Prudential Investment Portfolios 16 N-CSRS 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:	811-08915
Exact name of registrant as specified in charter:	Strategic Partners Asset Allocation Funds
Address of principal executive offices:	Gateway Center 3, 100 Mulberry Street, Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs Gateway Center 3, 100 Mulberry Street, Newark, New Jersey 07102
Registrant’s telephone number, including area code:	973-367-7521
Date of fiscal year end:	7/31/2005
Date of reporting period:	1/31/2005

Item 1 – Reports to Stockholders – [ INSERT REPORT ]

SEMIANNUAL REPORT

JANUARY 31, 2005

STRATEGIC PARTNERS

ASSET ALLOCATION FUNDS

STRATEGIC PARTNERS

Conservative Growth Fund

OBJECTIVE

Seeks current income and a reasonable level of capital appreciation

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

Dear Shareholder,

March 15, 2005

We hope that you find the semiannual report for the Strategic Partners Conservative Growth Fund informative and useful. As a Strategic Partners Mutual Fund shareholder, you may be thinking 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 gives 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,

Judy A. Rice, President

Strategic Partners Conservative Growth Fund

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 1

Your Fund’s Performance

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 1/31/05
	Six Months	One Year	Five Years	Since Inception2
Class A	6.87%	5.87%	29.50%	43.88%
Class B	6.48	5.10	24.91	37.51
Class C	6.48	5.10	24.91	37.51
Class M	N/A	N/A	N/A	3.20
Class R	N/A	N/A	N/A	3.29
Class X	N/A	N/A	N/A	3.11
Class Z	7.00	6.13	31.03	46.12
S&P 500 Index3	8.15	6.22	–8.55	***
Customized Blend4	6.99	6.30	28.18	****
Lipper Balanced Funds Avg.5	6.88	5.12	13.39	*****
Average Annual Total Returns1 as of 12/31/04
		One Year	Five Years	Since Inception2
Class A		2.77%	3.90%	5.35%
Class B		2.86	4.14	5.54
Class C		6.86	4.31	5.54
Class M		N/A	N/A	N/A
Class R		N/A	N/A	N/A
Class X		N/A	N/A	N/A
Class Z		9.02	5.33	6.60
S&P 500 Index3		10.87	–2.30	2.17
Customized Blend4		9.10	4.89	5.75
Lipper Balanced Funds Avg.5		7.93	2.01	3.82

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total returns 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 and Class C shares are subject to a maximum CDSC of 5% and 1% respectively. Class M and Class X shares are subject to a maximum CDSC of 6%. Class R and Class Z shares are not subject to a sales charge.

2 Visit our website at www.strategicpartners.com

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns take into account applicable sales charges. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and expense reimbursements, the returns for the classes would have been lower. Class A, Class B, Class C, Class M, Class R, and Class X shares are subject to an annual distribution and service (12b-1) fee of up to 0.30%, 1.00%, 1.00%, 1.00%, 0.75%, and 1.00% respectively. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Approximately eight years after purchase, Class M shares will automatically convert to Class A shares on a quarterly basis. Approximately ten years after purchase (eight years in the case of shares purchased prior to August 19, 1998), Class X shares will automatically convert to Class A shares on a quarterly basis. Class Z shares are not subject to a 12b-1 fee. 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.

²Inception dates: Class A, Class B, Class C, and Class Z, 11/18/98; Class M, Class R, and Class X, 10/04/04.

³The 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.

⁴The Customized Benchmark for Strategic Partners Conservative Growth Fund (Customized Blend) is a model portfolio consisting of the S&P Barra Value Index (15%), the S&P Barra Growth Index (15%), the Russell 2000 Value Index (5%), the Russell 2000 Growth Index (5%), the Lehman Brothers U.S. Aggregate Bond Index (40%), and the Lehman Brothers U.S. Corporate High Yield Index (20%). Each component of the Customized Blend is an unmanaged index generally considered as representing the performance of its asset class. The Customized Blend is intended to provide a theoretical comparison to the Fund’s performance, based on the amounts allocated to each asset class. The Customized Blend does not reflect deductions for any sales charges or operating expenses of a mutual fund.

⁵The Lipper Balanced Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Balanced Funds category for the periods noted. Funds in the Lipper Average have a primary investment objective of conserving principal by maintaining at all times a balanced portfolio of both stocks and bonds. Typically, the stock:bond ratio ranges around 60%:40%.

Investors cannot invest directly in an index. The returns for the S&P 500 Index and the Customized Blend would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes. The Since Inception returns for the S&P 500 Index, Customized Blend, and the Lipper Average are measured from the closest month-end to inception date, and not from the Fund’s actual inception date.

***S&P 500 Index Closest Month-End to inception cumulative total returns as of 1/31/05 are 11.18% for Classes A, B, C, and Z. S&P 500 Index Closest Month-End to inception cumulative total returns as of 1/31/05 are 6.57% for Classes M, R, and X.

****Customized Blend Closest Month-End to inception cumulative total returns as of 1/31/05 are 39.22% for Classes A, B, C, and Z. Customized Blend Closest Month-End to inception cumulative total returns as of 1/31/05 are 4.46% for Classes M, R, and X.

*****Lipper Average Closest Month-End to inception cumulative total returns as of 1/31/05 are 25.31% for Classes A, B, C, and Z. Lipper Average Closest Month-End to inception cumulative total returns as of 1/31/05 are 5.02% for Classes M, R, and X.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 3

Your Fund’s Performance

Fund objective

The investment objective of the Strategic Partners Conservative Growth Fund (the Fund) is current income and a reasonable level of capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Please note that on or about March 31, 2005, the Fund intends to change its name to Strategic Partners Conservative Allocation Fund and to change certain subadvisers for certain portions of the Fund’s portfolio.

Asset classes are classifications of investments

Stocks are shares of ownership in a firm. Owners share in the profits after debts are paid and in the firm’s appreciation in value. Generally, the prices of stocks vary with investors’ estimates of a firm’s earnings prospects, including the impact of broader economic conditions.

Bonds are loans to a company, government, or government agency. They carry a fixed interest rate or one that varies according to the terms specified in the bond. They have a maturity date at which they must be repaid. Generally, bond prices fluctuate with current interest rates and with events that affect the debtor’s prospects of repaying the loan. High yield bonds are also known as “junk” bonds. They are subject to greater risk of loss of principal and interest, including default risk, than higher-rated bonds.

4 Visit our website at www.strategicpartners.com

Source: Lipper Inc.

The chart above shows the total returns for six months ended January 31, 2005, of various securities indexes that are generally considered representative of broad market sectors and does not reflect a mutual fund’s expenses. The performance cited does not represent the performance of the Strategic Partners Conservative Growth Fund. Past performance is not indicative of future results. Investors cannot invest directly in an index.

The S&P Barra Value Index contains those securities in the S&P 500 Index with higher book-to-price ratios.

The S&P Barra Growth Index contains those securities in the S&P 500 Index with lower book-to-price ratios.

The Russell 2000 Value Index contains those securities in the Russell 2000 Index with a below-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

The Russell 2000 Growth Index contains those securities in the Russell 2000 Index with an above-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields, and higher forecasted growth values.

The Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE Index) is an unmanaged, weighted index that reflects stock price movements in Europe, Australasia, and the Far East. It gives a broad look at how foreign stock prices have performed.

The Lehman Brothers U.S. Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the U.S. government and its agencies, and by corporations with between 1 and 10 years remaining to maturity. It gives a broad look at how short- and intermediate-term bonds have performed.

The Lehman Brothers U.S. Corporate High Yield Index is an unmanaged index of fixed-rate, noninvestment-grade debt securities with at least one year remaining to maturity. The Lehman Brothers U.S. Corporate High Yield Index gives a broad look at how high yield (junk) bonds have performed.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 5

Fees and Expenses (Unaudited)

As a shareholder of the Fund, 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 Fund 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 August 1, 2004, at the beginning of the period, and held through the six-month period ended January 31, 2005.

The Fund may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table. These fees apply to Individual Retirement Accounts (IRAs), Section 403(b) accounts, and Section 529 plan accounts. As of the close of the six months 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 following table 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 in 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 following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not

6 Visit our website at www.strategicpartners.com

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 the 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.

Classes M, R and X have been in existence for less than six months, therefore no expenses are presented for these classes. Classes M, R and X commenced October 4, 2004.

Strategic Partners Conservative Growth Fund		Beginning Account Value August 1, 2004		Ending Account Value January 31, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six- Month Period*
Class A	Actual	$	1,000	$	1,069	1.37	%	$	7.14
	Hypothetical	$	1,000	$	1,018	1.37	%	$	6.97
Class B	Actual	$	1,000	$	1,065	2.12	%	$	11.03
	Hypothetical	$	1,000	$	1,015	2.12	%	$	10.77
Class C	Actual	$	1,000	$	1,065	2.12	%	$	11.03
	Hypothetical	$	1,000	$	1,015	2.12	%	$	10.77
Class Z	Actual	$	1,000	$	1,070	1.12	%	$	5.84
	Hypothetical	$	1,000	$	1,020	1.12	%	$	5.70

* 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 184 days in the six-month period ended January 31, 2005, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2005 (to reflect the six-month period).

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 7

This Page Intentionally Left Blank

Portfolio of Investments

as of January 31, 2005 (Unaudited)

Shares	Description	Value (Note1)
LONG-TERM INVESTMENTS    79.6%
COMMON STOCK    38.5%
Aerospace & Defense    0.6%
2,240	Applied Signal Technology, Inc.	$	66,013
2,580	DRS Technologies, Inc.(a)		104,748
200	Empresa Brasileira de Aeronautica SA		6,370
1,500	Engineered Support Systems, Inc.		87,015
6,400	Lockheed Martin Corp.		369,984
2,990	Mercury Computer Systems, Inc.(a)		92,600
2,750	Moog, Inc. (Class A shares)(a)		119,598
6,500	Northrop Grumman Corp.		337,220
			1,183,548
Air Freight & Logistics    0.2%
6,900	United Parcel Service, Inc., (Class B shares)		515,292
Apparel    0.2%
9,160	Ashworth, Inc.(a)		103,233
2,580	Oxford Industries, Inc.		95,925
5,400	Phillips-Van Heusen Corp.		146,934
			346,092
Auto Components
5,420	IMPCO Technologies, Inc.(a)		31,599
Automobiles
2,200	Winnebago Industries, Inc.		75,878
Banks    0.1%
3,300	BankUnited Financial Corp. (Class A shares)(a)		96,294
1,100	Hibernia Corp. (Class A shares)		28,952
2,700	PrivateBancorp, Inc.		88,290
			213,536
Biotechnology    0.9%
10,400	Amgen, Inc.(a)		647,296
14,900	Genentech, Inc.(a)		710,879
10,500	Gilead Sciences, Inc.(a)		347,550
10,300	Medimmune, Inc.(a)		243,647
			1,949,372

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 9

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note1)
Building Products    0.1%
3,400	Watsco, Inc.	$	117,674
Capital Markets    1.6%
4,800	Goldman Sachs Group, Inc.		517,680
7,800	Lehman Brothers Holdings, Inc.		711,282
9,500	Mellon Financial Corp.		278,825
19,400	Merrill Lynch & Co., Inc.		1,165,358
16,000	The Bank of New York Co., Inc.		475,360
25,100	The Charles Schwab Corp.		282,124
			3,430,629
Chemicals    0.5%
8,600	E. I. Du Pont de Nemours & Co.		409,016
27,100	Mosaic Company(a)		447,150
1,600	Scotts Co. (Class A shares)(a)		108,736
1,500	Valspar Corp.		73,500
			1,038,402
Commercial Banks    0.5%
15,706	Bank of America Corp.		728,287
4,330	Nara Bancorp, Inc.		86,384
2,900	Oriental Financial Group		81,780
1,780	Signature Bank(a)		54,165
2,950	Southwest Bancorp of Texas, Inc.		58,322
			1,008,938
Commercial Services & Supplies    1.1%
5,300	Administaff, Inc.(a)		77,327
8,100	Allied Waste Industries, Inc.(a)		67,311
20,100	Cendant Corp.		473,356
1,750	Chemed Corp.		125,335
2,300	Kelly Services, Inc. (Class A shares)		66,930
9,660	Kforce, Inc.(a)		106,936
2,090	Laureate Education, Inc.(a)		92,712
1,590	Mcgrath Rentcorp		68,306
3,220	Navigant Consulting, Inc.(a)		77,055
18,900	PHH Corp.(a)		415,800
3,890	Providence Service, Corp.(a)		78,967
3,200	Republic Services, Inc.		105,504
2,500	School Specialty, Inc.(a)		97,225
15,700	Waste Management, Inc.		455,300
			2,308,064

See Notes to Financial Statements.

10 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note1)
Communication Equipment    1.1%
19,400	Avaya, Inc.(a)	$	278,390
34,400	Cisco Systems, Inc.(a)		620,576
6,700	Harmonic, Inc.(a)		76,380
97,200	Nortel Networks Corp. (Canada)(a)		315,900
18,500	Qualcomm, Inc.		688,940
3,700	Research In Motion Ltd.(a)		263,773
6,960	Symmetricom, Inc.(a)		67,721
			2,311,680
Computers & Peripherals    1.2%
11,600	Apple Computer, Inc.(a)		892,040
17,300	Dell, Inc.(a)		722,448
4,000	IBM Corp.		373,680
1,900	Lexmark International, Inc.(a)		158,365
3,100	M-Systems Flash Disk Pioneers (Israel)(a)		62,341
3,880	Optimal Group, Inc.(a)		51,876
15,900	Seagate Technology (Cayman Islands)(a)		269,028
			2,529,778
Consumer Finance    0.6%
17,900	American Express Co.		954,965
12,500	MBNA Corp.		332,250
			1,287,215
Distributors
4,030	Beacon Roofing Supply, Inc.(a)		80,600
Diversified Financial Services    1.9%
2,900	Accredited Home Lenders Holding Co.(a)		140,882
7,900	AmeriCredit Corp.(a)		193,945
2,300	Astoria Financial Corp.		86,572
22,500	Citigroup, Inc.		1,103,625
6,600	Eaton Vance Corp.		165,198
33,100	J.P. Morgan Chase & Co.		1,235,622
4,500	Jefferies Group, Inc.		175,500
13,700	Principal Financial Group		555,946
4,750	Raymond James Financial, Inc.		148,058
500	Student Loan Corp.		90,330
			3,895,678
Diversified Manufacturing
142	GenTek, Inc.(a)		6,355

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 11

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description		Value (Note1)
Diversified Telecommunication Services    0.6%
6,400	Alltel Corp.		$	352,256
3,340	SafeNet, Inc.(a)			113,360
22,300	SBC Communications, Inc.			529,848
8,200	Verizon Communications, Inc.			291,838
				1,287,302
Electric Utilities    0.8%
3,000	E.ON AG ADR (Germany)			268,170
9,400	Exelon Corp.			415,950
4,200	PNM Resources, Inc.			105,966
12,600	TXU Corp.			871,920
				1,662,006
Electrical Equipment
8,050	Artesyn Technologies, Inc.(a)			81,949
Electronic Equipment & Instruments    0.7%
31,200	Agilent Technologies, Inc.(a)			689,832
3,190	BEI Technologies, Inc.			89,926
1,200	Ceradyne, Inc.(a)			40,476
7,400	Checkpoint Systems, Inc.(a)			115,144
2,360	Faro Technologies, Inc.(a)	��		68,062
3,600	FLIR Systems, Inc.(a)			219,420
3,260	Radisys Corp.(a)			56,887
10,100	Sanmina-SCI Corp.(a)			62,418
12,850	SRS Labs., Inc.(a)			66,692
				1,408,857
Energy Equipment & Services    1.4%
1,730	Cal Dive International, Inc.(a)			75,601
5,000	ENSCO International, Inc.			171,150
18,100	GlobalSantaFe Corp.			640,016
11,100	Halliburton Co.			456,543
2,160	Maverick Tube Corp.(a)			73,570
5,500	Patterson-UTI Energy, Inc.			106,975
17,300	Schlumberger Ltd. (Netherlands)			1,177,092
5,620	Superior Energy Services, Inc.(a)			89,470
1,900	Unit Corp.(a)			69,426
				2,859,843

See Notes to Financial Statements.

12 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note1)
Food & Staples Retailing    0.9%
6,400	Costco Wholesale Corp.	$	302,528
52,900	Kroger Co.(a)		904,590
7,600	Whole Foods Market, Inc.		679,592
			1,886,710
Food Products    0.3%
19,700	Cadbury Schweppes PLC, ADR		715,110
Health Care Equipment & Supplies    0.6%
5,200	Abaxis, Inc.(a)		70,512
1,490	Advanced Neuromodulation Systems, Inc.(a)		58,870
4,200	Alcon, Inc. (Switzerland)		332,639
3,700	Closure Medical Corp.(a)		73,408
3,700	Cooper Companies, Inc.		283,789
12,650	Encore Medical Corp.(a)		71,346
900	Intuitive Surgical, Inc.(a)		35,910
1,630	Laserscope(a)		48,167
3,650	Lifeline Systems, Inc.(a)		99,609
15,950	Orthovita, Inc.(a)		61,089
2,590	PolyMedica Corp.		96,944
15,450	Spectranetics Corp.(a)		95,790
900	St. Jude Medical, Inc.		35,352
			1,363,425
Health Care Providers & Services    1.9%
4,200	Accredo Health, Inc.(a)		125,076
3,690	America Service Group, Inc.(a)		101,217
5,000	American Healthways, Inc.(a)		155,900
2,100	Amerigroup Corp.(a)		86,331
9,400	Caremark Rx, Inc.(a)		367,540
6,300	Cigna Corp.		505,575
3,700	Covance, Inc.(a)		157,250
8,600	Express Scripts, Inc. (Class A shares)(a)		638,033
2,640	Kindred Healthcare, Inc.(a)		72,310
3,570	LabOne, Inc.(a)		119,774
6,804	Medco Health Solutions, Inc.(a)		289,646
4,800	Pharmaceutical Product Development, Inc.(a)		198,960
5,100	Serologicals Corp. International(a)		120,564
6,400	UnitedHealth Group, Inc.		568,959
4,400	WellPoint, Inc.(a)		534,600
			4,041,735

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 13

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note1)
Homebuilding    0.2%
6,200	Hovnanian Enterprises, Inc. (Class A shares)(a)	$	323,888
Hotels, Restaurants & Leisure    0.8%
3,200	Brinker International, Inc.(a)		120,352
2,200	CEC Entertainment, Inc.(a)		86,108
10,020	Cosi, Inc.(a)		60,120
11,000	McDonald’s Corp.		356,290
2,300	Mikohn Gaming Corp.(a)		23,000
3,025	Rare Hospitality International, Inc.(a)		95,288
6,950	Scientific Games Corp. (Class A shares)(a)		178,754
3,300	Sonic Corp.(a)		105,072
10,600	Starbucks Corp.(a)		572,400
			1,597,384
Household Durables    0.6%
6,200	Harman International Industries, Inc.		754,230
3,200	Meritage Corp.(a)		206,880
4,200	Snap-On, Inc.		139,062
2,800	Standard-Pacific Corp.		186,284
			1,286,456
Household Products    0.5%
2,270	Cost Plus, Inc.(a)		59,542
6,900	Kimberly-Clark Corp.		452,019
8,300	Procter & Gamble Co.		441,809
			953,370
Industrial Conglomerates    1.5%
53,300	General Electric Co.		1,925,729
4,800	Phelps Dodge Corp.		462,240
18,800	Tyco International Ltd. (Bermuda)		679,432
			3,067,401
Insurance    1.8%
4,800	Affirmative Insurance Holdings, Inc.(a)		77,184
7,062	American International Group, Inc.		468,140
2,500	Commerce Group, Inc.		163,275
2,650	Delphi Financial Group (Class A shares)		119,091
13,400	Genworth Financial, Inc.		355,502
3,110	Infinity Property & Casualty Corp.		101,853
8,200	Loews Corp.		557,600
5,600	MBIA, Inc.		334,544

See Notes to Financial Statements.

14 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note1)
3,100	Philadelphia Consolidated Holding Corp.(a)	$	207,917
1,500	Protective Life Corp.		61,740
14,341	St. Paul Travelers Cos., Inc. (The)		538,361
9,050	Tower Group, Inc.		106,247
9,100	XL Capital, Ltd. (Cayman Islands) (Class A shares)		680,498
			3,771,952
Internet & Catalog Retail    0.5%
12,500	eBay, Inc.(a)		1,018,750
Internet Software & Services    1.3%
3,590	Ask Jeeves, Inc.(a)		101,812
12,010	Digitas, Inc.(a)		125,384
1,700	Equinix, Inc.(a)		71,298
5,000	Google, Inc. (Class A shares)(a)		978,150
2,020	InfoSpace, Inc.(a)		95,364
3,710	j2 Global Communications, Inc.(a)		120,501
8,650	Keynote Systems, Inc.(a)		107,866
4,890	RADVision Ltd. (Israel)(a)		71,883
2,370	RADWARE Ltd. (Israel)(a)		57,804
28,800	Yahoo!, Inc.(a)		1,014,049
			2,744,111
IT Services    0.2%
15,900	Accenture Ltd.(a)		414,195
Leisure Equipment & Products
6,770	K2, Inc.(a)		95,186
Machinery    0.2%
5,100	Deere & Co.		354,093
Media    0.8%
5,900	CNET Networks, Inc.(a)		64,900
2,900	DirectTV Group, Inc.(a)		43,645
5,840	Image Entertainment, Inc.(a)		33,288
20,182	News Corp. Inc. (Class A shares)		343,094
2,600	Scholastic Corp.(a)		89,050
6,800	Sinclair Broadcast Group, Inc. (Class A shares)		55,964
24,000	Sirius Satellite Radio, Inc.(a)		158,880
8,000	Univision Communications, Inc. (Class A shares)(a)		218,480
5,810	Valueclick, Inc.(a)		76,866

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 15

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note1)
10,214	Viacom, Inc. (Class B shares)	$	381,391
5,600	XM Satellite Radio Holdings, Inc. (Class A shares)(a)		178,696
			1,644,254
Metals & Mining    0.2%
12,100	Inco Ltd. (Canada)(a)		398,211
Multi-Utilities & Unregulated Power    0.6%
6,800	Dominion Resources, Inc.		471,784
3,900	Oneok, Inc.		108,030
15,300	Sempra Energy		569,466
			1,149,280
Multiline Retail    0.4%
15,400	Target Corp.		781,858
Office Electronics    0.4%
2,800	Marlin Business Services, Inc.(a)		50,960
43,400	Xerox Corp.(a)		689,192
			740,152
Oil & Gas    2.5%
6,100	Cabot Oil and Gas Corp.		287,188
8,800	Chesapeake Energy Corp.		154,616
4,900	Eni SpA—ADR (Italy)		598,780
5,400	Exxon Mobil Corp.		278,640
15,540	Grey Wolf, Inc.(a)		82,362
6,600	Kerr-McGee Corp.		407,550
13,200	Nexen, Inc. (Canada)		548,328
11,300	Occidental Petroleum Corp.		659,693
3,930	Oil States International, Inc.(a)		74,867
28,300	Suncor Energy, Inc. (Canada)		905,599
6,400	Swift Energy Co.(a)		193,728
2,080	Total SA, (France) (Class B Shares)		446,023
5,044	Total SA, ADR (France)		542,482
			5,179,856
Paper & Forest Products    0.3%
12,000	Georgia-Pacific Corp.		385,200
8,200	International Paper Co.		321,030
			706,230

See Notes to Financial Statements.

16 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note1)
Personal Products    0.3%
8,400	Estee Lauder Cos., Inc. (The)	$	379,176
6,000	Gillette Co.		304,320
			683,496
Pharmaceuticals    2.1%
3,390	Alexion Pharmaceuticals, Inc.(a)		83,869
5,300	Allergan, Inc.		402,535
3,460	Atherogenics, Inc.(a)		64,183
1,975	Barr Pharmaceuticals, Inc.(a)		93,911
3,500	Chattem, Inc.(a)		126,245
3,420	Connetics Corp.(a)		83,516
4,900	Cypress Bioscience, Inc.(a)		66,910
17,600	Eli Lilly & Co.		954,623
6,750	KV Pharmaceutical Co. (Class A Shares)(a)		138,713
9,202	Nabi Biopharmaceuticals(a)		118,798
24,700	Novartis AG ADR (Switzerland)		1,182,635
5,680	QLT, Inc. (Canada)(a)		91,846
2,720	Rigel Pharmaceuticals, Inc.(a)		52,197
10,500	Roche Holding AG ADR (Switzerland)		559,233
4,890	Salix Pharmaceuticals Ltd.(a)		73,595
2,500	Vaxgen, Inc.(a)		37,200
6,500	Wyeth		257,595
			4,387,604
Real Estate Investment Trust    0.1%
2,500	Entertainment Properties Trust		105,275
3,230	Saxon Capital, Inc.		69,930
1,800	SL Green Realty Corp.		95,814
			271,019
Retail    0.2%
2,400	Aaron Rents, Inc. (Class B shares)		50,976
5,300	CSK Auto Corp.(a)		83,581
3,390	Ezcorp, Inc.(a)		64,681
2,100	Guitar Center, Inc.(a)		120,225
3,890	Jos. A. Bank Clothiers, Inc.(a)		111,643
			431,106
Semiconductors & Semiconductor Equipment    0.6%
16,200	Marvell Technology Group Ltd. (Bermuda)(a)		541,890
9,600	Maxim Integrated Products		374,496

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 17

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note1)
4,080	Microsemi Corporation(a)	$	62,954
9,380	O2Micro International Ltd.(a)		83,201
6,080	Sirf Technology Holdings, Inc.(a)		64,144
3,810	Ultratech Stepper, Inc.(a)		56,426
			1,183,111
Software    2.0%
5,500	Adobe Systems, Inc.		312,950
13,500	Electronic Arts, Inc.(a)		868,590
7,950	Embarcadero Technologies, Inc.(a)		62,328
6,120	Epicor Software Corp.(a)		82,559
2,700	Global Payments, Inc.		154,683
5,500	Infocrossing, Inc.(a)		98,945
8,200	Mercury Interactive Corp.(a)		358,914
4,670	Merge Technologies, Inc.(a)		86,629
41,300	Microsoft Corp.		1,085,363
4,700	Navteq Corp.(a)		179,963
4,560	Smith Micro Software, Inc.(a)		34,063
3,900	Sonic Solutions(a)		69,459
12,070	Synplicity, Inc.(a)		82,076
13,900	Systeme, Anwedungen, Produkte AG, ADR (Germany)		538,208
3,280	THQ, Inc.(a)		72,980
			4,087,710
Specialty Retail    1.2%
14,200	Bed Bath & Beyond, Inc.(a)		572,118
7,230	Charlotte Russe Holdings, Inc.(a)		77,506
12,600	Chico’s FAS, Inc.(a)		663,768
6,900	Lowe’s Cos., Inc.		393,231
2,400	Stein Mart, Inc.(a)		47,352
24,800	Toys R’ Us, Inc.(a)		531,960
6,600	Williams-Sonoma, Inc.(a)		228,360
			2,514,295
Telecommunications
19,021	Netia SA (Poland)(a)		26,275
226	NTL, Inc.(a)		15,375
			41,650
Textiles, Apparel & Luxury Goods    0.2%
5,900	Coach, Inc.(a)		330,990

See Notes to Financial Statements.

18 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note1)
Thrifts & Mortgage Finance    0.2%
6,400	Freddie Mac	$	417,856
Tobacco    0.4%
13,900	Altria Group, Inc.		887,237
Transportation    0.1%
1,520	Forward Air Corp.(a)		64,775
1,965	Old Dominion Freight Line, Inc.(a)		69,463
6,030	Vitran Corp., Inc. (Canada) (Class A shares)(a)		89,605
			223,843
Wireless Telecommunication Services    0.6%
17,500	American Tower Corp. (Class A shares)(a)		317,100
35,200	Nextel Communications, Inc.(a)		1,009,888
			1,326,988
	Total common stocks		80,650,799
PREFERRED STOCK
Telecommunications
350	McLeodUSA, Inc., 2.50%		945

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 19

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
CORPORATE BONDS    15.4%
Aerospace/Defense    0.3%
B2	$	75	Alliant Techsystems, Inc., Sr. Sub. Notes, 8.50%, 5/15/11	$	80,813
Caa3		105	BE Aerospace, Inc., Sr. Sub. Notes, 8.875%, 5/1/11		107,100
B1		125	Esterline Technologies, Sr. Sub. Notes, 7.75%, 6/15/13		135,000
Caa1		50	K & F Acquisition Inc., Sr. Sub. Notes, 7.75%, 11/15/14		49,750
Ba3		100	L-3 Communications Corp., Sr. Sub. Notes, 7.625%, 6/15/12		109,000
B1		100	Sequa Corp., Sr. Notes, 8.875%, 4/1/08		107,500
Caa1		25	Standard Aero, Inc. Sr. Sub. Notes, 8.25%, 9/1/14		26,875
B3		50	TD Funding Corp., Gtd. Notes, 8.375%, 7/15/11		53,000
					669,038
Airlines    0.1%
Caa2		150	AMR Corp., Notes, MTN 10.55%, 3/12/21		88,500
Ba2		45	Continental Airlines, Inc., Notes, 7.57%, 3/15/20		36,209
Ba2		39	Continental Airlines, Inc., Ser. 981B, 6.75%, 3/15/17		31,147
Ba2		70	Continental Airlines, Inc., Ser. 991B, 6.80%, 8/2/18		57,429
			Delta Air Lines, Inc., Notes,
Caa2		40	10.00%, 8/15/08		23,000
Ca		50	8.30%, 12/15/29		19,750
					256,035
Automobiles    0.1%
A3		200	DaimlerChrysler NA Holding Corp., Notes, FRN, MTN 2.96%, 5/24/06(e)		200,861

See Notes to Financial Statements.

20 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
Automotive    0.2%
Baa3	$	125	ArvinMeritor, Inc., Notes, 8.75%, 3/1/12	$	139,844
B3		10	Collins & Aikman Products Co., Sr. Sub. Notes, 12.875%, 8/15/12		8,275
B3		10	Cooper-Standard Automotive, Inc., Notes, 8.375%, 12/15/14		9,500
B3		50	Tenneco Automotive, Inc., Sr. Sub Notes, 8.625%, 11/15/14		52,000
B1		59	TRW Automotive, Inc., Sr. Notes, 9.375%, 2/15/13		66,375
			Visteon Corp., Notes,
Ba1		20	8.25%, 8/1/10		20,100
Ba1		50	7.00%, 3/10/14		45,750
					341,844
Banking    0.2%
AA2		400	HSBC Bank, Sr. Notes, FRN 2.59%, 9/21/07(e)		400,138
Baa2		110	Kazkommerts International BV (Netherlands), Gtd. Notes, 7.875%, 4/7/14		109,175
					509,313
Building Materials & Construction    0.2%
Ba2		100	American Standard, Inc., Gtd. Notes, 7.375%, 4/15/05		100,857
Ba1		100	D.R. Horton, Inc., Sr. Notes, 7.875%, 8/15/11		114,929
B3		25	Goodman Global Holding Co., Inc. Sr. Notes, FRN 5.76%, 6/15/12(e)		25,625
Ba2		25	K Hovnanian Enterprises, Inc., Gtd. Notes, 6.25%, 1/15/15		25,344
Ba2		65	KB Home, Sr. Sub. Notes, 8.625%, 12/15/08		73,409
B3		50	THL Buildco, Inc., Sr. Sub Notes, 8.50%, 9/1/14		51,375
					391,539

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 21

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody's Rating	Principal Amount (000)		Description	Value (Note 1)
Cable    0.4%
Ca	$	50	Callahan Nordrhein Westfalen (Germany), Sr. Disc. Notes, Zero Coupon (until 7/15/05), 16.00%, 7/15/10(b)(f)	$	2,000
B2		175	Charter Communications Holdings LLC, Sr. Notes, 10.25%, 1/15/10 - 9/15/10		166,625
Ca		420	Charter Communications Holdings, Sr. Disc. Notes, Zero Coupon (until 5/15/06), 11.75%, 5/15/11(f)		291,900
Ca		100	Charter Communications Holdings, Sr. Notes, 10.00%, 5/15/11		79,750
B1		25	CSC Holdings, Inc., Sr. Notes, Series B, 7.625%, 4/1/11		27,250
			Sr. Notes,
B1		50	6.75%, 4/15/12		52,500
B1		50	7.25%, 7/15/08		52,875
B1		50	7.875%, 12/15/07		53,875
B2		60	Kabel Deutschland GmbH, (Germany), Sr. Notes, 10.625%, 7/1/14		67,800
Ba3		145	Rogers Cablesystems Ltd. (Canada), Sr. Notes, 10.00%, 3/15/05		146,022
					940,597
Capital Goods    0.8%
B3		75	ALH Finance LLC, Sr. Sub. Notes, 8.50%, 1/15/13		76,500
			Allied Waste of North America, Inc., Sr. Notes,
B2		220	8.50%, 12/1/08		229,349
B2		25	7.875%, 4/15/13		24,813
B3		75	Amsted Industries, Inc., Sr. Notes, 10.25%, 10/15/11		84,375
Caa1		75	Blount, Inc., Sr. Sub. Notes, 8.875%, 8/1/12		81,563
Ba3		95	Case New Holland, Inc., Sr. Notes, 9.25%, 8/1/11		103,788

See Notes to Financial Statements.

22 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
Caa2	$	35	Great Lakes Dredge & Dock Corp., Sr. Sub. Notes, 7.75%, 12/15/13	$	30,450
B3		60	Invensys PLC (United Kingdom), Sr. Notes, 9.875%, 3/15/11		64,350
B3		75	Johnson Diversified Holdings, Inc., Zero Coupon (until 5/15/07), 10.67%, 5/15/13(f)		65,063
B2		75	Johnson Diversified, Inc., Gtd. Notes, 9.625%, 5/15/12		83,625
B1		125	Joy Global, Inc., Sr. Sub. Notes, 8.75%, 3/15/12		139,999
B3		100	Rexnord Corp., Gtd. Notes, 10.125%, 12/15/12		112,000
Caa1		75	Sensus Metering Systems, Inc., Sr. Sub. Notes, 8.625%, 12/15/13		77,250
Ba3		20	SPX Corp., Sr. Notes, 7.50%, 1/1/13		21,950
Ba3		75	Stena AB, (Sweeden), 7.50%, 11/1/13		76,313
B3		90	Terex Corp., Gtd. Notes, 10.375%, 4/1/11		99,900
B3		20	Sr. Sub. Notes, 9.25%, 7/15/11		22,150
B2		100	The Manitowoc Co., Inc., Sr. Sub. Notes, 10.50%, 8/1/12		114,999
Caa1		75	Thermadyne Holdings Corp., Gtd. Notes, 9.25%, 2/1/14		72,750
B1		25	United Rentals of North America, Inc., Gtd. Notes, 6.50%, 2/15/12		24,563
B2		50	Sr. Sub. Notes, 7.75%, 11/15/13		48,625
					1,654,375
Chemicals    0.6%
B3		50	Borden US Finance Corp./Nova Scotia Finance, Sec’d Notes, 9.00%, 7/15/14		55,000

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 23

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
B2	$	80	Equistar Chemicals L.P., Gtd. Notes, 10.125%, 9/1/08	$	91,200
			Huntsman International LLC, Gtd. Notes,
Baa3		150	Hercules, Inc., Debs. Notes, 6.60%, 8/1/27		152,999
B2		10	Huntsman Advanced Materials, Sec’d. Notes, 11.00%, 7/15/10		11,750
			Huntsman International LLC, Gtd. Notes,
B3		75	9.875%, 3/1/09		81,750
Caa1		14	10.125%, 7/1/09		14,700
B2		125	IMC Global, Inc., Debs., 6.875%, 7/15/07		127,500
B1		90	Gtd. Notes, 11.25%, 6/1/11		101,700
B2		75	ISP Chemco, Inc., Gtd. Notes, 10.25%, 7/1/11		83,625
B2		50	Koppers, Inc., Gtd Notes, 9.875%, 10/15/13		56,750
B1		25	Lyondell Chemical Co., Sec’d Notes, 11.125%, 7/15/12		29,375
B2		125	Nalco Co., Sr. Notes, 7.75%, 11/15/11		134,063
Caa1		45	OM Group, Inc., Gtd. Notes, 9.25%, 12/15/11		47,925
B3		75	Rhodia SA, (France) Sr. Notes, 10.25%, 6/1/10		85,313
Caa1		75	Sr. Sub. Notes, 8.875%, 6/1/11		76,875
B3		50	Rockwood Specialties Corp., Sr. Sub. Notes, 10.625%, 5/15/11		57,000
					1,207,525
Consumer    0.4%
B2		50	Alderwoods Group, Inc., Sr. Notes, 7.75%, 9/15/12		53,625
A3		500	Clorox Co., Notes, FRN 2.54%, 12/14/07(e)		499,809

See Notes to Financial Statements.

24 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
NR	$	50	K2, Inc., Sr. Notes, 7.375%, 7/1/14	$	53,688
B3		59	KinderCare Learning Centers, Inc., Sr. Sub. Notes, 9.50%, 2/15/09		59,148
B3		50	Knowledge Learning Corp Inc., Sr. Sub Notes, 7.75%, 2/1/15		50,250
Ca		80	Levi Strauss & Co., Sr. Notes, 12.25%, 12/15/12		86,400
Caa1		75	Propex Fabrics, Inc., Sr. Notes, 10.00%, 12/1/12		75,938
					878,858
Electric    1.8%
B1		40	AES Corp., Sec’d. Notes, 8.75%, 5/15/13		44,800
B2		195	Sr. Notes, 9.375%, 9/15/10		220,593
Ba1		132	AES Eastern Energy LP, 9.00%, 1/2/17		150,827
B3		30	Allegheny Energy Supply, Notes, 8.25%, 4/15/12		33,375
B2		130	Aquila, Inc., Sr. Notes, 9.95%, 2/1/11		146,413
B		205	Calpine Corp., Sec’d. Notes, 8.75%, 7/15/13		155,800
			CMS Energy Corp., Sr. Notes,
B3		115	7.50%, 1/15/09		121,756
B3		50	8.50%, 4/15/11		55,813
			Dynegy Holdings, Inc., Sec’d. Notes,
B3		60	9.875%, 7/15/10		65,700
B3		145	10.125%, 7/15/13		160,950
B1		75	Edison Mission Energy, Sr. Notes, 7.73%, 6/15/09		79,500
			Endesa (Chile), Ser. W.I.,
Ba2		75	8.35%, 8/1/13		87,938
Ba2		150	8.625%, 8/1/15		180,414
Ba2		74	Homer City Funding LLC, Gtd. Notes, 8.14%, 10/1/19		83,055

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 25

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)	Description	Value (Note 1)
Ba3	$    4	Midland Funding Corp, Sr. Sec’d. Notes, Ser. A, 11.75%, 7/23/05	$	4,619
		Midwest Generation LLC,
B1	30	8.30%, 7/2/09		32,400
B1	60	8.56%, 1/2/16		67,200
B1	50	8.75%, 5/1/34		55,875
B3	35	Mission Energy Holdings, Sec’d. Notes, 13.50%, 7/15/08		43,663
Ba2	60	Nevada Power Co., 6.50%, 4/15/12		63,150
Ba2	5	Notes, 10.875%, 10/15/09		5,731
NR	GBP    7	NoteCo Ltd., (United Kingdom), FRN, 6.92%, 6/30/25(e)		13,995
B2	$170	NRG Energy, Inc., Sec’d. Notes 8.00%, 12/15/13		183,175
B2	50	Orion Power Holdings, Inc., Sr. Notes, 12.00%, 5/1/10		62,500
Baa2	150	Pacific Gas & Electric Co., 1st Mortgage, FRN 3.26%, 4/3/06(e)		150,148
Baa3	200	PP&L Capital Funding, Inc., Sr. Notes, 7.75%, 4/15/05		201,692
Ba1	300	PPL Capital Funding Trust, Gtd. Notes, 7.29%, 5/18/06		312,356
B1	66	Reliant Energy-Mid Atlantic, Ser. B, 9.24%, 7/2/17		75,564
B1	125	Reliant Resources, Inc., Sec’d. Notes, 9.50%, 7/15/13		140,000
B2	40	Sierra Pacific Resources, Sr. Notes, 8.625%, 3/15/14		44,450
Ba2	175	TECO Energy, Inc., Sr. Notes, 7.50%, 6/15/10		192,500
B1	150	Texas Genco LLC, Sr. Notes, 6.875%, 12/15/14		155,250
B2	75	TNP Enterprises, Inc., Sr. Sub. Notes, 10.25%, 4/1/10		79,125
Baa2	95	TXU Energy Co. LLC, Notes, FRN 3.42%, 1/17/06(e)		95,248

See Notes to Financial Statements.

26 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
B2	$	15	Utilicorp Canada Finance Corp., Gtd. Notes, 7.75%, 6/15/11	$	15,525
					3,581,100
Energy-Other    0.6%
BA2		150	Chesapeake Energy Corp., Sr. Notes, 6.375%, 6/15/15		152,999
B2		25	Encore Acquisition Co., Sr. Sub. Notes, 6.25%, 4/15/14		24,938
Ba3		30	Forest Oil Corp., Sr. Notes 8.00%, 12/15/11		34,013
B3		75	Hanover Compressor Co., Sr. Notes, 8.625%, 12/15/10		81,000
B2		50	Hanover Equipment Trust, Sec’d Notes, 8.75%, 9/1/11		54,000
B2		25	Houston Exploration Co., Sr. Sub. Notes, 7.00%, 6/15/13		26,250
B2		8	Magnum Hunter Resources, Inc., Gtd. Notes, 9.60%, 3/15/12		9,140
Ba3		50	Newfield Exploration Co., Sr. Sub. Notes, 8.375%, 8/15/12		55,500
B2		100	Parker Drilling Co., Sr. Notes, 9.625%, 10/1/13		111,125
NR		250	Pemex Project Funding Master Trust, 9.25%, 3/30/18		312,499
Ba3		75	Premcor Refining Group, Gtd. Notes, 6.75%, 5/1/14		78,563
Ba3		25	Sr. Notes, 6.75%, 2/1/11		26,688
B2		50	Sr. Sub. Notes, 7.75%, 2/1/12		54,375
			Pride International Inc., Sr. Notes,
NR		25	7.375%, 7/15/14		27,500
B2		105	Stone Energy Corp., Sr. Sub. Notes, 8.25%, 12/15/11		112,875
Ba3		50	Vintage Petrolium, Inc., Sr. Notes, 8.25%, 5/1/12		55,000

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 27

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
B1	$	25	Sr. Sub. Notes, 7.875%, 5/15/11	$	26,688
					1,243,153
Food    0.3%
B3		8	Agrilink Foods, Inc., Sr. Sub. Notes, 11.875%, 11/1/08		8,320
Ba3		25	Ahold Finance USA, Inc., Notes, 8.25%, 7/15/10		28,250
B3		50	Carrols Corp., Sr. Sub. Notes, 9.00%, 1/15/13		52,125
			Del Monte Corp., Sr. Sub. Notes,
B2		125	8.625%, 12/15/12		138,906
B2		125	6.75%, 2/15/15		126,250
Ba1		140	Delhaize America, Inc., Gtd. Notes, 8.125%, 4/15/11		162,753
			Dole Foods Co., Sr. Notes,
B2		50	8.625%, 5/1/09		54,813
B2		50	8.875%, 3/15/11		53,688
B3		40	Pathmark Stores, Inc., Gtd. Notes, 8.75%, 2/1/12		38,250
Ba2		80	Smithfield Foods, Inc., Sr. Notes, 8.00%, 10/15/09		88,300
					751,655
Gaming    0.7%
B1		75	Argosy Gaming Co., Sr. Sub. Notes, 7.00%, 1/15/14		82,500
Ba3		100	Aztar Corp., Sr. Sub. Notes, 9.00%, 8/15/11		109,750
Ba3		15	7.875%, 6/15/14		16,500
B1		50	Boyd Gaming Corp., Sr. Sub. Notes, 8.75%, 4/15/12		55,125
B2		50	Isle of Capri Casinos, Inc., Sr. Sub. Notes, 7.00%, 3/1/14		50,625
B2		55	Kerzner International Ltd., Gtd. Notes, 8.875%, 8/15/11		59,950
Ba1		250	MGM Mirage, Inc., Notes, 6.00%, 10/1/09		255,000
Ba2		130	Gtd. Notes, 9.75%, 6/1/07		144,300

See Notes to Financial Statements.

28 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
Ba3	$	100	Mohegan Tribal Gaming Authority, Sr. Sub. Notes, 8.00%, 4/1/12	$	107,625
			Park Place Entertainment Corp., Sr. Notes,
Ba2		20	9.375%, 2/15/07		21,875
Ba2		20	8.875%, 9/15/08		22,525
Ba1		130	7.50%, 9/1/09		144,300
Ba2		35	8.125%, 5/15/11		40,075
Ba3		90	Station Casinos, Inc., Sr. Notes, 6.00%, 4/1/12		92,250
B2		105	Venetian Casino Resort LLC, Gtd. Notes, 11.00%, 6/15/10		118,650
NR		75	Wynn Las Vegas LLC, 6.625%, 12/1/14		73,688
					1,394,738
Health Care & Pharmaceuticals    1.0%
B3		25	Alliance Imaging, Inc., Sr. Sub. Notes, 7.25%, 12/15/12		25,250
B3		75	Concentra Operating Corp., 9.50%, 8/15/10		83,250
B3		125	9.125%, 6/1/12		138,750
Ba1		25	Coventry Health Care, Inc., Sr. Notes, 5.875%, 1/15/12		25,375
Ba1		45	Sr. Notes, 8.125%, 2/15/12		49,163
B3		75	Elan Finance PLC, Sr. Notes, 7.75%, 11/15/11		78,375
Ba2		180	HCA, Inc., Debs., 7.50%, 12/15/23		185,520
Ba2		60	Notes, MTN 9.00%, 12/15/14		71,159
Caa2		75	Healthsouth Corp., Notes, 7.625%, 6/1/12		75,188
Caa2		150	Sr. Notes, 8.50%, 2/1/08		155,062
B3		40	IASIS Healthcare LLC, Sr. Sub. Notes, 8.75%, 6/15/14		43,100
Caa1		45	Inverness Medical Innovations, Inc., Sr. Sub Notes, 8.75%, 2/15/12		46,125

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 29

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
B3	$	131	Magellan Health Services, Inc., Sr, Notes, 9.375%, 11/15/08	$	141,579
Ba1		50	Medco Health Solutions, Inc., Sr. Notes, 7.25%, 8/15/13		56,512
Caa1		65	Medical Device Manufacturing, Gtd. Notes, 10.00%, 7/15/12		70,200
B3		100	Medquest, Inc., Sr. Sub. Notes, 11.875%, 8/15/12		117,000
Ba3		40	NeighborCare, Inc., Sr. Sub. Notes, 6.875%, 11/15/13		42,150
B1		50	Omega Healthcare Investors, Inc., Notes, 6.95%, 8/1/07		51,875
B1		25	7.00%, 4/1/14		25,250
B2		100	Resources-Care, Inc., Sr. Notes, 10.625%, 11/15/08		109,250
B2		55	Select Medical Corp., Sr. Sub. Notes, 9.50%, 6/15/09		58,644
Ba2		60	Senior Housing Properties Trust, Sr. Notes, 8.625%, 1/15/12		68,250
B3		50	Tenet Healthcare Corp., Sr. Notes, 6.375%, 12/1/11		44,875
B3		35	6.50%, 6/1/12		31,150
B3		50	9.25%, 2/1/15		50,000
NR		75	Vanguard Health Holding Co., Sr. Sub. Notes, 9.00%, 10/1/14		80,250
Ba3		40	Ventas Realty LP, Gtd. Notes, 8.75%, 5/1/09		44,250
Ba3		110	Sr. Notes, 9.00%, 5/1/12		127,600
Caa1		100	Warner Chilcott Corp., Sr. Sub. Notes, 8.75%, 2/1/15		102,750
					2,197,902
Lodging    0.5%
B1		75	FelCor Lodging LP, Gtd. Notes, 9.00%, 6/1/11		84,375
B1		50	FelCor Suites LP, Gtd. Notes, 7.625%, 10/1/07		52,375
Ba3		40	HMH Properties, Inc., Sr. Notes, Ser. B, 7.875%, 8/1/08		41,050

See Notes to Financial Statements.

30 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
Ba3	$	125	Host Marriott LP, Sr. Notes, 9.50%, 1/15/07	$	135,313
Ba3		75	7.00%, 8/15/12		78,375
Ba3		40	7.125%, 11/1/13		42,100
B2		25	John Q Hammons Hotels LP, 8.875%, 5/15/12		28,125
Ba3		100	La Quinta Properties, Inc., Sr. Notes, 8.875%, 3/15/11		110,375
Ba2		125	Royal Caribbean Cruises Ltd. (Liberia), Sr. Notes, 8.00%, 5/15/10		141,250
			Starwood Hotels & Resorts Worldwide, Inc., Notes,
Ba1		125	7.875%, 5/1/12		142,500
Ba1		175	7.375%, 11/15/15		196,000
					1,051,838
Media & Entertainment    1.1%
Caa1		75	Advertising Direct Solutions, Sr. Notes, 9.25%, 11/15/12		79,125
B3		40	AMC Entertainment, Inc., Sr. Sub. Notes, 8.00%, 3/1/14		39,650
Caa1		65	American Color Graphics, Notes, 10.00%, 6/15/10		55,413
B2		5	American Media Operation, Inc., Gtd. Notes, Ser. B, 10.25%, 5/1/09		5,231
B2		100	Canwest Media, Inc. (Canada), Sr. Sub. Notes, 10.625%, 5/15/11		111,375
B2		82	Dex Media East LLC, Gtd. Notes, 12.125%, 11/15/12		98,195
B2		167	Dex Media West LLC, Sr. Sub. Notes, 9.875%, 8/15/13		189,335
B1		80	DirecTV Holdings LLC, Sr. Notes, 8.375%, 3/15/13		90,100
Ba3		80	Echostar DBS Corp., Gtd. Notes, 6.625%, 10/1/14		80,800
Ba2		30	Entercom Radio LLC, Gtd. Notes, 7.625%, 3/1/14		32,250

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners ConservativeGrowth Fund 31

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
B2	$	150	Gray Communications Systems, Inc., Sr. Sub Notes, 9.25%, 12/15/11	$	166,875
B1		125	Intelsat Bermuda, Sr. Notes, 8.25%, 1/15/13		129,375
B1		75	Intrawest Corp., Sr. Notes, 7.50%, 10/15/13		78,750
			Leslies Poolmart, Sr. Notes,
B2		100	7.75%, 2/1/13		101,750
B3		35	Lowes Cineplex Entertainment Corp., Sr. Sub. Notes, 9.00%, 8/1/14		36,663
B2		100	Marquee, Inc., Sr. Notes, 8.625%, 8/15/12		108,500
B2		75	Medianews Group, Inc., Sr. Sub. Notes, 6.875%, 10/1/13		74,625
Ba3		30	Morris Publishing, Sr. Sub. Notes, 7.00%, 8/1/13		30,525
B3		25	New Skies Satellites NV (Netherlands) Sr. Notes, FRN 7.44%, 11/1/11(e)		26,063
Caa1		25	Sr. Sub. Notes, 9.125%, 11/1/12		25,750
B3		25	Primedia, Inc., Sr. Notes, FRN 7.67%, 5/15/10(e)		26,375
B3		50	Gtd. Notes, 8.875%, 5/15/11		52,750
B2		50	Quebecor Media, Inc. (Canada), Sr. Notes, 11.125%, 7/15/11		56,250
B2		175	R.R. Donnelley Financial Corp., Sr. Sub. Notes, 10.875%, 12/15/12		204,749
Caa1		45	Six Flags, Inc., Sr. Notes, 9.625%, 6/1/14		42,413
Ba3		150	Sun Media Corp. (Canada), Gtd. Notes, 7.625%, 2/15/13		159,750
B3		50	Universal City Florida Holding Co., Sr. Notes, 8.375%, 5/1/10		52,000
B2		45	Vail Resorts, Inc., Sr. Sub. Notes., 6.75%, 2/15/14		45,394

See Notes to Financial Statements.

32 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
			Vertis, Inc., Sec’d. Notes,
B2	$	66	9.75%, 4/1/09	$	71,775
B3		55	10.875%, 6/15/09		59,263
Caa1		10	WDAC Subsidiary Corp., 8.375%, 12/1/14		9,750
					2,340,819
Metals    0.5%
B3		125	AK Steel Corp., Gtd., 7.875%, 2/15/09		128,125
B3		50	Sr. Notes, 7.75%, 6/15/12		51,375
Ba3		50	Arch Western Finance LLC, Sr. Notes, 6.75%, 7/1/13		51,000
B1		75	Century Aluminum Co., Gtd. Notes, 7.50%, 8/15/14		80,063
B1		80	CSN Islands VII Corp. (Cayman Islands), Gtd. Notes, 10.75%, 9/12/08		90,700
B1		50	Foundation PA Coal Co. Notes, 7.25%, 8/1/14		52,375
B3		118	Ispat Inland ULC, Sec’d. Notes, 9.75%, 4/1/14		145,434
B1		75	Novelis, Inc., (Canada) Sr. Notes, 7.25%, 2/15/15		76,875
B1		25	Oregon Steel Mills, Inc., Gtd. Notes, 10.00%, 7/15/09		27,750
Ba3		100	Russel Metals, Inc., (Canada), Sr. Notes, 6.375%, 3/1/14		100,000
B2		50	Ryerson Tull, Inc., Sr. Notes, 8.25%, 12/15/11		49,000
Ba2		89	United States Steel LLC, Sr. Notes, 10.75%, 8/1/08		105,243
					957,940
Non Captive Finance    1.5%
A3		400	Ford Motor Credit Co., Notes, 7.50%, 3/15/05		401,899
A3		600	Ford Motor Credit Co., Notes, FRN, MTN 3.10%, 7/18/05		598,686
Aaa	JPY	67,000	General Electric Capital Corp., (Japan) Sr. Notes, 1.40%, 11/2/06		661,102

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 33

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)	Description	Value (Note 1)
Aaa	JPY  8,000	General Electric Capital Corp., (Japan) Sr. Unsub. Notes, 0.10%, 12/20/05	$	77,315
Baa1	$   100	General Motors Acceptance Corp. MTN, FRN, 4.23%, 5/19/05		100,420
Baa1	300	General Motors Acceptance Corp., 7.50%, 7/15/05		304,988
Baa1	1,000	General Motors Acceptance Corp., Notes, 6.875%, 9/15/11		1,004,167
				3,148,577
Packaging    0.4%
B2	75	Anchor Glass Container Corp., Sec’d. Notes, 11.00%, 2/15/13		80,625
B3	100	Berry Plastics, Sr. Sub. Notes, 10.75%, 7/15/12		114,000
B1	100	Crown Euro Holdings SA (France), Sec’d. Notes, 9.50%, 3/1/11		111,500
Caa1	25	Graham Packaging Co., Inc., Sr. Notes, 8.50%, 10/15/12		25,938
Caa2	75	9.875%, 10/15/14		78,563
B2	175	Greif Brothers Corp., Sr. Sub. Notes, 8.875%, 8/1/12		193,375
B1	180	Owens-Brockway Glass Containers, Sec’d. Notes, 8.75%, 11/15/12		200,249
				804,250
Paper    0.4%
Ba3	125	Abitibi-Consolidated Co. CDA, 5.25%, 6/20/08		121,874
B2	85	Ainsworth Lumber Co. Ltd., Sr. Notes, (Canada) 6.75%, 3/15/14		82,344
Ba3	75	Bowater Canada Finance, Gtd. Notes, 7.95%, 11/15/11		80,352
Caa1	25	Caraustar Industries, Inc., Gtd. Notes, 9.875%, 4/1/11		27,438
Ba3	60	Cascades, Inc. (Canada), 7.25%, 2/15/13		62,700

See Notes to Financial Statements.

34 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description		Value (Note 1)
B2	$	100	Cellu Tissue Holdings, Inc., Sec’d. Notes, 9.75%, 3/15/10		$	105,250
Ba3		75	Georgia-Pacific Corp., Notes, 7.50%, 5/15/06			78,094
Ba3		20	8.125%, 5/15/11			23,000
Ba3		75	8.875%, 5/15/31	��		95,625
B2		75	Millar Western Forest Products Ltd. (Canada), 7.75%, 11/15/13			78,375
Ba3		25	Tembec Industries, Inc. (Canada), Gtd. Notes, 8.625%, 6/30/09			24,844
Ba3		55	7.75%, 3/15/12			52,250
						832,146
Pipelines & Other    0.6%
B2		75	AmeriGas Partners, LP, Sr. Notes, 8.875%, 5/20/11			81,000
B3		210	EL Paso Corp., Gtd. Notes, 7.75%, 6/1/13			218,400
Caa1		25	Sr. Notes, 7.00%, 5/15/11			25,125
Caa1		150	7.75%, 1/15/32			145,875
Baa3		50	Enterprise Products Operation LP, Sr. Notes, 5.60%, 10/15/14			51,235
B2		40	Ferrellgas Partners LP, Notes, 8.75%, 6/15/12			42,800
B1		50	Inergy LP, Sr. Notes, 6.875%, 12/15/14			49,750
B1		25	MarkWest Energy Partners LP, Sr. Notes, 6.875%, 11/1/14			25,125
Ba2		50	Pacific Energy Partners LP, Sr. Notes, 7.125%, 6/15/14			52,750
B1		50	Southern Natural Gas, Notes, 8.875%, 3/15/10			55,625
			Tennessee Gas Pipeline, Debs.,
B1		160	7.00%, 3/15/27 - 10/15/28			165,353
B1		125	7.625%, 4/1/37			132,500

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 35

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
B3	$	40	TranMontaigne, Inc., Sr. Sub. Notes, 9.125%, 6/1/10	$	43,000
			Williams Companies., Inc., Notes,
B1		150	7.125%, 9/1/11		163,125
B1		45	8.125%, 3/15/12		51,750
					1,303,413
Retailers    0.4%
B3		25	Asbury Automotive Group, Inc., Sr. Sub. Notes, 8.00%, 3/15/14		25,063
Ba2		15	AutoNation, Inc., Sr. Notes, 9.00%, 8/1/08		16,875
B1		75	Group 1 Automotive, Inc., Sr. Sub. Notes, 8.25%, 8/15/13		78,750
Ba2		225	JC Penney Co., Inc., Debs., 7.40%, 4/1/37		246,374
			Jean Coutu Group, Inc., (Canada), Sr. Notes,
B2		25	7.625%, 8/1/12		26,000
			Sr. Sub. Notes,
B3		50	8.50%, 8/1/14		49,875
NR		120	Lazy Days RV Center, Inc., Sr. Notes, 11.75%, 5/15/12		132,600
B3		50	Pantry, Inc., Sr. Sub. Notes, 7.75%, 2/15/14		52,500
Ba3		90	Saks, Inc., Notes, 7.375%, 2/15/19		89,775
Ba2		25	Toys R’ Us, Inc., Notes, 7.875%, 4/15/13		25,688
					743,500
Technology    0.4%
			Fairchild Semiconductor International, Inc., Sr. Sub. Notes,
B2		100	10.50%, 2/1/09		105,250
Ba2		50	Flextronics International Ltd, Sr. Sub. Notes, 6.25%, 11/15/14		49,000
Ba2		25	Freescale Semiconductor, Inc., Sr. Notes, 6.875%, 7/15/11		26,563

See Notes to Financial Statements.

36 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
Caa1	$	75	Iron Mountain, Inc., Gtd. Notes, 8.625%, 4/1/13	$	79,313
B3		25	Nortel Networks Ltd. (Canada) Notes, 6.125%, 2/15/06		25,344
Ba2		95	Sanmina-SCI Corp., Sec’d. Notes, 10.375%, 1/15/10		107,824
Ba2		125	Seagate Technology Holdings, Notes, 8.00%, 5/15/09		134,374
Ba2		75	STATS ChiPAC Ltd., Sr. Notes, 6.75%, 11/15/11		73,125
B3		75	UGS Corp., Sr. Sub. Notes, 10.00%, 6/1/12		83,625
Ba1		75	Unisys Corp., Sr. Notes, 8.125%, 6/1/06		78,375
Ba2		75	Xerox Corp., Sr. Notes, 7.625%, 6/15/13		80,813
					843,606
Telecommunications    1.8%
Caa1		75	Alamosa Delaware, Inc., Sr. Notes, 8.50%, 1/31/12		79,875
Caa1		50	Gtd. Notes, 11.00%, 7/31/10		58,250
Ba1		153	AT&T Corp., Sr. Notes, 9.05%, 11/15/11		177,480
AA3		400	BellSouth Corp., Notes, 4.12%, 4/26/21		401,095
Caa1		100	Centennial Commumications, Notes, 8.125%, 2/1/14		105,750
B3		50	Cincinnati Bell, Inc., Sr. Sub. Notes, 8.375%, 1/15/14		50,750
Ba3		30	Citizens Communications Co., Notes, 9.25%, 5/15/11		35,025
Ba3		100	6.25%, 1/15/13		99,750
B3		50	Crown Castle International Corp., Sr. Notes, 9.375%, 8/1/11		55,500
B3		125	7.50%, 12/1/13		132,656
B2		25	Dobson Cellular Systems, Sec’d Notes, FRN 7.49%, 11/1/11(e)		26,313
B1		50	Eircom Funding (Ireland), 8.25%, 8/15/13		54,625
B2		65	MCI, Inc., Sr. Notes, 6.91%, 5/1/07		66,463

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 37

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
B2	$	59	7.69%, 5/1/09	$	61,581
B2		60	8.74%, 5/1/14		65,625
Ba3		50	Nextel Communications, Inc., Sr. Notes, 5.95%, 3/15/14		51,875
Ba3		235	7.375%, 8/1/15		259,088
Caa2		100	Qwest Corp., Gtd. Notes, 7.25%, 2/15/11		96,000
Ba3		100	Sr. Notes, 7.875%, 9/1/11		107,000
			Qwest Services Corp., Notes,
Caa1		287	14.00%, 12/15/10		340,812
BB(d)		75	Rogers Wireless Communications, Inc., Sec’s Notes, (Canada) 7.50%, 3/15/15		80,438
B+(d)		75	Rogers Wireless, Inc., Sr. Sub Notes, (Canada) 8.00%, 12/15/12		80,250
A2		700	SBC Communications, Inc., Notes, 4.21%, 6/5/21		702,974
Caa1		75	UbiquiTel Operating Co., Sr. Notes, 9.875%, 3/1/11		82,688
B2		25	US Unwired, Inc., Ser. B, Sec’d Notes, FRN 6.74%, 6/15/10(e)		25,813
A3		300	Verizon Wireless Capital, FRN 2.42%, 5/23/05(e)		299,943
					3,597,619
Tobacco    0.1%
B1		75	DIMON, Inc., Sr. Notes, 9.625%, 10/15/11		84,000
B2		10	North Atlantic Trading Co., Sr. Notes, 9.25%, 3/1/12		7,850
Ba3		75	Standard Commercial Corp., Sr. Notes, 8.00%, 4/15/12		77,062
					168,912
			Total corporate bonds		32,011,153
CONVERTIBLE BONDS
Capital Goods
Baa3		25	Tyco International Group SA, Gtd. Notes, 3.125%, 1/15/23		42,281

See Notes to Financial Statements.

38 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
Technology
B3	$	20	Nortel Networks Corp., Gtd. Notes, 4.25%, 9/1/08	$	19,275
			Total convertible bonds		61,556
MORTGAGE RELATED SECURITIES    2.9%
AAA(d)		470	ACE Securities Corp., Ser. 2004, Class 2A, FRN, 2.53%, 4/25/34(e)		470,024
Aaa		900	American Express Credit Account Master Trust, Ser. 2000-5, FRN, 2.62%, 4/15/08(e)		900,745
AAA(d)		252	Ameriquest Mortgage Securities, Ser. 2004, Class R2 A, FRN, 2.62%, 4/25/34(e)		251,537
Aaa		693	Argent Securites, Inc., FRN, 2.64%, 5/25/34(e)		693,266
Aaa		900	Capital Auto Receivable Asset Trust, 2.64%, 3/17/08		895,376
			Home Equity Mortgage Trust, Ser. 2004-4, Class A2 , FRN,
Aaa		267	2.68%, 12/25/34(e)		266,719
			Honda Auto Receivables Owners Trust, Ser. 2004-3, Class A1,
A-1+(d)		308	2.09%, 11/18/05		307,931
Aaa		83	Mellon Residential Funding Corp., FRN, Ser. 1999, Class A-3, 2.85%, 7/25/29(e)		83,653
Caa2		264	Quest Capital Funding, Inc., FRN, Gtd. Notes, 3.09%, 6/25/34(e)		264,627
NR		362	Vendee Mortgage Trust, FRN, Ser. 2000-1, Class 1A, 6.81%, 1/15/30(e)		374,725
Aaa		34	Washington Mutual, Ser. 2002-S2, Class 3A-1, 6.00%, 3/25/17		33,709
Aaa		1,628	Washington Mutual, Ser. 2003-R1, Class A1, FRN, 2.80%, 12/25/27(e)		1,626,550
			Total mortgage related securities		6,168,862

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 39

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
MUNICIPAL BONDS    2.0%
Aaa	$	400	Chicago Illinois, Project & Refunding, Ser. A, 5.00%, 1/1/41	$	410,316
Aa2		400	Florida St. Board of Ed., 5.00%, 6/1/32		417,408
Aaa		200	Georgia State Road & Tollway Auth. Rev., 5.00%, 3/1/21		214,254
Baa2		250	Golden State Tobacco Settlement Rev., 6.25%, 6/1/33		251,270
Baa2		100	6.75%, 6/1/39		102,095
Aaa		250	Massachusetts St. Water Res. Auth., Ser. J, 5.00%, 8/1/32		260,135
			New Jersey, Tobacco Settlement Financing Corp.,
Baa3		250	6.375%, 6/1/32		249,498
Baa3		300	6.00%, 6/1/37		285,249
Aa2		500	New York St. Dormitory Authority Revs., 6.65%, 8/15/30		592,585
Aaa		400	San Antonio Water Rev., 5.00%, 5/15/25		419,876
Aaa		200	South Carolina St. Hwy., Ser. B, 5.00%, 4/1/17		217,060
Aaa		600	South Central Connecticut Regional Water Auth., Ser. B-1, 5.00%, 8/1/26		639,198
			Total municipal bonds		4,058,944
U.S. GOVERNMENT AND AGENCY SECURITIES    16.7%
			Federal Home Loan Mortgage Corp.,
		29	3.62%, 8/1/23(c)(e),		30,237
		373	6.00%, 9/1/22(c)		387,308
		276	10.00%, 5/15/20(c)		275,798
			Federal National Mortgage Association,
		149	4.16%, 5/1/36(c)(e)		152,132
		81	4.50%, 8/1/33(c)		79,474
		99	5.00%, 1/1/19(c)		100,375
		4,486	5.00%, 10/1/34 - 1/1/35(c)		4,478,563
		287	6.00%, 5/1/16 - 12/1/17(c)		301,162
		84	6.50%, 9/1/05 - 1/1/16(c)		88,439
		174	7.50%, 1/1/32(c)		186,125
		53	8.00%, 8/25/22(c)		57,524

See Notes to Financial Statements.

40 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)	Description	Value (Note 1)
		Government National Mortgage Association,
	$     16	3.75%, 9/20/22(c)(e),	$	15,918
	80	4.50%, 8/15/33 - 9/15/33(c)		79,322
	162	8.50%, 2/20/30 - 6/15/30(c)		177,521
		United States Inflation Index Bonds,
	1,411	0.875%, 4/15/10(c)		1,391,176
	1,551	2.00%, 1/15/14(c)		1,604,121
	2,170	3.375%, 1/15/07(c)		2,275,720
	1,773	3.625%, 1/15/08(c)		1,910,934
	221	3.875%, 4/15/29(c)		303,666
		United States Treasury Bonds,
	600	8.875%, 8/15/17(c)		859,500
	400	12.00%, 8/15/13(c)		511,312
	3,100	United States Treasury Notes, 2.50%, 9/30/06(c)		3,065,004
	700	3.375%, 10/15/09(c)		690,813
	300	3.875%, 5/15/09(c)		303,234
	1,000	4.00%, 6/15/09(c)		1,014,883
	4,400	4.875%, 2/15/12(c)		4,653,172
	2,500	5.00%, 8/15/11(c)		2,659,668
	6,000	6.00%, 2/15/26(c)		7,068,750
	600	United States Treasury Strip, Zero Coupon, 11/15/16 - 2/15/22(c)		280,761
		Total U.S. government and agency securities		35,002,612
FOREIGN GOVERNMENT SECURITIES    4.1%
Aaa	EUR   600	Deutsche Bundesrepublik (Germany), 6.50%, 7/4/27		1,071,450
NR	EUR1,000	France Government Bond, 5.00%, 4/25/12		1,445,014
Ba1	$   300	Government of Panama, 9.63%, 2/8/11		352,500
Aa2	JPY3,000	Italy Government International Bond, 3.80%, 3/27/08		32,208
B1	$     55	Republic of Brazil, 10.00%, 8/7/11		62,700
B1	45	8.25%, 1/20/34		42,188
B1	860	11.00%, 8/17/40		995,450

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 41

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)	Description	Value (Note 1)
B1	$     48	Republic of Brazil, FRN 3.06%, 4/15/06(e)	$	48,178
Ba2	75	Republic of Columbia, 10.00%, 1/23/12		84,450
Baa3	1,550	Russian Government Bonds, (Step Coupon) 5.00%, 3/31/30		1,627,189
Aaa	GBP   500	United Kingdom Treasury Bond, 5.75%, 12/7/09		991,711
Aaa	GBP   800	5.00%, 9/7/14		1,554,749
Baa2	$   325	United Mexican States, 5.875%, 1/15/14		336,375
		Total foreign government securities		8,644,162
	Units
WARRANTS
	166	Gentek, Inc. Warrant B, expiring 10/31/08,		398
	81	Gentek, Inc. Warrant C, expiring 10/31/10,		143
	776	McLeodUSA, Inc. expiring 4/16/07,		109
	300,000	United Mexican States, Ser. C, expiring 6/30/05,		4,050
	300,000	United Mexican States, Ser. D, expiring 6/30/06,		7,650
	300,000	United Mexican States, Ser. E, expiring 6/30/07,		6,750
		Total warrants		19,100
		Total long-term investments (cost $148,879,908)		166,618,133
SHORT-TERM INVESTMENTS    18.9%
COMMERCIAL PAPER    15.2%
	Principal Amount (000)
P-1	$1,400	ANZ Delaware, Disc. Note, 2.38%, 2/22/05	$	1,398,127
		ASB Bank Ltd., Disc. Note,
P-1	500	2.04%, 2/14/05		499,554
P-1	1,800	2.42%, 4/7/05		1,791,674

See Notes to Financial Statements.

42 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
P-1	$	2,200	Bank of Ireland, Disc. Note, 2.53%, 4/11/05	$	2,189,022
P-1		2,500	Barclays U.S. Funding, Disc. Note, 2.52%, 4/5/05		2,488,800
P-1		500	CBA (Delaware) Finance, Disc. Note, 2.53%, 4/11/05		497,535
P-1		1,500	CDC Corp., Disc. Note, 2.04%, 2/22/05		1,497,993
			Danske Corp., Disc. Note,
P-1		1,400	2.04%, 2/14/05		1,398,750
P-1		700	2.37%, 3/14/05 - 4/1/05		697,613
P-1		700	2.50%, 4/7/05		696,759
P-1		1,300	Dexia Delaware LLC., Disc. Note, 2.36%, 3/3/05		1,297,443
P-1		2,500	DNB Bank, Disc. Note, 2.41%, 2/23/05		2,496,325
P-1		500	European Investment Bank, Disc. Note, 2.27%, 2/1/05		500,000
P-1		400	Ford Motor Credit Co., Disc. Note, 2.52%, 4/7/05		397,924
			General Electric Capital Corp., Disc. Note,
P-1		300	2.28%, 2/23/05		299,574
P-1		1,200	2.32%, 2/24/05		1,198,187
P-1		100	2.49%, 4/5/05		99,563
			ING US Funding LLC, Disc. Note,
P-1		1,100	2.45%, 3/21/05		1,096,351
P-1		1,600	2.40%, 4/5/05		1,592,832
P-1		2,400	Nestle Capital Corp., Disc Note, 2.22%, 2/15/05		2,397,693
P-1		2,000	Nordea North America, Inc. Disc., Note, 2.60%, 4/25/05		1,987,840
P-1		500	Rabobank USA, Disc. Note, 2.64%, 5/20/05		496,005
P-1		1,400	Skandi Bank, Disc. Note, 2.12%, 2/4/05		1,399,649
			UBS Finance (Delaware) LLC, Disc. Note,
P-1		100	2.03%, 2/22/05		99,866
P-1		2,500	2.51%, 4/27/05		2,484,575
P-1		200	2.57%, 5/6/05		198,626
P-1		700	Westpac Capital, Disc. Note, 2.40%, 3/10/05		698,334
			Total commercial paper		31,896,614

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 43

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description	Value (Note 1)
U.S. GOVERNMENT AND AGENCY SECURITIES    0.5%
			United States Treasury Bill,
	$	255	2.18%, 3/3/05(c)	$	254,560
		855	2.20%, 3/17/05(c)		852,782
			Total U.S. government and agency securities		1,107,342
	Shares
MUTUAL FUND    3.2%
		6,735	Dryden Core Investment Fund - Taxable Money Market Series		6,735,130
			Total short-term investments (cost $39,742,633)		39,739,086
	Contracts
OUTSTANDING OPTIONS PURCHASED
Put Options
		25	Euro Futures, expiring 3/14/05 @ 93.25		313
		48	Euro Futures, expiring 9/19/05 @ 94.75		300
					613
	Notional Amount (000)
SWAP OPTIONS
Call Options
	$	500	Swap Option 3 month LIBOR, expiring 4/27/09 @ 5.75%		57,689

See Notes to Financial Statements.

44 Visit our website at www.strategicpartners.com

Moody’s Rating	Notional Amount (000)				Value (Note 1)
Put Options
	$	500		Swap Option 3 month LIBOR, expiring 4/27/09 @ 6.25% 4/27/09	$	18,164
						75,853
				Total outstanding options purchased (cost $62,330)		76,466
				Total Investments, Before Outstanding Options Written and Securities Sold Short    98.6% (cost $188,684,871)		206,433,685
	Contracts
OUTSTANDING OPTIONS WRITTEN    (0.1)%
Call Options    (0.1)%
		(15	)	United States Treasury Notes, expiring 2/18/05 @ 113		(3,516	)
		(31	)	United States Treasury Notes, expiring 2/18/05 @ 114		(1,453	)
		(4	)	United States Treasury Notes, expiring 5/20/05 @ 114		(1,312	)
						(6,281	)
Put Options
		(5	)	90 Day GBP LIBOR, expiring 12/21/05 @ 94.25		(295	)
		(54	)	United States Treasury Notes, expiring 2/18/05 @ 108		(844	)
		(129	)	United States Treasury Notes, expiring 5/20/05 @ 108		(52,406	)
						(53,545	)
	Notional Amount (000)
SWAP OPTIONS
Call Options
	$	(1,300	)	Swap Option 3 month LIBOR, expiring 10/31/05 @ 4.00%		(9,089	)

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 45

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Notional Amount (000)				Value (Note 1)
	$	(2,900	)	Swap Option 3 month LIBOR, expiring 7/07/06 @ 4.00%	$	(29,296	)
		(3,000	)	Swap Option 3 month LIBOR, expiring 9/23/05 @ 4.00%		(18,906	)
						(57,291	)
Put Options
		(1,300	)	Swap Option 3 month LIBOR, expiring 10/31/05 @ 7.00%		(185	)
		(2,900	)	Swap Option 3 month LIBOR, expiring 7/03/06 @ 6.00%		(15,933	)
		(3,000	)	Swap Option 3 month LIBOR, expiring 9/23/05 @ 7.00%		(201	)
						(16,319	)
				Total outstanding options written (premiums received $392,959)		(133,436	)
	Principal Amount (000)
INVESTMENTS SOLD SHORT    (2.1)%
		(4,500	)	Federal National Mortgage Association, 5.00%, 2/1/34 (proceeds $4,452,891)		(4,488,750	)
				Total Investments, Net of Outstanding Option Written and Securities Sold Short    96.4% (cost $183,839,021; Note 5)		201,811,499
				Other assets in excess of liabilities(g)    3.6%		7,613,860
				Net Assets    100%	$	209,425,359

ADR—American Depository Receipt.

EUR—Euro Dollar.

FRN—Floating Rate Note.

GBP—Great British Pounds.

JPY—Japanese Yen.

MTN—Medium Term Note.

(a) Non-income producing security.

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

(c) Securities with an aggregate market value of $36,109,954 have been segregated with the custodian to cover margin requirements for futures contracts, forwards, swaps, short sells and written options open at January 31, 2005.

(d) S&P rating

(e) Floating rate note. The coupon is indexed to a floating interest rate, the rate shown is the rate at January 31, 2005.

(f) The rate shown reflects the coupon after the stop date.

(g) Other assets in excess of liabilities includes net unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts and swaps.

See Notes to Financial Statements.

46 Visit our website at www.strategicpartners.com

Open future contracts outstanding at January 31, 2005:

Number of Contracts	Type	Expiration Date	Value at January 31, 2005		Value at Trade Date		Unrealized Appreciation (Depreciation)
	Long Positions:
131	5 Yr. US T-Note	Mar. 2005	$	14,311,750	$	14,290,000	$	21,750
129	90 Day Euro	Dec. 2005		31,058,362		31,038,325		20,037
50	90 Day Euro	Mar. 2006		12,021,250		12,016,875		4,375
45	Euro-BOBL	Mar. 2005		6,657,294		6,636,197		21,097
20	US T-Bond	Mar. 2005		2,296,875		2,252,500		44,375
17	90 Day Euro	Dec. 2006		4,076,600		4,081,487		(4,887	)
15	90 Day GBP LIBOR	Dec. 2005		3,364,917		3,368,458		(3,541	)
10	2 Yr. US T-Note	Apr. 2005		2,090,625		2,098,125		(7,500	)
3	90 Day GBP LIBOR	Mar. 2005		672,842		680,020		(7,178	)
							$	88,528
	Short Positions:
33	US T-Bond	Mar. 2005	$	3,704,766	$	3,689,937	$	(14,829	)

Foreign currency exchange contracts outstanding at January 31, 2005:

Purchase Contracts	Value at Settlement Date Payable		Current Value		Unrealized Depreciation
Japanese Yen
58,958,000 Expiring 3/10/05	$	574,474	$	569,890	$	(4,584	)
Sale Contracts	Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Euros,
1,045,000 Expiring 2/10/05	$	1,383,377	$	1,362,209	$	21,168
Pound Sterling,
842,000 Expiring 2/17/05		1,578,254		1,588,095		(9,841	)
					$	11,327

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 47

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Interest rate swap agreements outstanding at January 31, 2005:

Counterparty	Termination Date	Notional Amount (000)		Fixed Rate		Floating Rate	Unrealized Appreciation (Depreciation)
Lehman Brothers, Inc. (1)	6/15/2005	USD	4,800	5.00	%	3 month LIBOR	$	(38,557	)
Goldman Sachs (2)	12/15/2007	USD	1,500	4.00	%	3 month LIBOR		(1,266	)
Merrill Lynch & Co. (2)	6/15/2008	GBP	100	5.00	%	6 month LIBOR		1,544
Goldman Sachs (2)	6/15/2010	USD	3,100	4.00	%	3 month LIBOR		1,539
Merrill Lynch & Co. (2)	6/15/2010	USD	1,100	4.00	%	3 month LIBOR		645
UBS Warburg LLC (2)	6/17/2010	EUR	400	4.00	%	6 month LIBOR		16,381
JP Morgan (2)	6/17/2010	EUR	400	4.00	%	6 month LIBOR		16,381
UBS Warburg LLC (1)	12/15/2014	EUR	3,700	5.00	%	6 month LIBOR		(463,289	)
Lehman Brothers, Inc. (1)	6/15/2025	USD	1,500	6.00	%	3 month LIBOR		(44,507	)
Barclay’s Capital (1)	3/15/2032	GBP	900	5.00	%	6 month LIBOR		(16,395	)
JP Morgan (2)	3/15/2032	EUR	1,100	6.00	%	6 month EBOR		88,828
Barclay's Capital (1)	6/18/2034	GBP	400	5.00	%	6 month LIBOR		(14,181	)
JP Morgan (2)	6/18/2034	EUR	600	6.00	%	6 month LIBOR		76,006
							$	(376,871	)

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

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

Credit default swap agreements outstanding at January 31, 2005:

Counterparty	Termination Date	Notional Amount (000)	Fixed Rate	Underlying Bond	Unrealized Appreciation (Depreciation)
				Allstate Insurance
Morgan Stanley & Co., Inc. (1)	12/20/2008	200	0.26%	6.125%, 2/15/12	$	(808	)
				Ingersoll Rand
Merrill Lynch & Co. (1)	12/20/2008	100	0.32%	6.48%, 6/1/25		(529	)
				Emerson
Morgan Stanley & Co., Inc. (1)	12/20/2008	100	0.21%	4.625%, 10/15/12		(219	)
				Eli Lilly
Barclay’s Bank PLC (1)	12/20/2008	200	0.16%	6.00%, 3/15/12		(274	)
				E.I. Dupont
Bank of America Securities LLC (1)	12/20/2008	100	0.13%	6.875%, 10/15/09		(94	)
				Hewlett Packard
Bear Stearns & Co. (1)	12/20/2008	200	0.32%	6.50%, 7/12/12		(899	)
				Johnson & Johnson
Lehman Brothers, Inc. (1)	12/20/2008	200	0.11%	3.80%, 5/15/13		(190	)
				Home Depot
Lehman Brothers, Inc. (1)	12/20/2008	200	0.12%	5.375%, 4/01/06		(473	)

See Notes to Financial Statements.

48 Visit our website at www.strategicpartners.com

Counterparty	Termination Date	Notional Amount (000)	Fixed Rate	Underlying Bond	Unrealized Appreciation (Depreciation)
				Federal Express
Citigroup Global Partners, Inc. (1)	12/20/2008	100	0.29%	7.25%, 2/15/11	$	(444	)
				Whirlpool
Lehman Brothers, Inc. (1)	12/20/2008	100	0.29%	8.60%, 5/1/10		(54	)
				Eaton Vance
Citigroup Global Partners, Inc. (1)	12/20/2008	200	0.28%	5.75%, 7/15/12		(1,111	)
				Wal-Mart
Citigroup Global Partners, Inc. (1)	12/20/2008	300	0.14%	6.875%, 8/10/09		(386	)
				AutoZone
UBS Warburg LLC (1)	12/20/2008	300	0.35%	5.875%, 10/15/12		2,870
				Costco
Lehman Brothers, Inc. (1)	12/20/2008	100	0.24%	5.50%, 3/15/07		(438	)
				Masco
Lehman Brothers, Inc. (1)	12/20/2008	100	0.35%	5.875%, 7/15/12		(277	)
				RadioShack
Lehman Brothers, Inc. (1)	12/20/2008	100	0.35%	7.375%, 5/15/11		(456	)
				Walt Disney
Barclay’s Bank PLC (1)	12/20/2008	100	0.67%	6.375%, 3/1/12		(1,662	)
				Northrop Grumman
Lehman Brothers, Inc. (1)	12/20/2008	100	0.48%	7.1425%, 2/15/11		(844	)
				Lockheed Martin
Lehman Brothers, Inc. (1)	12/20/2008	100	0.53%	8.20%, 12/1/09		(964	)
				Goodrich
UBS Warburg LLC (1)	12/20/2008	100	0.97%	7.625%, 12/15/12		(2,338	)
				Peoples Republic of China
Lehman Brothers, Inc. (1)	6/20/2009	500	0.40%	6.80%, 05/23/11		(3,453	)
				General Motors
Bear Stearns & Co. (2)	6/20/2005	2,000	0.69%	7.125%, 07/15/13		3,090
				General Motors Accept. Corp.
Bear Stearns & Co. (1)	6/20/2005	2,000	0.55%	6.875%, 08/28/12		(1,433	)
					$	(11,386	)

(1) Fund pays the fixed rate and receives from the counterparty payment in the event that the underlying bond defaults.

(2) Fund pays the counterparty payment in the event that the underlying bond defaults and receives the fixed rate.

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 49

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2005 were as follows:

US Government and Agency Securities	17.2	%
Commercial Paper	15.2
Foreign Government Securities	4.1
Mutual Fund	3.2
Mortgage Related Securities	2.9
Oil & Gas	2.5
Pharmaceuticals	2.1
Diversified Financial Services	2.0
Municipal Bonds	2.0
Software	2.0
Health Care Providers & Services	1.9
Insurance	1.8
Telecommunications	1.8
Electric	1.8
Capital Markets	1.5
Industrial Conglomerates	1.5
Non Captive Finance	1.5
Energy Equipment & Services	1.4
Internet Software & Services	1.3
Computers & Peripherals	1.2
Food & Staples Retailing	1.2
Specialty Retail	1.2
Commercial Services & Supplies	1.1
Communication Equipment	1.1
Chemicals	1.1
Media & Entertainment	1.1
Health Care & Pharmaceuticals	1.0
Biotechnology	0.9
Aerospace & Defense	0.9
Electric Utilities	0.8
Hotels, Restaurants & Leisure	0.8
Media	0.8
Capital Goods	0.8
Electronic Equipment & Instruments	0.7
Gaming	0.7
Consumer Finance	0.6
Diversified Telecommunication Services	0.6
Health Care Equipment & Supplies	0.6
Household Durables	0.6
Semiconductors & Semiconductor Equipment	0.6
Wireless Communication	0.6
Multi-Utilities & Unregulated Power	0.6
Energy — Other	0.6
Pipelines & Other	0.6
Commercial Banks	0.5
Household Products	0.5

See Notes to Financial Statements.

50 Visit our website at www.strategicpartners.com

Internet & Catalog Retail	0.5	%
Tobacco	0.5
Lodging	0.5
Metals	0.5
Multiline Retail	0.4
Office Electronics	0.4
Transportation	0.4
Cable	0.4
Consumer	0.4
Packaging	0.4
Paper	0.4
Retailers	0.4
Technology	0.4
Apparel	0.3
Paper & Forest Products	0.3
Personal Products	0.3
Food	0.3
Homebuilding	0.2
IT Services	0.2
Machinery	0.2
Metals & Mining	0.2
Retail	0.2
Thrifts & Mortgage Finance	0.2
Automotive	0.2
Banking	0.2
Building Materials & Construction	0.2
Banks	0.1
Building Products	0.1
Real Estate Investment Trust	0.1
Airlines	0.1
Automobiles	0.1
Auto Components	0.0	*
Distributors	0.0	*
Diversified Manufacturing	0.0	*
Electrical Equipment	0.0	*
Leisure Equipment & Products	0.0	*
Warrants	0.0	*
Options Purchased	0.0	*
Outstanding Options Written	(0.1	)
Investments Sold Short	(2.1	)
	96.4
Other assets in excess of liabilities	3.6
	100.0	%

* Amount represents less than 0.1% of net assets.

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 51

Statement of Assets and Liabilities

January 31, 2005 (Unaudited)

ASSETS
Investments, at value (cost $188,684,871)	$	206,433,685
Cash		6,481,849
Foreign currency, at value (cost $359,514)		361,136
Receivable for investments sold		7,943,787
Interest and dividends receivable		1,376,853
Receivable for Fund shares sold		475,864
Unrealized appreciation on swap agreements		207,284
Premium paid for interest rate swap		76,535
Unrealized appreciation on forward foreign currency contracts		21,168
Prepaid expenses and other assets		6,793
Total assets		223,384,954
LIABILITIES
Payable for investments purchased		6,966,631
Securities sold short, at value (proceeds $4,452,891)		4,488,750
Payable for Fund shares reacquired		897,990
Unrealized depreciation on swap agreements		595,541
Premium received for interest rate swap		454,049
Distribution fee payable		144,206
Accrued expenses and other liabilities		134,496
Outstanding options written (premium received $392,959)		133,436
Management fee payable		113,448
Unrealized depreciation on forward foreign currency contracts		14,425
Due to broker—variation margin		9,110
Deferred trustee’s fees		7,513
Total liabilities		13,959,595
NET ASSETS	$	209,425,359
Net assets were comprised of:
Shares of beneficial interest, at par	$	19,174
Paid-in capital, in excess of par		188,782,263
		188,801,437
Accumulated net investment loss		(463,955	)
Accumulated net realized gain on investments and foreign currency transactions		3,387,149
Net unrealized appreciation on investments and foreign currency transactions		17,700,728
Net assets, January 31, 2005	$	209,425,359

See Notes to Financial Statements.

52 Visit our website at www.strategicpartners.com

Class A:
Net asset value and redemption price per share ($43,220,312 ÷ 3,950,857 shares of beneficial interest issued and outstanding)	$	10.94
Maximum sales charge (5.5% of offering price)		0.64
Maximum offering price to public	$	11.58
Class B:
Net asset value, offering price and redemption price per share ($114,976,418 ÷ 10,531,945 shares of beneficial interest issued and outstanding)	$	10.92
Class C:
Net asset value, offering price and redemption price per share ($43,783,367 ÷ 4,010,927 shares of beneficial interest issued and outstanding)	$	10.92
Class M:
Net asset value, offering price and redemption price per share ($992,330 ÷ 90,901 shares of beneficial interest issued and outstanding)	$	10.92
Class R:
Net asset value, offering price and redemption price per share ($2,526 ÷ 231 shares of beneficial interest issued and outstanding)	$	10.94
Class X:
Net asset value, offering price and redemption price per share ($1,264,305 ÷ 115,873 shares of beneficial interest issued and outstanding)	$	10.91
Class Z:
Net asset value, offering price and redemption price per share ($5,186,101 ÷ 473,686 shares of beneficial interest issued and outstanding)	$	10.95

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 53

Statement of Operations

Six Months Ended January 31, 2005 (Unaudited)

NET INVESTMENT INCOME
Income
Interest (net of foreign withholding taxes of $2,966)	$	2,192,387
Dividends (net of foreign withholding taxes of $3,560)		650,215
Total income		2,842,602
Expenses
Management fee		767,751
Distribution fee—Class A		50,317
Distribution fee—Class B		570,486
Distribution fee—Class C		223,305
Distribution fee—Class M		1,928
Distribution fee—Class R		4
Distribution fee—Class X		141
Custodian’s fees and expenses		192,000
Transfer agent’s fees and expenses		96,000
Reports to shareholders		30,000
Registration fees		25,000
Legal fees		15,000
Audit fee		9,000
Trustees’ fees		7,000
Miscellaneous		6,164
Total expenses		1,994,096
Net investment income		848,506
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		4,120,901
Options written		126,968
Short sales		(24,873	)
Foreign currency transactions		(88,134	)
Futures		991,096
Swaps		617,589
		5,743,547
Net change in unrealized appreciation (depreciation) on:
Investments		6,790,618
Foreign currencies		(30,058	)
Financial futures contracts		(126,997	)
Short sales		(23,836	)
Options written		55,589
Swaps		(496,979	)
		6,168,337
Net gain on investments		11,911,884
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,760,390

See Notes to Financial Statements.

54 Visit our website at www.strategicpartners.com

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended January 31, 2005			Year Ended July 31, 2004
INCREASE IN NET ASSETS
Operations
Net investment income	$	848,506		$	1,959,777
Net realized gain (loss) on investments and foreign currency transactions		5,743,547			11,124,858
Net change in unrealized appreciation (depreciation) of investments and foreign currencies		6,168,337			2,240,113
Net increase in net assets resulting from operations		12,760,390			15,324,748
Dividends and distributions (Note 1)
Dividends from net investment income
Class A		(446,777	)		(576,932	)
Class B		(843,420	)		(1,080,185	)
Class C		(331,607	)		(438,054	)
Class M		(3,154	)		—
Class R		(25	)		—
Class X		(44	)		—
Class Z		(66,714	)		(95,908	)
Total dividends from net investment income		(1,691,741	)		(2,191,079	)
Distributions from net realized gain
Class A		(615,026	)		—
Class B		(1,740,925	)		—
Class C		(684,630	)		—
Class M		(10,101	)		—
Class R		(39	)		—
Class X		(114	)		—
Class Z		(82,388	)		—
		(3,133,223	)		—
Fund share transactions (net of share conversions) (Note 6)
Net proceeds from shares sold		24,620,181			68,272,778
Net asset value of shares issued in reinvestment of dividends and distributions		4,414,518			1,996,741
Cost of shares reacquired		(22,634,503	)		(46,848,589	)
Net increase in net assets from Fund share transactions		6,400,196			23,420,930
Total increase		14,335,622			36,554,599
NET ASSETS
Beginning of period		195,089,737			158,535,138
End of period	$	209,425,359		$	195,089,737
(a) Includes undistributed net investment income of:	$	—		$	379,280

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 55

Notes to Financial Statements

(Unaudited)

Strategic Partners Asset Allocation Funds (the “Trust”), is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company presently consisting of three portfolios: Strategic Partners Conservative Growth Fund (the “Fund”), Strategic Partners Moderate Growth Fund and Strategic Partners High Growth Fund. These financial statements relate only to Strategic Partners Conservative Growth Fund. The financial statements of the other portfolios are not presented herein. The Trust was organized as a business trust in Delaware on July 29, 1998.

Jennison Associates LLC (“Jennison”), Prudential Investment Management, Inc. (“PIM”), Pacific Investment Management Company LLC, RS Investment Management, L.P. and EARNEST Partners, LLC are the Fund’s “Advisers”.

The investment objective of the Fund is to provide current income and a reasonable level of capital appreciation. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of debt obligations and equity securities. The ability of the issuers of the debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry or country.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its 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 traded via Nasdaq are valued at the official closing price provided by Nasdaq. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the Advisers, to be over-the-counter, are valued at market value using prices provided by a 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

56 Visit our website at www.strategicpartners.com

at the last bid price in the absence of an asked price. Certain fixed income securities for which daily market quotations are not readily available may be valued with reference to fixed income securities whose prices are more readily available, pursuant to guidelines established by the Board of Trustees. 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 Board of Trustees’ approved fair valuation procedures. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

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

Short-term securities, which mature in sixty days or less, are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term securities, which mature in more than sixty days are valued at current market quotations.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. Dollars on the following basis:

(i) market value of investment securities, other assets and liabilities—at the current daily rates of exchange.

(ii) purchases and sales of investment securities, income and expenses—at the rate of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period. Accordingly, realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 57

Notes to Financial Statements

Cont’d

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on investments and foreign currencies. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability and the level of governmental supervision and regulation of foreign securities markets.

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

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.

58 Visit our website at www.strategicpartners.com

The Fund invests in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates or market conditions. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets.

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. The Fund may enter into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency. The contracts are valued daily at current exchange rates and any unrealized gain or loss is included in the Statement of Assets and Liabilities as in unrealized appreciation and/or depreciation on forward foreign currency contracts. 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 counterparties to meet the terms of their contracts.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses on sales of securities are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount on debt securities as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis. Net investment income or loss (other than distribution fees, which are charged directly to 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.

Dividends and Distributions: The Fund expects to pay dividends of net investment income quarterly, and distributions of net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid in capital in excess of par as appropriate.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 59

Notes to Financial Statements

Cont’d

Options: The Fund 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 or foreign currency exchange rates with respect to securities or currencies 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 writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. 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. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase in determining whether the Fund has realized a gain or loss. 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 options written.

The Fund, as writer of an option, has no control over whether the underlying securities or currencies 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 currency underlying the written option. The Fund, as purchaser of an option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

Short Sales: The Fund may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Fund may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Fund makes a short sale, it will borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow the particular securities and may be obligated to return any interest or dividends received on such borrowed securities.

A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale

60 Visit our website at www.strategicpartners.com

if the market price is less or greater than the proceeds originally received, respectively, and is presented in the Statement of Operations as net realized gain or loss on short sales.

Swaps: The Fund 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 Fund enters 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 and may involve payment/receipt of a premium at the time of initiation of the swap agreement. 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 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 counterparty to meet the terms of the agreement.

Written options, future contracts, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends are recorded net of reclaimable amounts, at the time the related income is earned.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 61

Notes to Financial Statements

Cont’d

Estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Note 2. Agreements

The Trust has a management agreement with PI. Pursuant to this agreement, PI manages the investment operations of the Fund, administers the Fund’s affairs and supervises the Advisers’ performance of all investment advisory services. Pursuant to the advisory agreement, PI pays the cost of compensation of officers of the Fund, occupancy and certain clerical and accounting costs of the Fund. The Fund bears all other costs and expenses. The management fee paid to PI is computed daily and payable monthly at an annual rate of 0.75 of 1% of average daily net assets up to $500 million, 0.70 of 1% of average daily net assets for the next $500 million and 0.65 of 1% of average daily net assets in excess of $1 billion. The effective management fee rate was .75 of 1% for the six months ended January 31, 2005.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C, Class M, Class R and Class X shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor for Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30 of 1%, 1%, 1%, 1%, .75 of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively. Such expenses under the plans were .25 of 1%, 1%, 1%, 1%, .50 of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively, for the six months ended January 31, 2005.

PIMS has advised the Fund that it has received approximately $175,000 in front-end sales charges resulting from sales of Class A shares during the six months ended January 31, 2005. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to sales persons and incurred other distribution costs.

62 Visit our website at www.strategicpartners.com

PIMS has advised the Fund that for the six months ended January 31, 2005, it has received approximately $106,100, $9,700, $3,000, $0 and $0 in contingent deferred sales charges imposed upon certain redemptions by Class B, Class C, Class M, Class R and Class X shareholders, respectively.

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

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a syndicated credit agreement (“SCA”) with a group of banks. The SCA provided for a commitment of $500 million. Interest on any borrowings under the SCA would be incurred at market rates. The Funds paid a commitment fee of .08 of 1% of the unused portion of the SCA. The commitment fee is accrued daily and paid quarterly and is allocated to the Funds pro rata, based on net assets. The purpose of the SCA is to serve as an alternative source of funding for capital share redemptions. The expiration date of the SCA was October 29, 2004. Effective October 29, 2004, the Funds entered into a revised credit agreement with two banks. The commitment under the revised credit agreement continues to be $500 million. The Funds pay a commitment fee of .075 of 1% of the unused portion of the revised credit agreement. The expiration date of the revised credit agreement is October 28, 2005. The Fund did not borrow any amounts pursuant to the SCA during the period ended January 31, 2005.

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly owned subsidiary of Prudential, serves as the Fund’s transfer agent. During the six months ended January 31, 2005, the Fund incurred fees of approximately $72,100 for the services of PMFS. As of January 31, 2005, approximately $12,300 of such fees were due to PMFS. Transfer agent fees and expenses in the Statement of Operations include certain out–of-pocket expenses paid to non-affiliates, where applicable.

The Fund pays networking fees to affiliated and unaffiliated broker/dealers. These networking fees are payments made to broker/dealers that clear mutual fund transactions through a national mutual fund clearing system. The Fund incurred approximately $22,800 in total networking fees, of which the amount relating to the services of Wachovia Securities, LLC (“Wachovia”) and First Clearing Corporation (“First Clearing”), affiliates of PI, were approximately $2,400 and $17,700, respectively for the six months ended January 31, 2005. As of January 31, 2005, approximately $3,065 of such fees were due to First Clearing. These amounts are included in transfer agent’s fees and expenses in the Statement of Operations.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 63

Notes to Financial Statements

Cont’d

For the six months ended January 31, 2005, Wachovia earned $1,060 and Prudential Equity Group, a wholly owned subsidiary of Prudential, earned $1,848 in brokerage commissions from portfolio transactions executed on behalf of the Fund.

The Fund invests in the Taxable Money Market Series (the “Series”), a portfolio of Dryden Core Investment Fund, formally known as Prudential Core Investment Fund, pursuant to an exemptive order received from the Securities and Exchange Commission. The Series is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI. For the six months ended January 31, 2005, the Fund earned income of approximately $62,535 from the Series by investing its excess cash.

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, excluding short-term investments, for the six months ended January 31, 2005, aggregated $155,646,288 and $150,326,799 respectively.

Transactions in options written during the six months ended January 31, 2005, were as follows:

	Number of Contracts/ Notional Amount		Premiums Received
Options outstanding at July 31, 2004	16,600,021		$	314,079
Options written	447			206,128
Options closed	(8	)		(1,845	)
Options expired	(2,200,222	)		(125,403	)
Options outstanding at January 31, 2005	14,400,238		$	392,959

64 Visit our website at www.strategicpartners.com

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation (depreciation) as of January 31, 2005 were follows:

Tax Basis	Appreciation	Depreciation	Other Cost Basis Adjustments	Total Net Unrealized Appreciation
$189,146,811	$18,936,799	$1,649,925	$(48,086)	$17,238,788

The difference between book basis and tax basis were primarily attributable to deferred losses on wash sales. The other cost basis adjustments are primarily attributable to appreciation (depreciation) of foreign currency and mark to market of receivables, payables and swaps.

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares. Class A shares are subject to a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are not subject to an initial sales charge but are subject to a contingent deferred sales charge (CDSC) of 1%, including investors who purchase their shares through broker-dealers affiliated with Prudential. Class B shares are subject to a CDSC of 5%, which decreases by 1% annually to 1% in the fifth and sixth years and 0% in the seventh year. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. The CDSC for Class C shares is 1% for shares redeemed within 12 months of purchase. Class M shares are generally closed to new purchases. Class M shares are subject to a CDSC of 6%, which decreases by 1% annually to 2% in the fifth and sixth years and 1% in the seventh year. Class M shares automatically convert to Class A shares approximately eight years after purchase. Class X shares are generally closed to new purchases. Class X shares are subject to a CDSC of 6%, which decreases by 1% annually to 4% in the third and fourth years, by 1% annually to 2% in the sixth and seventh years, and 1% in the eighth year. Class X shares automatically convert to Class A shares on a quarterly basis approximately ten years (eight years in the case of shares purchased prior to August 19, 1998) after purchase. An exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

The Fund has authorized an unlimited number of shares of beneficial interest at $.001 par value per share. As of January 31, 2005, Prudential owned 231 shares each of Class M, Class R and Class X shares.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 65

Notes to Financial Statements

Cont’d

Transactions in shares of beneficial interest were as follows:

Class A	Shares		Amount
Six months ended January 31, 2005:
Shares sold	725,796		$	7,848,841
Shares issued in reinvestment of dividends and distributions	89,575			974,390
Shares reacquired	(378,408	)		(4,104,323	)
Net increase (decrease) in shares outstanding before conversion	436,963			4,718,908
Shares issued upon conversion from class B	60,495			656,046
Net increase (decrease) in shares outstanding	497,458		$	5,374,954
Year ended July 31, 2004:
Shares sold	1,599,242		$	16,662,932
Shares issued in reinvestment of dividends and distributions	50,872			530,296
Shares reacquired	(1,111,788	)		(11,545,933	)
Net increase (decrease) in shares outstanding before conversion	538,326			5,647,295
Shares issued upon conversion from class B	97,569			1,018,465
Net increase (decrease) in shares outstanding	635,895		$	6,665,760
Class B
Six months ended January 31, 2005:
Shares sold	876,178		$	9,475,555
Shares issued in reinvestment of dividends and distributions	223,575			2,427,921
Shares reacquired	(1,004,185	)		(10,852,009	)
Net increase (decrease) in shares outstanding before conversion	95,568			1,051,467
Shares reacquired upon conversion from class A	(60,603	)		(656,046	)
Net increase (decrease) in shares outstanding	34,965		$	395,421
Year ended July 31, 2004:
Shares sold	2,995,449		$	31,176,646
Shares issued in reinvestment of dividends and distributions	97,295			1,013,655
Shares reacquired	(1,785,062	)		(18,629,690	)
Net increase (decrease) in shares outstanding before conversion	1,307,682			13,560,611
Shares reacquired upon conversion from class A	(97,799	)		(1,018,465	)
Net increase (decrease) in shares outstanding	1,209,883		$	12,542,146
Class C
Six months ended January 31, 2005:
Shares sold	391,804		$	4,201,683
Shares issued in reinvestment of dividends and distributions	79,118			858,663
Shares reacquired	(594,130	)		(6,404,926	)
Net increase (decrease) in shares outstanding	(123,208	)	$	(1,344,580	)

66 Visit our website at www.strategicpartners.com

Class C	Shares		Amount
Year ended July 31, 2004:
Shares sold	1,466,771		$	15,247,425
Shares issued in reinvestment of dividends and distributions	35,157			364,536
Shares reacquired	(1,228,827	)		(12,719,029	)
Net increase (decrease) in shares outstanding	273,101		$	2,892,932
Class M
October 4, 2004 to January 31, 2005:
Shares sold	105,550		$	1,159,833
Shares issued in reinvestment of dividends and distributions	1,212			13,196
Shares reacquired	(15,861	)		(174,756	)
Net increase (decrease) in shares outstanding	90,901		$	998,273
Class R
October 4, 2004 to January 31, 2005:
Shares sold	231		$	2,500
Shares issued in reinvestment of dividends and distributions	—			—
Shares reacquired	—			—
Net increase (decrease) in shares outstanding	231		$	2,500
Class X
October 4, 2004 to January 31, 2005:
Shares sold	115,866		$	1,259,477
Shares issued in reinvestment of dividends and distributions	9			99
Shares reacquired	(2	)		(25	)
Net increase (decrease) in shares outstanding	115,873		$	1,259,551
Class Z
Six months ended January 31, 2005:
Shares sold	61,903		$	672,292
Shares issued in reinvestment of dividends and distributions	12,904			140,249
Shares reacquired	(101,703	)		(1,098,464	)
Net increase (decrease) in shares outstanding	(26,896	)	$	(285,923	)
Year ended July 31, 2004:
Shares sold	487,029		$	5,185,775
Shares issued in reinvestment of dividends and distributions	8,402			88,254
Shares reacquired	(376,938	)		(3,953,937	)
Net increase (decrease) in shares outstanding	118,493		$	1,320,092

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 67

Financial Highlights

(Unaudited)

	Class A
	Six Months Ended 01/31/2005(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	10.51
Income (loss) from investment operations
Net investment income		.08
Net realized and unrealized gain (loss) on investment transactions		.64
Total from investment operations		.72
Less Distributions
Dividends from net investment income		(.12	)
Distributions from net realized gains on investments		(.17	)
Total dividends and distributions		(.29	)
Net asset value, end of period	$	10.94
Total Return(a)		6.87	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	43,220
Average net assets (000)	$	39,925
Ratio to average net assets :
Expenses, including distribution and service (12b-1) fees(e)		1.37	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.12	%(c)
Net investment income (loss)		1.41	%(c)
For Class A, B, C, M, R, X and Z shares:
Portfolio turnover rate		114	%(d)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculated based upon weighted average shares outstanding during the period.

(c) Annualized.

(d) Not annualized.

(e) The distributor of the fund has contractually agreed to limit its distribution and service (12b-1) fees to .25 of 1% on the average daily net assets of the Class A shares.

* Effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and accreting market discount on debt securities. The effect of this change for the year ended July 31,2002 was to decrease net investment income and increase net realized and unrealized gain (loss) per share by less than $.005 and decrease the ratio of net investment income from 2.72% to 2.71%. Per share amounts and ratios for the years ended prior to July 31, 2002 have not been restated to reflect this change in presentation.

See Notes to Financial Statements.

68 Visit our website at www.strategicpartners.com

Class A
Year Ended July 31,
2004			2003			2002*			2001			2000
$	9.71		$	8.81		$	9.95		$	11.06		$	10.36
	.17			.24			.26			.37			.37
	.82			.89			(1.15	)		(.30	)		.82
	.99			1.13			(.89	)		.07			1.19
	(.19	)		(.23	)		(.25	)		(.36	)		(.37	)
	—			—			—			(.82	)		(.12	)
	(.19	)		(.23	)		(.25	)		(1.18	)		(.49	)
$	10.51		$	9.71		$	8.81		$	9.95		$	11.06
	10.18	%		13.08	%		(9.10	)%		1.00	%		11.73	%
$	36,307		$	27,364		$	20,234		$	16,760		$	14,514
$	32,710		$	22,847		$	18,414		$	15,985		$	12,535
	1.42	%		1.51	%		1.62	%		1.72	%		1.73	%
	1.17	%		1.26	%		1.37	%		1.47	%		1.48	%
	1.67	%		2.66	%		2.71	%		3.61	%		3.46	%
	160	%		269	%		338	%		334	%		244	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 69

Financial Highlights

(unaudited) Cont’d

	Class B
	Six Months Ended 01/31/2005(b)
Per Share Operating Performance:
Net asset value, beginning of period	$	10.49
Income (loss) from investment operations
Net investment income		.03
Net realized and unrealized gain (loss) on investment transactions		.65
Total from investment operations		.68
Less distributions
Dividends from net investment income		(.08	)
Distributions from net realized gains on investments		(.17	)
Total dividends and distributions		(.25	)
Net asset value, end of period	$	10.92
Total Return(a)		6.48	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	114,976
Average net assets (000)	$	113,167
Ratio to average net assets :
Expenses, including distribution and service (12b-1) fees		2.12	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.12	%(c)
Net investment income (loss)		.65	%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculated based upon weighted average shares outstanding during the period.

(c) Annualized.

* Effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and accreting market discount on debt securities. The effect of this change for the year ended July 31,2002 was to decrease net investment income and increase net realized and unrealized gain (loss) per share by less than $.005 and decrease the ratio of net investment income from 2.72% to 2.71%. Per share amounts and ratios for the years ended prior to July 31, 2002 have not been restated to reflect this change in presentation.

See Notes to Financial Statements.

70 Visit our website at www.strategicpartners.com

Year Ended July 31,
2004			2003			2002*			2001			2000
$	9.69		$	8.79		$	9.93		$	11.05		$	10.35
	.10			.18			.19			.29			.29
	.81			.88			(1.15	)		(.29	)		.82
	.91			1.06			(.96	)		—			1.11
	(.11	)		(.16	)		(.18	)		(.30	)		(.29	)
	—			—			—			(.82	)		(.12	)
	(.11	)		(.16	)		(.18	)		(1.12	)		(.41	)
$	10.49		$	9.69		$	8.79		$	9.93		$	11.05
	9.40	%		12.27	%		(9.81	)%		.34	%		10.89	%
$	110,140		$	90,029		$	68,841		$	62,177		$	43,838
$	104,309		$	78,562		$	67,736		$	52,433		$	36,574
	2.17	%		2.26	%		2.37	%		2.47	%		2.48	%
	1.17	%		1.26	%		1.37	%		1.47	%		1.48	%
	.93	%		1.93	%		1.97	%		2.84	%		2.70	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 71

Financial Highlights

(Unaudited) Cont’d

	Class C
	Six Months Ended 01/31/2005(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	10.49
Income (loss) from investment operations
Net investment income		.03
Net realized and unrealized gain (loss) on investment transactions		.65
Total from investment operations		.68
Less distributions
Dividends from net investment income		(.08	)
Distributions from net realized gains on investments		(.17	)
Total dividends and distributions		(.25	)
Net asset value, end of period	$	10.92
Total Return(a)		6.48	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	43,783
Average net assets (000)	$	44,297
Ratio to average net assets :
Expenses, including distribution and service (12b-1) fees		2.12	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.12	%(c)
Net investment income (loss)		.65	%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculated based upon weighted average shares outstanding during the period.

(c) Annualized.

* Effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and accreting market discount on debt securities. The effect of this change for the year ended July 31,2002 was to decrease net investment income and increase net realized and unrealized gain (loss) per share by less than $.005 and decrease the ratio of net investment income from 2.72% to 2.71%. Per share amounts and ratios for the years ended prior to July 31, 2002 have not been restated to reflect this change in presentation.

See Notes to Financial Statements.

72 Visit our website at www.strategicpartners.com

Class C
Year Ended July 31,
2004				2003			2002*			2001			2000
$	9.69			$	8.79		$	9.93		$	11.05		$	10.35
	.10				.17			.19			.29			.28
	.81				.89			(1.15	)		(.29	)		.83
			��
	.91				1.06			(.96	)		—			1.11
	(.11	)			(.16	)		(.18	)		(.30	)		(.29	)
	—				—			—			(.82	)		(.12	)
	(.11	)			(.16	)		(.18	)		(1.12	)		(.41	)
$	10.49			$	9.69		$	8.79		$	9.93		$	11.05
	9.40	%			12.27	%		(9.81	)%		.34	%		10.89	%
$	43,375			$	37,429		$	25,419		$	14,626		$	11,301
$	41,938			$	31,449		$	18,350		$	12,763		$	12,954
	2.17	%			2.26	%		2.37	%		2.47	%		2.48	%
	1.17	%			1.26	%		1.37	%		1.47	%		1.48	%
	.94	%			1.91	%		1.97	%		2.84	%		2.63	%

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 73

Financial Highlights

Unaudited Cont’d

	Class M
	October 4, 2004 through January 31, 2005(a)(d)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	10.81
Income (loss) from investment operations
Net investment income		.03
Net realized and unrealized gain (loss) on investment transactions		.34
Total from investment operations		.37
Less Distributions
Dividends from net investment income		(.09	)
Distributions from net realized gains on investments		(.17	)
Total dividends and distributions		(.26	)
Net asset value, end of period	$	10.92
Total Return(b)		3.20	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	992
Average net assets (000)	$	591
Ratio to average net assets :
Expenses, including distribution and service (12b-1) fees(e)		2.12	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.12	%(c)
Net investment income (loss)		.89	%(c)

(a) Commencement of offering of new share class.

(b) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) Calculated based upon weighted average shares outstanding during the period.

(e) The distributor of the fund has contractually agreed to limit its distribution and service (12b-1) fees to .50 of 1% on the average daily net assets of the Class R shares.

See Notes to Financial Statements.

74 Visit our website at www.strategicpartners.com

Class R			Class X
October 4, 2004 through January 31, 2005(a)(d)			October 4, 2004 through January 31, 2005(a)(d)
$	10.84		$	10.81
	.05			.01
	.33			.35
	.38			.36
	(.11	)		(.09	)
	(.17	)		(.17	)
	(.28	)		(.26	)
$	10.94		$	10.91
	3.29	%		3.11	%
$	3		$	1,264
$	3		$	43
	1.62	%(c)		2.12	%(c)
	1.12	%(c)		1.12	%(c)
	1.46	%(c)		1.11	%(c)

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 75

Financial Highlights

(Unaudited) Cont’d

	Class Z
	Six Months Ended 01/31/2005(b)
Per Share Operating Performance:(d)
Net asset value, beginning of period	$	10.52
Income (loss) from investment operations
Net investment income		.09
Net realized and unrealized gain (loss) on investment transactions		.65
Total from investment operations		0.74
Less distributions
Dividends from net investment income		(.14	)
Distributions from net realized gains on investments		(.17	)
Total dividends and distributions		(.31	)
Net asset value, end of period	$	10.95
Total Return(a)		7.00	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	5,186
Average net assets (000)	$	5,263
Ratio to average net assets :
Expenses, including distribution and service (12b-1) fees		1.12	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.12	%(c)
Net investment income (loss)		1.66	%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculated based upon weighted average shares outstanding during the period.

(c) Annualized.

(d) Not annualized.

* Effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and accreting market discount on debt securities. The effect of this change for the year ended July 31,2002 was to decrease net investment income and increase net realized and unrealized gain (loss) per share by less than $.005 and decrease the ratio of net investment income from 2.72% to 2.71%. Per share amounts and ratios for the years ended prior to July 31, 2002 have not been restated to reflect this change in presentation.

See Notes to Financial Statements.

76 Visit our website at www.strategicpartners.com

Class Z
Year Ended July 31,
2004			2003			2002*			2001			2000
$	9.72		$	8.81		$	9.95		$	11.05		$	10.37
	.20			.26			.28			.38			.35
	.81			.90			(1.14	)		(.28	)		.85
	1.01			1.16			(.86	)		.10			1.20
	(.21	)		(.25	)		(.28	)		(.38	)		(.40	)
	—			—			—			(.82	)		(.12	)
	(.21	)		(.25	)		(.28	)		(1.20	)		(.52	)
$	10.52		$	9.72		$	8.81		$	9.95		$	11.05
	10.44	%		13.45	%		(8.87	)%		1.30	%		11.84	%
$	5,267		$	3,714		$	2,250		$	1,432		$	471
$	4,712		$	3,139		$	1,773		$	949		$	12,354
	1.17	%		1.26	%		1.37	%		1.47	%		1.48	%
	1.17	%		1.26	%		1.37	%		1.47	%		1.48	%
	1.93	%		2.90	%		2.96	%		3.78	%		3.30	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Conservative Growth Fund 77

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 Trustees of the Fund has delegated to the Fund’s investment advisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. 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 Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2004, is available on the Fund’s website at http://www.prudential.com and on the Commission’s website at http:/www.sec.gov.

TRUSTEES

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 • 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* (as of January 31, 2005)	EARNEST Partners, LLC	75 14th Street, Suite 2300 Atlanta, GA 30309
	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
	Pacific Investment Management Company LLC	840 Newport Center Drive Newport Beach, CA 92660
	Prudential Investment Management, Inc.	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
	RS Investment Management, L.P.	388 Market Street Suite 1700 San Francisco, CA 94111
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
CUSTODIAN	The Bank of New York	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 8098 Philadelphia, PA 19176

*Investment Advisers are subject to change by the Manager.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	757 Third Avenue New York, NY 10017
FUND COUNSEL	Shearman & Sterling LLP	599 Lexington Avenue New York, NY 10022

Strategic Partners Conservative Growth Fund
Share Class	A	B	C	M	R	X	Z
NASDAQ	PCGAX	PBCFX	PCCFX	CNGWM	CNGWR	CNGWX	PDCZX
CUSIP	86276X103	86276X202	86276X301	86276X848	86276X822	86276X830	86276X400

An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus for the Fund contains this and other information about the Fund. 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.

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 TRUSTEES

Shareholders of the Fund can communicate directly with the Board of Trustees by writing to the Chair of the Board, Strategic Partners Conservative Growth Fund, P.O. Box 13964, Philadelphia, PA 19176. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at Strategic Partners Conservative Growth Fund P.O. Box 13964, Philadelphia, PA 19176. Such communications to the Board or individual Trustees 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 Fund’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330 (732-0330). The Fund will provide a full list of its portfolio holdings as of the end of each fiscal quarter on its website at www.strategicpartners.com within 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

Strategic Partners Conservative Growth Fund
	Share Class	A	B	C	M	R	X	Z
	NASDAQ	PCGAX	PBCFX	PCCFX	CNGWM	CNGWR	CNGWX	PDCZX
	CUSIP	86276X103	86276X202	86276X301	86276X848	86276X822	86276X830	86276X400

MFSP504E2    IFS-A102102    Ed. 03/2005

SEMIANNUAL REPORT

JANUARY 31, 2005

STRATEGIC PARTNERS

ASSET ALLOCATION FUNDS

STRATEGIC PARTNERS

Moderate Growth Fund

OBJECTIVE

Seeks capital appreciation and a reasonable level of current income

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

Dear Shareholder,

March 15, 2005

We hope that you find the semiannual report for the Strategic Partners Moderate Growth Fund informative and useful. As a Strategic Partners Mutual Fund shareholder, you may be thinking 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 gives 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,

Judy A. Rice, President

Strategic Partners Moderate Growth Fund

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 1

Your Fund’s Performance

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 1/31/05
	Six Months		One Year		Five Years		Since Inception2
Class A	9.27	%	7.24	%	19.37	%	40.28	%
Class B	8.92		6.49		15.00		33.74
Class C	8.92		6.49		15.00		33.74
Class M	N/A		N/A		N/A		4.67
Class R	N/A		N/A		N/A		4.87
Class X	N/A		N/A		N/A		4.67
Class Z	9.48		7.58		20.85		42.45
S&P 500 Index3	8.15		6.22		–8.55		***
Customized Blend4	9.00		7.74		17.35		****
Lipper Multi-Cap Core Funds Avg.5	9.43		6.08		6.54		*****

Average Annual Total Returns1 as of 12/31/04
	One Year	Five Years		Since Inception2
Class A	5.09%	2.08	%	5.03	%
Class B	5.34	2.29		5.18
Class C	9.34	2.47		5.18
Class M	N/A	N/A		N/A
Class R	N/A	N/A		N/A
Class X	N/A	N/A		N/A
Class Z	11.46	3.51		6.25
S&P 500 Index3	10.87	–2.30		2.17
Customized Blend4	11.72	2.97		5.26
Lipper Multi-Cap Core Funds Avg.5	11.05	0.38		4.77

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total returns 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 and Class C shares are subject to a maximum CDSC of 5% and 1% respectively. Class M and Class X shares are subject to a maximum CDSC of 6%. Class R and Class Z shares are not subject to a sales charge.

2 Visit our website at www.strategicpartners.com

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns take into account applicable sales charges. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and expense reimbursements, the returns for the classes would have been lower. Class A, Class B, Class C, Class M, Class R, and Class X shares are subject to an annual distribution and service (12b-1) fee of up to 0.30%, 1.00%, 1.00%, 1.00%, 0.75%, and 1.00% respectively. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Approximately eight years after purchase, Class M shares will automatically convert to Class A shares on a quarterly basis. Approximately ten years after purchase (eight years in the case of shares purchased prior to August 19, 1998), Class X shares will automatically convert to Class A shares on a quarterly basis. Class Z shares are not subject to a 12b-1 fee. 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.

²Inception dates: Class A, Class B, Class C, and Class Z, 11/18/98; Class M, Class R, and Class X, 10/04/04.

³The 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.

⁴The Customized Benchmark for Strategic Partners Moderate Growth Fund (Customized Blend) is a model portfolio consisting of the S&P Barra Value Index (20%), the S&P Barra Growth Index (20%), the Russell 2000 Value Index (7.5%), the Russell 2000 Growth Index (7.5%), the Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (10%), the Lehman Brothers U.S. Aggregate Bond Index (20%), and the Lehman Brothers U.S. Corporate High Yield Index (15%). Each component of the Customized Blend is an unmanaged index generally considered as representing the performance of its asset class. The Customized Blend is intended to provide a theoretical comparison to the Fund’s performance, based on the amounts allocated to each asset class. The Customized Blend does not reflect deductions for any sales charges or operating expenses of a mutual fund.

⁵The Lipper Multi-Cap Core Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Multi-Cap Core Funds category for the periods noted. Funds in the Lipper 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 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap 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 SuperComposite 1500 Index.

Investors cannot invest directly in an index. The returns for the S&P 500 Index and the Customized Blend would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes. The Since Inception returns for the S&P 500 Index, the Customized Blend, and the Lipper Average are measured from the closest month-end to inception date, and not from the Fund’s actual inception date.

***S&P 500 Index Closest Month-End to inception cumulative total returns as of 1/31/05 are 11.18% for Classes A, B, C, and Z. S&P 500 Index Closest Month-End to inception cumulative total returns as of 1/31/05 are 6.57% for Classes M, R, and X.

****Customized Blend Closest Month-End to inception cumulative total returns as of 1/31/05 are 34.28% for Classes A, B, C, and Z. Customized Blend Closest Month-End to inception cumulative total returns as of 1/31/05 are 6.35% for Classes M, R, and X.

*****Lipper Average Closest Month-End to inception cumulative total returns as of 1/31/05 are 34.87% for Classes A, B, C, and Z. Lipper Average Closest Month-End to inception cumulative total returns as of 1/31/05 are 7.37% for Classes M, R, and X.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 3

Your Fund’s Performance

Fund objective

The investment objective of the Strategic Partners Moderate Growth Fund (the Fund) is capital appreciation and a reasonable level of current income. There can be no assurance that the Fund will achieve its investment objective.

Please note that on or about March 31, 2005, the Fund intends to change its name to Strategic Partners Moderate Allocation Fund and to change subadvisers for certain portions of the Fund’s portfolio.

Asset classes are classifications of investments

Stocks are shares of ownership in a firm. Owners share in the profits after debts are paid and in the firm’s appreciation in value. Generally, the prices of stocks vary with investors’ estimates of a firm’s earnings prospects, including the impact of broader economic conditions.

Bonds are loans to a company, government, or government agency. They carry a fixed interest rate or one that varies according to the terms specified in the bond. They have a maturity date at which they must be repaid. Generally, bond prices fluctuate with current interest rates and with events that affect the debtor’s prospects of repaying the loan. High yield bonds are also known as “junk” bonds. They are subject to greater risk of loss of principal and interest, including default risk, than higher-rated bonds.

4 Visit our website at www.strategicpartners.com

Source: Lipper Inc.

The chart above shows the total returns for six months ended January 31, 2005, of various securities indexes that are generally considered representative of broad market sectors and does not reflect a mutual fund’s expenses. The performance cited does not represent the performance of the Strategic Partners Moderate Growth Fund. Past performance is not indicative of future results. Investors cannot invest directly in an index.

The S&P Barra Value Index contains those securities in the S&P 500 Index with lower book-to-price ratios.

The S&P Barra Growth Index contains those securities in the S&P 500 Index with higher book-to- price ratios.

The Russell 2000 Value Index contains those securities in the Russell 2000 Index with a below-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

The Russell 2000 Growth Index contains those securities in the Russell 2000 Index with an above-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields, and higher forecasted growth values.

The Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE Index) is an unmanaged, weighted index that reflects stock price movements in Europe, Australasia, and the Far East. It gives a broad look at how foreign stock prices have performed.

The Lehman Brothers U.S. Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the U.S. government and its agencies, and by corporations with between 1 and 10 years remaining to maturity. It gives a broad look at how short- and intermediate-term bonds have performed.

The Lehman Brothers U.S. Corporate High Yield Index is an unmanaged index of fixed-rate, noninvestment-grade debt securities with at least one year remaining to maturity. The Lehman Brothers U.S. Corporate High Yield Index gives a broad look at how high yield (junk) bonds have performed.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 5

Fees and Expenses (Unaudited)

As a shareholder of the Fund, 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 Fund 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 August 1, 2004, at the beginning of the period, and held through the six-month period ended January 31, 2005.

The Fund may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table. These fees apply to Individual Retirement Accounts (IRAs), Section 403(b) accounts, and Section 529 plan accounts. As of the close of the six months 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 following table 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 in 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 following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not

6 Visit our website at www.strategicpartners.com

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 the 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.

Classes M, R and X have been in existence for less than six months, therefore no expenses are presented for these classes. Classes M, R and X commenced October 4, 2004.

Strategic Partners Moderate Growth Fund		Beginning Account Value August 1, 2004		Ending Account Value January 31, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six- Month Period*
Class A	Actual	$	1,000	$	1,093	1.30	%	$	6.86
	Hypothetical	$	1,000	$	1,019	1.30	%	$	6.62
Class B	Actual	$	1,000	$	1,089	2.05	%	$	10.79
	Hypothetical	$	1,000	$	1,015	2.05	%	$	10.41
Class C	Actual	$	1,000	$	1,089	2.05	%	$	10.79
	Hypothetical	$	1,000	$	1,015	2.05	%	$	10.41
Class Z	Actual	$	1,000	$	1,095	1.05	%	$	5.54
	Hypothetical	$	1,000	$	1,020	1.05	%	$	5.35

* 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 184 days in the six-month period ended January 31, 2005, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2005 (to reflect the six-month period).

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 7

This Page Intentionally Left Blank

Portfolio of Investments

as of January 31, 2005 (Unaudited)

Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS    84.9%
COMMON STOCKS    62.6%
Aerospace/Defense    0.7%
6,350	Applied Signal Technology, Inc.	$	187,135
6,740	Cobham PLC		169,836
7,320	DRS Technologies, Inc.(a)		297,192
600	Empresa Brasileira de Aeronautica, SA		19,110
4,270	Engineered Support Systems, Inc.		247,703
15,000	Lockheed Martin Corp.		867,149
7,850	Moog, Inc. (Class A shares)(a)		341,397
15,300	Northrop Grumman Corp.		793,764
			2,923,286
Air Freight & Logistics    0.3%
15,300	United Parcel Service, Inc. (Class B Shares)		1,142,604
Automobiles    0.6%
98,100	Nissan Motor Co., Ltd. (Japan)		1,038,321
24,000	Volkswagen AG (Germany)		1,152,859
6,100	Winnebago Industries, Inc.		210,389
			2,401,569
Automobiles & Parts
15,190	IMPCO Technologies, Inc.(a)		88,558
Beverages    0.6%
61,600	Cadbury Schweppes PLC (United Kingdom)		552,454
88,500	Diageo PLC (United Kingdom)		1,207,664
15,238	Heineken NV (Netherlands)		521,615
			2,281,733
Biotechnology    1.1%
23,200	Amgen, Inc.(a)		1,443,968
33,200	Genentech, Inc.(a)		1,583,972
23,600	Gilead Sciences, Inc.(a)		781,160
23,400	Medimmune, Inc.(a)		553,527
			4,362,627
Building & Construction    0.4%
3,500	CRH PLC, ADR (Ireland) (London Exchange)		92,435
20,129	CRH PLC, ADR (Ireland) (Dublin Exchange)		533,442
18,600	Hovnanian Enterprises, Inc. (Class A shares)(a)		971,664
			1,597,541

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 9

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
Building Products    0.1%
9,500	Watsco, Inc.	$	328,795
Cable
401	NTL, Inc.(a)		27,280
6,138	UnitedGlobalCom, Inc.(a)		59,968
			87,248
Capital Goods
285	GenTek, Inc.(a)		12,754
Capital Markets    2.2%
37,700	Bank of New York Co., Inc. (The)		1,120,067
55,700	Charles Schwab Corp. (The)		626,068
10,800	Goldman Sachs Group, Inc. (The)		1,164,780
18,500	Lehman Brothers Holdings, Inc.		1,687,015
22,500	Mellon Financial Corp.		660,375
43,000	Merrill Lynch & Co., Inc.		2,583,010
77,000	Nomura Holdings, Inc. (Japan)		1,012,972
			8,854,287
Chemicals    1.0%
19,700	E.I. Du Pont de Nemours & Co.		936,932
64,900	Mosaic Co. (The)(a)		1,070,850
4,000	Scotts Co. (Class A shares)(a)		271,840
21,000	Shin-Etsu Chemical Co., Ltd. (Japan)		832,246
11,000	Takeda Chemical Industries Ltd. (Japan)		523,126
3,300	Valspar Corp.		161,700
			3,796,694
Commercial Banks    3.2%
37,102	Bank of America Corp.		1,720,420
23,500	Bank of Ireland (Ireland) (Dublin Exchange)		370,664
21,300	Bank of Ireland (Ireland) (London Exchange)		338,740
9,500	Bank United Financial Corp. (Class A shares)(a)		277,210
119,100	Barclays PLC (United Kingdom)		1,307,372
13,000	Comerzbank AG (Germany)		276,222
36,009	Credit Agricole SA (France)		1,072,568
33,930	Credit Suisse Group, Inc. (Switzerland)(a)		1,366,050
36,000	DNB NOR ASA (Norway)		330,067
3,400	Hibernia Corp. (Class A shares)		89,488
102,510	HSBC Holdings PLC (United Kingdom)		1,698,527

See Notes to Financial Statements.

10 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
12,290	Nara Bancorp, Inc.	$	245,186
8,300	Oriental Financial Group		234,060
84,400	Overseas-Chinese Banking Corp., Ltd. (Singapore)		706,514
7,660	PrivateBanCorp., Inc.		250,482
48,700	Royal Bank of Scotland PLC (The) (United Kingdom)		1,617,531
5,080	Signature Bank(a)		154,584
8,390	Southwest Bancorporation of Texas, Inc.		165,870
81,000	Sumitomo Trust & Banking Co. Ltd. (The) (Japan)		550,413
			12,771,968
Commercial Services & Supplies    1.6%
14,900	Administaff, Inc.(a)		217,391
21,800	Allied Waste Industries, Inc.(a)		181,158
47,400	Cendant Corp.		1,116,271
6,900	Global Payments, Inc.		395,301
6,400	Kelly Services, Inc. (Class A shares)		186,240
5,940	Laureate Education, Inc.(a)		263,498
4,500	Mcgrath Rentcorp.		193,320
9,300	Navigant Consulting, Inc.(a)		222,549
44,400	PHH Corp.(a)		976,800
198,900	Rentokil Initial PLC (United Kingdom)		570,220
9,100	Republic Services, Inc.		300,027
7,000	School Specialty, Inc.(a)		272,230
19,670	Scientific Games Corp. (Class A shares)(a)		505,912
37,700	Waste Management, Inc.		1,093,300
			6,494,217
Communication Equipment    1.3%
45,600	Avaya, Inc.(a)		654,360
77,300	Cisco Systems, Inc.(a)		1,394,492
219,900	Nortel Networks Corp. (Canada)(a)		714,675
41,500	Qualcomm, Inc.		1,545,460
8,300	Research In Motion Ltd.(a)		591,707
			4,900,694
Computer & Peripherals    1.9%
26,000	Apple Computer, Inc.(a)		1,999,400
38,700	Dell, Inc.(a)		1,616,112
113,000	Fujitsu Ltd.		657,542
8,900	IBM Corp.		831,438
4,400	Lexmark International, Inc. (Class A Shares)(a)		366,740
8,800	M-Systems Flash Disk Pioneers, Ltd. (Israel)(a)		176,968
8,500	Mercury Computer Systems, Inc.(a)		263,245

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 11

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
13,280	Merge Technologies, Inc.(a)	$	246,344
10,980	Optimal Group, Inc.(a)		146,803
9,260	Radisys Corp.(a)		161,587
37,400	Seagate Technology		632,808
34,160	Synplicity, Inc.(a)		232,288
			7,331,275
Consumer Finance    0.7%
40,000	American Express Co.		2,134,000
29,400	MBNA Corp.		781,452
			2,915,452
Distributors    0.1%
11,390	Beacon Roofing Supply, Inc.(a)		227,800
Diversified Financial Services    2.7%
8,500	Accredited Home Lenders Holding Co.(a)		412,930
7,260	Acom Co. Ltd. (Japan)		510,877
4,650	Aiful Corp. (Japan)		528,578
22,900	AmeriCredit Corp.(a)		562,195
6,500	Astoria Financial Corp.		244,660
53,000	Citigroup, Inc.		2,599,650
18,600	Eaton Vance Corp.		465,558
76,100	J.P. Morgan Chase & Co.		2,840,813
13,400	Jefferies Group, Inc.		522,600
33,400	Principal Financial Group, Inc.		1,355,372
12,600	Raymond James Financial, Inc.		392,742
1,600	Student Loan Corp. (The)		289,056
			10,725,031
Diversified Telecommunication Services    0.8%
14,800	Alltel Corp.		814,592
9,460	SafeNet, Inc.(a)		321,072
52,500	SBC Communications, Inc.		1,247,400
19,800	Verizon Communications, Inc.		704,682
			3,087,746
Electric Utilities    1.6%
14,800	E.ON AG (Germany)		1,325,783
7,200	E.ON AG Sponsored ADR (Germany)		643,608
62,600	Enel SpA (Italy)		588,352
22,400	Exelon Corp.		991,200
11,750	PNM Resources, Inc.		296,453

See Notes to Financial Statements.

12 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
118,200	Terna SpA (Italy)(a)	$	326,264
30,700	TXU Corp.		2,124,439
			6,296,099
Electrical Equipment    0.1%
47,520	Kesa Electricals PLC (United Kingdom)		286,360
36,270	SRS Labs, Inc.(a)		188,241
			474,601
Electronic Equipment & Instruments    1.7%
72,200	Agilent Technologies, Inc.(a)		1,596,342
23,000	Artesyn Technologies, Inc.(a)		234,140
9,080	BEI Technologies, Inc.		255,965
3,405	Ceradyne, Inc.(a)		114,851
22,000	CheckPoint Systems, Inc.(a)		342,320
13,700	FANUC Ltd. (Japan)		925,649
6,700	Faro Technologies, Inc.(a)		193,228
13,900	FLIR Systems, Inc.(a)		847,205
7,970	Marlin Business Services, Inc.(a)		145,054
16,700	Murata Manufacturing Co. Ltd. (Japan)		873,298
7,700	NEC Electronics Corp. (Japan)		390,005
26,560	O2Micro International, Ltd. (Cayman Islands)		235,587
28,400	Sanmina-SCI Corp.(a)		175,512
7,400	Schneider Electric SA (France)		565,271
			6,894,427
Energy Equipment & Services    1.7%
4,940	Cal Dive International, Inc.(a)		215,878
11,800	ENSCO International, Inc.		403,914
43,000	GlobalSantaFe Corp.		1,520,480
26,900	Halliburton Co.		1,106,397
6,110	Maverick Tube Corp.(a)		208,107
15,570	Patterson-UTI Energy, Inc.		302,837
39,200	Schlumberger, Ltd.		2,667,167
15,960	Superior Energy Services, Inc.(a)		254,083
			6,678,863
Food & Drug Retailing    0.1%
11,300	Carrefour SA (France)		582,576

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 13

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
Food & Staples Retailing    1.1%
14,200	Costco Wholesale Corp.	$	671,234
124,800	Kroger Co. (The)(a)		2,134,080
17,000	Whole Foods Market, Inc.		1,520,140
			4,325,454
Food Products    0.9%
45,300	Cadbury Schweppes PLC, ADR		1,644,391
3,100	Nestle SA		813,799
121,600	Unilever PLC (United Kingdom)		1,155,922
			3,614,112
Gas Utilities    0.1%
11,000	Oneok, Inc.		304,700
Health Care Equipment & Supplies    0.7%
9,400	Alcon, Inc.		744,480
10,510	Closure Medical Corp.(a)		208,518
10,300	Cooper Companies, Inc. (The)		790,010
2,570	Intuitive Surgical, Inc.(a)		102,543
27,450	Kforce, Inc.(a)		303,872
44,850	Orthovita, Inc.(a)		171,776
7,370	PolyMedica Corp.		275,859
42,000	Spectranetics Corp.(a)		260,400
1,900	St. Jude Medical, Inc.(a)		74,632
			2,932,090
Health Care Providers & Services    3.0%
14,700	Abaxis, Inc.(a)		199,332
12,300	Accredo Health, Inc.(a)		366,294
4,230	Advanced Neuromodulation Systems, Inc.(a)		167,127
10,605	America Service Group, Inc.(a)		290,895
14,600	American Healthways, Inc.(a)		455,228
5,900	Amerigroup Corp.(a)		242,549
21,300	Caremark RX, Inc.(a)		832,830
5,000	Chemed Corp.		358,100
16,200	CIGNA Corp.		1,300,050
12,600	Covance, Inc.(a)		535,500
35,850	Encore Medical Corp.(a)		202,194
20,100	Express Scripts, Inc.(a)		1,491,219
7,500	Kindred Healthcare, Inc.(a)		205,425
10,160	LabOne, Inc.(a)		340,868

See Notes to Financial Statements.

14 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
4,650	Laserscope, Inc.(a)	$	137,407
10,300	Lifeline Systems, Inc.(a)		281,087
16,474	Medco Health Solutions, Inc.(a)		701,298
14,300	Pharmaceutical Product Development, Inc.(a)		592,735
11,200	Providence Service Corp.(a)		227,360
15,200	Serologicals Corp.(a)		359,328
14,200	UnitedHealth Group, Inc.		1,262,380
9,900	WellPoint Health Networks, Inc.(a)		1,202,850
			11,752,056
Hotels, Restaurants & Leisure    0.9%
9,100	Brinker International, Inc.(a)		342,251
7,400	CEC Entertainment, Inc.(a)		289,636
19,230	K2, Inc.(a)		270,374
26,000	McDonald’s Corp.		842,140
6,500	Mikohn Gaming Corp(a)		65,000
8,600	RARE Hospitality International, Inc.(a)		270,900
9,450	Sonic Corp.(a)		300,888
23,800	Starbucks Corp.(a)		1,285,200
			3,666,389
Household Durables    1.0%
15,700	Harman International Industries, Inc.		1,909,905
36,956	Koninklijke Philips Electronics N.V.(Denmark)		966,370
9,400	Meritage Corp.(a)		607,710
8,100	Standard-Pacific Corp.		538,893
			4,022,878
Household Products    0.5%
15,900	Kimberly-Clark Corp.		1,041,609
18,600	Procter & Gamble Co. (The)		990,078
			2,031,687
Industrial Conglomerates    2.1%
121,800	General Electric Co.		4,400,634
10,900	Phelps Dodge Corp.		1,049,670
15,100	Siemens AG (Germany)		1,200,700
44,900	Tyco International, Ltd. (Bermuda)		1,622,686
			8,273,690

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 15

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
Insurance    2.8%
13,650	Affirmative Insurance Holdings, Inc.	$	219,492
15,512	American International Group, Inc.		1,028,290
7,100	Commerce Group, Inc.		463,701
8,100	Delphi Financial Group (Class A shares)		364,014
31,500	Genworth Financial, Inc. (Class A Shares)		835,695
8,850	Infinity Property & Casualty Corp.		289,838
18,600	Loews Corp.		1,264,800
13,300	MBIA, Inc.		794,542
8,800	Philadelphia Consolidated Holding Corp.(a)		590,216
3,800	Protective Life Corp.		156,408
103,716	Prudential PLC (United Kingdom)		899,846
32,993	St. Paul Travelers Companies, Inc. (The)		1,238,557
14,200	Swiss Reinsurance Co. (Switzerland)		971,359
25,650	Tower Group, Inc.		301,131
21,800	XL Capital, Ltd. (Cayman Islands) (Class A Shares)		1,630,204
			11,048,093
Internet    0.2%
10,210	Ask Jeeves, Inc.(a)		289,556
13,830	RADVision Ltd.(a)		203,301
16,430	ValueClick, Inc.(a)		217,369
			710,226
Internet & Catalog Retail    0.6%
28,100	eBay, Inc.(a)		2,290,150
Internet Software & Services    1.6%
34,170	Digitas, Inc.(a)		356,735
4,850	Equinix, Inc.(a)		203,409
11,300	Google, Inc (Class A Shares)(a)		2,210,619
5,740	InfoSpace, Inc.(a)		270,985
10,540	j2 Global Communications, Inc.(a)		342,339
25,150	Keynote Systems, Inc.(a)		313,621
6,820	RADWARE Ltd. (Israel)(a)		166,340
64,800	Yahoo!, Inc.(a)		2,281,608
			6,145,656
IT Services    0.3%
38,300	Accenture Ltd.(a)		997,715

See Notes to Financial Statements.

16 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
Machinery    0.3%
12,100	Deere & Co.	$	840,103
11,700	Snap-On, Inc.		387,387
			1,227,490
Media    1.3%
16,760	CNET Networks, Inc.(a)		184,360
6,800	DIRECTV Group, Inc. (The)(a)		102,340
16,540	Image Entertainment, Inc.(a)		94,278
8,300	Lagardere SA (France)		626,447
48,728	News Corp.		828,376
7,800	Scholastic Corp.(a)		267,150
19,900	Sinclair Broadcast Group, Inc. (Class A shares)		163,777
53,900	Sirius Satellite Radio, Inc.(a)		356,818
18,000	Univision Communications, Inc. (Class A shares)(a)		491,580
24,192	Viacom, Inc. (Class B shares)		903,329
28,700	Vivendi Universal SA		907,987
12,700	XM Satellite Radio Holdings, Inc. (Class A Shares)(a)		405,257
			5,331,699
Metals & Mining    0.3%
28,600	Inco Ltd.(a)		941,226
2,400	Rio Tinto PLC (United Kingdom)		74,690
			1,015,916
Multi-Utilities & Unregulated Power    0.6%
15,800	Dominion Resources, Inc.		1,096,204
36,800	Sempra Energy		1,369,696
			2,465,900
Multiline Retail    0.7%
9,640	EZCORP, Inc. (Class A shares)(a)		183,931
132,000	Marks & Spencer Group PLC (United Kingdom)		898,764
34,700	Target Corp.		1,761,719
			2,844,414
Office Electronics    0.4%
102,300	Xerox Corp.(a)		1,624,524
Oil & Gas    5.2%
80,900	BP PLC (United Kingdom)		798,021
17,700	Cabot Oil & Gas Corp.		833,316

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 17

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
23,000	Chesapeake Energy Corp.	$	404,110
57,900	Eni SpA (Italy)		1,406,864
11,600	Eni SpA, ADR (Italy)		1,417,520
12,700	ExxonMobil Corp.		655,320
44,150	Grey Wolf, Inc.(a)		233,995
15,300	Kerr-McGee Corp.		944,775
30,700	Nexen, Inc. (Canada)		1,275,278
27,300	Occidental Petroleum Corp.		1,593,774
11,290	Oil States International, Inc.(a)		215,075
37,800	Royal Dutch Petroleum Co. (Netherlands)		2,195,164
41,400	Statoil ASA (Norway)		628,828
65,100	Suncor Energy, Inc. (Canada)		2,083,200
17,600	Swift Energy Co.(a)		532,752
225,000	Tokyo Gas Co. Ltd. (Japan)		930,840
12,103	Total SA (France) (Class B shares)		2,595,293
11,885	Total SA, ADR (France)		1,278,232
5,400	Unit Corp.(a)		197,316
			20,219,673
Paper & Forest Products    0.6%
27,500	Georgia-Pacific Corp.		882,750
19,100	International Paper Co.		747,765
47,100	Stora Enso Oyj (Class R shares) (Finland)		678,439
			2,308,954
Personal Products    0.5%
9,700	Chattem, Inc.(a)		349,879
18,900	Estee Lauder Companies, Inc. (The) (Class A shares)		853,146
13,500	Gillette Co. (The)		684,720
			1,887,745
Pharmaceuticals    3.5%
9,640	Alexion Pharmaceuticals, Inc.(a)		238,494
11,700	Allergan, Inc.		888,615
9,820	AtheroGenics, Inc. (Israel)(a)		182,161
5,750	Barr Pharmaceuticals, Inc.(a)		273,413
9,720	Connetics Corp.(a)		237,362
13,850	Cypress Bioscience, Inc.(a)		189,122
40,200	Eli Lilly & Co.		2,180,447
75,800	GlaxoSmithKline PLC (United Kingdom)		1,679,854
11,150	KV Pharmaceutical Co. (Class A Shares)(a)		229,133
26,912	Nabi Biopharmaceuticals(a)		347,434
56,200	Novartis AG ADR (Switzerland)		2,690,855

See Notes to Financial Statements.

18 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
100	Priority Healthcare Corp.(a)	$	2,306
16,060	QLT, Inc. (Canada)(a)		259,690
7,720	Rigel Pharmaceuticals, Inc.(a)		148,147
23,100	Roche Holding AG, ADR (Switzerland)		1,230,315
13,900	Salix Pharmaceuticals Ltd.(a)		209,195
15,191	Sanofi-Synthelabo SA (France)		1,133,677
16,800	Schering AG (Germany)		1,134,620
7,050	Vaxgen, Inc.(a)		104,904
15,000	Wyeth		594,450
			13,954,194
Real Estate Investment Trust    0.4%
7,200	Entertainment Properties Trust		303,192
71,000	Mitsubishi Estate Co. Ltd. (Japan)		898,352
9,180	Saxon Capital, Inc.		198,747
5,200	SL Green Realty Corp.		276,796
			1,677,087
Retail    0.3%
20,550	Charlotte Russe Holdings, Inc.(a)		220,296
28,470	Cosi, Inc.(a)		170,820
7,330	Oxford Industries, Inc.		272,529
16,800	Phillips-Van Heusen Corp.		457,128
4,800	Stein Mart, Inc.(a)		94,704
			1,215,477
Semiconductor & Semiconductor Equipment    0.7%
36,400	Marvell Technology Group Ltd.(a)		1,217,580
21,600	Maxim Integrated Products, Inc.		842,616
11,580	Microsemi Corp.(a)		178,679
17,280	Sirf Technology Holdings Inc.(a)		182,304
10,970	Ultratech, Inc.(a)		162,466
			2,583,645
Software    2.2%
12,400	Adobe Systems, Inc.		705,560
30,200	Electronic Arts, Inc.(a)		1,943,068
22,620	Embarcadero Technologies, Inc.(a)		177,341
17,400	Epicor Software Corp.(a)		234,726
15,630	Infocrossing, Inc.(a)		281,184
18,600	Mercury Interactive Corp.(a)		814,122
94,600	Microsoft Corp.		2,486,087
10,500	NAVTEQ Corp.(a)		402,045

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 19

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
31,300	SAP AG, ADR (Germany)	$	1,211,936
13,130	Smith Micro Software Inc.(a)		98,081
11,450	Sonic Solutions, Inc.(a)		203,925
9,310	THQ, Inc.(a)		207,148
			8,765,223
Speciality Retail    1.9%
6,835	Aaron Rents, Inc., (Class B shares)		145,175
26,180	Ashworth, Inc.(a)		295,049
31,800	Bed, Bath & Beyond, Inc.(a)		1,281,222
28,100	Chico’s FAS, Inc.(a)		1,480,308
18,500	Compagnie Financiere Richemont AG (Switzerland)		579,049
6,560	Cost Plus, Inc.(a)		172,069
15,600	CSK Auto Corp.(a)		246,012
5,880	Guitar Center, Inc.(a)		336,630
11,177	Jos. A. Bank Clothiers, Inc.(a)		320,780
15,600	Lowe’s Companies, Inc.		889,044
58,600	Toys “R” Us, Inc.(a)		1,256,970
14,600	Williams-Sonoma, Inc. (The)(a)		505,160
			7,507,468
Telecommunications
47,555	Netia SA (Poland)(a)		65,691
Textiles, Apparel and Luxury Goods    0.2%
13,300	Coach, Inc.(a)		746,130
Thrifts & Mortgage Finance    0.2%
15,100	Freddie Mac		985,879
Tobacco    0.7%
31,500	Altria Group, Inc.		2,010,645
29,180	Imperial Tobacco Group PLC (United Kingdom)		766,106
			2,776,751
Transportation    0.3%
93	East Japan Railway Co. (Japan)		502,508
4,110	Forward Air Corp.(a)		175,148
5,600	Old Dominion Freight Line, Inc.(a)		197,960
17,160	Vitran Corporation, Inc. (Class A shares) (Canada)(a)		254,998
			1,130,614

See Notes to Financial Statements.

20 Visit our website at www.strategicpartners.com

Shares			Description	Value (Note 1)
Wireless Telecommunication Services    2.0%
56,100			American Tower Corp., (Class A shares)(a)	$	1,016,532
71,500			Deutsche Telekom AG (Germany)		1,546,251
19,040			Harmonic Inc.(a)		217,056
81,100			Nextel Communications, Inc. (Class A Shares)(a)		2,326,759
118,500			Nokia Oyj (Finland)		1,815,031
370			NTT DoCoMo, Inc. (Japan)		643,758
19,680			Symmetricom Inc.(a)		191,486
29,200			Vodafone Group PLC (United Kingdom)		75,452
					7,832,325
			Total common stocks (cost $201,452,025)		247,540,140
Preferred Stock    0.2%
Automobiles    0.2%
830			Porsche AG (Germany)		540,973
Media & Entertainment
6			Paxson Communications Corp.,(a)		47,194
500			Primedia, Inc.		50,000
					97,194
Telecommunications
687			McLeodUSA, Inc., Ser. A,(a)		1,855
			Total preferred stocks (cost $712,805)		640,022
Moody’s Rating	Principal Amount (000)#
ASSET-BACKED SECURITIES    0.6%
Aaa	$	470	ACE Securities Corp., Ser. 2004, Class 2A, 2.53%, 4/25/34(f), F.R.N.		470,024
Aaa		900	American Express Credit Account Master Trust, Ser. 2005-5, 2.62%, 4/15/08(f), F.R.N.		900,745
Aaa		252	Ameriquest Mortgage Securities, Inc., 2.62%, 4/25/34(f), F.R.N.		251,537

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 21

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Aaa	$	271	Brazos Student Finance Corp., Student Loan Assoc., Notes, 2.80%, 6/1/23(f), F.R.N.	$	274,083
NR		308	Honda Auto Receivables Owners Trust, Ser. 2004-3, Class A1, 2.09%, 11/18/05(f) F.R.N.		307,931
			Total asset-backed securities (cost 2,200,743)		2,204,320
COLLATERALIZED MORTGAGE SECURITIES    0.5%
NR		330	BankTrust Mortgage Trust, Ser. 1, Class G, 5.70%, 12/1/23		272,134
Aaa		1,693	Washington Mutual, Ser. 2003-R1, Class A1, 2.80%, 12/25/27(f), F.R.N.		1,691,613
			Total collateralized securities (cost $2,018,606)		1,963,747
CORPORATE BONDS    8.6%
Aerospace/Defense    0.1%
B2		85	Alliant Techsystems, Inc., Sr. Sub. Notes, 8.50%, 5/15/11		91,588
Caa3		100	BE Aerospace, Inc., Sr. Sub. Notes, 8.875%, 5/1/11		102,000
Caa1		50	K & F Acquisition, Inc., Sr. Sub Notes, 7.75%, 11/15/14		49,750
Ba3		125	L-3 Communications Corp., 7.63%, 6/15/12		136,250
B1		125	Sequa Corp., Sr. Notes, 8.875%, 4/1/08		134,375
Caa1		40	Standard Aero Holdings, Inc., Sr. Sub. Notes, 8.25%, 9/1/14		43,000
					556,963

See Notes to Financial Statements.

22 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Airlines    0.1%
Caa2	$	50	AMR Corp., Debs., 10.00%, 4/15/21	$	31,250
Caa2		100	AMR Corp., M.T.N., Ser. B, 10.55%, 3/12/21		59,000
Ba1		77	Continental Airlines, Inc., Pass Through Certificates, Ser. 01-1, 7.373%, 12/15/15		61,397
B3		22	Ser. 1996-C, 9.50%, 10/15/13		16,344
Ba2		39	Ser. 981B, 6.748%, 3/15/17		31,147
Ba2		93	Ser. 991B, 6.795%, 8/2/18		76,571
Ca		110	Delta Air Lines, Inc., Notes, 8.30%, 12/15/29		43,450
					319,159
Automotive    0.2%
Baa3		125	ArvinMeritor, Inc., Notes, 8.75%, 3/1/12		139,844
B3		10	Collins & Aikman Products Co., Sr, Sub. Notes, 12.875%, 8/15/12		8,275
B3		10	Cooper-Standard Automotive, Inc., Notes, 8.375%, 12/15/14		9,500
A3		600	DaimlerChrysler, Series, M.T.N., 2.96%, 5/24/06(f), F.R.N.		602,584
B3		50	Tenneco Automotive, Inc., Sr. Sub Notes, Series 144A 8.625%, 11/15/14		52,000
B1		59	TRW Automotive, Inc., Sr. Notes, 9.375%, 2/15/13		66,375
			Visteon Corp., Notes,
Ba1		20	8.25%, 8/1/10		20,100
Ba1		60	7.00%, 3/10/14		54,900
					953,578

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 23

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Banking    0.1%
Aa2	$	400	HSBC Bank USA, Sr. Notes 2.59%, 9/21/07(f), F.R.N.	$	400,138
Baa2		150	Kazkommerts International BV, (Netherlands), Gtd. Notes, 7.875%, 4/7/14		148,875
					549,013
Building Materials & Construction    0.1%
Ba1		115	D.R. Horton, Inc., Sr. Notes, 7.875%, 8/15/11		132,169
Ba1		25	K. Hovnanian Enterprises, Inc. 6.25%, 1/15/15		25,344
Ba2		95	KB Home, Sr. Sub. Notes, 8.625%, 12/15/08		107,290
B3		75	THL Buildco, Inc., Sr. Sub Notes, 8.50%, 9/1/14		77,062
					341,865
Cable    0.2%
Ca		50	Callahan Nordrhein Westfalen GmbH (Germany), Sr. Notes 7/15/10(b)		2,000
Ca		445	Charter Communications Holdings, Inc., Sr. Disc. Notes, Zero Coupon, (until 5/15/06), 5/15/11		309,275
			Sr. Notes
Ca		100	8.625%, 4/1/09		80,000
Caa1		125	10.25%, 9/15/10		130,000
Ca		100	10.00%, 5/15/11		79,750
B1		75	CSC Holdings, Inc. 6.75%, 4/15/12		78,750
			Sr. Notes,
B1		50	7.875%, 12/15/07		53,875
B1		75	7.25%, 7/15/08		79,312

See Notes to Financial Statements.

24 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
B2	$	65	Kabel Deutschland, (Germany) Sr. Notes, 10.625%, 7/1/14	$	73,450
Ba2		100	Rogers Cablesystems Ltd., (Canada) Sr. Notes, 10.00%, 3/15/05		100,705
					987,117
Capital Goods    0.5%
B3		100	ALH Finance, LLC, Sr. Sub Notes, 8.50%, 1/15/13		102,000
			Allied Waste North America, Inc., Sr. Notes,
B2		165	8.50%, 12/1/08		172,013
B2		50	7.875%, 4/15/13		49,625
B2		55	Sr. Sec’d. Notes, 6.50%, 11/15/10		52,250
B3		75	Amsted Industry, Inc., Sr. Notes, 10.25%, 10/15/11		84,375
Caa1		100	Blount, Inc., Sr. Sub. Notes, 8.875%, 8/1/12		108,750
Ba3		100	Case New Holland, Inc., Sr. Notes, 9.25%, 8/1/11		109,250
Caa2		40	Great Lakes Dredge & Dock Corp., 7.75%, 12/15/13		34,800
B3		70	Invensys PLC, Sr. Notes, 9.875%, 3/15/11		75,075
B3		100	Johnson Diversified Holdings, Inc., Sr. Disc. Notes, Zero Coupon, (until 5/15/07) 10.67% 5/15/13		86,750
B2		55	Gtd., Notes, 9.625%, 5/15/12		61,325
Ba2		100	Joy Global, Inc., Gtd. Notes, 8.75%, 3/15/12		112,000
B2		127	Manitowoc Co., Inc., Sr. Sub. Notes, 10.50%, 8/1/12		146,050
B3		125	Rexnord Corp., Sr. Sub. Notes, 10.125%, 12/15/12		140,000
Caa1		85	Sensus Metering Systems, Inc., Sr. Sub. Notes, 8.625%, 12/15/13		87,550

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 25

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Ba3	$	20	SPX Corp., Sr. Notes, 7.50%, 1/1/13	$	21,950
Ba3		75	Stena AB (Sweden), Sr. Notes, 7.50%, 11/1/13		76,313
B3		170	Terex Corp., Gtd. Notes, 10.375%, 4/1/11		188,699
Caa1		100	Thermadyne Holdings Corp., Gtd. Notes, 9.25%, 2/1/14		97,000
B1		25	United Rentals North America, Inc., Gtd. Notes, 6.50%, 2/15/12		24,563
B2		50	Sr. Sub. Notes, 7.75%, 11/15/13		48,625
					1,878,963
Chemicals    0.4%
B3		75	Borden U.S. Finance Corp./Nova Scotia Finance ULC, 9.00%, 7/15/14		82,500
B2		75	Equistar Chemicals LP, Gtd., Notes, 10.125%, 9/1/08		85,500
Ba1		200	Hercules, Inc., Debs., 6.60%, 8/1/27		204,000
B2		10	Huntsman Advanced Materials, Sr. Sec’d. Notes, 11.00%, 7/15/10		11,750
B3		75	Huntsman International, LLC, Sr. Sec’d Notes, 9.875%, 3/1/09		81,750
Caa1		15	10.125%, 7/1/09		15,750
B1		225	IMC Global, Inc., Sr. Sec’d Notes, 10.875%, 6/1/08 - 8/1/13		271,437
B1		50	11.25%, 6/1/11		56,500
B2		100	ISP Chemco, Inc., Sr. Sub. Notes, Ser. B, 10.25%, 7/1/11		111,500
B2		50	Koppers, Inc., Gtd. Notes, 9.875%, 10/15/13		56,750
B2		175	Nalco Co., Sr. Notes, 7.75%, 11/15/11		187,688
Caa1		54	OM Group, Inc., Gtd. Notes, 9.25%, 12/15/11		57,510

See Notes to Financial Statements.

26 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
B3	$	75	Rhodia SA, Sr. Notes, 10.25%, 6/1/10	$	85,313
Caa1		95	Sr. Sub. Notes, 8.875%, 6/1/11		97,375
B3		100	Rockwood Specialties Corp., Sr. Sub. Notes, 10.625%, 5/15/11		114,000
					1,519,323
Consumer    0.1%
B2		50	Alderwoods Group, Inc., Sr. Notes, 7.75%, 9/15/12		53,625
NR		75	K2 Corp., Sr. Notes, 7.375%, 7/1/14		80,531
B3		120	KinderCare Learning Center, Inc., Sr. Sub. Notes, 9.50%, 2/15/09		120,300
B3		50	Knowledge Learning Corp., Sr. Sub Notes, 7.75%, 2/1/15		50,250
Ca		90	Levi Strauss & Co., Sr. Notes, 12.25%, 12/15/12		97,200
Caa1		75	Propex Fabrics, Inc., Sr. Notes, 10.00%, 12/1/12		75,938
					477,844
Electric    0.9%
B2		175	AES Corp., Sr. Notes, 9.375%, 9/15/10		197,968
Ba1		165	AES Eastern Energy, Pass-Thru Certificates., Class A-1, 9.00%, 1/2/17		188,532
B3		30	Allegheny Energy Supply, Bonds, 8.25%, 4/15/12		33,375
B2		90	Aquila, Inc., Sr. Notes, 9.95%, 2/1/11		101,362
B2		25	7.75%, 6/15/11		25,875
B(e)		245	Calpine Corp., Sr. Notes, 8.75%, 7/15/13		186,200
B1		140	CMS Energy Corp., Sr. Notes, 7.50%, 1/15/09		148,225
B1		60	8.50%, 4/15/11		66,975

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 27

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
B3	$	10	Dynegy Holdings, Inc., Sec’d. Notes, 9.875%, 7/15/10	$	10,950
B3		130	10.125%, 7/15/13		144,300
B1		130	Edison Mission Energy, Sr. Notes, 7.73%, 6/15/09		137,800
Ba2		150	Empresa Nacional de Electricdad SA (Chile), Sr. Notes, 8.35%, 8/1/13		175,876
Ba2		49	Homer City Funding LLC, Gtd. Notes, 8.137%, 10/1/19		55,370
B1		30	Midwest Generation LLC, Notes, Pass Through Certificates, Series A, 8.30%, 7/2/09		32,400
B1		15	Pass Through Certificates, Series B, 8.56%, 1/2/16		16,800
B1		75	Sec’d. Notes, 8.75%, 5/1/34		83,813
B3		30	Mission Energy Holdings Co., Sr. Sec’d. Notes, 13.50%, 7/15/08		37,425
Ba2		10	Nevada Power Co., Notes, 10.875%, 10/15/09		11,463
Ba2		80	Nevada Power, Ref. Mtge. Bonds, 6.50%, 4/15/12		84,200
NR		GBP 11	NoteCo Ltd., Notes, 6.92%, 6/30/25(f) F.R.N.		21,992
B2		137	NRG Energy, Inc., Sr. Sec’d. Notes, 8.00%, 12/15/13		147,618
B2		115	Orion Power Holdings, Inc., Sr. Notes, 12.00%, 5/1/10		143,750
Baa2		55	Pacific Gas & Electric Co., First Mortgage Bonds, 3.26%, 4/3/06(f), F.R.N.		55,054
Baa3		200	PP&L Capital Funding, Inc., Sr. Notes, M.T.N., 7.75%, 4/15/05		201,693
Ba1		300	PPL Capital Funding Trust I, Gtd. Notes, 7.29%, 5/18/06		312,357
B1		135	Reliant Resources, Inc., Sr. Sec’d. Notes, 9.50%, 7/15/13		151,200

See Notes to Financial Statements.

28 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
B2	$	60	Sierra Pacific Resources, Sr. Notes, 8.625%, 3/15/14	$	66,675
Ba2		100	TECO Energy, Inc., Sr. Notes, 7.50%, 6/15/10		110,000
B1		175	Texas Genco LLC, Sr. Notes, 6.875%, 12/15/14		181,125
B2		40	TNP Enterprises, Inc., Sr. Sub. Notes, 10.25%, 4/1/10		42,200
Baa2		99	TXU Energy Co., LLC, 3.42%, 1/17/06(f), F.R.N.		99,258
					3,271,831
Energy – Other    0.3%
Ba2		175	Chesapeake Energy Corp., Sr. Notes, 6.375%, 6/15/15		178,500
B2		50	Encore Acquisition, 6.25%, 4/15/14		49,875
Ba3		40	Forest Oil Corp., Sr. Notes, 8.00%, 12/15/11		45,350
B3		75	Hanover Compress Co., Sr. Notes 8.625%, 12/15/10		81,000
B2		50	Hanover Equipment Trust, Sr. Sec’d. Notes, Ser. B, 8.75%, 9/1/11		54,000
B2		50	Houston Exploration Co., Sr. Sub. Notes, 7.00%, 6/15/13		52,500
B2		7	Magnum Hunter Resources Inc., Gtd. Notes, 9.60%, 3/15/12		7,998
Ba3		50	Newfield Exploration, Inc., Sr. Sub. Notes, 8.375%, 8/15/12		55,500
B2		73	Parker Drilling Co., Sr. Notes, 10.125%, 11/15/09		76,760
Baa1		250	Pemex Project Funding Master Trust 9.25%, 3/30/18		312,499
Ba3		110	Premcor Refining Group, Inc., Gtd. Notes, 6.75%, 5/1/14		115,225
B2		50	Sr. Notes, 7.75%, 2/1/12		54,375
Ba3		25	7.50%, 6/15/15		26,875

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 29

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Ba2	$	25	Pride International, Inc. Sr. Notes, 7.375%, 7/15/14	$	27,500
B2		145	Stone Energy Corp., Sr. Sub. Notes, 8.25%, 12/15/11		155,875
Ba3		75	Vintage Petrolium, Inc., Sr. Notes, 8.25%, 5/1/12		82,500
					1,376,332
Financial Services    0.8%
A3		500	Ford Motor Credit Co., Notes, 7.50%, 3/15/05		502,373
A3		700	Ford Motor Credit, M.T.N, 3.10%, 7/18/05(f), F.R.N.		698,466
Aaa		JPY 36,000	General Electric Capital Corp. 1.40%, 11/2/06		355,219
Baa1		100	General Motors Acceptance Corp., Notes, M.T.N. 5.25%, 5/16/05		100,672
Baa1		200	4.23%, 5/19/05(f) F.R.N.		200,840
Baa1		350	7.50%, 7/15/05		355,820
Baa1		400	3.92%, 10/20/05(f) F.R.N.		401,767
Baa1		500	6.875%, 9/15/11		502,084
					3,117,241
Foods    0.2%
B3		17	Agrilink Foods, Inc., Sr. Sub. Notes, 11.875%, 11/1/08		17,680
Ba3		25	Ahold Finance USA, Inc., Sr. Notes, 8.25%, 7/15/10		28,250
B3		50	Carrols Corp., Sr. Sub Notes, 9.00%, 1/15/13		52,125
B2		175	Del Monte Corp., Sr. Sub Notes, 8.625%, 12/15/12		194,469
B2		100	6.75%, 2/15/15		101,000
Ba1		95	Delhaize America Inc., Gtd. Notes, 8.125%, 4/15/11		110,440
B2		50	Dole Foods Co., Sr. Notes, 8.625%, 5/1/09		54,813
B2		155	8.875%, 3/15/11		166,431

See Notes to Financial Statements.

30 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
B3	$	45	Pathmark Stores, Gtd. Notes, 8.75%, 2/1/12	$	43,031
Ba2		100	Smithfield Foods, Inc., Sr. Notes, 8.00%, 10/15/09		110,375
					878,614
Gaming    0.4%
B1		100	Argosy Gaming, 7.00%, 1/15/14		110,000
Ba3		150	Aztar Corp, Sr. Sub. Notes, 9.00%, 8/15/11		164,625
Ba3		20	7.875%, 6/15/14		22,000
B1		80	Boyd Gaming Corp., Sr. Sub. Notes, 8.75%, 4/15/12		88,200
B2		75	Isle of Capri Casinos, Inc., Sr. Sub. Notes, 7.00%, 3/1/14		75,938
B2		55	Kerzner International Ltd. 8.875%, 8/15/11		59,950
Ba1		290	MGM Mirage, Inc. 6.00%, 10/1/09		295,799
Ba2		145	Gtd. Notes, 9.75%, 6/1/07		160,950
Ba3		110	Mohegan Tribal Gaming Authority, Sr. Notes, 8.00%, 4/1/12		118,388
Ba2		30	Park Place Entertainment Corp., Sr. Notes, 9.375%, 2/15/07		32,813
Ba2		125	7.875%, 3/15/10		139,375
Ba2		60	8.125%, 5/15/11		68,700
B2		110	Venetian Casino Resort LLC, Second Mortgage., Bonds., 11.00%, 6/15/10		124,300
NR		90	Wynn Las Vegas, LLC, 6.625%, 12/1/14		88,425
					1,549,463
Health Care & Pharmaceutical    0.6%
B3		25	Alliance Imaging, Sr. Sub Notes, 7.25%, 12/15/12		25,250

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 31

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Ba3	$	100	Bio-Rad Laboratories, Inc., Sr. Sub Notes, 6.125%, 12/15/14	$	101,375
B3		100	Concentra Operating Corp., Gtd. Notes, 9.125%, 6/1/12		111,000
Ba1		25	Coventry Health Care, Inc., Sr. Notes, 5.875%, 1/15/12		25,375
Ba1		50	8.125%, 2/15/12		54,625
Ba2		50	HCA Inc., Notes, 5.50%, 12/1/09		49,795
Ba1		50	HCA, Inc., 8.36%, 4/15/24		54,930
Ba1		75	7.50%, 11/15/95		72,393
Ba1		50	HCA, Inc., Debs, 7.50%, 12/15/23		51,534
Ba1		55	HCA, Inc., Notes, M.T.N., 9.00%, 12/15/14		65,229
Caa2		100	HealthSouth Corp, Notes, 7.625%, 6/1/12		100,250
Caa2		50	Sr. Notes, 6.875%, 6/15/05		50,250
Caa2		100	8.50%, 2/1/08		103,375
B3		70	IASIS Healthcare LLC, Sr. Sub Notes, 8.75%, 6/15/14		75,425
Caa1		55	Inverness Medical Innovations, Inc., Sr. Sub. Notes, 8.75%, 2/15/12		56,375
B3		178	Magellan Health Services, Sr. Notes, 9.375%, 11/15/08		191,493
Ba1		50	MedcoHealth Solutions, Sr. Notes, 7.25%, 8/15/13		56,512
Caa1		75	Medical Device Manufacturing, Gtd. Notes, 10.00%, 7/15/12		81,000
B3		100	MedQuest, Inc., Sr. Sub. Notes, 11.875%, 8/15/12		117,000
Ba3		50	NeighborCare, Inc., Sr. Sub. Notes, 6.875%, 11/15/13		52,688
B1		25	Omega Healthcare, Investors, Inc., Sr. Notes, 7.00%, 4/1/14		25,250

See Notes to Financial Statements.

32 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
B2	$	110	Res-Care, Inc., Sr. Notes, 10.625%, 11/15/08	$	120,175
B2		75	Select Medical Corp., Sr. Sub. Notes, 9.50%, 6/15/09		79,969
Ba2		80	Senior Housing Properties Trust, Sr. Notes, 8.625%, 1/15/12		91,000
B3		65	Tenet Healthcare Corp., Sr. Notes, 6.375%, 12/1/11		58,338
B3		40	6.50%, 6/1/12		35,600
B3		25	9.25%, 2/1/15		25,000
NR		75	Vanguard Health Holdings Co. II LLC., Sr. Sub. Notes 9.00%, 10/1/14		80,250
Ba3		121	Ventas Realty L.P., Gtd. Notes, 8.75%, 5/1/09		133,855
Ba3		120	9.00%, 5/1/12		139,199
Caa1		125	Warner Chilcott Corp., Sr. Sub. Notes, 8.75%, 2/1/15		128,438
					2,412,948
Household Products    0.1%
A3		500	Clorox Co., Notes, 2.54%, 12/14/07(f), F.R.N.		499,810
Lodging    0.3%
B1		75	FelCor Suites LP, Gtd. Notes, 7.625%, 10/1/07		78,563
Ba3		30	HMH Properties, Inc., Gtd. Notes, Ser. B, 7.875%, 8/1/08		30,788
Ba3		50	Host Marriott L.P., Gtd. Notes, 9.25%, 10/1/07		55,250
Ba3		185	Sr. Notes, 9.50%, 1/15/07		200,262
Ba3		75	7.00%, 8/15/12		78,375
Ba3		45	7.125%, 11/1/13		47,363
B2		25	John Q. Hammons Hotels LP, 8.875%, 5/15/12		28,125
Ba3		125	La Quinta Properties, Inc., Sr. Notes, 8.875%, 3/15/11		137,969

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 33

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Ba2	$	125	Royal Caribbean Cruises, Ltd., Sr. Notes, 8.00%, 5/15/10	$	141,249
Ba2		25	Debs, 7.50%, 10/15/27		27,563
Ba1		70	Starwood Hotels & Resorts Worldwide, Inc., Notes, 7.875%, 5/1/12		79,800
Ba1		200	7.375%, 11/15/15		223,999
					1,129,306
Media & Entertainment    0.6%
Caa1		75	Advertising Directory Solutions, Sr. Notes, 9.25%, 11/15/12		79,125
B3		50	AMC Entertainment, Inc., Sr. Sub Notes, 8.00%, 3/1/14		49,563
Caa1		70	American Color Graphics, Inc., Sr. Notes, 10.00%, 6/15/10		59,675
B2		5	American Media Operation, Inc., Sr. Notes, 10.25%, 5/1/09		5,231
B2		75	CanWest Media, Inc. (Canada), Sr. Sub. Notes, 10.625%, 5/15/11		83,531
B2		134	Dex Media East LLC, Sr. Sub. Notes, 12.125%, 11/15/12		160,464
B2		147	Dex Media West LLC., Sr. Sub. Notes, 9.875%, 8/15/13		166,660
B1		110	DirecTV Holdings LLC., Sr. Notes, 8.375%, 3/15/13		123,888
Ba3		20	Echostar DBS Corp., Gtd. Notes, 6.625%, 10/1/14		20,200
Ba3		40	Entercom Radio LLC, Gtd. Notes, 7.625%, 3/1/14		43,000
B2		100	Gray Television, Inc., Gtd. Notes, 9.25%, 12/15/11		111,250
B1		150	Intelsat Bermuda Ltd., Sr. Notes, 8.25%, 1/15/13		155,250
B1		75	Intrawest Corp., Sr. Notes, 7.50%, 10/15/13		78,750
B3		50	LCE Acquisition Corp., Sr. Sub. Notes, 9.00%, 8/1/14		52,375

See Notes to Financial Statements.

34 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
B2	$	125	Leslie’s Poolmart, Inc., Sr. Notes, 7.75%, 2/1/13	$	127,188
B2		75	Marquee, Inc. Sr. Notes, 8.625%, 8/15/12		81,375
B2		100	Medianews Group, Inc., Sr. Sub. Notes, 6.875%, 10/1/13		99,500
Ba3		40	Morris Publishing Group LLC., Gtd. Notes, 7.00%, 8/1/13		40,700
B3		25	New Skies Satellites NV, (Netherlands) Sr. Notes, 7.44%, 11/1/11(f), F.R.N.,		26,063
Caa1		25	Sr. Sub. Notes, 9.125%, 11/1/12		25,750
B2		150	Quebecor Media, Inc. (Canada), Sr. Notes, 11.125%, 7/15/11		168,749
B2		100	R.R. Donnelley Financial Corp., Sr. Sub. Notes, 10.875%, 12/15/12		117,000
B3		25	Six Flags, Inc., Sr. Notes, 9.625%, 6/1/14		23,563
B3		75	Universal City Florida Holdings Co., Sr. Notes, 8.375%, 5/1/10		78,000
B2		70	Vail Resorts, Inc., Sr. Sub. Notes, 6.75%, 2/15/14		70,613
B3		135	Vertis, Inc., Gtd. Notes, 10.875%, 6/15/09		145,463
Caa1		10	WDAC Subsidiary Corp., Sr. Notes, 8.375%, 12/1/14		9,750
					2,202,676
Metals    0.2%
B3		125	AK Steel Corp., Sr. Notes, 7.875%, 2/15/09		128,125
B3		60	7.75%, 6/15/12		61,650
Ba3		50	Arch Western Finance LLC, Sr. Notes, 6.75%, 7/1/13		51,000
B1		75	Century Aluminum Co., Gtd. Notes, 7.50%, 8/15/14		80,063

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 35

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
BB-(e)	$	105	CSN Islands VII Corp., (Cayman Islands), Gtd. Notes, 10.75%, 9/12/08	$	119,044
B3		76	Ispat Inland Ulc., Series WI, Sec’d Notes, 9.75%, 4/1/14		93,670
B1		50	Novelis, Inc., Sr. Notes, 7.25%, 2/15/15		51,250
B2		25	Oregon Steel Mills, Inc. 10.00%, 7/15/09		27,750
Ba3		75	Russel Metals, Inc. (Canada), Sr. Notes, 6.375%, 3/1/14		75,000
B2		50	Ryerson Tull, Inc., Sr. Notes, 8.25%, 12/15/11		49,000
B1		125	United States Steel LLC, Sr. Notes, 10.75%, 8/1/08		147,812
					884,364
Packaging    0.2%
B2		85	Anchor Glass Container Corp., Sr. Sec’d Notes, 11.00%, 2/15/13		91,375
B3		125	Berry Plastics, Sr. Sub. Notes, 10.75%, 7/15/12		142,500
B1		100	Crown Euro Holdings SA (France), Sr. Sec’d. Notes, 9.50%, 3/1/11		111,500
Caa1		50	Graham Packaging Co., Inc., Sr. Notes, 8.50%, 10/15/12		51,875
Caa2		50	9.875%, 10/15/14		52,375
B2		175	Greif Brothers Corp., Gtd., Sr. Sub. Notes, 8.875%, 8/1/12		193,375
B2		140	Owens-Brockway Glass Containers, Sr. Sec’d. Notes, 8.75%, 11/15/12		155,750
					798,750
Paper    0.3%
Ba3		150	Abitibi-Consolidated Co., (Canada) Notes, 5.25%, 6/20/08		146,250

See Notes to Financial Statements.

36 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
			Ainsworth Lumber Co. Ltd., Sr. Notes, (Canada)
B2	$	25	7.25%, 10/1/12	$	25,000
B2		25	6.75%, 3/15/14		24,219
Ba3		75	Bowater Canada Finance, Gtd. Notes, 7.95%, 11/15/11		80,352
Caa1		50	Caraustar Industries, Inc., Gtd. Notes, 9.875%, 4/1/11		54,875
Ba1		70	Cascades, Inc., Sr. Notes, 7.25%, 2/15/13		73,150
B2		100	Cellu Tissue Holdings, Inc., Sec’d. Notes, 9.75%, 3/15/10		105,250
			Georgia-Pacific Corp., Sr. Notes,
Ba3		100	7.50%, 5/15/06		104,125
Ba3		45	8.125%, 5/15/11		51,750
Ba3		80	8.875%, 5/15/31		102,000
B2		100	Millar Western Forest, Inc., Sr. Notes, 7.75%, 11/15/13		104,500
B2		25	Smurfit-Stone Container, Sr. Notes 8.375%, 7/1/12		26,500
			Tembec Industries, Inc., Gtd. Notes,
Ba3		25	8.625%, 6/30/09		24,844
Ba3		90	7.75%, 3/15/12		85,500
					1,008,315
Pipelines & Other    0.4%
B2		75	AmeriGas Partners, L.P., Sr. Notes, 8.875%, 5/20/11		81,000
			El Paso Corp., Sr. Notes,
Caa1		55	7.00%, 5/15/11		55,275
Caa1		250	7.80%, 8/1/31 M.T.N.		242,500
B3		275	EL Paso Production Holding Co., Gtd. Notes, 7.75%, 6/1/13		286,000
Baa3		50	Enterprise Products Operating LP, Sr. Notes, 5.60%, 10/15/14		51,235
B2		50	Ferrellgas Partners L.P., Sr. Notes, 8.75%, 6/15/12		53,500
B1		50	Inergy LP, Sr. Notes, 6.875%, 12/15/14		49,750

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 37

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
B1	$	25	MarkWest Energy Partners L.P., Sr. Notes, 6.875%, 11/1/14	$	25,125
Ba2		75	Pacific Energy Partners L.P., Sr. Notes, 7.125%, 6/15/14		79,125
B1		50	Southern Natural Gas Inc., Notes, 8.875%, 3/15/10		55,625
			Tennessee Gas Pipeline Co., Debs.,
B1		105	7.00%, 3/15/27		109,632
B1		55	7.00%, 10/15/28		50,500
B1		155	7.625%, 4/1/37		164,300
B3		55	TransMontaigne, Inc., Sr. Sub. Notes, 9.125%, 6/1/10		59,125
			Williams Companies., Inc., Sr. Notes,
B3		175	7.125%, 9/1/11		190,313
B3		95	8.13%, 3/15/12		109,250
					1,662,255
Retailers    0.3%
B3		50	Asbury Automotive Group, Inc., Sr. Sub. Notes, 8.00%, 3/15/14		50,125
Ba2		25	AutoNation, Inc., Sr. Notes, 9.00%, 8/1/08		28,125
B1		100	Group 1 Automotive, Inc., Sr. Sub. Notes, 8.25%, 8/15/13		105,000
Ba2		25	J.C. Penney Co., Inc., Debs., 7.65%, 8/15/16		28,563
Ba2		260	7.40%, 4/1/37		284,699
Ba2		25	Notes, 6.875%, 10/15/15		27,125
B3		90	Jean Coutu Group, Inc., Sr. Sub. Notes, 8.50%, 8/1/14		89,775
B3		170	Lazydays RV Center, Inc., Sr. Notes, 11.75%, 5/15/12		187,850
B3		50	Pantry, Inc., (Canada) Sr. Sub. Notes, 7.75%, 2/15/14		52,500
Ba3		125	Saks, Inc., Notes, 7.375%, 2/15/19		124,688
Ba2		50	Toys R US, Inc., 7.875%, 4/15/13		51,375
					1,029,825

See Notes to Financial Statements.

38 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Technology    0.3%
B2	$	140	Fairchild Semiconductor International, Inc., Gtd. Notes, 10.50%, 2/1/09	$	147,349
Ba2		50	Flextronics Internationall, Ltd., Sr. Sub Notes, 6.25%, 11/15/14		49,000
Ba2		50	Freescale Semiconductor, Inc. Sr. Notes, 6.875%, 7/15/11		53,125
B3		75	Iron Mountain, Inc., Sr. Sub. Notes, 8.625%, 4/1/13		79,313
B3		25	Nortel Networks, Corp., Notes, 6.125%, 2/15/06		25,344
Ba2		115	Sanmina-SCI Corp., Sr. Sec’d Notes, 10.375%, 1/15/10		130,525
Ba2		125	Seagate Technology HDD Holdings, Gtd. Notes, 8.00%, 5/15/09		134,375
Ba2		100	Stats Chippac, Ltd., Sr. Notes, 6.75%, 11/15/11		97,500
B3		100	UGS Corp., Sr. Sub. Notes, 10.00%, 6/1/12		111,500
Ba1		100	Unisys Corp., Sr. Notes, 8.125%, 6/1/06		104,500
Ba2		125	Xerox Corp., Sr. Notes, 7.625%, 6/15/13		134,688
					1,067,219
Telecommunications    0.9%
Caa1		100	Alamosa Delaware, Inc., Gtd. Notes, 11.00%, 7/31/10		116,500
Caa1		125	Sr. Notes, 8.50%, 1/31/12		133,125
Ba1		181	AT&T Corp., Sr. Notes, 9.05%, 11/15/11		209,959
Caa1		125	Centennial Communications Corp., Sr. Notes, 8.125%, 2/1/14		132,188
B3		50	Cinncinati Bell, Inc., Sr. Notes, 8.375%, 1/15/14		50,750

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 39

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Ba3	$	55	Citizens Communications Co., Notes, 9.25%, 5/15/11	$	64,213
Ba3		85	Sr. Notes, 6.25%, 1/15/13		84,788
B3		100	Crown Castle International Corp., Sr. Notes, 9.375%, 8/1/11		111,000
B3		50	7.50%, 12/1/13		53,063
			Series B
B3		25	7.50%, 12/1/13		26,531
B2		25	Dobson Cellular Systems, 7.50%, 11/1/11(f), F.R.N.		26,313
B1		55	Eircom Funding (Ireland), Sr. Notes, 8.25%, 8/15/13		60,088
			MCI, Inc., Sr. Notes,
B2		70	6.91%, 5/1/07		71,575
B2		101	7.69%, 5/1/09		105,419
B2		42	8.74%, 5/1/14		45,938
Ba3		250	Nextel Communications Inc., Sr. Notes, 7.375%, 8/1/15		275,624
Caa2		100	Qwest Capital Funding, Inc., Gtd. Notes, 7.25%, 2/15/11		96,000
Ba3		225	Qwest Corp., Sr. Notes, 7.875%, 9/1/11		240,749
Caa1		236	Qwest Services Corp., Notes, 14.00%, 12/15/10		280,249
Ba3		65	Rogers Wireless Communications, Inc. (Canada), Sec’d. Notes, 9.625%, 5/1/11		76,700
Ba3		25	8.00%, 12/15/12		26,750
Ba3		25	7.50%, 3/15/15		26,813
A2		600	SBC Communications, Inc., Notes, 4.21%, 6/5/21		602,549
B2		25	U.S. Unwired, Inc., Series B, Sec’d. Notes, 6.74%, 6/15/10(f), F.R.N.		25,813
Caa1		75	UbiquiTel Operating Co., Sr. Notes, 9.875%, 3/1/11		82,688
A3		200	Verizon Wireless Capital LLC, Notes, 2.41%, 5/23/05(f), F.R.N.		199,962
					3,225,347

See Notes to Financial Statements.

40 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Tobacco
B1	$	50	DIMON, Inc., Sr. Notes, 9.625%, 10/15/11	$	56,000
B2		10	North Atlantic Trading Co., Sr. Notes, 9.25%, 3/1/12		7,850
Ba3		125	Standard Commercial Corp., Sr. Notes, 8.00%, 4/15/12		128,438
					192,288
			Total corporate bonds (cost $32,381,855)		33,890,409
CONVERTIBLE BONDS
Capital Goods
Baa3		50	Tyco International Group SA (Luxembourg), Gtd. Notes, 3.125%, 1/15/23		84,563
Technology
B3		40	Nortel Networks Corp. (Canada), Sr. Notes, 4.25%, 9/1/08		38,550
			Total convertible bonds (cost $82,329)		123,113
FOREIGN GOVERNMENT SECURITIES    2.2%
B2		70	Brazilian Government Bonds, 10.00%, 8/7/11(d)		79,800
B2		350	11.00%, 1/11/12(d)		418,251
B2		60	8.25%, 1/20/34		56,250
B2		450	11.00%, 8/17/40(d)		520,875
Ba2		75	Colombia Government Bonds, 10.00%, 1/23/12		84,450
Aaa		EUR100	German Government Bonds, 3.75%, 1/4/09(d)		134,901
Aaa		500	4.00%, 7/4/09(d)		681,493
Aaa		250	4.50%, 1/4/13(d)		351,750
Aaa		600	6.50%, 7/4/27(d)		1,071,450
Aa2		JPY54,000	Italy Government Bonds, 3.80%, 3/27/08(d)		579,743

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 41

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
Baa2	$	275	Mexico Government Bonds, M.T.N., 5.875%, 1/15/14(d)	$	284,625
Ba1		200	Panamanian Government Bonds, 9.625%, 2/8/11(d)		235,000
Baa3		1,550	Russian Government Bonds, 5.00%, 3/31/30(d)		1,627,190
Aaa		GBP 500	United Kingdom Treasury Bonds, 5.75%, 12/7/09(d)		991,711
Aaa		GBP 900	5.00%, 9/7/14(d)		1,749,092
			Total foreign government securities (cost $8,378,021)		8,866,581
MUNICIPAL BONDS    0.9%
Aa2		400	Florida State Board of Education, 5.00%, 6/1/32(d)		417,408
Aaa		200	Georgia State Thruway Authority Rev., 5.00%, 3/1/21(d)		214,254
Baa2		250	Golden State Tobacco Settlement Rev., Ser. 2003-A-1, 6.25%, 6/1/33(d)		251,270
Aaa		250	Massachusetts St Wtr. Res. Auth., Ser. J, 5.00%, 8/1/32(d)		260,135
Aa2		500	Salt River Project, Ser. B, 4.75%, 1/1/32(d)		508,565
Aaa		400	San Antonio Texas Water Rev., 5.00%, 5/15/25(d)		419,876
Aaa		200	South Carolina St. Hwy, Ser. B, 5.00%, 4/1/17(d)		217,060
Aaa		600	South Central Connecticut Regional Water Authority, 5.00%, 8/1/26(d)		639,198
Baa3		250	Tobacco Settlement Financing Corp., New Jersey, 6.375%, 6/1/32		249,498
Baa3		300	6.00%, 6/1/37		285,249
			Total municipal bonds (cost $3,274,866)		3,462,513

See Notes to Financial Statements.

42 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#		Description	Value (Note 1)
U.S. GOVERNMENT AND AGENCY SECURITIES    9.3%
	$	94	Federal Home Loan Mortgage Corp., Ser. 119, Class H, 7.50%, 1/15/21(d)	$	93,986
		17	Ser. 2266, Class F, 2.93%, 11/15/30, F.R.N. (d)(f),		16,778
		821	Ser. 2535, Class DT, 6.00%, 8/1/06 - 9/1/22(d)		856,943
			Federal National Mortgage Association,
		386	5.936%, 11/1/11(d)		416,503
		507	5.50%, 7/1/14(d)		524,378
		85	6.00%, 3/1/17(d)		88,904
		163	5.00%, 2/1/19TBA		166,089
		28	2.93%, 10/18/30, F.R.N. (d)(f)		28,041
		485	6.50%, 3/1/33(d)		507,102
		811	4.50%, 8/1/33(d)		792,961
		241	5.06%, 9/1/34, F.R.N. (d)(f)		242,276
		149	4.16%, 5/1/36, F.R.N. (d)(f)		152,132
		718	6.30%, 10/17/38(d)		757,209
			Government National Mortgage Association,
		14	3.75%, 9/20/22 F.R.N. (d)( f)		14,461
		25	4.63%, 10/20/27 F.R.N. (d)( f)		25,541
		42	4.00%, 11/20/29 F.R.N. (d)(f)		42,594
		69	2.98%, 2/16/30 F.R.N. (d)(f)		69,721
		25	8.50%, 5/20/30 - 4/20/31(d)		27,028
		196	5.50%, 1/15/32(d)		201,215
		77	4.50%, 8/15/33(d)		76,286
			United States Inflation Index Bonds,
		2,411	3.375%, 1/15/07(d)		2,528,578
		1,064	3.625%, 1/15/08(d)		1,146,560
		3,187	3.00%, 7/15/12(d)		3,541,840
		1,344	2.00%, 1/15/14(d)		1,390,239
			United States Treasury Notes,
		5,800	5.00%, 2/15/11 - 8/15/11(d)		6,169,698
		9,400	4.88%, 2/15/12(d)		9,940,867
		1,300	4.00%, 2/15/14(d)		1,289,538
		1,100	8.875%, 8/15/17(d)		1,575,750
		4,100	6.00%, 2/15/26(d)		4,830,313
		1,550	United States Treasury Strips, P/O, 11/15/16 - 2/15/22		731,423
			Total U.S. government and agency securities (cost $38,024,613)		38,244,954

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 43

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Units	Description	Value (Note 1)
WARRANTS(a)
		GenTek, Inc.
	333	Class B, expires 10/31/08	$	799
	162	Class C, expires 10/31/10		285
	1,525	McLeod USA, Inc., expires 4/16/07		214
		Total warrants (cost $0)		1,298
		Total long-term investments (cost $288,525,863)		336,937,097
	Principal Amount (000)#
SHORT-TERM INVESTMENT    14.3%
Commercial Paper    10.4%
		Anz (Delaware), Inc.,
P-1	1,400	2.38%, 2/22/05(d)		1,398,127
P-1	1,500	2.42%, 3/16/05(d)		1,495,802
		ASB Bank Ltd.,
P-1	600	2.04%, 2/14/05(c)(d)		599,464
P-1	2,100	2.42%, 4/7/05(d)		2,090,286
		Bank of Ireland,
	2,700	2.53%, 4/11/05(d)		2,686,526
		Barclays US Funding Corp.,
P-1	300	2.52%, 4/5/05(d)		298,656
P-1	2,700	2.53%, 5/3/05(d)		2,682,733
		CBA Finance, Inc.,
P-1	300	2.53%, 4/11/05(d)		298,521
		CDC Corp.,
P-1	1,600	2.10%, 2/23/05(c)(d)		1,597,726
		Danske Corp.,
P-1	1,000	2.04%, 2/14/05(c)(d)		999,107
P-1	1,100	2.44%, 3/23/05(d)		1,096,294
P-1	800	2.375%, 4/1/05(d)		796,632
P-1	100	2.50%, 4/7/05(d)		99,537
		DBN Bank ASA,
P-1	2,700	2.41%, 2/23/05(d)		2,696,031
P-1	300	2.66%, 4/25/05(d)		298,177
		Dexia Delaware, LLC,
P-1	800	2.36%, 3/3/05(d)		798,427
		European Investment Bank,
P-1	800	2.27%, 2/1/05(d)		800,000

See Notes to Financial Statements.

44 Visit our website at www.strategicpartners.com

Moody’s Rating	Principal Amount (000)#	Description	Value (Note 1)
		Ford Motor Credit Co.,
P-1	300	2.52%, 4/7/05(c)(d)	$	298,443
		General Electric Capital Corp.,
P-1	500	2.04%, 2/4/05(c)(d)		499,876
P-1	700	2.28%, 2/23/05(d)		699,005
P-1	300	2.32%, 2/24/05(d)		299,547
P-1	600	2.54%, 4/12/05(d)		596,994
		General Motors Acceptance Corp.,
P-1	100	2.36%, 3/21/05(c)(d)		99,685
P-1	550	2.50%, 4/5/05(c)(d)		547,624
		ING US Funding LLC,
P-1	1,000	2.45%, 3/21/05(d)		996,682
P-1	2,000	2.40%, 4/5/05(d)		1,991,040
		IXIS,
P-1	1,400	2.56%, 4/22/05(d)		1,391,908
		Nestle Capital Co.,
P-1	2,500	2.22%, 2/15/05(d)		2,497,596
		Noreda North America Inc.,
P-1	500	1.97%, 2/1/05(c)(d)		499,969
		Skandi Ensk,
P-1	2,500	2.12%, 2/4/05(d)		2,499,374
		Swedbank, (Switzerland),
P-1	1,600	2.44%, 3/10/05(d)		1,595,988
P-1	1,400	2.45%, 3/28/05(d)		1,394,551
		UBS Finance (Delaware) LLC,
P-1	100	2.03%, 2/22/05(c)(d)		99,866
P-1	1,000	2.37%, 3/10/05(d)		997,620
	1,900	2.51%, 4/27/05(d)		1,888,277
		Westpac Capital Corp.,
P-1	1,600	2.40%, 3/10/05(d)		1,596,193
		Total commercial paper (cost $41,225,765)		41,222,284
U.S. Government And Agency Securities    0.6%
		United States Treasury Bill,
	400	2.145%, 3/17/05(d)		398,964
	600	2.13%, 5/5/05(d)		596,189
		Total U.S. government and agency securities (cost $995,626)		995,153

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 45

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Moody’s Rating	Shares	Description	Value (Note 1)
Mutual Fund    3.3%
	13,180,716	Dryden Core Investment Fund — Taxable Money Market Series (cost $13,180,716; Note 3)	$	13,180,716
		Total short-term investment (cost $55,402,107)		55,398,153
	Contracts/ Notional Amount (000)#
OUTSTANDING OPTIONS PURCHASED
Call Options
	38	United States Treasury Notes, expiring 2/18/05 @ 115		30,875
Put Options
	20	Euro Futures, expiring 9/19/05 @ 93.75		125
SWAP OPTIONS
Call Options
	600	Swap Option 3 Month LIBOR, expiring 4/27/09 @ 5.75%		69,227
Put Options
	600	Swap Option 3 Month LIBOR, expiring 4/27/09 @ 6.25%		21,797
				91,024
		Total outstanding options purchased (cost $101,509)		122,024
		Total Investments, Before Outstanding Options Written and Securities Sold Short — 99.2% (cost $344,029,479)		392,457,274
OUTSTANDING OPTIONS WRITTEN
Call Options
	18	United States Treasury Notes, expiring 2/18/05 @ 113		(4,219	)
	85	United States Treasury Notes, expiring 2/18/05 @ 114		(3,984	)
	11	United States Treasury Notes, expiring 5/20/05 @ 114		(3,610	)
				(11,813	)

See Notes to Financial Statements.

46 Visit our website at www.strategicpartners.com

	Contracts/ Notional Amount (000)#	Description	Value (Note 1)
Put Options
	5	90-day GBP, Expiring 12/21/05 @ 94.25	$	(295	)
	20	United States Treasury Notes, expiring 5/20/05 @ 108		(8,125	)
	60	United States Treasury Notes, expiring 2/18/05 @ 108		(937	)
				(9,357	)
SWAP OPTIONS
Call Options
	1,700	Swap Option 3 Month LIBOR, expiring 7/03/06 @ 4.0%		(17,173	)
	5,900	Swap Option 3 Month LIBOR, expiring, 9/23/05 @ 4.0%		(37,182	)
				(54,355	)
Put Options
	1,700	Swap Option 3 Month LIBOR, expiring 7/03/06 @ 6.0%		(9,340	)
	3,300	Swap Option 3 Month LIBOR, expiring, 9/23/05 @ 7.0%		(221	)
				(9,561	)
		Total outstanding options written
		(premiums received $307,069)		(85,086	)
	Principal Amount (000)#
SECURITIES SOLD SHORT    (0.9)%
		Federal National Mortgage Association,
	500	6.50%, 2/25/35		(523,125	)
		United States Treasury Notes,
	3,000	4.875%, 2/15/12		(3,172,617	)
		Total securities sold short (proceeds $3,745,504)		(3,695,742	)
		Total Investments, net of outstanding options written and securities sold short 98.3% (cost $339,976,906; Note 5)		388,676,446
		Other assets in excess of other liabilities(g) 1.7%		6,863,932
		Net Assets    100%	$	395,540,378

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 47

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

ADR- American Depository Receipt.

BRB- Brady Bond.

EUR- Euro Dollar

F.R.N.- Floating Rate Note

GBP- Great British Pounds.

JPY- Japanese Yen

M.T.N—Medium Term Note

NR—Not Rated by Moody’s or Standard & Poor’s

P/O—Principal Only Securities

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

# Principal Amount is in U.S. Dollars unless otherwise indicated.

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

(a) Non-income producing security.

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

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

(d) Securities with an aggregate market value of $91,218,526 have been segregated with the custodian to cover margin requirements for open futures contracts.

(e) S&P rating.

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

(g) Includes net unrealized depreciation on futures, foreign currency contracts and swaps of $411,478.

Open futures contracts outstanding at January 31, 2005:

Number of Contracts	Type	Expiration Date	Value at January 31, 2005		Value at Trade Date		Unrealized Appreciation (Depreciation)
Long Positions
128	10yr US T-Note	Mar. 2005	$	14,370,000	$	14,136,000	$	234,000
118	90 Day Euro	Dec. 2005		28,409,975		28,382,425		27,550
68	90 Day Euro	Sept. 2005		16,403,300		16,439,300		(36,000	)
42	Euro-BOBL	Mar. 2005		6,213,474		6,193,784		19,690
22	90 Day Euro	Mar. 2006		5,289,350		5,287,425		1,925
21	US T-Long Bond	Mar. 2005		2,411,719		2,365,125		46,594
15	90 Day GBP LIBOR	Dec. 2005		3,364,918		3,362,847		2,071
3	90 Day GBP LIBOR	Mar. 2005		672,842		680,020		(7,178	)
							$	288,652
Short Positions
73	5yr US T-Note	Mar. 2005		7,975,250		8,005,570	$	(30,320	)

See Notes to Financial Statements.

48 Visit our website at www.strategicpartners.com

Foreign currency exchange contracts outstanding at January 31, 2005:

Purchase Contracts	Notional Amount	Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Euros, Expiring 2/10/05	47,000	$	60,969	$	61,267	$	298
Japanese Yen Expiring 3/10/05	51,063,000		497,104		493,577		(3,527	)
Pound Sterling, Expiring 2/01/05	15,559		29,254		29,346		92
		$	587,327	$	584,190	$	(3,137	)
Sale Contracts	Notional Amount	Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Euros, Expiring 2/10/05	892,000	$	1,180,835	$	1,162,767	$	18,068
Pound Sterling, Expiring 2/01/05	137,910		258,872		260,113		(1,241	)
		$	1,439,707	$	1,422,880	$	16,827

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 49

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Interest swap agreements outstanding at January 31, 2005:

The Fund entered into interest rate swap agreements during the six months ended January 31, 2005. Details of the swap agreements outstanding as of January 31, 2005 were as follows:

Counterparty	Termination Date	Notional Amount (000)	Fixed Rate		Floating Rate	Unrealized Appreciation (Depreciation)
Lehman Brothers Inc.(a)	6/15/2005	USD  5,000	5.00	%	3 month LIBOR	$	(40,163	)
Goldman Sachs(a)	6/15/2015	USD  4,400	5.00	%	3 month LIBOR		(82,441	)
Greenwich Capital(b)	6/15/2010	USD  1,200	4.00	%	3 Month LIBOR		6,716
Merrill Lynch & Co.(b)	6/15/2010	USD  400	4.00	%	3 month LIBOR		235
UBS Warburg LLC(a)	6/18/2034	GBP  300	5.00	%	6 month LIBOR		(9,414	)
UBS Warburg LLC(b)	6/17/2010	EUR  600	4.00	%	6 month LIBOR		24,571
JP Morgan(b)	6/17/2010	EUR  400	4.00	%	6 month LIBOR		12,285
UBS Warburg LLC(a)	12/15/2014	EUR  3,100	5.00	%	6 month LIBOR		(388,161	)
Lehman Brothers Inc.(a)	6/15/2025	USD  2,400	6.00	%	3 month LIBOR		(71,211	)
Barclay's Capital(a)	3/15/2032	GBP  900	5.00	%	6 month LIBOR		(16,395	)
JP Morgan(b)	3/15/2032	EUR  1,100	6.00	%	6 month EBOR		88,828
Barclay's Capital(a)	6/18/2034	GBP  200	5.00	%	6 month LIBOR		(6,475	)
JP Morgan(b)	6/18/2034	EUR  700	6.00	%	6 month LIBOR		85,293
Bank of America Securities LLC(b)	6/15/2010	USD  1,700	4.00	%	3 Month LIBOR		844
Bank of America Securities LLC(b)	6/15/2007	USD  7,400	4.00	%	3 Month LIBOR		(4,049	)
Goldman Sachs(b)	6/15/2010	USD  2,700	4.00	%	3 Month LIBOR		1,340
						$	(398,197	)

(a) Fund pays the fixed rate and receives the floating rate.

(b) Fund pays the floating rate and receives the fixed rate.

The Fund entered into credit default swap agreements during the six months ended January 31, 2005. Details of the swap agreements outstanding as of January 31, 2005 were as follows:

Counterparty	Termination Date	Notional Amount (000)	Fixed Rate	Underlying Bond	Unrealized Appreciation (Depreciation)
Morgan Stanley & Co. Inc.(a)	12/20/2008	200	0.26%	Allstate 6.125%, 2/15/12	$	(808	)
Merrill Lynch & Co.(a)	12/20/2008	100	0.32%	Ingersoll 6.48%, 6/1/25		(529	)
Morgan Stanley & Co. Inc.(a)	12/20/2008	100	0.21%	Emerson 4.625%, 10/15/12		(219	)
Barclay's Bank PLC(a)	12/20/2008	200	0.16%	Eli Lilly 6.00%, 3/15/12		(274	)

See Notes to Financial Statements.

50 Visit our website at www.strategicpartners.com

Counterparty	Termination Date	Notional Amount (000)	Fixed Rate	Underlying Bond	Unrealized Appreciation (Depreciation)
Bank of America Securities LLC(a)	12/20/2008	100	0.13%	E.I. Dupont 6.875%, 10/15/09	$	(94	)
Bear Stearns & Co.(a)	12/20/2008	100	0.32%	Hewlett Packard 6.50%, 7/12/12		(450	)
Lehman Brothers Inc.(a)	12/20/2008	100	0.11%	Johnson 3.80%, 5/15/13		(95	)
Lehman Brothers Inc.(a)	12/20/2008	100	0.12%	Home Depot 5.375%, 4/01/06		(236	)
Citigroup Global Partners Inc.(a)	12/20/2008	100	0.29%	Fedex 7.25%, 2/15/11		(444	)
Lehman Brothers Inc.(a)	12/20/2008	100	0.29%	Whirlpool 8.60%, 5/1/10		(54	)
Citigroup Global Partners, Inc.(a)	12/20/2008	100	0.28%	Eaton 5.75%, 7/15/12		(556	)
Citigroup Global Partners Inc.(a)	12/20/2008	300	0.14%	Wal-Mart 6.875%, 8/10/09		(386	)
UBS Warburg LLC(a)	12/20/2008	200	0.35%	AutoZone 5.875%, 10/15/12		1,913
Lehman Brothers Inc.(a)	12/20/2008	100	0.30%	Masco 5.875%, 7/15/12		(277	)
Lehman Brothers Inc.(a)	12/20/2008	100	0.35%	RadioShack 7.375%, 5/15/11		(456	)
Barclay's Bank PLC(a)	12/20/2008	100	0.67%	Walt Disney 6.375%, 3/1/12		(1,662	)
Lehman Brothers Inc.(a)	12/20/2008	100	0.48%	Northrop 7.1425%, 2/15/11		(844	)
Lehman Brothers Inc.(a)	12/20/2008	100	0.53%	Lockheed 8.20%, 12/1/09		(964	)
Lehman Brothers, Inc.(a)	12/20/2008	100	0.97%	Goodrich 7.625%, 12/15/12		(2,338	)
Lehman Brothers Inc.(a)	06/20/2009	500	0.40%	Peoples Republic of China 6.80% 5/23/11		(3,453	)
Bear Stearns & Co.(b)	06/20/2005	1,700	0.69%	General Motors 7.125% 7/15/13		2,627
Bear Stearns & Co.(a)	06/20/2005	1,700	0.55%	General Motors Accept. Corp. 6.875% 8/28/12		(1,218	)
					$	(10,817	)

(1) Fund pays the fixed rate and receives from the counterparty payment in the event that the underlying bond defaults.

(2) Fund pays the counterparty payment in the event that the underlying bond defaults and receives the fixed rate.

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 51

Portfolio of Investments

as of January 31, 2005 (Unaudited)

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2005 were as follows:

Commercial Paper	10.4	%
US Government and Agency Securities	9.9
Oil & Gas	5.2
Pharmaceuticals	3.5
Mutual Fund	3.3
Commercial Banks	3.2
Health Care Providers & Services	3.0
Insurance	2.8
Diversified Financial Services	2.7
Capital Markets	2.2
Foreign Government Securities	2.2
Software	2.2
Industrial Conglomerates	2.1
Wireless Telecommunication Services	2.0
Computers & Peripherals	1.9
Specialty Retail	1.9
Electronic Equipment & Instruments	1.7
Energy Equipment & Services	1.7
Commercial Services & Supplies	1.6
Electric Utilities	1.6
Internet Software & Services	1.6
Chemicals	1.4
Communication Equipment	1.3
Media	1.3
Biotechnology	1.1
Food & Staples Retailing	1.1
Food Products	1.1
Household Durables	1.0
Electric	0.9
Hotels, Restaurants & Leisure	0.9
Municipal Bonds	0.9
Telecommunications	0.9
Aerospace & Defense	0.8
Automobiles	0.8
Diversified Telecommunication Services	0.8
Financial Services	0.8
Consumer Finance	0.7
Health Care Equipment & Supplies	0.7
Multiline Retails	0.7
Semiconductor & Semiconductor Equipment	0.7
Tobacco	0.7
Asset Backed Securities	0.6
Health Care & Pharmaceutical	0.6
Household Products	0.6
Internet & Catalog Retail	0.6
Media & Entertainment	0.6

See Notes to Financial Statements.

52 Visit our website at www.strategicpartners.com

Multi-Utilities	0.6	%
Paper & Forest Products	0.6
Capital Goods	0.5
Collateralized Mortgage Securities	0.5
Personal Products	0.5
Beverages	0.4
Building Construction	0.4
Gaming	0.4
Office Electronics	0.4
Pipelines & Other	0.4
Real Estate Investment Trust	0.4
Air Freight & Logistics	0.3
Energy-Other	0.3
IT Services	0.3
Lodging	0.3
Machinery	0.3
Metals & Mining	0.3
Paper	0.3
Retail	0.3
Retailers	0.3
Technology	0.3
Transportation	0.3
Automotive	0.2
Cable	0.2
Foods	0.2
Internet	0.2
Metals	0.2
Packaging	0.2
Textiles, Apparel & Luxury Goods	0.2
Thrifts & Mortgage Finance	0.2
Airlines	0.1
Banking	0.1
Building Materials & Construction	0.1
Building Products	0.1
Consumer	0.1
Distributors	0.1
Electrical Equipment	0.1
Food & Drug Retailing	0.1
Gas Utilities	0.1
Automobiles & Parts	0.0	*
Outstanding Options Purchased	0.0	*
Outstanding Options Written	0.0	*
Securities Sold Short	(0.9	)
	98.3
Other assets in excess of liabilities	1.7
	100.0	%

* Amount represents less than 0.1% of net assets.

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 53

Statement of Assets and Liabilities

as of January 31, 2005 (Unaudited)

Assets
Investments, at value (cost $344,029,479)	$	392,457,274
Cash		11,442,790
Foreign currency at value (cost $330,670)		332,017
Receivable for investments sold		9,153,541
Interest and dividends receivable		1,450,069
Receivable for Fund shares sold		1,042,902
Unrealized appreciation on swap agreements		224,652
Premium for interest rate swaps purchased		103,375
Tax Reclaim Receivable		45,850
Unrealized appreciation on forward foreign contracts		18,458
Prepaid expenses		10,409
Total assets		416,281,337
Liabilities
Payable for investments purchased		14,240,216
Securities sold short, at fair value (proceeds $3,745,504)		3,695,742
Payable for Fund shares reacquired		670,138
Unrealized depreciation on swap agreements		633,666
Premium received for interest rate swaps		611,932
Distribution fee payable		271,316
Management fee payable		251,730
Accrued expenses and other liabilities		250,128
Outstanding options written (premiums received $307,069)		85,086
Due to broker—variation margin		16,154
Deferred trustees fees		10,083
Unrealized depreciation on forward foreign contracts		4,768
Total liabilities		20,740,959
Net Assets	$	395,540,378
Net assets were comprised of:
Shares of beneficial interest, at par	$	33,328
Paid-in capital, in excess of par		352,914,159
		352,947,487
Undistributed net investment income		(576,172	)
Accumulated net realized loss on investments and foreign currency transactions		(5,464,760	)
Net unrealized appreciation on investments and foreign currencies		48,633,823
Net assets, January 31, 2005	$	395,540,378

See Notes to Financial Statements.

54 Visit our website at www.strategicpartners.com

Class A
Net asset value and redemption price per share
($89,845,918 ÷ 7,550,216 shares of beneficial interest issued and outstanding)	$	11.90
Maximum sales charge (5.50% of offering price)		0.69
Maximum offering price to public	$	12.59
Class B
Net asset value, offering price and redemption price per share
($185,575,780 ÷ 15,651,064 shares of beneficial interest issued and outstanding)	$	11.86
Class C
Net asset value, offering price and redemption price per share
($108,968,381 ÷ 9,189,976 shares of beneficial interest issued and outstanding)	$	11.86
Class M
Net asset value, offering price and redemption price per share
($1,665,372 ÷ 140,730 shares of beneficial interest issued and outstanding)	$	11.83
Class R
Net asset value, offering price and redemption price per share
($2,607 ÷ 219 shares of beneficial interest issued and outstanding)	$	11.90
Class X
Net asset value, offering price and redemption price per share
($1,208,615 ÷ 101,950 shares of beneficial interest issued and outstanding)	$	11.85
Class Z
Net asset value, offering price and redemption price per share
($8,273,705 ÷ 694,338 shares of beneficial interest issued and outstanding)	$	11.92

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 55

Statement of Operations

Six Months Ended January 31, 2005 (Unaudited)

Net Investment Income
Income
Dividends (Net of foreign withholding taxes of $54,701)	$	1,797,098
Interest (Net of foreign withholding taxes of $3,314)		2,458,352
Total income		4,255,450
Expenses
Management fee		1,434,602
Distribution fee—Class A		107,210
Distribution fee—Class B		906,491
Distribution fee—Class C		531,049
Distribution fee—Class M		2,431
Distribution fee—Class R		6
Distribution fee—Class X		785
Transfer agent's fees and expenses		242,000
Custodian's fees and expenses		199,000
Reports to shareholders		55,000
Registration fees		41,000
Legal fees		14,000
Audit fee		8,000
Trustees’ fees		6,000
Miscellaneous		19,251
Total expenses		3,566,825
Net investment income		688,625
Net Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		9,549,234
Financial futures transactions		1,081,330
Swaps		506,934
Options written		227,408
Short Sales		(19,431	)
Foreign currency transactions		(33,640	)
		11,311,835
Net change in unrealized appreciation (depreciation) on:
Investments		20,660,103
Short Sales		47,236
Financial futures contracts		29,068
Options written		3,596
Foreign currencies		(8,071	)
Swaps		(488,657	)
		20,243,275
Net gain on investments		31,555,110
Net Increase In Net Assets Resulting From Operations	$	32,243,735

See Notes to Financial Statements.

56 Visit our website at www.strategicpartners.com

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended January 31, 2005			Year Ended July 31, 2004
Increase (Decrease) In Net Assets
Operations
Net investment income	$	688,625		$	1,984,672
Net realized gain (loss) on investments and foreign currency transactions		11,311,835			24,356,612
Net change in unrealized appreciation (depreciation) of investments and foreign currencies		20,243,275			6,702,805
Net increase in net assets resulting from operations		32,243,735			33,044,089
Dividends and distributions (Note 1)
Dividends from net investment income
Class A		(550,746	)		(955,286	)
Class B		(525,205	)		(879,791	)
Class C		(306,479	)		(525,020	)
Class M		(1,356	)		—
Class R		(16	)		—
Class X		(281	)		—
Class Z		(63,469	)		(139,371	)
Total dividends from net investment income		(1,447,552	)		(2,499,468	)
Fund share transactions (net of share conversions) (Note 6)
Net proceeds from shares sold		39,967,332			113,695,226
Net asset value of shares issued in reinvestment of dividends and distributions		1,331,485			2,301,177
Cost of shares reacquired		(34,979,742	)		(62,423,425	)
Net increase in net assets from Fund share transactions		6,319,075			53,572,978
Total increase		37,115,258			84,117,599
Net Assets
Beginning of period(a)		358,425,120			274,307,521
End of period	$	395,540,378		$	358,425,120
(a) Includes undistributed net investment income of:	$	—		$	182,755

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 57

Notes to Financial Statements

(Unaudited)

Strategic Partners Asset Allocation Funds (the “Trust”), is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company presently consisting of three portfolios: Strategic Partners Moderate Growth Fund (the “Fund”), Strategic Partners Conservative Growth Fund and Strategic Partners High Growth Fund. These financial statements relate only to Strategic Partners Moderate Growth Fund. The financial statements of the other portfolios are not presented herein. The Trust was organized as a business trust in Delaware on July 29, 1998.

Jennison Associates LLC (“Jennison”), Prudential Investment Management, Inc. (“PIM”), Lazard Asset Management LLC, Pacific Investment Management Company LLC, RS Investment Management, L.P. and EARNEST Partners, LLC are the “Advisers”.

The investment objective of the Fund is to provide capital appreciation and a reasonable level of current income. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity and fixed income securities. The ability of the issuers of the debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry or country.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its 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 ask prices, or at the last bid price on such day in the absence of an asked price. Securities traded via Nasdaq are valued at the NASDAQ official closing price (NOCP) on the day of valuation, or if there was no NOCP, at the last sale prize. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadviser(s); to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Options on securities and indices traded on an exchange are valued at the last sale price as of the close of trading on the applicable exchange or, if

58 Visit our website at www.strategicpartners.com

there was no sale, at the mean between the most recently quoted bid and asked prices on such exchange or at the last bid price in the absence of an asked price. 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. Certain fixed income securities for which daily market quotations are not readily available may be valued with reference to fixed income securities whose prices are more readily available, pursuant to guidelines established by the Board of Trustees. 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 Board of Trustees’ approved fair valuation procedures. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset value.

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

Short-term securities, which mature in sixty days or less, are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term securities, which mature in more than sixty days are valued at current market quotation.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities-at the current daily rates of exchange;

(ii) purchases and sales of investment securities, income and expenses-at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 59

Notes to Financial Statements

(Unaudited) Cont’d

results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period. Accordingly, realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holdings of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability and the level of governmental supervision and regulation of foreign securities markets.

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 Fund invests in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates or market conditions. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the

60 Visit our website at www.strategicpartners.com

financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets.

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. The Fund may enter into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency. The contracts are valued daily at current exchange rates and any unrealized gain or loss is included in the Statement of Assets and Liabilities as unrealized appreciation and/or depreciation on forward foreign currency contracts. 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 counterparties to meet the terms of their contracts.

Options: The Fund 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 or foreign currency exchange rates with respect to securities or currencies, 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. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase in determining whether the Fund has realized a gain or loss. 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 options written.

The Fund, as writer of an option, has no control over whether the underlying securities may be sold (called) or purchased (put). As a result, the Fund bears the

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 61

Notes to Financial Statements

(Unaudited) Cont’d

market risk of an unfavorable change in the price of the security or currency underlying the written option. The Fund, as purchaser of an option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

Short Sales: The Fund may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Fund may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Fund makes a short sale, it will borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow the particular securities and may be obligated to return any interest or dividends received on such borrowed securities. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale if the market price is less or greater than the proceeds originally received, respectively, and is presented in the Statement of Operations as net realized gain or loss on short sales.

Swaps: The Fund 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 Fund enters 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 and may involve payment/receipt of a premium at the time of initiation of the swap agreement. 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 of the closing transaction, including fees. During the period that the swap agreement is

62 Visit our website at www.strategicpartners.com

open, the Fund may be subject to risk from the potential inability of the counterparty to meet the terms of the agreement.

Written options, futures contracts, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

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

When-Issued/Delayed Delivery Securities: Securities purchased or sold on a when issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a fund enters into such transactions, it instructs the custodian to segregate assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses on sales of securities are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount, on debt securities as required, is recorded on the accrual basis. Expenses are recorded on accrual basis.

Net investment income or loss (other than distribution fees, which are charged directly to respective class), 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.

Dividends and Distributions: Dividends from net investment income are declared and paid semi-annually. Distributions of net realized capital and currency gains, if any, annually.

Dividends and distributions to shareholders which are determined in accordance with federal income tax regulations and which may differ from generally accepted

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 63

Notes to Financial Statements

(Unaudited) Cont’d

accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-in capital in excess of par, as appropriate.

Taxes: It is the Fund’s intention to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends are recorded net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Note 2. Agreements

The Trust has a management agreement with PI. Pursuant to this agreement, PI manages the investment operations of the Fund, administers the Fund’s affairs and supervises the Advisers’ performance of all investment advisory services. Pursuant to the advisory agreements, PI pays the cost of compensation of officers of the Fund, occupancy and certain clerical and accounting costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly at an annual rate of 0.75 of 1% of the daily net assets up to $500 million, 0.70 of 1% of average daily net assets for the next $500 million and 0.65 of 1% of average daily net assets in excess of $1 billion. The effective management fee rate was .75% of 1% for the six months ended January 31, 2005.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, B, C, M, R, X and Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, B, C, M, R and X shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor for Class Z shares of the Fund.

64 Visit our website at www.strategicpartners.com

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30 of 1%, 1%, 1%, 1%, .75% of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively. Such expenses under the Plans were .25 of 1%, 1%, 1%, 1%, .50% of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively, for the six months ended January 31, 2005.

PIMS has advised the Fund that it has received approximately $248,400 in front-end sales charges resulting from sales of Class A shares during the six months ended January 31, 2005. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended January 31, 2005, it has received approximately $151,600 and $16,500 in contingent deferred sales charges imposed upon certain redemptions by Class B and Class C shareholders, respectively.

There was no contingent deferred Sales Charges received on Class M and Class X shares.

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

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a syndicated credit agreement (“SCA”) with a group of banks. The purpose of the SCA is to serve as an alternative source of funding for capital share redemptions. The SCA provided for a commitment of $500 million. Interest on any borrowings under the SCA would be incurred at market rates. The Funds paid a commitment fee of .08 of 1% of the unused portion of the SCA. The expiration date of the SCA was October 29, 2004. Effective October 29, 2004, the Funds entered into a revised credit agreement with two banks. The commitment under the revised credit agreement continues to be $500 million. The Funds pay a commitment fee of .075 of 1% of the unused portion of the revised credit agreement. The commitment fee is accrued daily and paid quarterly and is allocated to the Funds pro rata, based on nest assets. The expiration date of the revised credit agreement is October 28, 2005. The Fund did not borrow any amounts pursuant to the SCA during the six months ended January 31, 2005.

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly owned subsidiary of Prudential, serves as the Fund’s transfer agent. During the six months ended January 31, 2005, the Fund incurred fees of approximately $171,200 for the services of PMFS. As of January 31, 2005, approximately $29,000 of such fees were due to PMFS. Transfer agent fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 65

Notes to Financial Statements

(Unaudited) Cont’d

The Fund pays networking fees to affiliated and unaffiliated broker/dealers. These networking fees are payments made to broker/dealers that clear mutual fund transactions through a national mutual fund clearing system. The Fund incurred approximately $61,700 in total networking fees, of which the amount relating to the services of Wachovia Securities, LLC (“Wachovia”) and First Clearing Corporation (“First Clearing”), affiliates of PI, was approximately $5,600 and $42,100, respectively, for the six months ended January 31, 2005. As of January 31, 2005, approximately $8,400 of such fees were due to First Clearing. These amounts are included in transfer agent’s fees and expenses in the Statement of Operations.

For the six months ended January 31, 2005, Wachovia earned $2,441 and Prudential Equity Group, a wholly owned subsidiary of Prudential, earned $4,172 in brokerage commissions from portfolio transactions executed on behalf of the Fund.

The Fund invests in the Taxable Money Market Series (the “Series”), a portfolio of Dryden Core Investment Fund, pursuant to an exemptive order received from the Securities and Exchange Commission. The Series is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI. For the six months ended January 31, 2005, the Fund earned income of approximately $122,666 from the Series by investing its excess cash.

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, excluding short-term investments and U.S. government securities, for the six months ended January 31, 2005, aggregated $235,763,980 and $239,948,016, respectively.

Transactions in call options written during the six months ended January 31, 2005 were as follows:

Moderate Growth	Number of Contracts/ Notional Amount (000)		Premiums Received
Options outstanding at July 31, 2004	21,421		$	301,079
Options written	521			234,168
Options closed	(22	)		(5,168	)
Options expired	(9,121	)		(223,010	)
Options outstanding at January 31, 2005	12,799		$	307,069

66 Visit our website at www.strategicpartners.com

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation (depreciation) as of January 31, 2005 were follows:

Tax Basis	Appreciation	Depreciation	Other Cost Basis Adjustments	Total Net Unrealized Appreciation
$345,261,120	$51,084,272	$3,888,118	$1,437,669	$47,196,154

The difference between book basis and tax basis were primarily attributable to deferred losses on wash sales. The other cost basis adjustments are primarily attributable to appreciation (depreciation) of foreign currency and mark to market of receivables, payables and swaps.

For federal income tax purposes, the Fund had capital loss carryforward as of July 31, 2004 of approximately $14,541,000, which expires in 2011. Approximately $17,394,000 of its capital loss carryforward was used to offset net taxable gains realized in the fiscal year ended July 31, 2004. Accordingly, no capital gains distribution is expected to be paid to shareholders until net gains have been realized in excess of the capital loss carryforward.

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares. Class A shares are subject to a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are not subject to an initial sales charge but are subject to a contingent deferred sales charge (CDSC) of 1%, including investors who purchase their shares through broker-dealers affiliated with Prudential. Class B shares are subject to a CDSC of 5%, which decreases by 1% annually to 1% in the fifth and sixth years and 0% in the seventh year. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. The CDSC for Class C shares is 1% for shares redeemed within 12 months of purchase. Class M shares are generally closed to new purchases. Class M shares are subject to a CDSC of 6%, which decreases by 1% annually to 2% in the fifth and sixth years and 1% in the seventh year. Class M shares automatically convert to Class A shares approximately eight years after purchase. Class X shares are generally closed to new purchases. Class X shares are subject to a CDSC of 6%, which decreases by 1% annually to 4% in the third and fourth years, by 1% annually to 2% in the sixth and seventh years, and 1% in the eighth year. Class X shares automatically convert to Class A shares on a quarterly basis approximately ten years (eight years in the case of shares purchased prior to August 19, 1998) after purchase. An

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 67

Notes to Financial Statements

(Unaudited) Cont’d

exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors. As of January 31, 2005, Prudential owns 220 shares, 219 shares and 220 shares of Class M, Class R and Class X shares, respectively.

The Fund has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.

Transactions in shares of beneficial interest were as follows:

Class A	Shares		Amount
Six months ended January 31, 2005:
Shares sold	972,678		$	11,207,171
Shares issued in reinvestment of dividends and distributions	44,362			524,993
Shares reacquired	(764,924	)		(8,816,245	)
Net increase (decrease) in shares outstanding before conversion	252,116			2,915,919
Shares issued upon conversion from class B	74,524			866,618
Net increase (decrease) in shares outstanding	326,640		$	3,782,537
Year ended July 31, 2004:
Shares sold	2,493,627		$	27,179,168
Shares issued in reinvestment of dividends and distributions	83,298			907,145
Shares reacquired	(1,433,352	)		(15,669,901	)
Net increase (decrease) in shares outstanding before conversion	1,143,573			12,416,412
Shares issued upon conversion from class B	127,315			1,391,954
Net increase (decrease) in shares outstanding	1,270,888		$	13,808,366
Class B
Six months ended January 31, 2005:
Shares sold	1,179,505		$	13,560,714
Shares issued in reinvestment of dividends and distributions	41,929			494,477
Shares reacquired	(1,137,137	)		(13,087,794	)
Net increase (decrease) in shares outstanding before conversion	84,297			967,397
Shares reacquired upon conversion into class A	(74,768	)		(866,618	)
Net increase (decrease) in shares outstanding	9,529		$	100,779
Year ended July 31, 2004:
Shares sold	4,430,282		$	48,146,465
Shares issued in reinvestment of dividends and distributions	77,042			835,048
Shares reacquired	(1,903,819	)		(20,799,776	)
Net increase (decrease) in shares outstanding before conversion	2,603,505			28,181,737
Shares reacquired upon conversion into class A	(127,876	)		(1,391,954	)
Net increase (decrease) in shares outstanding	2,475,629		$	26,789,783

68 Visit our website at www.strategicpartners.com

Class C	Shares		Amount
Six months ended January 31, 2005:
Shares sold	974,601		$	11,171,584
Shares issued in reinvestment of dividends and distributions	22,187			260,492
Shares reacquired	(1,026,237	)		(11,796,888	)
Net increase (decrease) in shares outstanding	(29,449	)	$	(364,812	)
Year ended July 31, 2004:
Shares sold	3,174,344		$	34,329,067
Shares issued in reinvestment of dividends and distributions	41,328			447,399
Shares reacquired	(1,809,659	)		(19,750,825	)
Net increase (decrease) in shares outstanding	1,406,013		$	15,025,641
Class M
October 4, 2004 to January 31, 2005:
Shares sold	140,631		$	1,659,359
Shares issued in reinvestment of dividends and distributions	114			1,343
Shares reacquired	(15	)		(173	)
Net increase in shares outstanding	140,730		$	1,660,529
Class R
October 4, 2004 to January 31, 2005:
Shares sold	219		$	2,500
Shares issued in reinvestment of dividends and distributions	—			—
Shares reacquired	—			—
Net increase in shares outstanding	219		$	2,500
Class X
October 4, 2004 to January 31, 2005:
Shares sold	101,927		$	1,204,363
Shares issued in reinvestment of dividends and distributions	23			267
Shares reacquired	—			—
Net increase in shares outstanding	101,950		$	1,204,630
Class Z
Six months ended January 31, 2005:
Shares sold	100,295		$	1,161,641
Shares issued in reinvestment of dividends and distributions	4,216			49,913
Shares reacquired	(109,858	)		(1,278,642	)
Net increase (decrease) in shares outstanding	(5,347	)	$	(67,088	)
Year ended July 31, 2004:
Shares sold	375,867		$	4,040,526
Shares issued in reinvestment of dividends and distributions	10,261			111,585
Shares reacquired	(563,049	)		(6,202,923	)
Net increase (decrease) in shares outstanding	(176,921	)	$	(2,050,812	)

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 69

Financial Highlights

	Class A
	Six Months Ended January 31, 2005(b)
Per Share Operating Performance:
Net asset value, beginning of period	$	10.96
Income (loss) from investment operations
Net investment income		.05
Net realized and unrealized gain (loss) on investment transactions		.97
Total from investment operations		1.02
Less distributions
Dividends from net investment income		(.08	)
Distributions from net realized gains on investments		—
		(.08	)
Net asset value, end of period	$	11.90
Total Return(a)		9.27	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	89,846
Average net assets (000)	$	85,069
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees(d)		1.30	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.05	%(c)
Net investment income		.92	%(c)
For Class A, B, C, M, R, X and Z shares:
Portfolio turnover rate		85	%(e)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculated based upon weighted average shares outstanding during the period.

(c) Annualized.

(d) The Distributor has contractually agreed to reduce its distribution and service (12b-1) fees for Class A shares to .25 of 1% of the average daily net assets of Class A shares.

(e) Not Annualized.

See Notes to Financial Statements.

70 Visit our website at www.strategicpartners.com

Class A
Year Ended July 31,
2004			2003(b)			2002(b)			2001(b)			2000(b)
$	9.89		$	8.86		$	10.70		$	12.03		$	10.86
	.12			.15			.19			.24			.26
	1.09			1.02			(1.76	)		(.83	)		1.25
	1.21			1.17			(1.57	)		(.59	)		1.51
	(.14	)		(.14	)		(.27	)		(.14	)		(.26	)
	—			—			—			(.60	)		(.08	)
	(.14	)		(.14	)		(.27	)		(.74	)		(.34	)
$	10.96		$	9.89		$	8.86		$	10.70		$	12.03
	12.27	%		13.29	%		(14.92	)%		(4.89	)%		13.96	%
$	79,172		$	58,862		$	50,559		$	58,517		$	48,786
$	72,043		$	51,006		$	57,234		$	56,627		$	34,809
	1.35	%		1.49	%		1.48	%		1.54	%		1.49	%
	1.10	%		1.24	%		1.23	%		1.29	%		1.24	%
	1.15	%		1.66	%		1.68	%		2.18	%		2.27	%
	100	%		158	%		217	%		246	%		155	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 71

Financial Highlights

Cont’d

	Class B
	Six Months Ended January 31, 2005(b)
Per Share Operating Performance:
Net asset value, beginning of period	$	10.92
Income (loss) from investment operations
Net investment income		.01
Net realized and unrealized gain (loss) on investment transactions		0.96
Total from investment operations		0.97
Less distributions
Dividends from net investment income		(.03	)
Distributions from net realized gains on investments		—
Total dividends and distributions		(.03	)
Net asset value, end of period	$	11.86
Total Return(a)		8.92	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	185,576
Average net assets (000)	$	179,820
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees		2.05	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.05	%(c)
Net investment income		.17	%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculated based upon weighted average shares outstanding during the period.

(c) Annualized.

See Notes to Financial Statements.

72 Visit our website at www.strategicpartners.com

Class B
Year Ended July 31,
2004			2003(b)			2002(b)			2001(b)			2000(b)
$	9.86		$	8.83		$	10.63		$	12.01		$	10.85
	.04			.08			.11			.16			.17
	1.08			1.03			(1.75	)		(.84	)		1.23
	1.12			1.11			(1.64	)		(.68	)		1.40
	(.06	)		(.08	)		(.16	)		(.10	)		(.16	)
	—			—			—			(.60	)		(.08	)
	(.06	)		(.08	)		(.16	)		(.70	)		(.24	)
$	10.92		$	9.86		$	8.83		$	10.63		$	12.01
	11.37	%		12.58	%		(15.56	)%		(5.72	)%		12.88	%
$	170,863		$	129,759		$	107,775		$	117,664		$	99,950
$	157,550		$	113,902		$	116,960		$	109,534		$	79,855
	2.10	%		2.24	%		2.23	%		2.29	%		2.24	%
	1.10	%		1.24	%		1.23	%		1.29	%		1.24	%
	.41	%		.91	%		.93	%		1.43	%		1.48	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 73

Financial Highlights

Cont’d

	Class C
	Six Months Ended January 31, 2005(b)
Per Share Operating Performance:
Net asset value, beginning of period	$	10.92
Income (loss) from investment operations
Net investment income		.01
Net realized and unrealized gain (loss) on investment transactions		.96
Total from investment operations		0.97
Less distributions
Dividends from net investment income		(.03	)
Distributions from net realized gains on investments		—
Total dividends and distributions		(.03	)
Net asset value, end of period	$	11.86
Total Return(a)		8.92	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	108,968
Average net assets (000)	$	105,742
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees		2.05	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.05	%(c)
Net investment income		.17	%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculated based upon weighted average shares outstanding during the period.

(c) Annualized.

See Notes to Financial Statements.

74 Visit our website at www.strategicpartners.com

Class C
Year Ended July 31,
2004			2003(b)			2002(b)			2001(b)			2000(b)
$	9.86		$	8.83		$	10.63		$	12.01		$	10.85
	.04			.08			.11			.16			.17
	1.08			1.03			(1.75	)		(.84	)		1.23
	1.12			1.11			(1.64	)		(.68	)		1.40
	(.06	)		(.08	)		(.16	)		(.10	)		(.16	)
	—			—			—			(.60	)		(.08	)
	(.06	)		(.08	)		(.16	)		(.70	)		(.24	)
$	10.92		$	9.86		$	8.83		$	10.63		$	12.01
	11.37	%		12.58	%		(15.56	)%		(5.72	)%		12.88	%
$	100,712		$	77,008		$	47,165		$	34,021		$	28,040
$	94,252		$	59,626		$	40,465		$	30,623		$	25,835
	2.10	%		2.24	%		2.23	%		2.29	%		2.24	%
	1.10	%		1.24	%		1.23	%		1.29	%		1.24	%
	.41	%		.89	%		.95	%		1.43	%		1.44	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 75

Financial Highlights

Cont’d

	Class M
	October 4, 2004(a)(e) Through January 31, 2005
Per Share Operating Performance:
Net asset value, beginning of period	$	11.34
Income (loss) from investment operations
Net investment income		—	(f)
Net realized and unrealized gain (loss) on investment transactions		.55
Total from investment operations		.55
Less distributions
Dividends from net investment income		(.06	)
Distributions from net realized gains on investments		—
Total dividends and distributions		(.06	)
Net asset value, end of period	$	11.83
Total Return(b)		4.67	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	1,665
Average net assets (000)	$	746
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees		2.05	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.05	%(c)
Net investment income (loss)		(.07	)%(c)

(a) Commencement of offering of new share class.

(b) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Distributor has contractually agreed to reduce its distribution and service (12b-1) fees for Class R shares to .50% of 1% of the average daily net assets of Class R shares.

(e) Calculated based upon weighted average shares outstanding during the period.

(f) Less than $0.005 per share.

See Notes to Financial Statements.

76 Visit our website at www.strategicpartners.com

Class R			Class X
October 4, 2004(a)(e) Through January 31, 2005			October 4, 2004(a)(e) Through January 31, 2005
$	11.40		$	11.34
	.03			—	(f)
	.55			.57
	.58			.57
	(.08	)		(.06	)
	—			—
	(.08	)		(.06	)
$	11.90		$	11.85
	4.87	%		4.67	%
$	3		$	1,209
$	3		$	241
	1.55	%(c)(d)		2.05	%(c)
	1.05	%(c)		1.05	%(c)
	.82	%(c)		(.09	)%(c)

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 77

Financial Highlights

Cont’d.

	Class Z
	Six Months Ended January 31, 2005(b)
Per Share Operating Performance:
Net asset value, beginning of period	$	10.97
Income (loss) from investment operations
Net investment income		.07
Net realized and unrealized gain (loss) on investment transactions		.97
Total from investment operations		1.04
Less distributions
Dividends from net investment income		(.09	)
Distributions from net realized gains on investments		—
Total dividends and distributions		(.09	)
Net asset value, end of period	$	11.92
Total Return(a)		7.58	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	8,274
Average net assets (000)	$	8,171
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees		1.05	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.05	%(c)
Net investment income		1.17	%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculated based upon weighted average shares outstanding during the period.

(c) Annualized.

See Notes to Financial Statements.

78 Visit our website at www.strategicpartners.com

Class Z
Year Ended July 31,
2004			2003(b)			2002(b)			2001(b)			2000(b)
$	9.90		$	8.87		$	10.72		$	12.05		$	10.87
	.15			.16			.22			.25			.27
	1.09			1.03			(1.77	)		(.82	)		1.27
	1.24			1.19			(1.55	)		(.57	)		1.54
	(.17	)		(.16	)		(.30	)		(.16	)		(.28	)
	—			—			—			(.60	)		(.08	)
	(.17	)		(.16	)		(.30	)		(.76	)		(.36	)
$	10.97		$	9.90		$	8.87		$	10.72		$	12.05
	12.53	%		13.54	%		(14.70	)%		(4.75	)%		14.18	%
$	7,678		$	8,679		$	2,749		$	4,272		$	1,348
$	9,098		$	4,090		$	4,262		$	2,685		$	4,102
	1.10	%		1.24	%		1.23	%		1.29	%		1.24	%
	1.10	%		1.24	%		1.23	%		1.29	%		1.24	%
	1.41	%		1.86	%		1.93	%		2.39	%		2.11	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners Moderate Growth Fund 79

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 Trustees of the Fund has delegated to the Fund’s investment advisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. 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 Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2004, is available on the Fund’s website at http://www.prudential.com and on the Commission’s website at http:/www.sec.gov.

TRUSTEES

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 • 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* (as of January 31, 2005)	EARNEST Partners, LLC	75 14th Street, Suite 2300 Atlanta, GA 30309
	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
	Pacific Investment Management Company LLC	840 Newport Center Drive Newport Beach, CA 92660
	Prudential Investment Management, Inc.	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
	Lazard Asset Management LLC	30 Rockefeller Plaza New York, NY 10112
	RS Investment Management, L.P.	388 Market Street Suite 1700 San Francisco, CA 94111
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

* Investment Advisers are subject to change by the Manager.

CUSTODIAN	The Bank of New York	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 8098 Philadelphia, PA 19176
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	757 Third Avenue New York, NY 10017
FUND COUNSEL	Shearman & Sterling LLP	599 Lexington Avenue New York, NY 10022

Strategic Partners Moderate Growth Fund
Share Class	A	B	C	M	R	X	Z
NASDAQ	PAMGX	DMGBX	PIMGX	MDGWM	MDGWR	MDGWX	PDMZX
CUSIP	86276X889	86276X871	86276X863	86276X814	86276X780	86276X798	86276X855

An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus for the Fund contains this and other information about the Fund. 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.

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 TRUSTEES

Shareholders of the Fund can communicate directly with the Board of Trustees by writing to the Chair of the Board, Strategic Partners Moderate Growth Fund, Inc., P.O. Box 13964, Philadelphia, PA 19176. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at Strategic Partners Moderate Growth Fund, Inc., P.O. Box 13964, Philadelphia, PA 19176. Such communications to the Board or individual Trustees 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 Fund’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330 (732-0330). The Fund will provide a full list of its portfolio holdings as of the end of each fiscal quarter on its website at www.strategicpartners.com within 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

Strategic Partners Moderate Growth Fund
	Share Class	A	B	C	M	R	X	Z
	NASDAQ	PAMGX	DMGBX	PIMGX	MDGWM	MDGWR	MDGWX	PDMZX
	CUSIP	86276X889	86276X871	86276X863	86276X814	86276X780	86276X798	86276X855

MFSP504E4    IFS-A102104    Ed. 03/2005

SEMIANNUAL REPORT

JANUARY 31, 2005

STRATEGIC PARTNERS

ASSET ALLOCATION FUNDS

STRATEGIC PARTNERS

High Growth Fund

OBJECTIVE

Seeks long-term capital appreciation

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

Dear Shareholder,

March 15, 2005

We hope that you find the semiannual report for the Strategic Partners High Growth Fund informative and useful. As a Strategic Partners Mutual Fund shareholder, you may be thinking 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 gives 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,

Judy A. Rice, President

Strategic Partners High Growth Fund

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 1

Your Fund’s Performance

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 1/31/05
	Six Months		One Year		Five Years		Since Inception2
Class A	12.14	%	8.38	%	9.89	%	42.02	%
Class B	11.65		7.47		5.85		35.61
Class C	11.65		7.47		5.85		35.61
Class M	N/A		N/A		N/A		6.22
Class R	N/A		N/A		N/A		6.41
Class X	N/A		N/A		N/A		6.31
Class Z	12.24		8.62		11.37		44.40
S&P 500 Index3	8.15		6.22		–8.55		***
Customized Blend4	11.55		8.98		6.15		****
Lipper Multi-Cap Core Funds Average5	9.43		6.08		6.54		*****
Average Annual Total Returns1 as of 12/31/04
			One Year		Five Years		Since Inception2
Class A			7.71	%	0.32	%	5.41	%
Class B			8.05		0.53		5.59
Class C			12.14		0.73		5.61
Class M			N/A		N/A		N/A
Class R			N/A		N/A		N/A
Class X			N/A		N/A		N/A
Class Z			14.25		1.75		6.68
S&P 500 Index3			10.87		–2.30		2.17
Customized Blend4			14.98		0.91		4.95
Lipper Multi-Cap Core Funds Average5			11.05		0.38		4.77

The cumulative total returns do not reflect the deduction of applicable sales charges. If reflected, the applicable sales charges would reduce the cumulative total returns 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 and Class C shares are subject to a maximum CDSC of 5% and 1% respectively. Class M and Class X shares are subject to a maximum CDSC of 6%. Class R and Class Z shares are not subject to a sales charge.

2 Visit our website at www.strategicpartners.com

¹Source: Prudential Investments LLC and Lipper Inc. The average annual total returns take into account applicable sales charges. During certain periods shown, fee waivers and/or expense reimbursements were in effect. Without such fee waivers and expense reimbursements, the returns for the classes would have been lower. Class A, Class B, Class C, Class M, Class R, and Class X shares are subject to an annual distribution and service (12b-1) fee of up to 0.30%, 1.00%, 1.00%, 1.00%, 0.75%, and 1.00% respectively. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Approximately eight years after purchase, Class M shares will automatically convert to Class A shares on a quarterly basis. Approximately ten years after purchase (eight years in the case of shares purchased prior to August 19, 1998), Class X shares will automatically convert to Class A shares on a quarterly basis. Class Z shares are not subject to a 12b-1 fee. 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.

²Inception dates: Class A, Class B, Class C, and Class Z, 11/18/98; Class M, Class R, and Class X, 10/04/04.

³The 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.

⁴The Customized Benchmark for Strategic Partners High Growth Fund (Customized Blend) is a model portfolio consisting of the S&P Barra Value Index (25%), the S&P Barra Growth Index (25%), the Russell 2000 Value Index (15%), the Russell 2000 Growth Index (15%), and the Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (20%). Each component of the Customized Blend is an unmanaged index generally considered as representing the performance of its asset class. The Customized Blend is intended to provide a theoretical comparison to the Fund’s performance, based on the amounts allocated to each asset class. The Customized Blend does not reflect deductions for any sales charges or operating expenses of a mutual fund.

⁵The Lipper Multi-Cap Core Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Multi-Cap Core Funds category for the periods noted. Funds in the Lipper 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 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap 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 SuperComposite 1500 Index.

Investors cannot invest directly in an index. The returns for the S&P 500 Index and the Customized Blend would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes. The Since Inception returns for the S&P 500 Index, the Customized Blend, and the Lipper Average are measured from the closest month-end to inception date, and not from the Fund’s actual inception date.

***S&P 500 Index Closest Month-End to inception cumulative total returns as of 1/31/05 are 11.18% for Classes A, B, C, and Z. S&P 500 Index Closest Month-End to inception cumulative total returns as of 1/31/05 are 6.57% for Classes M, R, and X.

****Customized Blend Closest Month-End to inception cumulative total returns as of 1/31/05 are 30.33% for Classes A, B, C, and Z. Customized Blend Closest Month-End to inception cumulative total returns as of 1/31/05 are 8.73% for Classes M, R, and X.

*****Lipper Average Closest Month-End to inception cumulative total returns as of 1/31/05 are 34.87% for Classes A, B, C, and Z. Lipper Average Closest Month-End to inception cumulative total returns as of 1/31/05 are 7.37% for Classes M, R, and X.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 3

Your Fund’s Performance

Fund objective

The investment objective of the Strategic Partners High Growth Fund (the Fund) is long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Please note that on or about March 31, 2005, the Fund intends to change its name to Strategic Partners Growth Allocation Fund and to change certain subadvisers for certain portions of the Fund’s portfolio.

Asset classes are classifications of investments

Stocks are shares of ownership in a firm. Owners share in the profits after debts are paid and in the firm’s appreciation in value. Generally, the prices of stocks vary with investors’ estimates of a firm’s earnings prospects, including the impact of broader economic conditions.

4 Visit our website at www.strategicpartners.com

Source: Lipper Inc.

The chart above shows the total returns for six months ended January 31, 2005, of various securities indexes that are generally considered representative of broad market sectors and does not reflect a mutual fund’s expenses. The performance cited does not represent the performance of the Strategic Partners High Growth Fund. Past performance is not indicative of future results. Investors cannot invest directly in an index.

The S&P Barra Value Index contains those securities in the S&P 500 Index with higher book-to- price ratios.

The S&P Barra Growth Index contains those securities in the S&P 500 Index with lower book-to- price ratios.

The Russell 2000 Value Index contains those securities in the Russell 2000 Index with a below-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

The Russell 2000 Growth Index contains those securities in the Russell 2000 Index with an above-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields, and higher forecasted growth values.

The Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE Index) is an unmanaged, weighted index that reflects stock price movements in Europe, Australasia, and the Far East. It gives a broad look at how foreign stock prices have performed.

The Lehman Brothers U.S. Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the U.S. government and its agencies, and by corporations with between 1 and 10 years remaining to maturity. It gives a broad look at how short- and intermediate-term bonds have performed.

The Lehman Brothers U.S. Corporate High Yield Index is an unmanaged index of fixed-rate, noninvestment-grade debt securities with at least one year remaining to maturity. The Lehman Brothers U.S. Corporate High Yield Index gives a broad look at how high yield (“junk”) bonds have performed.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 5

Fees and Expenses (Unaudited)

As a shareholder of the Fund, 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 Fund 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 August 1, 2004, at the beginning of the period, and held through the six-month period ended January 31, 2005.

The Fund may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table. These fees apply to Individual Retirement Accounts (IRAs), Section 403(b) accounts, and Section 529 plan accounts. As of the close of the six months 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 following table 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 in 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 following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not

6 Visit our website at www.strategicpartners.com

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 the 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.

Classes M, R, and X have been in existence for less than six months, therefore no expenses are presented for these classes. Classes M, R, and X commenced October 4, 2004.

Strategic Partners High Growth Fund		Beginning Account Value August 1, 2004		Ending Account Value January 31, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six- Month Period*
Class A	Actual	$	1,000	$	1,121	1.38	%	$	7.38
	Hypothetical	$	1,000	$	1,018	1.38	%	$	7.02
Class B	Actual	$	1,000	$	1,116	2.13	%	$	11.36
	Hypothetical	$	1,000	$	1,014	2.13	%	$	10.81
Class C	Actual	$	1,000	$	1,116	2.13	%	$	11.36
	Hypothetical	$	1,000	$	1,014	2.13	%	$	10.81
Class Z	Actual	$	1,000	$	1,122	1.13	%	$	6.04
	Hypothetical	$	1,000	$	1,020	1.13	%	$	5.75

* 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 184 days in the six-month period ended January 31, 2005, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2005 (to reflect the six-month period).

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 7

This Page Intentionally Left Blank

Portfolio of Investments

as of January 31, 2005 (Unaudited)

Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS    94.3%
COMMON STOCKS    94.1%
Aerospace & Defense    1.1%
6,430	Cobham PLC (United Kingdom)	$	162,025
7,700	DRS Technologies, Inc.(a)		312,620
400	Empresa Brasileira de Aeronautica SA ADR (Brazil)		12,740
4,490	Engineered Support Systems, Inc.		260,465
11,500	Lockheed Martin Corp.		664,814
8,950	Mercury Computer Systems, Inc.(a)		277,182
8,350	Moog, Inc. (Class A shares)(a)		363,142
11,500	Northrop Grumman Corp.		596,620
			2,649,608
Air Freight & Logistics    0.4%
13,000	United Parcel Service, Inc. (Class B Shares)		970,840
Auto Components
15,580	IMPCO Technologies, Inc.(a)		90,831
Automobiles    1.0%
93,600	Nissan Motor Co., Ltd. (Japan)		990,692
22,800	Volkswagen AG (Germany)		1,095,216
6,400	Winnebago Industries, Inc.		220,736
			2,306,644
Beverages    0.7%
84,800	Diageo PLC (United Kingdom)		1,157,174
14,912	Heineken NV (Netherlands)		510,456
			1,667,630
Biotechnology    1.7%
19,600	Amgen, Inc.(a)		1,219,904
28,100	Genentech, Inc.(a)		1,340,651
20,400	Gilead Sciences, Inc.(a)		675,240
18,100	Medimmune, Inc.(a)		428,156
16,100	Serologicals Corp.(a)		380,604
			4,044,555
Building Products    0.4%
22,577	CRH PLC (Ireland)		598,317
100	CRH PLC (United Kingdom)		2,641
9,800	Watsco, Inc.		339,178
			940,136

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 9

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
Capital Markets    3.1%
28,800	Bank of New York Co., Inc. (The)	$	855,648
47,600	Charles Schwab Corp. (The)		535,024
9,300	Goldman Sachs Group, Inc.		1,003,005
14,100	Lehman Brothers Holdings, Inc.		1,285,779
17,600	Mellon Financial Corp.		516,560
35,200	Merrill Lynch & Co., Inc.		2,114,464
66,000	Nomura Holdings, Inc. (Japan)		868,262
			7,178,742
Chemicals    1.4%
14,900	E.I. Du Pont de Nemours & Co.		708,644
50,600	Mosaic Co. (The)(a)		834,901
4,400	Scotts Co. (The) (Class A shares)(a)		299,024
20,000	Shin-Etsu Chemical Co. Ltd. (Japan)		792,615
8,900	Takeda Chemical Industries Ltd. (Japan)		423,256
4,300	Valspar Corp.		210,700
			3,269,140
Commercial Banks    4.7%
6,900	Astoria Financial Corp.		259,716
28,438	Bank of America Corp.		1,318,670
26,900	Bank of Ireland (Ireland)		424,292
15,800	Bank of Ireland (United Kingdom)		251,272
10,200	BankUnited Financial Corp. (Class A shares)(a)		297,636
113,400	Barclays PLC (United Kingdom)		1,244,802
12,400	Comerzbank AG (Germany)		263,473
34,290	Credit Agricole SA (France)		1,021,366
34,600	Den Norske Bank (Norway)		317,231
3,900	Hibernia Corp. (Class A shares)		102,648
97,584	HSBC Holdings PLC (United Kingdom)		1,616,907
12,930	Nara Bancorp, Inc.		257,954
8,800	Oriental Financial Group (Puerto Rico)		248,160
80,250	Overseas-Chinese Banking Corp., Ltd. (Singapore)		671,774
8,060	PrivateBancorp., Inc.		263,562
46,200	Royal Bank of Scotland Group PLC (United Kingdom)		1,534,496
8,660	Southwest Bancorp of Texas, Inc.		171,208
77,000	Sumitomo Trust & Banking Co., Ltd. (The) (Japan)		523,232
			10,788,399

See Notes to Financial Statements.

10 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
Commercial Services & Supplies    2.8%
15,200	Administaff, Inc.(a)	$	221,768
23,600	Allied Waste Industries, Inc.(a)		196,116
36,300	Cendant Corp.		854,865
7,200	Global Payments, Inc.		412,488
6,400	Kelly Services, Inc. (Class A shares)		186,240
28,890	Kforce, Inc.(a)		319,812
6,250	Laureate Education, Inc.(a)		277,250
4,740	McGrath RentCorp		203,630
9,350	Navigant Consulting, Inc.(a)		223,746
34,000	PHH Corp.(a)		748,000
11,520	Providence Service Corp. (The)(a)		233,856
191,100	Rentokil Initial PLC (United Kingdom)		547,859
9,900	Republic Services, Inc.		326,403
7,900	School Specialty, Inc.(a)		307,231
20,010	Scientific Games Corp.(a)		514,657
29,000	Waste Management, Inc.		841,000
			6,414,921
Communication Equipment    2.7%
34,900	Avaya, Inc.(a)		500,815
66,300	Cisco Systems, Inc.(a)		1,196,052
20,040	Harmonic, Inc.(a)		228,456
112,700	Nokia Oyj (Finland)		1,726,194
173,900	Nortel Networks Corp. (Canada)(a)		565,175
35,000	Qualcomm, Inc.		1,303,400
7,000	Research In Motion Ltd.(a)		499,030
20,080	Symmetricom, Inc.(a)		195,378
			6,214,500
Computer & Peripherals    2.5%
22,500	Apple Computer, Inc.(a)		1,730,249
32,700	Dell, Inc.(a)		1,365,552
107,000	Fujitsu Ltd. (Japan)		622,628
7,900	International Business Machines Corp.		738,018
3,800	Lexmark International, Inc. (Class A Shares)(a)		316,730
9,260	M-Systems Flash Disk Pioneers Ltd.(a)		186,219
13,970	Merge Technologies, Inc.(a)		259,144
11,510	Optimal Robotics Group Corp. (Canada)(a)		153,889
28,600	Seagate Technology (Cayman Islands)		483,912
			5,856,341

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 11

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
Consumer Finance    1.0%
34,300	American Express Co.	$	1,829,905
22,500	MBNA Corp.		598,050
			2,427,955
Distributors    0.1%
11,930	Beacon Roofing Supply, Inc.(a)		238,600
Diversified Financial Services    4.7%
9,200	Accredited Home Lenders Holding Co.(a)		446,936
7,100	Acom Co., Ltd. (Japan)		499,618
4,500	Aiful Corp.		511,527
24,600	AmeriCredit Corp.(a)		603,930
40,400	Citigroup, Inc.		1,981,620
33,120	Credit Suisse Group (Switzerland)		1,333,439
19,200	Eaton Vance Corp.		480,576
62,600	J.P. Morgan Chase & Co.		2,336,857
13,500	Jefferies Group, Inc.		526,500
8,380	Marlin Business Services, Inc.(a)		152,516
25,200	Principal Financial Group		1,022,616
13,300	Raymond James Financial, Inc.		414,561
9,650	Saxon Capital, Inc.		208,923
5,340	Signature Bank(a)		162,496
1,500	Student Loan Corp.		270,990
			10,953,105
Diversified Telecommunication Services    1.8%
11,700	Alltel Corp.		643,968
6,680	Applied Signal Technology, Inc.		196,860
68,100	Deutsche Telekom AG (Germany)		1,472,723
9,650	Safenet, Inc.(a)		327,521
40,100	SBC Communications, Inc.		952,776
14,800	Verizon Communications, Inc.		526,732
			4,120,580
Electric Utilities    2.3%
14,200	E.ON AG (Germany)		1,272,035
5,400	E.ON AG Sponsored ADR		482,706
59,500	Enel SpA		559,216
17,500	Exelon Corp.		774,375
12,550	PNM Resources, Inc.		316,637
121,000	Terna SpA (Italy)		333,992

See Notes to Financial Statements.

12 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
23,400	TXU Corp.	$	1,619,280
			5,358,241
Electrical Equipment    0.8%
47,000	Kesa Electricals PLC (United Kingdom)		283,226
35,147	Koninklijke (Royal) Philips Electronics NV ADR (Netherlands)		919,066
7,000	Schneider Electric SA (France)		534,716
			1,737,008
Electronic Equipment & Instruments    2.6%
59,700	Agilent Technologies, Inc.(a)		1,319,967
23,650	Artesyn Technologies, Inc.(a)		240,757
9,240	BEI Technologies, Inc.		260,476
3,480	Ceradyne, Inc.(a)		117,380
23,500	Checkpoint Systems, Inc.(a)		365,660
13,100	Fanuc Ltd. (Japan)		885,109
7,050	Faro Technologies, Inc.(a)		203,322
14,500	FLIR Systems, Inc.(a)		883,775
15,900	Murata Manufacturing Co. Ltd. (Japan)		831,463
7,400	NEC Electronics Corp. (Japan)		374,810
9,750	Radisys Corp.(a)		170,138
29,400	Sanmina-SCI Corp.(a)		181,692
37,880	SRS Labs, Inc.(a)		196,597
			6,031,146
Energy Equipment & Services    2.3%
5,150	Cal Dive International, Inc.(a)		225,055
8,900	ENSCO International, Inc.		304,647
33,600	GlobalSantaFe Corp.		1,188,096
20,300	Halliburton Co.		834,939
32,800	Schlumberger, Ltd.		2,231,712
16,800	Superior Energy Services, Inc.(a)		267,456
5,600	Unit Corp.(a)		204,624
			5,256,529
Food & Staples Retailing    1.8%
10,800	Carrefour SA (France)		556,798
29,960	Cosi, Inc.(a)		179,760
12,100	Costco Wholesale Corp.		571,967
95,500	Kroger Co. (The)(a)		1,633,050
14,300	Whole Foods Market, Inc.		1,278,706
			4,220,281

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 13

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
Food Products    1.6%
36,200	Cadbury Schweppes PLC, ADR (United Kingdom)	$	1,314,060
61,100	Cadbury Schweppes PLC, ADR (United Kingdom)		547,969
2,900	Nestle SA		761,296
115,700	Unilever PLC (United Kingdom)		1,099,837
			3,723,162
Gas Utilities    0.1%
11,400	Oneok, Inc.		315,780
Health Care Equipment & Supplies    1.7%
14,950	Abaxis, Inc.(a)		202,722
4,450	Advanced Neuromodulation Systems, Inc.(a)		175,820
8,200	Alcon, Inc. (Switzerland)		649,440
10,300	Chattem, Inc.(a)		371,521
11,060	Closure Medical Corp.(a)		219,430
10,900	Cooper Cos., Inc.		836,029
37,200	Encore Medical Corp.(a)		209,808
2,700	Intuitive Surgical, Inc.(a)		107,730
4,880	Laserscope(a)		144,204
10,200	Lifeline Systems, Inc.(a)		278,358
45,450	Orthovita, Inc.(a)		174,074
7,750	PolyMedica Corp.		290,083
43,050	Spectranetics Corp.(a)		266,910
1,700	St. Jude Medical, Inc.(a)		66,776
			3,992,905
Health Care Providers & Services    3.9%
13,300	Accredo Health, Inc.(a)		396,074
11,100	America Service Group, Inc.(a)		304,473
18,200	American Healthways, Inc.(a)		567,476
6,400	AMERIGROUP Corp.(a)		263,104
18,000	Caremark Rx, Inc.(a)		703,800
5,200	Chemed Corp.		372,424
11,700	Cigna Corp.		938,925
13,300	Covance, Inc.(a)		565,250
15,400	Express Scripts, Inc.(a)		1,142,526
7,750	Kindred Healthcare, Inc.(a)		212,273
10,460	LabOne, Inc.(a)		350,933
11,695	Medco Health Solutions, Inc.(a)		497,856
15,100	Pharmaceutical Product Development, Inc.(a)		625,895
100	Priority Healthcare Corp. (Class B shares)(a)		2,306

See Notes to Financial Statements.

14 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
12,000	UnitedHealth Group, Inc.	$	1,066,800
8,300	WellPoint, Inc.(a)		1,008,450
			9,018,565
Hotels, Restaurants & Leisure    1.3%
9,400	Brinker International, Inc.(a)		353,534
7,800	CEC Entertainment, Inc.(a)		305,292
20,300	McDonald’s Corp.		657,517
9,050	RARE Hospitality International, Inc.(a)		285,075
10,000	Sonic Corp.(a)		318,400
20,400	Starbucks Corp.(a)		1,101,600
			3,021,418
Household Durables    1.9%
15,100	Harman International Industries, Inc.		1,836,915
19,800	Hovnanian Enterprises, Inc. (Class A shares)(a)		1,034,352
9,200	Meritage Corp.(a)		594,780
13,800	Snap-On, Inc.		456,918
8,300	Standard Pacific Corp.		552,199
			4,475,164
Household Products    0.7%
12,600	Kimberly-Clark Corp.		825,426
15,800	Procter & Gamble Co.		841,034
			1,666,460
Industrial Conglomerates    2.9%
99,400	General Electric Co.		3,591,322
8,300	Phelps Dodge Corp.		799,290
14,400	Siemens AG (Germany)		1,145,038
34,600	Tyco International Ltd. (Bermuda)		1,250,444
			6,786,094
Insurance    4.1%
13,950	Affirmative Insurance Holdings, Inc.		224,316
13,350	American International Group, Inc.		884,972
7,100	Commerce Group, Inc.		463,701
5,450	Delphi Financial Group (Class A shares)		244,923
24,100	Genworth Financial, Inc.		639,373
9,310	Infinity Property & Casualty Corp.		304,903
14,700	Loews Corp.		999,600
10,100	MBIA, Inc.		603,374

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 15

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
9,300	Philadelphia Consolidated Holding Corp.(a)	$	623,751
5,100	Protective Life Corp.		209,916
100,800	Prudential Corp. PLC (United Kingdom)		874,546
13,500	Swiss Reinsurance Co. (Switzerland)		923,475
25,942	The St. Paul Travelers Cos., Inc.		973,863
25,950	Tower Group, Inc.		304,653
16,500	XL Capital, Ltd. (Class A shares) (Cayman Islands)		1,233,869
			9,509,235
Internet & Catalog Retail    0.8%
23,800	eBay, Inc.(a)		1,939,700
Internet Software & Services    2.7%
10,550	Ask Jeeves, Inc.(a)		299,198
35,900	Digitas, Inc.(a)		374,796
5,340	Equinix, Inc.(a)		223,960
9,600	Google Inc (Class A shares)(a)		1,878,048
6,040	InfoSpace, Inc.(a)		285,148
11,090	j2 Global Communications, Inc.(a)		360,203
25,210	Keynote Systems, Inc.(a)		314,369
14,110	RADVision Ltd. (Israel)(a)		207,417
7,050	RADWARE Ltd. (Israel)(a)		171,950
17,080	Valueclick, Inc.(a)		225,968
54,900	Yahoo!, Inc.(a)		1,933,029
			6,274,086
IT Services    0.3%
28,900	Accenture Ltd. (Bermuda)(a)		752,845
Leisure Equipment & Products    0.2%
20,230	K2, Inc.(a)		284,434
6,900	Mikohn Gaming Corp.(a)		69,000
			353,434
Machinery    0.3%
9,100	Deere & Co.		631,813
Media    2.0%
17,640	CNET Networks, Inc.(a)		194,040
5,300	DIRECTV Group, Inc. (The)(a)		79,765
17,170	Image Entertainment, Inc.(a)		97,869
7,850	Lagardere SA (France)		592,483
37,078	News Corp., Inc. (Class A shares)		630,326

See Notes to Financial Statements.

16 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
8,000	Scholastic Corp.(a)	$	274,000
21,100	Sinclair Broadcast Group, Inc. (Class A shares)		173,653
45,500	Sirius Satellite Radio, Inc.(a)		301,210
15,300	Univision Communications, Inc. (Class A shares)(a)		417,843
18,454	Viacom, Inc. (Class B shares)		689,072
27,300	Vivendi Universal SA (France)(a)		863,695
10,700	XM Satellite Radio Holdings, Inc. (Class A Shares)(a)		341,437
			4,655,393
Metals & Mining    0.3%
21,900	Inco Ltd. (Canada)(a)		720,729
2,300	Rio Tinto PLC (United Kingdom)		71,577
			792,306
Multi-Utilities & Unregulated Power    0.8%
12,400	Dominion Resources, Inc.		860,312
27,800	Sempra Energy		1,034,716
			1,895,028
Multiline Retail    1.0%
125,600	Marks & Spencer Group PLC (United Kingdom)		855,187
29,300	Target Corp.		1,487,561
			2,342,748
Office Electronics    0.5%
78,200	Xerox Corp.(a)		1,241,816
Oil & Gas    8.0%
78,717	BP PLC (United Kingdom)		776,488
21,700	Cabot Oil & Gas Corp.		1,021,636
33,000	Chesapeake Energy Corp.		579,810
55,000	ENI S.p.A (Italy)		1,336,399
9,100	ENI S.p.A ADR (Italy)		1,112,020
9,600	ExxonMobil Corp.		495,360
46,460	Grey Wolf, Inc.(a)		246,238
12,000	Kerr-McGee Corp.		741,000
6,340	Maverick Tube Corp.(a)		215,940
24,200	Nexen, Inc. (Canada)		1,005,268
21,200	Occidental Petroleum Corp.		1,237,656
11,620	Oil States International, Inc.(a)		221,361
15,890	Patterson-UTI Energy, Inc.		309,061
36,000	Royal Dutch Petroleum Co. (Netherlands)		2,090,634
41,100	Statoil ASA (Norway)		624,271

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 17

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
52,300	Suncor Energy, Inc. (Canada)	$	1,673,600
21,500	Swift Energy Co.(a)		650,805
215,000	Tokyo Gas Co. Ltd. (Japan)		889,469
7,110	Total SA (Class B shares) (France)		1,524,625
17,333	Total SA ADR (France)		1,864,164
			18,615,805
Paper & Forest Products    0.8%
21,300	Georgia-Pacific Corp.		683,730
14,500	International Paper Co.		567,675
44,500	Stora Enso Oyj (Class R shares) (Finland)		640,988
			1,892,393
Personal Products    0.6%
16,000	Estee Lauder Cos., Inc. (Class A shares)		722,240
11,600	Gillette Co. (The)		588,352
			1,310,592
Pharmaceuticals    5.5%
9,930	Alexion Pharmaceuticals, Inc.(a)		245,668
10,200	Allergan, Inc.		774,690
10,330	Atherogenics, Inc.(a)		191,622
6,075	Barr Pharmaceuticals, Inc.(a)		288,866
10,230	Connetics Corp.(a)		249,817
14,690	Cypress Bioscience, Inc.(a)		200,592
32,300	Eli Lilly & Co.		1,751,951
72,100	GlaxoSmithKline PLC (United Kingdom)		1,597,856
17,200	K-V Pharmaceutical Co. (Class A shares)(a)		353,460
28,388	Nabi Biopharmaceuticals(a)		366,489
45,700	Novartis AG ADR (Switzerland)		2,188,115
16,690	QLT, Inc. (Canada)(a)		269,877
8,120	Rigel Pharmaceuticals, Inc.(a)		155,823
19,800	Roche Holding AG ADR (Switzerland)		1,054,556
14,630	Salix Pharmaceuticals Ltd.(a)		220,182
15,679	Sanofi-Synthelabo SA (France)		1,170,096
16,000	Schering AG (Germany)		1,080,591
7,300	Vaxgen, Inc.(a)		108,624
11,600	Wyeth		459,708
			12,728,583
Real Estate    0.4%
67,000	Mitsubishi Estate Co. Ltd. (Japan)		847,741

See Notes to Financial Statements.

18 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
Real Estate Investment Trust    0.3%
7,600	Entertainment Properties Trust	$	320,036
5,600	SL Green Realty Corp.		298,088
			618,124
Road & Rail    0.2%
91	East Japan Railway Co. (Japan)		491,702
Semiconductors & Semiconductor Equipment    1.1%
30,900	Marvell Technology Group Ltd. (Bermuda)(a)		1,033,604
18,400	Maxim Integrated Products, Inc.		717,784
12,190	Microsemi Corp.(a)		188,092
27,500	O2 Micro International Ltd. (Cayman Islands)(a)		243,925
18,190	Sirf Technology Holdings, Inc.(a)		191,905
11,290	Ultratech, Inc.(a)		167,205
			2,542,515
Software    3.4%
10,400	Adobe Systems, Inc.		591,760
25,900	Electronic Arts, Inc.(a)		1,666,406
23,780	Embarcadero Technologies, Inc.(a)		186,435
18,310	Epicor Software Corp.(a)		247,002
16,440	Infocrossing, Inc.(a)		295,756
15,900	Mercury Interactive Corp.(a)		695,943
78,000	Microsoft Corp.		2,049,839
9,100	NAVTEQ Corp.(a)		348,439
26,600	SAP AG-Sponsored ADR (Germany)		1,029,952
13,810	Smith Micro Software, Inc.(a)		103,161
11,500	Sonic Solutions(a)		204,815
34,850	Synplicity, Inc.(a)		236,980
9,800	THQ Inc.(a)		218,050
			7,874,538
Specialty Retail    3.5%
7,075	Aaron Rents, Inc. (Class B shares) (Isreal)		150,273
27,670	Ashworth, Inc.(a)		311,841
27,200	Bed Bath & Beyond, Inc.(a)		1,095,888
21,630	Charlotte Russe Holding, Inc.(a)		231,874
24,100	Chico’s FAS, Inc.(a)		1,269,587
18,300	Compagnie Financiere Richemont AG (Class A shares)(Switzerland)		572,789
6,790	Cost Plus, Inc.(a)		178,102
16,500	CSK Auto Corp.(a)		260,205

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 19

Portfolio of Investments

as of January 31, 2005 (Unaudited) Cont’d.

Shares	Description	Value (Note 1)
10,140	Ezcorp, Inc.(a)	$	193,471
5,970	Guitar Center, Inc.(a)		341,783
29,120	Imperial Tobacco Group PLC (United Kingdom)		764,531
13,200	Lowe’s Cos, Inc.		752,268
17,800	Phillips-Van Heusen Corp.		484,338
4,800	Stein Mart, Inc.(a)		94,704
45,500	Toys ‘R’ Us, Inc.(a)		975,975
12,400	Williams-Sonoma, Inc.(a)		429,040
			8,106,669
Textiles, Apparel & Luxury Goods    0.5%
11,300	Coach, Inc.(a)		633,930
11,510	Jos. A. Bank Clothiers, Inc.(a)		330,337
7,580	Oxford Industries, Inc.		281,824
			1,246,091
Thrifts & Mortgage Finance    0.3%
11,500	Freddie Mac		750,835
Tobacco    0.7%
24,700	Altria Group, Inc.		1,576,601
Transportation    0.3%
4,170	Forward Air Corp.(a)		177,705
5,890	Old Dominion Freight Line, Inc.(a)		208,212
18,040	Vitran Corp., Inc. (Class A shares) (Canada)(a)		268,073
			653,990
Wireless Telecommunication Services    1.5%
52,400	American Tower Corp. (Class A shares)(a)		949,488
65,000	Nextel Communications, Inc. (Class A Shares)(a)		1,864,850
383	NTT DoCoMo, Inc. (Japan)		666,377
27,800	Vodafone Group PLC (United Kingdom)		71,834
			3,552,549
	Total common stocks (cost $178,299,010)		218,932,412
PREFERRED STOCK    0.2%
Automobiles
760	Porsche AG Pfd. (Germany)		495,349
	Total preferred stocks (cost $430,426)
	Total long-term investments (cost $178,729,436)		219,427,761

See Notes to Financial Statements.

20 Visit our website at www.strategicpartners.com

Shares	Description	Value (Note 1)
SHORT-TERM INVESTMENTS    4.2%
Mutual Fund
9,715,324	Dryden Core Investment Fund - Taxable Money Market Series (cost $9,715,324; Note 3)	$	9,715,324
	Total Investments    98.5% (cost $188,444,760; Note 5)		229,143,085
	Other assets in excess of liabilities    1.5%		3,591,305
	Net Assets    100%	$	232,734,390

(a) Non-income producing security.

ADR—American Depository Receipt.

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 21

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2005 were as follows:

Oil & Gas	8.0	%
Pharmaceuticals	5.5
Diversified Financial Services	4.7
Commercial Banks	4.7
Mutual Fund	4.2
Insurance	4.1
Health Care Providers & Services	3.9
Specialty Retail	3.5
Software	3.4
Capital Markets	3.1
Industrial Conglomerates	2.9
Commercial Services & Supplies	2.8
Communication Equipment	2.7
Internet Software & Services	2.7
Electronic Equipment & Instruments	2.6
Computer & Peripherals	2.5
Electric Utilities	2.3
Energy Equipment & Services	2.3
Media	2.0
Household Durables	1.9
Diversified Telecommunication Services	1.8
Food & Staples Retailing	1.8
Biotechnology	1.7
Health Care Equipment & Supplies	1.7
Food Products	1.6
Wireless Telecommunication Services	1.5
Chemicals	1.4
Hotels, Restaurants & Leisure	1.3
Automobiles	1.2
Aerospace/Defense	1.1
Semiconductors & Semiconductor Equipment	1.1
Consumer Finance	1.0
Multiline Retail	1.0
Internet & Catalog Retail	0.8
Multi-Utilities & Unregulated Power	0.8
Paper & Forest Products	0.8
Electrical Equipment	0.8
Beverages	0.7
Household Products	0.7
Tobacco	0.7
Personal Products	0.6
Office Electronics	0.5
Textiles, Apparel & Luxury Goods	0.5
Air Freight & Logistics	0.4
Building Products	0.4
Real Estate	0.4

See Notes to Financial Statements.

22 Visit our website at www.strategicpartners.com

IT Services	0.3	%
Machinery	0.3
Metals & Mining	0.3
Real Estate Investment Trust	0.3
Thrifts & Mortgage Finance	0.3
Transportation	0.3
Leisure Equipment & Products	0.2
Road & Rail	0.2
Distributors	0.1
Gas Utilities	0.1
	98.5
Other assets in excess of liabilities	1.5
	100.0	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 23

Statement of Assets and Liabilities

as of January 31, 2005 (Unaudited)

ASSETS
Investments, at value (cost $188,444,760)	$	229,143,085
Cash		3,866,131
Foreign currency, at value (cost $15,469)		15,469
Receivable for investments sold		2,072,018
Receivable for Fund shares sold		811,009
Dividends and interest receivable		208,393
Prepaid expenses		7,466
Total assets		236,123,571
LIABILITIES
Payable for investments purchased		2,346,196
Payable for Fund shares reacquired		572,548
Distribution fee payable		159,278
Accrued expenses		154,066
Management fee payable		147,981
Deferred Trustee’s fees		9,112
Total liabilities		3,389,181
Net Assets	$	232,734,390
Net assets were comprised of:
Shares of beneficial interest, at par	$	19,530
Paid-in capital, in excess of par		205,180,503
		205,200,033
Accumulated net investment loss		(905,259	)
Accumulated net realized loss on investments and foreign currency transactions		(12,270,246	)
Net unrealized appreciation on investments and foreign currencies		40,709,862
Net Assets, January 31, 2005	$	232,734,390

See Notes to Financial Statements.

24 Visit our website at www.strategicpartners.com

Class A:
Net asset value and redemption price per share ($52,153,927 ÷ 4,243,644 shares of beneficial interest issued and outstanding)	$	12.29
Maximum sales charge (5.5% of offering price)		0.72
Maximum offering price to public	$	13.01
Class B:
Net asset value, offering price and redemption price per share ($104,158,758 ÷ 8,832,260 shares of beneficial interest issued and outstanding)	$	11.79
Class C:
Net asset value, offering price and redemption price per share ($69,176,558 ÷ 5,865,445 shares of beneficial interest issued and outstanding)	$	11.79
Class M:
Net asset value, offering price and redemption price per share ($1,096,057 ÷ 92,960 shares of beneficial interest issued and outstanding)	$	11.79
Class R:
Net asset value, offering price and redemption price per share ($2,665 ÷ 217 shares of beneficial interest issued and outstanding)	$	12.28
Class X:
Net asset value, offering price and redemption price per share ($645,254 ÷ 54,647 shares of beneficial interest issued and outstanding)	$	11.81
Class Z:
Net asset value, offering price and redemption price per share ($5,501,171 ÷ 440,925 shares of beneficial interest issued and outstanding)	$	12.48

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 25

Statement of Operations

Six Months Ended January 31, 2005 (Unaudited)

Net Investment Loss
Income
Dividends (net of foreign withholding taxes of $49,611)	$	1,590,990
Interest		7,358
Total income		1,598,348
Expenses
Management fee		833,548
Distribution fee—Class A		62,075
Distribution fee—Class B		503,475
Distribution fee—Class C		330,524
Distribution fee—Class M		1,502
Distribution fee—Class R		6
Distribution fee—Class X		674
Transfer agent’s fees and expenses		199,000
Custodian’s fees and expenses		121,000
Reports to shareholders		29,000
Registration fees		26,000
Legal fees		15,000
Audit fee		10,000
Trustees’ fees		5,000
Miscellaneous		17,263
Total expenses		2,154,067
Net investment loss		(555,719	)
Net Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		6,918,859
Foreign currency transactions		(83,232	)
		6,835,627
Net change in unrealized appreciation (depreciation) on:
Investments		18,050,282
Foreign currencies		18,577
		18,068,859
Net gain on investments and foreign currencies		24,904,486
Net Increase In Net Assets Resulting From Operations	$	24,348,767

See Notes to Financial Statements.

26 Visit our website at www.strategicpartners.com

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended January 31, 2005			Year Ended July 31, 2004
Increase (Decrease) in Net Assets
Operations
Net investment loss	$	(555,719	)	$	(1,597,410	)
Net realized gain on investments and foreign currency transactions		6,835,627			20,541,271
Net change in unrealized appreciation on investments and foreign currencies		18,068,859			4,547,256
Net increase in net assets resulting from operations		24,348,767			23,491,117
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		21,248,823			58,052,831
Cost of shares reacquired		(19,454,338	)		(37,484,393	)
Net increase in net assets from Fund share transactions		1,794,485			20,568,438
Total increase		26,143,252			44,059,555
Net Assets
Beginning of period		206,591,138			162,531,583
End of period	$	232,734,390		$	206,591,138

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 27

Notes to Financial Statements

Strategic Partners Asset Allocation Funds (the “Trust”), is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company presently consisting of three portfolios: Strategic Partners High Growth Fund (the “Fund”), Strategic Partners Conservative Growth Fund and Strategic Partners Moderate Growth Fund. These financial statements relate only to Strategic Partners High Growth Fund. The financial statements of the other portfolios are not presented herein. The Trust was organized as a business trust in Delaware on July 29, 1998.

Jennison Associates LLC (“Jennison”), Prudential Investment Management, Inc. (“PIM”), Lazard Asset Management LLC, RS Investment Management, L.P. and EARNEST Partners, LLC are the Fund’s “Advisers”.

The investment objective of the Fund is to provide long-term capital appreciation. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity securities issued by U.S. and foreign companies. Under normal circumstances, substantially all of the Fund’s assets will be invested in equity securities, including common stock, securities convertible into common stock and preferred stock.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its 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 traded via Nasdaq are valued at the official closing price provided by Nasdaq. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”) in consultation with the subadvisor, 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

28 Visit our website at www.strategicpartners.com

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 Trustees’ approved fair valuation procedures. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset value.

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

Short-term securities which mature in 60 days or less are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term securities which mature in more than 60 days are valued at current market quotations.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities-at the current daily rates of exchange.

(ii) purchases and sales of investment securities, income and expenses-at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the fiscal year, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period. Accordingly, realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holdings of foreign currencies, currency gains or

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 29

Notes to Financial Statements

Cont’d

losses realized between the trade date and settlement date on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at year-end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on investments and foreign currencies.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability and the level of governmental supervision and regulation of foreign securities markets.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses on sales of securities are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount on debt securities as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis.

Net investment income or loss (other than distribution fees, which are charged directly to 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.

Dividends and Distributions: The Fund expects to pay dividends of net investment income and distributions of net realized capital and currency gains, if any, annually.

Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-in capital in excess of par as appropriate.

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of

30 Visit our website at www.strategicpartners.com

its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends are recorded net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Note 2. Agreements

The Trust has a management agreement with PI. Pursuant to this agreement, PI manages the investment operations of the Fund, administers the Fund’s affairs and supervises the Advisers’ performance of all investment advisory services. Pursuant to the advisory agreement, PI pays the cost of compensation of officers of the Fund, occupancy and certain clerical and accounting costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly at an annual rate of 0.75 of 1% of average daily net assets up to $500 million, 0.70 of 1% of average daily net assets for the next $500 million and 0.65 of 1% of average daily net assets in excess of $1 billion. The effective management fee rate was .75 of 1% for the six months ended January 31, 2005.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, B, C, M, R, X and Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, B, C, M, R and X shares, pursuant to plans of distribution (the “Distribution Plans”) regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor for Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30 of 1%, 1%, 1%, 1%, .75% of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively. Such expenses under the Plans were .25 of 1%, 1%, 1%, 1%, .50% of 1% and 1% of the average daily net assets of the Class A, B, C, M, R and X shares, respectively, for the six months ended January 31, 2005.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 31

Notes to Financial Statements

Cont’d

PIMS has advised the Fund that it has received approximately $112,100 in front-end sales charges resulting from sales of Class A during the six months ended January 31, 2005. From these fees, PIMS paid such sales charges to broker-dealers which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended January 31, 2005, it has received approximately $83,600 and $9,300 in contingent deferred sales charges imposed upon certain redemptions by Class B and Class C shareholders, respectively. There were no contingent deferred sales charges imposed upon certain redemptions by Class M, Class R and Class X, respectively.

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

The Fund, along with other affiliated investment companies (the “Funds”), is a party to a syndicated credit agreement (“SCA”) with a group of banks. The purpose of the SCA is to serve as an alternative source of funding for capital share redemptions. The SCA provided for a commitment of $500 million. Interest on any borrowings under the SCA would be incurred at market rates. The Funds paid a commitment fee of .08 of 1% of the unused portion of the SCA. The expiration date of the SCA was October 29, 2004. Effective October 29, 2004, the Funds entered into a revised credit agreement with two banks. The commitment under the revised credit agreement continues to be $500 million. The Funds pay a commitment fee of 0.75 of 1% of the unused portion of the revised credit agreement. The commitment fee is accrued daily and paid quarterly and is allocated to the Funds pro rata, based on nest assets. The expiration date of the revised credit agreement is October 28, 2005.

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. During the six months January 31, 2005, the Fund incurred fees of approximately $144,800 for the services of PMFS. As of January 31, 2005, approximately $24,500 of such fees were due to PMFS. Transfer agent fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund pays networking fees to affiliated and unaffiliated broker/dealers. These networking fees are payments made to broker/dealers that clear mutual fund transactions through a national clearing system. The Fund incurred approximately

32 Visit our website at www.strategicpartners.com

$48,900 in total networking fees, of which the amounts relating to the services of Wachovia Securities, LLC (“Wachovia”) and First Clearing Corporation (“First Clearing”), affiliates of PI, were approximately $4,900 and $45,300, respectively, for the six months ended January 31, 2005. As of January 31, 2005 $7,400 of such fees were due to First Clearing. These amounts are included in transfer agent’s fees and expenses in the Statement of Operations.

For the six months ended January 31, 2005, Wachovia earned $1,987 and Prudential Equity Group, LLC, a wholly owned subsidiary of Prudential, earned $3,181, in brokerage commissions from portfolio transactions executed on behalf of the Fund.

The Fund invests in the Taxable Money Market Series (the “Series”), a portfolio of Dryden Core Investment Fund, formerly known as Prudential Core Investment Fund, pursuant to an exemptive order received from the Securities and Exchange Commission. The Series is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI. For the six months ended January 31, 2005, the Fund earned income of approximately $75,524 from the Series by investing its excess cash.

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, excluding short-term investments, for the six months ended January 31, 2005, aggregated $63,811,891 and $64,322,926, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation (depreciation) as of January 31, 2005 were as follows:

Tax Basis	Appreciation	Depreciation	Net Unrealized Appreciation of Investments	Other Cost Basis Adjustments	Total Net Unrealized Appreciation (Depreciation)
$189,515,512	$42,387,701	$2,760,128	$39,627,573	$11,538	$39,639,111

The difference between book basis and tax basis were primarily attributable to deferred losses on wash sales. The other cost basis adjustments are primarily attributable to appreciation (depreciation) of foreign currency and mark to market of receivables and payables.

As of July 31,2004, the Fund had a capital loss carryforward for tax purposes of approximately $17,389,000 which expires in 2011. Approximately $12,530,000 of its

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 33

Notes to Financial Statements

Cont’d

capital loss carryforward was used to offset net taxable gains realized in the fiscal year July 31, 2004. Accordingly, no capital gains distribution is expected to be paid to shareholders until net gains have been realized in excess of such amounts. The Fund elected to treat Post-October currency losses of $160,413 incurred during the nine month period ended July 31, 2004 as incurred during fiscal year ending July 31, 2005.

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class M, Class R, Class X and Class Z shares. Class A shares are subject to a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are not subject to an initial sales charge but are subject to a contingent deferred sales charge (CDSC) of 1%, including investors who purchase their shares through broker-dealers affiliated with Prudential. Class B shares are subject to a CDSC of 5%, which decreases by 1% annually to 1% in the fifth and sixth years and 0% in the seventh year. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. The CDSC for Class C shares is 1% for shares redeemed within 12 months of purchase. Class M shares are subject to a CDSC of 6%, which decreases by 1% annually to 2% in the fifth and sixth years and 1% in the seventh year. Class M shares are generally closed to new purchases. Class M shares automatically convert to Class A shares approximately eight years after purchase. Class X shares are generally closed to new purchases. Class X shares are subject to a CDSC of 6%, which decreases by 1% annually to 4% in the third and fourth years, by 1% annually to 2% in the sixth and seventh years, and 1% in the eighth year. Class X shares automatically convert to Class A shares on a quarterly basis approximately ten years (eight years in the case of shares purchased prior to August 19, 1998) after purchase. An exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class R and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

The Fund has authorized an unlimited number of shares of beneficial interest at $.001 par value per share. As of January 31, 2005 Prudential owned 226 Class M shares, 217 Class R shares and 226 Class X shares of the Fund.

34 Visit our website at www.strategicpartners.com

Transactions in shares of beneficial interest were as follows:

Class A	Shares		Amount
Six months ended January 31, 2005:
Shares sold	476,079		$	5,612,177
Shares reacquired	(465,076	)		(5,501,306	)
Net increase (decrease) in shares outstanding before conversion	11,003			110,871
Shares issued upon conversion from class B	70,754			841,606
Net increase (decrease) shares outstanding	81,757		$	952,477
Year ended July 31, 2004:
Shares sold	1,353,050		$	14,741,225
Shares reacquired	(1,047,282	)		(11,562,070	)
Net increase (decrease) in shares outstanding before conversion	305,768			3,179,155
Shares issued upon conversion from class B	89,435			986,017
Net increase (decrease) shares outstanding	395,203		$	4,165,172
Class B
Six months ended January 31, 2005:
Shares sold	580,660		$	6,524,549
Shares reacquired	(583,503	)		(6,588,770	)
Net increase (decrease) in shares outstanding before conversion	(2,843	)		(64,221	)
Shares reacquired upon conversion into class A	(73,611	)		(841,606	)
Net increase (decrease) shares outstanding	(76,454	)	$	(905,827	)
Year ended July 31, 2004:
Shares sold	1,799,671		$	19,067,894
Shares reacquired	(1,062,013	)		(11,231,265	)
Net increase (decrease) in shares outstanding before conversion	737,658			7,836,629
Shares reacquired upon conversion into class A	(92,583	)		(986,017	)
Net increase (decrease) shares outstanding	645,075		$	6,850,612
Class C
Six months ended January 31, 2005:
Shares sold	587,145		$	6,682,898
Shares reacquired	(555,708	)		(6,267,995	)
Net increase (decrease) shares outstanding	31,437		$	414,903
Year ended July 31, 2004:
Shares sold	1,916,438		$	20,221,584
Shares reacquired	(1,230,102	)		(12,991,880	)
Net increase (decrease) shares outstanding	686,336		$	7,229,704

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 35

Financial Highlights

(Unaudited) Cont’d

Class M	Shares		Amount
October 4, 2004 to January 31, 2005:
Shares sold	97,420		$	1,144,941
Shares reacquired	(4,460	)		(52,543	)
Net increase (decrease) shares outstanding	92,960		$	1,092,398
Class R
October 4, 2004 to January 31, 2005:
Shares sold	217		$	2,500
Shares reacquired	—			—
Net increase (decrease) shares outstanding	217		$	2,500
Class X
October 4, 2004 to January 31, 2005:
Shares sold	55,818		$	655,573
Shares reacquired	(1,171	)		(13,616	)
Net increase (decrease) shares outstanding	54,647		$	641,957
Class Z
Six months ended January 31, 2005:
Shares sold	52,157		$	626,185
Shares reacquired	(87,890	)		(1,030,108	)
Net increase (decrease) shares outstanding	(35,733	)	$	(403,923	)
Year ended July 31, 2004:
Shares sold	364,721		$	4,022,128
Shares reacquired	(156,673	)		(1,699,178	)
Net increase (decrease) shares outstanding	208,048		$	2,322,950

See Notes to Financial Statements.

36 Visit our website at www.strategicpartners.com

SEMI-ANNUAL REPORT

JANUARY 31, 2005

STRATEGIC PARTNERS

HIGH GROWTH FUND

FINANCIAL HIGHLIGHTS

Financial Highlights

(Unaudited)

	Class A
	Six Months Ended January 31, 2005(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	10.96
Income (loss) from investment operations
Net investment income (loss)		—	(f)
Net realized and unrealized gain (loss) on investment transactions		1.33
Total from investment operations		1.33
Less Distributions
Distributions in excess of net investment income		—
Distributions from net realized gains		—
Total dividends and distributions		—
Net asset value, end of period	$	12.29
Total Return(a)		12.14	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	52,154
Average net assets (000)	$	49,255
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees(e)		1.38	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.13	%(c)
Net investment income (loss)		.06	%(c)
Net Assets
Portfolio turnover rate		31	%(d)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculations are based on average shares outstanding during the period.

(c) Annualized.

(d) Not Annualized.

(e) The distributor of the fund contractually agreed to limit its distribution and services (12b-1) fees to .25 of 1% of the average net assets of the class A shares.

(f) Less than $.005 per share.

See Notes to Financial Statements.

38 Visit our website at www.strategicpartners.com

Class A
Year Ended July 31,
2004(b)			2003(b)			2002			2001(b)			2000(b)
$	9.53		$	8.38		$	10.70		$	12.95		$	11.52
	(.03	)		(.03	)		(.03	)		—	(f)		—	(f)
	1.46			1.18			(2.27	)		(1.27	)		2.14
	1.43			1.15			(2.30	)		(1.27	)		2.14
	—			—			—			—			(.43	)
	—			—			(.02	)		(.98	)		(.28	)
	—			—			(.02	)		(.98	)		(.71	)
$	10.96		$	9.53		$	8.38		$	10.70		$	12.95
	15.01	%		13.72	%		(21.49	)%		(10.09	)%		18.99	%
$	45,622		$	35,897		$	30,337		$	39,528		$	35,678
$	43,525		$	31,290		$	36,514		$	39,128		$	27,528
	1.43	%		1.71	%		1.57	%		1.64	%		1.54	%
	1.18	%		1.46	%		1.32	%		1.39	%		1.29	%
	(.25	)%		(.31	)%		(.35	)%		.02	%		.01	%
	79	%		89	%		98	%		83	%		67	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 39

Financial Highlights

(Unaudited) Cont’d

	Class B
	Six Months Ended January 31, 2005(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	10.56
Income (loss) from investment operations
Net investment income (loss)		(.04	)
Net realized and unrealized gain (loss) on investment transactions		1.27
Total from investment operations		1.23
Less Distributions
Distributions in excess of net investment income		—
Distributions from net realized gains		—
Total dividends and distributions		—
Net asset value, end of period	$	11.79
Total Return(a)		11.65	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	104,159
Average net assets (000)	$	99,874
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees		2.13	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.13	%(c)
Net investment income (loss)		(.69	)%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculations are based on average shares outstanding during the period.

(c) Annualized.

See Notes to Financial Statements.

40 Visit our website at www.strategicpartners.com

Class B
Year Ended July 31,
2004(b)			2003(b)			2002			2001(b)			2000(b)
$	9.25		$	8.20		$	10.55		$	12.86		$	11.47
	(.11	)		(.09	)		(.11	)		(.08	)		(.09	)
	1.42			1.14			(2.22	)		(1.25	)		2.12
	1.31			1.05			(2.33	)		(1.33	)		2.03
	—			—			—			—			(.36	)
	—			—			(.02	)		(.98	)		(.28	)
	—			—			(.02	)		(.98	)		(.64	)
$	10.56		$	9.25		$	8.20		$	10.55		$	12.86
	14.16	%		12.80	%		(22.08	)%		(10.66	)%		18.13	%
$	94,066		$	76,430		$	70,043		$	86,941		$	79,793
$	90,535		$	67,723		$	82,953		$	84,949		$	60,994
	2.18	%		2.46	%		2.32	%		2.39	%		2.29	%
	1.18	%		1.46	%		1.32	%		1.39	%		1.29	%
	(1.00	)%		(1.07	)%		(1.09	)%		(.72	)%		(.71	)%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 41

Financial Highlights

(Unaudited) Cont’d

	Class C
	Six Months Ended January 31, 2005(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	10.56
Income (loss) from investment operations
Net investment income (loss)		(.04	)
Net realized and unrealized gain (loss) on investment transactions		1.27
Total from investment operations		1.23
Less Distributions
Distributions in excess of net investment income		—
Distributions from net realized gains		—
Total dividends and distributions		—
Net asset value, end of period	$	11.79
Total Return(a)		11.65	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	69,176
Average net assets (000)	$	65,566
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees		2.13	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.13	%(c)
Net investment income (loss)		(.69	)%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculations are based on average shares outstanding during the period.

(c) Annualized.

See Notes to Financial Statements.

42 Visit our website at www.strategicpartners.com

Class C
Year Ended July 31,
2004(b)			2003(b)			2002			2001(b)			2000(b)
$	9.25		$	8.20		$	10.55		$	12.86		$	11.47
	(.11	)		(.09	)		(.09	)		(.08	)		(.09	)
	1.42			1.14			(2.24	)		(1.25	)		2.12
	1.31			1.05			(2.33	)		(1.33	)		2.03
	—			—			—			—			(.36	)
	—			—			(.02	)		(.98	)		(.28	)
	—			—			(.02	)		(.98	)		(.64	)
$	10.56		$	9.25		$	8.20		$	10.55		$	12.86
	15.01	%		12.80	%		(22.08	)%		(10.66	)%		18.13	%
$	61,606		$	47,616		$	37,468		$	36,507		$	31,636
$	58,465		$	39,926		$	38,874		$	35,387		$	26,413
	2.18	%		2.46	%		2.32	%		2.39	%		2.29	%
	1.18	%		1.46	%		1.32	%		1.39	%		1.29	%
	(1.00	)%		(1.06	)%		(1.09	)%		(.73	)%		(.73	)%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 43

Financial Highlights

(Unaudited) Cont’d

	Class M
	October 4, 2004(a) Through January 31, 2005(d)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	11.07
Income (loss) from investment operations
Net investment income		(.03	)
Net realized and unrealized gain (loss) on investment transactions		.75
Total from investment operations		.72
Less Distributions
Distributions in excess of net investment income		—
Distributions from net realized gains on investments		—
Total dividends and distributions		—
Net asset value, end of period	$	11.79
Total Return(b)		6.22	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	1,096
Average net assets (000)	$	461
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees(e)		2.13	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.13	%(c)
Net investment income (loss)		(1.04	)%(c)

(a) Commencement of offering of new share class.

(b) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) Calculations are based on average shares outstanding during the period.

(e) The distributor of the fund contractually agreed to limit its distribution and services (12b-1) fees to .50 of 1% of the average net assets of the Class R shares.

See Notes to Financial Statements.

44 Visit our website at www.strategicpartners.com

Class R			Class X
October 4, 2004(a) Through January 31, 2005(d)			October 4, 2004(a) Through January 31, 2005(d)
$	11.51		$	11.07
	(.01	)		(.03	)
	.78			.77
	.77			.74
	—			—
	—			—
	—			—
$	12.28		$	11.81
	6.41	%		6.31	%
$	3		$	645
$	3		$	207
	1.63	%(c)		2.13	%(c)
	1.13	%(c)		1.13	%(c)
	(.12	)%(c)		(1.02	)%(c)

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 45

Financial Highlights

(Unaudited) Cont’d

	Class Z
	Six Months Ended January 31, 2005(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	11.11
Income (loss) from investment operations
Net investment income (loss)		.02
Net realized and unrealized gain (loss) on investment transactions		1.35
Total from investment operations		1.37
Less Distributions
Distributions in excess of net investment income		—
Distributions from net realized gains		—
Total dividends and distributions		—
Net asset value, end of period	$	12.48
Total Return(a)		12.24	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	5,501
Average net assets (000)	$	5,101
Ratio to average net assets:
Expenses, including distribution and service (12b-1) fees		1.13	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.13	%(c)
Net investment income (loss)		.31	%(c)

(a) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns for periods less than one full year are not annualized.

(b) Calculations are based on average shares outstanding during the period.

(c) Annualized.

(d) Less than $.005 per share.

(e) Less than $.005%.

See Notes to Financial Statements.

46 Visit our website at www.strategicpartners.com

Class Z
Year Ended July 31,
2004(b)			2003(b)			2002			2001(b)			2000(b)
$	9.64		$	8.45		$	10.77		$	12.98		$	11.56
	—	(d)		—	(d)		(.01	)		.03			.02
	1.47			1.19			(2.29	)		(1.26	)		2.14
	1.47			1.19			(2.30	)		(1.23	)		2.16
	—			—			—			—			(.46	)
	—			—			(.02	)		(.98	)		(.28	)
	—			—			(.02	)		(.98	)		(.74	)
$	11.11		$	9.64		$	8.45		$	10.77		$	12.98
	15.25	%		14.08	%		(21.35	)%		(9.74	)%		19.23	%
$	5,297		$	2,589		$	1,897		$	3,413		$	1,318
$	3,837		$	2,767		$	2,778		$	2,270		$	25,793
	1.18	%		1.46	%		1.32	%		1.39	%		1.29	%
	1.18	%		1.46	%		1.32	%		1.39	%		1.29	%
	—	%(e)		(.02	)%		(.10	)%		.23	%		.12	%

See Notes to Financial Statements.

Strategic Partners Asset Allocation Funds/Strategic Partners High Growth Fund 47

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 Trustees of the Fund has delegated to the Fund’s investment advisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. 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 Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2004, is available on the Fund’s website at http://www.prudential.com and on the Commission’s website at http:/www.sec.gov.

TRUSTEES

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 • 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* (as of January 31, 2005)	EARNEST Partners, LLC	75 14th Street, Suite 2300 Atlanta, GA 30309
	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
	Lazard Asset Management LLC	30 Rockefeller Plaza New York, NY 10112
	RS Investment Management, L.P.	388 Market Street Suite 1700 San Francisco, CA 94111
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
CUSTODIAN	The Bank of New York	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 8098 Philadelphia, PA 19176

* Investment Advisers are subject to change by the Manager.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	757 Third Avenue New York, NY 10017
FUND COUNSEL	Shearman & Sterling LLP	599 Lexington Avenue New York, NY 10022

Strategic Partners High Growth Fund
	Share Class	A	B	C	M	R	X	Z
	NASDAQ	PHGAX	PIHGX	PHGCX	HIGWM	HIGWR	HIGWX	PDHZX
	CUSIP	86276X509	86276X608	86276X707	86276X772	86276X756	86276X764	86276X806

An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus for the Fund contains this and other information about the Fund. 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.

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 TRUSTEES

Shareholders of the Fund can communicate directly with the Board of Trustees by writing to the Chair of the Board, Strategic Partners High Growth Fund, PO Box 13964, Philadelphia, PA 19176. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at Strategic Partners High Growth Fund, PO Box 13964, Philadelphia, PA 19176. Such communications to the Board or individual Trustees 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 Fund’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330 (732-0330). The Fund will provide a full list of its portfolio holdings as of the end of each fiscal quarter on its website at www.strategicpartners.com within 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

Strategic Partners High Growth Fund
	Share Class	A	B	C	M	R	X	Z
	NASDAQ	PHGAX	PIHGX	PHGCX	HIGWM	HIGWR	HIGWX	PDHZX
	CUSIP	86276X509	86276X608	86276X707	86276X772	86276X756	86276X764	86276X806

MFSP504E6    IFS-A102101    Ed. 03/2005

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 Asset Allocation Funds

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

Date March 23, 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 March 23, 2005

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

Date March 23, 2005

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