		*
Lipper International Multi-Cap Growth Funds Avg.⁵	7.32		11.41		–17.68		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			7.44	%	–10.91	%	3.45	%
Class L³			2.66		–11.35		3.23
Class M⁴			2.37		–11.09		3.56
Class X			2.37		–11.27		3.45
MSCI EAFE^® Index⁵			15.06		–1.15		*
Lipper International Multi-Cap Growth Funds Avg.⁵			10.12		–5.51		**

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A shares are subject to a maximum front-end sales charge of 5.50%. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 6%, and 6% respectively.

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns do take into account applicable sales charges. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and/or expense reimbursements, the returns for the share classes would have been lower. Without a distribution and service (12b-1) fee waiver of 0.05% for Class A shares, the returns would have been lower. Class A shares are subject to a 12b-1 fee of up to 0.30% annually. Class B, Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1.00%. Class L shares are subject to a 12b-1 fee of 0.50%.

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 12/31/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


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⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*MSCI EAFE^® Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 12.35% for Class A and Class B; and 40.29% for Class C, Class L, Class M, and Class X. MSCI EAFE^® Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 15.06% for Class A and Class B; and 5.12% for Class C, Class L, Class M, and Class X.

**Lipper International Equity Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 7.69% for Class A and Class B; and 37.19% for Class C, Class L, Class M, and Class X. Lipper International Equity Funds Average Closest Month-End to Inception average annual total returns as of 3/31/O5 are 10.12% for Class A and Class B; and 4.35% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Sanofi-Aventis, Pharmaceuticals	4.0	%
BG Group PLC, Oil & Gas	3.9
Roche Holding AG, Pharmaceuticals	3.6
Canon, Inc., Office Equipment	3.0
Tesco PLC, Food	3.0

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		5

Your Fund’s Performance

Strategic Partners Small Cap Growth Opportunity Fund

Fund objective

The investment objective of the Strategic Partners Small Cap Growth Opportunity Fund is to seek capital growth. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/05

Six Months

One Year

Five Years

Since Inception²

Class A³

–5.45

–15.76

N/A

–23.44

Class B⁴

–5.56

–16.47

N/A

–24.07

Class C

–5.46

–16.47

–52.41

–7.78

Class L³

–5.27

–16.04

–51.23

–4.27

Class M⁴

–5.56

–16.48

–52.41

–7.88

Class X

–5.46

–16.48

–52.46

–7.88

Russell 2000 Index⁵

–0.15

4.71

22.11

Lipper Small-Cap Growth Funds Avg.⁵

–0.79

0.25

–13.69

Average Annual Total Returns¹ as of 3/31/05

One Year

Five Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

–16.21

–17.07

–0.05

Class L³

–19.84

–17.63

–0.23

Class M⁴

–20.44

–17.39

–0.05

Class X

–20.52

–17.59

–0.19

Russell 2000 Index⁵

5.41

4.01

Lipper Small-Cap Growth Funds Avg.⁵

1.06

–5.29

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.


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*Russell 2000 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are –0.62% for Class A and Class B; and 54.08% for Class C, Class L, Class M, and Class X. Russell 2000 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 5.41% for Class A and Class B; and 6.62% for Class C, Class L, Class M, and Class X.

**Lipper Small-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are –4.79% for Class A and Class B; and 47.69% for Class C, Class L, Class M, and Class X. Lipper Small-Cap Growth Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 1.06% for Class A and Class B; and 4.99% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Toro Co. (The), Machinery & Equipment	1.4	%
Ventana Medical Systems, Inc., Medical Supplies & Equipment	1.3
QuickSilver, Inc., Clothing & Apparel	1.3
Panera Bread Co., Restaurants	1.2
Harland, (John H.) Co., Business Services	1.2

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		7

Your Fund’s Performance

Strategic Partners Managed Small Cap Growth Fund***

Fund objective

The investment objective of the Strategic Partners Managed Small Cap Growth Fund is to seek maximum growth of investors’ capital from a portfolio primarily of growth stocks of smaller companies. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/05

Six Months

One Year

Five Years

Since Inception²

Class A³

–3.52

–5.18

N/A

–11.94

Class B⁴

–3.65

–5.75

N/A

–13.48

Class C

–3.82

–6.09

–42.34

–52.20

Class L³

–3.54

–5.40

–40.92

–50.90

Class M⁴

–3.82

–5.91

–42.34

–52.20

Class X

–3.82

–5.89

–42.29

–52.10

Russell 2000 Index⁵

–0.15

4.71

22.11

Lipper Small-Cap Growth Funds Avg.⁵

–0.79

0.25

–13.69

Average Annual Total Returns¹ as of 3/31/05

One Year

Five Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

–4.15

–10.79

–12.14

Class L³

–8.12

–11.39

–12.70

Class M⁴

–8.99

–11.15

–12.49

Class X

–8.98

–11.28

–12.46

Russell 2000 Index⁵

5.41

4.01

Lipper Small-Cap Growth Funds Avg.⁵

1.06

–5.29

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 3/1/00.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.


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⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*Russell 2000 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are –0.62% for Class A and Class B; and 7.19% for Class C, Class L, Class M, and Class X. Russell 2000 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 5.41% for Class A and Class B; and 2.56% for Class C, Class L, Class M, and Class X.

**Lipper Small-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are –4.79% for Class A and Class B; and –23.96% for Class C, Class L, Class M, and Class X. Lipper Small-Cap Growth Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 1.06% for Class A and Class B; and –6.06% for Class C, Class L, Class M, and Class X.

***Between December 10, 2001, and April 12, 2004, the Strategic Partners Managed Small Cap Growth Fund was known as ASAF DeAM Small-Cap Growth Fund. Prior to December 10, 2001, the Strategic Partners Managed Small Cap Growth Fund was known as the ASAF Scudder Small-Cap Growth Fund, and Zurich Scudder Investments, Inc. served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
CEC Entertainment, Inc., Restaurants	1.4	%
Cal Dive International, Inc., Construction	1.4
QuickSilver, Inc., Clothing & Apparel	1.3
Ventana Medical Systems, Inc., Medical Supplies & Equipment	1.3
Panera Bread Co., Restaurants	1.3

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		9

Your Fund’s Performance

Strategic Partners Small Company Fund***

Fund objective

The investment objective of the Strategic Partners Small Company Fund is to provide long-term capital growth by investing primarily in small-capitalization stocks that appear to be undervalued. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	4.95	%	9.24	%	N/A		6.30	%
Class B⁴	4.49		8.30		N/A		5.29
Class C	4.50		8.24		66.45	%	64.00
Class L³	4.69		8.69		70.66		70.55
Class M⁴	4.42		8.23		66.37		64.09
Class X	4.49		8.23		66.65		64.20
Russell 2000 Index⁵	–0.15		4.71		22.11		*
Lipper Small-Cap Core Funds Avg.⁵	1.87		6.43		45.55		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			11.59	%	12.00	%	7.34	%
Class L³			6.59		11.23		7.17
Class M⁴			6.58		11.75		7.36
Class X			6.58		11.64		7.37
Russell 2000 Index⁵			5.41		4.01		*
Lipper Small-Cap Core Funds Avg.⁵			7.89		7.25		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


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⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

**Lipper Small-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 2.14% for Class A and Class B; and 78.53% for Class C, Class L, Class M, and Class X. Lipper Small-Cap Core Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 7.89% for Class A and Class B; and 8.06% for Class C, Class L, Class M, and Class X.

***Prior to September 11, 2000, the Strategic Partners Small Company Fund was known as the ASAF T. Rowe Price Small Company Value Fund, and T. Rowe Price Associates, Inc. served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Cablevision Systems New York Group. (Class “A” Stock), Cable Television	2.6	%
Precision Castparts Corp., Industrial Products	2.3
Thomas & Betts Corp, Electronic Components & Equipment	1.9
Media General, Inc. (Class “A” Stock), Broadcasting	1.8
Curtiss-Wright Corp. (Class “B” Stock), Aerospace	1.7

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		11

Your Fund’s Performance

Strategic Partners Mid Cap Growth Fund***

Fund objective

The investment objective of the Strategic Partners Mid Cap Growth Fund is to seek long-term growth of capital. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Since Inception²
Class A³	0.23	%	4.63	%	0.47	%
Class B⁴	–0.24		3.71		–0.48
Class C	–0.24		3.47		–58.28
Class L³	0.00		3.90		–57.32
Class M⁴	–0.24		3.47		–58.18
Class X	–0.24		3.47		–58.28
S&P MidCap 400 Index⁵	5.68		9.74		*
Lipper Mid-Cap Growth Funds Avg.⁵	1.68		3.92		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Since Inception²
Class A³			N/A		N/A
Class B⁴			N/A		N/A
Class C			5.36	%	–16.71	%
Class L³			0.68		–17.39
Class M⁴			0.34		–17.04
Class X			0.11		–17.31
S&P MidCap 400 Index⁵			10.43		*
Lipper Mid-Cap Growth Funds Avg.⁵			5.17		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 9/11/00.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.


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*S&P MidCap 400 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 6.14% for Class A and Class B; and 22.71% for Class C, Class L, Class M, and Class X. S&P MidCap 400 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 10.43% for Class A and Class B; and 5.47% for Class C, Class L, Class M, and Class X.

**Lipper Mid-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 0.10% for Class A and Class B; and –29.76% for Class C, Class L, Class M, and Class X. Lipper Mid-Cap Growth Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 5.17% for Class A and Class B; and –7.76% for Class C, Class L, Class M, and Class X.

***Prior to November 11, 2002, the Strategic Partners Mid Cap Growth Fund was known as the ASAF Janus Mid-Cap Growth Fund, and Janus Capital Management LLC served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Scripps, (E.W.) Co. (Class “A” Stock), Publishing	2.2	%
Lamar Advertising Co., Publishing	2.2
Caremark RX, Inc., Pharmacy Benefit Manager	2.2
Williams-Sonoma, Inc. Retailing	2.1
Biomet, Inc., Medical Products	2.1

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		13

Your Fund’s Performance

Strategic Partners Relative Value Fund

Fund objective

The investment objective of the Strategic Partners Relative Value Fund is to seek capital growth. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	6.01	%	12.28	%	N/A		8.31	%
Class B⁴	5.57		11.21		N/A		7.35
Class C	5.53		11.17		61.69	%	105.81
Class L³	5.70		11.67		65.72		112.50
Class M⁴	5.53		11.17		61.82		105.81
Class X	5.49		11.13		61.68		105.31
S&P MidCap 400 Index⁵	5.68		9.74		38.84		*
Lipper Mid-Cap Value Funds Avg.⁵	5.46		11.37		71.31		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			14.10	%	10.24	%	12.31	%
Class L³			8.98		9.69		12.01
Class M⁴			9.10		10.20		12.40
Class X			9.02		10.04		12.27
S&P MidCap 400 Index⁵			10.43		6.87		*
Lipper Mid-Cap Value Funds Avg.⁵			12.82		11.98		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 8/19/98.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.


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*S&P MidCap 400 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 6.14% for Class A and Class B; and 142.79% for Class C, Class L, Class M, and Class X. S&P MidCap 400 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 10.43% for Class A and Class B; and 15.11% for Class C, Class L, Class M, and Class X.

**Lipper Mid-Cap Value Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 8.00% for Class A and Class B; and 132.37% for Class C, Class L, Class M, and Class X. Lipper Mid-Cap Value Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 12.82% for Class A and Class B; and 14.20% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Western Digital Corp., Computer Hardware	3.1	%
Coventry Health Care, Inc., Healthcare Services	3.0
XTO Energy, Inc., Oil & Gas	2.9
Omnicare, Inc., Healthcare Services	2.8
IndyMac Bancorp, Inc., Financial Services	2.8

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		15

Your Fund’s Performance

Strategic Partners Technology Fund

Fund objective

The investment objective of the Strategic Partners Technology Fund is to seek capital growth by investing primarily in the equity securities of companies engaged in technology-related industries. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Since Inception²
Class A³	–4.14	%	–2.67	%	–12.67	%
Class B⁴	–4.65		–3.53		–13.38
Class C	–4.63		–3.52		–75.30
Class L³	–4.51		–3.05		–74.60
Class M⁴	–4.65		–3.53		–75.40
Class X	–4.62		–3.13		–75.20
S&P 500 Index⁵	3.28		6.33		*
Lipper Science & Technology Funds Avg.⁵	–4.60		–3.43		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Since Inception²
Class A³			N/A		N/A
Class B⁴			N/A		N/A
Class C			–7.89	%	–26.00	%
Class L³			–12.16		–26.56
Class M⁴			–12.91		–26.46
Class X			–12.86		–26.50
S&P 500 Index⁵			–6.69		*
Lipper Science & Technology Funds Avg.⁵			–6.58		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 9/11/00.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


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⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 4.66% for Class A and Class B; and –17.90% for Class C, Class L, Class M, and Class X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.69% for Class A and Class B; and –3.81% for Class C, Class L, Class M, and Class X.

**Lipper Science & Technology Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are –10.60% for Class A and Class B; and –67.59% for Class C, Class L, Class M, and Class X. Lipper Science & Technology Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are –6.58% for Class A and Class B; and –22.44% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Corning, Inc., Telecommunications	4.1	%
Network Appliance, Inc., Computers—Networking	3.8
Amdocs Ltd., Telecommunications	3.6
Taiwan Semiconductor Manufacturing Co., Semiconductors	3.5
Adobe Systems, Inc., Computer Services & Software	3.4

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		17

Your Fund’s Performance

Strategic Partners Health Sciences Fund

Fund objective

The investment objective of the Strategic Partners Health Sciences Fund is to seek growth. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Since Inception²
Class A³	3.87	%	–1.28	%	–4.23	%
Class B⁴	3.59		–2.09		–5.06
Class C	3.48		–2.17		12.90
Class L³	3.70		–1.71		15.00
Class M⁴	3.40		–2.17		12.60
Class X	3.39		–2.17		12.90
S&P 500 Index⁵	3.28		6.33		*
Lipper Health/Biotechnology Funds Avg.⁵	5.98		–0.79		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Since Inception²
Class A³			N/A		N/A
Class B⁴			N/A		N/A
Class C			–5.18	%	2.36	%
Class L³			–9.22		1.60
Class M⁴			–9.90		2.11
Class X			–9.89		1.95
S&P 500 Index⁵			6.69		*
Lipper Health/Biotechnology Funds Avg.⁵			–1.89		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 3/1/01.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.


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*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 4.66% for Class A and Class B; and –0.09% for Class C, Class L, Class M, and Class X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.69% for Class A and Class B; and 0.45% for Class C, Class L, Class M, and Class X.

**Lipper Health/Biotechnology Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 0.89% for Class A and Class B; and 1.81% for Class C, Class L, Class M, and Class X. Lipper Health/Biotechnology Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are –1.89% for Class A and Class B; and –0.87% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Pfizer, Inc., Pharmaceuticals—Research & Manufacturing	5.7	%
Roche Holding AG, Pharmaceuticals	5.3
Wyeth, Healthcare Supplies	5.2
Sanofi-Sythelab SA [ADR], Pharmaceuticals	5.1
Eisai Co. Ltd., Medical Supplies & Equipment	5.0

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		19

Your Fund’s Performance

Strategic Partners Managed OTC Fund***

Fund objective

The investment objective of the Strategic Partners Managed OTC Fund is to provide investment results that correlate to the performance of a benchmark for securities that are traded in the over-the-counter market. The Fund’s current benchmark is a multiple of the NASDAQ-100 Index. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Since Inception²
Class A³	–6.64	%	–0.42	%	–8.08	%
Class B⁴	–6.80		–1.69		–9.34
Class C	–6.80		–1.27		–76.70
Class L³	–6.67		–0.42		–76.20
Class M⁴	–6.77		–0.85		–76.60
Class X	–6.77		–1.27		–76.60
NASDAQ-100 Index⁵	–4.43		1.39		*
Lipper Multi-Cap Growth Funds Avg.⁵	0.90		2.96		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Since Inception²
Class A³			N/A		N/A
Class B⁴			N/A		N/A
Class C			–0.18	%	–26.46	%
Class L³			–4.56		–27.15
Class M⁴			–5.18		–26.78
Class X			–5.18		–26.95
NASDAQ-100 Index⁵			3.07		*
Lipper Multi-Cap Growth Funds Avg.⁵			3.10		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 9/11/00.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.


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⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*NASDAQ-100 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are –1.22% for Class A and Class B; and –65.16% for Class C, Class L, Class M, and Class X. NASDAQ–100 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 3.07% for Class A and Class B; and –11.30% for Class C, Class L, Class M, and Class X.

**Lipper Multi-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are –0.62% for Class A and Class B; and –40.88% for Class C, Class L, Class M, and Class X. Lipper Multi-Cap Growth Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 3.10% for Class A and Class B; and –11.30% for Class C, Class L, Class M, and Class X.

***Prior to March 1, 2001, the Strategic Partners Managed OTC Fund was known as the ASAF Rydex Managed OTC Fund, and Rydex Global Advisors served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Microsoft Corp., Software	7.6	%
QUALCOMM Inc., Telecommunications	5.5
Intel Corp., Semiconductors	4.1
Apple Computer, Inc., Computer Services & Software	3.3
Cisco Systems, Inc., Telecommunications	3.2

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		21

Your Fund’s Performance

Strategic Partners Capital Growth Fund

Fund objective

The investment objective of the Strategic Partners Capital Growth Fund is to seek capital growth. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	5.80	%	8.30	%	N/A		3.57	%
Class B⁴	5.38		7.45		N/A		2.70
Class C	5.39		7.46		–18.62	%	36.80
Class L³	5.67		8.01		–16.51		41.71
Class M⁴	5.39		7.45		–18.60		37.00
Class X	5.40		7.47		–18.63		36.70
S&P 500 Index⁵	3.28		6.33		–13.86		*
Lipper Large-Cap Growth Funds Avg.⁵	0.95		1.13		–38.20		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			4.81	%	–5.35	%	4.89	%
Class L³			0.21		–5.80		4.65
Class M⁴			–0.20		–5.56		4.94
Class X			–0.19		–5.74		4.81
S&P 500 Index⁵			6.69		–3.16		*
Lipper Large-Cap Growth Funds Avg.⁵			1.18		–10.17		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 8/19/98.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.


22		Visit our website at www.strategicpartners.com

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 4.66% for Class A and Class B; and 33.49% for Class C, Class L, Class M, and Class X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.69% for Class A and Class B; and 4.79% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are –0.99% for Class A and Class B; and 15.28% for Class C, Class L, Class M, and Class X. Lipper Large-Cap Growth Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 1.18% for Class A and Class B; and 2.15% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
UnitedHealth Group, Inc., Healthcare Services	9.7	%
Genentech, Inc., Pharmaceuticals	8.0
General Electric Co., Electronic Components & Equipment	5.8
Procter & Gamble Co., Consumer Products & Services	4.2
SLM Corp., Financial Services	4.1

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		23

Your Fund’s Performance

Strategic Partners Concentrated Growth Fund***

Fund objective

The investment objective of the Strategic Partners Concentrated Growth Fund is to seek growth of capital. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/05

Six Months

One Year

Five Years

Since Inception²

Class A³

–2.50

–3.53

N/A

–6.67

Class B⁴

–2.90

–4.58

N/A

–7.68

Class C

–2.91

–4.39

–59.45

–6.33

Class L³

–2.60

–3.80

–58.31

–2.40

Class M⁴

–2.90

–4.38

–59.39

–6.03

Class X

–2.89

–4.37

–59.40

–5.93

S&P 500 Index⁵

3.28

6.33

–13.86

Lipper Large-Cap Growth Funds Avg.⁵

0.95

1.13

–38.20

Average Annual Total Returns¹ as of 3/31/05

One Year

Five Years

Since Inception²

Class A³

N/A

–6.36%

Class B⁴

N/A

–7.33

Class C

–4.49

–18.06

–0.55

Class L³

–8.55

–18.58

–0.69

Class M⁴

–9.30

–18.37

–0.51

Class X

–9.30

–18.54

–0.62

S&P 500 Index⁵

6.69

–3.16

Lipper Large-Cap Growth Funds Avg.⁵

1.18

–10.17

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


24		Visit our website at www.strategicpartners.com

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to inception cumulative total returns as of 4/30/05 are 4.66% for Class A and Class B; and 36.25% for Class C, Class L, Class M, and Class X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.69% for Class A and Class B; and 4.38% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Growth Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are –0.99% for Class A and Class B; and 13.05% for Class C, Class L, Class M, and Class X. Lipper Large-Cap Growth Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 1.18% for Class A and Class B; and 1.60% for Class C, Class L, Class M, and Class X.

***Prior to November 11, 2002, the Strategic Partners Concentrated Growth Fund was known as the ASAF Janus Capital Growth Fund, and Janus Capital Management LLC served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
QUALCOMM, Semiconductors/Semi-Capital Equipment	6.0	%
Viacom, Inc. (Class “B” Stock), Movies & Entertainment	5.6
Univision Communications, Inc. (Class “A” Stock), Cable/Satellite TV	5.3
Microsoft, Computer Software	5.2
Harrah’s Entertainment, Inc., Gaming/Lodging	5.0

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		25

Your Fund’s Performance

Strategic Partners Core Value Fund

Fund objective

The investment objective of the Strategic Partners Core Value Fund is to seek long-term capital growth. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	4.46	%	9.45	%	N/A		5.15	%
Class B⁴	4.08		8.71		N/A		4.34
Class C	4.04		8.59		N/A		27.87
Class L³	4.28		9.08		N/A		30.52
Class M⁴	4.11		8.56		N/A		27.95
Class X	4.12		8.68		N/A		27.97
S&P 500 Index⁵	3.28		6.33		–13.86	%	*
Lipper Multi-Cap Value Funds Avg.⁵	5.15		9.72		27.85		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			6.99	%	N/A		6.55	%
Class L³			2.21		N/A		5.80
Class M⁴			1.96		N/A		6.43
Class X			1.98		N/A		6.23
S&P 500 Index⁵			6.69		–3.16	%	*
Lipper Multi-Cap Value Funds Avg.⁵			9.96		5.21		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 3/1/01.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.


26		Visit our website at www.strategicpartners.com

**Lipper Multi-Cap Value Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 7.15% for Class A and Class B; and 18.13% for Class C, Class L, Class M, and Class X. Lipper Multi-Cap Value Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 9.96% for Class A and Class B; and 4.63% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Exxon Mobil Corp., Oil & Gas	5.8	%
General Electric Co., Electronic Components & Equipment	5.6
Citigroup, Inc., Financial Services	4.6
Bank of America Corp., Financial—Bank & Trust	3.5
Altria Group, Inc., Conglomerates	2.8

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		27

Your Fund’s Performance

Strategic Partners Managed Index 500 Fund

Fund objective

The investment objective of the Strategic Partners Managed Index 500 Fund is to outperform the Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) through stock selection, resulting in different weightings of common stocks relative to the Index. There can be no assurance that the Fund will achieve its investment objective.

Cumulative Total Returns¹ as of 4/30/05

Six Months

One Year

Five Years

Since Inception²

Class A³

1.35

3.34

N/A

–0.54

Class B⁴

0.92

2.46

N/A

–1.35

Class C

0.92

2.46

–16.64

–12.55

Class L³

1.13

2.88

–14.50

–10.23

Class M⁴

0.92

2.46

–16.64

–12.55

Class X

0.93

2.59

–16.73

–12.65

S&P 500 Index⁵

3.28

6.33

–13.86

Lipper Large-Cap Core Funds Avg.⁵

2.50

3.68

–18.15

Average Annual Total Returns¹ as of 3/31/05

One Year

Five Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

2.10

–3.70

–1.96

Class L³

–2.42

–4.36

–2.43

Class M⁴

–2.90

–4.09

–2.32

Class X

–2.90

–4.31

–2.34

S&P 500 Index⁵

6.69

–3.16

Lipper Large-Cap Core Funds Avg.⁵

4.04

–4.47

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 11/1/99.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


28		Visit our website at www.strategicpartners.com

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 4.66% for Class A and Class B; and –7.67% for Class C, Class L, Class M, and Class X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.69% for Class A and Class B; and –1.11% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 1.71% for Class A and Class B; and –10.43% for Class C, Class L, Class M, and Class X. Lipper Large-Cap Core Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 4.04% for Class A and Class B; and –1.94% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
General Electric Co., Electronic Components & Equipment	4.6	%
Exxon Mobil Corp., Oil & Gas	3.4
Citigroup, Inc., Financial Services	3.2
Microsoft Corp., Computer Services & Software	3.1
Bank of America Corp., Financial Bank & Trust	2.2

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		29

Your Fund’s Performance

Strategic Partners Equity Income Fund***

Fund objective

The investment objective of the Strategic Partners Equity Income Fund is long-term growth of capital and income while attempting to avoid excessive fluctuations in market value. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	4.83	%	6.06	%	N/A		2.54	%
Class B⁴	4.44		5.11		N/A		1.62
Class C	4.45		5.11		9.40	%	41.00
Class L³	4.70		5.76		12.20		46.10
Class M⁴	4.44		5.19		9.39		41.12
Class X	4.45		5.20		9.49		41.01
S&P 500 Index⁵	3.28		6.33		–13.86		*
Lipper Large-Cap Core Funds Avg.⁵	2.50		3.68		–18.15		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			4.58	%	1.96	%	5.02	%
Class L³			6.14		1.45		4.80
Class M⁴			–0.42		1.79		5.17
Class X			–0.42		1.61		5.05
S&P 500 Index⁵			6.69		–3.16		*
Lipper Large-Cap Core Funds Avg.⁵			4.04		–4.47		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 12/31/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


30		Visit our website at www.strategicpartners.com

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 4.66% for Class A and Class B; and 33.02% for Class C, Class L, Class M, and Class X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.69% for Class A and Class B; and 4.29% for Class C, Class L, Class M, and Class X.

**Lipper Large-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 1.71% for Class A and Class B; and 21.78% for Class C, Class L, Class M, and Class X. Lipper Large-Cap Core Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 4.04% for Class A and Class B; and 2.82% for Class C, Class L, Class M, and Class X.

***Between May 1, 2000, and April 12, 2004, the Strategic Partners Equity Income Fund was known as the ASAF Alliance Growth and Income Fund. Prior to May 1, 2000, the Strategic Partners Equity Income Fund was known as the ASAF Lord Abbett Growth and Income Fund, and Lord Abbett & Co. served as subadviser to the Fund.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
General Electric Co., Electronic Components & Equipment	5.1	%
Microsoft Corp., Computer Services & Software	5.0
American International Group, Inc., Insurance	4.4
Citigroup, Inc., Financial Services	4.3
Altria Group, Inc., Conglomerates	3.2

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		31

Your Fund’s Performance

Strategic Partners Growth with Income Fund

Fund objective

The investment objective of the Strategic Partners Growth with Income Fund is to seek long-term growth of capital, with a secondary objective to seek reasonable current income. There can be no assurance that the Fund will achieve its investment objectives.

Cumulative Total Returns¹ as of 4/30/05

Six Months

One Year

Five Years

Since Inception²

Class A³

3.92

7.88

N/A

4.04

Class B⁴

3.53

7.05

N/A

3.16

Class C

3.53

7.05

–17.64

–15.00

Class L³

3.81

7.65

–15.73

–12.70

Class M⁴

3.53

7.05

–17.80

–15.00

Class X

3.66

7.19

–17.80

–15.00

S&P 500 Index⁵

3.28

6.33

–13.86

Lipper Large-Cap Core Funds Avg.⁵

2.50

3.68

–18.15

Average Annual Total Returns¹ as of 3/31/05

One Year

Five Years

Since Inception²

Class A³

N/A

Class B⁴

N/A

Class C

7.17

–3.64

–2.46

Class L³

2.40

–4.33

–2.92

Class M⁴

2.03

–4.05

–2.82

Class X

2.04

–4.28

–2.84

S&P 500 Index⁵

6.69

–3.16

Lipper Large-Cap Core Funds Avg.⁵

4.04

–4.47

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 11/1/99.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


32		Visit our website at www.strategicpartners.com

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Johnson & Johnson, Pharmaceuticals	3.5	%
United Technologies Corp., Aerospace	2.5
Total SA (ADR) (France), Commercial Paper	2.5
Reckitt Benckiser PLC (United Kingdom), Consumer Products & Services	2.4
Tyco International, Conglomerates	2.3

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		33

Your Fund’s Performance

Strategic Partners Capital Income Fund

Fund objective

The investment objective of the Strategic Partners Capital Income Fund is to seek capital growth and current income while following sound investment practices. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	5.12	%	7.16	%	N/A		2.50	%
Class B⁴	4.72		6.39		N/A		1.69
Class C	4.72		6.39		–6.94	%	34.18
Class L³	4.97		6.91		–4.70		39.16
Class M⁴	4.72		6.39		–7.01		34.17
Class X	4.72		6.40		–7.01		34.07
S&P 500 Index⁵	3.28		6.33		–13.86		*
Lipper Equity Income Funds Avg.⁵	5.35		10.02		23.56		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			4.48	%	–1.39	%	4.16	%
Class L³			–0.08		–2.10		3.95
Class M⁴			–0.52		–1.79		4.16
Class X			–0.51		–1.99		4.05
S&P 500 Index⁵			6.69		–3.16		*
Lipper Equity Income Funds Avg.⁵			9.89		4.36		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


34		Visit our website at www.strategicpartners.com

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*S&P 500 Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 4.66% for Class A and Class B; and 36.25% for Class C, Class L, Class M, and Class X. S&P 500 Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.69% for Class A and Class B; and 4.38% for Class C, Class L, Class M, and Class X.

**Lipper Equity Income Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 8.03% for Class A and Class B; and 52.10% for Class C, Class L, Class M, and Class X. Lipper Equity Income Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 9.89% for Class A and Class B; and 5.74% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
J.P. Morgan Chase & Co., Diversified Financial Services	3.4	%
Bank of America Corp., Commercial Banks	3.0
General Electric Co., Industrial Conglomerates	2.9
Exxon Mobil Corp., Oil & Gas	2.6
ChevronTexaco Corp., Oil & Gas	2.3

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		35

Your Fund’s Performance

Strategic Partners Balanced Fund

Fund objective

The investment objective of the Strategic Partners Balanced Fund is to seek capital growth and current income. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	3.02	%	6.26	%	N/A		3.72	%
Class B⁴	2.63		5.64		N/A		3.03
Class C	2.55		5.56		1.29	%	37.34
Class L³	2.87		6.04		3.93		43.07
Class M⁴	2.63		5.55		1.37		37.45
Class X	2.63		5.56		1.28		37.34
Blended Index⁵	2.34		5.97		8.14		*
Lipper Balanced Funds Avg.⁵	2.54		5.41		8.24		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			3.39	%	0.13	%	4.41	%
Class L³			–1.17		–0.57		4.26
Class M⁴			–1.69		–0.27		4.41
Class X			–1.61		–0.45		4.31
Blended Index⁵			4.23		1.28		*
Lipper Balanced Funds Avg.⁵			4.30		1.27		**

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.


36		Visit our website at www.strategicpartners.com

*Blended Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 3.67% for Class A and Class B; and 51.39% for Class C, Class L, Class M, and Class X. Blended Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 4.23% for Class A and Class B; and 5.63% for Class C, Class L, Class M, and Class X.

**Lipper Balanced Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 3.04% for Class A and Class B; and 40.60% for Class C, Class L, Class M, and Class X. Lipper Balanced Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 4.30% for Class A and Class B; and 4.55% for Class C, Class L, Class M, and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/05
Federal National Mortgage Assoc. 6.00% TBA, U.S. Government Agency	2.8	%
Federal National Mortgage Assoc. 6.50% TBA, U.S. Government Agency	2.2
Johnson & Johnson, Consumer Products & Services	2.2
Exxon Mobil Corp, Oil & Gas	1.9
Federal National Mortgage Assoc. 5.25% 04/15/07, U.S. Government Agency	1.7

Holdings reflect only long-term investments and are subject to change.


Strategic Partners Mutual Funds, Inc.		37

Your Fund’s Performance

Strategic Partners High Yield Bond Fund****

Fund objective

The investment objective of the Strategic Partners High Yield Bond Fund is to seek a high level of current income and may also consider the potential for capital appreciation. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	–0.92	%	5.43	%	N/A		5.49	%
Class B⁴	–1.29		4.63		N/A		4.67
Class C	–1.29		4.37		23.91	%	29.72
Class L³	–1.05		4.89		27.03		34.84
Class M⁴	–1.16		4.51		23.76		29.77
Class X	–1.30		4.36		23.75		29.67
ML High Yield Master II Index⁵	0.00		6.49		36.96		*
Lehman Brothers U.S. Corporate High Yield Index	0.08		6.52		39.50		**
Lipper High Current Yield Funds Avg.⁵	–0.26		5.44		27.96		***

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			5.26	%	4.56	%	3.53	%
Class L³			2.20		4.39		3.61
Class M⁴			0.28		4.46		3.66
Class X			0.28		4.35		3.59
ML High Yield Master II Index⁵			6.94		6.72		*
Lehman Brothers U.S. Corporate High Yield Index			6.84		7.13		**
Lipper High Current Yield Funds Avg.⁵			6.30		5.09		***

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A shares are subject to a maximum front-end sales charge of 4.50%. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 6%, and 6% respectively.

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns do take into account applicable sales charges. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and expense reimbursements, the returns for the share classes would have been lower. Without a distribution and service (12b-1) fee waiver of 0.05% for Class A shares, the returns would have been lower. Class A shares are subject to a 12b-1 fee of up to 0.30% annually. Class B, Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1.00%. Class L shares are subject to a 12b-1 fee of 0.50%.

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.


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⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.

⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*ML High Yield Master II Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 5.68% for Class A and Class B; and 52.19% for Class C, Class L, Class M, and Class X. ML High Yield Master II Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.79% for Class A and Class B; and 5.77% for Class C, Class L, Class M, and Class X.

**Lehman Brothers U.S. Corporate High Yield Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 5.80% for Class A and Class B; and 47.62% for Class C, Class L, Class M, and Class X. Lehman Brothers U.S. Corporate High Yield Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.84% for Class A and Class B; and 5.35% for Class C, Class L, Class M, and Class X.

***Lipper High Current Yield Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 5.02% for Class A and Class B; and 32.07% for Class C, Class L, Class M, and Class X. Lipper High Current Yield Funds Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 6.30% for Class A and Class B; and 3.68% for Class C, Class L, Class M, and Class X.

**** Prior to May 3, 2004, the Strategic Partners High Yield Bond Fund was known as the ASAF Federated High Yield Bond Fund, and Federated Investment Management Company served as subadviser to the Fund.


Five Largest Issues expressed as a percentage of net assets as of 4/30/05
MGM Grand, Inc. 8.375% 02/01/11, Gaming	1.2	%
Mandalay Resort Group 10.25% 08/01/07, Gaming	1.1
Graham Packaging Co. 9.875% 10/15/14, Packaging	1.0
Lighthouse International Co. 8.00% 04/30/14, Publishing	0.9
Safilo Capital International SA 9.625% 05/15/13, Consumer Products	0.9

Issues are subject to change.


Strategic Partners Mutual Funds, Inc.		39

Your Fund’s Performance

Strategic Partners Bond Fund

Fund objective

The investment objective of the Strategic Partners Bond Fund is to seek to maximize total return, consistent with preservation of capital and prudent investment management. There can be no assurance that the Fund will achieve its investment objective.


Cumulative Total Returns¹ as of 4/30/05
	Six Months		One Year		Five Years		Since Inception²
Class A³	0.99	%	5.79	%	N/A		4.41	%
Class B⁴	0.61		4.94		N/A		3.56
Class C	0.71		5.00		37.06	%	51.77
Class L³	0.86		5.53		40.39		58.92
Class M⁴	0.61		4.99		37.07		51.72
Class X	0.61		4.88		36.11		50.74
Lehman Brothers U.S. Aggregate Bond Index⁵	0.98		5.26		43.48		*
Lipper Corporate Debt Funds A-Rated Avg.⁵	0.93		4.86		39.74		**

Average Annual Total Returns¹ as of 3/31/05
			One Year		Five Years		Since Inception²
Class A³			N/A		N/A		N/A
Class B⁴			N/A		N/A		N/A
Class C			–0.11	%	5.81	%	5.25	%
Class L³			–2.93		5.60		5.94
Class M⁴			–4.83		5.71		5.39
Class X			–4.93		5.42		5.21
Lehman Brothers Aggregate Bond Index⁵			1.15		7.14		*
Lipper Corporate Debt Funds A-Rated Avg.⁵			0.92		6.45		**

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total return performance quoted. Class A shares are subject to a maximum front-end sales charge of 4.50%. Under certain circumstances, Class A shares may be subject to a contingent deferred sales charge (CDSC) of 1%. Class B, Class C, Class M, and Class X shares are subject to a maximum CDSC of 5%, 1%, 6%, and 6% respectively.

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns do take into account applicable sales charges. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and expense reimbursements, the returns for the share classes would have been lower. Without a distribution and service (12b-1) fee waiver of 0.05% for Class A shares, the returns would have been lower. Class A shares are subject to a 12b-1 fee of up to 0.30% annually. Class B, Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1.00%. Class L shares are subject to a 12b-1 fee of 0.50%.

²Inception dates: Class A and Class B, 4/12/04; Class C, Class L, Class M, and Class X, 7/28/97.

³Prior to April 12, 2004, Class L shares were known as Class A shares. On April 12, 2004, Class A shares were redesignated as Class L shares and a new Class A was opened.

⁴Prior to April 12, 2004, Class M shares were known as Class B shares. On April 12, 2004, Class B shares were redesignated as Class M shares and a new Class B was opened.


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⁵See page 1 for a summary of definitions for the Fund’s benchmarks.

*Lehman Brothers U.S. Aggregate Bond Index Closest Month-End to Inception cumulative total returns as of 4/30/05 are 2.52% for Class A and Class B; and 63.25% for Class C, Class L, Class M, and Class X. Lehman Brothers U.S. Aggregate Bond Index Closest Month-End to Inception average annual total returns as of 3/31/05 are 1.15% for Class A and Class B; and 6.42% for Class C, Class L, Class M, and Class X.

**Lipper Corporate Debt Funds A-Rated Average Closest Month-End to Inception cumulative total returns as of 4/30/05 are 2.14% for Class A and Class B; and 53.64% for Class C, Class L, Class M, and Class X. Lipper Corporate Debt Funds A-Rated Average Closest Month-End to Inception average annual total returns as of 3/31/05 are 0.92% for Class A and Class B; and 5.56% for Class C, Class L, Class M, and Class X.


Five Largest Issues expressed as a percentage of net assets as of 4/30/05
Spanish Government Bonds 2.06% 06/17/05, Foreign Government Bonds	6.0	%
French Government Bonds 2.07% 06/16/05, Foreign Government Bonds	4.1
HBOS Treasury PLC 2.83% 05/31/05, Commercial Paper	2.9
Total Finance, 2.87%, 05/03/05, Commercial Paper	2.8
Royal Bank of Scotland, 2.96%, 05/25/05, Commercial Paper	2.7

Issues are subject to change.


Strategic Partners Mutual Funds, Inc.		41

Your Fund’s Performance

Strategic Partners Money Market Fund

Fund objective

The investment objectives of the Strategic Partners Money Market Fund are to seek high current income and maintain high levels of liquidity. There can be no assurance that the Fund will achieve its investment objective.

Yields will fluctuate from time to time, and past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.


Fund Facts as of 4/30/05*
	One-Year Total Return		7-Day Current Yield		Net Asset Value (NAV)		Weighted Avg. Maturity (WAM)		Net Assets (Millions)
Class C	0.21	%	**		$	1.00	42	Days	$	15
Class D	0.71		0.50	%		1.00	42			17
Class L	0.71		0.50			1.00	42			28
Class M	0.21		**			1.00	42			68
Class X	0.21		**			1.00	42			15
Lipper Money Market Instrument Funds Avg.¹	1.04		N/A			N/A	N/A			N/A

Source: Prudential Investments LLC and Lipper Inc. The one-year total return in the table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares.

¹See page 1 for a summary of definitions for the Fund’s benchmark.

*Class D and Class L shares are subject to a distribution and service (12b-1) fee of 0.50%. Class C, Class M, and Class X shares are subject to a 12b-1 fee of 1%.

**Yield is less than 0.005%.


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Fees and Expenses (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on November 1, 2004, at the beginning of the period, and held through the six-month period ended April 30, 2005.

The Funds may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to Individual Retirement Accounts (IRAs), Section 403(b) accounts, and Section 529 plan accounts. As of the close of the six-month period covered by the table, IRA fees included a setup fee of $5, a maintenance fee of up to $36 annually ($18 for the six-month period), and a termination fee of $10. Section 403(b) accounts and Section 529 plan accounts are each charged an annual $25 fiduciary maintenance fee ($12.50 for the six-month period). Some of the fees vary in amount, or are waived, based on your total account balance or the number of JennisonDryden or Strategic Partners funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges (loads). Therefore the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Strategic Partners Mutual Funds, Inc.		43

Fees and Expenses (continued)


Strategic Partners International Growth Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,060.90	1.85	%	$	9.45
	Hypothetical	$	1,000.00	$	1,015.62	1.85	%	$	9.25

Class B	Actual	$	1,000.00	$	1,056.68	2.60	%	$	13.26
	Hypothetical	$	1,000.00	$	1,011.90	2.60	%	$	12.97

Class C	Actual	$	1,000.00	$	1,057.52	2.60	%	$	13.27
	Hypothetical	$	1,000.00	$	1,011.90	2.60	%	$	12.97

Class L	Actual	$	1,000.00	$	1,059.41	2.10	%	$	10.72
	Hypothetical	$	1,000.00	$	1,014.38	2.10	%	$	10.49

Class M	Actual	$	1,000.00	$	1,056.68	2.60	%	$	13.26
	Hypothetical	$	1,000.00	$	1,011.90	2.60	%	$	12.97

Class X	Actual	$	1,000.00	$	1,056.68	2.60	%	$	13.26
	Hypothetical	$	1,000.00	$	1,011.90	2.60	%	$	12.97


Strategic Partners Small Cap Growth Opportunity Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	947.49	1.55	%	$	7.48
	Hypothetical	$	1,000.00	$	1,017.11	1.55	%	$	7.75

Class B	Actual	$	1,000.00	$	944.41	2.30	%	$	11.09
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class C	Actual	$	1,000.00	$	945.40	2.30	%	$	11.09
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class L	Actual	$	1,000.00	$	947.29	1.80	%	$	8.69
	Hypothetical	$	1,000.00	$	1,015.87	1.80	%	$	9.00

Class M	Actual	$	1,000.00	$	944.41	2.30	%	$	11.09
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class X	Actual	$	1,000.00	$	945.40	2.30	%	$	11.09
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48


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Strategic Partners Managed Small Cap Growth Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	964.79	1.65	%	$	8.04
	Hypothetical	$	1,000.00	$	1,016.61	1.65	%	$	8.25

Class B	Actual	$	1,000.00	$	963.50	2.40	%	$	11.68
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class C	Actual	$	1,000.00	$	961.82	2.40	%	$	11.67
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class L	Actual	$	1,000.00	$	964.59	1.90	%	$	9.26
	Hypothetical	$	1,000.00	$	1,015.37	1.90	%	$	9.49

Class M	Actual	$	1,000.00	$	961.82	2.40	%	$	11.67
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class X	Actual	$	1,000.00	$	961.82	2.40	%	$	11.67
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98


Strategic Partners Small Company Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,049.49	1.65	%	$	8.38
	Hypothetical	$	1,000.00	$	1,016.61	1.65	%	$	8.25

Class B	Actual	$	1,000.00	$	1,044.88	2.40	%	$	12.17
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class C	Actual	$	1,000.00	$	1,044.98	2.40	%	$	12.17
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class L	Actual	$	1,000.00	$	1,046.91	1.90	%	$	9.64
	Hypothetical	$	1,000.00	$	1,015.37	1.90	%	$	9.49

Class M	Actual	$	1,000.00	$	1,044.18	2.40	%	$	12.16
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class X	Actual	$	1,000.00	$	1,044.88	2.40	%	$	12.17
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98


Strategic Partners Mutual Funds, Inc.		45

Fees and Expenses (continued)


Strategic Partners Mid Cap Growth Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,002.28	1.65	%	$	8.19
	Hypothetical	$	1,000.00	$	1,016.61	1.65	%	$	8.25

Class B	Actual	$	1,000.00	$	997.62	2.40	%	$	11.89
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class C	Actual	$	1,000.00	$	997.62	2.40	%	$	11.89
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class L	Actual	$	1,000.00	$	1,000.00	1.90	%	$	9.42
	Hypothetical	$	1,000.00	$	1,015.37	1.90	%	$	9.49

Class M	Actual	$	1,000.00	$	997.62	2.40	%	$	11.89
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class X	Actual	$	1,000.00	$	997.62	2.40	%	$	11.89
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98


Strategic Partners Relative Value Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,060.10	1.60	%	$	8.17
	Hypothetical	$	1,000.00	$	1,016.86	1.60	%	$	8.00

Class B	Actual	$	1,000.00	$	1,055.69	2.35	%	$	11.98
	Hypothetical	$	1,000.00	$	1,013.14	2.35	%	$	11.73

Class C	Actual	$	1,000.00	$	1,055.29	2.35	%	$	11.98
	Hypothetical	$	1,000.00	$	1,013.14	2.35	%	$	11.73

Class L	Actual	$	1,000.00	$	1,056.98	1.85	%	$	9.44
	Hypothetical	$	1,000.00	$	1,015.62	1.85	%	$	9.25

Class M	Actual	$	1,000.00	$	1,055.29	2.35	%	$	11.98
	Hypothetical	$	1,000.00	$	1,013.14	2.35	%	$	11.73

Class X	Actual	$	1,000.00	$	1,054.90	2.35	%	$	11.97
	Hypothetical	$	1,000.00	$	1,013.14	2.35	%	$	11.73


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Strategic Partners Technology Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	958.59	1.66	%	$	8.06
	Hypothetical	$	1,000.00	$	1,016.56	1.66	%	$	8.30

Class B	Actual	$	1,000.00	$	953.49	2.41	%	$	11.67
	Hypothetical	$	1,000.00	$	1,012.84	2.41	%	$	12.03

Class C	Actual	$	1,000.00	$	953.68	2.41	%	$	11.67
	Hypothetical	$	1,000.00	$	1,012.84	2.41	%	$	12.03

Class L	Actual	$	1,000.00	$	954.92	1.91	%	$	9.26
	Hypothetical	$	1,000.00	$	1,015.32	1.91	%	$	9.54

Class M	Actual	$	1,000.00	$	953.49	2.41	%	$	11.67
	Hypothetical	$	1,000.00	$	1,012.84	2.41	%	$	12.03

Class X	Actual	$	1,000.00	$	953.78	2.41	%	$	11.67
	Hypothetical	$	1,000.00	$	1,012.84	2.41	%	$	12.03


Strategic Partners Health Sciences Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,038.68	1.65	%	$	8.34
	Hypothetical	$	1,000.00	$	1,016.61	1.65	%	$	8.25

Class B	Actual	$	1,000.00	$	1,035.90	2.40	%	$	12.11
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class C	Actual	$	1,000.00	$	1,034.81	2.40	%	$	12.11
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class L	Actual	$	1,000.00	$	1,036.99	1.90	%	$	9.60
	Hypothetical	$	1,000.00	$	1,015.37	1.90	%	$	9.49

Class M	Actual	$	1,000.00	$	1,034.02	2.40	%	$	12.10
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98

Class X	Actual	$	1,000.00	$	1,033.92	2.40	%	$	12.10
	Hypothetical	$	1,000.00	$	1,012.89	2.40	%	$	11.98


Strategic Partners Mutual Funds, Inc.		47

Fees and Expenses (continued)


Strategic Partners Managed OTC Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	933.60	1.50	%	$	7.19
	Hypothetical	$	1,000.00	$	1,017.36	1.50	%	$	7.50

Class B	Actual	$	1,000.00	$	932.01	2.25	%	$	10.78
	Hypothetical	$	1,000.00	$	1,013.64	2.25	%	$	11.23

Class C	Actual	$	1,000.00	$	932.01	2.25	%	$	10.78
	Hypothetical	$	1,000.00	$	1,013.64	2.25	%	$	11.23

Class L	Actual	$	1,000.00	$	933.30	1.75	%	$	8.39
	Hypothetical	$	1,000.00	$	1,016.12	1.75	%	$	8.75

Class M	Actual	$	1,000.00	$	932.31	2.25	%	$	10.78
	Hypothetical	$	1,000.00	$	1,013.64	2.25	%	$	11.23

Class X	Actual	$	1,000.00	$	932.31	2.25	%	$	10.78
	Hypothetical	$	1,000.00	$	1,013.64	2.25	%	$	11.23


Strategic Partners Capital Growth Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,058.02	1.55	%	$	7.91
	Hypothetical	$	1,000.00	$	1,017.11	1.55	%	$	7.75

Class B	Actual	$	1,000.00	$	1,053.80	2.30	%	$	11.71
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class C	Actual	$	1,000.00	$	1,053.90	2.30	%	$	11.71
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class L	Actual	$	1,000.00	$	1,056.68	1.80	%	$	9.18
	Hypothetical	$	1,000.00	$	1,015.87	1.80	%	$	9.00

Class M	Actual	$	1,000.00	$	1,053.90	2.30	%	$	11.71
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class X	Actual	$	1,000.00	$	1,054.00	2.30	%	$	11.71
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48


48		Visit our website at www.strategicpartners.com


Strategic Partners Concentrated Growth Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	975.01	1.50	%	$	7.35
	Hypothetical	$	1,000.00	$	1,017.36	1.50	%	$	7.50

Class B	Actual	$	1,000.00	$	970.99	2.25	%	$	11.00
	Hypothetical	$	1,000.00	$	1,013.64	2.25	%	$	11.23

Class C	Actual	$	1,000.00	$	970.89	2.25	%	$	11.00
	Hypothetical	$	1,000.00	$	1,013.64	2.25	%	$	11.23

Class L	Actual	$	1,000.00	$	974.02	1.75	%	$	8.57
	Hypothetical	$	1,000.00	$	1,016.12	1.75	%	$	8.75

Class M	Actual	$	1,000.00	$	970.99	2.25	%	$	11.00
	Hypothetical	$	1,000.00	$	1,013.64	2.25	%	$	11.23

Class X	Actual	$	1,000.00	$	971.09	2.25	%	$	11.00
	Hypothetical	$	1,000.00	$	1,013.64	2.25	%	$	11.23


Strategic Partners Core Value Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,044.58	1.45	%	$	7.35
	Hypothetical	$	1,000.00	$	1,017.60	1.45	%	$	7.26

Class B	Actual	$	1,000.00	$	1,040.81	2.20	%	$	11.13
	Hypothetical	$	1,000.00	$	1,013.88	2.20	%	$	10.99

Class C	Actual	$	1,000.00	$	1,040.42	2.20	%	$	11.13
	Hypothetical	$	1,000.00	$	1,013.88	2.20	%	$	10.99

Class L	Actual	$	1,000.00	$	1,042.80	1.70	%	$	8.61
	Hypothetical	$	1,000.00	$	1,016.36	1.70	%	$	8.50

Class M	Actual	$	1,000.00	$	1,041.11	2.20	%	$	11.13
	Hypothetical	$	1,000.00	$	1,013.88	2.20	%	$	10.99

Class X	Actual	$	1,000.00	$	1,041.21	2.20	%	$	11.13
	Hypothetical	$	1,000.00	$	1,013.88	2.20	%	$	10.99


Strategic Partners Mutual Funds, Inc.		49

Fees and Expenses (continued)


Strategic Partners Managed Index 500 Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,013.49	1.25	%	$	6.24
	Hypothetical	$	1,000.00	$	1,018.60	1.25	%	$	6.26

Class B	Actual	$	1,000.00	$	1,009.22	2.00	%	$	9.96
	Hypothetical	$	1,000.00	$	1,014.88	2.00	%	$	9.99

Class C	Actual	$	1,000.00	$	1,009.22	2.00	%	$	9.96
	Hypothetical	$	1,000.00	$	1,014.88	2.00	%	$	9.99

Class L	Actual	$	1,000.00	$	1,011.31	1.50	%	$	7.48
	Hypothetical	$	1,000.00	$	1,017.36	1.50	%	$	7.50

Class M	Actual	$	1,000.00	$	1,009.22	2.00	%	$	9.96
	Hypothetical	$	1,000.00	$	1,014.88	2.00	%	$	9.99

Class X	Actual	$	1,000.00	$	1,009.32	2.00	%	$	9.96
	Hypothetical	$	1,000.00	$	1,014.88	2.00	%	$	9.99


Strategic Partners Equity Income Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,048.30	1.41	%	$	7.16
	Hypothetical	$	1,000.00	$	1,017.80	1.41	%	$	7.05

Class B	Actual	$	1,000.00	$	1,044.38	2.16	%	$	10.95
	Hypothetical	$	1,000.00	$	1,014.08	2.16	%	$	10.79

Class C	Actual	$	1,000.00	$	1,044.48	2.16	%	$	10.95
	Hypothetical	$	1,000.00	$	1,014.08	2.16	%	$	10.79

Class L	Actual	$	1,000.00	$	1,047.01	1.66	%	$	8.43
	Hypothetical	$	1,000.00	$	1,016.56	1.66	%	$	8.30

Class M	Actual	$	1,000.00	$	1,044.38	2.16	%	$	10.95
	Hypothetical	$	1,000.00	$	1,014.08	2.16	%	$	10.79

Class X	Actual	$	1,000.00	$	1,044.48	2.16	%	$	10.95
	Hypothetical	$	1,000.00	$	1,014.08	2.16	%	$	10.79


50		Visit our website at www.strategicpartners.com


Strategic Partners Growth with Income Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,039.18	1.55	%	$	7.84
	Hypothetical	$	1,000.00	$	1,017.11	1.55	%	$	7.75

Class B	Actual	$	1,000.00	$	1,035.31	2.30	%	$	11.61
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class C	Actual	$	1,000.00	$	1,035.31	2.30	%	$	11.61
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class L	Actual	$	1,000.00	$	1,038.08	1.80	%	$	9.10
	Hypothetical	$	1,000.00	$	1,015.87	1.80	%	$	9.00

Class M	Actual	$	1,000.00	$	1,035.31	2.30	%	$	11.61
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48

Class X	Actual	$	1,000.00	$	1,036.60	2.30	%	$	11.61
	Hypothetical	$	1,000.00	$	1,013.39	2.30	%	$	11.48


Strategic Partners Capital Income Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,051.18	1.42	%	$	7.22
	Hypothetical	$	1,000.00	$	1,017.75	1.42	%	$	7.10

Class B	Actual	$	1,000.00	$	1,047.21	2.17	%	$	11.01
	Hypothetical	$	1,000.00	$	1,014.03	2.17	%	$	10.84

Class C	Actual	$	1,000.00	$	1,047.21	2.17	%	$	11.01
	Hypothetical	$	1,000.00	$	1,014.03	2.17	%	$	10.84

Class L	Actual	$	1,000.00	$	1,049.69	1.67	%	$	8.49
	Hypothetical	$	1,000.00	$	1,016.51	1.67	%	$	8.35

Class M	Actual	$	1,000.00	$	1,047.21	2.17	%	$	11.01
	Hypothetical	$	1,000.00	$	1,014.03	2.17	%	$	10.84

Class X	Actual	$	1,000.00	$	1,047.21	2.17	%	$	11.01
	Hypothetical	$	1,000.00	$	1,014.03	2.17	%	$	10.84


Strategic Partners Mutual Funds, Inc.		51

Fees and Expenses (continued)


Strategic Partners Balanced Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,030.20	1.40	%	$	7.05
	Hypothetical	$	1,000.00	$	1,017.85	1.40	%	$	7.00

Class B	Actual	$	1,000.00	$	1,026.28	2.15	%	$	10.80
	Hypothetical	$	1,000.00	$	1,014.13	2.15	%	$	10.74

Class C	Actual	$	1,000.00	$	1,025.49	2.15	%	$	10.80
	Hypothetical	$	1,000.00	$	1,014.13	2.15	%	$	10.74

Class L	Actual	$	1,000.00	$	1,028.71	1.65	%	$	8.30
	Hypothetical	$	1,000.00	$	1,016.61	1.65	%	$	8.25

Class M	Actual	$	1,000.00	$	1,026.28	2.15	%	$	10.80
	Hypothetical	$	1,000.00	$	1,014.13	2.15	%	$	10.74

Class X	Actual	$	1,000.00	$	1,026.28	2.15	%	$	10.80
	Hypothetical	$	1,000.00	$	1,014.13	2.15	%	$	10.74


Strategic Partners High Yield Bond Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	990.78	1.25	%	$	6.17
	Hypothetical	$	1,000.00	$	1,018.60	1.25	%	$	6.26

Class B	Actual	$	1,000.00	$	987.11	2.00	%	$	9.85
	Hypothetical	$	1,000.00	$	1,014.88	2.00	%	$	9.99

Class C	Actual	$	1,000.00	$	987.11	2.00	%	$	9.85
	Hypothetical	$	1,000.00	$	1,014.88	2.00	%	$	9.99

Class L	Actual	$	1,000.00	$	989.49	1.50	%	$	7.40
	Hypothetical	$	1,000.00	$	1,017.36	1.50	%	$	7.50

Class M	Actual	$	1,000.00	$	988.40	2.00	%	$	9.86
	Hypothetical	$	1,000.00	$	1,014.88	2.00	%	$	9.99

Class X	Actual	$	1,000.00	$	987.01	2.00	%	$	9.85
	Hypothetical	$	1,000.00	$	1,014.88	2.00	%	$	9.99


52		Visit our website at www.strategicpartners.com


Strategic Partners Bond Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,009.92	1.05	%	$	5.23
	Hypothetical	$	1,000.00	$	1,019.59	1.05	%	$	5.26

Class B	Actual	$	1,000.00	$	1,006.10	1.80	%	$	8.95
	Hypothetical	$	1,000.00	$	1,015.87	1.80	%	$	9.00

Class C	Actual	$	1,000.00	$	1,007.09	1.80	%	$	8.96
	Hypothetical	$	1,000.00	$	1,015.87	1.80	%	$	9.00

Class L	Actual	$	1,000.00	$	1,008.58	1.30	%	$	6.47
	Hypothetical	$	1,000.00	$	1,018.35	1.30	%	$	6.51

Class M	Actual	$	1,000.00	$	1,006.10	1.80	%	$	8.95
	Hypothetical	$	1,000.00	$	1,015.87	1.80	%	$	9.00

Class X	Actual	$	1,000.00	$	1,006.10	1.80	%	$	8.95
	Hypothetical	$	1,000.00	$	1,015.87	1.80	%	$	9.00


Strategic Partners Money Market Fund		Beginning Account Value November 1, 2004		Ending Account Value April 30, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Class C	Actual	$	1,000.00	$	1,002.08	1.99	%	$	9.88
	Hypothetical	$	1,000.00	$	1,014.93	1.99	%	$	9.94

Class D	Actual	$	1,000.00	$	1,004.61	1.49	%	$	7.41
	Hypothetical	$	1,000.00	$	1,017.41	1.49	%	$	7.45

Class L	Actual	$	1,000.00	$	1,004.61	1.49	%	$	7.41
	Hypothetical	$	1,000.00	$	1,017.41	1.49	%	$	7.45

Class M	Actual	$	1,000.00	$	1,002.08	1.99	%	$	9.88
	Hypothetical	$	1,000.00	$	1,014.93	1.99	%	$	9.94

Class X	Actual	$	1,000.00	$	1,002.08	1.99	%	$	9.88
	Hypothetical	$	1,000.00	$	1,014.93	1.99	%	$	9.94

* Fund expenses for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2005, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2005 (to reflect the six-month period).


Strategic Partners Mutual Funds, Inc.		53

This Page Intentionally Left Blank

Strategic Partners International Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 100.0%
COMMON STOCK — 98.9%
AUSTRALIA — 5.8%
BHP Billiton Ltd.	318,900	$	4,034,518
Macquarie Bank Ltd.	144,849		5,191,372
Toll Holdings Ltd.	233,388		2,319,699
Wesfarmers Ltd.	133,326		3,754,719

			15,300,308

AUSTRIA — 1.0%
Erste Bank der Oesterreichischen Sparkassen AG	53,656		2,603,223

CANADA — 5.4%
Canadian National Railway Co.	58,200		3,341,771
Manulife Financial Corp.	132,500		6,072,696
Precision Drilling Corp.*	30,300		2,186,474
Research in Motion Ltd.*	20,400		1,313,525
Shoppers Drug Mart Corp.	41,700		1,298,755

			14,213,221

CHINA — 1.4%
CNOOC Ltd.	6,881,000		3,701,968

FRANCE — 8.8%
Essilor International SA	37,300		2,663,020
Hermes International Designs	19,230		3,666,953
JC Decaux SA*	98,900		2,614,145
Sanofi-Aventis	118,927		10,531,747
Vinci SA	24,000		3,607,109

			23,082,974

GERMANY — 9.1%
Celesio AG	66,600		5,282,961
Continental AG	67,310		4,961,813
E. ON AG	83,300		7,060,345
Qiagen NV*	102,800		1,346,301
SAP AG	33,700		5,330,949

			23,982,369

GREECE — 2.1%
Coca-Cola Hellenic
Bottling Co. SA*	31,900		862,288
EFG Eurobank Ergasias SA	76,540		2,316,702
National Bank of Greece SA	72,100		2,423,654

			5,602,644

HONG KONG — 2.6%
Esprit Holdings Ltd.	476,500		3,549,811
Techtronic Industries Co. Ltd.	1,460,400		3,247,894

			6,797,705

HUNGARY — 0.8%
OTP Bank Rt*	64,700	$	1,986,581

INDIA — 2.8%
Bharti Tele-Ventures Ltd.*	550,000		2,612,283
HDFC Bank Ltd.	127,400		1,571,428
Infosys Technologies Ltd.	71,432		3,094,740

			7,278,451

IRELAND — 1.0%
Anglo Irish Bank Corp.	216,184		2,519,986

ITALY — 1.3%
Banco Popolare di Verona e Novara Scrl	189,400		3,487,825

JAPAN — 17.6%
Askul Corp.	17,800		990,590
Canon, Inc.	153,600		7,989,263
Chiyoda Corp.	150,000		1,681,070
Denso Corp.	207,900		4,920,195
Hoya Corp.	31,400		3,278,402
Keyence Corp.	13,200		2,912,233
Nidec Corp.	22,300		2,617,985
Orix Corp.	30,300		4,113,368
Sharp Corp.	441,400		6,874,760
Shinsei Bank Ltd.	491,000		2,661,954
SMC Corp.	17,100		1,796,284
Sumitomo Trust & Banking Co. Ltd.	594,800		3,709,607
USS Co. Ltd.	16,900		1,341,838
Yamada Denki Co. Ltd.	34,800		1,663,052

			46,550,601

KOREA — 1.9%
Samsung Electronics Co. Ltd.	10,720		4,902,891

MEXICO — 2.5%
America Movil SA de CV	1,026,000		2,556,717
Desarrolladora Homex SA de CV [ADR]*	48,700		1,078,218
Wal-Mart de Mexico SA de CV	814,500		3,020,569

			6,655,504

NORWAY — 2.1%
Statoil ASA	311,900		5,473,826

RUSSIA — 0.5%
Mobile Telesystems [ADR]	38,412		1,290,643

SOUTH AFRICA — 2.1%
Sasol Ltd.	120,500		2,819,003
Standard Bank Group Ltd.	258,167		2,587,095

			5,406,098

Strategic Partners International Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
SPAIN — 2.0%
Grupo Ferrovial SA	25,100	$	1,429,293
Industria de Diseno Textil SA	133,541		3,962,918

			5,392,211

SWITZERLAND — 9.3%
Nobel Biocare Holding AG	6,900		1,477,238
Roche Holding AG	78,000		9,436,168
SGS SA	2,900		1,963,268
Synthes, Inc.	40,900		4,633,305
UBS AG	86,438		6,911,244

			24,421,223

TAIWAN — 2.2%
Hon Hai Precision Industry Co. Ltd.	807,000		3,836,180
MediaTek, Inc.*	258,000		1,956,049

			5,792,229

UNITED KINGDOM — 16.6%
BG Group PLC	1,318,770		10,226,835
Capita Group PLC	468,800		3,381,237
Carnival PLC	114,970		5,917,169
Man Group PLC	51,642		1,202,109
Next PLC	89,360		2,530,187
Reckitt Benckiser PLC	209,310		6,797,472
SABMiller PLC	421,100		6,242,896
Tesco PLC	1,320,170		7,794,059

			44,091,964

TOTAL COMMON STOCK (Cost $209,616,388)			260,534,445

PREFERRED STOCK — 1.1%
BRAZIL
Banco Itau Holding Financeira SA (Cost $1,660,253)	16,430		2,820,099

TOTAL LONG-TERM INVESTMENTS (Cost $211,276,641)			263,354,544

TOTAL INVESTMENTS(O) — 100.0% (Cost $211,276,641; Note 5)			263,354,544
OTHER ASSETS IN EXCESS OF LIABILITIES			67,722

NET ASSETS — 100.0%		$	263,422,266

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(o)	As of April 30, 2005, 63 securities representing $239,804,681 and 91.1% of the total market value were fair valued in accordance with the policies adopted by the Board of Directors.

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2005 was as follows:


Financial — Bank & Trust	12.6	%
Pharmaceuticals	11.1
Oil & Gas	9.3
Retail & Merchandising	5.7
Electronic Components & Equipment	5.6
Medical Supplies & Equipment	4.6
Financial Services	4.0
Automotive Parts	3.7
Computer Services & Software	3.2
Office Equipment	3.0
Food	2.9
Machinery & Equipment	2.9
Beverages	2.7
Utilities	2.7
Consumer Products & Services	2.6
Telecommunications	2.5
Construction	2.3
Insurance	2.3
Entertainment & Leisure	2.2
Transportation	2.1
Commercial Services	2.0
Computer Hardware	2.0
Building Materials	1.5
Clothing & Apparel	1.4
Manufacturing	1.4
Conglomerates	1.3
Advertising	1.0
Semiconductors	0.8
Business Services	0.6

	100.0
Other Assets in Excess of Liabilities	0.0

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Small-Cap Growth Opportunity Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 100.1%
COMMON STOCK
ADVERTISING — 0.6%
DoubleClick, Inc.*	13,900	$	111,756
ValueClick, Inc.*	24,500		253,825

			365,581

AEROSPACE — 1.7%
Innovative Solutions and Support, Inc.*	16,700		527,052
Teledyne Technologies, Inc.*	18,500		562,770

			1,089,822

AIRLINES — 1.1%
Pinnacle Airlines Corp.*	67,100		693,814

AUTOMOTIVE PARTS — 0.1%
Wabash National Corp.	3,200		81,600

BEVERAGES — 0.1%
Peet’s Coffee & Tea, Inc.*	3,500		88,550

BROADCASTING — 0.5%
Salem Communications Corp. (Class “A” Stock)*	4,300		82,646
Sinclair Broadcast Group, Inc.	29,000		222,140

			304,786

BUILDING MATERIALS — 0.9%
SCP Pool Corp.	17,800		579,924

BUSINESS SERVICES — 6.8%
Advisory Board Co. (The)*	9,600		390,720
DiamondCluster International, Inc.*	29,500		367,275
Dionex Corp.*	5,700		244,815
Harland, (John H.) Co.	22,600		813,600
Hiedrick & Struggles International, Inc.*	21,900		566,334
infoUSA, Inc.	8,800		96,624
Korn/Ferry International*	14,800		213,120
Labor Ready, Inc.*(a)	39,800		664,262
NuCo2, Inc.*	6,500		159,575
Per-Se Technologies, Inc.*	24,200		376,552
Tejon Ranch Co.*	2,500		110,875
TeleTech Holdings, Inc.*	47,500		498,750

			4,502,502

CHEMICALS — 0.2%
Mosaic Co. (The)*(a)	11,900		152,915

CLOTHING & APPAREL — 3.3%
Guess, Inc.*	38,400		499,968
K-Swiss, Inc. (Class “A” Stock)	13,300		399,000
Quiksilver, Inc.*	30,500	$	840,275
Wolverine World Wide, Inc.	21,200		430,148

			2,169,391

COMPUTER HARDWARE — 0.7%
Diodes, Inc.*	9,200		269,468
Dot Hill Systems Corp.*	45,600		215,232

			484,700

COMPUTER SERVICES & SOFTWARE — 9.8%
Altiris, Inc.*	26,500		431,685
Borland Software Corp.*	62,400		362,544
Cerner Corp.*(a)	13,800		801,228
Covansys Corp.*	29,800		300,682
Hyperion Solutions Corp.*	17,300		703,591
Magma Design Automation, Inc.*	42,200		259,108
MatrixOne, Inc.*	12,000		51,240
Packeteer, Inc.*	28,500		332,880
Parametric Technology Corp.*	125,800		669,256
Perot Systems Corp.*	6,700		84,621
Quality Systems, Inc.	14,000		666,120
Quest Software, Inc.*	47,200		559,792
Trident Microsystems, Inc.*	25,500		434,265
Verint Systems, Inc.*	1,400		44,548
Websense, Inc.*	6,800		360,740
Wind River Systems, Inc.*	12,000		155,760
Witness Systems, Inc.*	6,200		109,182
X-Rite, Inc.	8,600		89,182

			6,416,424

CONSTRUCTION — 1.4%
Cal Dive International, Inc.*	20,300		902,944

CONSUMER PRODUCTS & SERVICES — 2.8%
1-800-Flowers.com, Inc.*	10,900		73,030
Aaron Rents, Inc.	30,900		678,564
Chattem, Inc.*	500		20,570
Coinstar, Inc.*	4,700		80,558
Nu Skin Enterprises, Inc. (Class “A” Stock)	12,100		266,200
Sotheby’s Holdings, Inc. (Class “A” Stock)*	44,600		730,548

			1,849,470

CONTAINERS & PACKAGING — 2.2%
Crown Holdings, Inc.*	48,000		722,400
Silgan Holdings, Inc.	11,700		715,806

			1,438,206

Strategic Partners Small-Cap Growth Opportunity Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
ELECTRONIC COMPONENTS & EQUIPMENT — 2.0%
Belden CDT, Inc.	1,400	$	25,676
Brocade Communications Systems, Inc.*	112,800		491,808
Franklin Electric Co., Inc.	13,600		483,616
MIPS Technologies, Inc.*	42,600		298,200

			1,299,300

ENTERTAINMENT & LEISURE — 2.5%
Argosy Gaming Co.*	17,200		790,168
Multimedia Games, Inc.*	70,700		559,237
Playboy Enterprises, Inc. (Class “B” Stock)*(a)	27,100		327,368

			1,676,773

ENVIRONMENTAL SERVICES — 0.1%
Duratek, Inc.*	4,000		92,680

FINANCIAL-BANK & TRUST — 3.9%
Cascade Bancorp	2,400		46,512
Cathay General Bancorp	9,000		295,830
CoBiz, Inc.	4,600		77,280
East West Bancorp, Inc.	9,400		301,928
First BanCorp	5,400		195,804
Glacier Bancorp, Inc.	7,400		198,098
Independent Bank Corp.	11,200		305,984
MB Financial, Inc.	2,100		76,377
Oriental Financial Group, Inc.	4,800		66,960
R&G Financial Corp. (Class “B” Stock)	18,900		268,569
Southwest Bancorporation of Texas, Inc.	7,600		126,160
Texas Regional Bancshares, Inc. (Class “A” Stock)	3,500		97,545
Wintrust Financial Corp.	11,000		505,010

			2,562,057

FINANCIAL SERVICES — 1.4%
Ace Cash Express, Inc.*	3,500		77,000
Affiliated Managers Group, Inc.*	4,600		287,638
Encore Capital Group, Inc.*	14,900		233,185
Euronet Worldwide, Inc.*	5,400		159,624
Nelnet, Inc. (Class “A” Stock)*	4,300		136,955
Univest Corp.	1,300		45,526

			939,928

HEALTHCARE SERVICES — 3.8%
Apria Healthcare Group, Inc.*	13,900		418,390
Beverly Enterprises, Inc.*	12,200		142,984
Centene Corp.*	28,400		790,940
Molina Healthcare, Inc.*	14,000	$	612,500
Sierra Health Services, Inc.*(a)	8,500		549,865

			2,514,679

INDUSTRIAL PRODUCTS — 1.7%
Actuant Corp.*	9,300		396,087
Ceradyne, Inc.*	10,100		200,586
Hexcel Corp.*	26,600		436,240
Mueller Industries, Inc.	3,300		85,470

			1,118,383

INTERNET SERVICES — 4.2%
Digi International, Inc.*	13,500		143,775
Digital Insight Corp.*	3,800		76,266
Digital River, Inc.*	9,700		258,020
EarthLink, Inc.*	16,400		150,552
F5 Networks, Inc.*	9,000		385,290
GSI Commerce, Inc.*	5,900		85,550
InfoSpace, Inc.*	9,000		278,910
iVILLAGE, Inc.*	7,800		51,090
Jupitermedia Corp.*	11,300		143,623
Priceline.com, Inc.*(a)	9,100		230,776
ProQuest Co.*	4,400		142,736
RSA Security, Inc.*	19,200		206,208
Stamps.com, Inc.*	4,600		88,918
TriZetto Group, Inc. (The)*	22,400		233,184
WebEx Communications, Inc.*	12,100		264,022

			2,738,920

MACHINERY & EQUIPMENT — 5.1%
Bucyrus International, Inc. (Class “A” Stock)	3,600		140,184
IDEX Corp.	20,800		774,800
JLG Industries, Inc.	32,200		656,236
Nordson Corp.	6,600		212,652
Terex Corp.*	15,800		590,604
Toro Co. (The)	21,600		892,512
Wabtec Corp.	3,400		68,000

			3,334,988

MEDICAL SUPPLIES & EQUIPMENT — 8.7%
Align Technology, Inc.*	72,100		607,082
American Medical Systems Holdings, Inc.*	44,400		775,224
Enzo Biochem, Inc.*	9,500		129,390
Haemonetics Corp.*	18,500		791,245
Hologic, Inc.*	18,100		643,998
Immucor, Inc.*	16,600		495,344
Lifeline Systems, Inc.*	2,800		95,480
Serologicals Corp.*	25,300		544,709
SurModics, Inc.*	13,600		490,552


	SHARES	VALUE (NOTE 2)
Third Wave Technologies, Inc.*	77,300	$	330,071
Ventana Medical Systems, Inc.*(a)	21,700		864,094

			5,767,189

METALS & MINING — 1.5%
Hecla Mining Co.*	60,900		283,794
Reliance Steel & Aluminum Co.	8,500		320,705
Steel Dynamics, Inc.	14,400		391,392

			995,891

OIL & GAS — 5.6%
Berry Petroleum Co. (Class “A” Stock)	11,800		551,296
Cabot Oil & Gas Corp.	21,950		646,208
Comstock Resources, Inc.*	29,500		746,350
Edge Petroleum Corp.*	12,600		176,589
Frontier Oil Corp.	10,300		433,424
Penn Virginia Corp.	7,200		295,704
Plains Exploration & Production Co.*	22,200		714,396
Unit Corp.*	2,600		99,736

			3,663,703

PHARMACEUTICALS — 7.0%
Able Laboratories, Inc.*	7,200		171,648
Connetics Corp.*	25,400		551,942
Enzon Pharmaceuticals, Inc.*	1,700		13,175
First Horizon Pharmaceutical Corp.*	23,100		418,341
ImmunoGen, Inc.*	49,700		250,985
Keryx Biopharmaceuticals, Inc.*	16,400		237,636
Kos Pharmaceuticals, Inc.*	12,000		578,040
Ligand Pharmaceuticals, Inc. (Class “B” Stock)*	55,800		294,624
Par Pharmaceuticals Cos., Inc.*	5,600		168,168
Salix Pharmaceuticals Ltd.*	33,100		473,330
SFBC International, Inc.*	7,000		218,400
Transkaryotic Therapies, Inc.*	18,500		626,780
Valeant Pharmaceuticals International	30,400		630,800

			4,633,869

PRINTING & PUBLISHING — 0.7%
Consolidated Graphics, Inc.*	10,300		472,770

REAL ESTATE — 1.4%
Alexandria Real Estate Equities, Inc. [REIT]	2,700		185,814
Essex Property Trust, Inc. [REIT](a)	2,800		212,660
New Century Financial Corp. [REIT](a)	5,000	$	227,250
Tager Factory Outlet Center, Inc. [REIT]	7,800		180,648
Taubman Centers, Inc. [REIT]	4,000		118,400

			924,772

RESTAURANTS — 2.4%
CKE Restaurants, Inc.	41,700		618,828
Domino’s Pizza, Inc.	4,200		76,272
Panera Bread Co. (Class “A” Stock)*	16,400		820,328
Sonic Corp.*	3,000		96,120

			1,611,548

RETAIL & MERCHANDISING — 5.2%
Aeropostale, Inc.*	22,300		622,839
Cash America International, Inc.	33,000		490,050
Genesco, Inc.*	2,000		51,460
Guitar Center, Inc.*	9,500		468,825
Pantry, Inc. (The)*	23,000		736,460
School Specialty, Inc.*	11,000		408,210
Stein Mart, Inc.*	31,500		638,190

			3,416,034

SEMICONDUCTORS — 4.6%
ADE Corp.*	8,300		177,454
AMIS Holdings, Inc.*	49,800		560,748
Emulex Corp.*	25,700		399,121
Micrel, Inc.*	61,800		580,920
OmniVision Technologies, Inc.*(a)	33,800		473,200
Silicon Image, Inc.*	43,600		439,052
Skyworks Solutions, Inc.*	82,900		434,396

			3,064,891

TELECOMMUNICATIONS — 4.1%
Arris Group, Inc.*	55,300		419,727
Inter-Tel, Inc.	2,300		43,792
InterDigital Communications Corp.*	37,500		613,500
Intrado, Inc.*	27,000		340,470
North Pittsburgh Systems, Inc.	9,100		164,528
Premiere Global Services, Inc.*	61,400		663,120
SpectraLink Corp.	2,700		29,997
SureWest Communications	4,300		87,764
UbiquiTel, Inc.*	50,000		361,500

			2,724,398

Strategic Partners Small-Cap Growth Opportunity Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
TRANSPORTATION — 2.0%
Arkansas Best Corp.		18,200	$	573,846
Knight Transportation, Inc.		36,500		771,245

				1,345,091

TOTAL LONG-TERM INVESTMENTS (Cost $72,391,496)				66,018,493


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 6.8%
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills
2.81%, 07/28/05(k)	$	115		114,219


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 6.6%
BlackRock Institutional Money Market Trust(b)(j)		4,368,684		4,368,684

TOTAL SHORT-TERM INVESTMENTS (Cost $4,482,903)				4,482,903

TOTAL INVESTMENTS — 106.9% (Cost $76,874,399; Note 5)				70,501,396
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $4,368,684)(U) — (6.9%)				(4,524,966	)

NET ASSETS — 100.0%			$	65,976,430

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


REIT — Real Estate Investment Trust

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $4,264,505; cash collateral of $4,368,684 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(j)	Security available to institutional investors only.

(k)	Securities with an aggregate market value of $114,219 have been segregated with the custodian to cover margin requirements for open futures contracts.

(u)	Liabilities in excess of other assets includes net unrealized depreciation on futures contracts as follows:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT APRIL 30, 2005		UNREALIZED DEPRECIATION
LONG POSITION:
2	Russell 2000	Jun 05	$	609,200	$	580,889	$	(28,311	)

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Computer Services & Software	9.8	%
Medical Supplies & Equipment	8.7
Pharmaceuticals	7.0
Business Services	6.8
Oil & Gas	5.6
Retail & Merchandising	5.2
Machinery & Equipment	5.1
Semiconductors	4.6
Internet Services	4.2
Telecommunications	4.1
Financial - Bank & Trust	3.9
Healthcare Services	3.8
Clothing & Apparel	3.3
Consumer Products & Services	2.8
Entertainment & Leisure	2.5
Restaurants	2.4
Containers & Packaging	2.2
Electronic Components & Equipment	2.0
Transportation	2.0
Aerospace	1.7
Industrial Products	1.7
Metals & Mining	1.5
Construction	1.4
Financial Services	1.4
Real Estate	1.4
Airlines	1.1
Building Materials	0.9
Computer Hardware	0.7
Printing & Publishing	0.7
Advertising	0.6
Broadcasting	0.5
Chemicals	0.2
Automotive Parts	0.1
Beverages	0.1
Environmental Services	0.1
Short-Term Investments	6.8

	106.9
Liabilities in excess of other assets	-6.9

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Managed Small-Cap Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.2%
COMMON STOCK
ADVERTISING — 0.3%
ValueClick, Inc.*	11,000	$	113,960

AEROSPACE — 0.6%
Innovative Solutions and Support, Inc.*	6,800		214,608

AIRLINES — 1.1%
Pinnacle Airlines Corp.*	39,000		403,260

AUTOMOTIVE PARTS — 1.0%
Wabash National Corp.	14,100		359,550

BROADCASTING — 0.8%
Salem Communications Corp. (Class “A” Stock)*	3,400		65,348
Sinclair Broadcast Group, Inc.	28,000		214,480

			279,828

BUILDING MATERIALS — 0.8%
SCP Pool Corp.	8,600		280,188

BUSINESS SERVICES — 5.4%
Advisory Board Co. (The)*	700		28,490
DiamondCluster International, Inc.*	17,000		211,650
Dionex Corp.*	3,900		167,505
Hiedrick & Struggles International, Inc.*	11,200		289,632
Korn/Ferry International*	13,300		191,520
Labor Ready, Inc.*(a)	22,200		370,518
Metrologic Instruments, Inc.*	1,800		24,156
PAREXEL International Corp.*	3,700		67,451
Per-Se Technologies, Inc.*	8,000		124,480
Resources Connection, Inc.*(a)	13,700		261,807
TeleTech Holdings, Inc.*	25,700		269,850

			2,007,059

CLOTHING & APPAREL — 3.6%
Guess, Inc.*	26,000		338,520
K-Swiss, Inc. (Class “A” Stock)	3,000		90,000
Quiksilver, Inc.*	17,500		482,125
Wolverine World Wide, Inc.	20,050		406,815

			1,317,460

COMPUTER HARDWARE — 0.7%
Dot Hill Systems Corp.*	48,700		229,864
Merge Technologies, Inc.*	1,500		24,345

			254,209

COMPUTER SERVICES & SOFTWARE — 10.4%
Altiris, Inc.*	12,300		200,367
Cerner Corp.*(a)	8,100		470,285
Covansys Corp.*	16,400	$	165,476
Hyperion Solutions Corp.*	9,800		398,566
Internet Security Systems, Inc.*	3,800		73,910
Kronos, Inc.*	5,900		230,395
Magma Design Automation, Inc.*	23,600		144,904
MatrixOne, Inc.*	8,000		34,160
Parametric Technology Corp.*	70,500		375,060
Perot Systems Corp.*	16,500		208,395
Progress Software Corp.*	900		24,012
Quality Systems, Inc.	9,000		428,220
Quest Software, Inc.*	25,000		296,500
RealNetworks, Inc.*	3,100		19,096
SS&C Technologies, Inc.	600		15,246
Trident Microsystems, Inc.*	13,900		236,717
Verint Systems, Inc.*	4,800		152,736
Websense, Inc.*	3,600		190,980
Wind River Systems, Inc.*	8,200		106,436
Witness Systems, Inc.*	4,800		84,528

			3,855,989

CONSTRUCTION — 2.6%
Cal Dive International, Inc.*	11,300		502,624
Dycom Industries, Inc.*	19,400		451,244

			953,868

CONSUMER PRODUCTS & SERVICES — 2.5%
Coinstar, Inc.*	3,400		58,276
Nu Skin Enterprises, Inc. (Class “A” Stock)	20,500		451,000
Sotheby’s Holdings, Inc. (Class “A” Stock)*	25,600		419,328

			928,604

CONTAINERS & PACKAGING — 2.2%
Crown Holdings, Inc.*	27,400		412,370
Silgan Holdings, Inc.	6,500		397,670

			810,040

ELECTRONIC COMPONENTS & EQUIPMENT — 2.8%
Belden CDT, Inc.	1,000		18,340
Brocade Communications Systems, Inc.*	62,900		274,244
EDO Corp.	400		11,932
ESCO Technologies, Inc.*	1,000		73,320
Franklin Electric Co., Inc.	11,700		416,052
MIPS Technologies, Inc.*	18,900		132,300
Rayovac Corp.*	1,000		36,440
TTM Technologies, Inc.*	7,300		65,773

			1,028,401


	SHARES	VALUE (NOTE 2)
ENTERTAINMENT & LEISURE — 2.6%
Argosy Gaming Co.*	6,200	$	284,828
Multimedia Games, Inc.*	37,200		294,252
Playboy Enterprises, Inc. (Class “B” Stock)*(a)	31,200		376,896

			955,976

ENVIRONMENTAL SERVICES — 0.6%
Duratek, Inc.*	10,000		231,700

FINANCIAL - BANK & TRUST — 3.6%
Bank Of The Ozarks, Inc.	1,900		58,843
Cathay General Bancorp	2,000		65,740
CVB Financial Corp.	7,400		127,280
East West Bancorp, Inc.	4,100		131,692
First BanCorp	2,600		94,276
Frontier Financial Corp.	500		18,035
MB Financial, Inc.	2,600		94,562
Oriental Financial Group, Inc.	8,455		117,947
R&G Financial Corp. (Class “B” Stock)	11,800		167,678
Silicon Valley Bancshares*	3,300		156,420
Southwest Bancorporation of Texas, Inc.	3,100		51,460
Wintrust Financial Corp.	5,700		261,687

			1,345,620

FINANCIAL SERVICES — 1.5%
Affiliated Managers Group, Inc.*	4,100		256,373
Euronet Worldwide, Inc.*	7,700		227,612
Nelnet, Inc. (Class “A” Stock)*	600		19,110
Univest Corp.	1,600		56,032

			559,127

HEALTHCARE SERVICES — 3.3%
Beverly Enterprises, Inc.*	3,200		37,504
Centene Corp.*	15,000		417,750
Lifecell Corp.*	3,200		38,400
LifePoint Hospitals, Inc.*	6,900		306,705
Molina Healthcare, Inc.*	9,500		415,625

			1,215,984

INDUSTRIAL PRODUCTS — 2.6%
Brady Corp. (Class “A” Stock)	14,000		415,100
Hexcel Corp.*	10,300		168,920
Mueller Industries, Inc.	15,000		388,500

			972,520

INSURANCE — 1.0%
Philadelphia Consolidated Holdings Corp.*	2,800	$	210,000
Zenith National Insurance Corp.	2,800		161,028

			371,028

INTERNET SERVICES — 4.1%
CNET Networks, Inc.*	16,100		159,632
Digi International, Inc.*	12,500		133,125
Digital River, Inc.*	3,800		101,080
EarthLink, Inc.*	18,200		167,076
F5 Networks, Inc.*	4,400		188,364
Harris Interactive, Inc.*	4,200		17,472
InfoSpace, Inc.*	3,100		96,069
j2 Global Communications, Inc.*	1,700		60,724
NetRatings, Inc.*	4,500		65,385
Openwave Systems, Inc.*	7,600		101,764
Priceline.com, Inc.*(a)	2,100		53,256
ProQuest Co.*	2,300		74,612
RSA Security, Inc.*	8,500		91,290
S1 Corp.*	5,300		27,984
Stamps.com, Inc.*	4,200		81,186
United Online, Inc.	4,000		35,160
WebEx Communications, Inc.*	3,300		72,006

			1,526,185

MACHINERY & EQUIPMENT — 2.7%
IDEX Corp.	11,900		443,275
JLG Industries, Inc.	7,300		148,774
Nordson Corp.	800		25,776
Terex Corp.*	9,500		355,110
Toro Co. (The)	1,000		41,320

			1,014,255

MEDICAL SUPPLIES & EQUIPMENT — 8.3%
Align Technology, Inc.*(a)	41,100		346,062
American Medical Systems Holdings, Inc.*	24,800		433,008
Enzo Biochem, Inc.*	5,500		74,910
Haemonetics Corp.*	10,500		449,085
Immucor, Inc.*	14,100		420,744
Lifeline Systems, Inc.*	5,400		184,140
Palomar Medical Technologies, Inc.*	1,700		38,080
Serologicals Corp.*	14,300		307,879
Third Wave Technologies, Inc.*	51,000		217,770

Strategic Partners Managed Small-Cap Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
Ventana Medical Systems, Inc.*(a)	12,100	$	481,822
West Pharmaceutical Services, Inc.	3,900		102,726

			3,056,226

METALS & MINING — 1.5%
Allegheny Technologies, Inc.	7,900		176,960
Hecla Mining Co.*	17,800		82,948
Steel Dynamics, Inc.	10,700		290,826

			550,734

OIL & GAS — 5.4%
Berry Petroleum Co. (Class “A” Stock)	7,300		341,056
Cabot Oil & Gas Corp.	3,600		105,984
Comstock Resources, Inc.*	16,000		404,800
Edge Petroleum Corp.*	6,200		86,893
Mission Resources Corp.*	9,900		67,914
Penn Virginia Corp.	3,900		160,173
Plains Exploration & Production Co.*	10,300		331,454
Range Resources Corp.	11,900		269,535
Remington Oil & Gas Corp.*	8,300		242,111

			2,009,920

PHARMACEUTICALS — 6.6%
Able Laboratories, Inc.*	13,200		314,688
Connetics Corp.*	16,500		358,545
Enzon Pharmaceuticals, Inc.*	2,832		21,948
First Horizon Pharmaceutical Corp.*	12,900		233,619
Impax Laboratories, Inc.*	12,700		206,629
Keryx Biopharmaceuticals, Inc.*	7,500		108,675
Ligand Pharmaceuticals, Inc. (Class “B” Stock)*	31,100		164,208
Par Pharmaceuticals Cos., Inc.*	3,500		105,105
Salix Pharmaceuticals Ltd.*	12,600		180,180
SFBC International, Inc.*	4,200		131,040
United Therapeutics Corp.*	2,200		105,578
Valeant Pharmaceuticals International	17,900		371,425
Zymogenetics, Inc.*	8,300		128,318

			2,429,958

PRINTING & PUBLISHING — 0.7%
Consolidated Graphics, Inc.*	5,300		243,270

REAL ESTATE — 1.9%
Alexandria Real Estate Equities, Inc. [REIT]	1,600	$	110,112
Essex Property Trust, Inc. [REIT](a)	1,700		129,115
Jones Lang Lasalle, Inc. [REIT]	3,200		120,000
New Century Financial Corp. [REIT](a)	3,200		145,440
Novastar Financial, Inc. [REIT](a)	1,600		57,120
Tager Factory Outlet Center, Inc. [REIT]	500		11,580
Washington Real Estate Investment Trust [REIT]	4,100		122,221

			695,588

RESTAURANTS — 3.9%
CEC Entertainment, Inc.*	14,250		515,850
CKE Restaurants, Inc.	23,100		342,804
Panera Bread Co. (Class “A” Stock)*	9,300		465,186
Sonic Corp.*	3,300		105,732

			1,429,572

RETAIL & MERCHANDISING — 4.9%
Aeropostale, Inc.*	12,200		340,746
Cash America International, Inc.	19,000		282,150
Genesco, Inc.*	2,200		56,606
Guitar Center, Inc.*	9,300		458,955
Pantry, Inc. (The)*	8,300		265,766
School Specialty, Inc.*	1,400		51,954
Stein Mart, Inc.*	17,600		356,576

			1,812,753

SEMICONDUCTORS — 4.2%
AMIS Holdings, Inc.*	29,500		332,170
Cirrus Logic, Inc.*	16,500		69,630
Emulex Corp.*	2,300		35,719
Integrated Device Technology, Inc.*	6,600		70,620
Micrel, Inc.*	32,700		307,380
OmniVision Technologies, Inc.*(a)	18,800		263,200
Silicon Image, Inc.*	24,000		241,680
Skyworks Solutions, Inc.*	46,200		242,088

			1,562,487

TELECOMMUNICATIONS — 3.7%
Alamosa Holdings, Inc.*(a)	7,300		94,827
Arris Group, Inc.*	37,200		282,348
Inter-Tel, Inc.	800		15,232


	SHARES		VALUE (NOTE 2)
InterDigital Communications Corp.*		20,100	$	328,836
North Pittsburgh Systems, Inc.		5,400		97,632
Premiere Global Services, Inc.*		29,400		317,520
UbiquiTel, Inc.*		31,600		228,468

				1,364,863

TRANSPORTATION — 1.3%
Knight Transportation, Inc.		19,600		414,148
Werner Enterprises, Inc.		3,300		61,314

				475,462

TOTAL LONG-TERM INVESTMENTS (Cost $38,586,421)				36,630,252


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 7.9%
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
2.81%, 07/28/05 (k)(n)	$	110		109,258


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 7.6%
BlackRock Institutional Money Market Trust(b)(j)		2,815,793		2,815,793

TOTAL SHORT-TERM INVESTMENTS (Cost $2,925,046)				2,925,051

TOTAL INVESTMENTS — 107.1% (Cost $41,511,467; Note 5)				39,555,303

LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $2,815,793)(U) — (7.1%)				(2,629,855	)

NET ASSETS — 100.0%			$	36,925,448

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


REIT — Real Estate Investment Trust

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $2,731,296; cash collateral of $2,815,793 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(j)	Security available to institutional investors only.

(k)	Securities with an aggregate market value of $109,258 have been segregated with the custodian to cover margin requirements for open futures contracts.

(n)	Rate shown is the effective yield at purchase date.

(u)	Liabilities in excess of other assets includes net unrealized depreciation on futures contracts as follows:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT APRIL 30, 2005		UNREALIZED DEPRECIATION
LONG POSITION:
2	Russell 2000	Jun 05	$	615,375	$	580,888	$	(34,487	)

Strategic Partners Managed Small-Cap Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Computer Services & Software	10.4	%
Medical Supplies & Equipment	8.3
Pharmaceuticals	6.6
Business Services	5.4
Oil & Gas	5.4
Retail & Merchandising	4.9
Semiconductors	4.2
Internet Services	4.1
Restaurants	3.9
Telecommunications	3.7
Clothing & Apparel	3.6
Financial—Bank & Trust	3.6
Healthcare Services	3.3
Electronic Components & Equipment	2.8
Machinery & Equipment	2.7
Construction	2.6
Entertainment & Leisure	2.6
Industrial Products	2.6
Consumer Products & Services	2.5
Containers & Packaging	2.2
Real Estate	1.9
Financial Services	1.5
Metals & Mining	1.5
Transportation	1.3
Airlines	1.1
Automotive Parts	1.0
Insurance	1.0
Broadcasting	0.8
Building Materials	0.8
Computer Hardware	0.7
Printing & Publishing	0.7
Aerospace	0.6
Environmental Services	0.6
Advertising	0.3
Short-Term Investments	7.9

	107.1
Liabilities in excess of other assets	-7.1

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Small Company Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 100.1%
COMMON STOCK
ADVERTISING
Penton Media, Inc.*	220,000	$	52,800

AEROSPACE — 3.2%
AAR Corp.*	16,000		235,680
Alliant Techsystems, Inc.*	6,060		419,231
Curtiss-Wright Corp. (Class “B” Stock)	59,000		3,198,980
Fairchild Corp. (Class “A” Stock)*	97,000		228,920
Herley Industries, Inc.*	42,600		772,338
Sequa Corp. (Class “A” Stock)*	20,000		1,035,000
Sequa Corp. (Class “B” Stock)*	3,500		182,000

			6,072,149

AUTOMOBILE MANUFACTURERS — 0.2%
Monaco Coach Corp.	4,000		56,720
Navistar International Corp.*(a)	5,000		147,650
Thor Industries, Inc.	4,000		107,800

			312,170

AUTOMOTIVE PARTS — 3.0%
BorgWarner, Inc.	50,000		2,286,000
Cooper Tire & Rubber Co.(a)	30,000		523,500
Dana Corp.	20,000		228,400
Federal-Mogul Corp.*(a)	40,000		21,600
Midas, Inc.*	90,000		1,945,800
Raytech Corp.*	80,000		108,000
Schieb, (Earl), Inc.*	40,000		125,200
TBC Corp.*	9,310		243,550
Transpro, Inc.*	28,000		184,800

			5,666,850

BEVERAGES — 0.7%
Boston Beer Co., Inc. (Class “A” Stock)*	49,000		980,000
Farmer Brothers Co.	8,000		175,200
Genesee Corp.	15,000		31,125
PepsiAmericas, Inc.	3,760		92,834

			1,279,159

BROADCASTING — 7.3%
Beasley Broadcast Group, Inc.*	12,000		189,120
Crown Media Holdings, Inc.*	175,000		1,531,250
Fisher Communications, Inc.*	20,000		960,800
Granite Broadcasting Corp.*	80,000		16,000
Gray Television, Inc.	100,600	$	1,322,890
Gray Television, Inc. (Class “A” Stock)	8,000		98,720
Lin TV Corp. (Class “A” Stock)*	33,000		514,470
Media General, Inc. (Class “A” Stock)	55,000		3,370,399
Nexstar Broadcasting Group, Inc. (Class “A” Stock)*	25,000		145,750
Paxson Communications Corp.*	45,000		34,650
Saga Communications, Inc. (Class “A” Stock)*	32,500		478,075
Salem Communications Corp. (Class “A” Stock)*	27,000		518,940
SBS Broadcasting SA (Luxembourg)*	7,400		341,140
Scripps, (E.W.) Co. (Class “A” Stock)	35,000		1,782,550
Sinclair Broadcast Group, Inc.	160,000		1,225,600
Spanish Broadcasting Systems, Inc. (Class “A” Stock)*	38,000		317,300
UnitedGlobalCom, Inc. (Class “A” Stock)*	32,046		286,812
WPT Enterprises, Inc.*(a)	3,000		39,690
Young Broadcasting, Inc. (Class “A” Stock)*	100,000		752,000

			13,926,156

BUILDING MATERIALS — 1.3%
Apogee Enterprises, Inc.	12,260		157,909
Florida Rock Industries, Inc.	500		29,040
Gibraltar Industries, Inc.	25,000		525,250
Hughes Supply, Inc.	2,000		52,200
Skyline Corp.	13,000		469,300
Texas Industries, Inc.	1,800		83,124
Thomas Industries, Inc.	29,300		1,156,471

			2,473,294

BUSINESS SERVICES — 1.4%
Acxiom Corp.	3,490		66,310
BearingPoint, Inc.*(a)	30,000		185,700
Edgewater Technology, Inc.*	300,000		1,269,000
Epoch Holding Corp.*	127,000		582,930
Fair Isaac Corp.	2,220		72,994
GP Strategies Corp.*(a)	30,000		231,000
Harland, (John H.) Co.	1,540		55,440
Insurance Auto Auctions, Inc.*	7,260		204,732

			2,668,106

Strategic Partners Small Company Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
CABLE TELEVISION — 2.7%
Adelphia Communications Corp. (Class “A” Stock)*(a)	30,000	$	5,850
Cablevision Systems New York Group (Class “A” Stock)*	185,000		4,800,750
Mediacom Communications Corp.*	60,000		331,800

			5,138,400

CHEMICALS — 6.5%
Airgas, Inc.	8,000		175,360
Arch Chemicals, Inc.	35,000		902,300
Cytec Industries, Inc.	12,930		596,332
Ferro Corp.	85,000		1,540,200
Fuller, (H.B.) Co.	31,250		947,500
Great Lakes Chemical Corp.	20,000		620,800
Hercules, Inc.*	105,000		1,389,150
MacDermid, Inc.	85,000		2,579,749
NewMarket Corp.*	30,000		445,500
Nova Chemicals Corp. (Canada)(a)	8,500		275,995
Omnova Solutions, Inc.*	100,000		405,000
Schulman, (A.), Inc.	15,000		250,500
Sensient Technologies Corp.(a)	95,000		1,900,950
TETRA Technologies, Inc.*	5,000		135,150

			12,164,486

CLOTHING & APPAREL — 0.5%
Burlington Coat Factory Warehouse Corp.	7,000		192,850
Hartmarx Corp.*	83,000		716,290

			909,140

COMPUTER SERVICES & SOFTWARE — 0.7%
Baldwin Technology Co., Inc. (Class “A” Stock)*	100,000		299,000
BISYS Group, Inc. (The)*	6,030		85,144
Intergraph Corp.*	6,954		205,630
StorageNetworks, Inc.*	50,000		0
Tyler Technologies, Inc.*	30,000		173,400
Xanser Corp.*	205,000		551,449

			1,314,623

CONGLOMERATES — 1.4%
Alleghany Corp.*	6,120		1,652,401
Brink’s Co. (The)	3,640		117,426
Cendant Corp.	38,000		756,580
Griffon Corp.*	4,470		85,779
Park Ohio Holdings Corp.*	5,000		70,700

			2,682,886

CONSTRUCTION — 0.8%
Cavco Industries, Inc.*	27,800	$	736,700
Champion Enterprises, Inc.*	40,000		377,600
Fleetwood Enterprises, Inc.*	32,000		244,480
KB Home	1,000		57,000

			1,415,780

CONSUMER PRODUCTS & SERVICES — 4.2%
Aaron Rents, Inc. (Class “A” Stock)	33,750		651,038
Adesa, Inc.	5,230		126,514
Alberto-Culver Co. (Class “B” Stock)	2,760		122,820
Aviall, Inc.*	10,000		292,500
Bowlin Travel Centers, Inc.*	6,000		11,850
Chemed Corp.	16,000		1,133,440
Chestnut Hill Ventures LLC*	129,000		129,000
Church and Dwight Co., Inc.	35,980		1,295,999
CNS, Inc.	6,960		130,778
Elizabeth Arden, Inc.*	16,000		350,400
Energizer Holdings, Inc.*	8,000		455,760
Fedders Corp.	160,000		318,400
Fortune Brands, Inc.	4,500		380,610
Jarden Corp.*	3,325		148,528
Marine Products Corp.	21,000		275,100
National Patent Development Corp.*(a)	10,000		27,500
Oil-Dri Corp. of America	50,000		875,000
Revlon, Inc. (Class “A” Stock)*	100,807		296,373
Rollins, Inc.	20,700		408,618
Scotts Co. (The) (Class “A” Stock)*	1,500		108,600
Water Pik Technologies, Inc.*	3,000		56,460
Weider Nutrition International, Inc.*	70,000		281,400

			7,876,688

CONTAINERS & PACKAGING — 1.5%
Crown Holdings, Inc.*	24,000		361,200
Greif, Inc. (Class “A” Stock)	25,000		1,734,250
Pactiv Corp.*	30,000		643,200

			2,738,650

DIVERSIFIED OPERATIONS — 0.1%
Standex International Corp.	8,000		209,600

ELECTRONIC COMPONENTS & EQUIPMENT — 6.9%
Agere Systems, Inc. (Class “B” Stock)*	45,000		53,100
AMETEK, Inc.	34,000		1,287,580


	SHARES	VALUE (NOTE 2)
Baldor Electric Co.	18,000	$	448,200
Belden CDT, Inc.	10,000		183,400
CTS Corp.	115,000		1,213,250
Electro Rental Corp.*	20,000		240,800
ESCO Technologies, Inc.*	470		34,460
FLIR Systems, Inc.*(a)	4,000		106,400
Franklin Electric Co., Inc.	50,000		1,778,000
GrafTech International Ltd.*	50,000		190,500
Katy Industries, Inc.*	28,000		77,560
Lamson & Sessions Co.*	98,000		927,080
Landauer, Inc.	16,000		725,600
Lecroy Corp.*	4,000		52,640
Littelfuse, Inc.*	12,000		323,280
Magnetek, Inc.*	40,000		144,800
Methode Electronics, Inc. (Class “A” Stock)	16,000		180,320
Monolithic System Technology, Inc.*	25,000		147,750
Park Electrochemical Corp.	13,000		287,950
Parker-Hannifin Corp.	3,100		185,814
Pentair, Inc.	10,320		410,530
Rockwell Automation, Inc.	4,000		184,920
Thomas & Betts Corp.*	115,000		3,578,799
Trans-Lux Corp.	20,000		137,000

			12,899,733

ENTERTAINMENT & LEISURE — 4.0%
Brunswick Corp.	3,260		136,920
Churchill Downs, Inc.	10,000		379,000
Dover Downs Gaming & Entertainment, Inc.	64,369		774,359
Dover Motorsports, Inc.	112,000		511,840
Gaylord Entertainment Co. (Class “A” Stock)*	40,980		1,639,200
International Speedway Corp. (Class “A” Stock)	4,000		212,800
Kerzner International Ltd. (Bahamas)*	19,000		1,046,710
Magna Entertainment Corp.*	160,000		838,400
Pinnacle Entertainment, Inc.*	25,000		379,000
Six Flags, Inc.*	125,000		487,500
Topps Co., Inc. (The)	114,790		989,490
Vail Resorts, Inc.*	4,490		116,156

			7,511,375

ENVIRONMENTAL SERVICES — 0.8%
Catalytica Energy Systems, Inc.*	25,000	$	47,500
CUNO, Inc.*	5,000		253,600
Republic Services, Inc.	35,000		1,211,000

			1,512,100

EQUIPMENT SERVICES — 0.5%
Gerber Scientific, Inc.*	38,000		269,040
Industrial Distribution Group, Inc.*	70,000		606,200

			875,240

FARMING & AGRICULTURE
Delta & Pine Land Co.	1,550		39,060

FINANCIAL — BANK & TRUST — 1.7%
Crazy Woman Creek Bancorp, Inc.	5,600		88,340
First Republic Bank	40,000		1,251,600
Hibernia Corp. (Class “A” Stock)	12,000		374,760
NewAlliance Bancshares, Inc.	7,090		92,879
Silicon Valley Bancshares*	18,000		853,200
Sovereign Bancorp, Inc.	7,000		143,990
TCF Financial Corp.	6,830		172,731
Webster Financial Corp.	3,000		136,350

			3,113,850

FINANCIAL SERVICES — 1.8%
BKF Capital Group, Inc.	44,000		1,472,240
CIT Group, Inc.	9,800		394,744
Interactive Data Corp.*	35,000		701,750
SWS Group, Inc.	55,000		803,000

			3,371,734

FOOD — 3.1%
Archer-Daniels-Midland Co.	25,000		449,750
Corn Products International, Inc.	55,000		1,211,100
Del Monte Foods Co.*	11,540		120,362
Flowers Foods, Inc.	80,000		2,307,200
Hain Celestial Group, Inc.*	15,000		266,250
Ingles Markets, Inc. (Class “A” Stock)	67,600		874,068
Smucker, (J.M.) Co. (The)(a)	5,000		248,100
Suprema Specialties, Inc.* (cost $12,750; purchased 11/08/01)(g)	1,000		0
TL Administration Corp.*	111,500		2,174
Tootsie Roll Industries, Inc.	12,261		378,620

			5,857,624

Strategic Partners Small Company Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
HEALTHCARE SERVICES — 0.3%
Accredo Health, Inc.*	7,000	$	317,100
Laboratory Corp. of America Holdings*	3,190		157,905
NeighborCare, Inc.*	2,730		78,406
West Pharmaceutical Services, Inc.	3,310		87,185

			640,596

HOTELS & MOTELS — 1.4%
Aztar Corp.*	80,000		2,184,800
La Quinta Corp.*	40,000		348,000
Wyndham International, Inc. (Class “A” Stock)*	60,000		60,000

			2,592,800

INDUSTRIAL PRODUCTS — 6.7%
Acuity Brands, Inc.	35,000		836,850
Barnes Group, Inc.	2,000		57,500
Carlisle Cos., Inc.	1,820		130,712
Core Molding Technologies, Inc.*	15,000		92,850
Crane Co.(a)	85,000		2,176,000
Donaldson Co., Inc.(a)	31,000		922,250
EnPro Industries, Inc.*	3,370		84,756
Kaman Corp. (Class “A” Stock)	145,900		1,879,192
Myers Industries, Inc.	108,603		1,043,675
Precision Castparts Corp.	58,000		4,272,279
Robbins & Myers, Inc.	50,000		1,090,000
Watts Water Technologies, Inc. (Class “A” Stock)	1,000		31,250

			12,617,314

INSURANCE — 0.7%
Argonaut Group, Inc.*	28,000		550,760
CNA Financial Corp.*	6,500		85,410
Everest Reinsurance Group Ltd. (Bermuda)	5,500		452,100
Midland Co.	6,000		188,400
PMI Group, Inc. (The)	3,000		105,480

			1,382,150

INTERNET SERVICES — 0.1%
Alloy, Inc.*	24,340		112,694
Stellent, Inc.*	11,290		79,595

			192,289

LUMBER & WOOD PRODUCTS — 0.2%
Deltic Timber Corp.	9,000		319,050

MACHINERY & EQUIPMENT — 5.2%
Albany International Corp. (Class “A” Stock)	3,140	$	98,470
Carbo Ceramics, Inc.	10,000		663,800
CLARCOR, Inc.	44,410		2,247,591
Flowserve Corp.*	40,000		1,110,400
Gardner Denver, Inc.*	14,000		511,560
Gencorp, Inc.	60,000		1,140,600
Graco, Inc.	19,000		641,630
IDEX Corp.	35,000		1,303,750
Lone Star Technologies, Inc.*	6,000		233,640
Smith, (A.O.) Corp.	30,000		855,000
Tennant Co.	22,640		804,626
Toro Co. (The)	3,970		164,040

			9,775,107

MEDICAL SUPPLIES & EQUIPMENT — 4.5%
Exactech, Inc.*	15,000		205,350
Fisher Scientific International, Inc.*	1,506		89,426
ICU Medical, Inc.*	17,000		602,310
Inamed Corp.*	15,000		912,600
Inverness Medical Innovations, Inc.*	10,000		235,600
Invitrogen Corp.*(a)	7,000		512,890
Kensey Nash Corp.*(a)	30,000		824,400
Lifecore Biomedical, Inc.*	7,380		90,848
Orthofix International NV (Netherlands)*	5,000		235,000
Owens & Minor, Inc.	50,000		1,450,500
PolyMedica Corp.	3,080		95,449
Regeneration Technologies, Inc.*	15,000		137,850
Schein, (Henry), Inc.*	6,000		225,060
Schick Technologies, Inc.*	2,000		35,020
SurModics, Inc.*	4,040		145,723
Sybron Dental Specialties, Inc.*	65,000		2,421,250
Techne Corp.*	1,310		54,732
Thoratec Corp.*	8,000		103,600

			8,377,608

METALS & MINING — 1.1%
Barrick Gold Corp. (Canada)	37,000		825,840
CIRCOR International, Inc.	5,000		119,050
Layne Christensen Co.*	7,000		108,500
Material Sciences Corp.*	71,630		878,900
Worthington Industries, Inc.	10,000		162,600

			2,094,890


	SHARES	VALUE (NOTE 2)
OFFICE EQUIPMENT — 0.7%
Hon Industries, Inc.	2,710	$	137,289
McGrath Rentcorp	22,000		488,400
Nashua Corp.*	72,100		676,298

			1,301,987

OIL & GAS — 5.6%
Callon Petroleum Co.*	60,000		815,400
Devon Energy Corp.	30,000		1,355,100
El Paso Corp.	10,000		99,900
EOG Resources, Inc.	7,600		361,380
Equitable Resources, Inc.	6,500		374,660
Forest Oil Corp.*	33,000		1,271,490
Gyrodyne Co. of America, Inc.*	3,000		122,250
Key Energy Services, Inc.*	9,000		102,915
Lufkin Industries, Inc.	19,500		573,690
Newpark Resources, Inc.*	50,000		300,500
Noble Corp. (Cayman Islands)	1,500		76,350
ONEOK, Inc.(a)	60,000		1,731,600
Pioneer Natural Resources Co.	3,000		121,980
Rowan Cos., Inc.	11,000		291,830
RPC, Inc.	12,500		181,750
XTO Energy, Inc.	93,000		2,805,810

			10,586,605

PAPER & FOREST PRODUCTS — 0.2%
Schweitzer-Mauduit International, Inc.	13,000		379,860

PERSONAL SERVICES — 0.3%
Matthews International Corp. (Class “A” Stock)	15,000		534,150

PHARMACEUTICALS — 0.1%
Bone Care International, Inc.*	5,000		129,050
Priority Healthcare Corp. (Class “B” Stock)*	6,200		141,236

			270,286

PRINTING & PUBLISHING — 3.0%
Bowne & Co., Inc.	7,810		101,686
Journal Communications, Inc. (Class “A” Stock)	3,950		60,830
Journal Register Co.*	45,000		711,900
Lee Enterprises, Inc.	2,000		83,020
McClatchy Co.	11,000		777,700
Nelson, (Thomas), Inc.	19,000		455,620
PRIMEDIA, Inc.*	245,000		1,082,900
Pulitzer, Inc.	38,500		2,450,525

			5,724,181

REAL ESTATE — 0.5%
Griffin Land & Nurseries, Inc.*	13,000	$	333,385
Harbor Global Co. (Bermuda)*	17,500		157,063
Innkeepers USA Trust [REIT]	25,000		331,750
Sun Communities, Inc.[REIT]	5,000		174,250

			996,448

RESTAURANTS — 1.4%
Steak ‘n Shake Co. (The)*	75,000		1,356,000
Triarc Cos., Inc. (Class “A” Stock)	27,580		381,983
Triarc Cos., Inc. (Class “B” Stock)	55,290		709,924
Wendy’s International, Inc.(a)	3,300		141,669

			2,589,576

RETAIL & MERCHANDISING — 1.7%
Big 5 Sporting Goods Corp.	3,000		71,670
Bon-Ton Stores, Inc.	4,000		71,520
Gander Mountain Co.*(a)	7,330		76,232
Movado Group, Inc.	40,000		642,800
Neiman Marcus Group, Inc. (Class “A” Stock)	4,000		393,280
Neiman Marcus Group, Inc. (Class “B” Stock)	16,000		1,555,200
Office Depot, Inc.*	5,380		105,340
OfficeMax, Inc.(a)	8,000		259,840

			3,175,882

SEMICONDUCTORS — 0.2%
Axcelis Technologies, Inc.*	31,000		192,510
Omnivision Technologies, Inc.*(a)	18,000		252,000

			444,510

TELECOMMUNICATIONS — 4.7%
Acme Communications, Inc.*	135,300		557,571
AO VimpelCom [ADR] (Russia)*	55,000		1,799,600
Centennial Communications, Inc.*	30,000		345,000
Cincinnati Bell, Inc.*	150,000		600,000
Corning, Inc.*	65,000		893,750
D & E Communications, Inc.	100,000		832,000
Dobson Communications Corp.*	60,000		120,000
Insight Communications Co., Inc.*	20,000		224,200
Nextel Communications, Inc. (Class “A” Stock)*(a)	13,000		363,870
Plantronics, Inc.	6,000		188,940

Strategic Partners Small Company Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
Rural Cellular Corp.*		45,000	$	232,650
Stratos International, Inc.*		10,000		40,000
Sycamore Networks, Inc.*		30,000		100,800
Western Wireless Corp. (Class “A” Stock)*		65,000		2,547,350

				8,845,731

TRANSPORTATION — 1.1%
GATX Corp.(a)		45,000		1,472,400
Grupo TMM SA de CV [ADR] (Mexico)*		25,000		74,750
Hub Group, Inc. (Class “A” Stock) (Canada)*		2,000		110,000
Laidlaw International, Inc.*		4,940		110,607
Ryder System, Inc.		6,000		221,580

				1,989,337

UTILITIES — 6.1%
AES Corp.*		18,000		289,440
Allete, Inc.		1,746		72,756
Alliant Energy Corp.		9,200		242,328
Aquila, Inc.*		100,000		344,000
CH Energy Group, Inc.		42,000		1,791,300
Connecticut Water Service, Inc.		20,000		475,400
DPL, Inc.		20,000		508,800
Duquesne Light Holdings, Inc.		110,000		1,934,900
El Paso Electric Co.*		100,000		1,951,000
Florida Public Utilities Co.		8,000		145,600
Maine & Maritimes Corp.		8,000		201,920
MGE Energy, Inc.		28,000		932,960
Northeast Utilities		72,000		1,318,320
Southern Union Co.*		35,563		851,366
TXU Corp.(a)		4,000		343,160

				11,403,250

TOTAL LONG-TERM INVESTMENTS (Cost $126,723,376)				188,315,260


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 6.7%
CERTIFICATE OF DEPOSIT — 0.1%
Svenska Handelsbanken AB
3.03%, 06/28/05(b)	$	103		102,884

COMMERCIAL PAPER — 2.0%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		3,755		3,755,434


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS — 1.2%
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)	$	1,439	$	1,439,081
Natexis Banque NY
3.05%, 05/02/05(b)(c)		708		708,449
Sedna Finance Corp.
2.923%, 05/16/05(b)(c)		138		138,486

				2,286,016

TIME DEPOSIT — 0.1%
KBC Bank
2.95%, 05/02/05(b)		139		138,603


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 3.3%
BlackRock Institutional Money Market Trust(b)(j)		6,361,001		6,361,001

TOTAL SHORT-TERM INVESTMENTS (Cost $12,643,938)				12,643,938

TOTAL INVESTMENTS — 106.8% (Cost $139,367,314; Note 5)				200,959,198
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $12,643,938) — (6.8%)				(12,831,830	)

NET ASSETS — 100.0%			$	188,127,368

THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


ADR — American Depository Receipt

REIT — Real Estate Investment Trust

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $11,865,618; cash collateral of $12,643,938 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(g)	Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $12,750. The aggregate value, $0 represents 0.0% of net assets.

(j)	Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Broadcasting	7.3	%
Electronic Components & Equipment	6.9
Industrial Products	6.7
Chemicals	6.5
Utilities	6.1
Oil & Gas	5.6
Machinery & Equipment	5.2
Telecommunications	4.7
Medical Supplies & Equipment	4.5
Consumer Products & Services	4.2
Entertainment & Leisure	4.0
Aerospace	3.2
Food	3.1
Automotive Parts	3.0
Printing & Publishing	3.0
Cable Television	2.7
Financial Services	1.8
Financial— Bank & Trust	1.7
Retail & Merchandising	1.7
Containers & Packaging	1.5
Business Services	1.4
Conglomerates	1.4
Hotels & Motels	1.4
Restaurants	1.4
Building Materials	1.3
Metals & Mining	1.1
Transportation	1.1
Construction	0.8
Environmental Services	0.8
Beverages	0.7
Computer Services & Software	0.7
Insurance	0.7
Office Equipment	0.7
Clothing & Apparel	0.5
Equipment Services	0.5
Real Estate	0.5
Healthcare Services	0.3
Personal Services	0.3
Automobile Manufacturers	0.2
Lumber & Wood Products	0.2
Paper & Forest Products	0.2
Semiconductors	0.2
Diversified Operations	0.1
Internet Services	0.1
Pharmaceuticals	0.1
Short-Term Investments	6.7

	106.8
Liabilities in excess of other assets	-6.8

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Mid-Cap Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.4%
COMMON STOCK
AEROSPACE & DEFENSE — 1.9%
Alliant Techsystems, Inc.*	39,384	$	2,724,585

APPAREL/SHOES — 2.7%
Chico’s FAS, Inc.*(a)	109,850		2,815,456
Urban Outfitters, Inc.*	24,900		1,103,070

			3,918,526

AUDIO & VISUAL EQUIPMENT — 1.8%
Harman International Industries, Inc.	33,500		2,632,430

AUDIO TECHNOLOGY — 0.7%
Dolby Laboratories, Inc. (Class “A” Stock)*	49,000		1,002,050

AUTO PARTS & RELATED — 2.0%
Gentex Corp.(a)	90,050		2,923,023

BANKS — 1.2%
M&T Bank Corp.	17,500		1,810,375

BIOTECHNOLOGY — 0.9%
Eyetech Pharmaceuticals, Inc.*	59,100		1,358,709

BROADCASTING & CABLE/SATELLITE TV — 6.1%
Cablevision Systems New York Group (Class “A” Stock)*(a)	56,000		1,453,200
Citadel Broadcasting Co.*	126,900		1,595,133
EchoStar Communications Corp. (Class “A” Stock)(a)	57,550		1,666,073
Entravision Communications Corp. (Class “A” Stock)*	293,825		2,312,402
Univision Communications, Inc. (Class “A” Stock)*(a)	72,775		1,913,255

			8,940,063

COMMERCIAL SERVICES — 7.2%
ARAMARK Corp. (Class “B” Stock)	114,750		2,812,522
ChoicePoint, Inc.*	37,400		1,476,178
Iron Mountain, Inc.*(a)	92,937		2,760,228
Moody’s Corp.	18,000		1,478,520
Pitney Bowes, Inc.	46,550		2,081,716

			10,609,164

COMPUTER HARDWARE — 2.8%
Avocent Corp.*	97,500		2,451,150
Zebra Technologies Corp. (Class “A” Stock)*	34,300		1,638,168

			4,089,318

COMPUTER SERVICES — 2.4%
Fiserv, Inc.*	65,700	$	2,779,110
Global Payments, Inc.(a)	12,100		783,596

			3,562,706

COMPUTER SOFTWARE — 5.4%
Cognizant Technology Solutions Corp.*	19,500		819,195
Cognos, Inc. (Canada)*	67,400		2,550,416
Mercury Interactive Corp.*(a)	48,000		1,983,840
NAVTEQ Corp.*	22,700		826,734
Salesforce.com, Inc.*(a)	122,900		1,779,592

			7,959,777

DRUGS & MEDICINE — 2.3%
Amylin Pharmaceuticals, Inc.*(a)	102,500		1,742,500
OSI Pharmaceuticals, Inc.*(a)	35,900		1,699,327

			3,441,827

EDUCATIONAL SERVICES — 1.5%
ITT Educational Services, Inc.*	48,100		2,211,638

FINANCIAL SERVICES — 1.4%
MoneyGram International, Inc.	107,100		2,077,740

GAMING/LODGING — 3.6%
GTECH Holdings Corp.	59,000		1,443,730
Harrah’s Entertainment, Inc.(a)	36,175		2,373,803
Marriott International, Inc. (Class “A” Stock)	24,050		1,509,138

			5,326,671

INSURANCE — 1.6%
Willis Group Holdings Ltd. (United Kingdom)	68,875		2,303,869

INTERNET & ONLINE — 2.5%
CheckFree Corp.*(a)	37,225		1,365,413
CNET Networks, Inc.*	234,600		2,326,059

			3,691,472

MANUFACTURING — 1.3%
American Standard Cos., Inc.(a)	21,970		982,279
York International Corp.	23,600		923,468

			1,905,747

MEDICAL PRODUCTS — 9.2%
Allergan, Inc.(a)	19,200		1,351,488
Bard, (C.R.), Inc.	28,600		2,035,462
Biomet, Inc.	80,500		3,114,544


	SHARES		VALUE (NOTE 2)
Fisher Scientific International, Inc.*		47,076	$	2,795,373
Kinetic Concepts, Inc.*		31,000		1,904,950
St. Jude Medical, Inc.*		60,000		2,341,800

				13,543,617

MEDICAL SUPPLIES — 3.1%
Charles River Laboratories International, Inc.*(a)		62,725		2,971,284
Millipore Corp.*(a)		31,670		1,527,127

				4,498,411

MOVIES & ENTERTAINMENT — 0.7%
Lodgenet Entertainment Corp.*		60,350		982,498

NETWORKING/TELECOM EQUIPMENT — 6.3%
ADTRAN, Inc.(a)		103,930		2,154,469
Amphenol Corp.		72,000		2,839,680
FLIR Systems, Inc.*(a)		90,146		2,397,884
Juniper Networks, Inc.*		79,300		1,791,387

				9,183,420

OIL & GAS — 1.0%
XTO Energy, Inc.		49,533		1,494,411

OIL WELL SERVICES & EQUIPMENT — 2.0%
Smith International, Inc.(a)		49,925		2,904,637

PHARMACY BENEFIT MANAGER — 2.2%
Caremark Rx, Inc.*(a)		79,600		3,187,980

PRODUCER GOODS — 2.1%
Grainger, (W.W.), Inc.		55,540		3,070,807

PUBLISHING — 4.5%
Lamar Advertising Co.*(a)		87,750		3,280,095
Scripps, (E.W.) Co. (Class “A” Stock)		64,700		3,295,171

				6,575,266

RESTAURANTS — 1.7%
Chang’s China Bistro, (P.F.), Inc.*		45,000		2,498,400

RETAILING — 7.1%
Bed Bath & Beyond, Inc.*		37,200		1,384,212
CarMax, Inc.*(a)		57,800		1,576,784
PETCO Animal Supplies, Inc.*		98,650		3,087,745
Select Comfort Corp.*		53,379		1,180,743
Williams-Sonoma, Inc.*(a)		93,485		3,130,813

				10,360,297

SEMICONDUCTORS/SEMI CAPITAL EQUIPMENT — 7.6%
KLA-Tencor Corp.(a)		53,175		2,074,889
Linear Technology Corp.(a)		86,200		3,080,787
Marvell Technology Group Ltd.*		55,800	$	1,868,184
Microchip Technology, Inc.		57,900		1,648,992
Tessera Technologies, Inc.*		91,757		2,437,065

				11,109,917

TELECOMMUNICATIONS — 1.6%
Crown Castle International Corp.*(a)		145,250		2,342,883

TRANSPORTATION — 1.0%
Robinson Worldwide, (C.H.), Inc.		29,275		1,510,590

TOTAL LONG-TERM INVESTMENTS (Cost $134,104,328)				145,752,824


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 20.1%
CERTIFICATES OF DEPOSIT — 1.3%
Canadian Imperial Bank of Commerce
1.72%, 05/25/05 (b)	$	686		686,308
Fortis Bank NY
1.775%, 06/06/05 (b)		918		918,333
Svenska Handelsbanken AB
3.03%, 06/28/05 (b)		323		323,245

				1,927,886

COMMERCIAL PAPER — 3.2%
Morgan Stanley
3.08%, 05/02/05(b)(c)		1,968		1,968,320
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		2,696		2,696,004

				4,664,324

CORPORATE OBLIGATIONS — 9.9%
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)		3,394		3,394,049
Lehman Brothers
3.06%, 05/02/05(b)(c)		4,083		4,083,374
Morgan Stanley
3.07%, 05/02/05(b)(c)		2,628		2,628,404
Natexis Banque NY
3.05%, 05/02/05(b)(c)		3,078		3,078,190
Sedna Finance Corp.
2.923%, 05/16/05(b)(c)		1,237		1,237,391

				14,421,408

Strategic Partners Mid-Cap Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
TIME DEPOSIT — 0.8%
KBC Bank
2.95%, 05/02/05(b)	$	1,179	$	1,178,534


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 4.9%
BlackRock Institutional Money Market Trust(b)(j)		7,258,266		7,258,266

TOTAL SHORT-TERM INVESTMENTS (Cost $29,450,418)				29,450,418

TOTAL INVESTMENTS — 119.5% (Cost $163,554,746; Note 5)				175,203,242
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $29,450,418) — (19.5%)				(28,569,692	)

NET ASSETS — 100.0%			$	146,633,550

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $28,380,675; cash collateral of $29,450,418 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)	Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Medical Products	9.2	%
Semiconductors/Semi Capital Equipment	7.6
Commercial Services	7.2
Retailing	7.1
Networking/Telecom Equipment	6.3
Broadcasting & Cable/Satellite TV	6.1
Computer Software	5.4
Publishing	4.5
Gaming/Lodging	3.6
Medical Supplies	3.1
Computer Hardware	2.8
Apparel/Shoes	2.7
Internet & Online	2.5
Computer Services	2.4
Drugs & Medicine	2.3
Pharmacy Benefit Manager	2.2
Producer Goods	2.1
Auto Parts & Related	2.0
Oil Well Services & Equipment	2.0
Aerospace & Defense	1.9
Audio & Visual Equipment	1.8
Restaurants	1.7
Insurance	1.6
Telecommunications	1.6
Educational Services	1.5
Financial Services	1.4
Manufacturing	1.3
Banks	1.2
Oil & Gas	1.0
Transportation	1.0
Biotechnology	0.9
Audio Technology	0.7
Movies & Entertainment	0.7
Short-Term Investments	20.1

	119.5
Liabilities in excess of other assets	-19.5

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Relative Value Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.8%
COMMON STOCK
AUTOMOTIVE PARTS — 10.0%
Advance Auto Parts, Inc.*	120,600	$	6,434,011
AutoNation, Inc.*(a)	95,200		1,739,304
AutoZone, Inc.*(a)	96,200		7,984,600
BorgWarner, Inc.	170,800		7,808,976
Lear Corp.(a)	199,800		6,771,222

			30,738,113

BUILDING MATERIALS — 2.0%
Masco Corp.	191,400		6,027,186

BUSINESS SERVICES — 2.5%
Manpower, Inc.	197,600		7,617,480

CLOTHING & APPAREL — 6.0%
Liz Claiborne, Inc.	129,300		4,581,099
Reebok International Ltd.(a)	155,700		6,322,977
Timberland Co. (The) (Class “A” Stock)*	21,500		1,484,575
VF Corp.	106,700		6,038,153

			18,426,804

COMPUTER HARDWARE — 3.1%
Western Digital Corp.*	741,100		9,404,559

COMPUTER SERVICES & SOFTWARE — 2.4%
Computer Associates International, Inc.	275,400		7,408,260

CONGLOMERATES — 2.1%
Johnson Controls, Inc.	118,400		6,496,608

CONSUMER PRODUCTS & SERVICES — 6.1%
Black & Decker Corp.	62,000		5,185,060
Rent-A-Center, Inc.*	240,100		5,772,004
Whirlpool Corp.	122,800		7,620,968

			18,578,032

FINANCIAL – BANK & TRUST — 9.6%
Astoria Financial Corp.(a)	194,250		5,149,568
Commerce Bancorp, Inc.(a)	223,200		6,247,368
First Horizon National Corp.	187,600		7,791,028
North Fork Bancorp, Inc.	286,502		8,065,031
TCF Financial Corp.	90,400		2,286,216

			29,539,211

FINANCIAL SERVICES — 11.8%
Ambac Financial Group, Inc.	123,650		8,266,003
Bear Stearns Cos., Inc.	77,600		7,345,616
CIT Group, Inc.	208,600		8,402,408
IndyMac Bancorp, Inc.	221,300	$	8,515,624
Waddell & Reed Financial, Inc. (Class “A” Stock)	216,100		3,762,301

			36,291,952

FOOD — 1.4%
Fresh Del Monte Produce, Inc.	144,400		4,173,160

FURNITURE — 1.5%
Mohawk Industries, Inc.*(a)	59,200		4,606,352

HEALTHCARE SERVICES — 6.2%
Coventry Health Care, Inc.*	136,600		9,347,538
Health Management Associates, Inc. (Class “A” Stock)(a)	46,700		1,154,891
Omnicare, Inc.	247,900		8,594,693

			19,097,122

INDUSTRIAL PRODUCTS — 4.0%
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	64,700		4,973,489
SPX Corp.	185,100		7,161,519

			12,135,008

INSURANCE — 14.0%
Arch Capital Group Ltd.*	121,500		4,858,785
Endurance Specialty Holdings Ltd.	73,200		2,649,840
Jefferson-Pilot Corp.	33,300		1,671,993
PartnerRe Ltd.	100,100		5,833,828
PMI Group, Inc. (The)	195,300		6,866,748
Radian Group, Inc.	162,600		7,224,318
RenaissanceRe Holdings Ltd.	175,900		7,875,042
WellChoice, Inc.*	5,700		320,340
Wellpoint, Inc.*	46,300		5,914,825

			43,215,719

MACHINERY & EQUIPMENT — 1.8%
Briggs & Stratton Corp.	167,500		5,421,975

OIL & GAS — 4.9%
Sunoco, Inc.	61,000		6,054,860
XTO Energy, Inc.	298,466		9,004,719

			15,059,579

RESTAURANTS — 2.7%
Darden Restaurants, Inc.	102,500		3,075,000
Ruby Tuesday, Inc.	229,200		5,157,000

			8,232,000

Strategic Partners Relative Value Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
RETAIL & MERCHANDISING — 7.7%
Dollar Tree Stores, Inc.*(a)		262,800	$	6,435,972
Foot Locker, Inc.		224,000		5,971,840
NBTY, Inc.*		245,700		5,238,324
Pier 1 Imports, Inc.		410,900		5,966,268

				23,612,404

TOTAL LONG-TERM INVESTMENTS (Cost $270,771,321)				306,081,524


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 7.9%
CERTIFICATES OF DEPOSIT — 0.4%
Banco Santander PR
2.865%, 05/09/05(b)(c)	$	1,201		1,201,098

COMMERCIAL PAPER — 1.4%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		4,151		4,151,096

CORPORATE OBLIGATIONS — 1.8%
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)		5,189		5,189,140
Lehman Brothers
3.06%, 05/02/05(b)(c)		12		12,490
Natexis Banque NY
3.05%, 05/02/05(b)(c)		214		213,831

				5,415,461

TIME DEPOSIT — 0.1%
KBC Bank
2.95%, 05/02/05(b)		376		376,053


	SHARES		VALUE (NOTE 2)
NON-REGISTERED INVESTMENT COMPANY — 3.6%
BlackRock Institutional Money Market Trust(b)(j)		11,301,295	$	11,301,295

REGISTERED INVESTMENT COMPANY — 0.6%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,866,063		1,866,063

TOTAL SHORT-TERM INVESTMENTS (Cost $24,311,066)				24,311,066

TOTAL INVESTMENTS — 107.7% (Cost $295,082,387; Note 5)				330,392,590
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $22,445,003) — (7.7%)				(23,713,681	)

NET ASSETS — 100.0%			$	306,678,909

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $21,652,285; cash collateral of $22,445,003 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)	Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Insurance	14.0	%
Financial Services	11.8
Automotive Parts	10.0
Financial—Bank & Trust	9.6
Retail & Merchandising	7.7
Healthcare Services	6.2
Consumer Products & Services	6.1
Clothing & Apparel	6.0
Oil & Gas	4.9
Industrial Products	4.0
Computer Hardware	3.1
Restaurants	2.7
Business Services	2.5
Computer Services & Software	2.4
Conglomerates	2.1
Building Materials	2.0
Machinery & Equipment	1.8
Furniture	1.5
Food	1.4
Short-Term Investments	7.9

	107.7
Liabilities in excess of other assets	-7.7

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Technology Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 96.9%
COMMON STOCK
BUSINESS SERVICES — 5.3%
Accenture Ltd. (Class “A” Stock)*		21,500	$	466,550
Automatic Data Processing, Inc.		10,300		447,432

				913,982

COMPUTER HARDWARE — 2.8%
Dell, Inc.*		14,000		487,620

COMPUTER SERVICES & SOFTWARE — 24.8%
Adobe Systems, Inc.		9,900		588,753
Check Point Software Technologies Ltd.*		18,000		377,100
Cognizant Technology Solutions Corp.*		10,000		420,100
Cognos, Inc. (Canada)*		9,500		359,480
Electronic Arts, Inc.*(a)		7,500		400,425
EMC Corp.*		34,500		452,640
Mercury Interactive Corp.*(a)		8,500		351,305
Microsoft Corp.		20,500		518,650
Oracle Corp.*		25,000		289,000
SAP AG [ADR] (Germany)		14,000		552,020

				4,309,473

COMPUTERS — NETWORKING — 9.2%
Cisco Systems, Inc.*		30,500		527,040
Juniper Networks, Inc.*(a)		17,500		395,325
Network Appliance, Inc.*		25,000		665,750

				1,588,115

ELECTRONIC COMPONENTS & EQUIPMENT — 2.9%
Linear Technology Corp.(a)		14,200		507,508

INTERNET SERVICES — 8.8%
Checkfree Corp.*(a)		8,000		293,440
eBay, Inc.*(a)		9,000		285,570
VeriSign, Inc.*(a)		13,500		357,210
Yahoo!, Inc.*(a)		17,000		586,670

				1,522,890

MEDICAL SUPPLIES & EQUIPMENT — 3.3%
Zimmer Holdings, Inc.*		7,000		569,940

PERSONAL SERVICES — 2.5%
Apollo Group, Inc. (Class “A” Stock)*(a)		6,000		432,720

PHARMACEUTICALS — 8.6%
Amgen, Inc.*		8,000	$	465,680
Genentech, Inc.*(a)		7,000		496,580
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)		17,000		531,080

				1,493,340

SEMICONDUCTORS — 14.6%
Intel Corp.		17,900		421,008
Marvell Technology Group Ltd.*		12,500		418,500
Microchip Technology, Inc.		19,300		549,664
Taiwan Semiconductor Manufacturing Co. Ltd. [ADR] (Taiwan)(a)		70,001		602,709
Xilinx, Inc.(a)		20,100		541,494

				2,533,375

TELECOMMUNICATIONS — 14.1%
Amdocs Ltd.*		23,100		617,001
Comverse Technology, Inc.*		20,000		455,800
Corning, Inc.*		52,000		715,000
Motorola, Inc.		18,000		276,120
QUALCOMM, Inc.		11,000		383,790

				2,447,711

TOTAL LONG-TERM INVESTMENTS (Cost $14,505,900)				16,806,674


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 30.6%
CERTIFICATES OF DEPOSIT — 5.9%
Fortis Bank NY
2.055%, 06/08/05(b)	$	524		524,402
Svenska Handelsbanken AB
3.03%, 06/28/05(b)		501		500,510

				1,024,912

COMMERCIAL PAPER — 7.6%
Morgan Stanley
3.08%, 05/02/05(b)(c)		735		734,783
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		588		587,921

				1,322,704


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS — 9.6%
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)	$	529	$	529,010
Lehman Brothers
3.06%, 05/02/05(b)(c)		356		355,723
Morgan Stanley
3.07%, 05/02/05(b)(c)		163		163,220
Natexis Banque NY
3.05%, 05/02/05(b)(c)		607		606,501

				1,654,454

TIME DEPOSIT — 1.0%
KBC Bank
2.95%, 05/02/05(b)		171		171,396


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 3.6%
BlackRock Institutional Money Market Trust(b)(j)		630,009		630,009

REGISTERED INVESTMENT COMPANY — 2.9%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		498,294		498,294

TOTAL SHORT-TERM INVESTMENTS (Cost $5,301,769)				5,301,769

TOTAL INVESTMENTS — 127.5% (Cost $19,807,669; Note 5)				22,108,443

LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $4,803,475) — (27.5%)				(4,771,262	)

NET ASSETS — 100.0%			$	17,337,181

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $4,637,252; cash collateral of $4,803,475 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)	Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Computer Services & Software	24.8	%
Semiconductors	14.6
Telecommunications	14.1
Computers—Networking	9.2
Internet Services	8.8
Pharmaceuticals	8.6
Business Services	5.3
Medical Supplies & Equipment	3.3
Electronic Components & Equipment	2.9
Computer Hardware	2.8
Personal Services	2.5
Short-Term Investments	30.6

	127.5
Liabilities in excess of other assets	-27.5

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Health Sciences Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 93.4%
COMMON STOCK
BIOTECHNOLOGY HEALTHCARE — 9.5%
Abgenix, Inc.*	2,600	$	18,122
Amgen, Inc.*	17,100		995,391
Corgentech, Inc.*	4,200		9,240
Gilead Sciences, Inc.*	7,700		285,670
Protein Design Labs, Inc.*	33,400		597,192

			1,905,615

BUSINESS SERVICES — 0.3%
Dionex Corp.*	1,400		60,130

CHEMICALS — 0.2%
AKZO Nobel NV [ADR] (Netherlands)	900		36,936

ELECTRONIC COMPONENTS & EQUIPMENT — 2.3%
SonoSight, Inc.*	9,800		285,229
Varian, Inc.*	5,500		182,435

			467,664

HEALTH CARE — 0.4%
Davita, Inc.*	2,000		80,600

HEALTHCARE FACILITIES — 3.6%
Community Health Systems, Inc.*	17,000		619,650
Triad Hospitals, Inc.*	1,100		56,375
Universal Health Services, Inc. (Class “B” Stock)	1,000		56,740

			732,765

HEALTHCARE SERVICES — 3.6%
HCA, Inc.(a)	2,100		117,264
HMS Holdings Corp.*	12,600		81,648
Humana, Inc.*	1,600		55,440
PacifiCare Health Systems, Inc.*	7,900		472,104

			726,456

HEALTHCARE SUPPLIES — 5.3%
Johnson & Johnson Co.	400		27,452
Wyeth	23,200		1,042,608

			1,070,060

INSURANCE — 1.0%
Wellpoint, Inc.*	1,550		198,013

MACHINERY & EQUIPMENT — 0.5%
Thermo Electron Corp.*	4,400		109,912

MANAGED HEALTHCARE — 0.4%
Aetna, Inc.	1,200		88,044

MEDICAL EQUIPMENT & DEVICES — 5.6%
Baxter International, Inc.	3,000	$	111,300
Becton Dickinson & Co.	1,200		70,224
Dentsply Corp.	1,300		71,058
Gen-Probe, Inc.*(a)	100		5,019
St. Jude Medical, Inc.*	16,800		655,704
Symmetry Medical, Inc.*	6,600		113,520
Waters Corp.*	2,400		95,112

			1,121,937

MEDICAL SUPPLIES & EQUIPMENT — 17.8%
Advanced Medical Optics*	1,300		48,074
Ats Medical, Inc.*	12,100		44,528
Bard, (C.R.), Inc.	1,100		78,287
Boston Scientific Corp.*	8,000		236,640
Cytyc Corp.*	6,000		127,860
Eisai Co. Ltd. (Japan)	30,300		1,009,560
Fisher Scientific International Inc.*	4,100		243,458
Guidant Corp.	10,800		800,064
Intralase Corp.*	3,100		51,832
Kinetic Concepts, Inc.*	1,650		101,393
Medtronic, Inc.	12,600		664,020
Serologicals Corp.*	2,100		45,213
Varian Medical Systems, Inc.*(a)	3,200		107,968
Vnus Medical Technologies*	3,800		36,518

			3,595,415

PHARMACEUTICALS — 29.1%
Caremark Rx, Inc.*(a)	5,300		212,265
Cubist Pharmaceuticals, Inc.*	31,900		288,695
Epix Pharmaceuticals, Inc.*	2,300		15,571
Indevus Pharmaceuticals, Inc.*	20,900		51,101
Isis Pharmaceuticals, Inc.*	3,700		10,730
IVAX Corp.*	2,100		39,690
Medicis Pharmaceutical (Class “A” Stock)	5,700		160,170
Merck KGAA	600		45,838
Mgi Pharma, Inc.*	4,200		92,610
Nabi Biopharmaceuticals, Inc.*	9,400		102,460
Novo Industries A/S [ADR] (Denmark)	6,400		325,568
OSI Pharmaceuticals*(a)	3,500		165,673
Pharmaceutical Product Development, Inc.*	8,800		399,344
QLT PhotoTherapeutics, Inc.*	38,300		410,576
Roche Holding AG (Germany)	8,800		1,064,592
Sanofi-Aventis SA [ADR] (France)(a)	23,100		1,024,947


	SHARES		VALUE (NOTE 2)
Shire Pharmaceuticals Group PLC [ADR] (United Kingdom)		13,100	$	407,148
Takeda Chemical Industries Ltd. (Japan)		2,200		107,063
Valeant Pharmaceuticals International		1,700		35,275
Yamanouchi Pharmaceutical Co. Ltd. — (Japan)		24,700		894,369

				5,853,685

PHARMACEUTICALS — MANUFACTURING — 5.1%
Forest Laboratories, Inc.*(a)		11,400		406,752
Kyorin Pharmaceutica Co. (Japan)		9,000		125,514
Novartis AG [ADR] (Switzerland)		8,500		414,205
Santen Pharmaceutical Co. Ltd. (Japan)		1,400		31,245
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)		1,600		49,984

				1,027,700

PHARMACEUTICALS — RESEARCH & MANUFACTURING — 8.7%
Lilly, (Eli) & Co.		10,200		596,394
Pfizer, Inc.		42,400		1,152,008

				1,748,402

TOTAL LONG-TERM INVESTMENTS (Cost $17,954,357)				18,823,334


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 14.5%
COMMERCIAL PAPER — 0.4%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)	$	86		86,088

CORPORATE OBLIGATIONS — 1.9%
Lehman Brothers
3.06%, 05/02/05(b)(c)		386		386,213

TIME DEPOSIT — 0.1%
KBC Bank
2.95%, 05/02/05 (b)		24		24,198


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 7.0%
BlackRock Institutional Money Market Trust(b)(j)		1,399,801		1,399,801

REGISTERED INVESTMENT COMPANY — 5.1%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,022,379	$	1,022,379

TOTAL SHORT-TERM INVESTMENTS (Cost $2,918,679)				2,918,679

TOTAL INVESTMENTS, BEFORE OUTSTANDING WRITTEN OPTIONS — 107.9% (Cost $20,873,036; Note 5)				21,742,013


	NUMBER OF CONTRACTS
*OUTSTANDING OPTIONS WRITTEN CALL OPTIONS**
Becton Dickinson & Co., Strike Price $60, Expires 05/21/05		5		(200	)
Bard (C.R.), Inc., Strike Price $70, Expires 05/21/05		11		(1,430	)

TOTAL WRITTEN OPTIONS (Premium Received $1,724)				(1,630	)

TOTAL INVESTMENTS, NET OF OUTSTANDING OPTIONS WRITTEN(O) — 107.9% (Cost $20,872,241)				21,740,383
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $1,896,300) — (7.9%)				(1,594,346	)

NET ASSETS — 100.0%			$	20,146,037

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $1,844,248; cash collateral of $1,896,300 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)	Security available to institutional investors only.

(o)	As of April 30, 2005, 7 securities representing $3,278,183 and 15.1% of the total market value were fair valued in accordance with the policies adopted by the Board of Directors.

Strategic Partners Health Sciences Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Pharmaceuticals	29.1	%
Medical Supplies & Equipment	17.8
Biotechnology Healthcare	9.5
Pharmaceuticals- Research & Manufacturing	8.7
Medical Equipment & Devices	5.6
Healthcare Supplies	5.3
Pharmaceuticals- Manufacturing	5.1
Healthcare Services	3.6
Healthcare Facilities	3.6
Electronic Components & Equipment	2.3
Insurance	1.0
Machinery & Equipment	0.5
Managed Healthcare	0.4
Health Care	0.4
Business Services	0.3
Chemicals	0.2
Short-Term Investments	14.5

	107.9
Liabilities in excess of other assets	-7.9

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Managed OTC Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 95.0%
COMMON STOCK
ADVERTISING — 0.3%
Lamar Advertising Co.*(a)	1,978	$	73,938

AUTOMOBILE MANUFACTURERS — 1.1%
PACCAR, Inc.	4,558		309,488

BIOTECHNOLOGY — 7.0%
Amgen, Inc.*	13,760		800,970
Biogen Idec, Inc.*	8,514		308,547
Chiron Corp.*	6,106		208,520
Genzyme Corp.*	7,310		428,439
Invitrogen Corp.*	1,118		81,916
MedImmune, Inc.*	6,192		157,091
Millennium Pharmaceuticals, Inc.*	7,912		69,309

			2,054,792

BROADCASTING — 1.6%
Liberty Media International, Inc. (Class “A” Stock)*	4,042		167,621
Sirius Satellite Radio, Inc.*(a)	31,992		152,282
XM Satellite Radio Holdings, Inc.*(a)	5,074		140,753

			460,656

CHEMICALS — 0.3%
Sigma Aldrich Corp.	1,548		90,450

COMMERCIAL SERVICES — 2.2%
Apollo Group, Inc. (Class “A” Stock)*(a)	4,386		316,318
Career Education Corp.*	2,408		75,708
Paychex, Inc.	8,428		257,897

			649,923

COMPUTER SERVICES & SOFTWARE — 1.0%
Autodesk, Inc.	5,590		177,930
Cognizant Technology Solutions Corp.*	3,010		126,450

			304,380

COMPUTERS — 8.5%
Apple Computer, Inc.*(a)	26,660		961,361
Dell, Inc.*	21,156		736,863
Network Appliance, Inc.*	8,944		238,179
Research in Motion Ltd.*	4,386		282,502
SanDisk Corp.*	3,526		83,566
Sun Microsystems, Inc.*	34,400		124,872
Synopsys, Inc.*	3,096		50,898

			2,478,241

CONSUMER PRODUCTS & SERVICES — 1.2%
InterActiveCorp*(a)	16,770	$	364,580

DISTRIBUTION/WHOLESALE — 0.7%
CDW Corp.	2,064		112,880
Fastenal Co.(a)	1,720		92,123

			205,003

ELECTRONIC COMPONENTS & EQUIPMENT — 0.6%
American Power Conversion Corp.	4,472		108,491
Molex, Inc.	2,322		59,002

			167,493

ELECTRONICS — 1.0%
Flextronics International Ltd.*(a)	14,362		160,136
Garmin Ltd.(a)	2,322		91,719
Sanmina Corp.*	13,072		52,419

			304,274

ENTERTAINMENT & LEISURE — 0.5%
Wynn Resorts Ltd.*(a)	2,494		132,032

FOOD — 0.5%
Whole Foods Market, Inc.	1,462		145,791

HEALTHCARE SERVICES — 0.3%
Lincare Holdings, Inc.*	2,236		95,432

HEALTHCARE — PRODUCTS — 1.1%
Biomet, Inc.	7,998		309,443

INTERNET — 7.1%
Amazon.com, Inc.*(a)	6,364		205,939
Check Point Software Technologies Ltd.*	5,934		124,317
eBay, Inc.*(a)	23,478		744,958
Symantec Corp.*	17,372		326,246
VeriSign, Inc.*(a)	5,590		147,911
Yahoo!, Inc.*(a)	15,566		537,183

			2,086,554

MEDIA — 3.0%
Comcast Corp. (Class “A” Stock)*	22,274		715,218
EchoStar Communications Corp. (Class “A” Stock)	5,246		151,872

			867,090

MEDICAL SUPPLIES & EQUIPMENT — 0.5%
Patterson Cos., Inc.*(a)	3,096		156,503

PACKAGING & CONTAINERS — 0.3%
Smurfit-Stone Container Corp.*(a)	5,848		76,667

Strategic Partners Managed OTC Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
PHARMACEUTICALS — 2.9%			��
Express Scripts, Inc.*		1,548	$	138,763
Gilead Sciences, Inc.*		9,976		370,110
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)		10,664		333,143

				842,016

PRECIOUS METALS — 0.3%
Dentsply Corp.		1,806		98,716

RETAIL — 7.5%
Bed Bath & Beyond, Inc.*		9,546		355,207
Costco Wholesale Corp.(a)		5,848		237,312
Dollar Tree Stores, Inc.*		2,580		63,184
Petsmart, Inc.		3,354		89,384
Ross Stores, Inc.		3,354		89,619
Sears Holdings Corp.*(a)		3,784		511,748
Staples, Inc.		11,739		223,863
Starbucks Corp.*		12,986		643,066

				2,213,383

SEMICONDUCTORS — 13.3%
Altera Corp.*(a)		12,212		253,155
Applied Materials, Inc.		20,210		300,523
ATI Technologies, Inc.*		5,762		85,278
Broadcom Corp. (Class “A” Stock)*		5,848		174,914
Intel Corp.		50,998		1,199,472
Intersil Holding Corp. (Class “A” Stock)		3,526		61,564
KLA-Tencor Corp.(a)		5,590		218,122
Lam Research Corp.*		3,354		86,030
Linear Technology Corp.(a)		9,632		344,248
Marvell Technology Group Ltd.*		6,106		204,429
Maxim Integrated Products, Inc.		10,750		402,049
Microchip Technology, Inc.		4,042		115,116
Novellus Systems, Inc.*		3,354		78,584
QLogic Corp.*		2,150		71,466
Xilinx, Inc.(a)		10,836		291,922

				3,886,872

SOFTWARE — 15.9%
Adobe Systems, Inc.		5,590		332,437
BEA Systems, Inc.*		8,772		60,527
Citrix Systems, Inc.*(a)		4,730		106,425
Electronic Arts, Inc.*(a)		7,224		385,689
Fiserv, Inc.*		5,676		240,095
Intuit, Inc.*		5,504		221,811
Mercury Interactive Corp.*(a)		2,150		88,860
Microsoft Corp.		87,634		2,217,140
Oracle Corp.*		50,998	$	589,537
Pixar, Inc.*		2,752		125,876
Siebel Systems, Inc.*		13,932		125,388
Veritas Software Corp.*		10,148		208,947

				4,702,732

TELECOMMUNICATIONS — 14.9%
Cisco Systems, Inc.*		54,008		933,258
Comverse Technology, Inc.*		4,816		109,757
JDS Uniphase Corp.*		38,442		56,894
Juniper Networks, Inc.*(a)		8,342		188,446
Level 3 Communications, Inc.*(a)		15,824		28,641
MCI, Inc.*(a)		8,170		216,750
Nextel Communications, Inc. (Class “A” Stock)*(a)		32,680		914,713
NTL, Inc.*		2,236		143,059
QUALCOMM, Inc.(a)		46,440		1,620,291
Telefonaktiebolaget LM Ericsson AB [ADR] (Sweden)		3,870		113,972
Tellabs, Inc.*		6,192		48,050

				4,373,831

TEXTILES — 0.6%
Cintas Corp.(a)		4,816		185,849

TRANSPORTATION — 0.8%
C.H. Robinson Worldwide, Inc.		1,978		102,065
Expeditors International of Washington, Inc.		2,408		118,257

				220,322

TOTAL LONG-TERM INVESTMENTS (Cost $22,790,658)				27,856,451


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 22.7%
CERTIFICATE OF DEPOSIT — 2.4%
Banco Santander PR
2.865%, 05/09/05(b)(c)	$	210		210,360
Svenska Handelsbanken AB
3.03%, 06/28/05(b)		490		489,998

				700,358

COMMERCIAL PAPER — 1.7%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		484		483,931


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS — 9.5%
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)	$	430	$	429,554
Lehman Brothers
3.06%, 05/02/05(b)(c)		250		249,674
Morgan Stanley
3.07%, 05/02/05(b)(c)		444		444,465
3.08%, 05/02/05(b)(c)		460		460,177
Natexis Banque NY
3.05%, 05/02/05(b)(c)		1,236		1,236,483

				2,820,353

TIME DEPOSIT — 0.6%
KBC Bank
2.95%, 05/02/05(b)		176		175,748


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 6.0%
Blackrock Institutional Money Market Trust(b)(j)		1,749,411		1,749,411

REGISTERED INVESTMENT COMPANIES — 2.5%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		362,385		362,385
BlackRock Provident Institutional Funds TempFund Portfolio(j)		362,385		362,385

				724,770

TOTAL SHORT-TERM INVESTMENTS (Cost $6,654,571)				6,654,571

TOTAL INVESTMENTS — 117.7% (Cost $29,445,229; Note 5)				34,511,022
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $5,929,801)(U) — (17.7%)				(5,183,889	)

NET ASSETS — 100.0%			$	29,327,133

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. Securities on loan have an aggregate market value of $5,719,785; cash collateral of $5,929,801 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)	Security available to institutional investors only.

(u)	Liabilities in excess of other assets includes net unrealized depreciation on futures contracts as follows:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT APRIL 30, 2005		UNREALIZED DEPRECIATION
LONG POSITIONS:
62	NASDAQ 100	Jun 05	$	9,476,254	$	8,838,100	$	(638,154	)(1)

(1)	Cash of $930,000 has been segregated with the custodian to cover requirements for open futures contracts at April 30, 2005

Strategic Partners Managed OTC Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Software	15.9	%
Telecommunications	14.9
Semiconductors	13.3
Computers	8.5
Retail	7.5
Internet	7.1
Biotechnology	7.0
Media	3.0
Pharmaceuticals	2.9
Commercial Services	2.2
Broadcasting	1.6
Healthcare—Products	1.4
Consumer Products & Services	1.2
Automobile Manufacturers	1.1
Computer Services & Software	1.0
Electronics	1.0
Transportation	0.8
Distribution/Wholesale	0.7
Electronic Components & Equipment	0.6
Textiles	0.6
Entertainment & Leisure	0.5
Food	0.5
Medical Supplies & Equipment	0.5
Advertising	0.3
Chemicals	0.3
Healthcare Services	0.3
Packaging & Containers	0.3
Short-Term Investments	22.7

	117.7
Liabilities in excess of other assets	-17.7

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Capital Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.8%
COMMON STOCK
AEROSPACE — 3.6%
General Dynamics Corp.	96,774	$	10,166,109
Lockheed Martin Corp.	84,998		5,180,628
United Technologies Corp.	86,267		8,775,079

			24,121,816

CLOTHING & APPAREL — 2.4%
NIKE, Inc. (Class “B” Stock)	210,638		16,179,105

COMPUTER HARDWARE — 1.5%
Dell, Inc.*	288,754		10,057,302

COMPUTER SERVICES & SOFTWARE — 1.6%
Electronic Arts, Inc.*	200,600		10,710,034

CONSTRUCTION — 5.0%
KB Home	117,004		6,669,228
Lennar Corp. (Class “A” Stock)	235,706		12,131,787
Lennar Corp. (Class “B” Stock)	13,003		622,974
MDC Holdings, Inc.	151,531		9,907,097
Toll Brothers, Inc.*	56,781		4,304,000

			33,635,086

CONSUMER PRODUCTS & SERVICES — 5.6%
Johnson & Johnson	141,543		9,714,096
Procter & Gamble Co.(a)	523,439		28,344,222

			38,058,318

ELECTRONIC COMPONENTS & EQUIPMENT — 6.2%
General Electric Co.	1,079,931		39,093,502
Harman International Industries, Inc.(a)	32,540		2,556,993

			41,650,495

ENTERTAINMENT & LEISURE — 3.3%
Pixar*	26,910		1,230,863
Royal Caribbean Cruises Ltd.(a)	285,041		11,977,423
Wynn Resorts Ltd.*(a)	175,000		9,264,500

			22,472,786

FINANCIAL - BANK & TRUST — 2.8%
UBS AG [ADR] (Switzerland)	203,148		16,312,784
UCBH Holdings, Inc.	162,338		2,553,577

			18,866,361

FINANCIAL SERVICES — 12.6%
Chicago Mercantile Exchange Holding, Inc.	48,339	$	9,451,241
Citigroup, Inc.	248,973		11,691,772
Countrywide Financial Corp.	549,533		19,887,599
Goldman Sachs Group, Inc.	161,350		17,230,567
SLM Corp.(a)	577,028		27,489,613

			85,750,792

HEALTHCARE SERVICES — 12.4%
PacifiCare Health Systems, Inc.*	55,505		3,316,979
Quest Diagnostics, Inc.(a)	136,786		14,471,959
UnitedHealth Group, Inc.	698,196		65,986,504

			83,775,442

HOTELS & MOTELS — 3.6%
Four Seasons Hotels, Inc. (Canada)	281,463		17,864,457
MGM Mirage, Inc.*(a)	94,294		6,582,664

			24,447,121

INSURANCE — 0.3%
Aetna, Inc.	4,712		345,719
Wellpoint, Inc.*	12,000		1,533,000

			1,878,719

INTERNET SERVICES — 0.2%
Google, Inc. (Class “A” Stock)*	6,000		1,320,000

MACHINERY & EQUIPMENT — 2.3%
Caterpillar, Inc.(a)	178,664		15,731,365

MEDICAL SUPPLIES & EQUIPMENT — 7.2%
Medtronic, Inc.	234,090		12,336,543
St. Jude Medical, Inc.*	198,773		7,758,110
Zimmer Holdings, Inc.*	354,490		28,862,576

			48,957,229

OIL & GAS — 3.1%
Exxon Mobil Corp.	306,695		17,490,816
Schlumberger Ltd.(a)	55,598		3,803,459

			21,294,275

PHARMACEUTICALS — 9.8%
Genentech, Inc.*(a)	765,133		54,278,535
Pfizer, Inc.	369,152		10,029,860
Sanofi Aventis [ADR] (France)(a)	50,000		2,218,500

			66,526,895

REAL ESTATE — 0.9%
St. Joe Co. (The)	83,440		5,806,590

Strategic Partners Capital Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
RESTAURANTS — 3.2%
Starbucks Corp.*		210,981	$	10,447,779
Yum! Brands, Inc.		243,049		11,413,581

				21,861,360

RETAIL & MERCHANDISING — 6.2%
CVS Corp.		142,266		7,338,080
Lowe’s Cos., Inc.		432,915		22,559,201
Target Corp.		217,205		10,080,484
Walgreen Co.		39,354		1,694,583

				41,672,348

TELECOMMUNICATIONS — 2.6%
QUALCOMM, Inc.		507,722		17,714,421

TRANSPORTATION — 3.4%
FedEx Corp.(a)		274,249		23,297,453

UTILITIES
TXU Corp.(a)		200		17,158

TOTAL LONG-TERM INVESTMENTS (Cost $480,452,032)				675,802,471


	PRINCIPAL		AMOUNT (000)
SHORT-TERM INVESTMENTS — 15.4%
CERTIFICATES OF DEPOSIT — 3.0%
Banco Santander PR
2.865%, 05/09/05(b)(c)	$	7,894		7,894,237
Canadian Imperial Bank of Commerce
1.72%, 05/25/05(b)		2,434		2,433,866
Svenska Handelsbanken AB
3.03%, 06/28/05(b)		9,680		9,679,632

				20,007,735

COMMERCIAL PAPER — 2.8%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		18,950		18,950,046

CORPORATE OBLIGATIONS—1.3%
Lehman Brothers
3.06%, 05/02/05(b)(c)		2,936		2,936,122
Morgan Stanley
3.07%, 05/02/05(b)(c)		3,984		3,984,442
Sedna Finance Corp.
2.923%, 05/16/05(b)(c)		2,068		2,068,054

				8,988,618

TIME DEPOSIT — 0.3%
KBC Bank
2.95%, 05/02/05(b)	$	1,842	$	1,842,184


	SHARES
NON-REGISTERED INVESTMENT COMPANY—7.6%
BlackRock Institutional Money Market Trust(b)(j)		51,839,349		51,839,349

REGISTERED INVESTMENT COMPANIES —0.4%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,291,508		1,291,508
BlackRock Provident Institutional Funds TempFund Portfolio(j)		1,291,507		1,291,507

				2,583,015

TOTAL SHORT-TERM INVESTMENTS (Cost $104,210,947)				104,210,947

TOTAL INVESTMENTS — 115.2% (Cost $584,662,979; Note 5)				780,013,418
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $101,627,932) — (15.2%)				(102,774,990	)

NET ASSETS — 100.0%			$	677,238,428

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $99,233,247; cash collateral of $101,627,932 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)	Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Financial Services	12.6	%
Healthcare Services	12.4
Pharmaceuticals	9.8
Medical Supplies & Equipment	7.2
Electronic Components & Equipment	6.2
Retail & Merchandising	6.2
Consumer Products & Services	5.6
Construction	5.0
Aerospace	3.6
Hotels & Motels	3.6
Transportation	3.4
Entertainment & Leisure	3.3
Restaurants	3.2
Oil & Gas	3.1
Financial—Bank & Trust	2.8
Telecommunications	2.6
Clothing & Apparel	2.4
Machinery & Equipment	2.3
Computer Services & Software	1.6
Computer Hardware	1.5
Real Estate	0.9
Insurance	0.3
Internet Services	0.2
Short-Term Investments	15.4

	115.2
Liabilities in excess of other assets	-15.2

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Concentrated Growth Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.8%
COMMON STOCK
BEVERAGES — 4.0%
PepsiCo, Inc.		234,800	$	13,064,272

BROADCASTING & CABLE/SATELLITE TV — 14.0%
Cablevision Systems New York Group (Class “A” Stock)*(a)		244,375		6,341,531
Clear Channel Communications, Inc.(a)		279,400		8,924,036
Comcast Corp. (Special Class “A” Stock)*		154,822		4,912,502
EchoStar Communications Corp. (Class “A” Stock)		170,750		4,943,213
Univision Communications, Inc. (Class “A” Stock)*(a)		654,127		17,196,998
Westwood One, Inc.		176,900		3,237,270

				45,555,550

COMMERCIAL SERVICES — 6.0%
McGraw-Hill Cos., Inc.		165,115		14,378,214
Moody’s Corp.		62,290		5,116,501

				19,494,715

COMPUTER HARDWARE — 2.8%
Dell, Inc.*		262,500		9,142,875

COMPUTER SERVICES — 3.9%
First Data Corp.		328,900		12,508,067

COMPUTER SOFTWARE — 5.2%
Microsoft Corp.		667,206		16,880,312

DRUGS & MEDICINE — 1.1%
Pfizer, Inc.		130,370		3,542,153

FINANCIALS — 12.6%
Fannie Mae(a)		192,674		10,394,762
Freddie Mac		229,520		14,120,070
MBNA Corp.		360,840		7,126,590
Schwab, (Charles) Corp.		873,340		9,039,069

				40,680,491

FOODS — 1.9%
Wrigley, (Wm., Jr.) Co.		88,100		6,090,353

GAMING/LODGING — 12.5%
Carnival Corp.(a)		94,700		4,628,936
Harrah’s Entertainment, Inc.(a)		244,510		16,044,746
Cendant Corp.		768,300		15,296,853
Starwood Hotels & Resorts Worldwide, Inc.(a)		82,715		4,494,733

				40,465,268

INTERNET & ONLINE — 4.2%
Google, Inc. (Class “A” Stock)*(a)		42,400	$	9,328,000
Yahoo!, Inc.*		121,080		4,178,471

				13,506,471

MEDICAL SUPPLIES & EQUIPMENT — 1.5%
Stryker Corp.(a)		102,430		4,972,977

MOVIES & ENTERTAINMENT — 7.7%
Time Warner, Inc.*		403,786		6,787,643
Viacom, Inc. (Class “B” Stock)		522,800		18,099,336

				24,886,979

NETWORKING/TELECOM EQUIPMENT — 2.5%
Cisco Systems, Inc.*		467,100		8,071,488

PHARMACY BENEFIT MANAGER — 5.1%
Caremark Rx, Inc.*(a)		320,500		12,836,025
Medco Health Solutions, Inc.*		72,950		3,718,262

				16,554,287

PUBLISHING — 1.4%
Scripps, (E.W.) Co. (Class “A” Stock)		88,000		4,481,840

RETAILING — 5.2%
Lowe’s Companies, Inc.(a)		118,700		6,185,457
Wal-Mart Stores, Inc.(a)		229,550		10,820,987

				17,006,444

SEMICONDUCTORS/SEMI CAPITAL EQUIPMENT — 7.0%
Linear Technology Corp.		92,600		3,309,524
QUALCOMM, Inc.(a)		559,300		19,513,977

				22,823,501

TELECOMMUNICATIONS — 1.2%
Crown Castle International Corp.*		235,800		3,803,454

TOTAL LONG-TERM INVESTMENTS (Cost $299,321,150)				323,531,497


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 19.9%
CERTIFICATES OF DEPOSIT — 4.2%
Banco Santander PR
2.865%, 05/09/05(b)(c)	$	13,528		13,527,530
Fortis Bank NY
2.055%, 06/08/05(b)		115		114,529

				13,642,059


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
COMMERCIAL PAPER — 1.7%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)	$	5,376	$	5,376,192

CORPORATE OBLIGATIONS — 7.4%
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)		10,942		10,941,799
Lehman Brothers
3.06%, 05/02/05(b)(c)		112		111,799
Morgan Stanley
3.07%, 05/02/05(b)(c)		4,349		4,348,534
3.08%, 05/02/05(b)(c)		6,952		6,952,156
Natexis Banque NY
3.05%, 05/02/05(b)(c)		1,635		1,634,617

				23,988,905

TIME DEPOSIT — 0.5%
KBC Bank
2.95%, 05/02/05(b)		1,737		1,736,511


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 6.1%
BlackRock Institutional Money Market Trust(b)(j)		19,722,353		19,722,353

TOTAL SHORT-TERM INVESTMENTS (Cost $64,466,020)				64,466,020

TOTAL INVESTMENTS — 119.7% (Cost $363,787,170; Note 5)				387,997,517
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $64,466,020) — (19.7%)				(63,907,511	)

NET ASSETS — 100.0%			$	324,090,006

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $63,208,725; cash collateral of $64,466,020 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)	Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Broadcasting & Cable/Satellite TV	14.0	%
Financials	12.6
Gaming/Lodging	12.5
Movies & Entertainment	7.7
Semiconductors/Semi Cap	7.0
Commercial Services	6.0
Retailing	5.2
Computer Software	5.2
Pharmacy Benefit Manager	5.1
Internet & Online	4.2
Beverages	4.0
Computer Services	3.9
Computer Hardware	2.8
Networking/Telecom Equipment	2.5
Foods	1.9
Medical Supplies & Equipment	1.5
Publishing	1.4
Telecommunications	1.2
Drugs & Medicine	1.1
Short-Term Investments	19.9

	119.7
Liabilities in excess of other assets	-19.7

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Core Value Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.9%
COMMON STOCK — 99.4%
ADVERTISING — 0.5%
Interpublic Group of Cos., Inc. (The)*	20,700	$	266,202

AEROSPACE — 1.8%
Boeing Co.	6,100		363,072
General Dynamics Corp.	1,500		157,575
Goodrich Corp.	8,975		361,693

			882,340

AUTOMOTIVE PARTS — 1.8%
American Axle & Manufacturing Holdings, Inc.(a)	3,700		73,852
Autoliv, Inc. (Germany)	3,500		154,875
BorgWarner, Inc.	4,000		182,880
Cooper Tire & Rubber Co.(a)	5,600		97,720
Dana Corp.	7,275		83,081
Lear Corp.(a)	3,225		109,295
Magna International, Inc. (Class “A” Stock)	2,800		171,164

			872,867

BEVERAGES — 0.7%
Molson Coors Brewing Co. (Class “B” Stock)	1,000		61,750
PepsiCo, Inc.	4,700		261,508

			323,258

BUILDING MATERIALS — 1.4%
Martin Marietta Materials, Inc.	3,500		192,465
Masco Corp.	9,725		306,240
Vulcan Materials Co.	3,400		180,336

			679,041

CABLE TELEVISION — 0.9%
Comcast Corp. (Class “A” Stock)*	13,500		433,485

CHEMICALS — 1.4%
Dow Chemical Co.	1,200		55,116
DuPont, (E.I.) de Nemours & Co.	3,100		146,041
Eastman Chemical Co.	4,900		264,600
PPG Industries, Inc.	3,200		216,160

			681,917

CLOTHING & APPAREL — 1.0%
Jones Apparel Group, Inc.(a)	7,000		213,150
VF Corp.	4,500		254,655

			467,805

COMPUTER HARDWARE — 1.8%
Hewlett-Packard Co.	36,500	$	747,155
International Business Machines Corp.	2,000		152,760
Quantum Corp.*	1,400		3,360

			903,275

COMPUTER SERVICES & SOFTWARE — 2.1%
Electronic Data Systems Corp.(a)	15,400		297,990
Microsoft Corp.	23,800		602,140
Tech Data Corp.*	4,075		148,860

			1,048,990

CONGLOMERATES — 3.7%
Altria Group, Inc.	21,300		1,384,287
Textron, Inc.	5,900		444,565

			1,828,852

CONSUMER PRODUCTS & SERVICES — 1.2%
Newell Rubbermaid, Inc.	12,800		278,144
UST, Inc.(a)	7,100		325,180

			603,324

CONTAINERS & PACKAGING — 0.4%
Owens-Illinois, Inc.*	450		11,034
Smurfit-Stone Container Corp.*(a)	12,550		164,531

			175,565

ELECTRONIC COMPONENTS & EQUIPMENT — 7.5%
Eastman Kodak Co.(a)	9,300		232,500
Flextronics International Ltd. (Singapore)*(a)	13,800		153,870
General Electric Co.	75,900		2,747,580
Hubbell, Inc. (Class “B” Stock)(a)	3,875		168,369
Sanmina-SCI Corp.*	35,100		140,751
Solectron Corp.*	36,500		120,450
Vishay Intertechnology, Inc.*	9,200		98,348

			3,661,868

ENTERTAINMENT & LEISURE — 1.7%
Disney, (Walt) Co.(a)	1,900		50,160
Time Warner, Inc.*	42,300		711,063
Viacom, Inc. (Class “B” Stock)	2,200		76,164

			837,387

FARMING & AGRICULTURE — 0.5%
Bunge Ltd. (Bermuda)(a)	4,500		255,600

FINANCIAL—BANK & TRUST — 10.7%
Bank of America Corp.	38,000		1,711,519
BB&T Corp.	4,600		180,366


	SHARES	VALUE (NOTE 2)
Comerica, Inc.	5,675	$	324,951
Huntington Bancshares, Inc.	13,300		312,683
National City Corp.	10,925		371,013
SunTrust Banks, Inc.	6,025		438,801
U.S. Bancorp(a)	18,450		514,755
Wachovia Corp.	17,861		914,126
Wells Fargo & Co.	7,800		467,532

			5,235,746

FINANCIAL SERVICES — 15.0%
Citigroup, Inc.	47,900		2,249,383
Countrywide Financial Corp.	12,100		437,899
Fannie Mae	4,625		249,519
Freddie Mac	9,500		584,440
Goldman Sachs Group, Inc.(a)	5,000		533,950
JP Morgan Chase & Co.	23,000		816,270
KeyCorp	10,450		346,522
Lehman Brothers Holdings, Inc.	4,925		451,721
Mellon Financial Co.	10,800		299,052
Merrill Lynch & Co., Inc.	7,400		399,082
Morgan Stanley Dean Witter & Co.(a)	6,800		357,816
PNC Financial Services Group	2,500		133,075
Washington Mutual, Inc.(a)	13,012		537,656

			7,396,385

FOOD — 2.1%
Albertson’s, Inc.(a)	10,600		209,774
Archer-Daniels-Midland Co.	2,200		39,578
Safeway, Inc.*(a)	16,700		355,543
Sara Lee Corp.	8,800		188,232
Unilever NV(a)	3,600		231,948

			1,025,075

HEALTHCARE SERVICES — 1.3%
HCA, Inc.(a)	3,500		195,440
Medco Health Solutions, Inc.*	8,700		443,439

			638,879

INDUSTRIAL PRODUCTS — 0.8%
Cooper Industries Ltd. (Class “A” Stock) (Bermuda)	3,200		203,712
Crane Co.	4,400		112,640
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	1,100		84,557

			400,909

INSURANCE — 6.6%
ACE Ltd. (Cayman Islands)	2,500		107,400
Allstate Corp.	10,950		614,951
American International Group, Inc.	3,000		152,550
Chubb Corp.	4,300	$	351,654
Genworth Financial, Inc.	10,800		301,860
Hartford Financial Services Group, Inc. (The)	6,600		477,642
MetLife, Inc.	7,400		287,860
MGIC Investment Corp.	3,700		218,300
PartnerRe Ltd. (Bermuda)	400		23,312
St. Paul Travelers Cos., Inc. (The)(a)	12,317		440,949
Torchmark Corp.	850		45,416
XL Capital Ltd. (Class “A” Stock) (Cayman Islands)	3,100		217,930

			3,239,824

MACHINERY & EQUIPMENT — 0.7%
Eaton Corp.	5,500		322,575

MEDICAL SUPPLIES & EQUIPMENT — 0.3%
AmerisourceBergen Corp.(a)	2,800		171,584

METALS & MINING — 0.9%
Alcoa, Inc.	2,700		78,354
United States Steel Corp.	8,600		367,736

			446,090

OIL & GAS — 12.7%
BP PLC [ADR] (United Kingdom)	4,300		261,870
ChevronTexaco Corp.	23,144		1,203,487
ConocoPhillips	9,350		980,348
Exxon Mobil Corp.	49,650		2,831,539
GlobalSantaFe Corp.	4,000		134,400
Marathon Oil Corp.	8,400		391,188
Occidental Petroleum Corp.	6,350		438,150

			6,240,982

PAPER & FOREST PRODUCTS — 2.1%
Georgia-Pacific Corp.	11,300		387,251
International Paper Co.	10,700		366,903
Temple-Inland, Inc.	7,600		256,500

			1,010,654

PHARMACEUTICALS — 1.1%
Bristol-Meyers Squibb Co.	3,800		98,800
Merck & Co., Inc.	12,600		427,140

			525,940

RAILROADS — 2.1%
Burlington Northern Santa Fe Corp.	8,225		396,856
CSX Corp.	8,300		333,079
Norfolk Southern Corp.	10,400		326,560

			1,056,495

Strategic Partners Core Value Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
RESTAURANTS — 0.9%
McDonald’s Corp.		15,000	$	439,650

RETAIL & MERCHANDISING — 3.8%
Federated Department Stores, Inc.(a)		6,825		392,438
Kroger Co. (The)*		20,200		318,554
Limited Brands, Inc.		14,600		316,674
Nordstrom, Inc.		2,800		142,324
Office Depot, Inc.*		14,600		285,868
SUPERVALU, Inc.		6,600		208,296
Target Corp.		4,900		227,409

				1,891,563

TELECOMMUNICATIONS — 5.8%
ADC Telecommunications, Inc.*		60,400		137,108
BellSouth Corp.		4,900		129,801
Corning, Inc.*		13,400		184,250
Nortel Networks Corp. (Canada)*		42,400		105,576
SBC Communications, Inc.		17,200		409,360
Sprint Corp.		28,450		633,297
Tellabs, Inc.*		25,500		197,880
Verizon Communications, Inc.		29,350		1,050,730

				2,848,002

UTILITIES — 4.1%
Alliant Energy Corp.		4,200		110,628
American Electric Power Co., Inc.(a)		9,775		344,276
Constellation Energy Group, Inc.		3,100		162,936
Edison International Co.		2,400		87,120
Entergy Corp.		5,100		373,830
FirstEnergy Corp.		8,500		369,920
Northeast Utilities		9,500		173,945
Sempra Energy(a)		7,400		298,812
Wisconsin Energy Corp.		400		14,104
Xcel Energy, Inc.		6,000		103,080

				2,038,651

TOTAL COMMON STOCK (Cost $41,689,823)				48,850,780

PREFERRED STOCK — 0.5%
HEALTHCARE SERVICES
Laboratory Corp. of America Holdings, Series A, 8.00% (Cost $256,654)		5,300		262,350

TOTAL LONG-TERM INVESTMENTS (Cost $41,946,477)				49,113,130


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
SHORT-TERM INVESTMENTS — 12.6%
CERTIFICATES OF DEPOSIT — 1.1%
Banco Santander PR 2.865%, 05/09/05(b)(c)	$	338	$	337,644
Fortis Bank 2.055%, 06/08/05(b)		39		39,461
Svenska Handelsbanken AB 3.03%, 06/28/05(b)		145		144,609

				521,714

COMMERCIAL PAPER — 0.3%
Skandinaviska Enskilda Banken 2.94%, 05/17/05(b)(c)		163		163,442

CORPORATE OBLIGATIONS — 7.2%
Bank of America NA 2.80%, 05/02/05(b)(c)		247		246,939
Goldman Sachs Group, Inc. 3.08%, 05/02/05(b)(c)		1,768		1,767,995
Lehman Brothers 3.06%, 05/02/05(b)(c)		544		543,808
Morgan Stanley 3.08%, 05/02/05(b)(c)		871		870,963
Natexis Banque NY 3.05%, 05/02/05(b)(c)		124		124,259

				3,553,964

TIME DEPOSIT — 1.3%
KBC Bank 2.95%, 05/02/05(b)		625		625,323


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 2.7%
BlackRock Institutional Money Market Trust(b)(j)		1,320,014		1,320,014

TOTAL SHORT-TERM INVESTMENTS (Cost $6,184,457)				6,184,457

TOTAL INVESTMENTS — 112.5% (Cost $48,130,934; Note 5)				55,297,587
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $6,184,457) — (12.5%)				(6,146,998	)

NET ASSETS — 100.0%			$	49,150,589

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $6,026,736; cash collateral of $6,184,457 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral for securities on loan.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)	Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Financial Services	15.0	%
Oil & Gas	12.7
Financial-Bank & Trust	10.7
Electronic Components & Equipment	7.5
Insurance	6.6
Telecommunications	5.8
Utilities	4.1
Retail & Merchandising	3.8
Conglomerates	3.7
Computer Services & Software	2.1
Food	2.1
Paper & Forest Products	2.1
Railroads	2.1
Aerospace	1.8
Automotive Parts	1.8
Computer Hardware	1.8
Healthcare Services	1.8
Entertainment & Leisure	1.7
Building Materials	1.4
Chemicals	1.4
Consumer Products & Services	1.2
Pharmaceuticals	1.1
Clothing & Apparel	1.0
Cable Television	0.9
Metals & Mining	0.9
Restaurants	0.9
Industrial Products	0.8
Beverages	0.7
Machinery & Equipment	0.7
Advertising	0.5
Farming & Agriculture	0.5
Containers & Packaging	0.4
Medical Supplies & Equipment	0.3
Short-Term Investments	12.6

	112.5
Liabilities in excess of other assets	-12.5

TOTAL	100.0	%

See Notes to Financial Statements.

Strategic Partners Managed Index 500 Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 100.1%
COMMON STOCK
AEROSPACE — 1.3%
Goodrich Corp.	7,500	$	302,250
Northrop Grumman Corp.	600		32,904
United Technologies Corp.	14,100		1,434,252

			1,769,406

AUTOMOBILE MANUFACTURERS — 0.5%
General Motors Corp.(a)	26,300		701,684

AUTOMOTIVE PARTS — 0.1%
Delphi Corp.	50,000		165,000

BEVERAGES — 1.2%
Coca-Cola Co.	15,700		682,008
PepsiCo, Inc.	17,000		945,880

			1,627,888

BROADCASTING — 0.2%
Univision Communications, Inc. (Class “A” Stock)*	8,400		220,836

BUILDING MATERIALS — 0.8%
American Standard Cos., Inc.	15,000		670,650
Masco Corp.	1,300		40,937
Sherwin-Williams Co. (The)	8,800		392,216

			1,103,803

BUSINESS SERVICES — 0.3%
Fiserv, Inc.*	8,300		351,090

CABLE TELEVISION — 0.5%
Comcast Corp. (Class “A” Stock)*	22,200		712,842

CHEMICALS — 1.4%
DuPont, (E.I.) de Nemours & Co.	6,000		282,660
Eastman Chemical Co.	7,000		378,000
Lubrizol Corp.	11,450		443,917
Lyondell Chemical Co.	13,200		331,188
PPG Industries, Inc.	6,300		425,565

			1,861,330

CLOTHING & APPAREL — 0.6%
VF Corp.	13,112		742,008

COMMERCIAL SERVICES
PHH Corp.*	345		7,711

COMPUTER HARDWARE — 3.8%
Dell, Inc.*	55,400		1,929,582
Hewlett-Packard Co.	58,625		1,200,054
Ingram Micro, Inc. (Class “A” Stock)*	11,200		186,592
International Business Machines Corp.	17,400	$	1,329,012
Network Appliance, Inc.*	18,500		492,655

			5,137,895

COMPUTER SERVICES & SOFTWARE — 5.9%
Adobe Systems, Inc.	2,800		166,516
Cisco Systems, Inc.*	27,800		480,384
Electronic Arts, Inc.*	16,400		875,596
Electronic Data Systems Corp.	10,600		205,110
EMC Corp.*	39,900		523,488
Mercury Interactive Corp.*(a)	4,600		190,118
Microsoft Corp.	161,900		4,096,070
Oracle Corp.*	80,700		932,892
Tech Data Corp.*	11,200		409,136

			7,879,310

CONGLOMERATES — 3.5%
3M Co.	4,400		336,468
Altria Group, Inc.	42,150		2,739,329
Cendant Corp.	6,900		137,379
Honeywell International, Inc.	6,000		214,560
Textron, Inc.	6,900		519,915
Tyco International Ltd.	25,000		782,750

			4,730,401

CONSTRUCTION — 0.2%
Pulte Homes, Inc.	4,000		285,800

CONSUMER PRODUCTS & SERVICES — 5.8%
Avon Products, Inc.	18,800		753,504
Colgate-Palmolive Co.	19,600		975,884
Fortune Brands, Inc.	7,100		600,518
Johnson & Johnson	29,175		2,002,280
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	6,800		261,188
Procter & Gamble Co.	44,200		2,393,430
Reynolds American, Inc.	8,500		662,745
Whirlpool Corp.	2,600		161,356

			7,810,905

CONTAINERS & PACKAGING — 0.2%
Sonoco Products Co.	9,900		268,191

ELECTRONIC COMPONENTS & EQUIPMENT — 5.7%
Arrow Electronics, Inc.*(a)	6,500		158,210
Eastman Kodak Co.(a)	17,500		437,500
Emerson Electric Co.(a)	3,000		188,010
Flextronics International Ltd. (Singapore)*(a)	9,700		108,155
General Electric Co.	168,600		6,103,320


	SHARES	VALUE (NOTE 2)
Hubbell, Inc. (Class “B” Stock)	6,000	$	260,700
Solectron Corp.*	95,600		315,480
Vishay Intertechnology, Inc.*	9,500		101,555

			7,672,930

ENTERTAINMENT & LEISURE — 3.0%
Carnival Corp.(a)	14,000		684,320
Disney, (Walt) Co.	11,000		290,400
Harley-Davidson, Inc.	15,700		738,214
International Game Technology Group, Inc.	16,400		440,996
Time Warner, Inc.*	99,500		1,672,595
Viacom, Inc. (Class “B” Stock)	6,500		225,030

			4,051,555

FARMING & AGRICULTURE — 0.4%
Bunge Ltd. (Bermuda)	8,400		477,120

FINANCIAL — BANK & TRUST — 6.0%
Bank of America Corp.	65,604		2,954,805
Comerica, Inc.	9,500		543,970
Commerce Bancorp, Inc.(a)	15,600		436,644
Huntington Bancshares, Inc.	5,000		117,550
National City Corp.	29,300		995,028
SunTrust Banks, Inc.	9,200		670,036
U.S. Bancorp	16,806		468,887
Wachovia Corp.	22,400		1,146,432
Wells Fargo & Co.	11,000		659,340

			7,992,692

FINANCIAL SERVICES — 9.5%
American Express Co.	14,000		737,800
Bank of New York Co., Inc. (The)	5,800		162,052
Citigroup, Inc.	89,833		4,218,557
Fannie Mae(a)	3,825		206,359
Goldman Sachs Group, Inc.	8,300		886,357
JP Morgan Chase & Co.	48,282		1,713,527
KeyCorp	20,600		683,096
Legg Mason, Inc.	6,900		488,934
Lehman Brothers Holdings, Inc.	8,800		807,136
MBNA Corp.	46,650		921,338
Merrill Lynch & Co., Inc.	16,800		906,024
Morgan Stanley Dean Witter & Co.	9,000		473,580
PNC Financial Services Group	10,800		574,884

			12,779,644

FOOD — 0.6%
Albertson’s, Inc. (a)	2,500	$	49,475
Archer-Daniels-Midland Co.	11,438		205,770
Dean Foods Co.*	10,600		364,216
Wrigley, (Wm., Jr.) Co.	2,900		200,477

			819,938

HEALTHCARE SERVICES — 3.2%
Caremark Rx, Inc.* (a)	24,800		993,240
HCA, Inc.(a)	8,100		452,304
Health Management Associates, Inc. (Class “A” Stock)	29,700		734,481
UnitedHealth Group, Inc.	22,100		2,088,671

			4,268,696

INDUSTRIAL PRODUCTS — 0.3%
Cooper Industries Ltd. (Class “A” Stock) (Bermuda)	5,800		369,228

INSURANCE — 7.1%
ACE Ltd. (Cayman Islands)	12,600		541,296
AFLAC, Inc.	6,200		252,030
Allstate Corp.	6,400		359,424
American International Group, Inc.	55,694		2,832,039
Axis Capital Holdings Ltd. (Bermuda)	16,150		429,590
Chubb Corp.	10,575		864,824
Hartford Financial Services Group, Inc. (The)	12,300		890,151
Lincoln National Corp.	13,000		584,610
St. Paul Travelers Cos., Inc. (The) (a)	20,697		740,953
Wellpoint, Inc.*	11,400		1,456,349
XL Capital Ltd. (Class “A” Stock) (Cayman Islands)	7,500		527,250

			9,478,516

INTERNET SERVICES — 2.6%
eBay, Inc.*	45,200		1,434,196
McAfee, Inc.*	15,200		317,832
Yahoo!, Inc.*	51,400		1,773,814

			3,525,842

MACHINERY & EQUIPMENT — 0.2%
Eaton Corp.	4,000		234,600

Strategic Partners Managed Index 500 Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
MEDICAL SUPPLIES & EQUIPMENT — 3.8%
Abbott Laboratories	10,100	$	496,516
Alcon, Inc. (Switzerland)	4,800		465,600
Amgen, Inc.*	35,400		2,060,634
Applera Corp. — Applied Biosystems Group	11,000		233,200
St. Jude Medical, Inc.*	20,000		780,600
Zimmer Holdings, Inc.*	12,400		1,009,608

			5,046,158

METALS & MINING — 0.8%
Alcan, Inc. (Canada)	3,700		119,954
Alcoa, Inc.	13,100		380,162
Novelis, Inc. (Canada)	740		15,910
United States Steel Corp.(a)	12,800		547,328

			1,063,354

OIL & GAS — 8.2%
Baker Hughes, Inc.	6,100		269,132
ChevronTexaco Corp.	37,494		1,949,688
ConocoPhillips	16,820		1,763,577
El Paso Corp.	14,900		148,851
Exxon Mobil Corp.	79,400		4,528,181
FMC Technologies, Inc.*	6,000		181,980
Halliburton Co.	7,000		291,130
Marathon Oil Corp.	6,500		302,705
Nabors Industries Ltd. (Bermuda)*	10,100		544,087
Occidental Petroleum Corp.	3,900		269,100
Valero Energy Corp.	2,800		191,884
XTO Energy, Inc.	17,600		530,992

			10,971,307

PAPER & FOREST PRODUCTS — 0.3%
International Paper Co.	10,900		373,761

PERSONAL SERVICES — 0.4%
Apollo Group, Inc. (Class “A” Stock)*(a)	7,300		526,476

PHARMACEUTICALS — 3.0%
Bristol-Meyers Squibb Co.	18,400		478,400
Cephalon, Inc.*	8,000		351,200
Forest Laboratories, Inc.*	11,900		424,592
Lilly, (Eli) & Co.	11,600		678,252
Merck & Co., Inc.	10,700		362,730
Pfizer, Inc.	62,980		1,711,167

			4,006,341

PRINTING & PUBLISHING — 0.2%
Donnelley, (R.R.) & Sons Co.	7,300		240,243

RAILROADS — 1.0%
Burlington Northern Santa Fe Corp.	4,100	$	197,825
CSX Corp.	12,300		493,599
Norfolk Southern Corp.	22,100		693,940

			1,385,364

REAL ESTATE — 0.5%
Equity Office Properties Trust [REIT]	5,200		163,644
Equity Residential Properties Trust [REIT]	12,800		439,680

			603,324

RESTAURANTS — 1.3%
McDonald’s Corp.	10,000		293,100
Starbucks Corp.*	19,100		945,832
Wendy’s International, Inc.	11,000		472,230

			1,711,162

RETAIL & MERCHANDISING — 5.9%
Federated Department Stores, Inc.	6,425		369,438
Home Depot, Inc.	51,700		1,828,629
Lowe’s Cos., Inc.(a)	34,000		1,771,740
Rite Aid Corp.*	55,200		200,376
SUPERVALU, Inc.	7,400		233,544
Target Corp.	25,400		1,178,814
TJX Cos., Inc.	30,400		688,560
Wal-Mart Stores, Inc.(a)	27,500		1,296,350
Williams-Sonoma, Inc.*(a)	9,900		331,551

			7,899,002

SEMICONDUCTORS — 2.0%
Broadcom Corp. (Class “A” Stock)*	11,000		329,010
Intel Corp.	75,600		1,778,112
Marvell Technology Group Ltd. (Bermuda)*	17,800		595,944

			2,703,066

TELECOMMUNICATIONS — 4.9%
ALLTEL Corp.(a)	4,400		250,624
BellSouth Corp.	26,400		699,336
Corning, Inc.*	16,563		227,741
Lucent Technologies, Inc.*(a)	49,600		120,528
Motorola, Inc.	30,700		470,938
Nextel Communications, Inc. (Class “A” Stock)*(a)	13,600		380,664
QUALCOMM, Inc.	25,600		893,184
SBC Communications, Inc.	47,200		1,123,360

100


	SHARES		VALUE (NOTE 2)
Sprint Corp.(a)		36,900	$	821,394
Tellabs, Inc.*		20,300		157,528
Verizon Communications, Inc.		37,672		1,348,658

				6,493,955

TRANSPORTATION — 1.0%
United Parcel Service, Inc. (Class “B” Stock)		18,300		1,304,973

UTILITIES — 1.9%
American Electric Power Co., Inc.(a)		11,700		412,074
DTE Energy Co.		9,500		436,525
FirstEnergy Corp.		18,000		783,360
PPL Corp.		4,000		217,040
Progress Energy, Inc.		6,200		260,338
Sempra Energy(a)		10,300		415,914

				2,525,251

TOTAL LONG-TERM INVESTMENTS (Cost $117,659,926)				133,900,598


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 3.5%
CERTIFICATES OF DEPOSIT — 0.9%
Banco Santander PR
2.865%, 05/09/05(b)(c)	$	217		217,310
Fortis Bank
2.055%, 06/08/05(b)		131		130,518
Societe Generale
2.91%, 05/16/05(b)		447		446,903
Svenska Handelsbanken AB
3.03%, 06/28/05(b)		476		475,755

				1,270,486

COMMERCIAL PAPER — 0.9%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		1,179		1,178,510

CORPORATE OBLIGATIONS — 0.4%
Bank of America NA
2.80%, 05/02/05(b)(c)	$	10	$	10,218
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)		397		397,006
Morgan Stanley
3.07%, 05/02/05(b)(c)		65		64,523
3.08%, 05/02/05(b)(c)		1		1,230
Natexis Banque NY
3.05%, 05/02/05(b)(c)		43		42,565
Sedna Finance Corp.
2.923%, 05/16/05(b)(c)		78		78,364

				593,906

TIME DEPOSIT — 0.1%
KBC Bank
2.95%, 05/02/05(b)		70		70,242


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 0.9%
BlackRock Institutional Money Market Trust(b)(j)		1,180,236		1,180,236

REGISTERED INVESTMENT COMPANIES — 0.3%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		177,326		177,326
BlackRock Provident Institutional Funds TempFund Portfolio (j)		177,326		177,326

				354,652

TOTAL SHORT-TERM INVESTMENTS (Cost $4,648,032)				4,648,032

TOTAL INVESTMENTS — 103.6% (Cost $122,307,958; Note 5)				138,548,630
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $4,293,380) — (3.6%)				(4,813,724	)

NET ASSETS — 100.0%			$	133,734,906

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


REIT		— Real Estate Investment Trust

101

Strategic Partners Managed Index 500 Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


*		Non-income producing security.

(a)		All or a portion of security is on loan. The aggregate market value of such securities is $4,054,835; cash collateral of $4,293,380 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)		Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Financial Services	9.5	%
Oil & Gas	8.2
Insurance	7.1
Financial—Bank & Trust	6.0
Computer Services & Software	5.9
Retail & Merchandising	5.9
Consumer Products & Services	5.8
Electronic Components & Equipment	5.7
Telecommunications	4.9
Computer Hardware	3.8
Medical Supplies & Equipment	3.8
Conglomerates	3.5
Healthcare Services	3.2
Entertainment & Leisure	3.0
Pharmaceuticals	3.0
Internet Services	2.6
Semiconductors	2.0
Utilities	1.9
Chemicals	1.4
Aerospace	1.3
Restaurants	1.3
Beverages	1.2
Railroads	1.0
Transportation	1.0
Building Materials	0.8
Metals & Mining	0.8
Clothing & Apparel	0.6
Food	0.6
Automobile Manufacturers	0.5
Cable Television	0.5
Real Estate	0.5
Farming & Agriculture	0.4
Personal Services	0.4
Business Services	0.3
Industrial Products	0.3
Paper & Forest Products	0.3
Broadcasting	0.2
Construction	0.2
Containers & Packaging	0.2
Machinery & Equipment	0.2
Printing & Publishing	0.2
Automotive Parts	0.1
Short-Term Investments	3.5

	103.6
Liabilities in excess of other assets	-3.6

TOTAL	100.0	%

See Notes to Financial Statements.

102

Strategic Partners Equity Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 100.1%
COMMON STOCK
AEROSPACE — 1.2%
General Dynamics Corp.	7,000	$	735,350
United Technologies Corp.	18,500		1,881,820

			2,617,170

BROADCASTING — 2.9%
Clear Channel Communications, Inc.	17,500		558,950
News Corp. (Class “A” Stock)	250,000		3,820,000
Westwood One, Inc.	100,000		1,830,000

			6,208,950

BUILDING MATERIALS — 0.8%
American Standard Cos., Inc.	39,900		1,783,929

BUSINESS SERVICES — 1.7%
Fiserv, Inc.*	85,000		3,595,500

CABLE TELEVISION — 1.3%
Comcast Corp. (Class “A” Stock)*	40,000		1,284,400
Comcast Corp. (Special Class “A” Stock)*	45,000		1,427,850

			2,712,250

CHEMICALS — 2.6%
Air Products & Chemicals, Inc.	58,500		3,435,705
DuPont, (E.I.) de Nemours & Co.	47,500		2,237,725

			5,673,430

COMPUTER SERVICES & SOFTWARE — 6.7%
Microsoft Corp.	420,000		10,626,000
Oracle Corp.*	162,300		1,876,188
Symantec Corp.*	103,800		1,949,364

			14,451,552

CONGLOMERATES — 4.4%
3M Co.	13,000		994,110
Altria Group, Inc.	105,000		6,823,950
Johnson Controls, Inc.	30,000		1,646,100

			9,464,160

CONSUMER PRODUCTS & SERVICES — 6.1%
Avon Products, Inc.	115,300		4,621,224
Fortune Brands, Inc.	18,500		1,564,730
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	25,900		994,819
Loews Corp. — Carolina Group	60,000		1,890,000
Procter & Gamble Co.	75,000		4,061,250

			13,132,023

ELECTRONIC COMPONENTS & EQUIPMENT — 5.9%
Emerson Electric Co.	29,100	$	1,823,697
General Electric Co.	300,000		10,860,000

			12,683,697

ENTERTAINMENT & LEISURE — 6.1%
Harley-Davidson, Inc.	35,700		1,678,614
Royal Caribbean Cruises Ltd. (Liberia)	10,000		420,200
Time Warner, Inc.*	294,800		4,955,588
Viacom, Inc. (Class “B” Stock)	175,000		6,058,500

			13,112,902

FINANCIAL — BANK & TRUST — 3.7%
Bank of America Corp.	83,500		3,760,840
North Fork Bancorp, Inc.	77,200		2,173,180
Wachovia Corp.	37,500		1,919,250

			7,853,270

FINANCIAL SERVICES — 13.2%
American Express Co.	11,000		579,700
Citigroup, Inc.	198,800		9,335,648
Fannie Mae(a)	110,000		5,934,500
J.P. Morgan Chase & Co.	164,900		5,852,301
MBNA Corp.	79,800		1,576,050
Merrill Lynch & Co., Inc.	65,300		3,521,629
Morgan Stanley Dean Witter & Co.	29,300		1,541,766

			28,341,594

FOOD — 0.2%
Dean Foods Co.*	14,600		501,656

HEALTHCARE SERVICES — 1.9%
Caremark Rx, Inc.*(a)	16,500		660,825
Health Management Associates, Inc. (Class “A” Stock)(a)	70,000		1,731,100
UnitedHealth Group, Inc.	18,500		1,748,435

			4,140,360

INDUSTRIAL PRODUCTS — 0.5%
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	14,900		1,145,363

INSURANCE — 11.4%
ACE Ltd.	100,000		4,296,000
AFLAC, Inc.	20,000		813,000
American International Group, Inc.	184,500		9,381,825

103

Strategic Partners Equity Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
Axis Capital Holdings Ltd. (Bermuda)		75,000	$	1,995,000
MetLife, Inc.		45,100		1,754,390
Wellpoint, Inc.*		48,000		6,132,000

				24,372,215

MACHINERY & EQUIPMENT — 0.6%
Danaher Corp.(a)		19,500		987,285
Deere & Co.		6,500		406,510

				1,393,795

MEDICAL SUPPLIES & EQUIPMENT — 3.2%
Applera Corp. —Applied Biosystems Group		30,000		636,000
Beckman Coulter, Inc.		11,500		767,165
Boston Scientific Corp.*		186,200		5,507,796

				6,910,961

OIL & GAS — 10.4%
Baker Hughes, Inc.		51,400		2,267,768
BP PLC [ADR] (United Kingdom)		33,500		2,040,150
ConocoPhillips		52,900		5,546,565
EnCana Corp. (Canada)*		14,300		913,198
Exxon Mobil Corp.		73,200		4,174,596
FMC Technologies, Inc.*		23,200		703,656
Nabors Industries Ltd. (Bermuda)*		32,000		1,723,840
Noble Energy, Inc.(a)		33,100		2,122,372
Occidental Petroleum Corp.		10,800		745,200
Schlumberger Ltd. (Netherland Antilles)		30,700		2,100,187

				22,337,532

PHARMACEUTICALS — 2.2%
Forest Laboratories, Inc.*		20,000		713,600
Lilly, (Eli) & Co.		31,600		1,847,652
Pfizer, Inc.		76,400		2,075,788

				4,637,040

RAILROADS — 2.1%
Burlington Northern Santa Fe Corp.		20,000		965,000
Union Pacific Corp.		55,000		3,516,150

				4,481,150

RESTAURANTS — 0.3%
Wendy’s International, Inc.(a)		12,500		536,625

RETAIL & MERCHANDISING — 3.6%
Bed Bath & Beyond, Inc.*		10,000	$	372,100
Home Depot, Inc.		160,000		5,659,200
Lowe’s Cos., Inc.(a)		33,900		1,766,529

				7,797,829

SEMICONDUCTORS — 0.5%
Maxim Integrated Products, Inc.		29,500		1,103,300

TELECOMMUNICATIONS — 4.1%
BellSouth Corp.		77,100		2,042,379
QUALCOMM, Inc.		55,200		1,925,928
SBC Communications, Inc.		113,200		2,694,160
Verizon Communications, Inc.		57,200		2,047,760

				8,710,227

UTILITIES — 2.5%
Entergy Corp.		21,500		1,575,950
Exelon Corp.		32,200		1,593,900
PPL Corp.		28,500		1,546,410
Sempra Energy		15,000		605,700

				5,321,960

TOTAL LONG-TERM INVESTMENTS (Cost $180,803,898)				215,020,440


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 2.7%
CERTIFICATE OF DEPOSIT — 0.1%
Banco Santander PR
2.865%, 05/09/05(b)(c)	$	157		157,496

COMMERCIAL PAPER — 0.1%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		227		227,370

CORPORATE OBLIGATIONS — 0.5%
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)		729		728,659
Morgan Stanley
3.08%, 05/02/05(b)(c)		409		409,399

				1,138,058

TIME DEPOSIT
KBC Bank
2.95%, 05/02/05(b)		71		70,977


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 0.5%
BlackRock Institutional Money Market Trust(b)(j)		1,075,800		1,075,800

104


	SHARES	VALUE (NOTE 2)
REGISTERED INVESTMENT COMPANIES — 1.5%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	1,533,328	$	1,533,328
BlackRock Provident Institutional Funds TempFund Portfolio(j)	1,533,327		1,533,327

			3,066,655

TOTAL SHORT-TERM INVESTMENTS (Cost $5,736,356)			5,736,356

TOTAL INVESTMENTS — 102.8% (Cost $186,540,254; Note 5)			220,756,796
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $2,669,701) — (2.8%)			(6,103,968	)

NET ASSETS — 100.0%		$	214,652,828

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


*		Non-income producing security.

(a)		All or a portion of security is on loan. The aggregate market value of such securities is $2,624,007; cash collateral of $2,669,701 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)		Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Financial Services	13.2	%
Insurance	11.4
Oil & Gas	10.4
Computer Services & Software	6.7
Consumer Products & Services	6.1
Entertainment & Leisure	6.1
Electronic Components & Equipment	5.9
Conglomerates	4.4
Telecommunications	4.1
Financial — Bank & Trust	3.7
Retail & Merchandising	3.6
Medical Supplies & Equipment	3.2
Broadcasting	2.9
Chemicals	2.6
Utilities	2.5
Pharmaceuticals	2.2
Railroads	2.1
Healthcare Services	1.9
Business Services	1.7
Cable Television	1.3
Aerospace	1.2
Building Materials	0.8
Machinery & Equipment	0.6
Industrial Products	0.5
Semiconductors	0.5
Restaurants	0.3
Food	0.2
Short-Term Investments	2.7

	102.8
Liabilities in excess of other assets	-2.8

TOTAL	100.0	%

See Notes to Financial Statements.

105

Strategic Partners Growth with Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.9%
COMMON STOCK
ADVERTISING — 0.5%
Interpublic Group of Cos., Inc. (The)*	13,640	$	175,410

AEROSPACE — 4.5%
Lockheed Martin Corp.	10,610		646,680
United Technologies Corp.	8,050		818,846

			1,465,526

BEVERAGES — 1.8%
PepsiCo, Inc.	10,314		573,871

BROADCASTING — 0.7%
Univision Communications, Inc. (Class “A” Stock)*(a)	8,940		235,033

BUILDING MATERIALS — 1.1%
Masco Corp.	11,440		360,246

BUSINESS SERVICES — 0.9%
Accenture Ltd. (Class “A” Stock)*	13,300		288,610

CHEMICALS — 2.0%
Dow Chemical Co.	7,070		324,725
Praxair, Inc.	6,990		327,342

			652,067

COMPUTER HARDWARE — 2.6%
Apple Computer, Inc.*	5,870		211,672
Dell, Inc.*	14,990		522,101
Lexmark International, Inc.*	1,550		107,648

			841,421

COMPUTER SERVICES & SOFTWARE — 8.3%
Cisco Systems, Inc.*	28,100		485,568
Computer Associates International, Inc.	11		296
Electronic Arts, Inc.*(a)	6,840		365,188
EMC Corp.*	56,480		741,017
Mercury Interactive Corp.*(a)	4,110		169,866
Oracle Corp.*	51,060		590,253
Sun Microsystems, Inc.*	42,330		153,658
Veritas Software Corp.*	9,650		198,694

			2,704,540

CONGLOMERATES — 3.7%
Altria Group, Inc.	7,080		460,129
Tyco International Ltd.	23,690		741,734

			1,201,863

CONSUMER PRODUCTS & SERVICES — 5.5%
Colgate-Palmolive Co.	8,370	$	416,742
Procter & Gamble Co.	10,670		577,781
Reckitt Benckiser PLC (United Kingdom)	24,260		787,858

			1,782,381

ELECTRONIC COMPONENTS & EQUIPMENT — 0.6%
Nintendo Co. Ltd. (Japan)	1,600		181,516

ENTERTAINMENT & LEISURE — 3.3%
Carnival Corp.(a)	7,270		355,358
Disney, (Walt) Co.	14,920		393,887
Viacom, Inc. (Class “B” Stock)	9,803		339,380

			1,088,625

FARMING & AGRICULTURE — 1.6%
Monsanto Co.	8,680		508,822

FINANCIAL — BANK & TRUST — 3.4%
Bank of America Corp.	11,370		512,105
Wells Fargo & Co.	10,140		607,791

			1,119,896

FINANCIAL SERVICES — 9.1%
American Express Co.	8,390		442,153
Citigroup, Inc.	7,720		362,531
Goldman Sachs Group, Inc.	5,290		564,919
J.P. Morgan Chase & Co.	11,920		423,041
Legg Mason, Inc.(a)	4,970		352,174
Lehman Brothers Holdings, Inc.	4,230		387,976
SLM Corp.	8,810		419,708

			2,952,502

FOOD — 1.4%
General Mills, Inc.	4,610		227,734
Groupe Danone (France)	2,310		216,315

			444,049

INDUSTRIAL PRODUCTS — 0.5%
Illinois Tool Works, Inc.	1,830		153,391

INSURANCE — 2.7%
American International Group, Inc.	17,165		872,840

INTERNET SERVICES — 1.5%
eBay, Inc.*	6,050		191,967
Yahoo!, Inc.*	8,240		284,362

			476,329

MACHINERY & EQUIPMENT — 1.6%
Caterpillar, Inc.	6,000		528,300

106


	SHARES		VALUE (NOTE 2)
MEDICAL SUPPLIES & EQUIPMENT — 9.5%
Abbott Laboratories		12,090	$	594,344
Amgen, Inc.*		6,780		394,664
Boston Scientific Corp.*		11,260		333,071
Genzyme Corp.*		7,460		437,231
Guidant Corp.		4,790		354,843
Medtronic, Inc.		8,770		462,179
Synthes, Inc. (Switzerland)		1,640		185,785
Zimmer Holdings, Inc.*		4,390		357,434

				3,119,551

OIL & GAS — 9.3%
BP PLC [ADR] (United Kingdom)		9,555		581,900
EnCana Corp. (Canada)*		4,180		266,935
EOG Resources, Inc.		8,060		383,253
Halliburton Co.(a)		11,930		496,169
Noble Corp.*		9,510		484,059
Total SA [ADR] (France)(a)		7,220		800,769

				3,013,085

PHARMACEUTICALS — 9.3%
Gilead Sciences, Inc.*		11,060		410,326
Johnson & Johnson		16,490		1,131,709
Lilly, (Eli) & Co.		9,610		561,897
Roche Holding AG (Switzerland)		3,490		422,208
Wyeth		11,930		536,134

				3,062,274

RETAIL & MERCHANDISING — 5.8%
Gap, Inc.		14,770		315,340
Staples, Inc.		17,100		326,097
Target Corp.		11,280		523,504
Tiffany & Co.		1,360		41,004
TJX Cos., Inc.		15,600		353,340
Wal-Mart Stores, Inc.(a)		6,920		326,209

				1,885,494

SEMICONDUCTORS — 2.2%
Analog Devices, Inc.		13,210		450,593
Texas Instruments, Inc.		3,860		96,346
Xilinx, Inc.(a)		5,980		161,101

				708,040

TELECOMMUNICATIONS — 3.9%
Amdocs Ltd.*		8,490		226,768
QUALCOMM, Inc.		4,690		163,634
Sprint Corp.		18,175		404,576
Vodafone Group PLC [ADR] (United Kingdom)		18,501		483,616

				1,278,594

TRANSPORTATION — 1.0%
CNF, Inc.		1,420	$	60,705
FedEx Corp.		3,000		254,850

				315,555

UTILITIES — 1.6%
Entergy Corp.		1,250		91,625
Exelon Corp.		8,770		434,115

				525,740

TOTAL LONG-TERM INVESTMENTS (Cost $28,395,850)				32,515,571


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 9.2%
CERTIFICATES OF DEPOSIT — 1.1%
Banco Santander PR
2.865%, 05/09/05(b)(c)	$	346		345,626

COMMERCIAL PAPER
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		5		4,899

CORPORATE OBLIGATIONS — 2.4%
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)		379		379,105
Morgan Stanley
3.08%, 05/02/05(b)(c)		402		401,665

				780,770

TIME DEPOSIT — 0.2%
KBC Bank
2.95%, 05/02/05(b)		54		53,625


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 5.5%
BlackRock Institutional Money Market Trust(b)(j)		1,791,720		1,791,720

TOTAL SHORT-TERM INVESTMENTS (Cost $2,976,640)				2,976,640

TOTAL INVESTMENTS(O) — 109.1% (Cost $31,372,490; Note 5)				35,492,211
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $2,976,640) — (9.1%)				(2,974,346	)

NET ASSETS — 100.0%			$	32,517,865

107

Strategic Partners Growth with Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


*		Non-income producing security.

(a)		All or a portion of security is on loan. The aggregate market value of such securities is $2,904,610; cash collateral of $2,976,640 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)		Security available to institutional investors only.

(o)		As of April 30, 2005, 5 securities representing $1,793,683 and 5.1% of the total market value were fair valued in accordance with the policies adopted by the Board of Directors.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Medical Supplies & Equipment	9.5	%
Oil & Gas	9.3
Pharmaceuticals	9.3
Financial Services	9.1
Computer Services & Software	8.3
Retail & Merchandising	5.8
Consumer Products & Services	5.5
Aerospace	4.5
Telecommunications	3.9
Conglomerates	3.7
Financial — Bank & Trust	3.4
Entertainment & Leisure	3.3
Insurance	2.7
Computer Hardware	2.6
Semiconductors	2.2
Chemicals	2.0
Beverages	1.8
Farming & Agriculture	1.6
Machinery & Equipment	1.6
Utilities	1.6
Internet Services	1.5
Food	1.4
Building Materials	1.1
Transportation	1.0
Business Services	0.9
Broadcasting	0.7
Electronic Components & Equipment	0.6
Advertising	0.5
Industrial Products	0.5
Short-Term Investments	9.2

	109.1
Liabilities in excess of other assets	-9.1

TOTAL	100.0	%

See Notes to Financial Statements.

108

Strategic Partners Capital Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG TERM-INVESTMENTS — 99.0%
COMMON STOCK
AEROSPACE & DEFENSE — 4.8%
Honeywell International, Inc.	69,900	$	2,499,624
Lockheed Martin Corp.	29,900		1,822,405
Raytheon Co.	35,600		1,338,916
Rockwell Collins, Inc.(a)	17,800		816,664

			6,477,609

AUTOMOBILE MANUFACTURERS — 0.7%
General Motors Corp.(a)	33,200		885,776

BEVERAGES — 2.0%
Anheuser-Busch Cos., Inc.	14,800		693,676
Coca-Cola Co.	46,700		2,028,648

			2,722,324

CAPITAL MARKETS — 5.1%
Franklin Resources, Inc.	21,100		1,449,148
Mellon Financial Corp.	58,000		1,606,020
Merrill Lynch & Co., Inc.(a)	24,800		1,337,464
Morgan Stanley Dean Witter & Co.	29,000		1,525,980
Schwab, (Charles) Corp.	87,600		906,660

			6,825,272

CHEMICALS — 3.0%
Dow Chemical Co.	22,600		1,038,018
DuPont, (E.I.) de Nemours & Co.	37,700		1,776,047
Hercules, Inc.*	86,900		1,149,687

			3,963,752

COMMERCIAL BANKS — 6.3%
Bank of America Corp.	89,700		4,040,088
Comerica, Inc.	19,500		1,116,570
SunTrust Banks, Inc.	11,200		815,696
U.S. Bancorp(a)	86,200		2,404,980

			8,377,334

COMMERCIAL SERVICES & SUPPLIES — 1.3%
Waste Management, Inc.	60,700		1,729,343

COMMUNICATION EQUIPMENT — 0.8%
Motorola, Inc.	73,300		1,124,422

COMPUTERS & PERIPHERALS — 1.3%
Hewlett-Packard Co.	82,000		1,678,540

CONSUMER FINANCE — 1.7%
American Express Co.	43,800		2,308,260

DIVERSIFIED FINANCIAL SERVICES — 4.7%
Citigroup, Inc.	38,000	$	1,784,480
J.P. Morgan Chase & Co.	126,400		4,485,936

			6,270,416

DIVERSIFIED TELECOMMUNICATION SERVICES — 5.2%
ALLTEL Corp.(a)	24,400		1,389,824
AT&T Corp.	36,600		700,158
Qwest Communications International, Inc.(a)	288,600		987,012
Sprint Corp.	89,000		1,981,140
Verizon Communications, Inc.	53,900		1,929,620

			6,987,754

ELECTRIC UTILITIES — 1.3%
FirstEnergy Corp.	39,500		1,719,040

ENERGY EQUIPMENT & SERVICES — 1.7%
Baker Hughes, Inc.	51,500		2,272,180

FINANCIAL — BANK & TRUST — 1.3%
State Street Corp.	37,800		1,747,494

FINANCIAL SERVICES — 0.3%
Fannie Mae	7,700		415,415

FOOD & STAPLES RETAILING — 0.5%
CVS Corp.	13,000		670,540

FOOD PRODUCTS — 3.1%
Campbell Soup Co.	54,800		1,629,752
General Mills, Inc.	23,700		1,170,780
Unilever NV (Netherlands)(a)	20,000		1,288,600

			4,089,132

GAS UTILITIES — 1.7%
NiSource, Inc.	95,100		2,210,124

HOTELS, RESTAURANTS & LEISURE —1.2%
McDonald’s Corp.	54,400		1,594,464

HOUSEHOLD DURABLES — 1.8%
Fortune Brands, Inc.	11,000		930,380
Newell Rubbermaid, Inc.(a)	67,500		1,466,775

			2,397,155

INDUSTRIAL CONGLOMERATES — 4.1%
General Electric Co.	107,800		3,902,360
Tyco International Ltd.(a)	50,800		1,590,548

			5,492,908

INSURANCE — 5.6%
American International Group, Inc.	14,500		737,325
Chubb Corp.	5,100		417,078

109

Strategic Partners Capital Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES		VALUE (NOTE 2)
Hartford Financial Services Group, Inc.		11,300	$	817,781
Marsh & McLennan Cos., Inc.		70,500		1,976,115
Safeco Corp.		25,700		1,353,619
St. Paul Travelers Cos., Inc.(a)		39,500		1,414,100
UnumProvident Corp.(a)		49,800		832,656

				7,548,674

MEDIA — 8.5%
Comcast Corp. (Class “A” Stock)*(a)		67,300		2,135,429
Disney, (Walt) Co.(a)		82,800		2,185,920
Dow Jones & Co., Inc.(a)		31,800		1,063,392
Liberty Media Corp. (Class “A” Stock)*(a)		172,300		1,729,892
New York Times Co. (Class “A” Stock)(a)		34,700		1,157,592
Time Warner, Inc.*		118,800		1,997,028
Viacom, Inc. (Class “B” Stock)		31,100		1,076,682

				11,345,935

METALS & MINING — 1.0%
Nucor Corp.(a)		26,300		1,343,930

MULTI-UTILITIES & UNREGULATED POWER — 1.8%
Duke Energy Corp.(a)		84,600		2,469,474

MULTILINE RETAIL — 1.0%
May Department Stores Co.		39,000		1,368,120

OIL & GAS — 9.6%
Amerada Hess Corp.(a)		18,600		1,741,890
ChevronTexaco Corp.		60,200		3,130,400
Exxon Mobil Corp.		61,200		3,490,236
Royal Dutch Petroleum Co.(a)		22,000		1,281,500
Total SA [ADR] (France)(a)		27,700		3,072,207

				12,716,233

PAPER & FOREST PRODUCTS — 2.0%
Bowater, Inc.		27,400		890,226
International Paper Co.		50,800		1,741,932

				2,632,158

PHARMACEUTICALS — 6.6%
Bristol-Meyers Squibb Co.(a)		61,900		1,609,400
Johnson & Johnson(a)		26,200		1,798,106
Merck & Co., Inc.		70,700		2,396,730
Schering-Plough Corp.		67,900		1,417,073
Wyeth		36,900		1,658,286

				8,879,595

ROAD & RAIL — 2.9%
CSX Corp.		43,900	$	1,761,707
Union Pacific Corp.		33,800		2,160,834

				3,922,541

SEMI-CONDUCTOR & SEMI-CONDUCTOR INSTRUMENTS — 1.2%
Texas Instruments, Inc.(a)		64,300		1,604,928

SOFTWARE — 1.5%
Microsoft Corp.		81,800		2,069,540

SPECIALTY RETAIL — 1.1%
Home Depot, Inc.		39,900		1,411,263

TELECOMMUNICATIONS — 0.7%
SBC Communications, Inc.(a)		40,900		973,420

THRIFTS & MORTGAGE FINANCE — 0.7%
Freddie Mac		15,700		965,864

TOBACCO — 0.9%
Altria Group, Inc.		18,500		1,202,315

TOTAL LONG-TERM INVESTMENTS (Cost $123,431,190)				132,413,244


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 17.7%
CERTIFICATES OF DEPOSIT — 1.8%
Banco Santander PR
2.865%, 05/09/05(b)(c)	$	1,211		1,211,055
Canadian Imperial Bank of Commerce
1.72%, 05/25/05(b)		1,114		1,114,029
Svenska Handelsbanken AB
3.03%, 06/28/05(b)		27		27,436

				2,352,520

COMMERCIAL PAPER — 0.5%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)		703		703,211

CORPORATE OBLIGATIONS — 3.4%
Bank of America NA
2.80%, 05/02/05(b)(c)		663		663,249
Goldman Sachs Group, Inc.
3.08%, 05/02/05(b)(c)		2,602		2,601,725
Lehman Brothers
3.06%, 05/02/05(b)(c)		207		206,951

110


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Morgan Stanley
3.08%, 05/02/05(b)(c)	$	30	$	30,421
Sedna Finance Corp.
2.923%, 05/16/05(b)(c)		1,032		1,032,044

				4,534,390

TIME DEPOSIT — 1.2%
KBC Bank
2.95%, 05/02/05(b)		1,665		1,665,452


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 9.9%
BlackRock Institutional Money Market Trust(b)(j)		13,278,905		13,278,905

REGISTERED INVESTMENT COMPANIES — 0.9%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,153,679		1,153,679

TOTAL SHORT-TERM INVESTMENTS (Cost $23,688,157)				23,688,157

TOTAL INVESTMENTS — 116.7% (Cost $147,119,347; Note 5)				156,101,401

LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $22,534,478) — (16.7%)				(22,367,677	)

NET ASSETS — 100.0%			$	133,733,724

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


ADR — American Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


*		Non-income producing security.

(a)		All or a portion of security is on loan. The aggregate market value of such securities is $21,796,272; cash collateral of $22,534,478 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(j)		Security available to institutional investors only.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


Oil & Gas	9.6	%
Media	8.5
Pharmaceuticals	6.6
Commercial Banks	6.3
Insurance	5.6
Diversified Telecommunication Services	5.2
Capital Markets	5.1
Aerospace & Defense	4.8
Diversified Financial Services	4.7
Industrial Conglomerates	4.1
Food Products	3.1
Chemicals	3.0
Road & Rail	2.9
Beverages	2.0
Paper & Forest Products	2.0
Household Durables	1.8
Multi-Utilities & Unregulated Power	1.8
Consumer Finance	1.7
Energy Equipment & Services	1.7
Gas Utilities	1.7
Software	1.5
Commercial Services & Supplies	1.3
Computers & Peripherals	1.3
Electric Utilities	1.3
Financial - Bank & Trust	1.3
Hotel, Restaurants & Leisure	1.2
Semi-Conductor & Semi-Conductor Instruments	1.2
Specialty Retail	1.1
Metals & Mining	1.0
Multiline Retail	1.0
Tobacco	0.9
Communication Equipment	0.8
Automobile Manufactures	0.7
Telecommunications	0.7
Thrifts & Mortgage Finance	0.7
Food & Staples Retailing	0.5
Financial Services	0.3
Short-Term Investments	17.7

	116.7
Liabilities in excess of other assets	-16.7

TOTAL	100.0	%

See Notes to Financial Statements.

111

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 110.1%
COMMON STOCK — 59.9%
AEROSPACE
General Dynamics Corp.	84	$	8,824

AIRLINES — 0.1%
Southwest Airlines Co.	5,417		80,605

AUTOMOBILE MANUFACTURERS — 0.1%
Ford Motor Co.(a)	19,138		174,347

AUTOMOTIVE PARTS — 0.6%
Autoliv, Inc. (Germany)	3,334		147,530
Goodyear Tire & Rubber Co. (The)*	1,587		18,838
Magna International, Inc. (Class “A” Stock)	8,397		513,308

			679,676

BEVERAGES — 0.9%
Molson Coors Brewing Co. (Class “B” Stock)	1,977		122,080
Pepsi Bottling Group, Inc.	31,159		893,328
PepsiAmericas, Inc.	1,166		28,789

			1,044,197

BUILDING MATERIALS — 0.1%
USG Corp.*(a)	1,786		74,994

BUSINESS SERVICES — 1.4%
Acxiom Corp.	10,348		196,612
Catalina Marketing Corp.(a)	598		13,904
Deluxe Corp.	1,865		74,469
Equifax, Inc.	24,429		822,036
Harland, (John H.) Co.	13,401		482,436

			1,589,457

CHEMICALS — 0.2%
Eastman Chemical Co.	234		12,636
Georgia Gulf Corp.	5,705		210,572

			223,208

COMPUTER HARDWARE — 1.6%
Apple Computer, Inc.*(a)	15,760		568,306
Dell, Inc.*	2,339		81,467
Ingram Micro, Inc. (Class “A” Stock)*	12,782		212,948
International Business Machines Corp.	13,181		1,006,765
Western Digital Corp.*	1,871		23,743

			1,893,229

COMPUTER SERVICES & SOFTWARE — 1.9%
AutoDesk, Inc.	2,556		81,357
Cisco Systems, Inc.*	7,966		137,652
Computer Sciences Corp.*	21,338		927,777
Intuit, Inc.*	2,837		114,331
Microsoft Corp.	15,981		404,319
Oracle Corp.*	27,251		315,022
Parametric Technology Corp.*	28,541	$	151,838
Symantec Corp.*	3,023		56,772

			2,189,068

CONGLOMERATES — 0.5%
Tyco International Ltd.	18,724		586,248

CONSTRUCTION — 1.0%
Cal Dive International, Inc.*	13,755		611,822
NVR, Inc.*	831		596,949

			1,208,771

CONSUMER PRODUCTS & SERVICES — 3.7%
Black & Decker Corp.	8,292		693,460
Clorox Co.	3,847		243,515
Energizer Holdings, Inc.*	4,827		274,994
Johnson & Johnson	37,372		2,564,840
Rent-A-Center, Inc.*	22,039		529,818

			4,306,627

CONTAINERS & PACKAGING — 0.3%
Greif, Inc. (Class “A” Stock)	1,988		137,908
Silgan Holdings, Inc.	3,301		201,955

			339,863

ELECTRONIC COMPONENTS & EQUIPMENT — 0.6%
Eastman Kodak Co.(a)	27,027		675,675

ENTERTAINMENT & LEISURE — 3.5%
Disney, (Walt) Co.(a)	54,729		1,444,845
DreamWorks Animation SKG, Inc. (Class “A” Stock)*	797		29,888
Pixar*	4,232		193,572
Regal Entertainment Group (Class “A” Stock)	8,419		170,822
Time Warner, Inc.*	80,024		1,345,202
Viacom, Inc. (Class “B” Stock)	27,422		949,350

			4,133,679

ENVIRONMENTAL SERVICES — 0.1%
Republic Services, Inc.	4,220		146,012

FINANCIAL — BANK & TRUST — 5.1%
Bank of America Corp.	28,278		1,273,641
Comerica, Inc.	10,929		625,795
Fremont General Corp.	15,402		334,069
Golden West Financial Corp.(a)	18,138		1,130,542
Wachovia Corp.	28,042		1,435,190
Wells Fargo & Co.	21,321		1,277,981

			6,077,218

FINANCIAL SERVICES — 4.0%
American Express Co.	27,212		1,434,072
Capital One Financial Corp.(a)	15,080		1,069,021
Compucredit Corp.*	5,988		158,622
Countrywide Financial Corp.	37,000		1,339,030
Downey Financial Corp.	2,044		132,308
Edwards, (A.G.), Inc.	5,249		208,438

112


	SHARES	VALUE (NOTE 2)
Nelnet, Inc. (Class “A” Stock)*	896	$	28,538
Washington Mutual, Inc.	5,238		216,434
WFS Financial, Inc.*	3,059		137,502

			4,723,965

FOOD — 1.8%
Archer-Daniels-Midland Co.	36,122		649,835
General Mills, Inc.	5,098		251,841
Hormel Foods Corp.	1,421		44,250
Pilgrim’s Pride Corp.(a)	32,380		1,168,594

			2,114,520

HEALTHCARE SERVICES — 1.0%
Kindred Healthcare, Inc.*	1,860		61,194
McKesson Corp.	29,153		1,078,661

			1,139,855

INDUSTRIAL PRODUCTS — 0.1%
Nucor Corp.(a)	1,960		100,156

INSURANCE — 4.7%
Aetna, Inc.	6,348		465,753
AmerUs Group Co.	2,375		111,649
Arch Capital Group Ltd.*	514		20,555
Axis Capital Holdings Ltd. (Bermuda)	3,584		95,334
Berkley, (W.R.) Corp.	31,012		1,007,890
Chubb Corp.	9,234		755,157
CIGNA Corp.	15,543		1,429,645
Endurance Specialty Holdings Ltd.	5,856		211,987
First American Corp.	12,034		430,817
HCC Insurance Holdings, Inc.	2,355		83,767
LandAmerica Financial Group, Inc.	2,289		113,534
Loews Corp.	4,608		326,615
Protective Life Corp.	4,398		168,180
Selective Insurance Group, Inc.	666		29,404
StanCorp Financial Group, Inc.	1,958		149,826
Zenith National Insurance Corp.	2,116		121,691

			5,521,804

INTERNET SERVICES — 0.5%
EarthLink, Inc.*	58,833		540,087

MACHINERY & EQUIPMENT — 1.0%
Cummins, Inc.(a)	9,333		634,644
Grainger (W.W.), Inc.	7,962		440,219
Kennametal, Inc.	2,113		95,719
Mettler-Toledo International, Inc. (Switzerland)*	1,406		64,465

			1,235,047

MEDICAL SUPPLIES & EQUIPMENT — 2.4%
AmerisourceBergen Corp.(a)	10,784		660,844
Amgen, Inc.*	9,411		547,814
Applera Corp. — Applied Biosystems Group	11,927		252,852
Becton, Dickinson & Co.	21,310		1,247,061
Haemonetics Corp.*	1,571		67,192
Invitrogen Corp.*	162	$	11,870

			2,787,633

METALS & MINING — 1.0%
AK Steel Holding Corp.*	741		5,372
Phelps Dodge Corp.	7,604		652,804
United States Steel Corp.(a)	11,057		472,797

			1,130,973

OFFICE EQUIPMENT — 0.3%
Xerox Corp.*	26,328		348,846

OIL & GAS — 5.1%
ChevronTexaco Corp.	32,867		1,709,084
ConocoPhillips	4,344		455,468
Exxon Mobil Corp.	38,919		2,219,551
Global Industries Ltd.*	2,141		20,639
Marathon Oil Corp.	1,740		81,032
Premcor, Inc.	2,562		169,476
Sunoco, Inc.	13,942		1,383,883
Valero Energy Corp.	118		8,087

			6,047,220

PAPER & FOREST PRODUCTS — 1.1%
Louisiana-Pacific Corp.	26,025		640,215
Potlatch Corp.(a)	3,438		162,377
Weyerhaeuser Co.	7,258		497,971

			1,300,563

PHARMACEUTICALS — 2.8%
Cardinal Health, Inc.	6,701		372,375
Cephalon, Inc.*	9,381		411,826
Kos Pharmaceuticals, Inc.*	5,332		256,842
Merck & Co., Inc.	35,740		1,211,586
Pfizer, Inc.	40,118		1,090,006

			3,342,635

PRINTING & PUBLISHING
Wiley, (John) & Sons, Inc.	1,098		39,704

RAILROADS — 0.1%
Burlington Northern Santa Fe Corp.	626		30,205
Union Pacific Corp.	1,820		116,352

			146,557

REAL ESTATE — 0.3%
Jones Lang Lasalle, Inc. [REIT]	1,851		69,413
Taubman Centers, Inc. [REIT]	8,415		249,084

			318,497

RESTAURANTS — 1.6%
Darden Restaurants, Inc.	20,299		608,970
McDonald’s Corp.	42,625		1,249,339

			1,858,309

RETAIL & MERCHANDISING — 3.4%
7-Eleven, Inc.*	4,130		96,601
American Eagle Outfitters, Inc.(a)	19,242		504,525

113

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	SHARES	VALUE (NOTE 2)
Barnes & Noble, Inc.*	3,782	$	134,639
BJ’s Wholesale Club, Inc.*	5,546		147,801
Dillard’s, Inc. (Class “A” Stock)	5,396		125,565
Federated Department Stores, Inc.	15,777		907,178
Home Depot, Inc.	20,095		710,760
Michaels Stores, Inc.	16,710		554,772
PETCO Animal Supplies, Inc.*	7,076		221,479
Sears Holdings Corp.*	863		116,712
SUPERVALU, Inc.	15,793		498,427

			4,018,459

SEMICONDUCTORS — 1.9%
Intel Corp.(a)	89,803		2,112,167
MEMC Electronic Materials, Inc.*	4,352		51,049
Omnivision Technologies, Inc.*	7,501		105,014

			2,268,230

TELECOMMUNICATIONS — 2.8%
ALLTEL Corp.(a)	1,946		110,844
AT&T Corp.	4,944		94,579
BellSouth Corp.	11,289		299,046
CenturyTel, Inc.	1,023		31,396
Commonwealth Telephone Enterprises, Inc.	2,678		124,420
Harris Corp.	9,837		277,403
Motorola, Inc.	70,953		1,088,418
Nextel Communications, Inc. (Class “A” Stock)*(a)	6,621		185,322
SBC Communications, Inc.	11,605		276,199
Sprint Corp.(a)	8,165		181,753
Verizon Communications, Inc.	18,307		655,391

			3,324,771

TRANSPORTATION — 0.4%
FedEx Corp.	806		68,470
United Parcel Service, Inc. (Class “B” Stock)	6,196		441,836

			510,306

UTILITIES — 1.9%
AES Corp.*	5,133		82,539
Constellation Energy Group, Inc.	8,993		472,672
Entergy Corp.	1,598		117,133
Exelon Corp.	12,612		624,294
FirstEnergy Corp.	20,008		870,748
FPL Group, Inc.	2,152		87,845
UGI Corp.	340		17,078

			2,272,309

TOTAL COMMON STOCK (Cost $62,026,546)			70,522,144


		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.1%
Federal Home Loan Mortgage Corp. 4.50%,
12/15/14-01/01/19		$	1,422	$	1,418,820
5.00%, [TBA]			1,200		1,209,000
5.50%, 12/01/33			586		593,596
5.625%, 03/15/11			500		533,481
6.50%, 06/01/16-06/01/31			425		443,382
7.00%, 03/15/10-08/01/29			1,162		1,292,076

					5,490,355

Federal National Mortgage Assoc.
4.50%, 06/01/19			347		343,800
5.00%, [TBA]			3,455		3,442,638
5.25%, 04/15/07			1,900		1,948,955
5.50%, 12/01/16-01/01/34			3,271		3,324,579
6.00%, [TBA]			3,502		3,593,107
6.125%, 03/15/12			500		550,737
6.50%, 07/01/29-10/25/35			2,979		3,100,573
6.625%, 10/15/07			450		478,096
7.00%, 05/01/11-06/01/32			581		613,933
7.50%, 07/01/29-09/01/30			77		82,305

					17,478,723

Government National Mortgage Assoc.
6.00%, 08/15/28			41		42,023
6.50%, 05/15/28-03/15/29			399		418,389
7.00%, 08/15/29-05/15/31			175		185,835
7.50%, 05/15/30			39		41,388

					687,635

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $23,477,656)					23,656,713


	MOODY’S RATING
CORPORATE OBLIGATIONS — 12.3%
BEVERAGES — 0.2%
Miller Brewing Co., Notes
4.25%, 08/15/08 144A (cost $202,382; purchased 01/06/04)(g)	Baa1		200		198,166

BROADCASTING — 0.3%
Cox Communications, Inc.
4.625%, 01/15/10 144A (cost $224,014; purchased 01/13/05)(g)	Baa3		225		221,898

114


	MOODY’S RATING	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
News America Holdings Co., Gtd. Notes
7.75%, 01/20/24	Baa3	$	100	$	118,765

					340,663

CABLE TELEVISION — 0.3%
Comcast Corp., Gtd. Notes
5.50%, 03/15/11	Baa3		350		362,950

COMMERCIAL SERVICES — 0.1%
D.R. Horton, Inc., Sr. Notes
7.875%, 08/15/11	Ba1		120		133,416

COMPUTER SERVICES & SOFTWARE — 0.1%
Computer Associates International, Inc. Sr. Notes
4.75%, 12/01/09 144A (cost $162,137; purchased 12/09/04)(g)	Ba1		160		157,893

CONSTRUCTION — 0.1%
KB Home & Broad Home Corp., Notes
6.375%, 08/15/11	Ba1		110		113,956

CONSUMER PRODUCTS & SERVICES — 0.3%
General Electric Co., Notes
5.00%, 02/01/13	Aaa		390		397,546

CONTAINERS & PACKAGING — 0.1%
Ball Corp., Gtd. Notes
7.75%, 08/01/06	Ba2		150		154,875

DIVERSIFIED OPERATIONS — 0.8%
Morgan Stanley Traded Custody Receipts Series 2002-2, Sub. Notes
7.72%, 03/01/32 144A (cost $788,527; purchased 03/15/02 - 08/28/02)(c)(f)(g)	Baa1		756		919,948

ENTERTAINMENT & LEISURE — 0.4%
Disney, (Walt) Co., Notes
5.50%, 12/29/06	Baa1	$	250	$	254,981
Park Place Entertainment, Inc., Sr. Sub. Notes
7.875%, 12/15/05	Ba2		200		204,250

					459,231

ENVIRONMENTAL SERVICES — 0.1%
Waste Management, Inc. Sr. Notes
7.00%, 07/15/28	Baa3		130		148,561

FINANCIAL — BANK & TRUST — 0.9%
Bank of America Corp., Sr. Notes
4.375%, 12/01/10	Aa2		400		399,046
Citigroup, Inc., Sub. Notes
5.00%, 09/15/14	Aa2		672		677,692
Wells Fargo Bank NA, Sub Notes
4.75%, 02/09/15	Aa1		30		29,808

					1,106,546

FINANCIAL — BROKERAGE — 0.6%
Credit Suisse First Boston, Inc., Notes
3.33%, 06/19/06(c)	Aa3		200		200,655
Goldman Sachs Group, Inc., Notes
5.25%, 10/15/13	Aa3		300		304,732
Merrill Lynch & Co., Inc., Notes
2.07%, 06/12/06	Aa3		250		245,132

					750,519

FINANCIAL SERVICES — 3.1%
American General Finance, Notes
4.50%, 11/15/07	A1		200		200,693
American International Group, Inc., Notes
4.25%, 05/15/13	NR		60		57,065
Capital One Financial, Notes
4.80%, 02/21/12	Baa3		150		147,821

115

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)
8.50%, 06/15/10(1)	Baa1		$	180	$	208,976
Fannie Mae, Notes
3.00%, 08/15/07	Aaa			940		921,189
Federal Home Loan Bank, Notes
3.375%, 09/14/07	Aaa			1,000		989,318
Ford Motor Credit Co., Notes
6.50%, 01/25/07	A3			80		80,024
7.375%, 10/28/09	A3	��		350		337,011
General Electric Capital Corp., Sr. Notes
4.25%, 12/01/10	Aaa			150		148,708
General Motors Acceptance Corp., Notes
6.125%, 08/28/07	Baa1			150		146,236
6.875%, 09/15/11	Baa1			120		105,264
Morgan Stanley, Notes
4.25%, 05/15/10	Aa3			150		147,440

						3,489,745

HOTELS & MOTELS — 0.1%
Starwood Hotels & Resorts, Debs.
7.375%, 11/15/15	Ba1			110		118,525

INSURANCE — 0.3%
Genworth Financial, Inc., Notes
5.75%, 06/15/14	A2			150		158,507
Monumental Global Funding II, Notes
3.85%, 03/03/08 144A (cost $250,000; purchased 02/05/03)(g)	Aa3			250		248,899

						407,406

INTERNET SERVICES
IAC Interactive Corp., Notes
7.00%, 01/15/13	Baa3			50		53,164

MEDICAL SUPPLIES & EQUIPMENT — 0.4%
Beckman Coulter, Inc., Gtd. Notes
7.45%, 03/04/08	Baa3		$	300	$	324,755
Schering-Plough Corp., Notes
5.30%, 12/01/13	Baa1			100		103,949

						428,704

OIL & GAS — 0.8%
Anadarko Petroleum Corp., Debs.
7.95%, 04/15/29	Baa1			200		261,397
Devon Energy Corp., Sr. Notes
2.75%, 08/01/06	Baa2			200		195,746
Enterprise Product Partners L.P., Sr. Notes
4.625%, 10/15/09	Baa3			250		246,345
Nexen, Inc., Notes
5.875%, 03/10/35	Baa2			150		145,094
XTO Energy, Inc., Notes
5.30%, 06/30/15	Baa			50		50,595

						899,177

RAILROADS — 0.4%
Canadian National Railways Co., Bonds
6.25%, 08/01/34	Baa1			200		225,024
Norfolk Southern Corp., Bonds
7.80%, 05/15/27	Baa1			150		193,160

						418,184

RESTAURANTS — 0.3%
Yum! Brands, Inc., Sr. Notes
8.875%, 04/15/11	Baa3			250		302,256

RETAIL & MERCHANDISING — 0.5%
CVS Corp., Notes
4.00%, 09/15/09	A3			100		98,521
May Department Stores Co., Notes
4.80%, 07/15/09	Baa2			300		300,529
Safeway, Inc., Notes
6.50%, 03/01/11	Baa2			200		212,783

						611,833

116


	MOODY’S RATING		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
TELECOMMUNICATIONS — 1.2%
AT&T Broadband Corp., Gtd. Notes
8.375%, 03/15/13	Baa3		$	38	$	46,201
AT&T Corp., Notes
6.00%, 03/15/09	Baa2			0(r)		210
AT&T Corp., Sr. Notes
9.05%, 11/15/11	Ba1			115		131,819
AT&T Wireless Services, Inc., Sr. Notes
7.875%, 03/01/11	Baa2			250		287,875
BellSouth Corp., Notes
5.20%, 12/15/16	A2			120		120,429
British Telecom PLC, Notes (United Kingdom)
7.00%, 05/23/07(l)	Baa1			175		184,387
Deutsche Telekom International Finance, Gtd. Notes (Germany)
5.25%, 07/22/13(l)	Baa1			50		51,141
France Telecom SA, Notes (France)
8.00%, 03/01/11(l)	Baa1			100		115,381
Nextel Communications, Sr. Notes
5.95%, 03/15/14	Ba3			180		183,150
Sprint Capital Corp., Gtd. Notes
8.75%, 03/15/32	Baa3			60		80,929
Sprint Capital Corp., Notes
8.375%, 03/15/12	Baa3			150		177,868
Verizon Virginia, Inc., Debs.
4.625%, 03/15/13	Aa3			70		67,917

						1,447,307

UTILITIES — 0.9%
Carolina Power & Light
5.15%, 04/01/15	A3			30		30,398
CenterPoint Energy Resources Corp., Debs
6.50%, 02/01/08	Ba1			225		236,554
Dominion Resources, Inc., Notes
4.125%, 02/15/08	Baa1		$	250	$	248,625
Firstenergy Corp., Notes
6.45%, 11/15/11	Baa3			180		193,577
Pacific Gas & Electric Corp., First Mortgage
6.05%, 03/01/34	Baa1			80		85,785
Tampa Electric Co., Notes
6.375%, 08/15/12	Baa2			100		109,393
Virginia Electric & Power Co., Notes
5.25%, 12/15/15	A3			200		203,606

						1,107,938

TOTAL CORPORATE OBLIGATIONS (Cost $14,361,830)						14,528,509

ASSET-BACKED SECURITIES — 7.5%
ABSC NIMS Trust, Series 2004-HE5, Class A1
5.00%, 08/27/34 144A (cost $31,385; purchased 06/22/04)(g)	BBB+	(d)		31		31,301
Accredited Mortgage Loan Trust, Series 2004-4, Class A2A
3.17%, 05/25/05(c)	Aaa			400		400,273
Ameriquest Finance NIM Trust, Series 2004-RN4, Class A
4.60%, 07/25/34	BBB+	(d)		28		28,185
Ameriquest Finance NIM Trust, Series 2004-RN5, Class A
5.193%, 06/25/34 144A (cost $22,659; purchased 06/24/04)(g)	BBB+	(d)		23		22,576

117

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Ameriquest Mortgage Securities, Inc., Series 2004-R8, Class A2
3.18%, 09/25/34(c)	Aaa		$	62	$	61,836
Argent NIM Notes, Series 2004-WN9, Class A
5.19%, 10/25/34 144A (cost $31,055; purchased 09/09/04)(g)	BBB	(d)		31		30,963
Argent NIM Trust, Series 2004-Wn10, Class A
4.212%, 11/26/34 144A (cost $32,607; purchased 10/19/04)(g)	A-	(d)		33		32,587
Argent NIM Trust, Series 2004-WN2, Class
4.55%, 04/25/34	BBB	(d)		13		12,584
Argent NIM Trust, Series 2004-WN8, Class
4.70%, 07/25/34	BBB+	(d)		28		27,786
Asset Backed Funding Corp. NIM Trust, Series 2003-OPT1, Class Notes
6.90%, 07/26/33	BBB+	(d)		3		2,947
Asset Backed Funding Corp. NIM Trust, Series 2004-OPT4, Class N1
4.45%, 05/26/34	A-	(d)		50		49,581
Capital One Prime Auto Receivables Trust, Series 2004-2, Class A4
3.014%, 04/15/10(c)	Aaa			550		550,708
Centex Home Equity, Series 2004-C, Class AF1
2.82%, 01/25/19	Aaa			191		190,537
CNH Equipment Trust, Series 2004-A, Class A3A
3.024%, 10/15/08(c)	Aaa		$	110	$	110,117
Countrywide Asset-Backed Certificates Series 2004-11N, Class-N
5.25%, 05/25/05 144A (cost $23,852; purchased 10/27/04)(g)	BBB	(d)		24		23,788
Countrywide Asset-Backed Certificates, Series 2004-11, Class-A1
3.21%, 05/25/05(c)	AAA	(d)		829		829,359
Countrywide Asset-Backed Certificates, Series 2004-13, Class AV1
3.16%, 12/25/34(c)	Aaa			479		479,458
Countrywide Certificates, Series 2004-5N, Class N1
5.50%, 10/25/35	BBB	(d)		26		25,458
Countrywide Partnership Trust Series 2004-EC1 Class 2A1
3.19%, 05/25/05(c)	Aaa			282		282,475
Equifirst Mortgage Loan Trust Series 2004-3 Class A1
3.18%, 05/25/05(c)	Aaa			261		260,826
Finance America NIM Trust, Series 2004-1, Class A
5.25%, 06/27/34	BBB+	(d)		23		22,880
First Franklin Mortgage Loan Asset Backed, Series 2005-FF4 2A1
2.93%, 05/25/05(c)	Aaa			1,600		1,599,999

118


	MOODY’S RATING		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
First Franklin NIM Trust, Series 2004-FF1, Class N1
4.50%, 11/25/34(c)	BBB+	(d)	$	19	$	18,487
Ford Credit Auto Owner Trust, Series 2002-A, Class B
4.79%, 11/15/06	Aaa			300		301,111
Ford Credit Floorplan Master Owner Trust, Series 2004-1, Class A
2.85%, 07/15/09(c)	Aaa			1,613		1,614,541
Fremont NIM Trust, Series 2004-B, Class Notes
4.703%, 05/25/34 144A (cost $22,697; purchased 05/20/04)(g)	BBB+	(d)		23		22,617
GSAMP Trust, Series 2004-NIM1, Class N1
5.50%, 09/25/34 144A (cost $35,974; purchased 09/20/04)(g)	BBB	(d)		36		35,904
Long Beach Asset Holdings Corp., Series 2004-5, Class Notes
5.00%, 09/25/34 144A (cost $31,774; purchased 09/15/04)(g)	A-	(d)		32		31,600
Long Beach Asset Holdings Corp., Series 2005-1, Class N1
4.115%, 02/25/35 144A (cost $90,599; purchased 01/19/05)(g)	NR			91		90,599
Master NIM Trust, Series 2004-CI3, Class N1
4.45%, 02/26/34 144A (cost $10,491; purchased 05/18/04)(g)	A	(d)	$	10	$	10,004
Merrill Lynch Mortgage Investors, Inc., Series 2003-OP1N, Class N1
7.25%, 07/25/34	BBB	(d)		10		9,883
Morgan Stanley Capital I, Series 2004-NC2N, Class Notes
6.25%, 12/25/33 144A (cost $3,452; purchased 03/16/04)(g)	BBB+	(d)		3		3,434
Park Place Securities, Inc., Series 2004-WHQ2, Class A3B
3.18%, 05/25/05(c)	Aaa			871		871,671
Residential Asset Securities Corp., Series 2004-KS2, Class MI1
4.71%, 03/25/34	Aa2			75		73,130
Sail Net Interest Margin Notes, Series 2004-8A, Class A
5.00%, 09/27/34 144A (cost $53,578; purchased 09/13/04)(g)	A-	(d)		53		53,247
Sail Net Interest Margin Notes, Series 2004-BNCA, Class A
5.00%, 09/27/34	A-	(d)		24		24,086

119

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Sharps SP I LLC Net Interest Margin Trust, Series 2004-OP1N, Class NA
5.19%, 04/25/34 144A (cost $28,080; purchased 06/09/04)(g)	BBB	(d)	$	28	$	28,100
SLM Student Loan Trust, Series 2005-2, Class A1
3.141%, 07/25/05(c)	Aaa			601		600,866

TOTAL ASSET-BACKED SECURITIES (Cost $8,862,935)						8,865,504

COLLATERALIZED MORTGAGE OBLIGATIONS — 6.1%
Ameriquest Finance NIM Trust, Series 2003-N11A, Class Notes
7.143%, 10/25/33	BBB+	(d)		5		5,360
Bank of America Commercial Mortgage, Inc., Series 2004-1, Class XP [IO]
0.80%, 11/10/39	AAA	(d)		2,865		80,027
Bank of America Large Loan, Series 2005-Boca, Class A1
2.95%, 05/16/05 144A(c) (cost $250,000; purchased 03/04/05)(g)	Aaa			250		250,071
Bank of America Mortgage Securities, Series 2004-F, Class 2A5
4.175%, 07/25/34(c)	Aaa			1,000		988,012
Bear Stearns Commercial Mortgage Securities, Series 2004-BA5A, Class A1
3.084%, 05/15/05 144A (cost $709,150; purchased 12/15/04)(c)(g)	Aaa		$	709	$	709,577
Bear Stearns Commercial Mortgage Securities, Series 2004-T16, Class-X2
0.81%, 08/13/46 [IO]	AAA	(d)		4,500		187,066
Citigroup Commercial Mortgage Trust, Series 2004-FL1, Class A1
3.084%, 07/15/18(c)	Aaa			1,138		1,139,904
Commercial Mortgage Acceptance Corp., Series 1998-C2, Class X
1.02%, 09/15/30 [IO]	AAA	(d)		6,067		223,987
Commercial Mortgage Pass-Through, Series 2004-HTL1, Class A1
3.194%, 07/15/16(c)	Aaa			277		276,925
Federal National Mortgage Assoc., Series 2003-52, Class KF
3.25%, 07/25/17(c)	NR			319		320,178
First Franklin Mortgage Loan Asset Backed, Series 2004-Ff11, Class 2A1
3.17%, 05/25/05	Aaa			650		649,824

120


	MOODY’S RATING		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
GMAC Commercial Mortgage Securities, Inc., Series 2002-C2, Class A1
4.321%, 10/15/38	Aaa		$	365	$	366,314
LB-UBS Commercial Mortgage Trust, Series 2003-C5, Class A2
3.478%, 07/15/27	AAA	(d)		700		684,514
Master Alternative Loans Trust, Series 2003-8, Class 4A1
7.00%, 12/25/33	AAA	(d)		149		151,616
NationsLink Funding Corp., Series 1998-2, Class A1
6.001%, 08/20/30	Aaa			12		11,807
Washington Mutual, Series 2004-AR4, Class A6
3.809%, 06/25/34	Aaa			500		488,863
Washington Mutual, Series 2004-AR9, Class A7
4.225%, 08/25/34	Aaa			640		635,406

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $7,206,156)						7,169,451

U.S. TREASURY OBLIGATIONS — 4.0%
U.S. Treasury Bonds
8.00%, 11/15/21(a)				600		838,547
6.25%, 08/15/23				600		721,266
6.125%, 11/15/27				600		726,258
5.375%, 02/15/31(a)				515		581,829
U.S. Treasury Inflationary Bonds [TIPS]
1.625%, 01/15/15(a)			$	1,600	$	1,612,128
U.S. Treasury Notes
4.75%, 05/15/14(a)				250		260,684

TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,540,729)						4,740,712

MUNICIPAL BONDS — 0.2%
ILLINOIS
Illinois State Taxable Pension
5.10%, 06/01/33 (Cost $200,000)	Aa3			200		196,970


			UNITS
WARRANTS
TELECOMMUNICATIONS
Lucent Technologies, Inc., expiring on 12/10/07* (Cost $541)				398		191

TOTAL LONG-TERM INVESTMENTS (Cost $120,676,393)						129,680,194


			PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 8.0%
CERTIFICATES OF DEPOSIT — 0.2%
Banco Santander PR
2.865%, 05/09/05(b)(c)				187		186,915
Canadian Imperial Bank of Commerce
1.72%, 05/25/05(b)				26		26,117
Fortis Bank
2.055%, 06/08/05(b)				45		44,522
Svenska Handelsbanken AB
3.03%, 06/28/05(b)				107		106,913

						364,467

COMMERCIAL PAPER — 1.0%
Skandinaviska Enskilda Banken
2.94%, 05/17/05(b)(c)				1,342		1,341,759

121

Strategic Partners Balanced Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS — 2.7%
Bank of America NA
2.80%, 05/02/05(b)(c)	$	46	$	45,982
3.08%, 05/02/05(b)		1,613		1,613,426
Merrill Lynch & Co., Inc.
2.85%, 05/02/05(b)		249		249,453
Morgan Stanley
3.07%, 05/02/05(b)(c)		1,015		1,015,332
3.08%, 05/02/05(b)(c)		233		232,880
Natexis Banque NY
3.05%, 05/02/05(b)(c)		123		122,504
Sedna Finance Corp.
2.923%, 05/16/05(b)(c)		48		47,761

				3,327,338

TIME DEPOSIT — 0.8%
KBC Bank
2.95%, 05/02/05(b)		190		189,871
HSH Nordbank AG
2.968%, 05/02/05(b)		847		847,330

				1,037,201


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 2.7%
BlackRock Institutional Money Market Trust(b)(j)		3,288,582		3,288,582

TOTAL SHORT-TERM INVESTMENTS (Cost $9,359,347)				9,359,347

TOTAL INVESTMENTS — 118.1% (Cost $130,035,740; Note 5)				139,039,541
LIABILITIES IN EXCESS OF OTHER ASSETS (INCLUDES CASH COLLATERAL FOR SECURITIES ON LOAN OF $9,359,347)(U) — (18.1%)				(21,320,330	)

NET ASSETS — 100.0%			$	117,719,211

THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


144A		Security was 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.

IO		Interest Only

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

REIT		Real Estate Investment Trust

TBA		Securities purchased on a forward commitment basis

TIPS		Treasury Inflation Protection Securities

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


*		Non-income producing security.

(a)		All or a portion of security is on loan. Securities on loan have an aggregate market value of $9,121,751; cash collateral of $9,359,347 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(d)		Standard & Poor’s rating.

(f)		A TRACER (Traded Custody Receipts). Rate shown reflects the weighted average rate of the underlying securities as of April 30, 2005.

(g)		Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $3,004,413. The aggregate value, $3,123,172 represents 2.65% of net assets.

(j)		Security available to institutional investors only.

(l)		US$ Denominated Foreign Bonds.

(r)		Less than 1,000 par.

(u)		Liabilities in excess of other assets includes net unrealized depreciation on futures contracts as follows:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT APRIL 30, 2005		UNREALIZED DEPRECIATION
LONG POSITION:
3	S&P 500	Jun 05	$	895,313	$	868,875	$	(26,438	)(1)

(1)	Cash of $48,000 has been segregated with the custodian to cover requirements for open futures contracts at April 30, 2005

122

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


U.S. Government Agency Mortgage-Backed Securities	20.1	%
Asset-Backed Securities	7.5
Financial Services	7.1
Collateralized Mortgage Obligations	6.1
Financial-Bank & Trust	6.0
Oil & Gas	5.9
Insurance	5.0
Consumer Products & Services	4.0
Telecommunications	4.0
U.S. Treasury Obligations	4.0
Entertainment & Leisure	3.9
Retail & Merchandising	3.9
Medical Supplies & Equipment	2.8
Pharmaceuticals	2.8
Utilities	2.8
Computer Services & Software	2.0
Restaurants	1.9
Semiconductors	1.9
Food	1.8
Computer Hardware	1.6
Business Services	1.4
Beverages	1.1
Construction	1.1
Paper & Forest Products	1.1
Healthcare Services	1.0
Machinery & Equipment	1.0
Metals & Mining	1.0
Diversified Operations	0.8
Automotive Parts	0.6
Electronic Components & Equipment	0.6
Financial – Brokerage	0.6
Conglomerates	0.5
Internet Services	0.5
Railroads	0.5
Containers & Packaging	0.4
Transportation	0.4
Broadcasting	0.3
Cable Television	0.3
Office Equipment	0.3
Real Estate	0.3
Chemicals	0.2
Environmental Services	0.2
Municipal Bonds	0.2
Airlines	0.1
Automobile Manufacturers	0.1
Building Materials	0.1
Commercial Services	0.1
Hotels & Motels	0.1
Industrial Products	0.1
Short-Term Investments	8.0

	118.1
Liabilities in excess of other assets	-18.1

TOTAL	100.0	%

See Notes to Financial Statements.

123

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING		PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 95.6%
CORPORATE OBLIGATIONS — 94.7%
AEROSPACE — 2.1%
Argo-Tech Corp., Sr. Notes
9.25%, 06/01/11	B	(d)	$	500	$	537,500
BE Aerospace, Inc., Sr. Sub. Notes
8.875%, 05/01/11	Caa2			250		253,125
K & F Acquisition, Inc., Sr. Sub. Notes
7.75%, 11/15/14 144A K & F Parent Inc., Sr. Notes
11.50%, 02/01/15	Caa1			500		492,500
[PIK] 144A (cost $125,000; purchased 02/04/05)(g)	Caa2			125		124,688
Sequa Corp., Sr. Notes
9.00%, 08/01/09	B1			500		530,000
Standard Aero Holdings, Inc., Sr. Sub. Notes
8.25%, 09/01/14 144A	Caa1			375		386,250
TransDigm, Inc., Gtd. Notes
8.375%, 07/15/11	B3			500		512,500
Vought Aircraft Industry, Sr. Notes
8.00%, 07/15/11	B2			125		119,375

						2,955,938

AIRLINES — 0.1%
Northwest Airlines, Inc., Gtd. Notes
10.00%, 02/01/09	Caa1			250		126,250

AUTOMOTIVE PARTS — 2.9%
Accuride Corp., Sr. Sub. Notes
8.50%, 02/01/15 144A	Caa1			250		236,250
Advanced Accessory System, Sr. Notes
10.75%, 06/15/11	B3			250		178,750
Affinia Group, Inc., Gtd. Notes
9.00%, 11/30/14 144A	Caa1			250		223,750
Allied Holdings, Inc., Gtd. Notes, Series B
8.625%, 10/01/07	Caa1		$	156	$	85,020
Dana Corp., Notes
9.00%, 08/15/11	Ba3			150		161,147
Delco Remy International, Inc., Sr. Sub Notes
9.375%, 04/15/12	Caa1			500		402,500
Foamex L.P., Gtd. Notes
9.875%, 06/15/07	Caa2			100		51,500
10.75%, 04/01/09	B3			250		208,750
Goodyear Tire & Rubber Co., Notes
7.857%, 08/15/11	B3			500		452,500
Navistar International. Sr. Notes
6.25%, 03/01/12 144A	Ba3			250		221,250
Schefenaccker AG, Sr. Sub. Notes (Netherlands)
9.50%, 02/11/14	B2			EUR 125		108,176
Stoneridge, Inc., Gtd. Notes
11.50%, 05/01/12	B1			250		266,250
Tenneco Automotive, Inc., Sr. Sub. Notes
8.625%, 11/15/14 144A (cost $125,000; purchased 11/09/04)(g)	B3			125		114,688
TRW Automotive, Inc., Sr. Sub. Notes
11.00%, 02/15/13	B1			829		895,319
United Components, Inc., Sr. Sub. Notes
9.375%, 06/15/13	B3			500		462,500

						4,068,350

BUILDING MATERIALS — 3.2%
ACIH, Inc., Sr. Disc. Notes, Zero Coupon (until 12/15/07)
11.50%, 12/15/12 144A	CCC+	(d)		125		85,625
Associated Materials, Inc., Gtd. Notes
9.75%, 04/15/12	Caa1			325		346,938

124


	MOODY’S RATING	PRINCIPAL AMOUNT (000) #		VALUE (NOTE 2)
Associated Materials, Inc., Sr. Disc. Notes, Zero Coupon (until 03/01/09)
11.25%, 03/01/14	Caa2	$	500	$	340,000
Culligan Finance Corp. BV, Sr. Notes (Netherlands)
8.00%, 10/01/14	B3	EUR	250		328,952
FIMEP SA, Sr. Notes (France)
10.50%, 02/15/13(l)	B1		750		847,500
Goodman Global Holdings, Sr. Sub. Notes
7.875%, 12/15/12 144A	Caa1		250		221,250
Grohe Holding GMBH, Sr. Notes (Germany)
8.625%, 10/01/14	B3	EUR	1,000		1,277,200
Norcraft Cos. LLC, Sr. Sub. Notes
9.00%, 11/01/11	B3		300		301,500
Norcraft Holdings Capital, Sr. Disc. Notes, Zero Coupon (until 09/01/08)
9.75%, 09/01/12	Caa1		250		172,500
Nortek, Inc., Sr. Sub. Notes
8.50%, 09/01/14	Caa1		500		445,000

					4,366,465

CAPITAL GOODS — OTHERS — 0.9%
Altra Industrial Motion, Sec’d. Notes
9.00%, 12/01/11 144A (cost $126,000; purchased 11/22/04)(g)	B3		125		124,688
Columbus Mckinnon Corp., Sec’d. Notes
10.00%, 08/01/10	B3		125		135,000
Mueller Group, Inc., Sr. Sub. Notes
10.00%, 05/01/12	Caa1		425		459,000
Rexnord Corp., Gtd. Notes
10.125%, 12/15/12	B3	$	500	$	537,500

					1,256,188

CHEMICALS — 8.7%
BCP Crystal Holdings Corp., Sr. Sub. Notes
9.625%, 06/15/14	B3		362		400,915
Borden US Financial/ Nova Scotia, Sec’d Notes
9.00%, 07/15/14 144A	B3		250		251,250
Compass Minerals Group, Inc., Gtd. Notes
10.00%, 08/15/11	B3		500		547,500
Compass Minerals International, Inc., Sr. Disc. Notes, Zero Coupon (until 06/01/08)
12.00%, 06/01/13	B-		750		630,000
Compass Minerals International, Inc., Sr. Notes, Zero Coupon (until 12/15/07)
12.75%, 12/15/12	B-		500		432,500
Crompton Corp., Sr. Notes
9.875%, 08/01/12	B1		250		287,500
Crystal US Holdings, Sr. Disc. Notes, Zero Coupon (until 10/01/09)
10.50%, 10/01/14 144A (cost $420,249; purchased 10/05/04 - 10/28/04)(g)	Caa2		650		425,750
Dynea International Oy Co., Gtd. Notes (Finland)
12.25%, 08/15/10	Caa2	EUR	375		499,460
Equistar Chemical L.P., Gtd. Notes
10.125%, 09/01/08	B2		725		801,125

125

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Huntsman Advanced Materials, Inc., Sec’d Notes
11.00%, 07/15/10 144A	Ba3	$	250	$	286,250
Huntsman ICI Chemicals LLC, Gtd. Notes
10.125%, 07/01/09	B3		610		635,925
Invista Co., Notes
9.25%, 05/01/12 144A	B1		625		669,531
Kranton Polymers LLC, Sr. Sub. Notes
8.125%, 01/15/14 144A	Caa1		500		457,500
LBC Luxembourg Holdings SA, Gtd. Notes (Luxembourg)
11.00%, 05/15/14	Caa1	EUR	250		334,582
Lyondell Chemical Co., Gtd. Notes
10.875%, 05/01/09	B3		500		520,000
Lyondell Chemical Co., Sec’d. Notes
9.875%, 05/01/07	B1		144		148,320
PQ Corp., Gtd. Notes
7.50%, 02/15/13 144A	B3		250		243,750
Rhodia SA, Sr. Notes (France)
10.25%, 06/01/10(l)	B3		750		798,750
Rhodia SA, Sr. Sub. Notes (France)
8.875%, 06/01/11(l)	Caa1		500		470,000
9.25%, 06/01/11(l)	Caa1		500		595,169
Rockwood Specialties, Inc., Sr. Sub. Notes
10.625%, 05/15/11	B3		625		688,281
7.625%, 11/15/14 144A	B3		750		962,725
United Agricultural Products Holding Corp., Sr. Disc. Notes, Zero Coupon (Until 01/15/08)
10.75%, 07/15/12	B3		800		616,000
United Agricultural Products Holding Corp., Sr. Notes
8.25%, 12/15/11	B1	$	158	$	155,630

					11,858,413

CONGLOMERATES — 2.5%
Blount, Inc., Sr. Sub. Notes
8.875%, 08/01/12	Caa1		375		388,125
Bombardier, Inc., Notes (Canada)
6.75%, 05/01/12 144A(l)	Ba2		500		452,500
Invensys PLC, Sr. Notes (United Kingdom)
9.875%, 03/15/11 144A(l)	B3		500		497,500
Mark IV Industries, Inc., Sr. Sub. Notes
7.50%, 09/01/07	Caa1		750		718,125
Noma Luxembourg SA, Sr. Notes (Luxembourg)
9.75%, 07/15/11	B3	EUR	250		345,037
Park-Ohio Industries, Inc., Sr. Sub. Notes
8.375%, 11/15/14 144A	Caa1		375		339,375
Polypore, Inc., Sr. Disc. Notes, Zero Coupon (until 10/01/08)
10.50%, 10/01/12 144A	Caa2		250		141,250
Polypore, Inc., Sr. Sub Notes
8.75%, 05/15/12	Caa1		250		212,500
8.75%, 05/15/12	Caa1		250		321,713

					3,416,125

CONSUMER CYCLICAL — SERVICES — 2.2%
Brickman Group Ltd. (The), Gtd. Notes, Series B
11.75%, 12/15/09	B2		500		567,500
Interline Brands, Inc., Sr. Sub. Notes
11.50%, 05/15/11	B3		325		368,875

126


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Ray Acquisition SCA. Sr. Notes (France) 9.375%, 03/16/15 144A (cost $1,316,022; purchased 03/11/05-04/07/05)(g)	Caa1	EUR	1,000	$	1,196,773
United Rentals NA, Inc., Sr. Notes
7.75%, 11/15/13	B2	$	1,000		942,500

					3,075,648

CONSUMER PRODUCTS — 6.9%
Aearo Co., Sr. Sub. Notes
8.25%, 04/15/12	B3		225		227,250
Ames True Temper, Inc., Sr. Sub. Notes
10.00%, 07/15/12	Caa1		250		208,750
Bear Creek Corp., Sr. Notes
9.00%, 03/01/13 144A	B3		250		246,250
Briggs & Stratton Corp., Gtd. Notes
8.875%, 03/15/11	Ba1		400		462,000
Chattem, Inc., Sr. Sub. Notes
7.00%, 03/01/14	B2		500		507,500
Del Laboratories, Inc., Sr. Sub. Notes
8.00%, 02/01/12 144A	B3		250		237,500
FTD, Inc., Gtd. Notes
7.75%, 02/15/14	B3		365		365,000
Johnsondiversey Holdings, Inc., Disc Notes, Zero Coupon (until 05/15/07)
10.67%, 05/15/13	B3		500		397,500
Jostens Holding Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08)
10.25%, 12/01/13	Caa2		1,025		748,250
Jostens IH Corp. Sr. Sub Notes
7.625%, 10/01/12	B3		500		502,500
Leiner Health Products, Sr. Sub. Notes
11.00%, 06/01/12	B3	$	250	$	265,000
Norcross Safety Products, Sr. Sub. Notes
9.875%, 08/15/11	B3		375		397,500
NSP Holdings Capital Corp., Sr. Notes
11.75%, 01/01/12 [PIK] 144A (cost $125,000; purchased 12/16/04)(g)	Caa1		125		127,500
Playtex Products, Inc., Gtd. Notes
9.375%, 06/01/11	Caa2		500		521,250
Prestige Brands, Inc., Sr. Sub. Notes
9.25%, 04/15/12	B3		225		232,875
Rayovac Corp., Sr. Sub. Notes
8.50%, 10/01/13	B3		375		387,188
7.375%, 02/01/15 144A (cost $255,536; purchased 02/15/05)(g)	B3		250		243,750
Reddy Ice Group, Inc., Sr. Sub. Notes
8.875%, 08/01/11	B3		525		591,292
Safilo Capital International SA, Sr. Notes (Luxembourg)
9.625%, 05/15/13	Caa2	EUR	1,000		1,299,720
Sealy Mattress Co., Sr. Sub. Notes
8.25%, 06/15/14	B3		500		507,500
Simmons Co., Sr. Disc. Notes, Zero Coupon (until 12/15/09)
10.00%, 12/15/14 144A	Caa2		375		208,125
Solo Cup Co., Sr. Sub. Notes
8.50%, 02/15/14	B3		375		363,750
True Temper Sports, Inc., Gtd. Notes
8.375%, 09/15/11	Caa1		100		88,000

127

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
WH Holdings Ltd., Sr. Notes
9.50%, 04/01/11	B2	$	375	$	401,250

					9,537,200

DEFENSE — 0.7%
Alliant Techsystems, Inc., Gtd. Notes
8.50%, 05/15/11	B2		500		533,750
Communications & Power Industry, Sr. Sub Notes
8.00%, 02/01/12	B3		500		485,000

					1,018,750

ELECTRIC — 2.9%
Caithness Coso Funding Corp., Sec’d. Notes
9.05%, 12/15/09	Ba1		663		713,253
Calpine Canada Energy Finance Corp., Gtd Notes (Canada)
8.50%, 05/01/08(l)	Caa1		250		126,250
Calpine Corp., Sec’d. Notes
8.50%, 07/15/10 144A	B-		500		350,000
Calpine Corp., Sr. Notes
8.50%, 02/15/11	Caa1		825		410,438
Dynegy Holdings, Inc., Sec’d. Notes
10.125%, 07/15/13 144A	B3		250		258,750
Dynegy Holdings, Inc., Sr. Notes
8.75%, 02/15/12	Caa2		500		446,250
Midwest Generation LLC, Notes
8.75%, 05/01/34	B1		750		821,249
NRG Energy, Inc., Sec’d. Notes
8.00%, 12/15/13 144A	B1		386		391,790
Reliant Resource, Inc., Sec’d. Notes
9.25%, 07/15/10	B1		250		256,875
Texas Genco LLC Financing, Sr. Notes
6.875%, 12/15/14 144A (cost $264,782; purchased 02/15/05)(g)	B1	$	250	$	246,250

					4,021,105

ENERGY — 2.5%
Chesapeake Energy Corp., Sr. Notes
6.375%, 06/15/15 144A (cost $261,020; purchased 02/09/05)(g)	Ba3		250		246,250
El Paso Production Holding Co., Gtd. Notes
7.75%, 06/01/13	B3		500		506,250
Foundation PA Coal Co., Sr. Notes
7.25%, 08/01/14	B1		500		516,250
Magnum Hunter Resources, Inc., Gtd. Notes
9.60%, 03/15/12	B2		195		217,425
Pride International, Inc., Sr. Notes
7.375%, 07/15/14	Ba2		375		395,625
Swift Energy Co., Sr. Sub. Notes
9.375%, 05/01/12	B2		675		725,625
Tesoro Petroleum Corp., Gtd. Notes, Series B
9.625%, 11/01/08	B2		650		695,500
Tesoro Petroleum Corp., Sec’d. Notes
8.00%, 04/15/08	Ba3		125		131,563

					3,434,488

ENTERTAINMENT — 1.4%
Six Flags, Inc., Sr. Notes
9.75%, 04/15/13	Caa1		250		220,000
Universal City Development Partners Ltd., Sr. Notes
11.75%, 04/01/10	B2		750		853,125

128


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Warner Music Group, Sr. Sub. Notes
7.375%, 04/15/14	B3	$	500	$	502,500
WMG Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/15/09)
9.50%, 12/15/14 144A(c)	Caa2		500		335,000

					1,910,625

ENVIRONMENTAL — 1.0%
Allied Waste North America Co., Gtd Notes, Series B
8.875%, 04/01/08	B2		500		516,250
8.50%, 12/01/08	B2		225		230,344
9.25%, 09/01/12	B2		167		177,020
Allied Waste North America, Inc., Sr. Notes
7.25%, 03/15/15 144A	B2		250		228,750
Waste Services, Inc., Sr. Sub. Notes
9.50%, 04/15/14 144A (cost $254,375; purchased 05/04/04)(g)	Ca		250		249,375

					1,401,739

FINANCE — 0.7%
Refco Finance Holdings LLC, Sr. Sub. Notes
9.00%, 08/01/12 144A	B3		875		949,375

FOOD — 4.9%
American Seafood Group LLC, Gtd. Notes
10.125%, 04/15/10	B3		750		802,499
Dole Foods Co., Inc., Sr. Notes
8.625%, 05/01/09	B2		375		396,563
Dominos, Inc., Sr. Sub. Notes
8.25%, 07/01/11	B2		164		172,200
Family Foods, Inc., Gtd. Notes, Series B
8.75%, 01/15/08	Caa2		500		422,500
Land O’ Lakes, Inc., Sec’d. Notes
9.00%, 12/15/10	B2	$	250	$	261,250
Land O’ Lakes, Inc., Sr. Notes
8.75%, 11/15/11	B3		250		243,750
Landry’s Restaurants, Inc., Sr. Notes
7.50%, 12/15/14 144A	B2		750		701,250
Michael Foods, Sr. Sub. Notes
8.00%, 11/15/13	B3		350		360,500
National Beef Packaging Co., Sr. Notes
10.50%, 08/01/11	B3		275		264,688
Pilgrim’s Pride Corp., Gtd. Notes
9.625%, 09/15/11	Ba2		825		905,437
Pilgrim’s Pride Corp., Sr. Sub. Notes
9.25%, 11/15/13	Ba3		525		588,000
Pinnacle Foods, Inc., Sr. Sub. Notes
8.25%, 12/01/13	B3		375		313,125
Smithfield Foods, Inc., Sr. Notes
8.00%, 10/15/09	Ba2		500		537,500
Swift & Co., Gtd. Notes
10.125%, 10/01/09	B1		250		268,750
Swift & Co., Sr. Sub. Notes
12.50%, 01/01/10	B2		225		249,188
United Biscuits, Co., Gtd. Notes (United Kingdom)
10.625%, 04/15/11	B1	EUR	250		331,364

					6,818,564

GAMING — 7.6%
Boyd Gaming Corp., Sr. Sub. Notes
8.75%, 04/15/12	B1		750		811,875
Global Cash Account/Finance Corp., Sr. Sub. Notes
8.75%, 03/15/12	Caa1		300		324,000
Isle of Capri Casinos, Inc., Gtd. Notes
9.00%, 03/15/12	B2		250		271,875

129

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Isle of Capri Casinos, Inc., Sr. Sub. Notes
7.00%, 03/01/14	B2	$	125	$	121,875
Las Vegas Sands Corp., Sr. Notes
6.375%, 02/15/15 144A	B2		250		235,625
Mandalay Resort Group, Sr. Notes
9.50%, 08/01/08	Ba2		50		55,625
Mandalay Resort Group, Sr. Sub. Notes
10.25%, 08/01/07	Ba3		1,325		1,460,813
MGM Grand, Inc., Gtd. Notes
8.375%, 02/01/11	Ba3		1,500		1,601,249
Mohegan Tribal Gaming Authority, Sr. Sub Notes
8.00%, 04/01/12	Ba3		450		480,375
MTR Gaming Group, Inc., Gtd. Notes, Series B
9.75%, 04/01/10	B2		500		547,500
Park Place Entertainment Corp., Sr. Sub. Notes
7.875%, 03/15/10	Ba2		750		825,000
8.125%, 05/15/11	Ba2		700		787,500
Penn National Gaming, Inc., Sr. Sub. Notes
6.75%, 03/01/15 144A	B3		250		240,625
Pinnacle Entertainment, Inc., Sr. Sub. Notes
8.25%, 03/15/12	Caa1		250		246,250
River Rock Entertainment, Sr. Notes
9.75%, 11/01/11	B2		225		240,750
Seneca Gaming Corp., Sr. Notes
7.25%, 05/01/12	B2		250		248,750
Station Casinos, Inc., Sr. Sub. Notes
6.50%, 02/01/14	B1		500		501,250
6.875%, 03/01/16	B1		500		507,500
Sun International Hotels Ltd., Gtd. Notes
8.875%, 08/15/11	B2		650		698,750
Wynn Las Vegas, LLC Corp., First Mortgage
6.625%, 12/01/14 144A	B2	$	375	$	352,500

					10,559,687

HEALTH CARE — 4.3%
Alliance Imaging, Sr. Sub. Notes
7.25%, 12/15/12 144A	B3		250		238,750
AmeriPath, Inc., Gtd. Notes
10.50%, 04/01/13	Caa1		625		628,124
CDRV Investors, Inc., Sr. Disc. Notes, Zero Coupon (until 01/01/10)
9.625%, 01/01/15 144A	Caa2		1,000		525,000
Davita, Inc., Sr. Sub. Notes
7.25%, 03/15/15 144A (cost $250,000; purchased 03/15/05)(g)	B3		250		244,375
Fisher Scientific International, Inc., Sr. Sub Notes
8.00%, 09/01/13	Ba3		500		540,000
Kinetic Concepts, Inc., Sr. Sub. Notes
7.375%, 05/15/13	B3		114		119,130
Medical Device Manufacturing, Inc., Sr. Sub. Debs
10.00%, 07/15/12	Caa1		250		268,750
Nyco Holdings, Sr. Notes (Denmark)
11.50%, 03/31/13	B3	EUR	250		365,144
Quintiles Transnational Corp., Sr. Sub.
10.00%, 10/01/13	B3		500		542,500
Select Medical Corp., Sr. Sub. Notes
7.625%, 02/01/15 144A	B3		125		123,438

130


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Sybron Dental Specialties, Inc., Gtd. Notes
8.125%, 06/15/12	B1	$	375	$	399,375
Tenet Healthcare Corp., Notes
7.375%, 02/01/13	B3		250		235,625
Tenet Healthcare Corp., Sr. Notes
9.875%, 07/01/14	B3		375		387,188
US Oncology, Inc., Sr. Notes
9.00%, 08/15/12	B2		500		525,000
Vanguard Health Holdings II, Sr. Sub. Notes
9.00%, 10/01/14	Caa1		500		523,750
VWR International, Inc., Sr. Sub. Notes (Germany)
8.00%, 04/15/14(l)	Caa1		250		254,375

					5,920,524

LODGING — 1.6%
Cornell Cos., Inc., Sr. Notes
10.75%, 07/01/12	B3		250		261,250
Gaylord Entertainment Co., Sr. Notes
6.75%, 11/15/14 144A	B3		250		232,500
HMH Properties, Inc., Gtd. Notes, Series B
7.875%, 08/01/08	Ba3		43		44,075
Host Marriott L.P., Sr. Notes
7.00%, 08/15/12	Ba3		500		507,500
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes
7.375%, 05/01/07	Ba1		1,000		1,040,000
Starwood Hotels & Resorts Worldwide, Inc., Notes
6.75%, 11/15/05	Ba1		175		176,313

					2,261,638

MEDIA — BROADCAST TOWERS — 0.8%
American Tower Corp., Sr. Notes
7.50%, 05/01/12	B3	$	500	$	510,000
Crown Castle International Corp., Sr. Notes
7.50%, 12/01/13	B3		500		535,000

					1,045,000

MEDIA — BROADCASTING & RADIO — 0.5%
Radio One, Inc., Sr. Sub. Notes
6.375%, 02/15/13 144A	B2		250		244,375
Sinclair Broadcasting Group, Inc., Gtd
8.75%, 12/15/11	B2		250		256,875
XM Satellite Radio, Inc., Sec’d. Notes, Zero Coupon (until 12/31/05)
14.00%, 12/31/09	Caa1		203		207,509

					708,759

MEDIA — CABLE — 4.4%
Adelphia Communications Corp., Sr. Notes
10.25%, 06/15/11 (cost $247,500; purchased 07/14/04)(g)(i)	NR		250		226,250
Cablevision Systems Corp. Holdings, Inc., Sr. Notes
7.875%, 12/15/07	B1		500		513,750
8.125%, 07/15/09	B1		150		154,500
Cablevision Systems Corp., Sr. Notes
8.00%, 04/15/12 144A	B3		500		495,625
Charter Communications Holdings LLC, Sr. Notes
10.25%, 09/15/10	Caa1		500		501,875
9.92%, 04/01/11	Ca		750		532,500
10.00%, 05/15/11	Ca		750		528,750

131

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Ono Finance PLC, Gtd. Notes (United Kingdom)
10.50%, 05/15/14	Caa2		EUR 500	$	670,772
Tele Columbus AG & Co., Sr. Notes (Germany)
9.375%, 04/15/12	B3		EUR 250		316,887
Tele Columbus AG & Co., Sr. Sub. Notes (Germany)
9.375%, 04/15/12	B3		EUR 500		633,775
Telenet Communication NV, Sr. Notes (Belgium)
9.00%, 12/15/13	B3		EUR 500		710,986
Telenet Group Holdings NV, Disc. Notes, Zero Coupon (until 12/15/08) (Belgium)
11.50%, 06/15/14 144A(l)	Caa2	$	1,000		755,000

					6,040,670

MEDIA — NON CABLE — 1.5%
DIRECTV Holdings LLC, Sr. Notes
8.375%, 03/15/13	Ba2		500		543,750
Echostar DBS Corp., Sr. Notes
5.75%, 10/01/08	Ba3		375		370,781
Lamar Media Corp., Gtd. Notes
7.25%, 01/01/13	Ba3		600		621,000
Panamsat Corp., Gtd. Notes
9.00%, 08/15/14	B1		325		339,625
Panamsat Holding Corp., Sr. Disc. Notes, Zero coupon (until 11/01/09)
10.375%, 11/01/14	B3		250		161,250

					2,036,406

METALS — 3.0%
AK Steel Corp., Gtd. Notes
7.75%, 06/15/12	B1		500		447,500
Almatis Holding BV, Sr. Notes (Netherland)
9.00%, 07/15/12	B3		EUR 150		215,709
Euramax International PLC, Sr. Sub. Notes
8.50%, 08/15/11	B2	$	750	$	798,750
Neenah Corp., Sec’d. Notes
11.00%, 09/30/10 144A	B2		500		547,500
Novelis, Inc., Sr. Notes (Canada)
7.25%, 02/15/15 144A(l)	B1		250		243,125
OM Group, Inc., Gtd. Notes
9.25%, 12/15/11	Caa1		500		507,500
Ryerson Tull, Inc., Notes
9.125%, 07/15/06	B2		550		558,250
UCAR Finance, Inc., Gtd. Notes
10.25%, 02/15/12	B2		250		262,500
United States Steel Corp., Sr. Notes
9.75%, 05/15/10	Ba2		484		534,820

					4,115,654

PACKAGING — 4.1%
Consolidated Container Co., Gtd. Notes
10.125%, 07/15/09	Caa2		250		225,000
Consolidated Container Co., Sr. Disc. Notes, Zero Coupon (until 06/15/07)
10.75%, 06/15/09	B3		500		407,500
Crown European Holdings SA, Sec’d. Notes (France)
9.50%, 03/01/11(l)	B1		250		271,250
10.875%, 03/01/13(l)	B2		250		286,875
Crown European Holdings SA, Sec’d. Notes (France)
10.25%, 03/01/11	B2		EUR 250		361,123
Gerresheimer Holdings GMBH, Gtd. Notes (Germany)
7.875%, 03/01/15 144A	Caa1		EUR 250		301,606

132


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Graham Packaging Co. Sub. Notes
9.875%, 10/15/14 144A	Caa2	$	1,500	$	1,440,000
Graham Packaging International Corp., Sr. Sub. Notes
9.50%, 08/15/13	B3		500		500,000
Huntsman Packaging Corp., Gtd. Notes
13.00%, 06/01/10	Caa2		500		377,500
Owens-Brockway Glass Container, Inc., Gtd. Notes
8.875%, 02/15/09	B1		500		535,000
8.25%, 05/15/13	B2		375		399,375
Pliant Corp., Sec’d. Notes
11.125%, 09/01/09	B3		125		114,375
Portola Packaging, Inc., Sr. Notes
8.25%, 02/01/12	Caa1		125		83,750
Russell Stanley Holdings, Inc., Sr. Sub. Notes
9.00%, 11/30/08 [PIK] 144A (cost $144,330; purchased 02/05/99- 02/28/05)(g)	NR		54		0
Tekni-Plex, Inc., Gtd. Notes
12.75%, 06/15/10	Caa2		125		103,750
Tekni-Plex, Inc., Sec’d. Notes
8.75%, 11/15/13 144A (cost $244,509; purchased 02/16/05)(g)	Caa1		250		233,750

					5,640,854

PAPER — 2.4%
Ainsworth Lumber Co. Ltd., Sr. Notes (Canada)
7.25%, 10/01/12 144A(l)	B2		250		237,500
Boise Cascade LLC., Sr. Notes
7.125%, 10/15/14 144A	B2	$	250	$	238,750
Georgia-Pacific Corp., Gtd. Notes
9.375%, 02/01/13	Ba2		500		559,375
Georgia-Pacific Corp., Notes
8.125%, 05/15/11	Ba3		500		549,375
Jefferson Smurfit Corp., Gtd. Notes
7.50%, 06/01/13	B2		250		235,000
Jefferson Smurfit Corp., Sr. Notes (Ireland)
9.625%, 10/01/12(l)	B3		500		497,500
JSG Holding PLC (Ireland)
11.50%, 10/01/15 [PIK] 144A	Caa2	EUR	255		278,784
Stone Container Corp., Sr. Notes
9.75%, 02/01/11	B2		500		526,250
Tembec Industries, Inc., Gtd. Notes
8.50%, 02/01/11(l)	B2		250		192,500

					3,315,034

PIPELINES — 4.1%
El Paso Corp., Notes
7.875%, 06/15/12	Caa1		1,000		982,500
El Paso Corp., Sr. Notes
6.75%, 05/15/09	Caa1		500		482,500
7.80%, 08/01/31	Caa1		750		684,375
Southern Natural Gas Co., Notes
8.00%, 03/01/32	B1		250		277,411
Tennessee Gas Pipeline Co., Bonds
8.375%, 06/15/32	B1		350		403,255
Tennessee Gas Pipeline Co., Debs.
7.50%, 04/01/17	B1		500		541,184
Transcontinental Gas Pipe Co., Sr. Notes, Series B
8.875%, 07/15/12	Ba2		475		555,750

133

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING		PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Williams Cos., Inc., Notes
8.125%, 03/15/12	B1		$	375	$	412,500
7.625%, 07/15/19	B1			750		808,125
7.875%, 09/01/21	B1			500		540,000

						5,687,600

PUBLISHING — 5.1%
Advanstar Communications, Inc., Gtd. Notes
12.00%, 02/15/11	Caa2			500		535,000
Advanstar Communications, Inc., Sec’d. Notes
10.75%, 08/15/10	B3			125		137,500
Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05)
15.00%, 10/15/11	NR			250		236,250
Advertising Direct Solutions, Sr. Notes (Canada)
9.25%, 11/15/12(l) 144A (cost $384,294; purchased 10/28/04)(g)	Caa1			375		393,750
American Media Operations, Inc., Gtd. Notes
8.875%, 01/15/11	B2			75		76,688
Dex Media East LLC, Gtd. Notes
12.125%, 11/15/12	B2			487		575,269
Dex Media West Finance, Sr. Sub. Notes
9.875%, 08/15/13	B2			303		337,845
Dex Media, Inc., Disc. Notes, Zero Coupon (until 11/15/08)
9.00%, 11/15/13	B	(d)		1,000		755,000
Houghton Mifflin Co., Sr. Disc. Notes, Zero Coupon (until 10/15/08)
11.50%, 10/15/13	Caa2			350		234,500
Houghton Mifflin Co., Sr. Sub. Notes
9.875%, 02/01/13	Caa1			250		253,750
Lighthouse International Co. SA, Sr. Notes (Luxembourg)
8.00%, 04/30/14	B3			EUR1,000		1,278,809
Vertis, Inc., Gtd. Notes, Series B
10.875%, 06/15/09	Caa1			250		222,500
WDAC Subsidiary Corp., Sr. Notes
8.375%, 12/01/14 144A	B2			250		228,125
8.50%, 12/01/14	Caa1			1,000		1,138,864
Yell Finance BV, Sr. Disc. Notes, Zero Coupon (until 08/01/06) (Netherlands)
13.50%, 08/01/11(l)	B1			592		591,260
Ziff Davis Media, Inc., Gtd. Notes, Series B
12.00%, 08/12/09 [PIK]	CCC	+(d)		92		101,546

						7,096,656

REAL ESTATE — 0.1%
CB Richard Ellis Service, Sr. Notes
9.75%, 05/15/10	B1			114		127,680

RETAILERS — 0.7%
General Nutrition Center, Sr. Sub. Notes
8.50%, 12/01/10	Caa1			200		154,000
Penney, (J.C.) Co., Inc., Notes
9.00%, 08/01/12	Ba2			500		575,000
Victoria Acquisition III BV, Sr. Notes (Netherlands)
7.875%, 10/01/14	B3			EUR 250		302,410

						1,031,410

RETAILERS — FOOD & DRUG — 1.1%
Brake Brothers Finance PLC, Sr. Notes (United Kingdom)
12.00%, 12/15/11	B3			GBP 250		541,167
Couche-Tard Corp., Sr. Sub. Notes
7.50%, 12/15/13	Ba3			250		257,500

134


	MOODY’S RATING		PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Jean Coutu PJC, Inc. Sr. Sub. Note (Canada)
8.50%, 08/01/14(l)	B3		$	500	473,750
Rite Aid Corp., Sec’d. Notes
8.125%, 05/01/10	B2			250	245,000

					1,517,417

TECHNOLOGY — 1.9%
Activant Solutions, Sr. Notes
10.50%, 06/15/11	B2			375	395,625
Amkor Technology, Inc., Notes
5.00%, 03/15/07	Caa1			125	100,625
9.25%, 02/15/08	B3			250	223,125
Lucent Technologies, Debs.
6.45%, 03/15/29	B2			500	424,375
Riverdeep Group Ltd., Sr. Notes (Ireland)
9.25%, 04/15/11	B3		EUR	250	347,450
TSI Telecommunication Services, Inc., Gtd. Notes
12.75%, 02/01/09	B2			56	62,440
Xerox Corp., Gtd. Notes
9.75%, 01/15/09	Ba2			500	570,000
Xerox Corp., Sr. Notes
7.625%, 06/15/13	Ba2			500	536,250

					2,659,890

TELECOMMUNICATIONS — 2.5%
Cincinnati Bell, Inc., Sr. Sub. Notes
8.375%, 01/15/14	B3			500	478,750
Citizens Communications, Sr. Notes
6.25%, 01/15/13	Ba3			250	234,375
Eircom Funding, Sr. Sub. Notes (Ireland)
8.25%, 08/15/13(l)	B1			250	271,250
Inmarsat Finance II Plc, Sr. Disc. Notes
10.375%, 11/15/12	Caa1			500	372,500
Qwest Capital Funding Co., Gtd. Notes
7.90%, 08/15/10	Caa2			250	231,250
Qwest Corp., Notes
9.125%, 03/15/12 144A	Ba3		$	750	798,750
Qwest Services Corp., Notes
13.50%, 12/15/10 144A	Caa1			1,000	1,130,000

					3,516,875

TELECOMMUNICATIONS — CELLULAR — 3.6%
Alamosa Delaware, Inc., Gtd. Notes, Zero Coupon (until 7/31/05)
12.00%, 07/31/09	Caa1			250	273,750
Alamosa Delaware, Inc., Notes
8.50%, 01/31/12	Caa1			500	520,000
American Cellular Corp., Sr. Notes, Series B
10.00%, 08/01/11	Caa1			250	235,000
Centennial Cellular Operating Co., Gtd. Notes
10.125%, 06/15/13	Caa1			250	274,375
Horizon PCS, Inc., Sr. Notes
11.375%, 07/15/12 144A	CCC	(d)		125	138,750
Nextel Communications, Inc., Sr. Notes
7.375%, 08/01/15	Ba3			875	936,249
Nextel Communications, Sr. Notes
5.95%, 03/15/14	Ba3			500	508,750
Nextel Partners, Inc., Sr. Notes
12.50%, 11/15/09	B3			51	56,100
8.125%, 07/01/11	B3			200	216,000
Oskar Mobil AS, Sec’d. Notes (Czech Republic)
7.50%, 10/15/11 144A	B1		EUR	188	278,217
Rodgers Wireless Inc., Sec’d. Notes (Canada)
7.50%, 03/15/15(l)	Ba3			250	257,813

135

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Rodgers Wireless Inc., Sr. Sub. Notes (Canada)
8.00%, 12/15/12(l)	B2	$	125	128,750
Rodgers Wireless, Inc., Sr. Sec’d. Notes
6.375%, 03/01/14	Ba3		625	601,563
US Unwired, Inc., Sec’d. Notes
10.00%, 06/15/12	Caa1		500	551,250

				4,976,567

TEXTILE — 1.1%
Collins & Aikman Corp., Gtd. Notes
9.75%, 02/15/10	Caa1		350	369,250
Propex Fabrics, Inc. Sr. Notes
10.00%, 12/01/12	Caa1		375	358,125
Russell Corp., Gtd. Notes
9.25%, 05/01/10	B1		275	286,688
Warnaco Group, Inc., Sr. Notes
8.875%, 06/15/13	B1		500	542,500

				1,556,563

TRANSPORTATION — 0.7%
Petroleum Helicopters, Inc., Gtd. Notes, Series B
9.375%, 05/01/09	B1		375	393,750
Stena AB, Sr. Notes (Sweden)
9.625%, 12/01/12(l)	Ba3		500	543,750
				937,500

TOTAL CORPORATE OBLIGATIONS (Cost $128,142,782)				130,967,607


	SHARES
COMMON STOCK — 0.1%
CHEMICALS
General Chemicals
Industry Products*	179		49,907

METALS — 0.1%
ACP Holding Co.*	58,411		112,441


	SHARES	VALUE (NOTE 2)
PACKAGING
Russell Stanley Holdings, Inc.* (cost $80,450; purchased 02/05/99)(g)	6,000	$	0

TOTAL COMMON STOCK (Cost $577,916)			162,348

PREFERRED STOCK — 0.8%
PUBLISHING — 0.7%
Primedia, Inc., Series D, 10.00%	2,600		263,900
Primedia, Inc., Series F, 9.20%	6,750		678,375
Ziff Davis Media, Inc., Series E, 10.00%	24		1,662

			943,937

RETAILERS — 0.1%
General Nutrition Center, Series A, 12.00% [PIK]	250		183,125

TOTAL PREFERRED STOCK (Cost $1,131,807)			1,127,062


	UNITS
WARRANTS*
CHEMICALS
General Chemical
Industry Product, Inc., Series A, expiring 04/30/11 (cost $0; purchased 08/26/99 - 11/17/99)(g)	103		0
General Chemical
Industry Product, Inc., Series B, expiring 04/30/11 (cost $0; purchased 08/26/99 - 11/17/99)(g)	77		0

MEDIA — BROADCASTING & RADIO
XM Satellite Radio, Inc., expiring 03/15/10 144A (cost $79,313; purchased 08/31/00)(g)	450		27,449

PACKAGING
Pliant Corp., expiring 06/01/10 (cost $0; purchased 09/29/00)(g)	475		5

136


	UNITS	VALUE (NOTE 2)
PAPER
MDP Acquisitions PLC, expiring 10/01/13 (Ireland) 144A (cost $0; purchased 04/30/03)(g)	275	$	7,013

PUBLISHING
Advanstar Holdings Corp., expiring 10/15/11 144A (cost $0; purchased 10/09/01)(g)	225		5
Ziff Davis Media, Inc., expiring 08/12/12	4,400		440

			445

TOTAL WARRANTS* (Cost $79,357)			34,912

TOTAL LONG-TERM INVESTMENTS (Cost $129,931,862)			132,291,929


	SHARES
SHORT-TERM INVESTMENTS — 1.3%
REGISTERED INVESTMENT COMPANIES
BlackRock Provident Institutional Funds TempCash Portfolio(j)	871,738		871,738
BlackRock Provident Institutional Funds TempFund Portfolio(j)	871,738		871,738

TOTAL SHORT-TERM INVESTMENTS (Cost $1,743,476)			1,743,476

TOTAL INVESTMENTS(O) — 96.9% (Cost $131,675,338; Note 5)			134,035,405
OTHER ASSETS IN EXCESS OF LIABILITIES(U) — 3.1%			4,302,131

NET ASSETS — 100.0%		$	138,337,536

THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:



144A	—	Security was 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.

EUR	—	Euro

GBP	—	British Pound

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

PIK	—	Payment-in-kind

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

#	Principal amount is shown in U.S. dollars unless otherwise stated.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(d)	Standard & Poor’s rating.

(g)	Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $4,703,380. The aggregate value, $4,469,809 represents 3.23% of net assets.

(i)	Represents issuer in default on interest payments. Non-income producing security.

(j)	Security available to institutional investors only.

(l)	US$ Denominated Foreign Bonds.

(o)	As of April 30, 2005, 5 securities representing $49,912 and 0.0% of the total market value were fair valued in accordance with the policies adopted by the Board of Directors.

(u)	Liabilities in excess of other assets includes net unrealized appreciation on forward foreign currency contracts as follows:

Forward Foreign currency exchange contracts outstanding at April 30, 2005:

PURCHASE CONTRACT


SETTLEMENT MONTH	TYPE		CONTRACTS TO RECEIVE	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED DEPRECIATION
May 05	Buy	EUR	2,162,298	$	2,798,413	$	2,782,983	$	(15,430	)

SALE CONTRACTS


SETTLEMENT MONTH	TYPE		CONTRACTS TO DELIVER	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
May 05	Sell	EUR	15,589,015	$	20,121,956	$	20,063,824	$	58,132
May 05	Sell	GBP	286,438		531,850		546,122		(14,272	)

				$	20,653,806	$	20,609,946	$	43,860

137

Strategic Partners High Yield Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)

The industry classification of long-term portfolio holdings, short-term investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2005 were as follows:


Chemicals	8.7	%
Gaming	7.6
Consumer Products	6.9
Publishing	5.8
Food	4.9
Media—Cable	4.4
Health Care	4.3
Packaging	4.1
Pipelines	4.1
Telecommunications—Cellular	3.6
Building Materials	3.2
Metals	3.1
Automotive Parts	2.9
Electric	2.9
Conglomerates	2.5
Energy	2.5
Telecommunications	2.5
Paper	2.4
Consumer Cyclical—Services	2.2
Aerospace	2.1
Technology	1.9
Lodging	1.6
Media—Non Cable	1.5
Entertainment	1.4
Retailers—Food & Drug	1.1
Textile	1.1
Environmental	1.0
Capital Goods—Others	0.9
Media—Broadcast Towers	0.8
Retailers	0.8
Defense	0.7
Finance	0.7
Transportation	0.7
Media-Broadcasting & Radio	0.5
Airlines	0.1
Real Estate	0.1
Short-Term Investments	1.3

	96.9
Other assets in excess of liabilities	3.1

TOTAL	100.0	%

See Notes to Financial Statements.

138

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 77.1%
ASSET-BACKED SECURITIES — 0.8%
Ace Securities Corp., Series 2002-HE1, Class A
3.36%, 06/25/32(c)	Aaa		$	3	$	2,877
Brazos Student Loan Finance Corp., Series 1998-A, Class A2
2.80%, 06/01/23(c)	Aaa			1,546		1,560,956
CDC Mortgage Capital Trust, Series 2002-HE2, Class A
3.31%, 01/25/33(c)	Aaa			62		62,258
Conseco Finance Trust, Series 2000-C, Class A
3.18%, 12/15/29(c)	Aaa			416		416,106
Household Mortgage Loan Trust, Series 2002-HC1, Class A
3.29%, 05/20/32(c)	Aaa			217		217,895
Irwin Home Equity, Series 2002-1, Class 2A1
3.31%, 06/25/29(c)	Aaa			25		25,385

TOTAL ASSET-BACKED SECURITIES (Cost $2,262,182)						2,285,477

COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9%
Bear Stearns Alt-A Trust, Series 2005-4, Class 3A1
5.446%, 05/25/35(c)	Aaa			1,500		1,519,301
Bear Stearns Trust, Series 2002-9, Class 2A
5.272%, 10/25/32(c)	Aaa			93		93,432
CS First Boston Mortgage Securities Corp., Series 2002-AR8, Class 2A
6.074%, 04/25/32(c)	Aaa			35		35,201
Freddie Mac, Series 1628, Class LZ
6.50%, 12/15/23	Aaa			313		332,082
Series 1935, Class JZ
7.00%, 02/15/27	Aaa			1,175		1,234,901
Series 2241, Class PH
7.50%, 07/15/30	Aaa			775		804,719
Government National Mortgage Assoc., Series 2001-16, Class Z
6.75%, 10/16/40	Aaa		$	5,959	$	6,641,542
Prime Mortgage Trust, Series 2004-CL1, Class 1A2
3.42%, 02/25/34(c)	AAA	(d)		446		447,151
Series 2004-CL1, Class 2A2
3.25%, 02/25/19(c)	AAA	(d)		135		134,999
Regal Trust IV, Series 1999-1, Class A
3.525%, 09/29/31 144A (cost $2,112,093; purchased 10/26/01)(c)(g)	Aaa			2,100		2,071,753
Sequoia Mortgage Trust, Series 8, Class 2A
3.29%, 08/20/32(c)	Aaa			1,375		1,375,504
Structured Asset Mortgage Investments, Inc., Series 2002-AR3, Class A1
3.31%, 09/19/32(c)	Aaa			667		668,093
Series 2002-13, Class 3A1
3.47%, 06/25/17(c)	Aaa			362		362,336
Series 2002-14A, Class 2A1
6.15%, 07/25/32(c)	Aaa			117		117,380
Structured Asset Securities Corp., Series 2002-1A, Class 4A
6.127%, 02/25/32(c)	Aaa			62		62,653
Torrens Trust, Series 2000-1GA, Class A
3.214%, 07/15/31 144A(c)	Aaa			347		346,898
Washington Mutual, Series 2002-AR11, Class A1
5.131%, 10/25/32(c)	Aaa			484		490,266

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $15,853,798)						16,738,211

139

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	MOODY’S RATING	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS — 6.7%
AUTOMOBILE MANUFACTURERS — 0.8%
Daimlerchrysler NA Holdings, Gtd. Notes
3.15%, 11/16/06(c)	A3	$	2,200	$	2,191,959

FINANCIAL — BANK & TRUST 1.4%
Bank of America Corp., Sr. Notes
3.30%, 08/26/05(c)	Aa2		4,000		4,002,468

FINANCIAL SERVICES — 2.6%
American General Finance, Notes
3.092%, 03/23/07(c)	A1		100		99,838
Citigroup Global Markets, Notes
2.999%, 03/07/08(c)	Aa1		1,200		1,200,182
Ford Motor Credit Co., Notes
7.60%, 08/01/05	A3		300		302,120
6.875%, 02/01/06	A3		1,100		1,112,868
General Motors Acceptance Corp., Notes
7.50%, 07/15/05	Baa1		600		602,787
6.125%, 09/15/06	Baa2		2,300		2,287,023
Pemex Project Funding Master Trust, Gtd. Notes
7.375%, 12/15/14	Baa1		300		326,700
Phoenix Quake Ltd., Notes
4.47%, 07/03/08 144A (cost $700,000; purchased 06/18/03—03/29/05)(c)(g)	Baa3		700		721,416
Qwest Capital Funding Corp., Gtd. Notes
7.25%, 02/15/11	Caa2		717		645,300

					7,298,234

INSURANCE — 1.0%
Residential Reinsurance Ltd., Sec’d. Notes
7.86%, 06/08/06 144A (cost $3,000,000; purchased 05/22/03)(c)(g)	Ba2		3,000		2,920,465

OIL & GAS — 0.6% El Paso Corp., Sr. Notes
7.75%, 01/15/32	Caa1		2,000		1,850,000

TELECOMMUNICATIONS — 0.3%
Sprint Capital Corp., Gtd. Notes
6.125%, 11/15/08	Baa3	$	800	$	841,427

TOTAL CORPORATE OBLIGATIONS (Cost $19,159,171)					19,104,553

FOREIGN GOVERNMENT BONDS — 6.5%
Canadian Government (Canada)
5.75%, 06/01/33	Aaa		300		282,166
3.00%, 12/01/36	Aaa		102		101,087
French Government (France)
5.75%, 10/25/32	Aaa		1,100		1,836,884
4.75%, 04/25/35	Aaa		800		1,167,807
4.00%, 04/25/49	Aaa		200		258,208
German Government (Germany)
5.625%, 01/04/28	Aaa		300		484,870
5.50%, 01/04/31	Aaa		300		481,933
4.75%, 07/04/34	Aaa		500		730,617
Republic of Brazil (Brazil)
4.25%, 10/17/05 [BRB](c)	B2		176		176,317
4.313%, 04/15/09 [BRB](c)	B2		376		370,375
8.84%, 06/29/09(c)	B1		100		114,375
11.00%, 01/11/12 [BRB]	B1		3,670		4,266,376
4.313%, 04/15/12 [BRB](c)	B1		165		155,013
8.00%, 04/15/14 [BRB]	B2		633		632,516
11.00%, 08/17/40	B1		300		340,275
Republic of Panama (Panama)
9.375%, 07/23/12	Ba1		700		822,500
8.875%, 09/30/27	Ba1		700		787,500
Republic of Peru (Peru)
9.125%, 02/21/12	Ba3		800		919,226
Russian Federation (Russia)
5.00%, 03/31/30(c)	Baa3		2,500		2,660,501
Spanish Government (Spain)
5.75%, 07/30/32	Aaa		300		500,275
4.20%, 01/31/37	Aaa		300		400,212

140


	MOODY’S RATING		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
United Mexican States (Mexico)
9.875%, 02/01/10	Baa1		$	200	$	239,100
6.375%, 01/16/13	Baa1			600		627,300
8.125%, 12/30/19	Baa1			100		117,350

TOTAL FOREIGN GOVERNMENT BONDS (Cost $17,207,315)						18,472,783

MUNICIPAL BONDS — 1.2%
NEW JERSEY 0.8%
Tobacco Settlement Funding Corp. Revenue Bonds
4.375%, 06/01/19	Baa2			900		904,959
6.125%, 06/01/42	Baa2			1,200		1,209,852

						2,114,811

NEW YORK — 0.4%
Metropolitan Transportation Authority New York Revenue Bonds
7.63%, 11/15/33 144A (cost $802,216; purchased 03/24/05)(g)	NR			750		831,645
New York City Municipal Water Finance Authority
5.00%, 06/15/38 144A (cost $325,659; purchased 04/29/05)(g)	AA	+(d)		300		325,659
New York State General Obligation Bond
6.66%, 03/02/30 144A (cost $105,047; purchased 03/24/05)(c)(g)	NR			100		107,696

						1,265,000

TOTAL MUNICIPAL BONDS (Cost $3,076,214)						3,379,811


U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 41.8%
Federal Home Loan Mortgage Corp.
5.00%, 11/01/18		1,808		1,824,453
6.00%, 02/01/16-01/02/34		4,211		4,331,698
7.818%, 07/01/30(c)		15		14,837
8.50%, 08/01/24-12/01/25		82		89,091

				6,260,079

Federal National Mortgage Assoc.
3.287%, 09/01/40(c)	$	887	$	904,014
4.116%, 05/01/36(c)		4,996		5,100,017
4.50%, 02/01/20		982		973,550
4.548%, 01/02/28(c)		76		77,872
5.00%, 09/01/17-03/01/34		38,286		38,593,244
5.00%, [TBA]		10,000		9,936,871
5.50%, 03/01/16-05/01/34		7,021		7,173,178
5.50%, [TBA]		42,000		42,406,895
5.937%, 11/01/11(c)		4,332		4,639,546
6.00%, 11/01/16-03/01/33		3,036		3,148,070

				112,953,257

Government National Mortgage Assoc.
3.375%, 05/20/30(c)		502		500,355

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $119,140,825)				119,713,691

U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.8%
Federal Housing Authority
3.00%, 01/02/09		436		422,657
Small Business Administration
7.449%, 08/01/10		242		259,041
6.344%, 08/01/11		2,933		3,075,690
6.29%, 01/02/21		961		1,018,624
5.13%, 09/01/23		276		281,054

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,851,405)				5,057,066

U.S. TREASURY OBLIGATIONS — 12.2%
U.S. Treasury Bonds
5.25%, 11/15/28		4,100		4,473,4858
U.S. Treasury Inflationary Bonds [TIPS]
3.375%, 01/15/07(k)		700		889,618
3.875%, 01/15/09		5,400		6,981,183
4.25%, 01/15/10		700		913,087
0.875%, 04/15/10		5,200		5,194,716
3.50%, 01/15/11		4,200		5,208,446
3.00%, 07/15/12		1,900		2,255,061
1.875%, 07/15/13		200		215,408
2.00%, 01/15/14		500		539,020
2.00%, 07/15/14		4,900		5,175,739

141

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
1.625%, 01/15/15	$	1,300	$	1,309,854
2.375%, 01/15/25		1,400		1,556,354
3.625%, 04/15/28		200		316,946

TOTAL U.S. TREASURY OBLIGATIONS (Cost $33,811,058)				35,028,917


	SHARES
PREFERRED STOCK — 0.2%
FINANCIAL SERVICES
Fannie Mae, 7.00% (Cost $399,100)		7,900		440,672

TOTAL LONG-TERM INVESTMENTS (Cost $215,761,068)				220,221,181


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 40.7%
COMMERCIAL PAPER — 25.4%
Barclays Capital Funding
2.93%, 06/14/05	$	4,000	3,978,535
Carolina Power Co.
3.67%, 10/11/05		100	98,134
Comcast Corp.
3.19%, 05/18/05		300	299,575
Danske Corp.
2.65%, 05/23/05		800	798,743
GE Capital Corp.
2.84%, 06/01/05		2,300	2,291,460
2.97%, 06/20/05		6,500	6,460,148
HBOS Treasury PLC
2.83%, 05/31/05		8,200	8,171,648
Ixis
2.605%, 05/18/05 144A (cost $3,695,716; purchased 01/06/05)(h)		3,700	3,695,495
2.775%, 06/08/05 144A (cost $1,196,578; purchased 02/16/05)(h)		1,200	1,196,400
3.08%, 07/19/05 144A (cost $3,774,641; purchased 04/26/05)(h)		3,800	3,772,691
National Funding
2.82%, 05/05/05 144A (cost 6,198,543; purchased 04/22/05)(h)		6,200	6,198,543


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Royal Bank of Scotland
2.96%, 05/25/05	$	7,900	$	7,885,060
Skandinaviska Enskilda Banken AB
2.68%, 05/03/05 144A (cost $899,933; purchased 02/03/05)(h)		900		899,932
2.70%, 05/27/05 144A (cost $1,696,813; purchased 01/27/05)(h)		1,700		1,696,600
2.85%, 06/24/05 144A (cost $4,580,699; purchased 02/24/05)(h)		4,600		4,561,398
3.07%, 07/14/05 144A (cost $1,490,662; purchased 04/29/05)(h)		1,500		1,490,278
Spintab AB
3.08%, 08/11/05		300		297,048
Svenska Handelsbanken, Inc.
3.05%, 07/20/05		3,900		3,869,932
Swedbank
2.71%, 05/31/05		2,800		2,793,786
Total Finance
2.87%, 05/03/05 144A (cost $7,899,370; purchased 04/26/05)(h)		7,900		7,899,370
UBS Finance (DE) LLC, Inc.
2.86%, 05/03/05		400		399,968
2.795%, 05/04/05		600		599,907
2.805%, 05/06/05		1,000		999,688
2.865%, 05/13/05		400		399,650
2.95%, 05/25/05		2,100		2,096,042

				72,850,031

FOREIGN TREASURY BILLS — 10.1%
French Government (France)
2.07%, 06/16/05(n)		9,100		11,681,079
Spanish Government (Spain)
2.06%, 06/17/05(n)		13,380		17,175,210

				28,856,289

142


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.8%
Federal Home Loan Bank
2.80%, 05/02/05(n)	$	100	$	100,000
Federal Home Loan Mortgage Corp.
2.96%, 07/12/05(n)		400		397,708
3.00%, 08/08/05(n)		1,600		1,586,913
Federal National Mortgage Assoc.
2.71%, 06/13/05(n)		300		299,018
2.73%, 06/13/05(n)		1,500		1,495,091
2.915%, 06/22/05(n)		1,200		1,199,401
2.97%, 07/13/05(n)		1,500		1,491,285
3.03%, 08/03/05(n)		100		99,224
3.04%, 08/09/05(n)		1,200		1,190,083

				7,858,723

U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bills
2.44%, 05/05/05(n)(k)		20		19,996
2.71%, 06/02/05(n)(k)		140		139,680
2.658%, 06/16/05(n)(k)		10		9,967
2.74%, 06/16/05(n)(k)		968		964,831
2.75%, 06/16/05(n)(k)		10		9,967

				1,144,441


	SHARES
REGISTERED INVESTMENT COMPANIES — 2.0%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		2,851,715		2,851,715
BlackRock Provident Institutional Funds TempFund Portfolio(j)		2,851,714		2,851,714

				5,703,429


	NUMBER OF CONTRACTS
OUTSTANDING PUT OPTIONS PURCHASED*
3-Month Euro-Euribor Interest Futures, Strike Price $97.75, Expires 06/13/05		45		0
Eurodollar Futures, Strike Price $95.50, Expires 06/13/05		75	$	469
Eurodollar Futures, Strike Price $95.875, Expires 6/13/05		71		0
Eurodollar Futures, Strike Price $96.00, Expires 6/13/05		150		937
Eurodollar Futures, Strike Price $96.25, Expires 6/13/05		2		13

				1,419

TOTAL SHORT-TERM INVESTMENTS (Cost $116,574,797)				116,414,332

TOTAL INVESTMENTS, BEFORE OUTSTANDING OPTIONS WRITTEN —117.8% (Cost $332,335,865; Note 5)				336,635,513

*OUTSTANDING OPTIONS WRITTEN CALL OPTIONS**
U.S. Treasury Note Futures, Strike Price $112, Expires 05/20/05		19		(6,531	)
U.S. Treasury Note Futures, Strike Price $113, Expires 05/20/05		75		(9,375	)
U.S. Treasury Note Futures, Strike Price $114, Expires 05/20/05		33		(1,547	)
U.S. Treasury Note Futures, Strike Price $116, Expires 05/20/05		40		(18,750	)
U.S. Treasury Note Futures, Strike Price $118, Expires 05/20/05		3		(281	)

				(36,484	)

143

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	NUMBER OF CONTRACTS	VALUE (NOTE 2)
PUT OPTIONS
3-Month UK LIBOR Interest Futures, Strike Price $94.25, Expires 06/15/05	22	$	0
U.S. Treasury Note Futures, Strike Price $108, Expires 05/20/05	208		(4,860	)
U.S. Treasury Note Futures, Strike Price $111, Expires 05/20/05	50		(4,687	)

			(9,547	)

TOTAL OUTSTANDING OPTIONS WRITTEN (Premium Received $199,036)			(46,031	)

TOTAL INVESTMENTS, NET OF OUTSTANDING OPTIONS WRITTEN — 117.8% (Cost $332,136,829)			336,589,482
LIABILITIES IN EXCESS OF OTHER ASSETS(U) — (17.8%)			(50,976,566	)

NET ASSETS — 100.0%		$	285,612,916

THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


144A		—Security was 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.

BRB		— Brady Bond

BRC		— Brazilian Real

CAD		— Canadian Dollar

CLP		— Chilean Peso

EUR		— Euro

INR		— Indonesian Rupiah

JPY		— Japanese Yen

KRW		— Korean Won

MXN		— Mexican Peso

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

PEN		— Peruvian Sol

PLZ		— Polish Zloty

RUB		— Russian Rouble

SGD		— Singapore Dollar

SKK		— Slovak Koruna

TBA		— Securities purchased on a forward commitment basis

TIPS		— Treasury Inflation Protection Securities

TWD		— Taiwan Dollar

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(d)	Standard & Poor’s rating.

(g)	Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $7,155,262. The aggregate value, $7,543,081 represents 2.64% of net assets.

(h)

Security is restricted as to resale and generally is sold only to institutional investors who agree that they are purchasing the paper for investment and not with a view to public distribution (does not include 144A securities — see footnote above). At the end of the current reporting period, the aggregate cost of such securities was $31,432,955. The aggregate market value of $31,410,707 is approximately 11.0% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.

(j)	Security available to institutional investors only.

(k)	Securities or a portion thereof with an aggregate market value of $1,506,643 have been segregated with the custodian to cover margin requirements for open futures contracts.

(n)	Rates shown are the effective yields at purchase date.

(u)	Liabilities in excess of other assets includes net unrealized appreciation (depreciation) on futures contracts, forward foreign currency contracts, interest rate and credit default swaps as follows:

Open futures contracts at April 30, 2005:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT APRIL 30, 2005		UNREALIZED APPRECIATION (DEPRECIATION)
LONG POSITIONS:
5	Euro Dollar	Jun 05	$	1,216,188	$	1,207,188	$	(9,000	)
333	Euro Dollar	Sep 05		80,659,225		80,132,287		(526,938	)
191	Euro Dollar	Dec 05		45,998,613		45,871,038		(127,575	)
66	Euro Dollar	Mar 06		15,806,213		15,830,100		23,887
3	Euro Dollar	Sep 06		718,525		718,050		(475	)
5	Japanese Government 10 Year Bond	Jun 05		6,555,720		6,700,525		144,805
135	U.S. Treasury 30 Year Bond	Jun 05		14,830,890		15,041,953		211,063
13	U.S. Treasury 5 Year Note	Jun 05		1,397,094		1,409,891		12,797
61	U.S. Treasury 10 Year Note	Jun 05		6,829,406		7,005,469		176,063

							$	(95,373	)

144

Forward foreign currency exchange contracts outstanding at April 30, 2005:

PURCHASE CONTRACTS


SETTLEMENT MONTH	TYPE		CONTRACTS TO RECEIVE	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
May 05	Buy	BRC	260,000	$	97,579	$	102,828	$	5,249
Jun 05	Buy	BRC	301,000		106,927		119,043		12,116
Jul 05	Buy	BRC	122,000		45,085		48,250		3,165
Sep 05	Buy	BRC	1,556,200		547,387		615,464		68,077
May 05	Buy	CLP	61,773,000		108,468		106,070		(2,398	)
Jun 05	Buy	CLP	60,602,000		102,741		104,060		1,319
Jun 05	Buy	INR	6,752,000		155,337		155,040		(297	)
Jun 05	Buy	JPY	478,902,000		4,444,580		4,585,822		141,242
May 05	Buy	KRW	101,700,000		99,016		101,995		2,979
Jun 05	Buy	KRW	118,000,000		117,822		118,342		520
Jul 05	Buy	KRW	181,624,000		181,760		182,151		391
May 05	Buy	MXN	916,000		81,455		82,394		939
Jun 05	Buy	MXN	1,122,000		98,210		100,336		2,126
May 05	Buy	PEN	297,000		90,881		91,230		349
Jun 05	Buy	PEN	348,000		106,732		106,896		164
May 05	Buy	PLZ	272,000		88,003		81,532		(6,471	)
Jun 05	Buy	PLZ	274,000		87,860		81,962		(5,898	)
May 05	Buy	RUB	2,489,000		89,148		89,594		446
Jun 05	Buy	RUB	3,048,000		110,595		109,715		(880	)
Jul 05	Buy	RUB	2,404,000		86,631		86,534		(97	)
May 05	Buy	SGD	149,000		91,003		91,109		106
Jun 05	Buy	SGD	171,000		105,593		104,673		(920	)
Jul 05	Buy	SGD	142,000		86,454		87,015		561
May 05	Buy	SKK	2,808,000		96,594		91,813		(4,781	)
Jun 05	Buy	SKK	3,343,000		114,162		109,396		(4,766	)
May 05	Buy	TWD	2,900,000		92,298		92,830		532
Jun 05	Buy	TWD	3,321,000		109,369		106,306		(3,063	)

				$	7,541,690	$	7,752,400	$	210,710

SALE CONTRACTS


SETTLEMENT MONTH	TYPE		CONTRACTS TO DELIVER	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Sep 05	Sell	BRC	391,000	$	147,163	$	154,637	$	(7,474	)
Jun 05	Sell	CAD	471,000		380,631		374,356		6,275
May 05	Sell	EUR	6,298,000		8,186,501		8,107,656		78,845
Jun 05	Sell	EUR	22,480,000		29,100,266		28,974,549		125,717

				$	37,814,561	$	37,611,198	$	203,363

Interest rate swap agreements outstanding at April 30, 2005:


DESCRIPTION	EXPIRATION MONTH/ YEAR	NOTIONAL AMOUNT (000)		UNREALIZED APPRECIATION (DEPRECIATION)
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $31,807; purchased on 04/01/05)(g)(1)	Mar 32	EUR	300	$	3,341
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $40,718; purchased on 07/08/04-07/22/04)(g)(4)	Jun 34	EUR	1,000		124,487
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $30,247; purchased on 11/15/04)(g)(4)	Jun 34	EUR	400		35,670
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost ($343); purchased on 03/26/02)(g)(3)	Mar 32	EUR	1,300	$	152,770
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $12,457; purchased on 05/15/02-07/02/02)(g)(6)	Mar 32	EUR	1,300		139,973
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost 6,098; purchased on 02/01/05)(g)(1)	Jun 11	GBP	1,800		17,990
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(3)	Mar 32	GBP	700		(24,330	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(6)	Mar 32	GBP	600		(24,587	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(1)	Mar 32	GBP	300		(6,591	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%.(2)	Jun 12	JPY	130,000		(91,546	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%.(2)	Jun 12	JPY	129,100		(87,574	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%.(6)	Jun 12	JPY	250,000		(175,993	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%.(5)	Jun 12	JPY	130,000		(90,409	)

				$	(26,799	)

Broker/Counterparty:

(1)	Barclays Bank PLC

(2)	Goldman Sachs

(3)	JP Morgan Chase & Co.

(4)	Merrill Lynch

(5)	Morgan Stanley

(6)	UBS — Warburg

Credit default swap agreements outstanding at April 30, 2005:


DESCRIPTION	EXPIRATION MONTH/ YEAR	NOTIONAL AMOUNT (000)		UNREALIZED APPRECIATION (DEPRECIATION)
Receive a fixed rate equal to 0.625% and the Portfolio will pay to the counterparty at par in the event of default of United Mexican States 11.5% due 05/15/26. (cost $0; purchased on 05/14/04)(g)(3)	May 05	$	200	$	48

145

Strategic Partners Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


DESCRIPTION	EXPIRATION MONTH/YEAR	NOTIONAL AMOUNT (000)	UNREALIZED APPRECIATION (DEPRECIATION)
Receive a fixed rate equal to 0.65% and the Portfolio will pay to the counterparty at par in the event of default of United Mexican States 7.5% due 04/08/33. (cost $0; purchased on 05/14/04)(g)(1)	May 05	100		26
Receive a fixed rate equal to 1.80% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/29. (cost $0; purchased on 05/30/03)(g)(3)	Jun 05	100		194
Receive a fixed rate equal to 1.10% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/27. (cost $0; purchased on 06/07/04)(g)(3)	Jun 05	300		290
Receive a fixed rate equal to 0.98% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5.0% due 03/31/30. (cost $0; purchased on 08/03/04)(g)(4)	Aug 05	500		742
Receive a fixed rate equal to 3.50% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Co. 7.0% due 10/01/13. (cost $0; purchased on 04/18/05)(g)(2)	Jun 06	1,500		14,453
Receive a fixed rate equal to 3.35% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Co. 7.0% due on 10/01/13. (cost $0; purchased on 04/12/05)(g)(4)	Jun 07	500		(289	)

			$	15,464

Broker/Counterparty:

(1)	Barclays Bank PLC

(2)	JP Morgan Chase & Co.

(3)	Morgan Stanley

(4)	UBS — Warburg

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2005 were as follows:


U.S. Government Agency Mortgage-Backed Securities	41.8	%
U.S. Treasury Obligations	12.2
Foreign Government Bonds	6.5
Collateralized Mortgage Obligations	5.9
Financial Services	2.8
U.S. Government Agency Obligations	1.8
Financial- Bank & Trust	1.4
Municipal Bonds	1.2
Insurance	1.0
Automobile Manufacturers	0.8
Asset-Backed Securities	0.8
Oil & Gas	0.6
Telecommunications	0.3
Short-Term Investments	40.7

	117.8
Liabilities in excess of other assets	-17.8

TOTAL	100.0	%

See Notes to Financial Statements.

146

Strategic Partners Money Market Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
COMMERCIAL PAPER — 47.0%
Abbey National North America LLC
2.84%, 05/02/05	$	4,250	$	4,250,000
Alliance & Leicester PLC
2.73%, 07/06/05 144A (cost $3,980,283; purchased 01/05/05)(h)		4,000		3,980,283
Banco Bilbao Vizc ARG PR
2.95%, 05/02/05 (cost $4,250,000; purchased 04/29/05)(h)		4,250		4,250,000
Barclays U.S. Funding
2.99%, 08/23/05		4,400		4,358,705
Citi Group, Inc.
2.74%, 05/19/05		4,000		3,994,824
Greenwich Capital Holdings
2.91%, 05/16/05(c)		4,500		4,500,000
Irish Life & Permanent Corp.
2.55%, 06/02/05 144A (cost $4,789,460; purchased 12/07/04)(h)		4,800		4,789,460
KFW International Finance
2.52%, 05/13/05 144A (cost $3,996,920; purchased 11/29/04)(h)		4,000		3,996,920
Nationwide Building Society
2.84%, 06/03/05 144A (cost $4,239,271; purchased 03/01/05)(h)		4,250		4,239,271
Northern Rock PLC
2.84%, 06/02/05 144A (cost $4,239,606; purchased 03/01/05)(h)		4,250		4,239,606
Rabobank USA Financial Corp.
2.95%, 05/02/05		4,250		4,250,000
Spintab AB
2.90%, 08/09/05		4,000		3,968,100
State Street Corp.
2.94%, 05/02/05		4,250		4,250,000
Total Capital
2.94%, 05/02/05 144A (cost $4,250,000; purchased 04/29/05)(h)		4,250		4,250,000
UBS Finance Delaware LLC
2.90%, 05/04/05	$	4,250	$	4,249,315
Westpac Capital Corp.
2.96%, 06/16/05		4,250		4,234,275

TOTAL COMMERCIAL PAPER (Cost $67,800,759)				67,800,759

EURO TIME DEPOSITS — 22.8%
Branch Bank and Trust
2.969%, 05/02/05		3,100		3,100,000
Calyon
2.92%, 05/03/05		4,250		4,250,000
Danske Bank AS Cayman
2.97%, 05/06/05		4,250		4,250,000
Dexia Cred Local de Fran
2.98%, 05/06/05		4,250		4,250,000
Ixis Corp & Invest Bank
2.99%, 05/05/05		4,250		4,250,000
National Australian Bank Cayman Island
2.94%, 05/02/05		4,250		4,250,000
Regions Bank
2.94%, 05/02/05		4,250		4,250,000
Societe Generale(Canada)
2.92%, 05/04/05		4,250		4,250,000

TOTAL EURO TIME DEPOSITS (Cost $32,850,000)				32,850,000

CERTIFICATES OF DEPOSIT — 15.9%
Federal Home Loan Mortgage Corp.
2.94%, 06/27/05		5,000		4,977,133
Lloyds TSB Bank PLC
3.061%, 07/25/05 (c)		5,000		4,998,653
Natexis Banque Populair Corp.
2.905%, 05/16/05 (c)		6,000		5,999,211
U.S. Bank NA
3.098%, 07/25/05 (c)		5,000		4,999,857
Wal-Mart Stores
5.199%, 06/01/05		2,000		2,004,785

TOTAL CERTIFICATES OF DEPOSIT (Cost $22,979,639)				22,979,639

147

Strategic Partners Money Market Fund

SCHEDULE OF INVESTMENTS

April 30, 2005

(Unaudited)


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS — 12.2%
3M Co.
5.674%, 12/12/05 144A	$	1,000	$	1,016,895
American Honda Finance Corp.
3.00%, 06/20/05 144A(c)		5,500		5,500,000
Bank of America Corp.
7.875%, 05/16/05		2,000		2,004,586
General Electric Capital Corp.
6.80%, 11/01/05		2,446		2,497,228
Goldman Sachs Group, Inc.
3.25%, 06/21/05(c)		2,250		2,254,598
HBOS Treasury Services PLC
3.16%, 07/12/05 144A(c)		2,000		2,000,695
Lehman Brothers Holdings, Inc.
3.25%, 07/22/05(c)		2,350		2,350,618

TOTAL CORPORATE OBLIGATIONS (Cost $17,624,620)				17,624,620

SOVEREIGN ISSUE — 1.3%
Province of Ontario
7.00%, 08/04/05 (Cost $1,821,326)		1,800		1,821,326

ASSET-BACKED SECURITY — 0.9%
Daimler Chrysler Auto Trust Series 2005-A Cl-A1
2.63%, 01/08/06 144A (Cost $1,322,821)		1,323		1,322,821


	SHARES
REGISTERED INVESTMENT COMPANIES
BlackRock Provident Institutional Funds TempCash Portfolio(j)	1,099		1,099
BlackRock Provident Institutional Funds TempFund Portfolio(j)	1,098		1,098

TOTAL REGISTERED INVESTMENT COMPANIES (Cost $2,197)			2,197

TOTAL INVESTMENTS — 100.1% (Cost $144,401,363)+			144,401,363
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%)			(160,205	)

NET ASSETS — 100.0%		$	144,241,158

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


144A		Security was 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.

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:


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

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(h)		Security is restricted as to resale and generally is sold only to institutional investors who agree that they are purchasing the paper for investment and not with a view to public distribution (does not include 144A securities — see footnote above). At the end of the current reporting period, the aggregate cost of such securities was $29,745,540. The aggregate market value of $29,745,540 is approximately 20.6% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.

(j)		Security available to institutional investors only.

The following is a breakdown of the money market portfolio by industry classification, as of April 30, 2005. Percentages are based on net assets.


Bank	57.1	%
Financial	28.5
Industrial	8.9
Government	3.5
Foreign Government	1.2
Asset-Backed Securities	0.9

	100.1
Liabilities in excess of other assets	-0.1

TOTAL	100.0	%

See Notes to Financial Statements.

148

THIS PAGE INTENTIONALLY LEFT BLANK

149

STATEMENTS OF ASSETS AND LIABILITIES

APRIL 30, 2005 (UNAUDITED)


	STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND			STRATEGIC PARTNERS SMALL-CAP GROWTH OPPORTUNITY FUND			STRATEGIC PARTNERS MANAGED SMALL-CAP GROWTH FUND			STRATEGIC PARTNERS SMALL COMPANY FUND			STRATEGIC PARTNERS MID-CAP GROWTH FUND
ASSETS:
Investments in Securities at Value (A) including Securities on Loan (D)	$	263,354,544		$	70,501,396		$	39,555,303		$	200,959,198		$	175,203,242
Cash (F)		—			631,573			492,059			226,570			3,204,557
Foreign Currency (B)		900,272			—			—			—			—
Swap Contracts, outstanding		—			—			—			—			—
Receivable For:
Securities Sold		7,556,677			—			—			902,374			—
Dividends and Interest		819,509			7,012			8,294			98,874			23,979
Futures Variation Margin		—			6,662			6,662			—			—
Fund Shares Sold		98,046			20,364			7,925			168,616			42,428
Unrealized Appreciation on Foreign Currency
Forward Contracts		—			—			—			—			—
Unrealized Appreciation on Swap Agreements		—			—			—			—			—
Receivable from Investment Manager		—			754			3,105			—			—
Prepaid Expenses		144,826			19,641			49,237			27,871			30,896

Total Assets		272,873,874			71,187,402			40,122,585			202,383,503			178,505,102

LIABILITIES:
Payable to Custodian		5,831,728			—			—			—			—
Written Options Outstanding, at Value (C)		—			—			—			—			—
Payable to Investment Manager		182,231			—			—			70,953			31,674
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			—			—			—
Unrealized Depreciation on Swap Agreements		—			—			—			—			—
Payable to Broker for Collateral for Securities on Loan		—			4,368,684			2,815,793			12,643,938			29,450,418
Payable For:
Securities Purchased		1,623,243			—			—			6,380			1,193,891
Fund Shares Redeemed		918,313			556,863			179,869			737,877			523,036
Futures Variation Margin		—			—			—			—			—
Distribution Fees		191,111			49,252			27,051			140,147			104,639
Deferred Directors' Fees		17,637			6,486			1,887			5,799			7,774
Transfer Agents' Fees (E)		418,115			151,442			119,616			204,671			417,225
Accrued Expenses and Other Liabilities		185,670			78,245			52,921			446,370			142,895
Withholding Tax		83,560			—			—			—			—
Dividends and Distributions		—			—			—			—			—

Total Liabilities		9,451,608			5,210,972			3,197,137			14,256,135			31,871,552

NET ASSETS	$	263,422,266		$	65,976,430		$	36,925,448		$	188,127,368		$	146,633,550

COMPONENTS OF NET ASSETS
Common Stock, at $0.001 Par Value	$	21,596		$	7,120		$	7,664		$	12,739		$	34,887
Paid-In Capital in Excess of Par		396,448,964			190,755,291			70,485,924			116,914,897			300,042,494

		396,470,560			190,762,411			70,493,588			116,927,636			300,077,381
Undistributed Net Investment Income (Loss)		(5,752,471	)		(733,324	)		(394,725	)		(1,181,981	)		(1,426,541	)
Accumulated Net Realized Gain (Loss) on Investments		(179,319,933	)		(117,651,343	)		(31,182,765	)		10,789,829			(163,665,786	)
Net Unrealized Appreciation (Depreciation) on Investments		52,024,110			(6,401,314	)		(1,990,650	)		61,591,884			11,648,496

NET ASSETS	$	263,422,266		$	65,976,430		$	36,925,448		$	188,127,368		$	146,633,550

(A) Investments at Cost	$	211,276,641		$	76,874,399		$	41,511,467		$	139,367,314		$	163,554,746

(B) Foreign Currency at Cost	$	905,296		$	—		$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—

(D) Securities on Loan at Value	$	—		$	4,264,505		$	2,731,296		$	11,865,618		$	28,380,675

(E) Affiliated Transfer Agent Accrual	$	308,354		$	106,229		$	54,644		$	140,908		$	176,613

(F) Amount Segregated to Cover Open Futures Contracts	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements.

150


	STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND			STRATEGIC PARTNERS SMALL-CAP GROWTH OPPORTUNITY FUND			STRATEGIC PARTNERS MANAGED SMALL-CAP GROWTH FUND			STRATEGIC PARTNERS SMALL COMPANY FUND			STRATEGIC PARTNERS MID-CAP GROWTH FUND
NET ASSET VALUE:
Class A: Net Assets	$	15,060,421		$	4,038,516		$	2,957,371		$	9,786,066		$	10,962,930

Shares Outstanding		1,211,685			421,755			598,582			641,379			2,557,239

Net Asset Value and Redemption Price Per Share	$	12.43		$	9.58		$	4.94		$	15.26		$	4.29

Maximum Sales Charge		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%

Offering Price Per Share*	$	13.15		$	10.14		$	5.23		$	16.15		$	4.54

Class B: Net Assets	$	2,031,865		$	596,305		$	439,909		$	1,408,874		$	1,686,329

Shares Outstanding		167,655			64,949			92,678			96,110			402,120

Net Asset Value, Offering and Redemption Price Per Share	$	12.12		$	9.18		$	4.75		$	14.66		$	4.19

Class C: Net Assets	$	50,131,675		$	11,004,872		$	6,672,245		$	35,048,704		$	23,406,040

Shares Outstanding		4,127,524			1,199,267			1,395,722			2,396,006			5,613,312

Net Asset Value, Offering and Redemption Price Per Share	$	12.15		$	9.18		$	4.78		$	14.63		$	4.17

Class D: Net Assets	$	—		$	—		$	—		$	—		$	—

Shares Outstanding		—			—			—			—			—

Net Asset Value, Offering and Redemption Price Per Share	$	—		$	—		$	—		$	—		$	—

Class L: Net Assets	$	52,409,367		$	13,353,261		$	7,951,111		$	34,870,812		$	32,146,172

Shares Outstanding		4,222,851			1,401,405			1,620,426			2,297,840			7,539,551

Net Asset Value and Redemption Price Per Share	$	12.41		$	9.53		$	4.91		$	15.18		$	4.26

Class M: Net Assets	$	111,557,794		$	29,290,012		$	15,908,031		$	82,102,698		$	65,329,981

Shares Outstanding		9,207,170			3,193,467			3,330,886			5,607,047			15,632,396

Net Asset Value and Redemption Price Per Share	$	12.12		$	9.17		$	4.78		$	14.64		$	4.18

Class X: Net Assets	$	32,231,144		$	7,693,464		$	2,996,781		$	24,910,214		$	13,102,098

Shares Outstanding		2,658,716			838,853			626,177			1,700,698			3,142,599

Net Asset Value, Offering and Redemption Price Per Share	$	12.12		$	9.17		$	4.79		$	14.65		$	4.17

*	On sales of $50,000 or more, the offering price of Class A shares is reduced for High Yield Bond Fund and Bond Fund. For all other Funds with the exception of Money Market Fund the offering price is reduced for $25,000 or more.

See Notes to Financial Statements.

151

STATEMENT OF ASSETS AND LIABILITIES

APRIL 30, 2005 (UNAUDITED)


	STRATEGIC PARTNERS RELATIVE VALUE FUND			STRATEGIC PARTNERS TECHNOLOGY FUND			STRATEGIC PARTNERS HEALTH SCIENCES FUND			STRATEGIC PARTNERS MANAGED OTC FUND			STRATEGIC PARTNERS CAPITAL GROWTH FUND
ASSETS:
Investments in Securities at Value (A) including Securities on Loan (D)	$	330,392,590		$	22,108,443		$	21,742,013		$	34,511,022		$	780,013,418
Cash (F)		—			8,965			400,498			1,029,325			—
Foreign Currency (B)		—			—			2,824			—			—
Swap Contracts, outstanding		—			—			—			—			—
Receivable For:
Securities Sold		—			174,444			213,688			—			1,896,311
Dividends and Interest		165,110			2,466			22,218			6,761			465,554
Futures Variation Margin		—			—			—			—			—
Fund Shares Sold		325,431			2,305			25,143			34,625			279,274
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—			—			—			—
Unrealized Appreciation on Swap Agreements		—			—			—			—			—
Receivable from Investment Manager		—			10,386			492			8,616			—
Prepaid Expenses		45,343			12,827			57,529			14,506			148,102

Total Assets		330,928,474			22,319,836			22,464,405			35,604,855			782,802,659

LIABILITIES:
Payable to Custodian		876			—			—			—			34,378
Written Options Outstanding, at Value (C)		—			—			1,630			—			—
Payable to Investment Manager		223,626			—			—			—			430,735
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			—			—			—
Unrealized Depreciation on Swap Agreements		—			—			—			—			—
Payable to Broker for Collateral for Securities on Loan		22,445,003			4,803,475			1,896,300			5,929,801			101,627,932
Payable For:
Securities Purchased		—			—			258,013			12			—
Fund Shares Redeemed		1,040,870			80,424			88,684			110,528			1,768,165
Futures Variation Margin		—			—			—			9,300			—
Distribution Fees		224,229			11,749			13,293			21,671			494,537
Deferred Directors’ Fees		8,671			824			562			889			27,468
Transfer Agents’ Fees (E)		208,919			58,919			21,602			166,078			986,220
Accrued Expenses and Other Liabilities		97,371			27,264			38,284			39,443			194,796
Withholding Tax		—			—			—			—			—
Dividends and Distributions		—			—			—			—			—

Total Liabilities		24,249,565			4,982,655			2,318,368			6,277,722			105,564,231

NET ASSETS	$	306,678,909		$	17,337,181		$	20,146,037		$	29,327,133		$	677,238,428

COMPONENTS OF NET ASSETS
Common Stock, at $0.001 Par Value	$	17,318		$	6,965		$	1,775		$	12,492		$	49,088
Paid-In Capital in Excess of Par		249,104,558			57,412,401			19,357,994			67,790,401			721,155,090

		249,121,876			57,419,366			19,359,769			67,802,893			721,204,178
Undistributed Net Investment Income (Loss)		(1,577,701	)		(110,761	)		(122,009	)		21,603			(4,255,739	)
Accumulated Net Realized Gain (Loss) on Investments		23,824,531			(42,272,198	)		38,712			(42,925,002	)		(235,064,380	)
Net Unrealized Appreciation (Depreciation) on Investments		35,310,203			2,300,774			869,565			4,427,639			195,354,369

NET ASSETS	$	306,678,909		$	17,337,181		$	20,146,037		$	29,327,133		$	677,238,428

(A) Investments at Cost	$	295,082,387		$	19,807,669		$	20,873,036		$	29,445,229		$	584,662,979

(B) Foreign Currency at Cost	$	—		$	—		$	2,753		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	1,724		$	—		$	—

(D) Securities on Loan at Value	$	21,652,285		$	4,637,252		$	1,844,248		$	5,719,785		$	99,233,247

(E) Affiliated Transfer Agent Accrual	$	197,561		$	28,944		$	20,625		$	33,421		$	474,741

(F) Amount Segregated to Cover Open Futures Contracts	$	—		$	—		$	—		$	930,000		$	—

See Notes to Financial Statements.

152


	STRATEGIC PARTNERS RELATIVE VALUE FUND			STRATEGIC PARTNERS TECHNOLOGY FUND			STRATEGIC PARTNERS HEALTH SCIENCES FUND			STRATEGIC PARTNERS MANAGED OTC FUND			STRATEGIC PARTNERS CAPITAL GROWTH FUND
NET ASSET VALUE:
Class A: Net Assets	$	18,945,025		$	2,315,712		$	2,911,759		$	1,637,422		$	27,852,877

Shares Outstanding		1,036,886			909,525			252,084			684,276			1,959,107

Net Asset Value and Redemption Price Per Share	$	18.27		$	2.55		$	11.55		$	2.39		$	14.22

Maximum Sales Charge		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%

Offering Price Per Share*	$	19.33		$	2.70		$	12.22		$	2.53		$	15.05

Class B: Net Assets	$	2,875,712		$	273,602		$	414,966		$	762,085		$	6,230,062

Shares Outstanding		163,664			111,314			36,831			326,818			454,270

Net Asset Value, Offering and Redemption Price Per Share	$	17.57		$	2.46		$	11.27		$	2.33		$	13.71

Class C: Net Assets	$	55,767,145		$	3,918,515		$	3,697,954		$	8,827,505		$	154,764,726

Shares Outstanding		3,178,109			1,586,644			327,581			3,783,072			11,310,587

Net Asset Value, Offering and Redemption Price Per Share	$	17.55		$	2.47		$	11.29		$	2.33		$	13.68

Class D: Net Assets	$	—		$	—		$	—		$	—		$	—

Shares Outstanding		—			—			—			—			—

Net Asset Value, Offering and Redemption Price Per Share	$	—		$	—		$	—		$	—		$	—

Class L: Net Assets	$	62,348,544		$	3,420,866		$	3,452,512		$	5,514,338		$	125,960,520

Shares Outstanding		3,432,875			1,348,348			300,152			2,318,977			8,898,164

Net Asset Value and Redemption Price Per Share	$	18.16		$	2.54		$	11.50		$	2.38		$	14.16

Class M: Net Assets	$	140,959,289		$	6,282,179		$	8,208,189		$	11,439,476		$	307,723,195

Shares Outstanding		8,032,571			2,554,179			728,601			4,888,824			22,464,846

Net Asset Value and Redemption Price Per Share	$	17.55		$	2.46		$	11.27		$	2.34		$	13.70

Class X: Net Assets	$	25,783,194		$	1,126,307		$	1,460,657		$	1,146,307		$	54,707,048

Shares Outstanding		1,473,630			454,927			129,346			489,967			4,001,012

Net Asset Value, Offering and Redemption Price Per Share	$	17.50		$	2.48		$	11.29		$	2.34		$	13.67

*	On sales of $50,000 or more, the offering price of Class A shares is reduced for High Yield Bond Fund and Bond Fund. For all other Funds with the exception of Money Market Fund the offering price is reduced for $25,000 or more.

See Notes to Financial Statements.

153

STATEMENT OF ASSETS AND LIABILITIES

APRIL 30, 2005 (UNAUDITED)


	STRATEGIC PARTNERS CONCENTRATED GROWTH FUND			STRATEGIC PARTNERS CORE VALUE FUND		STRATEGIC PARTNERS MANAGED INDEX 500 FUND			STRATEGIC PARTNERS EQUITY INCOME FUND			STRATEGIC PARTNERS GROWTH WITH INCOME FUND
ASSETS:
Investments in Securities at Value (A) including Securities on Loan (D)	$	387,997,517		$	55,297,587	$	138,548,630		$	220,756,796		$	35,492,211
Cash (F)		3,113,684			—		—			34,987			89,484
Foreign Currency (B)		—			—		—			—			—
Swap Contracts, outstanding		—			—		—			—			—
Receivable For:
Securities Sold		1,118,090			219,660		—			1,872,703			174,351
Dividends and Interest		89,814			75,092		152,390			309,682			43,393
Futures Variation Margin		—			—		—			—			—
Fund Shares Sold		67,071			60,942		132,939			167,430			4,247
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—		—			—			—
Unrealized Appreciation on Swap Agreements		—			—		—			—			—
Receivable from Investment Manager		—			—		7,763			—			1,758
Prepaid Expenses		22,097			62,452		46,260			30,500			21,921

Total Assets		392,408,273			55,715,733		138,887,982			223,172,098			35,827,365

LIABILITIES:
Payable to Custodian		—			114,472		6,062			—			100,000
Written Options Outstanding, at Value (C)		—			—		—			—			—
Payable to Investment Manager		56,894			19,138		—			94,901			—
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—		—			—			—
Unrealized Depreciation on Swap Agreements		—			—		—			—			—
Payable to Broker for Collateral for Securities on Loan		64,466,020			6,184,457		4,293,380			2,669,701			2,976,640
Payable For:
Securities Purchased		1,219,668			—		—			3,969,954			—
Fund Shares Redeemed		1,414,084			101,425		261,081			1,230,331			83,791
Futures Variation Margin		—			—		—			—			—
Distribution Fees		242,773			36,132		97,931			157,430			22,511
Deferred Directors’ Fees		57,971			661		4,264			8,436			1,479
Transfer Agents’ Fees (E)		751,215			50,685		310,563			261,346			58,379
Accrued Expenses and Other Liabilities		109,642			58,174		779,795			127,171			66,700
Withholding Tax		—			—		—			—			—
Dividends and Distributions		—			—		—			—			—

Total Liabilities		68,318,267			6,565,144		5,153,076			8,519,270			3,309,500

Net Assets	$	324,090,006		$	49,150,589	$	133,734,906		$	214,652,828		$	32,517,865

COMPONENTS OF NET ASSETS
Common Stock, at $0.001 Par Value	$	33,523		$	3,967	$	15,213		$	16,214		$	3,798
Paid-In Capital in Excess of Par		1,308,735,001			40,832,472		148,387,491			220,927,217			41,447,697

		1,308,768,524			40,836,439		148,402,704			220,943,431			41,451,495
Undistributed Net Investment Income (Loss)		(94,963	)		34,673		455,472			216,249			(111,745	)
Accumulated Net Realized Gain (Loss) on Investments		(1,008,793,902	)		1,112,824		(31,363,942	)		(40,723,394	)		(12,941,825	)
Net Unrealized Appreciation (Depreciation) on Investments		24,210,347			7,166,653		16,240,672			34,216,542			4,119,940

NET ASSETS	$	324,090,006		$	49,150,589	$	133,734,906		$	214,652,828		$	32,517,865

(A) Investments at Cost	$	363,787,170		$	48,130,934	$	122,307,958		$	186,540,254		$	31,372,490

(B) Foreign Currency at Cost	$	—		$	—	$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—	$	—		$	—		$	—

(D) Securities on Loan at Value	$	63,208,725		$	6,026,736	$	4,054,835		$	2,624,007		$	2,904,610

(E) Affiliated Transfer Agent Accrual	$	479,659		$	33,190	$	81,150		$	151,137		$	30,267

(F) Amount Segregated to Cover Open Futures Contracts	$	—		$	—	$	—		$	—		$	—

See Notes to Financial Statements.

154


	STRATEGIC PARTNERS CONCENTRATED GROWTH FUND			STRATEGIC PARTNERS CORE VALUE FUND			STRATEGIC PARTNERS MANAGED INDEX 500 FUND			STRATEGIC PARTNERS EQUITY INCOME FUND			STRATEGIC PARTNERS GROWTH WITH INCOME FUND
NET ASSET VALUE:
Class A: Net Assets	$	12,693,802		$	2,768,081		$	10,143,906		$	12,762,834		$	2,027,603

Shares Outstanding		1,162,304			222,811			1,125,786			946,309			231,365

Net Asset Value and Redemption Price Per Share	$	10.92		$	12.42		$	9.01		$	13.49		$	8.76

Maximum Sales Charge		5.50	%		5.50	%		5.50	%		5.50	%		5.50	%

Offering Price Per Share*	$	11.56		$	13.15		$	9.53		$	14.27		$	9.27

Class B: Net Assets	$	2,784,429		$	767,300		$	2,340,221		$	1,959,008		$	480,557

Shares Outstanding		296,752			61,954			267,392			148,624			56,514

Net Asset Value, Offering and Redemption Price Per Share	$	9.38		$	12.38		$	8.75		$	13.18		$	8.50

Class C: Net Assets	$	48,189,926		$	11,020,373		$	25,850,486		$	39,107,600		$	5,143,296

Shares Outstanding		5,147,044			889,924			2,957,770			2,970,817			605,079

Net Asset Value, Offering and Redemption Price Per Share	$	9.36		$	12.38		$	8.74		$	13.16		$	8.50

Class D: Net Assets	$	—		$	—		$	—		$	—		$	—

Shares Outstanding		—			—			—			—			—

Net Asset Value, Offering and Redemption
Price Per Share	$	—		$	—		$	—		$	—		$	—

Class L: Net Assets	$	55,779,762		$	7,901,002		$	19,244,033		$	35,577,837		$	6,315,508

Shares Outstanding		5,127,838			637,023			2,145,472			2,639,875			723,120

Net Asset Value and Redemption Price Per Share	$	10.88		$	12.40		$	8.97		$	13.48		$	8.73

Class M: Net Assets	$	174,100,370		$	22,053,520		$	69,396,962		$	99,457,397		$	16,184,403

Shares Outstanding		18,540,466			1,781,051			7,941,637			7,548,233			1,903,149

Net Asset Value and Redemption Price Per Share	$	9.39		$	12.38		$	8.74		$	13.18		$	8.50

Class X: Net Assets	$	30,541,717		$	4,640,313		$	6,759,298		$	25,788,152		$	2,366,498

Shares Outstanding		3,248,198			374,522			774,448			1,960,197			278,515

Net Asset Value, Offering and Redemption Price Per Share	$	9.40		$	12.39		$	8.73		$	13.16		$	8.50

*	On sales of $50,000 or more, the offering price of Class A shares is reduced for High Yield Bond Fund and Bond Fund. For all other Funds with the exception of Money Market Fund the offering price is reduced for $25,000 or more.

See Notes to Financial Statements.

155

STATEMENT OF ASSETS AND LIABILITIES

APRIL 30, 2005 (UNAUDITED)


	STRATEGIC PARTNERS CAPITAL INCOME FUND			STRATEGIC PARTNERS BALANCED FUND			STRATEGIC PARTNERS HIGH YIELD BOND FUND			STRATEGIC PARTNERS BOND FUND			STRATEGIC PARTNERS MONEY MARKET FUND
ASSETS:
Investments in Securities at Value (A) including Securities on Loan (D)	$	156,101,401		$	139,039,541		$	134,035,405		$	336,635,513		$	144,401,363
Cash (F)		527			150,935			533			31,847			—
Foreign Currency (B)		—			—			1,155,885			268,402			—
Swap Contracts, outstanding		—			—			—			75,282			—
Receivable For:
Securities Sold		2,504,241			5,164,197			1,526,847			630,291			—
Dividends and Interest		250,331			382,022			3,014,737			1,315,366			359,499
Futures Variation Margin		—			11,550			—			132,490			—
Fund Shares Sold		47,164			48,362			158,382			364,480			340,356
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—			60,052			451,118			—
Unrealized Appreciation on Swap Agreements		—			—			—			489,984			—
Receivable from Investment Manager		—			—			—			10,822			—
Prepaid Expenses		5,581			16,239			29,866			—			72,514

Total Assets		158,909,245			144,812,846			139,981,707			340,405,595			145,173,732

LIABILITIES:
Payable to Custodian		—			—			—			—			—
Written Options Outstanding, at Value (C)		—			—			—			46,031			—
Payable to Investment Manager		45,351			49,903			36,820			—			38,566
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			29,702			37,045			—
Unrealized Depreciation on Swap Agreements		—			—			—			501,319			—
Payable to Broker for Collateral for Securities on Loan		22,534,478			9,359,347			—			—			—
Payable For:
Securities Purchased		1,663,232			16,899,091			—			52,101,689			—
Fund Shares Redeemed		461,557			493,029			834,376			860,209			558,922
Futures Variation Margin		—			—			—			—			— ��
Distribution Fees		100,197			86,733			104,993			205,134			101,525
Deferred Directors’ Fees		12,674			5,358			4,577			22,728			28,109
Transfer Agents’ Fees (E)		250,226			104,598			259,490			257,263			109,620
Accrued Expenses and Other Liabilities		107,806			95,576			91,960			641,420			78,121
Withholding Tax		—			—			—			—			—
Dividends and Distributions		—			—			282,253			119,841			17,711

Total Liabilities		25,175,521			27,093,635			1,644,171			54,792,679			932,574

NET ASSETS	$	133,733,724		$	117,719,211		$	138,337,536		$	285,612,916		$	144,241,158

COMPONENTS OF NET ASSETS
Common Stock, at $0.001 Par Value	$	10,567		$	9,164		$	19,298		$	27,263		$	144,285
Paid-In Capital in Excess of Par		161,636,762			119,148,383			170,432,165			280,347,049			144,139,931

		161,647,329			119,157,547			170,451,463			280,374,312			144,284,216
Undistributed Net Investment Income (Loss)		517,321			131,918			130,052			(814,208	)		(28,647	)
Accumulated Net Realized Gain (Loss) on Investments		(37,412,980	)		(10,547,617	)		(34,622,114	)		1,259,275			(14,411	)
Net Unrealized Appreciation (Depreciation) on Investments		8,982,054			8,977,363			2,378,135			4,793,537			—

NET ASSETS	$	133,733,724		$	117,719,211		$	138,337,536		$	285,612,916		$	144,241,158

(A) Investments at Cost	$	147,119,347		$	130,035,740		$	131,675,338		$	332,335,865		$	144,401,363

(B) Foreign Currency at Cost	$	—		$	—		$	1,157,035		$	266,772		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	199,036		$	—

(D) Securities on Loan at Value	$	21,796,272		$	9,121,751		$	—		$	—		$	—

(E) Affiliated Transfer Agent Accrual	$	100,360		$	69,393		$	81,397		$	151,357		$	95,828

(F) Amount Segregated to Cover Open Futures Contracts	$	—		$	48,000		$	—		$	—		$	—

See Notes to Financial Statements.

156


	STRATEGIC PARTNERS CAPITAL INCOME FUND			STRATEGIC PARTNERS BALANCED FUND			STRATEGIC PARTNERS HIGH YIELD BOND FUND			STRATEGIC PARTNERS BOND FUND			STRATEGIC PARTNERS MONEY MARKET FUND
NET ASSET VALUE:
Class A: Net Assets	$	4,313,624		$	6,864,480		$	7,124,473		$	17,117,557		$	—

Shares Outstanding		339,093			532,787			992,132			1,619,752			—

Net Asset Value and Redemption Price Per Share	$	12.72		$	12.88		$	7.18		$	10.57		$	—

Maximum Sales Charge		5.50	%		5.50	%		4.50	%		4.50	%		—

Offering Price Per Share*	$	13.46		$	13.63		$	7.52		$	11.07		$	—

Class B: Net Assets	$	637,192		$	1,757,716		$	1,297,728		$	1,615,965		$	—

Shares Outstanding		50,368			136,845			180,911			154,433			—

Net Asset Value, Offering and Redemption Price Per Share	$	12.65		$	12.84		$	7.17		$	10.46		$	—

Class C: Net Assets	$	22,571,717		$	15,974,335		$	18,360,602		$	42,642,781		$	15,349,895

Shares Outstanding		1,784,898			1,244,598			2,560,104			4,082,061			15,356,547

Net Asset Value, Offering and Redemption Price Per Share	$	12.65		$	12.83		$	7.17		$	10.45		$	1.00

Class D: Net Assets	$	—		$	—		$	—		$	—		$	17,692,479

Shares Outstanding		—			—			—			—			17,697,033

Net Asset Value, Offering and Redemption Price Per Share	$	—		$	—		$	—		$	—		$	1.00

Class L: Net Assets	$	23,440,142		$	18,844,752		$	17,267,470		$	48,244,891		$	27,953,894

Shares Outstanding		1,847,908			1,464,416			2,407,197			4,568,246			27,964,298

Net Asset Value and Redemption Price Per Share	$	12.68		$	12.87		$	7.17		$	10.56		$	1.00

Class M: Net Assets	$	64,192,772		$	60,335,107		$	82,496,088		$	151,705,813		$	67,714,666

Shares Outstanding		5,074,566			4,698,789			11,511,561			14,517,374			67,733,488

Net Asset Value and Redemption Price Per Share	$	12.65		$	12.84		$	7.17		$	10.45		$	1.00

Class X: Net Assets	$	18,578,277		$	13,942,821		$	11,791,175		$	24,285,909		$	15,530,224

Shares Outstanding		1,470,223			1,086,592			1,645,972			2,320,958			15,534,129

Net Asset Value, Offering and Redemption Price Per Share	$	12.64		$	12.83		$	7.16		$	10.46		$	1.00

*	On sales of $50,000 or more, the offering price of Class A shares is reduced for High Yield Bond Fund and Bond Fund. For all other Funds with the exception of Money Market Fund the offering price is reduced for $25,000 or more.

See Notes to Financial Statements.

157

STATEMENT OF OPERATIONS

SIX MONTHS ENDED APRIL 30, 2005 (UNAUDITED)


	STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND			STRATEGIC PARTNERS SMALL-CAP GROWTH OPPORTUNITY FUND			STRATEGIC PARTNERS MANAGED SMALL-CAP GROWTH FUND			STRATEGIC PARTNERS SMALL COMPANY FUND			STRATEGIC PARTNERS MID-CAP GROWTH FUND
INVESTMENT INCOME:
Interest	$	28,618		$	14,711		$	7,818		$	8,394		$	7,729
Dividends		2,517,657			111,468			83,045			1,122,858			393,219
Income from Securities Loaned, Net		—			7,356			8,306			18,387			18,361
Foreign Taxes Withheld		(294,884	)		(364	)		(480	)		(820	)		—

Total Income		2,251,391			133,171			98,689			1,148,819			419,309

EXPENSES:
Advisory Fees		1,405,744			357,894			208,572			1,021,820			818,640
Distribution Fees — Class A		17,057			5,076			3,502			10,712			12,634
Distribution Fees — Class B		7,992			2,585			1,825			5,147			6,745
Distribution Fees — Class C		273,956			67,243			40,830			194,129			134,844
Distribution Fees — Class D		—			—			—			—			—
Distribution Fees — Class L		143,624			41,208			24,882			96,442			91,437
Distribution Fees — Class M		594,819			178,857			95,009			449,220			369,107
Distribution Fees — Class X		173,502			46,254			18,110			137,593			74,536
Transfer Agent’s Fees and Expenses (A)		673,000			266,000			185,000			366,000			613,000
Administration and Accounting Fees		90,000			40,000			29,000			81,000			70,000
Custodian Fees and Expenses		111,000			22,000			11,000			2,000			6,000
Audit and Legal Fees		32,000			19,000			16,000			119,000			18,000
Directors’ Fees		6,000			4,000			4,400			7,000			5,000
Registration Fees		21,000			23,000			19,000			23,000			28,000
Interest Expense		2,129			1,827			—			1,208			2,942
Reports to Shareholders		97,000			35,000			22,000			298,000			74,000
Miscellaneous		48,307			18,194			14,671			14,578			26,691

Total Expenses		3,697,130			1,128,138			693,801			2,826,849			2,351,576
Less: Advisory Fee Waivers and Expense Reimbursements		(234,862	)		(268,130	)		(202,274	)		(501,848	)		(513,500	)

Net Expenses		3,462,268			860,008			491,527			2,325,001			1,838,076

Net Investment Income (Loss)		(1,210,877	)		(726,837	)		(392,838	)		(1,176,182	)		(1,418,767	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		26,709,124			7,592,079			3,287,844			12,101,666			21,236,758
Futures		—			(73,191	)		47,304			—			—
Options Written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign Currency		(222,740	)		—			—			—			—

		26,486,384			7,518,888			3,335,148			12,101,666			21,236,758

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(8,751,524	)		(9,924,774	)		(4,001,371	)		(1,068,286	)		(18,946,503	)
Futures		—			(28,311	)		(40,274	)		—			—
Options Written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign Currency		(48,072	)		—			—			—			—
Unrealized Foreign Capital Gain Tax on Appreciated Securities		(38,837	)		—			—			—			—

		(8,838,433	)		(9,953,085	)		(4,041,645	)		(1,068,286	)		(18,946,503	)

Net Gain (Loss) on Investments and Foreign Currencies		17,647,951			(2,434,197	)		(706,497	)		11,033,380			2,290,255

Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,437,074		$	(3,161,034	)	$	(1,099,335	)	$	9,857,198		$	871,488

(A) Affiliated Transfer Agent’s Fees and Expenses	$	469,000		$	163,000		$	83,000		$	214,000		$	268,000

See Notes to Financial Statements.

158


	STRATEGIC PARTNERS RELATIVE VALUE FUND			STRATEGIC PARTNERS TECHNOLOGY FUND			STRATEGIC PARTNERS HEALTH SCIENCES FUND			STRATEGIC PARTNERS MANAGED OTC FUND			STRATEGIC PARTNERS CAPITAL GROWTH FUND
INVESTMENT INCOME:
Interest	$	—		$	—		$	6,407		$	397		$	—
Dividends		2,028,441			109,861			100,889			390,146			3,835,801
Income from Securities Loaned, Net		14,875			2,379			1,176			5,739			26,942
Foreign Taxes Withheld		—			(386	)		(3,113	)		(275	)		(182,317	)

Total Income		2,043,316			111,854			105,359			396,007			3,680,426

EXPENSES:
Advisory Fees		1,473,336			99,605			102,011			149,786			3,491,659
Distribution Fees — Class A		21,257			2,681			2,851			1,996			30,435
Distribution Fees — Class B		9,734			1,093			1,645			3,029			23,057
Distribution Fees — Class C		301,601			24,409			20,624			53,193			837,558
Distribution Fees — Class D		—			—			—			—			—
Distribution Fees — Class L		170,926			9,723			9,467			17,074			343,879
Distribution Fees — Class M		759,734			36,781			41,540			70,129			1,660,795
Distribution Fees — Class X		139,090			7,151			7,863			7,737			296,866
Transfer Agent’s Fees and Expenses (A)		534,000			91,000			53,000			136,000			1,402,000
Administration and Accounting Fees		98,000			30,000			30,000			28,000			86,000
Custodian Fees and Expenses		7,000			8,000			9,000			7,000			8,000
Audit and Legal Fees		19,000			16,000			13,000			20,000			26,000
Directors’ Fees		4,000			4,000			3,000			4,000			10,000
Registration Fees		28,000			23,000			14,000			24,000			22,000
Interest Expense		—			506			—			85			—
Reports to Shareholders		60,000			4,000			6,000			14,000			154,000
Miscellaneous		26,522			9,638			15,005			7,131			64,716

Total Expenses		3,652,200			367,587			329,006			543,160			8,456,965
Less: Advisory Fee Waivers and Expense Reimbursements		(39,854	)		(145,796	)		(102,200	)		(169,645	)		(548,268	)

Net Expenses		3,612,346			221,791			226,806			373,515			7,908,697

Net Investment Income (Loss)		(1,569,030	)		(109,937	)		(121,447	)		22,492			(4,228,271	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		33,129,872			386,460			1,036,520			(119,327	)		29,033,468
Futures		—			—			—			875,289			—
Options Written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign Currency		—			1			(33,326	)		—			(3,112	)

		33,129,872			386,461			1,003,194			755,962			29,030,356

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(13,137,291	)		(1,049,254	)		(172,064	)		(1,412,656	)		15,654,629
Futures		—			—			—			(1,363,346	)		—
Options Written		—			—			94			—			—
Swap Agreements		—			—			—			—			—
Foreign Currency		—			—			—			—			145
Unrealized Foreign Capital Gain Tax on Appreciated Securities		—			—			394			—			—

		(13,137,291	)		(1,049,254	)		(171,576	)		(2,776,002	)		15,654,774

Net Gain (Loss) on Investments and Foreign Currencies		19,992,581			(662,793	)		831,618			(2,020,040	)		44,685,130

Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,423,551		$	(772,730	)	$	710,171		$	(1,997,548	)	$	40,456,859

(A) Affiliated Transfer Agent’s Fees and Expenses	$	298,000		$	44,000		$	31,000		$	51,000		$	720,000

See Notes to Financial Statements.

159

STATEMENT OF OPERATIONS

SIX MONTHS ENDED APRIL 30, 2005 (UNAUDITED)


	STRATEGIC PARTNERS CONCENTRATED GROWTH FUND			STRATEGIC PARTNERS CORE VALUE FUND			STRATEGIC PARTNERS MANAGED INDEX 500 FUND			STRATEGIC PARTNERS EQUITY INCOME FUND			STRATEGIC PARTNERS GROWTH WITH INCOME FUND
INVESTMENT INCOME:
Interest	$	9,360		$	2		$	—		$	—		$	1,411
Dividends		3,908,541			627,727			1,841,442			3,104,002			273,119
Income from Securities Loaned, Net		25,618			2,885			3,175			1,465			2,132
Foreign Taxes Withheld		—			(1,119	)		(176	)		(878	)		(3,382	)

Total Income		3,943,519			629,495			1,844,441			3,104,589			273,280

EXPENSES:
Advisory Fees		1,859,296			213,171			589,221			1,154,671			177,109
Distribution Fees — Class A		14,748			3,134			12,101			14,252			2,176
Distribution Fees — Class B		11,103			2,448			9,007			7,434			1,640
Distribution Fees — Class C		280,148			57,813			144,646			210,999			28,452
Distribution Fees — Class D		—			—			—			—			—
Distribution Fees — Class L		162,264			20,850			54,958			99,280			18,099
Distribution Fees — Class M		1,008,101			112,192			387,273			540,802			89,504
Distribution Fees — Class X		176,423			24,102			37,281			139,870			12,610
Transfer Agent’s Fees and Expenses (A)		1,320,000			86,000			415,000			422,000			89,000
Administration and Accounting Fees		102,000			31,000			29,000			84,000			27,000
Custodian Fees and Expenses		15,000			4,000			2,000			4,000			12,000
Audit and Legal Fees		18,000			15,000			56,000			20,000			25,000
Directors’ Fees		5,000			5,000			4,000			6,000			5,000
Registration Fees		26,000			15,000			26,000			28,000			20,000
Interest Expense		3,767			—			2,953			12,209			646
Reports to Shareholders		99,000			15,000			143,000			60,000			36,000
Miscellaneous		61,299			11,786			18,120			25,247			7,808

Total Expenses		5,162,149			616,496			1,930,560			2,828,764			552,044
Less: Advisory Fee Waivers and Expense Reimbursements		(1,181,638	)		(95,010	)		(545,855	)		(476,237	)		(168,675	)

Net Expenses		3,980,511			521,486			1,384,705			2,352,527			383,369

Net Investment Income (Loss)		(36,992	)		108,009			459,736			752,062			(110,089	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		5,500,971			1,113,787			878,314			15,028,775			1,534,281
Futures		—			—			—			—			—
Options Written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign Currency		—			—			—			—			75

		5,500,971			1,113,787			878,314			15,028,775			1,534,356

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(13,297,745	)		745,301			843,252			(4,825,935	)		13,892
Futures		—			—			—			—			—
Options Written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign Currency		—			—			—			—			17
Unrealized Foreign Capital Gain Tax on Appreciated Securities		—			—			—			—			—

		(13,297,745	)		745,301			843,252			(4,825,935	)		13,909

Net Gain (Loss) on Investments and Foreign Currencies		(7,796,774	)		1,859,088			1,721,566			10,202,840			1,548,265

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(7,833,766	)	$	1,967,097		$	2,181,302		$	10,954,902		$	1,438,176

(A) Affiliated Transfer Agent’s Fees and Expenses	$	735,000	��	$	49,000		$	123,000		$	230,000		$	46,000

See Notes to Financial Statements.

160


	STRATEGIC PARTNERS CAPITAL INCOME FUND			STRATEGIC PARTNERS BALANCED FUND			STRATEGIC PARTNERS HIGH YIELD BOND FUND			STRATEGIC PARTNERS BOND FUND			STRATEGIC PARTNERS MONEY MARKET FUND
INVESTMENT INCOME:
Interest	$	—		$	1,034,309		$	6,867,983		$	5,356,678		$	1,835,681
Dividends		2,041,838			755,116			87,442			49,263			445
Income from Securities Loaned, Net		14,188			5,735			—			—			—
Foreign Taxes Withheld		(15,010	)		(797	)		—			—			—

Total Income		2,041,016			1,794,363			6,955,425			5,405,941			1,836,126

EXPENSES:
Advisory Fees		549,161			575,180			571,652			984,622			389,539
Distribution Fees — Class A		4,589			7,377			10,518			19,068			—
Distribution Fees — Class B		2,531			6,354			4,296			6,100			—
Distribution Fees — Class C		125,982			87,629			115,927			233,784			93,280
Distribution Fees — Class D		—			—			—			—			37,756
Distribution Fees — Class L		64,122			52,795			51,121			129,009			93,226
Distribution Fees — Class M		355,160			333,364			483,751			809,795			350,464
Distribution Fees — Class X		101,945			76,645			68,359			130,834			71,990
Transfer Agent’s Fees and Expenses (A)		329,000			194,000			294,000			594,000			327,000
Administration and Accounting Fees		64,000			58,000			69,000			92,000			26,000
Custodian Fees and Expenses		5,000			30,000			5,000			30,000			9,000
Audit and Legal Fees		17,000			21,000			25,000			158,000			22,000
Directors’ Fees		5,000			5,000			5,000			4,000			5,000
Registration Fees		28,000			25,000			30,000			26,000			23,581
Interest Expense		—			—			1,664			—			—
Reports to Shareholders		52,000			15,000			34,000			415,000			42,000
Miscellaneous		19,987			23,776			24,445			25,925			18,558

Total Expenses		1,723,477			1,511,120			1,793,733			3,658,137			1,509,394
Less: Advisory Fee Waivers and Expense Reimbursements		(212,456	)		(212,005	)		(241,977	)		(1,117,706	)		(90,788	)

Net Expenses		1,511,021			1,299,115			1,551,756			2,540,431			1,418,606

Net Investment Income (Loss)		529,995			495,248			5,403,669			2,865,510			417,520

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Investments		3,167,705			4,866,387			2,772,436			(244,107	)		(14,411	)
Futures		—			17,784			—			388,938			—
Options Written		—			—			—			298,960			—
Swap Agreements		—			—			—			1,531,870			—
Foreign Currency		—			13,672			(309,993	)		693,966			—

		3,167,705			4,897,843			2,462,443			2,669,627			(14,411	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,788,414			(1,621,483	)		(9,450,716	)		(495,027	)		—
Futures		—			(29,126	)		—			(1,453,463	)		—
Options Written		—			—			—			308,048			—
Swap Agreements		—			—			—			(2,052,663	)		—
Foreign Currency		—			—			587,883			241,248			—
Unrealized Foreign Capital Gain Tax on Appreciated Securities		—			—			—			—			—

		3,788,414			(1,650,609	)		(8,862,833	)		(3,451,857	)		—

Net Gain (Loss) on Investments and Foreign Currencies		6,956,119			3,247,234			(6,400,390	)		(782,230	)		(14,411	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,486,114		$	3,742,482		$	(996,721	)	$	2,083,280		$	403,109

(A) Affiliated Transfer Agent’s Fees and Expenses	$	153,000		$	105,000		$	125,000		$	231,000		$	149,000

See Notes to Financial Statements.

161

STATEMENTS OF CHANGES IN NET ASSETS

(UNAUDITED)


	STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND						STRATEGIC PARTNERS SMALL-CAP GROWTH OPPORTUNITY FUND
	SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004
OPERATIONS:
Net Investment Income (Loss)	$	(1,210,877	)	$	(2,713,279	)	$	(726,837	)	$	(2,039,396	)
Net Realized Gain (Loss) on Investments and Foreign Currencies		26,486,384			28,047,074			7,518,888			19,673,756
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(8,838,433	)		(420,169	)		(9,953,085	)		(33,407,467	)

Net Increase (Decrease) in Net Assets Resulting from Operations		16,437,074			24,913,626			(3,161,034	)		(15,773,107	)

DIVIDENDS AND DISTRIBUTIONS:
Dividends from Net Investment Income:
Class A		(159,915	)		(7,675	)		—			—
Class B		(6,278	)		—			—			—
Class C		(248,656	)		—			—			—
Class D		—			—			—			—
Class L		(588,340	)		(91,348	)		—			—
Class M		(538,340	)		—			—			—
Class X		(156,884	)		—			—			—

Total Dividends		(1,698,413	)		(99,023	)		—			—

Distributions from Net Realized Gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class L		—			—			—			—
Class M		—			—			—			—
Class X		—			—			—			—

Total Distributions		—			—			—			—

FUND SHARE TRANSACTIONS (NOTE 4)
Net Proceeds from Shares Sold(b)		18,079,538			196,070,018			3,263,983			14,422,373
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		1,567,606			87,863			—			—
Cost of Shares Redeemed		(50,127,451	)		(96,567,861	)		(18,363,271	)		(41,810,177	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(30,480,307	)		99,590,020			(15,099,288	)		(27,387,804	)

Net Increase (Decrease) in Net Assets		(15,741,646	)		124,404,623			(18,260,322	)		(43,160,911	)
NET ASSETS:
Beginning of Year		279,163,912			154,759,289			84,236,752			127,397,663

End of Year(a)	$	263,422,266		$	279,163,912		$	65,976,430		$	84,236,752

(a) Includes Undistributed Net Investment Income of:	$	—		$	—		$	—		$	—

(b) Includes Value of Shares Issued in Merger:	$	—		$	149,666,303		$	—		$	—

See Notes to Financial Statements.

162


STRATEGIC PARTNERS MANAGED SMALL-CAP GROWTH FUND						STRATEGIC PARTNERS SMALL COMPANY FUND						STRATEGIC PARTNERS MID-CAP GROWTH FUND						STRATEGIC PARTNERS RELATIVE VALUE FUND
SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004
$	(392,838	)	$	(973,411	)	$	(1,176,182	)	$	(2,478,344	)	$	(1,418,767	)	$	(2,570,924	)	$	(1,569,030	)	$	(2,743,552	)
	3,335,148			7,949,886			12,101,666			9,793,405			21,236,758			21,152,208			33,129,872			42,917,689
	(4,041,645	)		(6,757,437	)		(1,068,286	)		21,131,600			(18,946,503	)		(6,027,667	)		(13,137,291	)		877,486

	(1,099,335	)		219,038			9,857,198			28,446,661			871,488			12,553,617			18,423,551			41,051,623

	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—

	—			—			(251,988	)		—			—			—			(1,706,973	)		—
	—			—			(26,670	)		—			—			—			(152,535	)		—
	—			—			(1,322,744	)		—			—			—			(7,000,236	)		(551,438	)
	—			—			—			—			—			—			—			—
	—			—			(1,279,729	)		—			—			—			(7,910,219	)		(693,820	)
	—			—			(3,060,994	)		—			—			—			(17,653,222	)		(1,287,867	)
	—			—			(936,563	)		—			—			—			(3,193,460	)		(231,903	)

	—			—			(6,878,688	)		—			—			—			(37,616,645	)		(2,765,028	)

	3,060,279			13,723,679			13,245,653			37,315,206			10,421,753			182,608,812			27,560,621			156,486,555
	—			—			6,372,923			—			—			—			34,307,053			2,545,232
	(9,626,317	)		(22,325,892	)		(35,107,004	)		(73,845,312	)		(30,462,132	)		(57,108,333	)		(50,912,647	)		(99,404,076	)

	(6,566,038	)		(8,602,213	)		(15,488,428	)		(36,530,106	)		(20,040,379	)		125,500,479			10,955,027			59,627,711

	(7,665,373	)		(8,383,175	)		(12,509,918	)		(8,083,445	)		(19,168,891	)		138,054,096			(8,238,067	)		97,914,306
	44,590,821			52,973,996			200,637,286			208,720,731			165,802,441			27,748,345			314,916,976			217,002,670

$	36,925,448		$	44,590,821		$	188,127,368		$	200,637,286		$	146,633,550		$	165,802,441		$	306,678,909		$	314,916,976

$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

$	—		$	—		$	—		$	—		$	—		$	158,906,224		$	—		$	87,404,927

163

STATEMENTS OF CHANGES IN NET ASSETS

(UNAUDITED)


		STRATEGIC PARTNERS TECHNOLOGY FUND						STRATEGIC PARTNERS HEALTH SCIENCES FUND
		SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004
OPERATIONS:
Net Investment Income (Loss)		$	(109,937	)	$	(469,765	)	$	(121,447	)	$	(300,411	)
Net Realized Gain (Loss) on Investments and Foreign Currencies			386,461			1,379,026			1,003,194			2,818,413
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies			(1,049,254	)		(2,254,995	)		(171,576	)		(1,632,781	)

Net Increase (Decrease) in Net Assets Resulting from Operations			(772,730	)		(1,345,734	)		710,171			885,221

DIVIDENDS AND DISTRIBUTIONS:
Dividends from Net Investment Income:
Class A			—			—			—			—
Class B			—			—			—			—
Class C			—			—			—			—
Class D			—			—			—			—
Class L			—			—			—			—
Class M			—			—			—			—
Class X			—			—			—			—

Total Dividends.			—			—			—			—

Distributions from Net Realized Gains:
Class A			—			—			—			—
Class B			—			—			—			—
Class C	��		—			—			—			—
Class D			—			—			—			—
Class L			—			—			—			—
Class M			—			—			—			—
Class X			—			—			—			—

Total Distributions			—			—			—			—

FUND SHARE TRANSACTIONS (NOTE 4)
Net Proceeds from Shares Sold(b)			2,524,487			8,330,726			3,520,148			7,429,268
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions			—			—			—			—
Cost of Shares Redeemed			(5,539,789	)		(11,281,479	)		(4,445,141	)		(6,316,689	)

Increase (Decrease) in Net Assets from Fund Share Transactions			(3,015,302	)		(2,950,753	)		(924,993	)		1,112,579

Net Increase (Decrease) in Net Assets			(3,788,032	)		(4,296,487	)		(214,822	)		1,997,800
NET ASSETS:
Beginning of Year			21,125,213			25,421,700			20,360,859			18,363,059

End of Year(a)		$	17,337,181		$	21,125,213		$	20,146,037		$	20,360,859

(a) Includes Undistributed Net Investment Income of:		$	—		$	—		$	—		$	—

(b) Includes Value of Shares Issued in Merger:		$	—		$	—		$	—		$	—

See Notes to Financial Statements.

164


STRATEGIC PARTNERS MANAGED OTC FUND						STRATEGIC PARTNERS CAPITAL GROWTH FUND						STRATEGIC PARTNERS CONCENTRATED GROWTH FUND						STRATEGIC PARTNERS CORE VALUE FUND
SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004
$	22,492		$	(755,848	)	$	(4,228,271	)	$	(9,586,084	)	$	(36,992	)	$	(5,999,641	)	$	108,009		$	112,707
	755,962			(2,537,981	)		29,030,356			41,641,863			5,500,971			16,028,481			1,113,787			1,777,105
	(2,776,002	)		4,070,516			15,654,774			(15,119,836	)		(13,297,745	)		(2,970,123	)		745,301			2,788,786

	(1,997,548	)		776,687			40,456,859			16,935,943			(7,833,766	)		7,058,717			1,967,097			4,678,598

	—			—			—			—			—			—			(27,263	)		—
	—			—			—			—			—			—			(854	)		—
	—			—			—			—			—			—			(9,707	)		(40,685	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			(70,548	)		(55,771	)
	—			—			—			—			—			—			(32,335	)		(62,711	)
	—			—			—			—			—			—			(3,884	)		(11,514	)

	—			—			—			—			—			—			(144,591	)		(170,681	)

	—			—			—			—			—			—			(56,822	)		—
	—			—			—			—			—			—			(6,723	)		—
	—			—			—			—			—			—			(263,393	)		—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			(194,959	)		—
	—			—			—			—			—			—			(497,987	)		—
	—			—			—			—			—			—			(105,395	)		—

	—			—			—			—			—			—			(1,125,279	)		—

	3,181,209			15,930,602			32,090,813			229,363,952			9,390,537			32,643,631			10,463,365			22,857,818
—			—			—			—			—			—			1,209,481			161,002
	(8,381,399	)		(21,745,124	)		(111,223,802	)		(230,466,365	)		(77,349,325	)		(160,216,520	)		(10,053,522	)		(21,612,296	)

	(5,200,190	)		(5,814,522	)		(79,132,989	)		(1,102,413	)		(67,958,788	)		(127,572,889	)		1,619,324			1,406,524

	(7,197,738	)		(5,037,835	)		(38,676,130	)		15,833,530			(75,792,554	)		(120,514,172	)		2,316,551			5,914,441
	36,524,871			41,562,706			715,914,558			700,081,028			399,882,560			520,396,732			46,834,038			40,919,597

$	29,327,133		$	36,524,871		$	677,238,428		$	715,914,558		$	324,090,006		$	399,882,560		$	49,150,589		$	46,834,038

$	21,603		$	—		$	—		$	—		$	—		$	—		$	34,673		$	71,255

	—		$	—			—		$	116,120,633			—		$	—			—		$	—

165

STATEMENT OF CHANGES IN NET ASSETS

(UNAUDITED)


	STRATEGIC PARTNERS MANAGED INDEX 500 FUND						STRATEGIC PARTNERS EQUITY INCOME FUND
	SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004
OPERATIONS:
Net Investment Income (Loss).	$	459,736		$	(310,493	)	$	752,062		$	(431,521	)
Net Realized Gain (Loss) on Investments and Foreign Currencies		878,314			205,398			15,028,775			13,495,142
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		843,252			9,710,452			(4,825,935	)		9,259,414

Net Increase (Decrease) in Net Assets Resulting from Operations		2,181,302			9,605,357			10,954,902			22,323,035

DIVIDENDS AND DISTRIBUTIONS:
Dividends from Net Investment Income:
Class A		—			(833	)		(96,725	)		—
Class B		—			—			(1,065	)		—
Class C		—			—			(36,016	)		—
Class D		—			—			—			—
Class L		—			(4,243	)		(276,305	)		—
Class M		—			—			(93,218	)		—
Class X		—			—			(24,048	)		—

Total Dividends		—			(5,076	)		(527,377	)		—

Distributions from Net Realized Gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class L		—			—			—			—
Class M		—			—			—			—
Class X		—			—			—			—

Total Distributions		—			—			—			—

FUND SHARE TRANSACTIONS (NOTE 4)
Net Proceeds from Shares Sold(b)		11,857,039			56,405,756			11,749,768			45,603,649
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		—			5,076			510,778			—
Cost of Shares Redeemed		(29,240,384	)		(69,681,893	)		(41,055,566	)		(88,799,884	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(17,383,345	)		(13,271,061	)		(28,795,020	)		(43,196,235	)

Net Increase (Decrease) in Net Assets		(15,202,043	)		(3,670,780	)		(18,367,495	)		(20,873,200	)
NET ASSETS:
Beginning of Year		148,936,949			152,607,729			233,020,323			253,893,523

End of Year(a)	$	133,734,906		$	148,936,949		$	214,652,828		$	233,020,323

(a) Includes Undistributed Net Investment Income of:	$	455,472		$	—		$	216,249		$	—

(b) Includes Value of Shares Issued in Merger:	$	—		$	14,341,252		$	—		$	1,775,446

See Notes to Financial Statements.

166


STRATEGIC PARTNERS GROWTH WITH INCOME FUND						STRATEGIC PARTNERS CAPITAL INCOME FUND						STRATEGIC PARTNERS BALANCED FUND						STRATEGIC PARTNERS HIGH YIELD BOND FUND
SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004
$	(110,089	)	$	(238,404	)	$	529,995		$	(584,601	)	$	495,248		$	776,128		$	5,403,669		$	12,534,299
	1,534,356			2,279,405			3,167,705			7,747,905			4,897,843			11,986,747			2,462,443			3,079,394
	13,909			726,905			3,788,414			(1,869,096	)		(1,650,609	)		(3,360,363	)		(8,862,833	)		4,600,404

	1,438,176			2,767,906			7,486,114			5,294,208			3,742,482			9,402,512			(996,721	)		20,214,097

	—			—			—			—			(41,040	)		(21,201	)		(312,199	)		(177,921	)
	—			—			—			—			(4,479	)		(948	)		(28,871	)		(12,153	)
	—			—			—			(23,493	)		(72,036	)		(129,517	)		(774,316	)		(1,947,832	)
	—			—			—			—			—			—			—			—
	—			—			—			(117,688	)		(155,668	)		(322,476	)		(733,761	)		(2,092,523	)
	—			—			—			(58,196	)		(273,307	)		(421,170	)		(3,237,591	)		(7,812,965	)
	—			—			—			(16,254	)		(63,259	)		(95,177	)		(457,060	)		(997,409	)

	—			—			—			(215,631	)		(609,789	)		(990,489	)		(5,543,798	)		(13,040,803	)

	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—

	2,205,744			8,106,250			3,430,455			11,986,181			8,909,580			29,951,874			19,888,740			68,286,315
	—			—			—			200,911			571,341			927,821			3,644,754			8,586,844
	(6,962,511	)		(14,520,861	)		(27,827,207	)		(61,177,446	)		(25,544,600	)		(49,402,492	)		(56,822,510	)		(122,627,026	)

	(4,756,767	)		(6,414,611	)		(24,396,752	)		(48,990,354	)		(16,063,679	)		(18,522,797	)		(33,289,016	)		(45,753,867	)

	(3,318,591	)		(3,646,705	)		(16,910,638	)		(43,911,777	)		(12,930,986	)		(10,110,774	)		(39,829,535	)		(38,580,573	)
	35,836,456			39,483,161			150,644,362			194,556,139			130,650,197			140,760,971			178,167,071			216,747,644

$	32,517,865		$	35,836,456		$	133,733,724		$	150,644,362		$	117,719,211		$	130,650,197		$	138,337,536		$	178,167,071

$	—		$	—		$	517,321		$	—		$	131,918		$	246,459		$	130,052		$	270,181

$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

167

STATEMENT OF CHANGES IN NET ASSETS

(UNAUDITED)


	STRATEGIC PARTNERS BOND FUND						STRATEGIC PARTNERS MONEY MARKET FUND
	SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004			SIX MONTHS ENDED APRIL 30, 2005			YEAR ENDED OCTOBER 31, 2004
OPERATIONS:
Net Investment Income (Loss)	$	2,865,510		$	5,549,582		$	417,520		$	448,697
Net Realized Gain (Loss) on Investments and Foreign Currencies		2,669,627			11,543,409			(14,411	)		388
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(3,451,857	)		2,035,295			—			—

Net Increase (Decrease) in Net Assets Resulting from Operations		2,083,280			19,128,286			403,109			449,085

DIVIDENDS AND DISTRIBUTIONS:
Dividends from Net Investment Income:
Class A		(220,130	)		(125,087	)		—			—
Class B		(13,102	)		(5,325	)		—			—
Class C		(493,934	)		(1,119,189	)		(36,642	)		(680	)
Class D		—			—			(69,716	)		(65,074	)
Class L		(674,518	)		(1,732,693	)		(164,819	)		(378,932	)
Class M		(1,714,013	)		(3,560,607	)		(145,159	)		(3,506	)
Class X		(276,381	)		(545,367	)		(29,831	)		(505	)

Total Dividends		(3,392,078	)		(7,088,268	)		(446,167	)		(448,697	)

Distributions from Net Realized Gains:
Class A		(386,956	)		—			—			—
Class B		(28,719	)		—			—			—
Class C		(1,414,621	)		(2,172,572	)		—			—
Class D		—			—			—			—
Class L		(1,541,816	)		(2,712,956	)		—			—
Class M		(4,835,269	)		(7,005,565	)		—			—
Class X		(779,120	)		(1,044,571	)		—			—

Total Distributions		(8,986,501	)		(12,935,664	)		—			—

FUND SHARE TRANSACTIONS (NOTE 4)
Net Proceeds from Shares Sold(b)		15,103,894			64,017,370			45,578,779			239,455,706
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		10,772,712			18,036,864			389,218			409,993
Cost of Shares Redeemed		(63,300,555	)		(216,682,365	)		(81,315,523	)		(354,289,517	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(37,423,949	)		(134,628,131	)		(35,347,526	)		(114,423,818	)

Net Increase (Decrease) in Net Assets		(47,719,248	)		(135,523,777	)		(35,390,584	)		(114,423,430	)
NET ASSETS:
Beginning of Year		333,332,164			468,855,941			179,631,742			294,055,172

End of Year(a)	$	285,612,916		$	333,332,164		$	144,241,158		$	179,631,742

(a) Includes Undistributed Net Investment Income of:	$	—		$	—		$	—		$	—

(b) Includes Value of Shares Issued in Merger:	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

168

APRIL 30, 2005

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION

Strategic Partners Mutual Funds, Inc., formerly known as American Skandia Advisor Funds, Inc., (the “Company”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The Company was organized on March 5, 1997, as a Maryland Corporation. The Company operates as a series company and effective April 12, 2004, the name of the Company was changed to Strategic Partners Mutual Funds, Inc. At April 30, 2005, the Company consisted of 18 diversified and 2 non-diversified investment portfolios (Strategic Partners Mid-Cap Growth Fund and Strategic Partners Managed OTC Fund) (each a “Fund” and collectively the “Funds”).

The Funds of the Company have the following as investment objectives:

Strategic Partners International Growth Fund (“International Growth”): Capital growth by investing in equity securities of foreign companies.

Strategic Partners Small-Cap Growth Opportunity Fund (“Small-Cap Growth Opportunity”): Capital growth by investing primarily in common stocks of small capitalization U.S. companies.

Strategic Partners Managed Small-Cap Growth Fund (“Managed Small-Cap Growth”): Maximum capital growth by investing in equity securities of small capitalization companies included in the Russell 2000 Growth Index.

Strategic Partners Small Company Fund (“Small Company”): Long-term capital growth by investing in stocks and equity-related securities of small capitalization U.S. companies that appear to be undervalued.

Strategic Partners Mid-Cap Growth Fund (“Mid-Cap Growth”): Long-term capital growth by investing primarily in equity securities of medium-sized companies.

Strategic Partners Relative Value Fund (“Relative Value”): Capital growth by investing primarily in common stocks of medium capitalization companies.

Strategic Partners Technology Fund (“Technology”): Capital growth by investing primarily in equity securities of companies engaged in technology-related industries.

Strategic Partners Health Sciences Fund (“Health Science”): Growth by investing primarily in the equity securities of companies that develop, produce or distribute products or services related to health care.

Strategic Partners Managed OTC Fund (“Managed OTC”): Provide investment results that correlate to a multiple of the daily performance of the NASDAQ 100 Index by investing primarily in securities of companies included in the NASDAQ 100 and leveraged instruments, such as futures contracts and options, relating to the NASDAQ 100.

Strategic Partners Capital Growth Fund (“Capital Growth”): Capital growth by investing primarily in common stocks, with the majority of the Fund’s assets in large-cap stocks.

Strategic Partners Concentrated Growth Fund (“Concentrated Growth”): Capital growth by investing in equity securities of approximately 30-45 large-cap companies.

Strategic Partners Core Value Fund (“Core Value”): Long-term capital growth by investing primarily in common stocks of large capitalization companies that appear to be undervalued.

Strategic Partners Managed Index 500 Fund (“Managed Index 500”): To outperform the S&P 500 Stock Index by investing primarily in common stocks included in the S&P 500.

Strategic Partners Equity Income Fund (“Equity Income”): Long term capital growth and income by investing primarily in common stocks that are believed to be selling at reasonable valuation in relation to their fundamental business prospects.

169

Strategic Partners Growth with Income Fund (“Growth with Income”): Long-term growth of capital with a secondary objective to seek reasonable current income by investing primarily in common stocks and related securities.

Strategic Partners Capital Income Fund (“Capital Income”): Capital growth and current income by investing primarily in dividend-paying common and preferred stocks, and to a lesser extent in fixed income securities.

Strategic Partners Balanced Fund (“Balanced”): Capital growth and current income by investing in approximately 60% of its assets in equity securities and the remainder in bonds and other fixed income securities.

Strategic Partners High Yield Bond Fund (“High Yield Bond”): High current income by investing primarily in lower-quality fixed income securities.

Strategic Partners Bond Fund (“Bond”): Maximize total return, consistent with preservation of capital by investing in higher-quality fixed income securities of varying maturities, so that the Fund’s expected average duration will be from three to six years.

Strategic Partners Money Market Fund (“Money Market”): Maximize current income and maintain high levels of liquidity by investing in high-quality, short-term, U.S. dollar-denominated instruments.

2. SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are consistently followed by the Company and the Funds in the preparation of their financial statements.

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 of an asked price. Securities that are actively traded via Nasdaq are valued at the official closing price as provided by Nasdaq. Securities that are actively traded in the over-the-counter market, including listed securities for which primary market is believed by Prudential Investments LLC (“PI” or “Manager”) in consultation with the subadviser, to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. 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. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities for which reliable market quotations are not readily available, or whose values have been affected 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 Directors’ 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 value.

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 or market value on the 61st day, and thereafter assuming a constant amortization to

170

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 quotation.

FOREIGN CURRENCY TRANSLATION

Fund securities and other assets and liabilities denominated in foreign currencies are translated each business day into U.S. dollars based on the current rates of exchange. Purchases and sales of Fund securities and income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Gains and losses resulting from changes in exchange rates applicable to long-term foreign securities are not reported separately from gains and losses arising from movements in securities prices.

Net realized foreign exchange gains and losses include gains and losses from sales and maturities of foreign currency exchange contracts, gains and losses realized between the trade and settlement dates of foreign securities transactions, and the difference between the amount of net investment income accrued on foreign securities and the U.S. dollar amount actually received. Net unrealized foreign exchange gains and losses include gains and losses from changes in the value of assets and liabilities other than Fund securities, resulting from changes in exchange rates.

FORWARD CURRENCY CONTRACTS

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Funds, as defined in the prospectus, enter into forward currency contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency. The contracts are valued daily at forward exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on investments. Gain or loss is realized on the settlement date of the contract equal to the difference between the settlement value of the original and renegotiated forward contracts. This gain or loss, if any, is included in net realized gain or loss on foreign currency transactions. Risks may arise upon entering into these contracts from the potential inability of the counter parties to meet the terms of their contracts.

OPTIONS

The Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option.

If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid, respectively. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on written option transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option.

When a Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option

171

on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay (receive) a fixed interest rate (noted as the strike price) and receive (pay) a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

FINANCIAL FUTURES CONTRACTS

A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on financial futures contracts. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and underlying hedged assets.

REPURCHASE AGREEMENTS

A repurchase agreement is a commitment to purchase securities from a seller who agrees to repurchase the securities at an agreed-upon price and date. The excess of the resale price over the purchase price determines the yield on the transaction. Under the terms of the agreement, the market value, including accrued interest, of the securities will be at least equal to their repurchase price.

Repurchase agreements are recorded at cost, which, combined with accrued interest, approximates market value.

Repurchase agreements bear a risk of loss in the event that the seller defaults on its obligation to repurchase the securities. In such case, the Fund may be delayed or prevented from exercising its right to dispose of the securities.

SWAP AGREEMENTS

The Funds may enter into swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Funds may enter into interest rate, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. Dividends and interest on the securities in the swap are included in the value of the exchange. The swaps are valued daily at current market value and any unrealized gain or loss is included in the net unrealized appreciation or depreciation on investments. Gain or loss is realized on the termination date of the swap and is equal to the difference between the Fund’s basis in the swap and the proceeds or costs of the closing transaction, including fees. During the period that the swap agreement is open, the Fund may be subject to risk from the potential inability of the counter party to meet the terms of the agreement.

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Forward currency contracts, written options, financial futures contracts, and swap agreements involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

DELAYED DELIVERY TRANSACTIONS

Certain Funds may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

SECURITIES LOANS

The Funds may lend their portfolio securities to broker-dealers. The loans are secured by collateral at least equal at all times to the market value of the securities loaned. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail financially, the Funds have the right to repurchase the securities using the collateral in the open market. The Funds recognize income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The Funds also continue to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognize any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These may include the Institutional Money Market Trust, advised by BlackRock Capital Management, Inc., or directly in high-quality, short-term instruments with a maturity date not to exceed 397 days.

INVESTMENT TRANSACTIONS AND INVESTMENT INCOME

Securities transactions are recorded on the trade date. Realized gains or losses on sales of investments and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. The Fund amortizes premiums and discounts on portfolio securities as adjustments to interest income. Expenses are recorded on the accrual basis which may require the use of certain estimates by management.

Net investment income or loss (other than distribution fees, which are charged directly to the respective class) and unrealized and realized gains or losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.

TRADED CUSTODY RECEIPTS

The Trust invests in securities that represent an interest in a diversified portfolio (the “basket”) of debt instruments (the underlying securities). Under the term of the baskets, the Trust has direct ownership in each underlying security equal to its pro rata interest in the basket. In the event of default of any underlying security, the notional amount on which interest is earned is reduced by the par amount of the defaulted security, and the pro rata interest of such security is distributed to the Trust. Traded custody receipts (“TRACERS”) are custody receipts representing direct ownership in a static, unlevered portfolio of 28 investment-grade corporate bonds with an approximate 10-year final legal maturity. Purchasers of TRACERS will generally have all the rights and privileges of owners of the

173

underlying bonds. Purchasers must withdraw any underlying bond that has defaulted or been downgraded below investment grade by Fitch, Ratings Ltd., either in the form of cash proceeds from liquidation or the transfer of their pro rata share of the underlying bond.

As TRACERS approaches its final maturity date, it is expected that its market risk exposures will be reduced. Therefore, the volatility rating assigned to TRACERS is expected to improve (be lowered) over time.

DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders are recorded on the ex-divided date. Dividends, if any, from net investment income are declared and paid at least annually by the International Growth, Small-Cap Growth Opportunity, Managed Small-Cap Growth, Small Company, Mid-Cap Growth, Relative Value, Technology, Health Sciences, Managed OTC, Capital Growth, Concentrated Growth, Core Value, Managed Index 500, Equity Income, Growth with Income; semiannually by the Capital Income and Balanced, and declared daily and paid monthly by the High Yield Bond, Bond and Money Market.

These dividends and distributions are determined in accordance with federal income tax regulations and may differ from accounting principles generally accepted in the United States of America.

Net realized gains from investment transactions, if any are distributed at least annually. Permanent book/tax differences relating to income and gains are reclassified to paid-in capital when they arise.

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

The Funds have entered into investment management agreements with Prudential Investments LLC (“Investment Manager”) which provide that the Investment Manager will furnish each Fund with investment advice and investment management and administrative services. The Investment Manager has presently engaged the following firms as Sub-advisors for their respective Funds:

A I M Capital Management, Inc. for Health Sciences; Alliance Capital Management L.P. for Core Value, Equity Income and Managed Index 500; American Century Investment Management, Inc. for Balanced; Deutsche Asset Management, Inc. for Managed Small-Cap Growth and Small-Cap Growth Opportunity; The Dreyfus Corporation for Technology; GAMCO Investors, Inc. for Small Company; Goldman Sachs Asset Management, L.P. for Mid-Cap Growth, Concentrated Growth and High Yield Bond; Marsico Capital Management, LLC for Capital Growth; Massachusetts Financial Services Company for Growth with Income; Neuberger Berman Management, Inc. for Relative Value; Pacific Investment Management Company LLC for Bond; ProFund Advisors LLC for Managed OTC; T. Rowe Price Associates, Inc. for Capital Income; Wells Capital Management, Inc. for Money Market; William Blair & Company, LLC for International Growth.

ADVISORY FEES AND EXPENSE LIMITATIONS

The Investment Manager receives a fee, computed daily and paid monthly, based on an annual rate of the average net assets. The Investment Manager pays each Sub-advisor a fee as compensation for advisory services provided to the Funds.

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The Investment Manager has voluntarily agreed to waive expenses in accordance with limitation expense policies as noted in the table below. The Investment Manager will reimburse each Fund for its respective operating expenses, exclusive of taxes, interest, brokerage commissions, distribution fees and extraordinary expenses, but inclusive of the advisory fee, which in the aggregate exceed specified percentages of the Funds’ average net assets while retaining their ability to be reimbursed for such fee waivers prior to the end of the fiscal year. The advisory fees and expense limitations are summarized as follows:


	ADVISORY EXPENSE	EFFECTIVE ADVISORY FEES NET OF WAIVER		FEES LIMITATIONS
International Growth Fund	1.00% to $500 million;	0.95	%	1.60	%
	0.95% next $500 million;
	0.90% $1 billion and over
Small-Cap Growth Opportunity Fund	0.90% to $500 million;	0.90	%	1.30	%
	0.85% next $500 million;
	0.80% $1 billion and over
Managed Small-Cap Growth Fund	0.95%	0.85	%	1.40	%
Small Company Fund	1.00% to $500 million;	1.00	%	1.40	%
	0.95% next $500 million;
	0.90% $1 billion and over
Mid-Cap Growth Fund	1.00% to $500 million;	0.90	%	1.40	%
	0.90% next $500 million;
	0.85% $1 billion and over
Relative Value Fund	0.90% to $500 million;	0.90	%	1.35	%
	0.85% next $500 million;
	0.80% $1 billion and over
Technology Fund	1.00%	1.00	%	1.40	%
Health Sciences Fund	1.00%	1.00	%	1.40	%
Managed OTC Fund	0.85%	0.85	%	1.25	%
Capital Growth Fund	1.00% to $500 million;	0.9625	%	1.30	%
	0.90% next $500 million;
	0.85% $1 billion and over
Concentrated Growth Fund	1.00% to $500 million;	0.93	%	1.25	%
	0.90% next $500 million;
	0.85% $1 billion and over
Core Value Fund	0.85%	0.85	%	1.20	%
Managed Index 500 Fund	0.80% to $500 million;	0.80	%	1.00	%
	0.75% next $500 million;
	0.70% $1 billion and over
Equity Income Fund	1.00% to $500 million;	0.80	%	1.15	%
	0.80% next $500 million;
	0.75% $1 billion and over
Growth with Income Fund	1.00%	1.00	%	1.30	%
Capital Income Fund	0.75% to $500 million;	0.75	%	1.17	%
	0.70% next $500 million;
	0.65% $1 billion and over
Balanced Fund	0.90% to $500 million;	0.90	%	1.15	%
	0.80% next $500 million;
	0.75% $1 billion and over
High Yield Bond Fund	0.70% to $500 million;	0.70	%	1.00	%
	0.65% next $500 million;
	0.60% $1 billion and over
Bond Fund	0.65% to $500 million;	0.65	%	0.80	%
	0.60% next $500 million;
	0.55% $1 billion and over
Money Market Fund	0.50%	0.4934	%	1.00	%

The Investment Manager has voluntarily agreed to waive portions of its advisory fees equal to 0.07% of average daily net assets of Concentrated Growth, 0.05% of average daily net assets of

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International Growth, 0.10% for Managed Small-Cap Growth and Mid-Cap Growth; 0.20% of the average daily net assets of Equity Income for the six months ended April 30, 2005. The Investment Manager will waive a portion of its advisory fee for the Money Market Fund to the extent necessary to keep net operating expenses from exceeding total investment income. Such voluntary fee waivers or reductions have been calculated prior to any fee reimbursements with respect to the expense limitations, and may be rescinded at any time and without notice to investors. All reimbursements by the Investment Manager are reflected in the Statements of Operations.

MANAGEMENT OF THE COMPANY

Certain officers and directors of the Funds are officers or directors of the Investment Manager. The Funds pay no compensation directly to their officers or interested directors.

DISTRIBUTOR

Prudential Investment Management Services LLC (“PIMS”), an affiliate of Prudential Investments LLC and an indirect, wholly-owned subsidiary of Prudential serves as the distributor for the Funds. The Company has adopted a separate Distribution and Service plan (each a “Plan” and collectively the “Plans”) for Class A, B, C, D, L, M and X shares of each Fund in accordance with the requirements of Rule 12b-1 of the Investment Company Act of 1940.

During the six months ended April 30, 2005, PIMS has advised the Funds, front-end sales charges (“FESC”) and gross contingent deferred sales charges (“CDSC”) were approximately as follows:


	CLASS A FESC		CLASS A CDSC		CLASS B CDSC		CLASS C CDSC		CLASS M CDSC		CLASS X CDSC
International Growth	$	32,800	$	—	$	2,200	$	1,300	$	305,700	$	75,200
Small-Cap Growth Opportunity		9,200		—		1,800		200		125,800		21,900
Managed Small-Cap Growth		8,200		—		400		300		54,000		10,700
Small Company		36,200		—		1,600		900		182,200		45,800
Mid-Cap Growth		30,000		—		3,800		900		215,400		47,400
Relative Value		58,100		400		2,300		4,300		307,300		46,700
Technology		3,600		—		600		100		42,400		2,600
Health Sciences		3,900		—		600		200		26,700		3,700
Managed OTC		14,700		—		6,100		300		65,900		5,300
Capital Growth		121,400		—		8,700		5,600		792,500		135,700
Concentrated Growth		50,500		—		8,700		1,000		667,900		102,900
Core Value		14,400		—		700		500		54,600		14,300
Managed Index 500		25,900		—		3,200		1,100		227,200		18,700
Equity Income		28,800		—		3,300		1,000		300,800		58,900
Growth with Income		6,200		—		400		200		69,900		4,600
Capital Income		12,100		—		1,400		300		211,100		42,000
Balanced		36,200		—		1,600		300		172,800		41,800
High Yield Bond		41,700		—		2,000		1,000		343,600		26,900
Bond		34,200		800		4,900		2,300		501,200		70,400
Money Market		—		—		—		—		342,300		101,100

Under the Plans, the Funds compensates PIMS a distribution and service fee at an annual rate up to 0.30%, 1.00%, 1.00%, 0.50%, 0.50%, 1.00% and 1.00% of the average daily net assets of the Class A, B, C, D, L, M and X shares, respectively. For the six months ended April 30, 2005, PIMS has contractually agreed to limit such fees to .25 of 1% of the average daily net assets of the Class A shares.

TRANSFER AGENT

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of Prudential Investments LLC and an indirect, wholly-owned subsidiary of Prudential, serves as the Funds’ transfer agent. Transfer agent fees and expenses are shown in the Statements of Operations.

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BROKER

For the six months ended April 30, 2005, Wachovia Securities LLC (“Wachovia”), an affiliate of PI, earned the following amount of brokerage commissions from portfolio transactions executed on behalf of the Funds:


Mid-Cap Growth	$	1,605
Relative Value		1,945
Equity Income		630

4. SHARES OF CAPITAL STOCK

Class A shares (except for Money Market) are sold with a front-end sales charge of up to 5.50%. Purchases of $1 million or more are subject to a contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of their purchase. Class B shares (except for Money Market) are sold with a CDSC which declines from 5% to zero depending upon the period of time the shares are held. Class B shares will automatically convert to Class A shares approximately seven years after purchase. Class C shares are sold with a CDSC of 1% during the first 12 months. Class X shares are closed to new purchases. In addition, for Money Market only, Class D shares are offered with no sales charge. The authorized capital stock of the Funds is 5.5 billion shares, with a par value of $.001 per share.

Transactions in shares of capital stock, during the six months ended April 30, 2005, were as follows:


	CLASS A					CLASS B					CLASS C					CLASS L
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
INTERNATIONAL GROWTH:
Sold	576,153		$	7,272,565		194,214		$	2,393,423		135,801		$	1,680,664		103,573		$	1,314,729
Reinvested	12,713			159,673		477			5,859		19,575			240,965		40,035			502,843
Redeemed	(279,454	)		(3,550,700	)	(115,062	)		(1,435,849	)	(822,853	)		(10,192,432	)	(892,894	)		(11,296,517	)

Net Increase/ (Decrease) before Conversion	309,412			3,881,538		79,629			963,433		(667,477	)		(8,270,803	)	(749,286	)		(9,478,945	)
Conversion from Class B into Class A	249			3,286		(255	)		(3,286	)	—			—		—			—

Net Increase/ (Decrease)	309,661		$	3,884,824		79,374		$	960,147		(667,477	)	$	(8,270,803	)	(749,286	)	$	(9,478,945	)

SMALL-CAP GROWTH OPPORTUNITY:
Sold	164,461		$	1,744,322		30,272		$	306,602		28,077		$	284,443		52,570		$	554,645
Redeemed	(84,056	)		(871,725	)	(5,901	)		(59,357	)	(314,516	)		(3,192,923	)	(404,429	)		(4,252,372	)

Net Increase/ (Decrease)	80,405		$	872,597		24,371		$	247,245		(286,439	)	$	(2,908,480	)	(351,859	)	$	(3,697,727	)

MANAGED SMALL-CAP GROWTH:
Sold	388,859		$	2,139,410		42,462		$	220,194		48,288		$	258,777		3,884		$	21,987
Redeemed	(193,160	)		(1,042,245	)	(6,475	)		(33,477	)	(364,908	)		(1,934,178	)	(454,884	)		(2,470,025	)

Net Increase/ (Decrease)	195,699		$	1,097,165		35,987		$	186,717		(316,620	)	$	(1,675,401	)	(451,000	)	$	(2,448,038	)

SMALL COMPANY:
Sold	354,311		$	5,580,983		47,998		$	732,030		98,258		$	1,486,903		72,543		$	1,150,727
Reinvested	16,110			249,544		1,707			25,507		82,568			1,231,086		75,853			1,170,411
Redeemed	(138,430	)		(2,179,699	)	(3,862	)		(58,759	)	(446,892	)		(6,802,020	)	(467,502	)		(7,346,679	)

Net Increase/ (Decrease) before Conversion	231,991			3,650,828		45,843			698,778		(266,066	)		(4,084,031	)	(319,106	)		(5,025,541	)
Conversion from Class B into Class A	2			40		(3	)		(40	)	—			—		—			—

Net Increase/ (Decrease)	231,993		$	3,650,868		45,840		$	698,738		(266,066	)	$	(4,084,031	)	(319,106	)	$	(5,025,541	)


	CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT
INTERNATIONAL GROWTH:
Sold	379,964		$	4,709,021		57,647		$	709,136
Reinvested	41,086			504,535		12,519			153,731
Redeemed	(1,516,028	)		(18,721,490	)	(399,901	)		(4,930,463	)

Net Increase/ (Decrease) before Conversion	(1,094,978	)		(13,507,934	)	(329,735	)		(4,067,596	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(1,094,978	)	$	(13,507,934	)	(329,735	)	$	(4,067,596	)

SMALL-CAP GROWTH OPPORTUNITY:
Sold	31,348		$	321,366		5,077		$	52,605
Redeemed	(807,603	)		(8,197,061	)	(176,458	)		(1,789,833	)

Net Increase/ (Decrease)	(776,255	)	$	(7,875,695	)	(171,381	)	$	(1,737,228	)

MANAGED SMALL-CAP GROWTH:
Sold	57,824		$	307,431		21,015		$	112,480
Redeemed	(641,348	)		(3,382,493	)	(145,265	)		(763,899	)

Net Increase/ (Decrease)	(583,524	)	$	(3,075,062	)	(124,250	)	$	(651,419	)

SMALL COMPANY:
Sold	228,459		$	3,447,323		55,728		$	847,687
Reinvested	186,068			2,776,131		61,637			920,244
Redeemed	(927,460	)		(14,065,775	)	(307,191	)		(4,654,072	)

Net Increase/ (Decrease) before Conversion	(512,933	)		(7,842,321	)	(189,826	)		(2,886,141	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(512,933	)	$	(7,842,321	)	(189,826	)	$	(2,886,141	)

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	CLASS A					CLASS B					CLASS C					CLASS L
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
MID-CAP GROWTH:
Sold	1,278,952		$	5,764,475		197,102		$	867,583		273,703		$	1,201,198		156,087		$	706,721
Redeemed	(580,563	)		(2,633,927	)	(28,037	)		(124,603	)	(1,305,997	)		(5,724,207	)	(1,622,105	)		(7,290,700	)

Net Increase/ (Decrease) before Conversion	698,389			3,130,548		169,065			742,980		(1,032,294	)		(4,523,009	)	(1,466,018	)		(6,583,979	)
Conversion from Class B into Class A	1,072			4,878		(1,094	)		(4,878	)	—			—		—			—

Net Increase/ (Decrease)	699,461		$	3,135,426		167,971		$	738,102		(1,032,294	)	$	(4,523,009	)	(1,466,018	)	$	(6,583,979	)

RELATIVE VALUE:
Sold	467,559		$	8,984,800		99,714		$	1,834,384		226,642		$	4,191,038		154,061		$	2,966,075
Reinvested	92,980			1,722,931		7,986			142,786		356,992			6,372,310		367,808			6,782,378
Redeemed	(232,118	)		(4,407,359	)	(4,390	)		(80,164	)	(533,641	)		(9,812,599	)	(615,144	)		(11,695,770	)

Net Increase/ (Decrease) before Conversion	328,421			6,300,372		103,310			1,897,006		49,993			750,749		(93,275	)		(1,947,317	)
Conversion from Class B into Class A	55			1,074		(57	)		(1,074	)	—			—		—			—

Net Increase/ (Decrease)	328,476		$	6,301,446		103,253		$	1,895,932		49,993		$	750,749		(93,275	)	$	(1,947,317	)

TECHNOLOGY:
Sold	748,099		$	2,025,493		57,417		$	149,390		76,725		$	202,838		12,517		$	33,581
Redeemed	(383,892	)		(1,060,465	)	(9,970	)		(26,086	)	(561,178	)		(1,458,873	)	(311,123	)		(852,543	)

Net Increase/ (Decrease)	364,207		$	965,028		47,447		$	123,304		(484,453	)	$	(1,256,035	)	(298,606	)	$	(818,962	)

HEALTH SCIENCES:
Sold	188,749		$	2,208,037		25,831		$	291,573		22,703		$	257,489		1,111		$	13,562
Redeemed	(38,146	)		(441,127	)	(13,435	)		(152,663	)	(90,737	)		(1,026,753	)	(94,448	)		(1,090,205	)

Net Increase/ (Decrease) before Conversion	150,603			1,766,910		12,396			138,910		(68,034	)		(769,264	)	(93,337	)		(1,076,643	)
Conversion from Class B into Class A	98			1,126		(100	)		(1,126	)	—			—		—			—

Net Increase/ (Decrease)	150,701		$	1,768,036		12,296		$	137,784		(68,034	)	$	(769,264	)	(93,337	)	$	(1,076,643	)

MANAGED OTC:
Sold	289,452		$	760,875		169,710		$	418,570		163,390		$	424,725		51,199		$	139,162
Redeemed	(168,797	)		(440,967	)	(58,718	)		(151,038	)	(855,408	)		(2,194,903	)	(592,410	)		(1,563,353	)

Net Increase/ (Decrease)	120,655		$	319,908		110,992		$	267,532		(692,018	)	$	(1,770,178	)	(541,211	)	$	(1,424,191	)

CAPITAL GROWTH:
Sold	901,367		$	13,055,286		241,955		$	3,371,515		349,542		$	4,869,573		179,507		$	2,587,155
Redeemed	(293,458	)		(4,240,999	)	(20,822	)		(290,318	)	(1,912,424	)		(26,636,472	)	(1,693,747	)		(24,409,456	)

Net Increase/ (Decrease) before Conversion	607,909			8,814,287		221,133			3,081,197		(1,562,882	)		(21,766,899	)	(1,514,240	)		(21,822,301	)
Conversion from Class B into Class A	28			410		(29	)		(410	)	—			—		—			—

Net Increase/ (Decrease)	607,937		$	8,814,697		221,104		$	3,080,787		(1,562,882	)	$	(21,766,899	)	(1,514,240	)	$	(21,822,301	)

CONCENTRATED GROWTH:
Sold	536,823		$	6,170,429		160,503		$	1,579,731		109,342		$	1,076,500		7,199		$	82,819
Redeemed	(275,658	)		(3,156,487	)	(30,387	)		(298,595	)	(1,348,370	)		(13,310,799	)	(1,295,908	)		(14,855,964	)

Net Increase/ (Decrease) before Conversion	261,165			3,013,942		130,116			1,281,136		(1,239,028	)		(12,234,299	)	(1,288,709	)		(14,773,145	)
Conversion from Class B into Class A	19			213		(22	)		(213	)	—			—		—			—

Net Increase/ (Decrease)	261,184		$	3,014,155		130,094		$	1,280,923		(1,239,028	)	$	(12,234,299	)	(1,288,709	)	$	(14,773,145	)


	CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT
MID-CAP GROWTH:
Sold	365,108		$	1,585,089		67,368		$	296,687
Redeemed	(2,743,231	)		(12,061,277	)	(599,495	)		(2,627,418	)

Net Increase/ (Decrease) before Conversion	(2,378,123	)		(10,476,188	)	(532,127	)		(2,330,731	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(2,378,123	)	$	(10,476,188	)	(532,127	)	$	(2,330,731	)

RELATIVE VALUE:
Sold	417,547		$	7,778,122		96,884		$	1,806,202
Reinvested	904,962			16,153,566		176,016			3,133,082
Redeemed	(1,145,180	)		(21,065,395	)	(210,748	)		(3,851,360	)

Net Increase/ (Decrease) before Conversion	177,329			2,866,293		62,152			1,087,924
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	177,329		$	2,866,293		62,152		$	1,087,924

TECHNOLOGY:
Sold	36,370		$	97,121		6,151		$	16,064
Redeemed	(653,763	)		(1,718,440	)	(161,427	)		(423,382	)

Net Increase/ (Decrease)	(617,393	)	$	(1,621,319	)	(155,276	)	$	(407,318	)

HEALTH SCIENCES:
Sold	58,378		$	655,957		8,228		$	93,530
Redeemed	(122,398	)		(1,390,921	)	(30,273	)		(343,472	)

Net Increase/ (Decrease) before Conversion	(64,020	)		(734,964	)	(22,045	)		(249,942	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(64,020	)	$	(734,964	)	(22,045	)	$	(249,942	)

MANAGED OTC:
Sold	426,341		$	1,129,730		115,667		$	308,147
Redeemed	(1,294,994	)		(3,355,691	)	(257,938	)		(675,447	)

Net Increase/ (Decrease)	(868,653	)	$	(2,225,961	)	(142,271	)	$	(367,300	)

CAPITAL GROWTH:
Sold	457,799		$	6,378,284		130,922		$	1,829,000
Redeemed	(3,331,973	)		(46,449,504	)	(661,281	)		(9,197,053	)

Net Increase/ (Decrease) before Conversion	(2,874,174	)		(40,071,220	)	(530,359	)		(7,368,053	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(2,874,174	)	$	(40,071,220	)	(530,359	)	$	(7,368,053	)

CONCENTRATED GROWTH:
Sold	36,714		$	364,483		11,674		$	116,575
Redeemed	(3,951,178	)		(38,967,381	)	(685,238	)		(6,760,099	)

Net Increase/ (Decrease) before Conversion	(3,914,464	)		(38,602,898	)	(673,564	)		(6,643,524	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(3,914,464	)	$	(38,602,898	)	(673,564	)	$	(6,643,524	)

178


	CLASS A					CLASS B					CLASS C					CLASS L
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
CORE VALUE:
Sold	158,505		$	2,000,242		43,728		$	552,208		127,623		$	1,615,272		69,714		$	877,693
Reinvested	6,748			84,419		605			7,563		20,523			256,748		20,365			254,769
Redeemed	(82,639	)		(1,050,571	)	(1,542	)		(19,368	)	(187,153	)		(2,350,895	)	(154,141	)		(1,946,819	)

Net Increase/ (Decrease) before Conversion	82,614			1,034,090		42,791			540,403		(39,007	)		(478,875	)	(64,062	)		(814,357	)
Conversion from Class B into Class A	89			1,143		(89	)		(1,143	)	—			—		—			—

Net Increase/ (Decrease)	82,703		$	1,035,233		42,702		$	539,260		(39,007	)	$	(478,875	)	(64,062	)	$	(814,357	)

MANAGED INDEX 500:
Sold	553,497		$	5,129,365		134,715		$	1,218,536		143,202		$	1,307,932		60,984		$	558,056
Redeemed	(277,559	)		(2,614,876	)	(15,780	)		(142,725	)	(606,454	)		(5,511,819	)	(637,450	)		(5,950,364	)

Net Increase/ (Decrease)	275,938		$	2,514,489		118,935		$	1,075,811		(463,252	)	$	(4,203,887	)	(576,466	)	$	(5,392,308	)

EQUITY INCOME:
Sold	445,530		$	6,144,925		72,996		$	979,895		113,613		$	1,527,146		21,033		$	294,507
Reinvested	6,971			96,404		71			960		2,525			34,167		19,535			270,175
Redeemed	(201,704	)		(2,763,293	)	(8,189	)		(109,882	)	(510,793	)		(6,838,074	)	(626,680	)		(8,601,371	)

Net Increase/ (Decrease) before Conversion	250,797			3,478,036		64,878			870,973		(394,655	)		(5,276,761	)	(586,112	)		(8,036,689	)
Conversion from Class B into Class A	238			3,335		(243	)		(3,335	)	—			—		—			—

Net Increase/ (Decrease)	251,035		$	3,481,371		64,635		$	867,638		(394,655	)	$	(5,276,761	)	(586,112	)	$	(8,036,689	)

GROWTH WITH INCOME:
Sold	104,099		$	937,773		36,176		$	316,459		30,196		$	264,210		12,376		$	111,444
Redeemed	(36,972	)		(333,110	)	(1,775	)		(15,477	)	(139,902	)		(1,221,999	)	(191,553	)		(1,723,239	)

Net Increase/ (Decrease)	67,127		$	604,663		34,401		$	300,982		(109,706	)	$	(957,789	)	(179,177	)	$	(1,611,795	)

CAPITAL INCOME:
Sold	141,145		$	1,816,600		22,080		$	282,872		36,244		$	464,929		17,680		$	227,063
Redeemed	(42,594	)		(547,620	)	(4,069	)		(52,229	)	(450,589	)		(5,770,061	)	(361,629	)		(4,641,720	)

Net Increase/ (Decrease)	98,551		$	1,268,980		18,011		$	230,643		(414,345	)	$	(5,305,132	)	(343,949	)	$	(4,414,657	)

BALANCED:
Sold	281,673		$	3,678,749		77,951		$	1,013,388		44,964		$	583,608		36,770		$	475,582
Reinvested	3,090			40,606		328			4,312		5,172			67,907		11,513			151,282
Redeemed	(107,050	)		(1,398,603	)	(8,171	)		(106,255	)	(268,944	)		(3,501,482	)	(387,052	)		(5,054,340	)

Net Increase/ (Decrease) before Conversion	177,713			2,320,752		70,108			911,445		(218,808	)		(2,849,967	)	(338,769	)		(4,427,476	)
Conversion from Class B into Class A	1,886			24,857		(1,891	)		(24,857	)	—			—		—			—

Net Increase/ (Decrease)	179,599		$	2,345,609		68,217		$	886,588		(218,808	)	$	(2,849,967	)	(338,769	)	$	(4,427,476	)

HIGH YIELD BOND:
Sold	534,236		$	4,027,188		130,400		$	976,101		304,235		$	2,268,165		186,659		$	1,409,621
Reinvested	36,552			273,946		2,812			20,898		81,479			609,543		65,994			493,591
Redeemed	(588,681	)		(4,368,604	)	(18,336	)		(137,783	)	(1,326,554	)		(9,945,622	)	(943,026	)		(7,107,014	)

Net Increase/ (Decrease) before Conversion	(17,893	)		(67,470	)	114,876			859,216		(940,840	)		(7,067,914	)	(690,373	)		(5,203,802	)
Conversion from Class B into Class A	784			5,960		(785	)		(5,960	)	—			—		—			—

Net Increase/ (Decrease)	(17,109	)	$	(61,510	)	114,091		$	853,256		(940,840	)	$	(7,067,914	)	(690,373	)	$	(5,203,802	)

BOND:
Sold	584,779		$	6,191,490		76,950		$	805,581		202,846		$	2,124,033		153,738		$	1,624,047
Reinvested	55,214			581,662		3,570			37,242		167,436			1,743,466		175,019			1,843,253
Redeemed	(371,635	)		(3,971,344	)	(14,585	)		(152,623	)	(1,150,126	)		(12,049,129	)	(1,089,231	)		(11,562,647	)

Net Increase/ (Decrease)	268,358		$	2,801,808		65,935		$	690,200		(779,844	)	$	(8,181,630	)	(760,474	)	$	(8,095,347	)


	CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT
CORE VALUE:
Sold	306,987		$	3,891,793		120,508		$	1,526,157
Reinvested	39,678			496,373		8,755			109,609
Redeemed	(278,955	)		(3,528,772	)	(91,246	)		(1,157,097	)

Net Increase/ (Decrease) before Conversion	67,710			859,394		38,017			478,669
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	67,710		$	859,394		38,017		$	478,669

MANAGED INDEX 500:
Sold	295,569		$	2,674,798		106,365		$	968,352
Redeemed	(1,484,218	)		(13,478,059	)	(170,519	)		(1,542,541	)

Net Increase/ (Decrease)	(1,188,649	)	$	(10,803,261	)	(64,154	)	$	(574,189	)

EQUITY INCOME:
Sold	176,335		$	2,350,636		33,577		$	452,659
Reinvested	6,297			85,324		1,755			23,748
Redeemed	(1,365,299	)		(18,307,073	)	(331,909	)		(4,435,873	)

Net Increase/ (Decrease) before Conversion	(1,182,667	)		(15,871,113	)	(296,577	)		(3,959,466	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(1,182,667	)	$	(15,871,113	)	(296,577	)	$	(3,959,466	)

GROWTH WITH INCOME:
Sold	50,947		$	447,130		14,681		$	128,728
Redeemed	(375,209	)		(3,278,501	)	(44,741	)		(390,185	)

Net Increase/ (Decrease)	(324,262	)	$	(2,831,371	)	(30,060	)	$	(261,457	)

CAPITAL INCOME:
Sold	42,539		$	540,409		7,715		$	98,582
Redeemed	(1,035,578	)		(13,267,184	)	(277,750	)		(3,548,393	)

Net Increase/ (Decrease)	(993,039	)	$	(12,726,775	)	(270,035	)	$	(3,449,811	)

BALANCED:
Sold	206,062		$	2,666,884		37,693		$	491,369
Reinvested	18,660			245,194		4,725			62,040
Redeemed	(969,676	)		(12,635,929	)	(219,086	)		(2,847,991	)

Net Increase/ (Decrease) before Conversion	(744,954	)		(9,723,851	)	(176,668	)		(2,294,582	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(744,954	)	$	(9,723,851	)	(176,668	)	$	(2,294,582	)

HIGH YIELD BOND:
Sold	1,334,374		$	9,972,176		163,715		$	1,235,489
Reinvested	246,767			1,842,117		54,222			404,659
Redeemed	(4,178,240	)		(31,283,818	)	(529,914	)		(3,979,669	)

Net Increase/ (Decrease) before Conversion	(2,597,099	)		(19,469,525	)	(311,977	)		(2,339,521	)
Conversion from Class B into Class A	—			—		—			—

Net Increase/ (Decrease)	(2,597,099	)	$	(19,469,525	)	(311,977	)	$	(2,339,521	)

BOND:
Sold	356,025		$	3,720,621		60,772		$	638,122
Reinvested	531,584			5,539,726		98,481			1,027,363
Redeemed	(2,910,099	)		(30,517,178	)	(481,902	)		(5,047,634	)

Net Increase/ (Decrease)	(2,022,490	)	$	(21,256,831	)	(322,649	)	$	(3,382,149	)

179


	CLASS C					CLASS D					CLASS L					CLASS M
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES
MONEY MARKET:
Sold	767,383		$	767,383		5,353,246		$	5,353,246		7,388,878		$	7,388,877		23,532,485
Reinvested	30,075			30,075		54,448			54,448		149,883			149,883		127,794
Redeemed	(7,525,537	)		(7,525,549	)	(3,689,929	)		(3,689,928	)	(24,372,935	)		(24,372,935	)	(35,868,111	)

Net Increase/(Decrease)	(6,728,079	)	$	(6,728,091	)	1,717,765		$	1,717,766		(16,834,174	)	$	(16,834,175	)	(12,207,832	)


	CLASS M			CLASS X
	AMOUNT			SHARES		AMOUNT
MONEY MARKET:
Sold	$	23,532,485		8,536,788		$	8,536,788
Reinvested		127,794		27,018			27,018
Redeemed		(35,868,111	)	(9,859,000	)		(9,859,000	)

Net Increase/(Decrease)	$	(12,207,832	)	(1,295,194	)	$	(1,295,194	)

Transactions in shares of capital stock, during the period ended October 31, 2004, were as follows:


	CLASS A						CLASS B					CLASS C					CLASS L
	SHARES		AMOUNT				SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
INTERNATIONAL GROWTH:
Sold	1,050,355		$	11,824,806			188,688		$	2,100,234		3,699,119		$	41,670,891		4,727,029		$	39,461,552
Reinvested	694			7,905			—			—		—			—		7,021			79,958
Redeemed	(149,025	)		(1,701,488	)		(100,407	)		(1,124,237	)	(2,166,332	)		(23,920,067	)	(2,723,239	)		(30,808,943	)

Net Increase/(Decrease)	902,024		$	10,131,223		��	88,281		$	975,997		1,532,787		$	17,750,824		2,010,811		$	8,732,567

GROWTH OPPORTUNITY:
Sold	421,209		$	4,543,742			42,433		$	432,867		176,059		$	1,984,604		319,498		$	3,735,837
Redeemed	(79,859	)		(793,610	)		(1,855	)		(18,275	)	(884,400	)		(9,597,445	)	(1,095,007	)		(12,164,353	)

Net Increase/(Decrease)	341,350		$	3,750,132			40,578		$	414,592		(708,341	)	$	(7,612,841	)	(775,509	)	$	(8,428,516	)

MANAGED SMALL-CAP GROWTH:
Sold	446,197		$	2,245,087			58,410		$	289,730		423,589		$	2,198,938		561,440		$	2,954,835
Redeemed	(43,314	)		(220,990	)		(1,719	)		(8,490	)	(1,043,593	)		(5,300,660	)	(1,515,219	)		(7,850,666	)

Net Increase/(Decrease)	402,883		$	2,024,097			56,691		$	281,240		(620,004	)	$	(3,101,722	)	(953,779	)	$	(4,895,831	)

SMALL COMPANY:
Sold	517,723		$	7,446,173			52,147		$	728,736		530,987		$	7,342,230		613,756		$	8,694,444
Redeemed	(108,337	)		(1,584,563	)		(1,877	)		(26,258	)	(1,489,275	)		(20,439,655	)	(1,549,135	)		(22,100,800	)

Net Increase/(Decrease)	409,386		$	5,861,610			50,270		$	702,478		(958,288	)	$	(13,097,425	)	(935,379	)	$	(13,406,356	)

MID-CAP GROWTH:
Sold	2,198,686		$	8,974,407			240,589		$	968,602		7,930,760		$	30,584,964		11,443,714		$	43,552,947
Redeemed	(340,908	)		(1,408,824	)		(6,440	)		(26,016	)	(3,132,850	)		(12,530,737	)	(4,709,947	)		(19,205,290	)

Net Increase/(Decrease)	1,857,778		$	7,565,583			234,149		$	942,586		4,797,910		$	18,054,227		6,733,767		$	24,347,657

RELATIVE VALUE:
Sold	814,751		$	15,004,809			62,842		$	1,132,501		1,858,076		$	32,663,323		2,280,313		$	39,633,245
Reinvested	—			—			—			—		29,255			507,275		34,773			617,578
Redeemed	(106,341	)		(2,009,393	)		(2,431	)		(44,076	)	(1,362,157	)		(24,233,920	)	(1,873,827	)		(34,268,419	)

Net Increase/(Decrease)	708,410		$	12,995,416			60,411		$	1,088,425		525,174		$	8,936,678		441,259		$	5,982,404

TECHNOLOGY:
Sold	831,174		$	2,170,892			68,352		$	170,815		599,973		$	1,629,845		818,815		$	2,347,991
Redeemed	(285,856	)		(740,490	)		(4,485	)		(11,900	)	(962,622	)		(2,557,152	)	(1,846,596	)		(5,042,630	)

Net Increase/(Decrease)	545,318		$	1,430,402			63,867		$	158,915		(362,649	)	$	(927,307	)	(1,027,781	)	$	(2,694,639	)

HEALTH SCIENCES:
Sold	123,754		$	1,409,259			24,718		$	276,983		88,006		$	995,705		83,016		$	960,476
Redeemed	(22,371	)		(249,152	)		(183	)		(2,000	)	(118,004	)		(1,326,014	)	(168,257	)		(1,908,272	)

Net Increase/(Decrease)	101,383		$	1,160,107			24,535		$	274,983		(29,998	)	$	(330,309	)	(85,241	)	$	(947,796	)

MANAGED OTC:
Sold	620,579		$	1,505,535			233,749		$	549,446		1,558,590		$	3,909,246		979,473		$	2,477,134
Redeemed	(56,958	)		(139,590	)		(17,923	)		(41,938	)	(2,662,267	)		(6,452,018	)	(1,851,437	)		(4,555,263	)

Net Increase/(Decrease)	563,621		$	1,365,945			215,826		$	507,508		(1,103,677	)	$	(2,542,772	)	(871,964	)	$	(2,078,129	)

CAPITAL GROWTH:
Sold	1,773,464		$	23,367,858			375,113		$	4,861,604		4,123,618		$	52,261,363		3,782,039		$	49,150,192
Redeemed	(422,294	)		(5,723,929	)		(141,947	)		(1,875,810	)	(5,283,822	)		(67,329,854	)	(4,720,356	)		(61,975,957	)

Net Increase/(Decrease)	1,351,170		$	17,643,929			233,166		$	2,985,794		(1,160,204	)	$	(15,068,491	)	(938,317	)	$	(12,825,765	)

CONCENTRATED GROWTH:
Sold	1,000,937		$	11,195,953			174,680		$	1,677,359		437,077		$	4,283,826		618,792		$	6,961,708
Redeemed	(99,817	)		(1,096,070	)		(8,022	)		(76,114	)	(3,208,117	)		(31,208,619	)	(3,561,377	)		(39,960,420	)

Net Increase/(Decrease)	901,120		$	10,099,883			166,658		$	1,601,245		(2,771,040	)	$	(26,924,793	)	(2,942,585	)	$	(32,998,712	)


	CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT
INTERNATIONAL GROWTH:
Sold	6,530,937		$	81,545,776		1,817,957		$	19,466,759
Reinvested	—			—		—			—
Redeemed	(2,744,440	)		(30,321,434	)	(786,828	)		(8,691,692	)

Net Increase/(Decrease)	3,786,497		$	51,224,342		1,031,129		$	10,775,067

GROWTH OPPORTUNITY:
Sold	242,556		$	2,758,341		85,840		$	966,982
Redeemed	(1,461,343	)		(15,591,783	)	(338,631	)		(3,644,711	)

Net Increase/(Decrease)	(1,218,787	)	$	(12,833,442	)	(252,791	)	$	(2,677,729	)

MANAGED SMALL-CAP GROWTH:
Sold	930,395		$	4,776,242		244,525		$	1,258,847
Redeemed	(1,452,458	)		(7,341,222	)	(316,050	)		(1,603,864	)

Net Increase/(Decrease)	(522,063	)	$	(2,564,980	)	(71,525	)	$	(345,017	)

SMALL COMPANY:
Sold	732,655		$	10,131,623		213,925		$	2,972,000
Redeemed	(1,708,889	)		(23,738,593	)	(429,627	)		(5,955,443	)

Net Increase/(Decrease)	(976,234	)	$	(13,606,970	)	(215,702	)	$	(2,983,443	)

MID-CAP GROWTH:
Sold	20,422,916		$	83,977,889		4,136,736		$	14,550,003
Redeemed	(4,959,720	)		(19,953,592	)	(997,158	)		(3,983,874	)

Net Increase/(Decrease)	15,463,196		$	64,024,297		3,139,578		$	10,566,129

RELATIVE VALUE:
Sold	3,311,025		$	58,002,928		574,529		$	10,049,749
Reinvested	68,677			1,190,179		13,306			230,200
Redeemed	(1,786,953	)		(31,970,475	)	(385,604	)		(6,877,793	)

Net Increase/(Decrease)	1,592,749		$	27,222,632		202,231		$	3,402,156

TECHNOLOGY:
Sold	539,800		$	1,493,256		190,743		$	517,927
Redeemed	(933,246	)		(2,472,895	)	(173,770	)		(456,412	)

Net Increase/(Decrease)	(393,446	)	$	(979,639	)	16,973		$	61,515

HEALTH SCIENCES:
Sold	277,559		$	3,082,196		62,537		$	704,649
Redeemed	(195,606	)		(2,177,595	)	(57,805	)		(653,656	)

Net Increase/(Decrease)	81,953		$	904,601		4,732		$	50,993

MANAGED OTC:
Sold	2,421,007		$	6,012,763		597,006		$	1,476,478
Redeemed	(3,701,639	)		(8,921,315	)	(686,645	)		(1,635,000	)

Net Increase/(Decrease)	(1,280,632	)	$	(2,908,552	)	(89,639	)	$	(158,522	)

CAPITAL GROWTH:
Sold	6,314,729		$	82,371,716		1,485,238		$	17,351,219
Redeemed	(6,199,324	)		(79,108,282	)	(1,132,153	)		(14,452,533	)

Net Increase/(Decrease)	115,405		$	3,263,434		353,085		$	2,898,686

CONCENTRATED GROWTH:
Sold	688,521		$	6,769,965		177,706		$	1,754,820
Redeemed	(7,839,505	)		(76,221,543	)	(1,193,524	)		(11,653,754	)

Net Increase/(Decrease)	(7,150,984	)	$	(69,451,578	)	(1,015,818	)	$	(9,898,934	)

180


	CLASS A					CLASS B					CLASS C					CLASS L
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT
CORE VALUE:
Sold	207,659		$	2,463,700		66,078		$	796,050		418,035		$	4,924,500		297,635		$	3,502,915
Reinvested	—			—		—			—		3,311			38,441		4,573			53,232
Redeemed	(67,551	)		(824,773	)	(46,826	)		(567,331	)	(802,257	)		(9,247,274	)	(369,748	)		(4,359,597	)

Net Increase/(Decrease)	140,108		$	1,638,927		19,252		$	228,719		(380,911	)	$	(4,284,333	)	(67,540	)	$	(803,450	)

MANAGED INDEX 500:
Sold	1,030,207		$	9,017,200		218,066		$	1,874,286		1,150,668		$	10,238,986		965,258		$	8,799,541
Reinvested	71			834		—			—		—			—		473			4,242
Redeemed	(180,430	)		(1,590,317	)	(69,609	)		(612,031	)	(2,152,041	)		(18,852,465	)	(2,041,515	)		(18,385,214	)

Net Increase/(Decrease)	849,848		$	7,427,717		148,457		$	1,262,255		(1,001,373	)	$	(8,613,479	)	(1,075,784	)	$	(9,581,431	)

EQUITY INCOME:
Sold	801,495		$	10,234,325		87,515		$	1,094,404		692,580		$	8,577,841		594,467		$	7,560,275
Redeemed	(106,221	)		(1,359,208	)	(3,526	)		(43,930	)	(1,975,106	)		(24,368,958	)	(2,024,920	)		(25,781,858	)

Net Increase/(Decrease)	695,274		$	8,875,117		83,989		$	1,050,474		(1,282,526	)	$	(15,791,117	)	(1,430,453	)	$	(18,221,583	)

GROWTH WITH INCOME:
Sold	224,064		$	1,838,358		106,134		$	856,532		126,283		$	1,013,297		149,121		$	1,211,631
Redeemed	(59,826	)		(497,584	)	(84,021	)		(681,643	)	(445,675	)		(3,557,578	)	(498,598	)		(4,095,384	)

Net Increase/(Decrease)	164,238		$	1,340,774		22,113		$	174,889		(319,392	)	$	(2,544,281	)	(349,477	)	$	(2,883,753	)

CAPITAL INCOME:
Sold	281,660		$	3,367,704		33,451		$	401,348		160,550		$	1,943,654		225,379		$	2,719,993
Reinvested	—			—		—			—		1,747			21,378		9,075			110,718
Redeemed	(41,118	)		(495,453	)	(1,094	)		(13,020	)	(1,331,042	)		(16,039,362	)	(1,211,417	)		(14,572,492	)

Net Increase/(Decrease)	240,542		$	2,872,251		32,357		$	388,328		(1,168,745	)	$	(14,074,330	)	(976,963	)	$	(11,741,781	)

BALANCED:
Sold	515,537		$	6,373,095		89,595		$	1,113,492		284,203		$	3,501,320		389,816		$	4,739,159
Reinvested	1,720			21,151		72			891		10,116			124,086		24,907			306,046
Redeemed	(164,069	)		(2,047,942	)	(21,039	)		(266,926	)	(805,539	)		(9,961,380	)	(1,264,768	)		(15,618,323	)

Net Increase/(Decrease)	353,188		$	4,346,304		68,628		$	847,457		(511,220	)	$	(6,335,974	)	(850,045	)	$	(10,573,118	)

HIGH YIELD BOND:
Sold	1,119,275		$	8,176,650		71,606		$	522,070		2,258,489		$	16,579,094		1,869,507		$	13,689,059
Reinvested	23,308			172,462		1,219			8,988		212,929			1,565,516		213,386			1,568,568
Redeemed	(133,342	)		(964,509	)	(6,005	)		(43,238	)	(4,103,255	)		(30,076,602	)	(4,019,383	)		(29,475,957	)

Net Increase/(Decrease)	1,009,241		$	7,384,603		66,820		$	487,820		(1,631,837	)	$	(11,931,992	)	(1,936,490	)	$	(14,218,330	)

BOND:
Sold	1,637,078		$	17,345,337		396,675		$	4,206,501		1,103,731		$	11,789,549		1,255,048		$	13,515,319
Reinvested	10,929			117,720		409			4,356		296,431			3,124,866		387,090			4,125,282
Redeemed	(296,613	)		(3,178,973	)	(308,586	)		(3,279,349	)	(4,615,307	)		(49,185,160	)	(5,311,752	)		(56,795,806	)

Net Increase/(Decrease)	1,351,394		$	14,284,084		88,498		$	931,508		(3,215,145	)	$	(34,270,745	)	(3,669,614	)	$	(39,155,205	)


	CLASS M					CLASS X
	SHARES		AMOUNT			SHARES		AMOUNT
CORE VALUE:
Sold	809,557		$	9,557,506		136,242		$	1,613,147
Reinvested	4,997			58,009		975			11,320
Redeemed	(498,660	)		(5,912,898	)	(59,140	)		(700,423	)

Net Increase/(Decrease)	315,894		$	3,702,617		78,077		$	924,044

MANAGED INDEX 500:
Sold	2,518,904		$	22,687,406		423,428		$	3,788,337
Reinvested	—			—		—			—
Redeemed	(2,891,704	)		(25,802,174	)	(500,518	)		(4,439,692	)

Net Increase/(Decrease)	(372,800	)	$	(3,114,768	)	(77,090	)	$	(651,355	)

EQUITY INCOME:
Sold	1,142,481		$	14,178,033		317,020		$	3,958,771
Redeemed	(2,446,067	)		(30,359,317	)	(554,396	)		(6,886,613	)

Net Increase/(Decrease)	(1,303,586	)	$	(16,181,284	)	(237,376	)	$	(2,927,842	)

GROWTH WITH INCOME:
Sold	351,291		$	2,808,400		46,855		$	378,032
Redeemed	(590,306	)		(4,717,844	)	(122,188	)		(970,828	)

Net Increase/(Decrease)	(239,015	)	$	(1,909,444	)	(75,333	)	$	(592,796	)

CAPITAL INCOME:
Sold	241,613		$	2,914,013		52,908		$	639,469
Reinvested	4,305			52,741		1,315			16,074
Redeemed	(1,992,317	)		(23,929,518	)	(508,600	)		(6,127,601	)

Net Increase/(Decrease)	(1,746,399	)	$	(20,962,764	)	(454,377	)	$	(5,472,058	)

BALANCED:
Sold	943,605		$	11,602,493		212,017		$	2,622,315
Reinvested	31,174			382,433		7,604			93,214
Redeemed	(1,416,597	)		(17,441,505	)	(330,708	)		(4,066,416	)

Net Increase/(Decrease)	(441,818	)	$	(5,456,579	)	(111,087	)	$	(1,350,887	)

HIGH YIELD BOND:
Sold	3,479,459		$	25,485,800		523,331		$	3,833,642
Reinvested	594,289			4,364,359		123,562			906,951
Redeemed	(7,696,468	)		(56,145,099	)	(810,322	)		(5,921,621	)

Net Increase/(Decrease)	(3,622,720	)	$	(26,294,940	)	(163,429	)	$	(1,181,028	)

BOND:
Sold	1,393,844		$	14,863,360		215,005		$	2,297,305
Reinvested	858,542			9,051,891		152,672			1,612,749
Redeemed	(8,684,927	)		(92,135,454	)	(1,138,565	)		(12,107,624	)

Net Increase/(Decrease)	(6,432,541	)	$	(68,220,203	)	(770,888	)	$	(8,197,570	)


	CLASS C					CLASS D					CLASS L					CLASS M
	SHARES		AMOUNT			SHARES		AMOUNT			SHARES		AMOUNT			SHARES
MONEY MARKET:
Sold	29,661,908		$	29,661,723		43,430,435		$	43,430,436		83,800,458		$	83,800,458		63,806,252
Reinvested	175			175		50,024			50,024		357,676			357,676		2,028
Redeemed	(53,299,719	)		(53,299,740	)	(27,501,191	)		(27,501,191	)	(142,585,681	)		(142,585,681	)	(104,042,545	)

Net Increase/(Decrease)	(23,637,636	)	$	(23,637,842	)	15,979,268		$	15,979,269		(58,427,547	)	$	(58,427,547	)	(40,234,265	)


	CLASS M			CLASS X
	AMOUNT			SHARES		AMOUNT
MONEY MARKET:
Sold	$	63,806,252		18,756,839		$	18,756,837
Reinvested		2,028		90			90
Redeemed		(104,042,548	)	(26,860,356	)		(26,860,357	)

Net Increase/(Decrease)	$	(40,234,268	)	(8,103,427	)	$	(8,103,430	)

181

5. TAXATION

For federal income tax purposes, the following portfolios had capital loss carryforward as of October 31, 2004:


	EXPIRING IN
	2007		2008		2009		2010		2011		2012
International Growth(a)	$	7,303,768	$	20,045,268	$	111,385,580	$	50,162,120	$	15,797,152		—
Small-Cap Growth Opportunity		—		12,834,392		85,158,694		24,271,236		2,016,071		—
Managed Small-Cap Growth		—		—		23,205,889		11,049,424		—		—
Mid-Cap Growth		—		118,798,188		61,020,585		3,486,677		1,026,620		—
Relative Value		—		—		982,865		5,275,188		—		—
Technology(a)		—		195,454		17,178,543		17,782,577		6,709,869	$	52,275
Health Sciences		—		—		—		408,622		379,039		—
Managed OTC		—		1,097,897		13,155,667		12,453,037		4,038,335		4,246,151
Capital Growth		—		36,592,792		143,579,895		81,004,983		—		—
Concentrated Growth(a)		40,399,600		304,073,150		384,441,491		201,055,611		82,009,725		—
Managed Index 500		—		73,985		11,218,214		11,058,348		8,971,027		329,206
Equity Income		—		—		—		43,401,632		10,532,980		—
Growth with Income		—		—		5,525,954		7,428,950		974,431		—
Capital Income		—		—		5,995,300		31,692,286		2,828,941		—
Balanced		—		—		—		10,631,535		3,468,657		—
High Yield Bond		—		—		11,897,219		18,610,007		6,554,905		—

(a)	It is uncertain whether the Fund will be able to realize the full benefit prior to the expiration date.

The United States federal income tax basis and unrealized appreciation (depreciation) of the Portfolio’s investments as of April 30, 2005 were as follows:


	TAX BASIS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION (DEPRECIATION)
International Growth	$	212,269,116	$	54,108,861	$	(3,023,433	)	$	51,085,428
Small-Cap Growth Opportunity		76,932,306		1,999,075		(8,429,985	)		(6,430,910	)
Managed Small-Cap Growth		41,636,514		2,350,073		(4,431,284	)		(2,081,211	)
Small Company		140,683,521		68,227,164		(7,951,487	)		60,275,677
Mid-Cap Growth		164,615,685		16,901,961		(6,314,404	)		10,587,557
Relative Value		297,167,420		44,186,381		(10,961,211	)		33,225,170
Technology		20,454,347		1,938,209		(284,113	)		1,654,096
Health Sciences		21,015,194		1,720,825		(994,006	)		726,819
Managed OTC		36,326,040		86,973		(1,901,991	)		(1,815,018	)
Capital Growth		587,710,962		197,128,742		(4,826,286	)		192,302,456
Concentrated Growth		366,625,309		53,652,081		(32,279,873	)		21,372,208
Core Value		48,131,894		9,075,337		(1,909,644	)		7,165,693
Managed Index 500		122,878,229		23,873,913		(8,203,512	)		15,670,401
Equity Income		188,072,124		39,136,556		(6,451,884	)		32,684,672
Growth with Income		31,865,306		4,329,145		(702,240	)		3,626,905
Capital Income		147,224,081		12,435,118		(3,557,798	)		8,877,320
Balanced		130,931,165		10,050,803		(1,942,427	)		8,108,376
High Yield Bond		131,687,283		6,931,491		(4,583,369	)		2,348,122
Bond		332,337,193		5,351,746		(1,053,426	)		4,298,320

The differences between book basis and tax basis are primarily attributable to deferred losses on wash sales.

182

6. PORTFOLIO SECURITIES

Purchases and sales of securities, other than U.S. government securities and short-term obligations, during the six months ended April 30, 2005, were as follows:


	PURCHASES		SALES
International Growth	$	128,584,651	$	162,051,319
Small-Cap Growth Opportunity		132,175,291		147,687,515
Managed Small-Cap Growth		56,014,094		62,550,409
Small Company		12,325,552		34,712,404
Mid-Cap Growth		75,749,621		98,953,593
Relative Value		94,476,900		118,387,605
Technology		3,480,929		7,052,676
Health Sciences		11,160,764		11,380,322
Managed OTC		2,408,336		7,122,762
Capital Growth		192,961,996		260,987,138
Concentrated Growth		41,215,350		109,837,046
Core Value		7,134,364		6,111,866
Managed Index 500		11,863,346		27,436,743
Equity Income		63,819,091		88,762,925
Growth with Income		9,071,192		13,457,451
Capital Income		9,823,539		34,228,829
Balanced		49,577,212		58,247,825
High Yield Bond		21,412,716		50,175,155
Bond		52,948,461		9,973,632
Money Market		—		—

Purchases and sales of U.S. government securities, during the period ended April 30, 2005, were as follows:


	PURCHASES		SALES
Balanced	$	90,516,044	$	95,347,728
Bond		339,754,583		327,820,622

7. WRITTEN OPTIONS TRANSACTIONS

Written options transactions, during the six months ended April 30, 2005, were as follows:


	BOND					HEALTH SCIENCES
	NUMBER OF CONTRACTS/ SWAP NOTIONAL AMOUNT $(000)		PREMIUM RECEIVED			NUMBER OF CONTRACTS	PREMIUM RECEIVED
Balance at beginning of period	41,065		$	1,474,843		—		—
Written options	866			345,672		16	$	1,724
Expired options	(881	)		(405,659	)	—		—
Expired swap options	(21,000	)		(698,400	)	—		—
Closed swap options	(19,600	)		(517,420	)	—		—

Balance at end of period	450		$	199,036		16	$	1,724

8. LINE OF CREDIT

The Funds and other affiliated funds participated in a $500 million unsecured, committed line of credit, provided by PNC Bank and The Bank of New York, under a line of credit agreement. Borrowings may be made for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Any borrowings must be repaid within 30 days of their receipt. Interest is charged to each Fund, based on its borrowings, at a premium above the

183

Federal Funds Rate. In addition, a commitment fee, equal to an annual rate of 0.075% of the average daily unused portion of the line of credit, is allocated among the participants at the end of each quarter. The expiration date of the line of credit is October 28, 2005.

The following table summarizes the borrowing that occurred during the six months ended April 30, 2005:


	AVERAGE LOAN OUTSTANDING DURING THE BORROWING PERIOD		AVERAGE INTEREST RATE		NUMBER OF DAYS OUTSTANDING
International Growth	$	1,928,571	2.832	%	14
Small-Cap Growth Opportunity		1,000,000	2.734	%	24
Small Company		1,040,000	2.789	%	15
Mid-Cap Growth		1,348,148	2.919	%	27
Technology		1,100,000	2.760	%	6
Managed OTC		1,000,000	3.070	%	1
Concentrated Growth		1,412,121	2.981	%	33
Managed Index 500		1,292,308	3.001	%	26
Equity Income		1,877,632	3.079	%	76
Growth with Income		912,500	3.184	%	8
High Yield Bond		2,642,857	3.237	%	7

9. OTHER

On May 26, 2004, September 1, 2004, November 16, 2004, and March 3, 2005 the Board of Directors of the Company had approved an Agreement and Plan of Reorganization (the “Plan”) which provides for the transfer of all the assets of the Class A, B, C, L, M and X shares of the following funds for like shares of the acquiring funds and the assumption of the liabilities of the funds.


FUND		ACQUIRING FUND
Bond		Strategic Partners Style Specific Total Return Bond Fund
Capital Income		Equity Income
Growth with Income		Managed Index 500
Health Sciences		Jennison Health Sciences Fund
Managed OTC		Jennison Technology Fund
Mid-Cap Value Fund		Relative Value
Small-Cap Growth Opportunity		Managed Small-Cap Growth
Small Capitalization Growth Fund		Managed Small-Cap Growth
Small Company		Strategic Partners Small-Cap Value Fund
Technology		Jennison Technology Fund

184

THIS PAGE INTENTIONALLY LEFT BLANK

185

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains
STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND:
Class A	04/30/05	(12)	$	11.87	$	—	+	$	0.71		$	0.71		$	(0.15	)	$	—
	10/31/04	(10)(12)		12.13		(0.03	)		(0.21	)		(0.24	)		(0.02	)		—
Class B	04/30/05	(12)		11.53		(0.05	)		0.69			0.64			(0.05	)		—
	10/31/04	(10)(12)		11.82		(0.08	)		(0.21	)		(0.29	)		—			—
Class C	04/30/05	(12)		11.55		(0.06	)		0.71			0.65			(0.05	)		—
	10/31/04	(12)		10.50		(0.13	)		1.18			1.05			—			—
	10/31/03	(12)		8.08		(0.08	)		2.50			2.42			—			—
	10/31/02	(12)		9.79		(0.05	)		(1.66	)		(1.71	)		—			—
	10/31/01	(12)		17.06		(0.18	)		(6.62	)		(6.80	)		(0.47	)		—
	10/31/00	(12)		13.96		(0.17	)		3.27			3.10			—			—
Class L (11)	04/30/05	(12)		11.84		(0.04	)		0.73			0.69			(0.12	)		—
	10/31/04	(12)		10.72		(0.08	)		1.22			1.14			(0.02	)		—
	10/31/03	(12)		8.21		(0.04	)		2.55			2.51			—			—
	10/31/02	(12)		9.90		—	+		(1.69	)		(1.69	)		—			—
	10/31/01	(12)		17.27		(0.13	)		(6.67	)		(6.80	)		(0.57	)		—
	10/31/00	(12)		14.06		(0.08	)		3.29			3.21			—			—
Class M (11)	04/30/05	(12)		11.52		(0.06	)		0.71			0.65			(0.05	)		—
	10/31/04	(12)		10.48		(0.13	)		1.17			1.04			—			—
	10/31/03	(12)		8.06		(0.08	)		2.50			2.42			—			—
	10/31/02	(12)		9.77		(0.05	)		(1.66	)		(1.71	)		—			—
	10/31/01	(12)		17.03		(0.17	)		(6.62	)		(6.79	)		(0.47	)		—
	10/31/00	(12)		13.94		(0.17	)		3.26			3.09			—			—
Class X	04/30/05	(12)		11.53		(0.07	)		0.71			0.64			(0.05	)		—
	10/31/04	(12)		10.48		(0.13	)		1.18			1.05			—			—
	10/31/03	(12)		8.06		(0.08	)		2.50			2.42			—			—
	10/31/02	(12)		9.77		(0.05	)		(1.66	)		(1.71	)		—			—
	10/31/01	(12)		17.03		(0.15	)		(6.64	)		(6.79	)		(0.47	)		—
	10/31/00	(12)		13.93		(0.18	)		3.28			3.10			—			—

STRATEGIC PARTNERS SMALL-CAP GROWTH OPPORTUNITY FUND:
Class A	04/30/05	(12)	$	10.11	$	(0.06	)	$	(0.47	)	$	(0.53	)	$	—		$	—
	10/31/04	(10)		12.50		(0.05	)		(2.34	)		(2.39	)		—			—
Class B	04/30/05	(12)		9.72		(0.10	)		(0.44	)		(0.54	)		—			—
	10/31/04	(10)		12.09		(0.06	)		(2.31	)		(2.37	)		—			—
Class C	04/30/05	(12)		9.71		(0.10	)		(0.43	)		(0.53	)		—			—
	10/31/04			11.33		(0.27	)		(1.35	)		(1.62	)		—			—
	10/31/03	(12)		8.14		(0.16	)		3.35			3.19			—			—
	10/31/02	(12)		10.82		(0.21	)		(2.47	)		(2.68	)		—			—
	10/31/01	(12)		17.03		(0.21	)		(6.00	)		(6.21	)		—			—
	10/31/00	(12)		16.90		(0.29	)		0.53			0.24			—			(0.11	)
Class L (11)	04/30/05	(12)		10.06		(0.08	)		(0.45	)		(0.53	)		—			—
	10/31/04			11.67		(0.21	)		(1.40	)		(1.61	)		—			—
	10/31/03	(12)		8.34		(0.12	)		3.45			3.33			—			—
	10/31/02	(12)		11.04		(0.16	)		(2.54	)		(2.70	)		—			—
	10/31/01	(12)		17.30		(0.15	)		(6.11	)		(6.26	)		—			—
	10/31/00	(12)		17.08		(0.18	)		0.51			0.33			—			(0.11	)
Class M (11)	04/30/05	(12)		9.71		(0.10	)		(0.44	)		(0.54	)		—			—
	10/31/04			11.32		(0.25	)		(1.36	)		(1.61	)		—			—
	10/31/03	(12)		8.13		(0.16	)		3.35			3.19			—			—
	10/31/02	(12)		10.81		(0.21	)		(2.47	)		(2.68	)		—			—
	10/31/01	(12)		17.02		(0.21	)		(6.00	)		(6.21	)		—			—
	10/31/00	(12)		16.87		(0.29	)		0.55			0.26			—			(0.11	)
Class X	04/30/05	(12)		9.70		(0.10	)		(0.43	)		(0.53	)		—			—
	10/31/04			11.32		(0.25	)		(1.37	)		(1.62	)		—			—
	10/31/03	(12)		8.13		(0.16	)		3.35			3.19			—			—
	10/31/02	(12)		10.81		(0.21	)		(2.47	)		(2.68	)		—			—
	10/31/01	(12)		17.03		(0.22	)		(6.00	)		(6.22	)		—			—
	10/31/00	(12)		16.90		(0.29	)		0.53			0.24			—			(0.11	)


	Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS INTERNATIONAL GROWTH FUND:
Class A	$	(0.15	)	$	12.43
		(0.02	)		11.87
Class B		(0.05	)		12.12
		—			11.53
Class C		(0.05	)		12.15
		—			11.55
		—			10.50
		—			8.08
		(0.47	)		9.79
		—			17.06
Class L (11)		(0.12	)		12.41
		(0.02	)		11.84
		—			10.72
		—			8.21
		(0.57	)		9.90
		—			17.27
Class M (11)		(0.05	)		12.12
		—			11.52
		—			10.48
		—			8.06
		(0.47	)		9.77
		—			17.03
Class X		(0.05	)		12.12
		—			11.53
		—			10.48
		—			8.06
		(0.47	)		9.77
		—			17.03

STRATEGIC PARTNERS SMALL-CAP GROWTH OPPORTUNITY FUND:
Class A	$	—		$	9.58
		—			10.11
Class B		—			9.18
		—			9.72
Class C		—			9.18
		—			9.71
		—			11.33
		—			8.14
		—			10.82
		(0.11	)		17.03
Class L (11)		—			9.53
		—			10.06
		—			11.67
		—			8.34
		—			11.04
		(0.11	)		17.30
Class M (11)		—			9.17
		—			9.71
		—			11.32
		—			8.13
		—			10.81
		(0.11	)		17.02
Class X		—			9.17
		—			9.70
		—			11.32
		—			8.13
		—			10.81
		(0.11	)		17.03

186


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)
6.09	%	$	15,060	47	%	1.85	%	2.02	%	(0.15	%)
(2.09	%)		10,704	87	%	1.85	%	2.12	%	(0.55	%)
5.67	%		2,032	47	%	2.60	%	2.77	%	(0.84	%)
(2.54	%)		1,018	87	%	2.60	%	2.87	%	(1.34	%)
5.75	%		50,132	47	%	2.60	%	2.77	%	(1.01	%)
9.91	%		55,388	87	%	2.60	%	2.87	%	(1.16	%)
29.95	%		34,265	126	%	2.60	%	2.86	%	(0.94	%)
(17.47	%)		32,443	56	%	2.60	%	2.88	%	(0.48	%)
(40.76	%)		56,063	69	%	2.56	%	2.66	%	(1.13	%)
22.29	%		132,594	72	%	2.43	%	2.53	%	(0.86	%)
5.94	%		52,409	47	%	2.10	%	2.27	%	(0.51	%)
10.00	%		58,880	87	%	2.10	%	2.37	%	(0.66	%)
30.57	%		31,759	126	%	2.10	%	2.36	%	(0.41	%)
(17.07	%)		31,546	56	%	2.10	%	2.37	%	0.03	%
(40.46	%)		57,798	69	%	2.06	%	2.16	%	(0.64	%)
22.92	%		146,865	72	%	1.93	%	2.03	%	(0.39	%)
5.67	%		111,558	47	%	2.60	%	2.77	%	(1.00	%)
9.92	%		118,719	87	%	2.60	%	2.87	%	(1.16	%)
30.02	%		68,304	126	%	2.60	%	2.86	%	(0.95	%)
(17.50	%)		65,261	56	%	2.60	%	2.88	%	(0.47	%)
(40.78	%)		106,979	69	%	2.56	%	2.66	%	(1.13	%)
22.25	%		234,154	72	%	2.43	%	2.53	%	(0.87	%)
5.67	%		32,231	47	%	2.60	%	2.77	%	(1.00	%)
10.02	%(1)		34,454	87	%	2.60	%	2.87	%	(1.16	%)
30.02	%(1)		20,520	126	%	2.60	%	2.86	%	(0.95	%)
(17.50	%)(1)		17,976	56	%	2.60	%	2.88	%	(0.48	%)
(40.79	%)(1)		27,923	69	%	2.56	%	2.66	%	(1.13	%)
22.34	%(1)		54,487	72	%	2.42	%	2.53	%	(0.90	%)
(5.45	%)	$	4,039	165	%	1.55	%	2.23	%	(1.21	%)
(19.12	%)		3,450	230	%	1.55	%	2.03	%	(1.34	%)
(5.56	%)		596	165	%	2.30	%	2.98	%	(1.96	%)
(19.60	%)		394	230	%	2.30	%	2.78	%	(2.10	%)
(5.46	%)		11,005	165	%	2.30	%	2.98	%	(1.97	%)
(14.30	%)		14,426	230	%	2.30	%	2.78	%	(1.98	%)
39.19	%		24,850	106	%	2.30	%	2.77	%	(1.78	%)
(24.77	%)		19,674	120	%	2.30	%	2.72	%	(1.98	%)
(36.50	%)		31,186	103	%	2.30	%	2.54	%	(1.71	%)
1.23	%		72,934	90	%	2.23	%	2.34	%	(1.31	%)
(5.27	%)		13,353	165	%	1.80	%	2.48	%	(1.47	%)
(13.80	%)		17,632	230	%	1.80	%	2.28	%	(1.48	%)
39.93	%		29,516	106	%	1.80	%	2.27	%	(1.28	%)
(24.46	%)		22,388	120	%	1.80	%	2.21	%	(1.49	%)
(36.18	%)		43,941	103	%	1.80	%	2.04	%	(1.21	%)
1.69	%		85,342	90	%	1.73	%	1.84	%	(0.81	%)
(5.56	%)		29,290	165	%	2.30	%	2.98	%	(1.97	%)
(14.22	%)		38,531	230	%	2.30	%	2.78	%	(1.98	%)
39.24	%		58,731	106	%	2.30	%	2.77	%	(1.78	%)
(24.79	%)		48,295	120	%	2.30	%	2.72	%	(1.98	%)
(36.52	%)		80,943	103	%	2.30	%	2.54	%	(1.71	%)
1.29	%		169,925	90	%	2.23	%	2.34	%	(1.31	%)
(5.46	%)		7,693	165	%	2.30	%	2.98	%	(1.97	%)
(14.31	%)(1)		9,804	230	%	2.30	%	2.78	%	(1.98	%)
39.24	%(1)		14,301	106	%	2.30	%	2.77	%	(1.78	%)
(24.79	%)(1)		11,238	120	%	2.30	%	2.73	%	(1.98	%)
(36.52	%)(1)		17,624	103	%	2.30	%	2.54	%	(1.71	%)
1.17	%(1)		33,072	90	%	2.23	%	2.34	%	(1.31	%)

See Notes to Financial Statements.

187

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income		From Net Realized Gains
STRATEGIC PARTNERS MANAGED SMALL-CAP GROWTH FUND:
Class A	04/30/05		$	5.12	$	(0.04	)	$	(0.14	)	$	(0.18	)	$	—	$	—
	10/31/04	(10)		5.61		(0.02	)		(0.47	)		(0.49	)		—		—
Class B	04/30/05			4.93		(0.05	)		(0.13	)		(0.18	)		—		—
	10/31/04	(10)		5.49		(0.03	)		(0.53	)		(0.56	)		—		—
Class C	04/30/05			4.97		(0.06	)		(0.13	)		(0.19	)		—		—
	10/31/04			4.97		(0.13	)		0.13			—			—		—
	10/31/03	(12)		3.46		(0.06	)		1.57			1.51			—		—
	10/31/02	(12)		4.55		(0.08	)		(1.01	)		(1.09	)		—		—
	10/31/01	(12)		8.04		(0.10	)		(3.39	)		(3.49	)		—		—
	10/31/00	(5)(12)		10.00		(0.10	)		(1.86	)		(1.96	)		—		—
Class L (11)	04/30/05			5.09		(0.04	)		(0.14	)		(0.18	)		—		—
	10/31/04			5.06		(0.10	)		0.13			0.03			—		—
	10/31/03	(12)		3.51		(0.04	)		1.59			1.55			—		—
	10/31/02	(12)		4.59		(0.06	)		(1.02	)		(1.08	)		—		—
	10/31/01	(12)		8.08		(0.07	)		(3.42	)		(3.49	)		—		—
	10/31/00	(5)(12)		10.00		(0.06	)		(1.86	)		(1.92	)		—		—
Class M (11)	04/30/05			4.97		(0.06	)		(0.13	)		(0.19	)		—		—
	10/31/04			4.96		(0.12	)		0.13			0.01			—		—
	10/31/03	(12)		3.46		(0.06	)		1.56			1.50			—		—
	10/31/02	(12)		4.54		(0.08	)		(1.00	)		(1.08	)		—		—
	10/31/01	(12)		8.04		(0.10	)		(3.40	)		(3.50	)		—		—
	10/31/00	(5)(12)		10.00		(0.10	)		(1.86	)		(1.96	)		—		—
Class X	04/30/05			4.98		(0.06	)		(0.13	)		(0.19	)		—		—
	10/31/04			4.97		(0.12	)		0.13			0.01			—		—
	10/31/03	(12)		3.47		(0.06	)		1.56			1.50			—		—
	10/31/02	(12)		4.55		(0.08	)		(1.00	)		(1.08	)		—		—
	10/31/01	(12)		8.05		(0.10	)		(3.40	)		(3.50	)		—		—
	10/31/00	(5)(12)		10.00		(0.10	)		(1.85	)		(1.95	)		—		—
STRATEGIC PARTNERS SMALL COMPANY FUND:
Class A	04/30/05	(12)	$	15.01	$	(0.04	)	$	0.79		$	0.75		$	—	$	(0.50	)
	10/31/04	(10)(12)		14.82		(0.05	)		0.24			0.19			—		—
Class B	04/30/05	(12)		14.50		(0.10	)		0.76			0.66			—		(0.50	)
	10/31/04	(10)(12)		14.39		(0.10	)		0.21			0.11			—		—
Class C	04/30/05	(12)		14.47		(0.10	)		0.76			0.66			—		(0.50	)
	10/31/04	(12)		12.66		(0.18	)		1.99			1.81			—		—
	10/31/03	(12)		9.43		(0.13	)		3.36			3.23			—		—
	10/31/02	(12)		10.10		(0.13	)		(0.33	)		(0.46	)		—		(0.21	)
	10/31/01	(12)		10.45		(0.08	)		0.11			0.03			—		(0.38	)
	10/31/00	(12)		8.84		(0.02	)		1.87			1.85			—		(0.24	)
Class L (11)	04/30/05	(12)		14.96		(0.06	)		0.78			0.72			—		(0.50	)
	10/31/04	(12)		13.02		(0.11	)		2.05			1.94			—		—
	10/31/03	(12)		9.66		(0.08	)		3.44			3.36			—		—
	10/31/02	(12)		10.29		(0.08	)		(0.34	)		(0.42	)		—		(0.21	)
	10/31/01	(12)		10.58		(0.03	)		0.12			0.09			—		(0.38	)
	10/31/00	(12)		8.90		0.03			1.89			1.92			—		(0.24	)
Class M (11)	04/30/05	(12)		14.49		(0.10	)		0.75			0.65			—		(0.50	)
	10/31/04	(12)		12.67		(0.18	)		2.00			1.82			—		—
	10/31/03	(12)		9.44		(0.13	)		3.36			3.23			—		—
	10/31/02	(12)		10.11		(0.13	)		(0.33	)		(0.46	)		—		(0.21	)
	10/31/01	(12)		10.46		(0.08	)		0.11			0.03			—		(0.38	)
	10/31/00	(12)		8.84		(0.02	)		1.88			1.86			—		(0.24	)
Class X	04/30/05	(12)		14.49		(0.10	)		0.76			0.66			—		(0.50	)
	10/31/04	(12)		12.68		(0.18	)		1.99			1.81			—		—
	10/31/03	(12)		9.44		(0.13	)		3.37			3.24			—		—
	10/31/02	(12)		10.11		(0.13	)		(0.33	)		(0.46	)		—		(0.21	)
	10/31/01	(12)		10.47		(0.08	)		0.10			0.02			—		(0.38	)
	10/31/00	(12)		8.84		(0.02	)		1.89			1.87			—		(0.24	)


	Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS MANAGED SMALL-CAP GROWTH FUND:
Class A	$	—		$	4.94
		—			5.12
Class B		—			4.75
		—			4.93
Class C		—			4.78
		—			4.97
		—			4.97
		—			3.46
		—			4.55
		—			8.04
Class L (11)		—			4.91
		—			5.09
		—			5.06
		—			3.51
		—			4.59
		—			8.08
Class M (11)		—			4.78
		—			4.97
		—			4.96
		—			3.46
		—			4.54
		—			8.04
Class X		—			4.79
		—			4.98
		—			4.97
		—			3.47
		—			4.55
		—			8.05
STRATEGIC PARTNERS SMALL COMPANY FUND:
Class A	$	(0.50	)	$	15.26
		—			15.01
Class B		(0.50	)		14.66
		—			14.50
Class C		(0.50	)		14.63
		—			14.47
		—			12.66
		(0.21	)		9.43
		(0.38	)		10.10
		(0.24	)		10.45
Class L (11)		(0.50	)		15.18
		—			14.96
		—			13.02
		(0.21	)		9.66
		(0.38	)		10.29
		(0.24	)		10.58
Class M (11)		(0.50	)		14.64
		—			14.49
		—			12.67
		(0.21	)		9.44
		(0.38	)		10.11
		(0.24	)		10.46
Class X		(0.50	)		14.65
		—			14.49
		—			12.68
		(0.21	)		9.44
		(0.38	)		10.11
		(0.24	)		10.47

188


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)
(3.52	%)	$	2,957	130	%	1.65	%	2.57	%	(1.20	%)
(8.73	%)		2,063	242	%	1.65	%	2.36	%	(1.23	%)
(3.65	%)		440	130	%	2.40	%	3.32	%	(1.95	%)
(10.20	%)		280	242	%	2.40	%	3.11	%	(2.01	%)
(3.82	%)		6,672	130	%	2.40	%	3.32	%	(1.95	%)
0.00	%		8,516	242	%	2.40	%	3.11	%	(2.04	%)
43.64	%		11,580	203	%	2.40	%	3.11	%	(1.55	%)
(23.96	%)		8,054	309	%	2.36	%	3.15	%	(1.78	%)
(43.41	%)		10,968	110	%	2.30	%	3.13	%	(1.76	%)
(19.60	%)		14,676	61	%	2.30	%	2.94	%	(1.24	%)
(3.54	%)		7,951	130	%	1.90	%	2.82	%	(1.45	%)
0.59	%		10,549	242	%	1.90	%	2.61	%	(1.53	%)
44.16	%		15,297	203	%	1.90	%	2.60	%	(1.05	%)
(23.53	%)		10,499	309	%	1.86	%	2.64	%	(1.29	%)
(43.19	%)		17,736	110	%	1.80	%	2.65	%	(1.24	%)
(19.20	%)		17,172	61	%	1.80	%	2.43	%	(0.72	%)
(3.82	%)		15,908	130	%	2.40	%	3.32	%	(1.95	%)
0.20	%		19,448	242	%	2.40	%	3.11	%	(2.03	%)
43.35	%		22,010	203	%	2.40	%	3.11	%	(1.56	%)
(23.79	%)		16,513	309	%	2.36	%	3.15	%	(1.78	%)
(43.53	%)		22,969	110	%	2.30	%	3.13	%	(1.75	%)
(19.60	%)		27,872	61	%	2.30	%	2.94	%	(1.25	%)
(3.82	%)		2,997	130	%	2.40	%	3.32	%	(1.95	%)
0.20	%(1)		3,736	242	%	2.40	%	3.11	%	(2.03	%)
43.23	%(1)		4,087	203	%	2.40	%	3.11	%	(1.55	%)
(23.74	%)(1)		2,995	309	%	2.36	%	3.15	%	(1.78	%)
(43.48	%)(1)		3,875	110	%	2.30	%	3.13	%	(1.76	%)
(19.50	%)(1)		4,499	61	%	2.30	%	2.93	%	(1.23	%)
4.95	%	$	9,786	6	%	1.65	%	2.14	%	(0.53	%)
1.28	%		6,147	7	%	1.65	%	1.86	%	(0.59	%)
4.49	%		1,409	6	%	2.40	%	2.89	%	(1.29	%)
0.76	%		729	7	%	2.40	%	2.61	%	(1.35	%)
4.50	%		35,049	6	%	2.40	%	2.89	%	(1.28	%)
14.30	%		38,531	7	%	2.40	%	2.61	%	(1.27	%)
34.25	%		45,826	7	%	2.40	%	2.67	%	(1.24	%)
(4.86	%)		36,245	24	%	2.40	%	2.66	%	(1.21	%)
0.13	%		32,808	72	%	2.40	%	2.59	%	(0.78	%)
21.34	%		20,484	71	%	2.31	%	2.71	%	(0.22	%)
4.69	%		34,871	6	%	1.90	%	2.39	%	(0.78	%)
14.90	%		39,157	7	%	1.90	%	2.11	%	(0.76	%)
34.78	%		46,265	7	%	1.90	%	2.17	%	(0.74	%)
(4.37	%)		36,088	24	%	1.90	%	2.15	%	(0.72	%)
0.71	%		36,357	72	%	1.90	%	2.09	%	(0.28	%)
21.99	%		23,156	71	%	1.81	%	2.21	%	0.26	%
4.42	%		82,103	6	%	2.40	%	2.89	%	(1.28	%)
14.36	%		88,673	7	%	2.40	%	2.61	%	(1.27	%)
34.22	%		89,931	7	%	2.40	%	2.67	%	(1.24	%)
(4.86	%)		77,004	24	%	2.40	%	2.66	%	(1.21	%)
0.13	%		69,831	72	%	2.40	%	2.59	%	(0.78	%)
21.45	%		41,477	71	%	2.31	%	2.71	%	(0.22	%)
4.49	%		24,910	6	%	2.40	%	2.89	%	(1.28	%)
14.27	%(1)		27,401	7	%	2.40	%	2.61	%	(1.27	%)
34.32	%(1)		26,699	7	%	2.40	%	2.67	%	(1.24	%)
(4.86	%)(1)		22,365	24	%	2.40	%	2.65	%	(1.21	%)
0.03	%(1)		22,817	72	%	2.40	%	2.59	%	(0.77	%)
21.57	%(1)		18,557	71	%	2.31	%	2.70	%	(0.22	%)

See Notes to Financial Statements.

189

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income		From Net Realized Gains
STRATEGIC PARTNERS MID-CAP GROWTH FUND:
Class A	04/30/05	(12)	$	4.28	$	(0.03	)	$	0.04		$	0.01		$—		$	—
	10/31/04	(10)(12)		4.27		(0.02	)		0.03			0.01		—			—
Class B	04/30/05	(12)		4.20		(0.04	)		0.03			(0.01	)	—			—
	10/31/04	(10)(12)		4.21		(0.04	)		0.03			(0.01	)	—			—
Class C	04/30/05	(12)		4.18		(0.04	)		0.03			(0.01	)	—			—
	10/31/04	(12)		3.83		(0.07	)		0.42			0.35		—			—
	10/31/03	(12)		3.06		(0.06	)		0.83			0.77		—			—
	10/31/02	(12)		4.03		(0.07	)		(0.90	)		(0.97	)	—			—
	10/31/01	(12)		10.01		(0.09	)		(5.89	)		(5.98	)	—	+		—
	10/31/00	(6)(12)		10.00		0.01			—			0.01		—			—
Class L (11)	04/30/05	(12)		4.26		(0.03	)		0.03			—		—			—
	10/31/04	(12)		3.89		(0.05	)		0.42			0.37		—			—
	10/31/03	(12)		3.09		(0.04	)		0.84			0.80		—			—
	10/31/02	(12)		4.04		(0.05	)		(0.90	)		(0.95	)	—			—
	10/31/01	(12)		10.01		(0.06	)		(5.90	)		(5.96	)	(0.01)			—
	10/31/00	(6)(12)		10.00		0.02			(0.01	)		0.01		—			—
Class M (11)	04/30/05	(12)		4.19		(0.04	)		0.03			(0.01	)	—			—
	10/31/04	(12)		3.84		(0.07	)		0.42			0.35		—			—
	10/31/03	(12)		3.06		(0.06	)		0.84			0.78		—			—
	10/31/02	(12)		4.03		(0.07	)		(0.90	)		(0.97	)	—			—
	10/31/01	(12)		10.00		(0.09	)		(5.88	)		(5.97	)	—	+		—
	10/31/00	(6)(12)		10.00		0.01			(0.01	)		—		—			—
Class X	04/30/05	(12)		4.18		(0.04	)		0.03			(0.01	)	—			—
	10/31/04	(12)		3.83		(0.07	)		0.42			0.35		—			—
	10/31/03	(12)		3.06		(0.06	)		0.83			0.77		—			—
	10/31/02	(12)		4.02		(0.07	)		(0.89	)		(0.96	)	—			—
	10/31/01	(12)		10.00		(0.09	)		(5.89	)		(5.98	)	—	+		—
	10/31/00	(6)(12)		10.00		0.01			(0.01	)		—		—			—
STRATEGIC PARTNERS RELATIVE VALUE FUND:
Class A	04/30/05	(12)	$	19.33	$	(0.04	)	$	1.23		$	1.19		$—		$	(2.25	)
	10/31/04	(10)(12)		18.92		(0.03	)		0.44			0.41		—			—
Class B	04/30/05	(12)		18.74		(0.10	)		1.19			1.08		—			(2.25	)
	10/31/04	(10)(12)		18.43		(0.11	)		0.42			0.31		—			—
Class C	04/30/05	(12)		18.73		(0.10	)		1.17			1.07		—			(2.25	)
	10/31/04	(12)		16.40		(0.18	)		2.66			2.48		—			(0.15	)
	10/31/03	(12)		12.84		(0.16	)		3.72			3.56		—			—
	10/31/02	(12)		13.17		(0.14	)		(0.08	)		(0.22	)	—			(0.11	)
	10/31/01	(12)		14.53		(0.11	)		(1.17	)		(1.28	)	—			(0.08	)
	10/31/00	(12)		11.38		(0.11	)		3.48			3.37		—			(0.22	)
Class L (11)	04/30/05	(12)		19.28		(0.06	)		1.19			1.13		—			(2.25	)
	10/31/04	(12)		16.79		(0.10	)		2.74			2.64		—			(0.15	)
	10/31/03	(12)		13.08		(0.09	)		3.80			3.71		—			—
	10/31/02	(12)		13.35		(0.07	)		(0.09	)		(0.16	)	—			(0.11	)
	10/31/01	(12)		14.65		(0.03	)		(1.19	)		(1.22	)	—			(0.08	)
	10/31/00	(12)		11.42		(0.05	)		3.50			3.45		—			(0.22	)
Class M (11)	04/30/05	(12)		18.73		(0.10	)		1.17			1.07		—			(2.25	)
	10/31/04	(12)		16.40		(0.18	)		2.66			2.48		—			(0.15	)
	10/31/03	(12)		12.83		(0.16	)		3.73			3.57		—			—
	10/31/02	(12)		13.17		(0.14	)		(0.09	)		(0.23	)	—			(0.11	)
	10/31/01	(12)		14.53		(0.11	)		(1.17	)		(1.28	)	—			(0.08	)
	10/31/00	(12)		11.38		(0.11	)		3.48			3.37		—			(0.22	)
Class X	04/30/05	(12)		18.69		(0.10	)		1.16			1.06		—			(2.25	)
	10/31/04	(12)		16.37		(0.18	)		2.65			2.47		—			(0.15	)
	10/31/03	(12)		12.81		(0.16	)		3.72			3.56		—			—
	10/31/02	(12)		13.14		(0.14	)		(0.08	)		(0.22	)	—			(0.11	)
	10/31/01	(12)		14.50		(0.11	)		(1.17	)		(1.28	)	—			(0.08	)
	10/31/00	(12)		11.36		(0.11	)		3.47			3.36		—			(0.22	)


	Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS MID-CAP GROWTH FUND:
Class A	$	—		$	4.29
		—			4.28
Class B		—			4.19
		—			4.20
Class C		—			4.17
		—			4.18
		—			3.83
		—			3.06
		—			4.03
		—			10.01
Class L (11)		—			4.26
		—			4.26
		—			3.89
		—			3.09
		(0.01	)		4.04
		—			10.01
Class M (11)		—			4.18
		—			4.19
		—			3.84
		—			3.06
		—			4.03
		—			10.00
Class X		—			4.17
		—			4.18
		—			3.83
		—			3.06
		—			4.02
		—			10.00
STRATEGIC PARTNERS RELATIVE VALUE FUND:
Class A	$	(2.25	)	$	18.27
		—			19.33
Class B		(2.25	)		17.57
		—			18.74
Class C		(2.25	)		17.55
		(0.15	)		18.73
		—			16.40
		(0.11	)		12.84
		(0.08	)		13.17
		(0.22	)		14.53
Class L (11)		(2.25	)		18.16
		(0.15	)		19.28
		—			16.79
		(0.11	)		13.08
		(0.08	)		13.35
		(0.22	)		14.65
Class M (11)		(2.25	)		17.55
		(0.15	)		18.73
		—			16.40
		(0.11	)		12.83
		(0.08	)		13.17
		(0.22	)		14.53
Class X		(2.25	)		17.50
		(0.15	)		18.69
		—			16.37
		(0.11	)		12.81
		(0.08	)		13.14
		(0.22	)		14.50

190


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)
0.23	%	$	10,963	46	%	1.65	%	2.28	%	(1.14	%)
0.23	%		7,956	98	%	1.65	%	2.18	%	(1.12	%)
(0.24	%)		1,686	46	%	2.40	%	3.03	%	(1.89	%)
(0.24	%)		984	98	%	2.40	%	2.93	%	(1.85	%)
(0.24	%)		23,406	46	%	2.40	%	3.03	%	(1.89	%)
9.14	%		27,756	98	%	2.40	%	2.93	%	(1.79	%)
25.16	%		7,083	132	%	2.40	%	3.54	%	(1.85	%)
(24.07	%)		3,566	89	%	2.40	%	3.65	%	(1.88	%)
(59.72	%)		4,687	188	%	2.40	%	3.40	%	(1.61	%)
0.10	%		4,495	3	%	2.40	%	3.49	%	0.71	%
0.00	%		32,146	46	%	1.90	%	2.53	%	(1.39	%)
9.51	%		38,359	98	%	1.90	%	2.43	%	(1.29	%)
25.89	%		8,839	132	%	1.90	%	3.05	%	(1.34	%)
(23.51	%)		5,765	89	%	1.90	%	3.17	%	(1.38	%)
(59.56	%)		6,012	188	%	1.90	%	2.95	%	(1.13	%)
0.10	%		3,069	3	%	1.90	%	2.96	%	1.19	%
(0.24	%)		65,330	46	%	2.40	%	3.03	%	(1.89	%)
9.12	%		75,401	98	%	2.40	%	2.93	%	(1.79	%)
25.49	%		9,777	132	%	2.40	%	3.56	%	(1.83	%)
(24.07	%)		7,310	89	%	2.40	%	3.65	%	(1.88	%)
(59.68	%)		9,098	188	%	2.40	%	3.37	%	(1.60	%)
0.00	%		8,853	3	%	2.40	%	3.32	%	0.45	%
(0.24	%)		13,102	46	%	2.40	%	3.03	%	(1.89	%)
9.14	%(1)		15,346	98	%	2.40	%	2.93	%	(1.79	%)
25.16	%(1)		2,049	132	%	2.40	%	3.54	%	(1.85	%)
(23.88	%)(1)		916	89	%	2.40	%	3.65	%	(1.88	%)
(59.78	%)(1)		1,174	188	%	2.40	%	3.47	%	(1.65	%)
0.00	%(1)		676	3	%	2.40	%	3.39	%	0.72	%
6.01	%	$	18,945	29	%	1.60	%	1.62	%	(0.37	%)
2.17	%		13,692	80	%	1.60	%	1.64	%	(0.29	%)
5.57	%		2,876	29	%	2.35	%	2.37	%	(1.15	%)
1.68	%		1,132	80	%	2.35	%	2.39	%	(1.07	%)
5.53	%		55,767	29	%	2.35	%	2.37	%	(1.10	%)
15.21	%		58,598	80	%	2.35	%	2.39	%	(1.02	%)
27.73	%		42,700	61	%	2.35	%	2.52	%	(1.16	%)
(1.78	%)		36,403	109	%	2.35	%	2.49	%	(0.99	%)
(8.87	%)		34,719	219	%	2.35	%	2.41	%	(0.73	%)
29.86	%		22,114	196	%	2.36	%	2.62	%	(0.85	%)
5.70	%		62,349	29	%	1.85	%	1.87	%	(0.60	%)
15.81	%		67,968	80	%	1.85	%	1.89	%	(0.53	%)
28.37	%		51,801	61	%	1.85	%	2.01	%	(0.66	%)
(1.31	%)		43,346	109	%	1.85	%	1.99	%	(0.49	%)
(8.39	%)		43,595	219	%	1.85	%	1.91	%	(0.24	%)
30.46	%		27,571	196	%	1.87	%	2.11	%	(0.37	%)
5.53	%		140,959	29	%	2.35	%	2.37	%	(1.10	%)
15.21	%		147,143	80	%	2.35	%	2.39	%	(1.02	%)
27.83	%		102,711	61	%	2.35	%	2.52	%	(1.16	%)
(1.86	%)		94,735	109	%	2.35	%	2.49	%	(0.99	%)
(8.87	%)		96,608	219	%	2.35	%	2.41	%	(0.73	%)
29.86	%		57,561	196	%	2.37	%	2.62	%	(0.85	%)
5.49	%		25,783	29	%	2.35	%	2.37	%	(1.10	%)
15.18	%(1)		26,383	80	%	2.35	%	2.39	%	(1.02	%)
27.79	%(1)		19,791	61	%	2.35	%	2.52	%	(1.16	%)
(1.79	%)(1)		17,141	109	%	2.35	%	2.49	%	(0.99	%)
(8.89	%)(1)		15,781	219	%	2.35	%	2.41	%	(0.73	%)
29.83	%(1)		10,565	196	%	2.36	%	2.62	%	(0.84	%)

See Notes to Financial Statements.

191

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


	Period Ended		Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains
STRATEGIC PARTNERS TECHNOLOGY FUND:
Class A	04/30/05	(12)	$	2.66	$	(0.01	)	$	(0.10	)	$	(0.11	)	$	—		$	—
	10/31/04	(10)(12)		2.92		(0.02	)		(0.24	)		(0.26	)		—			—
Class B	04/30/05	(12)		2.58		(0.02	)		(0.10	)		(0.12	)		—			—
	10/31/04	(10)(12)		2.84		(0.03	)		(0.23	)		(0.26	)		—			—
Class C	04/30/05	(12)		2.59		(0.02	)		(0.10	)		(0.12	)		—			—
	10/31/04	(12)		2.73		(0.06	)		(0.08	)		(0.14	)		—			—
	10/31/03	(12)		1.94		(0.05	)		0.84			0.79			—			—
	10/31/02	(12)		3.14		(0.06	)		(1.14	)		(1.20	)		—			—
	10/31/01	(12)		9.26		(0.08	)		(6.04	)		(6.12	)		—			—+
	10/31/00	(6)(12)		10.00		—			(0.74	)		(0.74	)		—			—
Class L (11)	04/30/05	(12)		2.66		(0.01	)		(0.11	)		(0.12	)		—			—
	10/31/04	(12)		2.79		(0.04	)		(0.09	)		(0.13	)		—			—
	10/31/03	(12)		1.97		(0.04	)		0.86			0.82			—			—
	10/31/02	(12)		3.18		(0.05	)		(1.16	)		(1.21	)		—			—
	10/31/01	(12)		9.27		(0.05	)		(6.03	)		(6.08	)		(0.01	)		—+
	10/31/00	(6)(12)		10.00		—			(0.73	)		(0.73	)		—			—
Class M (11)	04/30/05	(12)		2.58		(0.02	)		(0.10	)		(0.12	)		—			—
	10/31/04	(12)		2.72		(0.06	)		(0.08	)		(0.14	)		—			—
	10/31/03	(12)		1.93		(0.05	)		0.84			0.79			—			—
	10/31/02	(12)		3.13		(0.07	)		(1.13	)		(1.20	)		—			—
	10/31/01	(12)		9.25		(0.08	)		(6.04	)		(6.12	)		—			—+
	10/31/00	(6)(12)		10.00		—			(0.75	)		(0.75	)		—			—
Class X	04/30/05	(12)		2.60		(0.02	)		(0.10	)		(0.12	)		—			—
	10/31/04	(12)		2.74		(0.06	)		(0.08	)		(0.14	)		—			—
	10/31/03	(12)		1.94		(0.05	)		0.85			0.80			—			—
	10/31/02	(12)		3.14		(0.07	)		(1.13	)		(1.20	)		—			—
	10/31/01	(12)		9.25		(0.08	)		(6.03	)		(6.11	)		—			—+
	10/31/00	(6)(12)		10.00		—			(0.75	)		(0.75	)		—			—
STRATEGIC PARTNERS HEALTH SCIENCES FUND:
Class A	04/30/05	(12)	$	11.12	$	(0.04	)	$	0.47		$	0.43		$	—		$	—
	10/31/04	(10)		12.06		(0.03	)		(0.91	)		(0.94	)		—			—
Class B	04/30/05	(12)		10.88		(0.08	)		0.47			0.39			—			—
	10/31/04	(10)		11.87		(0.05	)		(0.94	)		(0.99	)		—			—
Class C	04/30/05	(12)		10.91		(0.08	)		0.46			0.38			—			—
	10/31/04			10.40		(0.18	)		0.69			0.51			—			—
	10/31/03	(12)		9.34		(0.14	)		1.20			1.06			—			—
	10/31/02	(12)		11.33		(0.18	)		(1.81	)		(1.99	)		—			—
	10/31/01	(7)(12)		10.00		(0.12	)		1.45			1.33			—			—
Class L (11)	04/30/05	(12)		11.09		(0.05	)		0.46			0.41			—			—
	10/31/04			10.52		(0.14	)		0.71			0.57			—			—
	10/31/03	(12)		9.40		(0.09	)		1.21			1.12			—			—
	10/31/02	(12)		11.35		(0.12	)		(1.83	)		(1.95	)		—			—
	10/31/01	(7)(12)		10.00		(0.08	)		1.43			1.35			—			—
Class M (11)	04/30/05	(12)		10.89		(0.08	)		0.46			0.38			—			—
	10/31/04			10.38		(0.18	)		0.69			0.51			—			—
	10/31/03	(12)		9.31		(0.14	)		1.21			1.07			—			—
	10/31/02	(12)		11.31		(0.18	)		(1.82	)		(2.00	)		—			—
	10/31/01	(7)(12)		10.00		(0.11	)		1.42			1.31			—			—
Class X	04/30/05	(12)		10.92		(0.08	)		0.45			0.37			—			—
	10/31/04			10.40		(0.18	)		0.70			0.52			—			—
	10/31/03	(12)		9.34		(0.14	)		1.20			1.06			—			—
	10/31/02	(12)		11.33		(0.18	)		(1.81	)		(1.99	)		—			—
	10/31/01	(7)(12)		10.00		(0.11	)		1.44			1.33			—			—


	Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS TECHNOLOGY FUND:
Class A	$	—		$	2.55
		—			2.66
Class B		—			2.46
		—			2.58
Class C		—			2.47
		—			2.59
		—			2.73
		—			1.94
		—			3.14
		—			9.26
Class L (11)		—			2.54
		—			2.66
		—			2.79
		—			1.97
		(0.01	)		3.18
		—			9.27
Class M (11)		—			2.46
		—			2.58
		—			2.72
		—			1.93
		—			3.13
		—			9.25
Class X		—			2.48
		—			2.60
		—			2.74
		—			1.94
		—			3.14
		—			9.25
STRATEGIC PARTNERS HEALTH SCIENCES FUND:
Class A	$	—		$	11.55
		—			11.12
Class B		—			11.27
		—			10.88
Class C		—			11.29
		—			10.91
		—			10.40
		—			9.34
		—			11.33
Class L (11)		—			11.50
		—			11.09
		—			10.52
		—			9.40
		—			11.35
Class M (11)		—			11.27
		—			10.89
		—			10.38
		—			9.31
		—			11.31
Class X		—			11.29
		—			10.92
		—			10.40
		—			9.34
		—			11.33

192


Supplemental Data						Ratios of Expenses to Average Net Assets(2)				Ratio of Net Investment Income (Loss) to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)
(4.14	%)	$	2,316	18	%	1.66	%	3.12	%	(0.66	%)
(8.90	%)		1,453	136	%	1.65	%	3.05	%	(1.31	%)
(4.65	%)		274	18	%	2.41	%	3.87	%	(1.54	%)
(9.16	%)		165	136	%	2.40	%	3.80	%	(2.05	%)
(4.63	%)		3,919	18	%	2.41	%	3.87	%	(1.27	%)
(5.13	%)		5,366	136	%	2.40	%	3.80	%	(2.13	%)
40.72	%		6,651	89	%	2.40	%	3.77	%	(2.09	%)
(38.22	%)		4,559	91	%	2.40	%	3.54	%	(2.25	%)
(66.09	%)		6,939	74	%	2.40	%	3.31	%	(1.68	%)
(7.40	%)		7,384	4	%	2.40	%	3.05	%	(0.30	%)
(4.51	%)		3,421	18	%	1.91	%	3.37	%	(0.76	%)
(4.66	%)		4,374	136	%	1.90	%	3.30	%	(1.64	%)
41.62	%		7,452	89	%	1.90	%	3.27	%	(1.59	%)
(38.05	%)		4,773	91	%	1.90	%	3.03	%	(1.74	%)
(65.64	%)		7,989	74	%	1.90	%	2.90	%	(1.21	%)
(7.30	%)		4,910	4	%	1.90	%	2.65	%	0.19	%
(4.65	%)		6,282	18	%	2.41	%	3.87	%	(1.26	%)
(5.15	%)		8,182	136	%	2.40	%	3.80	%	(2.13	%)
40.93	%		9,694	89	%	2.40	%	3.77	%	(2.10	%)
(38.34	%)		6,036	91	%	2.40	%	3.52	%	(2.25	%)
(66.16	%)		10,259	74	%	2.40	%	3.30	%	(1.67	%)
(7.50	%)		11,811	4	%	2.40	%	3.02	%	(0.36	%)
(4.62	%)		1,126	18	%	2.41	%	3.87	%	(1.26	%)
(5.11	%)(1)		1,585	136	%	2.40	%	3.80	%	(2.13	%)
41.24	%(1)		1,624	89	%	2.40	%	3.78	%	(2.10	%)
(38.22	%)(1)		1,013	91	%	2.40	%	3.51	%	(2.26	%)
(66.05	%)(1)		1,830	74	%	2.40	%	3.44	%	(1.71	%)
(7.50	%)(1)		1,003	4	%	2.40	%	3.16	%	(0.33	%)
3.87	%	$	2,912	58	%	1.65	%	2.65	%	(0.63	%)
(7.79	%)		1,127	178	%	1.65	%	2.75	%	(0.83	%)
3.59	%		415	58	%	2.40	%	3.40	%	(1.37	%)
(8.34	%)		267	178	%	2.40	%	3.50	%	(1.60	%)
3.48	%		3,698	58	%	2.40	%	3.40	%	(1.37	%)
4.90	%		4,317	178	%	2.40	%	3.50	%	(1.53	%)
11.35	%		4,427	144	%	2.40	%	3.62	%	(1.47	%)
(17.64	%)		3,870	122	%	2.40	%	3.68	%	(1.70	%)
13.40	%		2,659	35	%	2.40	%	4.70	%	(1.56	%)
3.70	%		3,453	58	%	1.90	%	2.90	%	(0.85	%)
5.42	%		4,365	178	%	1.90	%	3.00	%	(1.02	%)
11.92	%		5,036	144	%	1.90	%	3.12	%	(0.97	%)
(17.25	%)		4,210	122	%	1.90	%	3.18	%	(1.19	%)
13.60	%		3,971	35	%	1.90	%	3.96	%	(1.10	%)
3.40	%		8,208	58	%	2.40	%	3.40	%	(1.37	%)
4.91	%		8,632	178	%	2.40	%	3.50	%	(1.52	%)
11.37	%		7,375	144	%	2.40	%	3.62	%	(1.48	%)
(17.60	%)		7,256	122	%	2.40	%	3.66	%	(1.69	%)
13.10	%		6,427	35	%	2.40	%	4.75	%	(1.54	%)
3.39	%		1,461	58	%	2.40	%	3.40	%	(1.37	%)
5.00	%(1)		1,653	178	%	2.40	%	3.50	%	(1.52	%)
11.35	%(1)		1,526	144	%	2.40	%	3.62	%	(1.47	%)
(17.64	%)(1)		1,956	122	%	2.40	%	3.69	%	(1.70	%)
13.40	%(1)		1,702	35	%	2.40	%	5.49	%	(1.48	%)

See Notes to Financial Statements.

193

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


	Period Ended		Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income		From Net Realized Gains
STRATEGIC PARTNERS MANAGED OTC FUND:
Class A	04/30/05	(12)	$	2.56	$	0.01		$	(0.18	)	$	(0.17	)	$	—	$	—
	10/31/04	(10)(12)		2.60		(0.02	)		(0.02	)		(0.04	)		—		—
Class B	04/30/05	(12)		2.50		—	+		(0.17	)		(0.17	)		—		—
	10/31/04	(10)(12)		2.57		(0.03	)		(0.04	)		(0.07	)		—		—
Class C	04/30/05	(12)		2.50		—	+		(0.17	)		(0.17	)		—		—
	10/31/04	(12)		2.42		(0.05	)		0.13			0.08			—		—
	10/31/03	(12)		1.60		(0.04	)		0.86			0.82			—		—
	10/31/02	(12)		2.51		(0.05	)		(0.86	)		(0.91	)		—		—
	10/31/01	(12)		8.21		(0.07	)		(5.63	)		(5.70	)		—		—
	10/31/00	(6)(12)		10.00		(0.02	)		(1.77	)		(1.79	)		—		—
Class L (11)	04/30/05	(12)		2.55		0.01			(0.18	)		(0.17	)		—		—
	10/31/04	(12)		2.45		(0.04	)		0.14			0.10			—		—
	10/31/03	(12)		1.61		(0.03	)		0.87			0.84			—		—
	10/31/02	(12)		2.53		(0.04	)		(0.88	)		(0.92	)		—		—
	10/31/01	(12)		8.22		(0.05	)		(5.64	)		(5.69	)		—		—
	10/31/00	(6)(12)		10.00		(0.01	)		(1.77	)		(1.78	)		—		—
Class M (11)	04/30/05	(12)		2.51		—	+		(0.17	)		(0.17	)		—		—
	10/31/04	(12)		2.43		(0.05	)		0.13			0.08			—		—
	10/31/03	(12)		1.60		(0.04	)		0.87			0.83			—		—
	10/31/02	(12)		2.52		(0.05	)		(0.87	)		(0.92	)		—		—
	10/31/01	(12)		8.22		(0.07	)		(5.63	)		(5.70	)		—		—
	10/31/00	(6)(12)		10.00		(0.02	)		(1.76	)		(1.78	)		—		—
Class X	04/30/05	(12)		2.51		—	+		(0.17	)		(0.17	)		—		—
	10/31/04	(12)		2.43		(0.05	)		0.13			0.08			—		—
	10/31/03	(12)		1.60		(0.04	)		0.87			0.83			—		—
	10/31/02	(12)		2.52		(0.05	)		(0.87	)		(0.92	)		—		—
	10/31/01	(12)		8.21		(0.07	)		(5.62	)		(5.69	)		—		—
	10/31/00	(6)(12)		10.00		(0.02	)		(1.77	)		(1.79	)		—		—
STRATEGIC PARTNERS CAPITAL GROWTH FUND:
Class A	04/30/05	(12)	$	13.44	$	(0.04	)	$	0.82		$	0.78		$	—	$	—
	10/31/04	(10)		13.73		(0.02	)		(0.27	)		(0.29	)		—		—
Class B	04/30/05	(12)		13.01		(0.09	)		0.79			0.70			—		—
	10/31/04	(10)		13.35		(0.05	)		(0.29	)		(0.34	)		—		—
Class C	04/30/05	(12)		12.98		(0.09	)		0.79			0.70			—		—
	10/31/04			12.70		(0.20	)		0.48			0.28			—		—
	10/31/03	(12)		10.45		(0.16	)		2.41			2.25			—		—
	10/31/02	(12)		10.98		(0.17	)		(0.36	)		(0.53	)		—		—
	10/31/01	(12)		15.78		(0.17	)		(4.63	)		(4.80	)		—		—
	10/31/00	(12)		14.49		(0.18	)		1.47			1.29			—		—
Class L (11)	04/30/05	(12)		13.40		(0.06	)		0.82			0.76			—		—
	10/31/04			13.04		(0.13	)		0.49			0.36			—		—
	10/31/03	(12)		10.68		(0.11	)		2.47			2.36			—		—
	10/31/02	(12)		11.16		(0.12	)		(0.36	)		(0.48	)		—		—
	10/31/01	(12)		15.96		(0.10	)		(4.70	)		(4.80	)		—		—
	10/31/00	(12)		14.58		(0.10	)		1.48			1.38			—		—
Class M (11)	04/30/05	(12)		13.00		(0.09	)		0.79			0.70			—		—
	10/31/04			12.72		(0.19	)		0.47			0.28			—		—
	10/31/03	(12)		10.46		(0.16	)		2.42			2.26			—		—
	10/31/02	(12)		10.99		(0.17	)		(0.36	)		(0.53	)		—		—
	10/31/01	(12)		15.80		(0.17	)		(4.64	)		(4.81	)		—		—
	10/31/00	(12)		14.51		(0.19	)		1.48			1.29			—		—
Class X	04/30/05	(12)		12.97		(0.09	)		0.79			0.70			—		—
	10/31/04			12.69		(0.18	)		0.46			0.28			—		—
	10/31/03	(12)		10.44		(0.16	)		2.41			2.25			—		—
	10/31/02	(12)		10.97		(0.17	)		(0.36	)		(0.53	)		—		—
	10/31/01	(12)		15.77		(0.17	)		(4.63	)		(4.80	)		—		—
	10/31/00	(12)		14.48		(0.19	)		1.48			1.29			—		—


	Total Distributions		Net Asset Value End of Period
STRATEGIC PARTNERS MANAGED OTC FUND:
Class A	$	—	$	2.39
		—		2.56
Class B		—		2.33
		—		2.50
Class C		—		2.33
		—		2.50
		—		2.42
		—		1.60
		—		2.51
		—		8.21
Class L (11)		—		2.38
		—		2.55
		—		2.45
		—		1.61
		—		2.53
		—		8.22
Class M (11)		—		2.34
		—		2.51
		—		2.43
		—		1.60
		—		2.52
		—		8.22
Class X		—		2.34
		—		2.51
		—		2.43
		—		1.60
		—		2.52
		—		8.21
STRATEGIC PARTNERS CAPITAL GROWTH FUND:
Class A	$	—	$	14.22
		—		13.44
Class B		—		13.71
		—		13.01
Class C		—		13.68
		—		12.98
		—		12.70
		—		10.45
		—		10.98
		—		15.78
Class L (11)		—		14.16
		—		13.40
		—		13.04
		—		10.68
		—		11.16
		—		15.96
Class M (11)		—		13.70
		—		13.00
		—		12.72
		—		10.46
		—		10.99
		—		15.80
Class X		—		13.67
		—		12.97
		—		12.69
		—		10.44
		—		10.97
		—		15.77

194


Supplemental Data						Ratios of Expenses to Average Net Assets(2)				Ratio of Net Investment Income (Loss) to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)
(6.64	%)	$	1,638	7	%	1.50	%	2.46	%	0.46	%
(1.54	%)		1,442	17	%	1.50	%	2.25	%	(1.17	%)
(6.80	%)		762	7	%	2.25	%	3.21	%	(0.32	%)
(2.72	%)		541	17	%	2.25	%	3.00	%	(1.94	%)
(6.80	%)		8,828	7	%	2.25	%	3.21	%	(0.03	%)
3.31	%		11,209	17	%	2.25	%	3.00	%	(1.98	%)
51.25	%		13,526	17	%	2.25	%	2.93	%	(1.96	%)
(36.26	%)		7,688	30	%	2.25	%	3.10	%	(2.06	%)
(69.43	%)		7,760	54	%	2.25	%	3.14	%	(1.93	%)
(17.90	%)		6,927	1	%	2.25	%	2.82	%	(1.58	%)
(6.67	%)		5,514	7	%	1.75	%	2.71	%	0.54	%
4.08	%		7,284	17	%	1.75	%	2.50	%	(1.48	%)
52.17	%		9,161	17	%	1.75	%	2.42	%	(1.46	%)
(36.36	%)		5,076	30	%	1.75	%	2.58	%	(1.56	%)
(69.22	%)		6,805	54	%	1.75	%	2.59	%	(1.42	%)
(17.80	%)		7,052	1	%	1.75	%	2.40	%	(1.11	%)
(6.77	%)		11,439	7	%	2.25	%	3.21	%	0.02	%
3.29	%		14,462	17	%	2.25	%	3.00	%	(1.98	%)
51.88	%		17,120	17	%	2.25	%	2.93	%	(1.96	%)
(36.51	%)		10,978	30	%	2.25	%	3.09	%	(2.06	%)
(69.34	%)		13,664	54	%	2.25	%	3.13	%	(1.92	%)
(17.80	%)		12,048	1	%	2.25	%	2.73	%	(1.57	%)
(6.77	%)		1,146	7	%	2.25	%	3.21	%	0.16	%
3.29	%(1)		1,588	17	%	2.25	%	3.00	%	(1.98	%)
51.88	%(1)		1,756	17	%	2.25	%	2.92	%	(1.96	%)
(36.51	%)(1)		739	30	%	2.25	%	3.07	%	(2.06	%)
(69.31	%)(1)		1,106	54	%	2.25	%	3.23	%	(1.94	%)
(17.90	%)(1)		835	1	%	2.25	%	2.81	%	(1.55	%)
5.80	%	$	27,853	27	%	1.55	%	1.70	%	(0.53	%)
(2.11	%)		18,159	78	%	1.55	%	1.69	%	(0.47	%)
5.38	%		6,230	27	%	2.30	%	2.45	%	(1.27	%)
(2.55	%)		3,034	78	%	2.30	%	2.44	%	(1.21	%)
5.39	%		154,765	27	%	2.30	%	2.45	%	(1.29	%)
2.20	%		167,119	78	%	2.30	%	2.44	%	(1.37	%)
21.88	%		178,255	81	%	2.30	%	2.51	%	(1.52	%)
(5.10	%)		144,397	103	%	2.30	%	2.50	%	(1.51	%)
(30.37	%)		156,021	133	%	2.30	%	2.44	%	(1.26	%)
8.90	%		249,913	108	%	2.28	%	2.36	%	(1.11	%)
5.67	%		125,961	27	%	1.80	%	1.95	%	(0.79	%)
2.76	%		139,498	78	%	1.80	%	1.94	%	(0.87	%)
22.44	%		148,052	81	%	1.80	%	2.01	%	(1.02	%)
(4.57	%)		124,022	103	%	1.80	%	2.00	%	(1.01	%)
(30.03	%)		149,093	133	%	1.80	%	1.94	%	(0.76	%)
9.47	%		232,611	108	%	1.78	%	1.87	%	(0.61	%)
5.39	%		307,723	27	%	2.30	%	2.45	%	(1.29	%)
2.20	%		329,320	78	%	2.30	%	2.44	%	(1.36	%)
21.96	%		320,738	81	%	2.30	%	2.51	%	(1.53	%)
(5.10	%)		282,066	103	%	2.30	%	2.50	%	(1.51	%)
(30.44	%)		331,904	133	%	2.30	%	2.44	%	(1.26	%)
8.89	%		534,179	108	%	2.28	%	2.36	%	(1.11	%)
5.40	%		54,707	27	%	2.30	%	2.45	%	(1.29	%)
2.21	%(1)		58,784	78	%	2.30	%	2.44	%	(1.36	%)
21.90	%(1)		53,036	81	%	2.30	%	2.51	%	(1.52	%)
(5.10	%)(1)		45,557	103	%	2.30	%	2.50	%	(1.51	%)
(30.39	%)(1)		51,745	133	%	2.30	%	2.44	%	(1.26	%)
8.83	%(1)		79,187	108	%	2.28	%	2.36	%	(1.11	%)

See Notes to Financial Statements.

195

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains
STRATEGIC PARTNERS CONCENTRATED GROWTH FUND(9):
Class A	04/30/05	(12)	$	11.20	$	0.02		$	(0.30	)	$	(0.28	)	$	—		$	—
	10/31/04	(10)(12)		11.70		(0.04	)		(0.46	)		(0.50	)		—			—
Class B	04/30/05	(12)		9.66		(0.02	)		(0.26	)		(0.28	)		—			—
	10/31/04	(10)(12)		10.16		(0.07	)		(0.43	)		(0.50	)		—			—
Class C	04/30/05	(12)		9.64		(0.01	)		(0.27	)		(0.28	)		—			—
	10/31/04	(12)		9.53		(0.13	)		0.24			0.11			—			—
	10/31/03	(12)		8.51		(0.13	)		1.15			1.02			—			—
	10/31/02	(12)		10.91		(0.12	)		(2.28	)		(2.40	)		—			—
	10/31/01	(12)		20.10		(0.07	)		(9.12	)		(9.19	)		—			—
	10/31/00	(12)		19.47		(0.21	)		0.84			0.63			—			—
Class L (11)	04/30/05	(12)		11.17		0.02			(0.31	)		(0.29	)		—			—
	10/31/04	(12)		10.99		(0.10	)		0.28			0.18			—			—
	10/31/03	(12)		9.76		(0.10	)		1.33			1.23			—			—
	10/31/02	(12)		12.44		(0.12	)		(2.56	)		(2.68	)		—			—
	10/31/01	(12)		22.80		0.01			(10.37	)		(10.36	)		—			—
	10/31/00	(12)		21.97		(0.11	)		0.94			0.83			—			—
Class M (11)	04/30/05	(12)		9.67		(0.01	)		(0.27	)		(0.28	)		—			—
	10/31/04	(12)		9.56		(0.14	)		0.25			0.11			—			—
	10/31/03	(12)		8.54		(0.13	)		1.15			1.02			—			—
	10/31/02	(12)		10.94		(0.12	)		(2.28	)		(2.40	)		—			—
	10/31/01	(12)		20.14		(0.07	)		(9.13	)		(9.20	)		—			—
	10/31/00	(12)		19.50		(0.21	)		0.85			0.64			—			—
Class X	04/30/05	(12)		9.68		(0.01	)		(0.27	)		(0.28	)		—			—
	10/31/04	(12)		9.57		(0.14	)		0.25			0.11			—			—
	10/31/03	(12)		8.55		(0.13	)		1.15			1.02			—			—
	10/31/02	(12)		10.95		(0.11	)		(2.29	)		(2.40	)		—			—
	10/31/01	(12)		20.17		(0.07	)		(9.15	)		(9.22	)		—			—
	10/31/00	(12)		19.52		(0.22	)		0.87			0.65			—			—
STRATEGIC PARTNERS CORE VALUE FUND:
Class A	04/30/05	(12)	$	12.29	$	0.07		$	0.48		$	0.55		$	(0.14	)	$	(0.28	)
	10/31/04	(10)(12)		12.21		0.06			0.02			0.08			—			—
Class B	04/30/05	(12)		12.20		0.03			0.47			0.50			(0.04	)		(0.28	)
	10/31/04	(10)(12)		12.17		0.01			0.02			0.03			—			—
Class C	04/30/05	(12)		12.18		0.02			0.47			0.49			(0.01	)		(0.28	)
	10/31/04	(12)		10.95		0.02			1.25			1.27			(0.04	)		—
	10/31/03	(12)		8.88		0.04			2.05			2.09			(0.02	)		—
	10/31/02	(12)		9.73		0.03			(0.85	)		(0.82	)		(0.01	)		(0.02	)
	10/31/01	(7)(12)		10.00		0.01			(0.28	)		(0.27	)		—			—
Class L (11)	04/30/05	(12)		12.26		0.05			0.47			0.52			(0.10	)		(0.28	)
	10/31/04	(12)		10.99		0.07			1.27			1.34			(0.07	)		—
	10/31/03	(12)		8.92		0.10			2.04			2.14			(0.07	)		—
	10/31/02	(12)		9.77		0.08			(0.86	)		(0.78	)		(0.05	)		(0.02	)
	10/31/01	(7)(12)		10.00		0.05			(0.28	)		(0.23	)		—			—
Class M (11)	04/30/05	(12)		12.18		0.02			0.48			0.50			(0.02	)		(0.28	)
	10/31/04	(12)		10.95		0.02			1.25			1.27			(0.04	)		—
	10/31/03	(12)		8.88		0.04			2.05			2.09			(0.02	)		—
	10/31/02	(12)		9.74		0.03			(0.86	)		(0.83	)		(0.01	)		(0.02	)
	10/31/01	(7)(12)		10.00		0.01			(0.27	)		(0.26	)		—			—
Class X	04/30/05	(12)		12.18		0.02			0.48			0.50			(0.01	)		(0.28	)
	10/31/04	(12)		10.95		0.02			1.25			1.27			(0.04	)		—
	10/31/03	(12)		8.88		0.04			2.05			2.09			(0.02	)		—
	10/31/02	(12)		9.73		0.03			(0.85	)		(0.82	)		(0.01	)		(0.02	)
	10/31/01	(7)(12)		10.00		0.02			(0.29	)		(0.27	)		—			—


	Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS CONCENTRATED GROWTH FUND(9):
Class A	$	—		$	10.92
		—			11.20
Class B		—			9.38
		—			9.66
Class C		—			9.36
		—			9.64
		—			9.53
		—			8.51
		—			10.91
		—			20.10
Class L (11)		—			10.88
		—			11.17
		—			10.99
		—			9.76
		—			12.44
		—			22.80
Class M (11)		—			9.39
		—			9.67
		—			9.56
		—			8.54
		—			10.94
		—			20.14
Class X		—			9.40
		—			9.68
		—			9.57
		—			8.55
		—			10.95
		—			20.17
STRATEGIC PARTNERS CORE VALUE FUND:
Class A	$	(0.42	)	$	12.42
		—			12.29
Class B		(0.32	)		12.38
		—			12.20
Class C		(0.29	)		12.38
		(0.04	)		12.18
		(0.02	)		10.95
		(0.03	)		8.88
		—			9.73
Class L (11)		(0.38	)		12.40
		(0.07	)		12.26
		(0.07	)		10.99
		(0.07	)		8.92
		—			9.77
Class M (11)		(0.30	)		12.38
		(0.04	)		12.18
		(0.02	)		10.95
		(0.03	)		8.88
		—			9.74
Class X		(0.29	)		12.39
		(0.04	)		12.18
		(0.02	)		10.95
		(0.03	)		8.88
		—			9.73

196


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)
(2.50	%)	$	12,694	11	%	1.50	%	2.14	%	0.37	%
(4.27	%)		10,089	16	%	1.50	%	1.92	%	(0.66	%)
(2.90	%)		2,784	11	%	2.25	%	2.89	%	(0.49	%)
(4.92	%)		1,609	16	%	2.25	%	2.67	%	(1.39	%)
(2.91	%)		48,190	11	%	2.25	%	2.89	%	(0.11	%)
1.15	%		61,542	16	%	2.25	%	2.67	%	(1.39	%)
11.99	%		87,291	107	%	2.25	%	2.76	%	(1.48	%)
(22.00	%)		99,201	76	%	2.25	%	2.67	%	(1.19	%)
(45.72	%)		185,968	54	%	2.25	%	2.47	%	(0.45	%)
3.24	%		421,207	32	%	2.22	%	2.31	%	(0.95	%)
(2.60	%)		55,780	11	%	1.75	%	2.39	%	0.40	%
1.64	%		71,664	16	%	1.75	%	2.17	%	(0.89	%)
12.60	%		102,837	107	%	1.75	%	2.26	%	(0.98	%)
(21.54	%)		112,352	76	%	1.75	%	2.16	%	(1.05	%)
(45.44	%)		210,590	54	%	1.75	%	1.98	%	0.05	%
3.78	%		463,777	32	%	1.72	%	1.81	%	(0.45	%)
(2.90	%)		174,100	11	%	2.25	%	2.89	%	(0.13	%)
1.15	%		217,028	16	%	2.25	%	2.67	%	(1.39	%)
11.94	%		283,005	107	%	2.25	%	2.76	%	(1.48	%)
(21.94	%)		309,908	76	%	2.25	%	2.67	%	(1.21	%)
(45.68	%)		556,811	54	%	2.25	%	2.47	%	(0.45	%)
3.28	%		1,219,774	32	%	2.22	%	2.31	%	(0.95	%)
(2.89	%)		30,542	11	%	2.25	%	2.89	%	(0.13	%)
1.15	%(1)		37,951	16	%	2.25	%	2.67	%	(1.39	%)
11.93	%(1)		47,264	107	%	2.25	%	2.76	%	(1.48	%)
(21.92	%)(1)		49,108	76	%	2.25	%	2.67	%	(1.11	%)
(45.71	%)(1)		82,210	54	%	2.25	%	2.47	%	(0.45	%)
3.33	%(1)		172,382	32	%	2.22	%	2.31	%	(0.96	%)
4.46	%	$	2,768	12	%	1.45	%	1.83	%	1.06	%
0.66	%		1,722	35	%	1.45	%	1.93	%	0.93	%
4.08	%		767	12	%	2.20	%	2.58	%	0.22	%
0.25	%		235	35	%	2.20	%	2.68	%	0.15	%
4.04	%		11,020	12	%	2.20	%	2.58	%	0.31	%
11.64	%		11,311	35	%	2.20	%	2.68	%	0.15	%
23.64	%		14,337	21	%	2.20	%	2.72	%	0.41	%
(8.49	%)		7,212	14	%	2.20	%	3.25	%	0.30	%
(2.70	%)		3,040	9	%	2.20	%	4.73	%	0.22	%
4.28	%		7,901	12	%	1.70	%	2.08	%	0.82	%
12.24	%		8,595	35	%	1.70	%	2.18	%	0.63	%
24.15	%		8,450	21	%	1.70	%	2.21	%	0.91	%
(8.16	%)		4,537	14	%	1.70	%	2.76	%	0.75	%
(2.20	%)		1,677	9	%	1.70	%	3.95	%	0.70	%
4.11	%		22,054	12	%	2.20	%	2.58	%	0.31	%
11.64	%		20,874	35	%	2.20	%	2.68	%	0.13	%
23.64	%		15,304	21	%	2.20	%	2.72	%	0.42	%
(8.58	%)		9,378	14	%	2.20	%	3.26	%	0.29	%
(2.60	%)		3,867	9	%	2.20	%	5.57	%	0.22	%
4.12	%		4,640	12	%	2.20	%	2.58	%	0.29	%
11.64	%(1)		4,098	35	%	2.20	%	2.68	%	0.14	%
23.64	%(1)		2,829	21	%	2.20	%	2.72	%	0.43	%
(8.49	%)(1)		2,217	14	%	2.20	%	3.28	%	0.30	%
(2.70	%)(1)		514	9	%	2.20	%	4.75	%	0.23	%

See Notes to Financial Statements.

197

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


				Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains
STRATEGIC PARTNERS MANAGED INDEX 500 FUND:
Class A	04/30/05(12)	$	8.89	$	0.05		$	0.07		$	0.12		$	—		$	—
	10/31/04(10)(12)		9.06		0.03			(0.20	)		(0.17	)		—	+		—
Class B	04/30/05(12)		8.67		0.01			0.07			0.08			—			—
	10/31/04(10)(12)		8.87		(0.01	)		(0.19	)		(0.20	)		—			—
Class C	04/30/05(12)		8.66		0.02			0.06			0.08			—			—
	10/31/04(12)		8.16		(0.03	)		0.53			0.50			—			—
	10/31/03(12)		6.85		(0.01	)		1.32			1.31			—			—
	10/31/02(12)		8.08		(0.02	)		(1.21	)		(1.23	)		—			—
	10/31/01(12)		10.20		(0.02	)		(2.09	)		(2.11	)		—			(0.01	)
	10/31/00(4)(12)		10.00		(0.03	)		0.23			0.20			—			—
Class L (11)	04/30/05(12)		8.87		0.05			0.05			0.10			—	+		—
	10/31/04(12)		8.32		0.02			0.53			0.55			—	+		—
	10/31/03(12)		6.95		0.03			1.34			1.37			—			—
	10/31/02(12)		8.15		0.02			(1.22	)		(1.20	)		—			—
	10/31/01(12)		10.24		0.02			(2.10	)		(2.08	)		—	+		(0.01	)
	10/31/00(4)(12)		10.00		0.03			0.21			0.24			—			—
Class M (11)	04/30/05(12)		8.66		0.02			0.06			0.08			—			—
	10/31/04(12)		8.16		(0.03	)		0.53			0.50			—			—
	10/31/03(12)		6.85		(0.01	)		1.32			1.31			—			—
	10/31/02(12)		8.08		(0.02	)		(1.21	)		(1.23	)		—			—
	10/31/01(12)		10.20		(0.02	)		(2.09	)		(2.11	)		—			(0.01	)
	10/31/00(4)(12)		10.00		(0.03	)		0.23			0.20			—			—
Class X	04/30/05(12)		8.65		0.02			0.06			0.08			—			—
	10/31/04(12)		8.15		(0.03	)		0.53			0.50			—			—
	10/31/03(12)		6.84		(0.01	)		1.32			1.31			—			—
	10/31/02(12)		8.06		(0.02	)		(1.20	)		(1.22	)		—			—
	10/31/01(12)		10.20		(0.02	)		(2.11	)		(2.13	)		—			(0.01	)
	10/31/00(4)(12)		10.00		(0.03	)		0.23			0.20			—			—
STRATEGIC PARTNERS EQUITY INCOME FUND:
Class A	04/30/05(12)	$	12.99	$	0.09		$	0.54		$	0.63		$	(0.13	)	$	—
	10/31/04(10)(12)		13.28		0.04			(0.33	)		(0.29	)		—			—
Class B	04/30/05(12)		12.63		0.02			0.54			0.56			(0.01	)		—
	10/31/04(10)(12)		12.98		(0.01	)		(0.34	)		(0.35	)		—			—
Class C	04/30/05(12)		12.61		0.03			0.53			0.56			(0.01	)		—
	10/31/04(12)		11.57		(0.03	)		1.07			1.04			—			—
	10/31/03(12)		9.40		(0.02	)		2.19			2.17			—			—
	10/31/02(12)		12.09		(0.03	)		(2.36	)		(2.39	)		—			(0.30	)
	10/31/01(12)		13.67		(0.07	)		(0.92	)		(0.99	)		—			(0.59	)
	10/31/00(12)		12.31		(0.03	)		1.39			1.36			—			—
Class L (11)	04/30/05(12)		12.96		0.07			0.54			0.61			(0.09	)		—
	10/31/04(12)		11.83		0.03			1.10			1.13			—			—
	10/31/03(12)		9.56		0.03			2.24			2.27			—			—
	10/31/02(12)		12.23		0.03			(2.40	)		(2.37	)		—			(0.30	)
	10/31/01(12)		13.76		—			(0.94	)		(0.94	)		—			(0.59	)
	10/31/00(12)		12.33		0.04			1.39			1.43			—			—
Class M (11)	04/30/05(12)		12.63		0.03			0.53			0.56			(0.01	)		—
	10/31/04(12)		11.58		(0.03	)		1.08			1.05			—			—
	10/31/03(12)		9.41		(0.02	)		2.19			2.17			—			—
	10/31/02(12)		12.10		(0.03	)		(2.36	)		(2.39	)		—			(0.30	)
	10/31/01(12)		13.69		(0.07	)		(0.93	)		(1.00	)		—			(0.59	)
	10/31/00(12)		12.32		(0.02	)		1.39			1.37			—			—
Class X	04/30/05(12)*		12.61		0.03			0.53			0.56			(0.01	)		—
	10/31/04(12)		11.56		(0.03	)		1.08			1.05			—			—
	10/31/03(12)		9.39		(0.02	)		2.19			2.17			—			—
	10/31/02(12)		12.08		(0.03	)		(2.36	)		(2.39	)		—			(0.30	)
	10/31/01(12)		13.66		(0.06	)		(0.93	)		(0.99	)		—			(0.59	)
	10/31/00(12)		12.30		(0.02	)		1.38			1.36			—			—


	Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS MANAGED INDEX 500 FUND:
Class A	$	—		$	9.01
		—	+		8.89
Class B		—			8.75
		—			8.67
Class C		—			8.74
		—			8.66
		—			8.16
		—			6.85
		(0.01	)		8.08
					10.20
Class L (11)		—			8.97
		—	+		8.87
		—			8.32
		—			6.95
		(0.01	)		8.15
		—			10.24
Class M (11)		—			8.74
		—			8.66
		—			8.16
		—			6.85
		(0.01	)		8.08
		—			10.20
Class X		—			8.73
		—			8.65
		—			8.15
		—			6.84
		(0.01	)		8.06
		—			10.20
STRATEGIC PARTNERS EQUITY INCOME FUND:
Class A	$	(0.13	)	$	13.49
		—			12.99
Class B		(0.01	)		13.18
		—			12.63
Class C		(0.01	)		13.16
		—			12.61
		—			11.57
		(0.30	)		9.40
		(0.59	)		12.09
		—			13.67
Class L (11)		(0.09	)		13.48
		—			12.96
		—			11.83
		(0.30	)		9.56
		(0.59	)		12.23
		—			13.76
Class M (11)		(0.01	)		13.18
		—			12.63
		—			11.58
		(0.30	)		9.41
		(0.59	)		12.10
		—			13.69
Class X		(0.01	)		13.16
		—			12.61
		—			11.56
		(0.30	)		9.39
		(0.59	)		12.08
		—			13.66

198


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)
1.35	%	$	10,144	8	%	1.25	%	2.00	%	1.16	%
(1.86	%)		7,558	29	%	1.25	%	1.56	%	0.60	%
0.92	%		2,340	8	%	2.00	%	2.75	%	0.29	%
(2.25	%)		1,288	29	%	2.00	%	2.31	%	(0.13	%)
0.92	%		25,850	8	%	2.00	%	2.75	%	0.50	%
6.13	%		29,631	29	%	2.00	%	2.31	%	(0.30	%)
19.12	%		36,069	39	%	2.00	%	2.35	%	(0.09	%)
(15.22	%)		31,253	19	%	2.00	%	2.33	%	(0.20	%)
(20.74	%)		30,585	30	%	2.00	%	2.35	%	(0.26	%)
2.00	%		25,239	107	%	2.04	%	2.56	%	(0.25	%)
1.13	%		19,244	8	%	1.50	%	2.25	%	1.05	%
6.63	%		24,137	29	%	1.50	%	1.81	%	0.19	%
19.71	%		31,579	39	%	1.50	%	1.84	%	0.40	%
(14.72	%)		26,122	19	%	1.50	%	1.83	%	(0.30	%)
(20.36	%)		24,163	30	%	1.50	%	1.86	%	0.24	%
2.40	%		19,437	107	%	1.54	%	2.00	%	0.30	%
0.92	%		69,397	8	%	2.00	%	2.75	%	0.50	%
6.13	%		79,069	29	%	2.00	%	2.31	%	(0.30	%)
19.12	%		77,502	39	%	2.00	%	2.34	%	(0.10	%)
(15.22	%)		64,146	19	%	2.00	%	2.33	%	(0.20	%)
(20.74	%)		53,206	30	%	2.00	%	2.36	%	(0.27	%)
2.00	%		34,025	107	%	2.04	%	2.53	%	(0.25	%)
0.93	%		6,759	8	%	2.00	%	2.75	%	0.49	%
6.14	%(1)		7,253	29	%	2.00	%	2.31	%	(0.30	%)
19.15	%(1)		7,459	39	%	2.00	%	2.35	%	(0.09	%)
(15.14	%)(1)		6,964	19	%	2.00	%	2.33	%	(0.21	%)
(20.94	%)(1)		5,918	30	%	2.00	%	2.36	%	(0.26	%)
2.00	%(1)		4,959	107	%	2.04	%	2.50	%	(0.25	%)
4.83	%	$	12,763	28	%	1.41	%	1.82	%	1.12	%
(2.18	%)		9,032	54	%	1.40	%	1.78	%	0.59	%
4.44	%		1,959	28	%	2.16	%	2.57	%	0.33	%
(2.70	%)		1,061	54	%	2.15	%	2.53	%	(0.21	%)
4.45	%		39,108	28	%	2.16	%	2.57	%	0.52	%
8.99	%		42,450	54	%	2.15	%	2.53	%	(0.28	%)
23.09	%		53,779	60	%	2.15	%	2.59	%	(0.17	%)
(20.39	%)		50,779	88	%	2.15	%	2.54	%	(0.25	%)
(7.59	%)		64,103	128	%	2.15	%	2.44	%	(0.51	%)
11.05	%		47,592	135	%	2.23	%	2.59	%	(0.20	%)
4.70	%		35,578	28	%	1.66	%	2.07	%	1.05	%
9.55	%		41,796	54	%	1.65	%	2.03	%	0.21	%
23.74	%		55,064	60	%	1.65	%	2.09	%	0.32	%
(19.99	%)		47,611	88	%	1.65	%	2.04	%	0.25	%
(7.16	%)		66,446	128	%	1.65	%	1.94	%	(0.01	%)
11.60	%		49,218	135	%	1.73	%	2.09	%	0.31	%
4.44	%		99,457	28	%	2.16	%	2.57	%	0.54	%
9.07	%		110,231	54	%	2.15	%	2.53	%	(0.28	%)
23.06	%		116,211	60	%	2.15	%	2.59	%	(0.17	%)
(20.37	%)		106,401	88	%	2.15	%	2.54	%	(0.25	%)
(7.65	%)		152,314	128	%	2.15	%	2.44	%	(0.51	%)
11.12	%		110,793	135	%	2.23	%	2.59	%	(0.19	%)
4.45	%		25,788	28	%	2.16	%	2.57	%	0.54	%
9.08	%(1)		28,451	54	%	2.15	%	2.53	%	(0.28	%)
23.11	%(1)		28,840	60	%	2.15	%	2.59	%	(0.17	%)
(20.41	%)(1)		25,972	88	%	2.15	%	2.54	%	(0.24	%)
(7.60	%)(1)		36,297	128	%	2.15	%	2.44	%	(0.51	%)
11.06	%(1)		33,141	135	%	2.23	%	2.60	%	(0.18	%)

See Notes to Financial Statements.

199

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


					Increase (Decrease) from Investment Operations									Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains
STRATEGIC PARTNERS GROWTH WITH INCOME FUND:
Class A	04/30/05	(12)	$	8.43	$	(0.00	)	$	0.33		$	0.33		$	—		$	—
	10/31/04	(10)(12)		8.42		(0.01	)		0.02			0.01			—			—
Class B	04/30/05	(12)		8.21		(0.04	)		0.33			0.29			—			—
	10/31/04	(10)(12)		8.24		(0.04	)		0.01			(0.03	)		—			—
Class C	04/30/05	(12)		8.21		(0.03	)		0.32			0.29			—			—
	10/31/04	(12)		7.65		(0.06	)		0.62			0.56			—			—
	10/31/03	(12)		6.79		(0.05	)		0.91			0.86			—			—
	10/31/02	(12)		8.11		(0.06	)		(1.26	)		(1.32	)		—			—
	10/31/01	(12)		10.67		(0.07	)		(2.49	)		(2.56	)		—			—
	10/31/00	(4)(12)		10.00		(0.08	)		0.75			0.67			—			—
Class L (11)	04/30/05	(12)		8.41		(0.01	)		0.33			0.32			—			—
	10/31/04	(12)		7.80		(0.02	)		0.63			0.61			—			—
	10/31/03	(12)		6.89		(0.01	)		0.92			0.91			—			—
	10/31/02	(12)		8.19		(0.02	)		(1.28	)		(1.30	)		—			—
	10/31/01	(12)		10.73		(0.03	)		(2.51	)		(2.54	)		—			—
	10/31/00	(4)(12)		10.00		(0.03	)		0.76			0.73			—			—
Class M (11)	04/30/05	(12)		8.21		(0.03	)		0.32			0.29			—			—
	10/31/04	(12)		7.65		(0.06	)		0.62			0.56			—			—
	10/31/03	(12)		6.80		(0.05	)		0.90			0.85			—			—
	10/31/02	(12)		8.12		(0.06	)		(1.26	)		(1.32	)		—			—
	10/31/01	(12)		10.68		(0.07	)		(2.49	)		(2.56	)		—			—
	10/31/00	(4)(12)		10.00		(0.07	)		0.75			0.68			—			—
Class X	04/30/05	(12)		8.20		(0.03	)		0.33			0.30			—			—
	10/31/04	(12)		7.64		(0.06	)		0.62			0.56			—			—
	10/31/03	(12)		6.79		(0.05	)		0.90			0.85			—			—
	10/31/02	(12)		8.12		(0.06	)		(1.27	)		(1.33	)		—			—
	10/31/01	(12)		10.69		(0.07	)		(2.50	)		(2.57	)		—			—
	10/31/00	(4)(12)		10.00		(0.08	)		0.77			0.69			—			—
STRATEGIC PARTNERS CAPITAL INCOME FUND (9):
Class A	04/30/05	(12)	$	12.10	$	0.08		$	0.54		$	0.62		$	—		$	—
	10/31/04	(10)(12)		12.41		0.03			(0.34	)		(0.31	)		—			—
Class B	04/30/05	(12)		12.08		0.03			0.54			0.57			—			—
	10/31/04	(10)(12)		12.44		(0.01	)		(0.35	)		(0.36	)		—			—
Class C	04/30/05	(12)		12.08		0.04			0.53			0.57			—			—
	10/31/04	(12)		11.76		(0.05	)		0.38			0.33			(0.01	)		—
	10/31/03	(12)		10.43		0.04			1.34			1.38			(0.05	)		—
	10/31/02	(12)		12.13		0.07			(1.67	)		(1.60	)		(0.10	)		—
	10/31/01	(12)		14.54		0.13			(2.42	)		(2.29	)		(0.12	)		��
	10/31/00	(12)		13.68		0.15			1.04			1.19			(0.14	)		(0.19	)
Class L (11)	04/30/05	(12)		12.08		0.07			0.53			0.60			—			—
	10/31/04	(12)		11.74		0.03			0.35			0.38			(0.04	)		—
	10/31/03	(12)		10.41		0.10			1.34			1.44			(0.11	)		—
	10/31/02	(12)		12.11		0.13			(1.67	)		(1.54	)		(0.16	)		—
	10/31/01	(12)		14.51		0.20			(2.41	)		(2.21	)		(0.19	)		—
	10/31/00	(12)		13.66		0.22			1.03			1.25			(0.21	)		(0.19	)
Class M (11)	04/30/05	(12)		12.08		0.04			0.53			0.57			—			—
	10/31/04	(12)		11.77		(0.05	)		0.37			0.32			(0.01	)		—
	10/31/03	(12)		10.43		0.04			1.35			1.39			(0.05	)		—
	10/31/02	(12)		12.14		0.07			(1.68	)		(1.61	)		(0.10	)		—
	10/31/01	(12)		14.55		0.13			(2.42	)		(2.29	)		(0.12	)		—
	10/31/00	(12)		13.69		0.15			1.04			1.19			(0.14	)		(0.19	)
Class X	04/30/05	(12)		12.07		0.04			0.53			0.57			—			—
	10/31/04	(12)		11.75		(0.05	)		0.38			0.33			(0.01	)		—
	10/31/03	(12)		10.43		0.04			1.33			1.37			(0.05	)		—
	10/31/02	(12)		12.13		0.07			(1.67	)		(1.60	)		(0.10	)		—
	10/31/01	(12)		14.53		0.14			(2.42	)		(2.28	)		(0.12	)		—
	10/31/00	(12)		13.68		0.14			1.04			1.18			(0.14	)		(0.19	)


	Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS GROWTH WITH INCOME FUND:
Class A	$	—		$	8.76
		—			8.43
Class B		—			8.50
		—			8.21
Class C		—			8.50
		—			8.21
		—			7.65
		—			6.79
		—			8.11
		—			10.67
Class L (11)		—			8.73
		—			8.41
		—			7.80
		—			6.89
		—			8.19
		—			10.73
Class M (11)		—			8.50
		—			8.21
		—			7.65
		—			6.80
		—			8.12
		—			10.68
Class X		—			8.50
		—			8.20
		—			7.64
		—			6.79
		—			8.12
		—			10.69
STRATEGIC PARTNERS CAPITAL INCOME FUND (9):
Class A	$	—		$	12.72
		—			12.10
Class B		—			12.65
		—			12.08
Class C		—			12.65
		(0.01	)		12.08
		(0.05	)		11.76
		(0.10	)		10.43
		(0.12	)		12.13
		(0.33	)		14.54
Class L (11)		—			12.68
		(0.04	)		12.08
		(0.11	)		11.74
		(0.16	)		10.41
		(0.19	)		12.11
		(0.40	)		14.51
Class M (11)		—			12.65
		(0.01	)		12.08
		(0.05	)		11.77
		(0.10	)		10.43
		(0.12	)		12.14
		(0.33	)		14.55
Class X		—			12.64
		(0.01	)		12.07
		(0.05	)		11.75
		(0.10	)		10.43
		(0.12	)		12.13
		(0.33	)		14.53

200


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)
3.92	%	$	2,028	26	%	1.55	%	2.50	%	(0.04	%)
0.12	%		1,384	88	%	1.55	%	2.36	%	(0.13	%)
3.53	%		481	26	%	2.30	%	3.25	%	(0.83	%)
(0.36	%)		182	88	%	2.30	%	3.11	%	(0.87	%)
3.53	%		5,143	26	%	2.30	%	3.25	%	(0.76	%)
7.32	%		5,865	88	%	2.30	%	3.11	%	(0.74	%)
12.67	%		7,909	79	%	2.30	%	2.98	%	(0.65	%)
(16.28	%)		7,592	88	%	2.30	%	2.92	%	(0.80	%)
(23.99	%)		9,084	64	%	2.30	%	2.93	%	(0.77	%)
6.70	%		6,681	65	%	2.30	%	3.06	%	(0.76	%)
3.81	%		6,316	26	%	1.80	%	2.75	%	(0.26	%)
7.82	%		7,589	88	%	1.80	%	2.61	%	(0.24	%)
13.21	%		9,764	79	%	1.80	%	2.48	%	(0.15	%)
(15.87	%)		9,978	88	%	1.80	%	2.43	%	(0.30	%)
(23.67	%)		11,312	64	%	1.80	%	2.43	%	(0.27	%)
7.30	%		7,301	65	%	1.80	%	2.54	%	(0.29	%)
3.53	%		16,184	26	%	2.30	%	3.25	%	(0.76	%)
7.32	%		18,287	88	%	2.30	%	3.11	%	(0.75	%)
12.50	%		18,875	79	%	2.30	%	2.98	%	(0.65	%)
(16.26	%)		17,075	88	%	2.30	%	2.92	%	(0.80	%)
(23.97	%)		20,584	64	%	2.30	%	2.91	%	(0.77	%)
6.80	%		16,156	65	%	2.30	%	3.17	%	(0.72	%)
3.66	%		2,366	26	%	2.30	%	3.25	%	(0.76	%)
7.33	%(1)		2,531	88	%	2.30	%	3.11	%	(0.74	%)
12.52	%(1)		2,935	79	%	2.30	%	2.98	%	(0.64	%)
(16.38	%)(1)		2,817	88	%	2.30	%	2.92	%	(0.81	%)
(24.04	%)(1)		4,153	64	%	2.30	%	2.91	%	(0.77	%)
6.90	%(1)		3,487	65	%	2.30	%	3.06	%	(0.76	%)
5.12	%	$	4,314	7	%	1.42	%	1.71	%	1.27	%
(2.50	%)		2,912	116	%	1.42	%	1.59	%	0.51	%
4.72	%		637	7	%	2.17	%	2.46	%	0.51	%
(2.89	%)		391	116	%	2.17	%	2.34	%	(0.19	%)
4.72	%		22,572	7	%	2.17	%	2.46	%	0.63	%
2.79	%		26,559	116	%	2.17	%	2.34	%	(0.44	%)
13.31	%		39,614	104	%	2.17	%	2.35	%	0.41	%
(13.33	%)		38,192	36	%	2.17	%	2.30	%	0.60	%
(15.83	%)		56,530	25	%	2.17	%	2.21	%	0.98	%
8.78	%		56,401	63	%	2.14	%	2.26	%	1.02	%
4.97	%		23,440	7	%	1.67	%	1.96	%	1.12	%
3.22	%		26,486	116	%	1.67	%	1.84	%	0.06	%
13.91	%		37,203	104	%	1.67	%	1.85	%	0.92	%
(12.91	%)		39,223	36	%	1.67	%	1.80	%	1.10	%
(15.39	%)		56,537	25	%	1.67	%	1.71	%	1.48	%
9.35	%		54,424	63	%	1.64	%	1.76	%	1.51	%
4.72	%		64,193	7	%	2.17	%	2.46	%	0.62	%
2.70	%		73,297	116	%	2.17	%	2.34	%	(0.43	%)
13.41	%		91,942	104	%	2.17	%	2.35	%	0.42	%
(13.40	%)		97,872	36	%	2.17	%	2.30	%	0.60	%
(15.82	%)		139,634	25	%	2.17	%	2.21	%	0.98	%
8.86	%		138,391	63	%	2.14	%	2.26	%	1.02	%
4.72	%		18,578	7	%	2.17	%	2.46	%	0.62	%
2.79	%(1)		21,000	116	%	2.17	%	2.34	%	(0.43	%)
13.22	%(1)		25,797	104	%	2.17	%	2.35	%	0.42	%
(13.33	%)(1)		27,589	36	%	2.17	%	2.30	%	0.60	%
(15.77	%)(1)		37,635	25	%	2.17	%	2.21	%	0.99	%
8.79	%(1)		42,330	63	%	2.14	%	2.26	%	1.02	%

See Notes to Financial Statements.

201

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


					Increase (Decrease) from Investment Operations
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations
STRATEGIC PARTNERS BALANCED FUND:
Class A	04/30/05		$	12.60	$	0.09		$	0.29		$	0.38
	10/31/04	(10)		12.58		0.08			—			0.08
Class B	04/30/05			12.57		0.04			0.28			0.32
	10/31/04	(10)		12.54		0.03			0.03			0.06
Class C	04/30/05			12.56		0.04			0.28			0.32
	10/31/04			11.83		0.06			0.74			0.80
	10/31/03	(12)		10.47		0.08			1.39			1.47
	10/31/02	(12)		11.50		0.14	(a)		(1.03	)(a)		(0.89	)
	10/31/01	(12)		13.10		0.15			(1.64	)		(1.49	)
	10/31/00	(12)		12.80		0.16			0.40			0.56
Class L (11)	04/30/05			12.60		0.07			0.29			0.36
	10/31/04			11.87		0.11			0.75			0.86
	10/31/03	(12)		10.50		0.13			1.41			1.54
	10/31/02	(12)		11.54		0.19	(a)		(1.04	)(a)		(0.85	)
	10/31/01	(12)		13.14		0.21			(1.64	)		(1.43	)
	10/31/00	(12)		12.85		0.23			0.39			0.62
Class M (11)	04/30/05			12.56		0.04			0.29			0.33
	10/31/04			11.84		0.06			0.73			0.79
	10/31/03	(12)		10.47		0.08			1.40			1.48
	10/31/02	(12)		11.50		0.14	(a)		(1.03	)(a)		(0.89	)
	10/31/01	(12)		13.10		0.15			(1.64	)		(1.49	)
	10/31/00	(12)		12.81		0.16			0.39			0.55
Class X	04/30/05			12.55		0.04			0.29			0.33
	10/31/04			11.83		0.06			0.73			0.79
	10/31/03	(12)		10.47		0.08			1.39			1.47
	10/31/02	(12)		11.50		0.14	(a)		(1.03	)(a)		(0.89	)
	10/31/01	(12)		13.09		0.15			(1.63	)		(1.48	)
	10/31/00	(12)		12.80		0.16			0.39			0.55
STRATEGIC PARTNERS HIGH YIELD BOND FUND:
Class A	04/30/05		$	7.52	$	0.27		$	(0.33	)	$	(0.06	)
	10/31/04	(10)		7.37		0.29			0.16			0.45
Class B	04/30/05			7.51		0.23			(0.32	)		(0.09	)
	10/31/04	(10)		7.36		0.26			0.16			0.42
Class C	04/30/05			7.51		0.25			(0.34	)		(0.09	)
	10/31/04			7.23		0.46			0.31			0.77
	10/31/03	(12)		6.26		0.50			0.98			1.48
	10/31/02	(12)		6.96		0.55	(b)		(0.68	)(b)		(0.13	)
	10/31/01	(12)		8.02		0.71			(1.06	)		(0.35	)
	10/31/00	(12)		9.13		0.80			(1.11	)		(0.31	)
Class L (11)	04/30/05			7.51		0.26			(0.33	)		(0.07	)
	10/31/04			7.23		0.49			0.31			0.80
	10/31/03	(12)		6.26		0.53			0.98			1.51
	10/31/02	(12)		6.96		0.59	(b)		(0.69	)(b)		(0.10	)
	10/31/01	(12)		8.02		0.75			(1.06	)		(0.31	)
	10/31/00	(12)		9.13		0.85			(1.11	)		(0.26	)
Class M (11)	04/30/05			7.50		0.24			(0.32	)		(0.08	)
	10/31/04			7.22		0.46			0.31			0.77
	10/31/03	(12)		6.25		0.49			0.98			1.48
	10/31/02	(12)		6.96		0.55	(b)		(0.69	)(b)		(0.14	)
	10/31/01	(12)		8.02		0.71			(1.06	)		(0.35	)
	10/31/00	(12)		9.13		0.80			(1.11	)		(0.31	)
Class X	04/30/05			7.50		0.24			(0.33	)		(0.09	)
	10/31/04			7.22		0.46			0.31			0.77
	10/31/03	(12)		6.25		0.49			0.98			1.48
	10/31/02	(12)		6.95		0.55	(b)		(0.68	)(b)		(0.13	)
	10/31/01	(12)		8.01		0.71			(1.06	)		(0.35	)
	10/31/00	(12)		9.13		0.80			(1.12	)		(0.32	)


	Less Distributions
	From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value End of Period
STRATEGIC PARTNERS BALANCED FUND:
Class A	$	(0.10	)	$	—		$	(0.10	)	$	12.88
		(0.06	)		—			(0.06	)		12.60
Class B		(0.05	)		—			(0.05	)		12.84
		(0.03	)		—			(0.03	)		12.57
Class C		(0.05	)		—			(0.05	)		12.83
		(0.07	)		—			(0.07	)		12.56
		(0.11	)		—			(0.11	)		11.83
		(0.14	)		—			(0.14	)		10.47
		(0.11	)		—			(0.11	)		11.50
		(0.13	)		(0.13	)		(0.26	)		13.10
Class L (11)		(0.09	)		—			(0.09	)		12.87
		(0.13	)		—			(0.13	)		12.60
		(0.17	)		—			(0.17	)		11.87
		(0.19	)		—			(0.19	)		10.50
		(0.17	)		—			(0.17	)		11.54
		(0.20	)		(0.13	)		(0.33	)		13.14
Class M (11)		(0.05	)		—			(0.05	)		12.84
		(0.07	)		—			(0.07	)		12.56
		(0.11	)		—			(0.11	)		11.84
		(0.14	)		—			(0.14	)		10.47
		(0.11	)		—			(0.11	)		11.50
		(0.13	)		(0.13	)		(0.26	)		13.10
Class X		(0.05	)		—			(0.05	)		12.83
		(0.07	)		—			(0.07	)		12.55
		(0.11	)		—			(0.11	)		11.83
		(0.14	)		—			(0.14	)		10.47
		(0.11	)		—			(0.11	)		11.50
		(0.13	)		(0.13	)		(0.26	)		13.09
STRATEGIC PARTNERS HIGH YIELD BOND FUND:
Class A	$	(0.28	)	$	—		$	(0.28	)	$	7.18
		(0.30	)		—			(0.30	)		7.52
Class B		(0.25	)		—			(0.25	)		7.17
		(0.27	)		—			(0.27	)		7.51
Class C		(0.25	)		—			(0.25	)		7.17
		(0.49	)		—			(0.49	)		7.51
		(0.51	)		—			(0.51	)		7.23
		(0.57	)		—			(0.57	)		6.26
		(0.71	)		—			(0.71	)		6.96
		(0.80	)		—			(0.80	)		8.02
Class L (11)		(0.27	)		—			(0.27	)		7.17
		(0.52	)		—			(0.52	)		7.51
		(0.54	)		—			(0.54	)		7.23
		(0.60	)		—			(0.60	)		6.26
		(0.75	)		—			(0.75	)		6.96
		(0.85	)		—			(0.85	)		8.02
Class M (11)		(0.25	)		—			(0.25	)		7.17
		(0.49	)		—			(0.49	)		7.50
		(0.51	)		—			(0.51	)		7.22
		(0.57	)		—			(0.57	)		6.25
		(0.71	)		—			(0.71	)		6.96
		(0.80	)		—			(0.80	)		8.02
Class X		(0.25	)		—			(0.25	)		7.16
		(0.49	)		—			(0.49	)		7.50
		(0.51	)		—			(0.51	)		7.22
		(0.57	)		—			(0.57	)		6.25
		(0.71	)		—			(0.71	)		6.95
		(0.80	)		—			(0.80	)		8.01

202


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)
3.02	%	$	6,864	102	%	1.40	%	1.73	%	1.33	%
0.68	%		4,451	216	%	1.40	%	1.71	%	1.24	%
2.63	%		1,758	102	%	2.15	%	2.48	%	0.54	%
0.39	%		862	216	%	2.15	%	2.46	%	0.49	%
2.55	%		15,974	102	%	2.15	%	2.48	%	0.66	%
6.80	%		18,375	216	%	2.15	%	2.46	%	0.44	%
14.16	%		23,359	129	%	2.15	%	2.51	%	0.75	%
(7.87	%)		22,188	119	%	2.15	%	2.45	%	1.21	%(a)
(11.44	%)		32,294	122	%	2.15	%	2.41	%	1.22	%
4.35	%		36,859	119	%	2.14	%	2.42	%	1.21	%
2.87	%		18,845	102	%	1.65	%	1.98	%	1.17	%
7.30	%		22,716	216	%	1.65	%	1.96	%	0.93	%
14.79	%		31,493	129	%	1.65	%	2.01	%	1.25	%
(7.46	%)		29,785	119	%	1.65	%	1.96	%	1.71	%(a)
(10.96	%)		37,523	122	%	1.65	%	1.91	%	1.71	%
4.87	%		38,001	119	%	1.64	%	1.91	%	1.71	%
2.63	%		60,335	102	%	2.15	%	2.48	%	0.66	%
6.71	%		68,387	216	%	2.15	%	2.46	%	0.44	%
14.25	%		69,656	129	%	2.15	%	2.51	%	0.75	%
(7.87	%)		67,109	119	%	2.15	%	2.46	%	1.21	%(a)
(11.44	%)		86,075	122	%	2.15	%	2.41	%	1.22	%
4.27	%		93,323	119	%	2.14	%	2.42	%	1.21	%
2.63	%		13,943	102	%	2.15	%	2.48	%	0.66	%
6.71	%(1)		15,859	216	%	2.15	%	2.46	%	0.44	%
14.26	%(1)		16,254	129	%	2.15	%	2.51	%	0.75	%
(7.96	%)(1)		16,048	119	%	2.15	%	2.46	%	1.21	%(a)
(11.38	%)(1)		21,106	122	%	2.15	%	2.41	%	1.22	%
4.27	%(1)		23,269	119	%	2.14	%	2.42	%	1.20	%
(0.92	%)	$	7,124	14	%	1.25	%	1.55	%	7.24	%
6.47	%		7,587	49	%	1.25	%	1.46	%	7.05	%
(1.29	%)		1,298	14	%	2.00	%	2.30	%	6.55	%
6.04	%		502	49	%	2.00	%	2.21	%	6.30	%
(1.29	%)		18,361	14	%	2.00	%	2.30	%	6.51	%
10.96	%		26,291	49	%	2.00	%	2.21	%	6.37	%
24.34	%		37,091	48	%	2.00	%	2.18	%	7.19	%
(2.24	%)		22,882	35	%	2.00	%	2.23	%	8.08	%(b)
(4.58	%)		16,599	31	%	2.00	%	2.33	%	9.33	%
(3.68	%)		12,637	20	%	2.00	%	2.27	%	9.14	%
(1.05	%)		17,267	14	%	1.50	%	1.80	%	7.01	%
11.50	%		23,262	49	%	1.50	%	1.71	%	6.86	%
24.96	%		36,377	48	%	1.50	%	1.68	%	7.63	%
(1.75	%)		23,613	35	%	1.50	%	1.74	%	8.58	%(b)
(4.10	%)		26,426	31	%	1.50	%	1.82	%	9.77	%
(3.20	%)		16,581	20	%	1.50	%	1.78	%	9.68	%
(1.16	%)		82,496	14	%	2.00	%	2.30	%	6.52	%
10.96	%		105,842	49	%	2.00	%	2.21	%	6.38	%
24.37	%		127,974	48	%	2.00	%	2.18	%	7.19	%
(2.39	%)		83,293	35	%	2.00	%	2.23	%	8.10	%(b)
(4.58	%)		80,038	31	%	2.00	%	2.33	%	9.40	%
(3.68	%)		73,413	20	%	2.00	%	2.27	%	9.14	%
(1.30	%)		11,791	14	%	2.00	%	2.30	%	6.51	%
11.11	%(1)		14,682	49	%	2.00	%	2.21	%	6.37	%
24.20	%(1)		15,306	48	%	2.00	%	2.18	%	7.24	%
(2.25	%)(1)		12,882	35	%	2.00	%	2.24	%	8.12	%(b)
(4.59	%)(1)		14,777	31	%	2.00	%	2.34	%	9.46	%
(3.80	%)(1)		16,953	20	%	2.00	%	2.28	%	9.16	%

See Notes to Financial Statements.

203

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)


					Increase (Decrease) from Investment Operations								Less Distributions
	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)		Total from Investment Operations			From Net Investment Income			From Net Realized Gains
STRATEGIC PARTNERS BOND FUND (9):
Class A	04/30/05	(12)	$	10.91	$	0.13		$(0.02)		$	0.11		$	(0.15	)	$	(0.30	)
	10/31/04	(10)(12)		10.71		0.12		0.22			0.34			(0.14	)		—
Class B	04/30/05	(12)		10.81		0.09		(0.03)			0.06			(0.11	)		(0.30	)
	10/31/04	(10)(12)		10.60		0.08		0.22			0.30			(0.09	)		—
Class C	04/30/05	(12)		10.79		0.09		(0.02)			0.07			(0.11	)		(0.30	)
	10/31/04	(12)		10.76		0.14		0.39			0.53			(0.18	)		(0.32	)
	10/31/03	(12)		10.72		0.19		0.42			0.61			(0.24	)		(0.33	)
	10/31/02	(12)		10.93		0.28	(a)	0.06	(a)		0.34			(0.30	)		(0.25	)
	10/31/01	(12)		10.08		0.43		0.85			1.28			(0.43	)		—
	10/31/00	(12)		10.01		0.53		0.07			0.60			(0.53	)		—
Class L (11)	04/30/05	(12)		10.90		0.12		(0.02)			0.10			(0.14	)		(0.30	)
	10/31/04	(12)		10.87		0.19		0.40			0.59			(0.24	)		(0.32	)
	10/31/03	(12)		10.83		0.24		0.43			0.67			(0.30	)		(0.33	)
	10/31/02	(12)		11.04		0.34	(a)	0.06	(a)		0.40			(0.36	)		(0.25	)
	10/31/01	(12)		10.18		0.48		0.86			1.34			(0.48	)		—
	10/31/00	(12)		10.11		0.58		0.07			0.65			(0.58	)		—
Class M (11)	04/30/05	(12)		10.79		0.09		(0.02)			0.07			(0.11	)		(0.30	)
	10/31/04	(12)		10.76		0.14		0.39			0.53			(0.18	)		(0.32	)
	10/31/03	(12)		10.73		0.19		0.41			0.60			(0.24	)		(0.33	)
	10/31/02	(12)		10.93		0.28	(a)	0.07	(a)		0.35			(0.30	)		(0.25	)
	10/31/01	(12)		10.08		0.43		0.85			1.28			(0.43	)		—
	10/31/00	(12)		10.01		0.53		0.07			0.60			(0.53	)		—
Class X	04/30/05	(12)		10.81		0.09		(0.03)			0.06			(0.11	)		(0.30	)
	10/31/04	(12)		10.78		0.14		0.39			0.53			(0.18	)		(0.32	)
	10/31/03	(12)		10.74		0.20		0.42			0.62			(0.25	)		(0.33	)
	10/31/02	(12)		10.94		0.28	(a)	0.07	(a)		0.35			(0.30	)		(0.25	)
	10/31/01	(12)		10.09		0.43		0.85			1.28			(0.43	)		—
	10/31/00	(12)		10.02		0.53		0.07			0.60			(0.53	)		—
STRATEGIC PARTNERS MONEY MARKET FUND (9):
Class C	04/30/05	(12)	$	1.00	$	0.002		$—	+	$	0.002		$	—	+	$	—	+
	10/31/04			1.00		—	+	—	+		—	+		—	+		—
	10/31/03	(12)		1.00		—	+	—	+		—	+		—	+		—	+
	10/31/02	(12)		1.00		0.001		—	+		0.001			(0.001	)		—	+
	10/31/01	(12)		1.00		0.030		—	+		0.030			(0.030	)		—	+
	10/31/00	(12)		1.00		0.043		—			0.043			(0.043	)		—
Class D	04/30/05	(12)		1.00		0.005		—	+		0.005			—	+		—	+
	10/31/04	(10)		1.00		—	+	—	+		—			—	+		—
Class L (11)	04/30/05	(12)		1.00		—	+	—	+		—	+		—	+		—	+
	10/31/04			1.00		0.010		—	+		0.010			(0.010	)		—
	10/31/03	(12)		1.00		0.005		—	+		0.005			(0.005	)		—	+
	10/31/02	(12)		1.00		0.006		—	+		0.006			(0.006	)		—	+
	10/31/01	(12)		1.00		0.040		—	+		0.040			(0.040	)		—	+
	10/31/00	(12)		1.00		0.048		—			0.048			(0.048	)		—
Class M (11)	04/30/05	(12)		1.00		—	+	—	+		—	+		—	+		—	+
	10/31/04			1.00		—	+	—	+		—	+		—	+		—
	10/31/03	(12)		1.00		—	+	—	+		—	+		—	+		—	+
	10/31/02	(12)		1.00		0.001		—	+		0.001			(0.001	)		—	+
	10/31/01	(12)		1.00		0.030		—	+		0.030			(0.030	)		—	+
	10/31/00	(12)		1.00		0.042		—			0.042			(0.043	)		—
Class X	04/30/05	(12)		1.00		—	+	—	+		—	+		—	+		—	+
	10/31/04			1.00		—	+	—	+		—	+		—	+		—
	10/31/03	(12)		1.00		—	+	—	+		—	+		—	+		—	+
	10/31/02	(12)		1.00		0.001		—	+		0.001			(0.001	)		—	+
	10/31/01	(12)		1.00		0.030		—	+		0.030			(0.030	)		—	+
	10/31/00	(12)		1.00		0.042		—			0.042			(0.043	)		—


	Total Distributions		Net Asset Value End of Period
STRATEGIC PARTNERS BOND FUND (9):
Class A	$(0.45)		$	10.57
	(0.14)			10.91
Class B	(0.41)			10.46
	(0.09)			10.81
Class C	(0.41)			10.45
	(0.50)			10.79
	(0.57)			10.76
	(0.55)			10.72
	(0.43)			10.93
	(0.53)			10.08
Class L (11)	(0.44)			10.56
	(0.56)			10.90
	(0.63)			10.87
	(0.61)			10.83
	(0.48)			11.04
	(0.58)			10.18
Class M (11)	(0.41)			10.45
	(0.50)			10.79
	(0.57)			10.76
	(0.55)			10.73
	(0.43)			10.93
	(0.53)			10.08
Class X	(0.41)			10.46
	(0.50)			10.81
	(0.57)			10.78
	(0.55)			10.74
	(0.43)			10.94
	(0.53)			10.09
STRATEGIC PARTNERS MONEY MARKET FUND (9):
Class C	$ —		$	1.00
	—	+		1.00
	—	+		1.00
	(0.001)			1.00
	(0.030)			1.00
	(0.043)			1.00
Class D	—	+		1.00
	(0.003)			1.00
Class L (11)	—			1.00
	(0.005)			1.00
	(0.005)			1.00
	(0.006)			1.00
	(0.040)			1.00
	(0.048)			1.00
Class M (11)	—			1.00
	—	+		1.00
	—	+		1.00
	(0.001)			1.00
	(0.030)			1.00
	(0.043)			1.00
Class X	—			1.00
	—	+		1.00
	—	+		1.00
	(0.001)			1.00
	(0.030)			1.00
	(0.043)			1.00

204


Supplemental Data						Ratios of Expenses to Average Net Assets(2)
Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		Net Operating Expenses (after Expense Reimbursement and Waiver)(3)		Net Operating Expenses (before Expense Reimbursement and Waiver)(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(2)
0.99	%	$	17,118	155	%	1.05	%	1.79	%	2.54	%
3.39	%		14,745	132	%	1.05	%	1.28	%	2.07	%
0.61	%		1,616	155	%	1.80	%	2.54	%	1.80	%
2.94	%		956	132	%	1.80	%	2.03	%	1.31	%
0.71	%		42,643	155	%	1.80	%	2.54	%	1.77	%
5.34	%		52,454	132	%	1.80	%	2.03	%	1.33	%
5.81	%		86,927	260	%	2.00	%	2.05	%	1.83	%
3.61	%		104,916	250	%	2.00	%	2.07	%	2.59	%(a)
13.04	%		75,605	394	%	2.00	%	2.06	%	3.82	%
6.16	%		27,548	464	%	1.94	%	2.11	%	5.26	%
0.86	%		48,245	155	%	1.30	%	2.04	%	2.27	%
5.97	%		58,104	132	%	1.30	%	1.53	%	1.81	%
6.29	%		97,836	260	%	1.50	%	1.54	%	2.27	%
4.26	%		109,692	250	%	1.50	%	1.57	%	3.10	%(a)
13.49	%		93,305	394	%	1.50	%	1.54	%	4.21	%
6.67	%		34,799	464	%	1.43	%	1.59	%	5.61	%
0.61	%		151,706	155	%	1.80	%	2.54	%	1.77	%
5.45	%		178,505	132	%	1.80	%	2.03	%	1.32	%
5.71	%		247,291	260	%	2.00	%	2.05	%	1.82	%
3.71	%		287,193	250	%	2.00	%	2.07	%	2.60	%(a)
13.03	%		217,344	394	%	2.00	%	2.06	%	3.90	%
6.16	%		102,417	464	%	1.94	%	2.11	%	5.26	%
0.61	%		24,286	155	%	1.80	%	2.54	%	1.76	%
5.32	%(1)		28,567	132	%	1.80	%	2.03	%	1.31	%
5.80	%(1)		36,801	260	%	2.00	%	2.05	%	1.82	%
3.72	%(1)		41,855	250	%	2.00	%	2.07	%	2.61	%(a)
13.02	%(1)		32,044	394	%	2.00	%	2.07	%	3.98	%
6.16	%(1)		21,185	464	%	1.94	%	2.11	%	5.28	%
0.21	%	$	15,350	—		1.99	%	2.11	%	0.35	%
0.00	%		22,084	—		1.23	%	1.90	%	0.01	%
0.00	%		45,723	—		1.32	%	1.92	%	—	+
0.15	%		73,787	—		1.89	%	1.96	%	0.13	%
3.09	%		73,282	—		1.91	%	1.91	%	2.95	%
4.33	%		31,743	—		1.98	%	1.98	%	4.43	%
0.46	%		17,692	—		1.49	%	1.61	%	0.89	%
0.29	%		15,973	—		0.83	%	1.38	%	0.51	%
0.46	%		27,954	—		1.49	%	1.61	%	0.85	%
0.50	%		44,800	—		0.72	%	1.40	%	0.50	%
0.50	%		103,228	—		0.80	%	1.42	%	0.50	%
0.65	%		135,044	—		1.39	%	1.46	%	0.66	%
3.61	%		176,679	—		1.41	%	1.41	%	3.55	%
4.85	%		108,598	—		1.48	%	1.48	%	5.03	%
0.21	%		67,715	—		1.99	%	2.11	%	0.38	%
0.00	%		79,944	—		1.25	%	1.91	%	0.01	%
0.00	%		120,172	—		1.31	%	1.92	%	—	+
0.15	%		157,867	—		1.89	%	1.96	%	0.14	%
3.09	%		147,983	—		1.91	%	1.91	%	2.78	%
4.33	%		75,980	—		1.98	%	1.98	%	4.27	%
0.21	%		15,530	—		1.99	%	2.11	%	0.38	%
0.00	%(1)		16,830	—		1.25	%	1.91	%	0.01	%
0.00	%(1)		24,933	—		1.30	%	1.92	%	—	+
0.15	%(1)		32,558	—		1.89	%	1.96	%	0.14	%
3.09	%(1)		30,941	—		1.91	%	1.91	%	2.95	%
4.33	%(1)		18,632	—		1.98	%	1.98	%	4.16	%

See Notes to Financial Statements.

205

FINANCIAL HIGHLIGHTS (UNAUDITED)

Per Share Data

(for a Share Outstanding Throughout Each Period)

(1)	Total return for Class X shares does not reflect the payment of bonus shares.

(2)	Annualized for periods less than one year.

(3)

Includes commissions received by American Skandia Marketing, Incorporated under the Funds’ Supplemental Distribution Plan, as described in Note 3 to the Financial Statements. Any expense limitation excludes taxes, interest, brokerage commissions, distribution fees and extraordinary expenses. The distributor of the Funds has contractually agreed to limit its distribution and service (12b-1) fees to .25 of 1% of the average daily net assets of the Class A shares.

(4)	Commenced operations on November 1, 1999.

(5)	Commenced operations on March 1, 2000.

(6)	Commenced operations on September 11, 2000.

(7)	Commenced operations on March 1, 2001.

(8)	Commenced operations on May 1, 2002.

(9)

For the Periods ended 10/31/00, 10/31/01, and 10/31/02 the Portfolio Turnover Rate, Ratios of Expenses and Ratios of Net Investment Income (Loss) represent the combined ratios for the respective Fund and its respective pro rata share of its Master Portfolio. On 9/27/02 these Funds withdrew their net assets-in-kind from its corresponding ASMT Portfolio.

(10)	Opened on April 12, 2004.

(11)	Converted from classes A and B to classes L and M, respectively on April 12, 2004.

(12)	Calculations are based on the average daily number of shares outstanding.

(a)

The reclassification of paydown gains and losses as discussed in Note 2 of the Notes to Financial Statements had a $(0.01) per share effect for Balanced Fund and no per share effect for Bond Fund. For Balanced Fund and Bond Fund the Ratio of Net Investment Income (Loss) would have been 1.64%, 1.14%, 1.14%, and 1.14%, and 3.19%, 2.70%, 2.69%, and 2.71% for Class A, Class B, Class C, and Class X, respectively, without the reclassification of paydown gains and losses for the year ended 10/31/02. Ratios for prior periods have not been restated to reflect this change.

(b)

The adoption of the change in amortization method had a $0.01 per share effect for Federated High Yield Bond. Without the change in amortization method the Net Investment Income Ratio would have been 8.71%, 8.23%, 8.21%, and 8.25% for Class A, Class B, Class C, and Class X, respectively. Ratios for prior periods have not been restated to reflect this change.

+	Amount is less than $0.0005.

206

Approvals of New Subadvisory Agreements

During the six-month period ending April 30, 2005, the Board of Directors of Strategic Partners Mutual Funds, Inc. approved several new subadvisory agreements as explained below.

Strategic Partners Money Market Fund

Matters Considered by the Board

The proposal to present the proposed subadvisory agreement with Prudential Investment Management, Inc. (PIM) to shareholders was approved by the Board of Directors of Strategic Partners Mutual Funds, Inc. (SPMF), including the Independent Directors, on March 3, 2005. The Board received materials relating to the proposed subadvisory agreement in advance of the meeting at which the proposed subadvisory agreement was considered, and had the opportunity to ask questions and request further information in connection with such consideration. In approving the new subadvisory agreement, the Board, including the Independent Directors advised by independent legal counsel, considered and concluded the following:

Reasons for Replacing Wells Capital Management, Inc. (Wells) with PIM

The Board considered the Manager’s reasons for proposing that Wells be replaced with PIM as the subadviser to the Fund, including PIM’s experience and above-average investment performance advising other money market funds, and the strength and experience of the PIM money markets portfolio management team.

The Board concluded that these reasons supported its selection of PIM.

Nature, Quality, and Extent of Services

The Board received and considered information regarding the nature and extent of services provided to the Fund by Wells under the current subadvisory agreements and those that would be provided to the Fund by PIM under the new subadvisory agreement, noting that the nature and extent of services under the existing and new agreements were generally similar in that Wells and PIM were each required to provide day-to-day portfolio management services and comply with all Fund policies and applicable rules and regulations. The Board also received and considered information regarding the nature and extent of services currently being provided by PIM to other JennisonDryden Funds under existing subadvisory agreements and those that would be provided to the Fund by PIM under the new subadvisory agreement.

With respect to the quality of services, the Board considered, among other things, the background and experience of PIM’s senior management and the expertise of, and amount of attention expected to be given to the Fund by PIM’s portfolio management team. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers who would be responsible for the day-to-day management of the Fund. The Board was also provided with information pertaining to PIM’s organization structure, senior management, investment operations, and other relevant information pertaining to PIM. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (CCO) as to PIM. The Board noted that PIM is affiliated with the Manager.

The Board concluded that it was satisfied with the nature, extent and quality of the investment subadvisory services anticipated to be provided to the Fund by PIM and that there was a reasonable basis on which to conclude that the quality of investment subadvisory services to be provided by PIM under the new subadvisory agreement should equal or exceed the quality of similar services provided by Wells under the existing subadvisory agreement.

Performance of Strategic Partners Money Market Fund

The Board received and considered information about the Fund’s historical performance, noting that the Fund had consistently underperformed, over three-year and five-year time periods, the median of the group of funds that was most similar to the Fund (the “Peer Group”).

The funds included in the Fund’s Peer Group are determined by Lipper Inc., an independent provider of investment company data. The Board received and considered information regarding the performance of other money market funds advised by PIM over one-year, three-year, and five-year time periods, noting that the other money market funds advised by PIM had outperformed the Peer Group over one-year, three-year, and five-year time periods.

Investment Subadvisory Fee Rates

The Board considered that the proposed subadvisory fee rate payable by PI to PIM under the proposed new subadvisory agreement was higher than the subadvisory fee payable by PI to Wells under the existing subadvisory agreement. The Board noted, however, that any change in the investment subadvisory fee rate payable to PIM would not impact Fund shareholders directly because those fees are payable by PI and there would be no change to the investment advisory fee rate payable by the Fund to PI. As a result of the above considerations, the Board concluded that PIM’s proposed subadvisory fee rate under the new subadvisory agreement was reasonable.

PIM’s Profitability

Because the engagement of PIM is new, there is no historical profitability with regard to its arrangements with the Fund. As a result, this factor was not considered by the Board.

Economies of Scale

The Board considered the potential of both PI and PIM to experience economies of scale as the Fund grows in size. The Board noted that PI’s advisory fee rate and PIM’s proposed subadvisory fee rate did not contain breakpoints. Accordingly, the Board recognized that economies of scale would not be shared by the Fund unless the agreements were changed in the future to add breakpoints.

Other Benefits to PIM

The Board considered potential ancillary benefits anticipated to be received by PIM and its affiliates as a result of PIM’s relationship with the Fund. The Board concluded that potential benefits to be derived by PIM were consistent with those generally resulting from an increase in assets under management, specifically potential access to additional research resources and reputational benefits, which were consistent with those generally derived by subadvisers to mutual funds.

Strategic Partners Small Cap Growth Opportunity Fund

Matters Considered by the Board

At a regular in-person meeting of the Board at which a majority of the Directors were in attendance (including a majority of the Independent Directors), the Board of Directors considered whether the approval of the Subadvisory Agreement was in the best interests of the Fund and its investors. Before approving the new Subadvisory Agreement, the Directors reviewed performance, compliance, and organizational materials regarding DAMI and received formal presentations from the Co-Managers at their November 16, 2004 meeting. Representatives of DAMI participated in the discussions with the Directors at the meeting.

In making the determination to replace State Street with DAMI, the Directors, including the Independent Directors advised by independent legal counsel, considered the following information:

Nature, Quality, and Extent of Services

The Board received and considered information regarding the nature and extent of services provided to the Fund by State Street under the current subadvisory agreements and those that would be provided to the Fund by DAMI under the new subadvisory agreement, noting that the nature and extent of services under the existing and new agreements were generally similar in that State Street and DAMI were each required to provide day-to-day portfolio management services and comply with all Fund policies and applicable rules and regulations. The Board also received and considered information regarding the nature and extent of services currently being provided by DAMI to other JennisonDryden or Strategic Partners mutual funds under existing subadvisory agreements and those that would be provided to the Fund by DAMI under the new subadvisory agreement. The Board noted that the nature and extent of services under all of the agreements were generally similar in that DAMI was required to provide day-to-day portfolio management services and comply with all Fund policies and applicable rules and regulations.

With respect to the quality of services, the Board considered, among other things, the background and experience of DAMI’s senior management and the expertise of, and amount of attention expected to be given to the Fund by DAMI’s portfolio management team. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers who would be responsible for the day-to-day management of the Fund. The Board was also provided with information pertaining to DAMI’s organizational structure, senior management, investment operations, and other relevant information pertaining to DAMI. The Board noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (CCO) as to DAMI, summarizing his level of comfort from a compliance perspective with respect to the Manager’s recommendation to hire DAMI.

The Board concluded that it was satisfied with the nature, extent, and quality of the investment subadvisory services anticipated to be provided to the Fund by DAMI and that there was a reasonable basis on which to conclude that the quality of investment subadvisory services to be provided by DAMI under the new subadvisory agreement should equal or exceed the quality of similar services provided by State Street under the existing subadvisory agreement.

Investment Performance of the Fund and DAMI

The Board received and considered information about the Fund’s historical performance. In particular, the Board considered comparative performance information of the Fund to that of Strategic Partners Small Cap Growth Fund (Small Cap Growth), another series of Strategic Partners Mutual Funds, Inc., in connection with the proposed reorganization of the Fund into Small Cap Growth. It was noted that DAMI is the subadviser of Small Cap Growth.

This performance data reflected that Small Cap Growth outperformed the Fund by 1,685 basis points, on a one-year basis. This data also reflected that the Morningstar Rating of Small Cap Growth was three stars, but that the rating of the Fund was one star, and that performance as of September 30, 2004 for the past three months, one, three, and five years was –13.14%, –8.17%, –1.87%, and –7.38% respectively, while the performance of Small Cap Growth as of September 30, 2004 for the past three months, one, and three years was –7.73%, 8.68%, and 5.89%.

Approvals of New Subadvisory Agreements (continued)

Investment Subadvisory Fee Rates

The Board considered the proposed subadvisory fee rate payable by the Co-Managers to DAMI under the proposed new subadvisory agreement. The Board noted, however, that any change in the investment subadvisory fee rate payable to DAMI would not impact Fund shareholders directly because those fees are payable by the Co-Managers and there was no change to the investment advisory fee rate payable by the Fund to the Co-Managers. As a result of the above considerations, the Board concluded that DAMI’s proposed subadvisory fee rate under the new subadvisory agreement was reasonable.

DAMI’s Profitability

Because the engagement of DAMI is new, there is no historical profitability with regard to its arrangements with the Fund. As a result, this factor was not considered by the Board. The Board noted that the Co-Managers pay the subadvisory fees, and therefore a change in the subadvisory fee will not change the fee paid by the Fund.

Instead, any increase or decrease will increase or decrease, as applicable, the net fee rate retained by the Co-Managers.

Economies of Scale

The Board considered information about the potential of both the Co-Managers and DAMI to experience economies of scale as the Fund grows in size.

The Board noted that the Co-Managers’ advisory fee rate and DAMI’s proposed subadvisory fee rate each contained breakpoints, and accordingly, each reflected the potential to share economies of scale. Even though the asset levels at which breakpoints were provided in the subadvisory fee rate did not directly correspond to the asset levels at which breakpoints were provided in the advisory fee rate, the Board concluded that the breakpoint structure and levels established the potential for the sharing of economies of scale among the Co-Managers, DAMI, and Fund shareholders as the Fund grows.

Other Benefits to DAMI or Its Affiliates

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by DAMI and its affiliates as a result of DAMI’s relationship with the Fund. The Board concluded that any potential benefits to be derived by DAMI included potential access to additional research resources, larger assets under management, and reputational benefits, which were consistent with those generally derived by subadvisers to mutual funds.

The Board concluded that these reasons supported its selection of DAMI.

ⁿ MAIL

ⁿ TELEPHONE

ⁿ WEBSITE

Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

(800) 225-1852

www.strategicpartners.com

PROXY VOTING

The Board of Directors for the Funds has delegated to the Funds’ investment advisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Funds. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s (the Commission) website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2004, is available on the Funds’ website at http://www.prudential.com and on the Commission’s website at http://www.sec.gov.

DIRECTORS

Linda W. Bynoe • David E.A. Carson • Robert F. Gunia • Robert E. La Blanc • Douglas H. McCorkindale • Richard A. Redeker •
Judy A. Rice • Robin B. Smith • Stephen G. Stoneburn • Clay T. Whitehead

OFFICERS

Judy A. Rice, President • Robert F. Gunia, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • William V. Healey, Chief Legal Officer • Deborah A. Docs, Secretary • Jonathan D. Shain, Assistant Secretary •
Maryanne Ryan, Anti-Money Laundering Officer • Helene Gurian, Acting Anti-Money Laundering Compliance Officer •
Lee D. Augsburger, Chief Compliance Officer


MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

INVESTMENT ADVISERS	Alliance Capital Management, L.P.	1345 Avenue of the Americas New York, NY 10105

	American Century Investment Management, Inc.	4500 Main Street Kansas City, MO 64111

	Deutsche Asset Management, Inc.	345 Park Avenue New York, NY 10154

	The Dreyfus Corporation	200 Park Avenue New York, NY 10166

	GAMCO Investors, Inc. (Gabelli Asset Management Company)	One Corporate Center Rye, NY 10580

	Goldman Sachs Asset Management, L.P.	32 Old Slip New York, NY 10005

	A I M Capital Management, Inc.	11 Greenway Plaza Houston, TX 77046

	Marsico Capital Management, LLC	1200 Seventeenth Street Suite 1300 Denver, CO 80202

	Massachusetts Financial Services Company (MFS)	500 Boylston Street Boston, MA 02116

	Neuberger Berman Management Inc.	605 Third Avenue New York, NY 10158

	Pacific Investment Management Company LLC (PIMCO)	840 Newport Center Drive Suite 300 Newport Beach, CA 92660

	ProFund Advisors LLC	7501 Wisconsin Avenue Bethesda, MD 20814


	T. Rowe Price Associates, Inc.	100 East Pratt Street Baltimore, MD 21202

	Wells Capital Management, Inc.	525 Market Street San Francisco, CA 94105

	William Blair & Company, L.L.C.	222 West Adams Street Chicago, IL 60606

DISTRIBUTORS	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

	American Skandia Marketing, Incorporated	One Corporate Drive Shelton, CT 06484

CUSTODIANS	PFPC Trust Company	400 Bellevue Parkway Wilmington, DE 19809

	JP Morgan Chase Bank	4 MetroTech Center Brooklyn, NY 11245

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 8098 Philadelphia, PA 19176

ADMINISTRATOR	PFPC Inc.	103 Bellevue Parkway Wilmington, DE 19809

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

FUND COUNSEL	Shearman & Sterling LLP	599 Lexington Avenue New York, NY 10022

An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The prospectus for the Funds contains this and other information about the Funds. An investor may obtain a prospectus by visiting our website at www.strategicpartners.com or by calling (800) 225-1852. The prospectus should be read carefully before investing.

The views expressed in this report and information about the Funds’ portfolio holdings are for the period covered by this report and are subject to change thereafter. The accompanying financial statements as of April 30, 2005, were not audited, and accordingly, no auditor’s opinion is expressed on them.

E-DELIVERY

To receive your mutual fund documents on-line, go to www.icsdelivery.com/prudential/funds and enroll. Instead of receiving printed documents by mail, you will receive notification via e-mail when new materials are available. You can cancel your enrollment or change your e-mail address at any time by clicking on the change/cancel enrollment option at the icsdelivery website address.

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders of the Funds can communicate directly with the Board of Directors by writing to the Chair of the Board, Strategic Partners Mutual Funds, Inc., PO Box 13964, Philadelphia, PA 19176. Shareholders can communicate directly with an individual Director by writing to that Director at Strategic Partners Mutual Funds, Inc., PO Box 13964, Philadelphia, PA 19176. Such communications to the Board or individual Directors are not screened before being delivered to the addressee.

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (800) SEC-0330 (732-0330). The Funds will provide a full list of its portfolio holdings as of the end of each fiscal quarter on its website at www.strategicpartners.com approximately 60 days after the end of the fiscal quarter.

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

LOGO

Strategic Partners Mutual Funds, Inc.

MFSP601E2 IFS-A105496 Ed. 05/2005

Item 2 – Code of Ethics — Not required as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not applicable with semi-annual filing

Item 4 – Principal Accountant Fees and Services – Not applicable with semi-annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

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

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 – 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 12 – Exhibits

(a)

Code of Ethics – Not applicable with semi-annual filing.

(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)		Strategic Partners Mutual Funds, Inc. (fka American Skandia Advisor Funds, Inc.)

By (Signature and Title)*		/s/ Deborah A. Docs
		Deborah A. Docs
		Secretary

Date June 27, 2005

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 June 27, 2005


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

Date June 27, 2005

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

Prudential Investment Portfolios, Inc. 10 N-CSRSCertified semi-annual shareholder report (management investment company)