Prudential Investment Portfolios 2 N-CSR Certified 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:	811-09999
Exact name of registrant as specified in charter:	Dryden Core Investment Fund
Address of principal executive offices:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Jonathan D. Shain
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	973-802-6469
Date of fiscal year end:	1/31/2005
Date of reporting period:	1/31/2005

Item 1 – Reports to Stockholders – [ INSERT REPORT ]

Portfolio of Investments

as of January 31, 2005

Principal Amount (000)		Description	Value (Note 1)
	Asset Backed Securities    0.8%
		Ford Credit Auto Owner Trust
$	90,000	2.62%, 9/15/05	$	90,000,000
	Certificates of Deposit    22.0%
		Banco Bilbao Vizcaya Argentaria SA
	125,000	2.77%, 7/6/05		125,000,000
		Bank of New York
	175,000	2.502%, 10/31/05		174,960,766
		Barclays Bank PLC
	30,000	2.125%, 2/4/05		29,999,459
		BNP Paribas SA
	85,000	2.575%, 4/13/05		85,000,000
	130,000	2.77%, 7/7/05		130,000,000
		Citibank N.A.
	352,350	2.145%, 2/4/05		352,350,000
	80,000	2.24%, 2/14/05		80,000,000
		Credit Suisse First Boston
	50,000	2.64%, 4/8/05(b)		50,007,809
		Depfa Bank PLC
	70,000	2.21%, 2/8/05		69,998,890
		HBOS Treasury Services PLC
	150,000	2.13%, 2/7/05		150,000,000
	50,000	2.20%, 2/9/05		49,999,206
	125,000	2.22%, 2/10/05		125,000,000
		HSH Nordbank AG
	90,000	2.325%, 2/1/05(b)		89,998,605
		Nordea Bank Finland PLC
	100,000	2.39%, 3/7/05		100,000,000
		Royal Bank of Scotland PLC
	130,000	1.43%, 3/1/05		129,998,009
		Societe Generale
	300,000	2.408%, 2/17/05(b)		299,991,794
		Svenska Handelsbanken AB
	45,000	2.35%, 2/10/05(b)		44,998,849
		Toronto Dominion Bank
	155,000	2.32%, 2/2/05		155,000,000
	68,000	2.44%, 3/14/05		68,000,000
	75,000	2.83%, 7/18/05		75,000,000
	145,000	3.03%, 12/30/05		145,000,000

See Notes to Financial Statements.

Dryden Core Investment Fund/Taxable Money Market Series 1

Portfolio of Investments

as of January 31, 2005 Cont’d.

Principal Amount (000)		Description	Value (Note 1)
		UBS AG
$	100,000	1.285%, 2/23/05	$	99,999,699
				2,630,303,086
	Commercial Paper    22.5%
		Allianz Finance Corp.
	44,000	2.32%, 2/7/05(d)(f)		43,983,060
	49,500	2.56%, 3/22/05(d)(f)		49,328,194
		Amsterdam Funding Corp.
	284,492	2.35%, 2/2/05(d)(f)		284,473,501
	39,000	2.35%, 2/3/05(d)(f)		38,994,930
	50,000	2.36%, 2/4/05(d)(f)		49,990,208
		Barton Capital Corp.
	62,000	2.26%, 2/9/05(d)(f)		61,969,069
	100,000	2.25%, 2/10/05(d)(f)		99,944,000
		Cafco LLC
	90,000	2.34%, 2/9/05(d)(f)		89,953,400
		Ciesco LP
	72,844	2.30%, 2/3/05(d)		72,834,733
		Citicorp, Inc.
	40,000	2.32%, 2/2/05(d)		39,997,433
		DaimlerChrysler Revolving Auto
	50,223	2.57%, 3/29/05(d)		50,023,001
		Delaware Funding Corp.
	51,150	2.35%, 2/3/05(d)(f)		51,143,351
		Falcon Asset Securitization Corp.
	62,688	2.35%, 2/1/05(d)(f)		62,688,000
		General Electric Capital Corp.
	200,000	2.22%, 2/8/05(d)		199,914,056
		Goldman Sachs Group, Inc.
	50,000	2.34%, 2/4/05(d)		49,990,250
		Greenwich Capital Holdings, Inc.
	50,000	2.42%, 2/3/05(d)		49,993,861
	20,000	2.22%, 2/8/05(d)		19,991,406
	105,000	2.41%, 2/14/05(b)		105,000,000
		HSBC Finance Corp.
	100,000	2.35%, 2/2/05(d)		99,993,472
	200,000	2.35%, 2/4/05(d)		199,961,000
		ING America Insurance Holdings, Inc.
	40,000	2.31%, 2/2/05(d)		39,997,444

See Notes to Financial Statements.

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Principal Amount (000)		Description	Value (Note 1)
		Long Lane Master Trust
$	40,000	2.26%, 2/14/05(d)(f)	$	39,967,500
	48,622	2.56%, 2/28/05(d)(f)		48,529,010
	56,000	2.45%, 3/8/05(d)(f)		55,867,156
		New Center Asset Trust
	160,000	2.41%, 2/8/05(d)		159,925,333
		Norddeutsche Landesbank Luxembourg
	150,000	2.29%, 2/1/05(d)(f)		150,000,000
	66,000	2.25%, 2/10/05(d)(f)		65,963,122
	100,000	2.45%, 3/17/05(d)(f)		99,701,778
		Swiss Re Financial Products Corp.
	20,000	2.69%, 5/9/05(d)(f)		19,856,117
		Three Pillars Funding Corp.
	49,000	2.37%, 2/1/05(d)(f)		49,000,000
		Tulip Funding Corp.
	177,239	2.37%, 2/1/05(d)(f)		177,239,000
		Windmill Funding Corp.
	20,700	2.35%, 2/2/05(d)(f)		20,698,654
	35,000	2.36%, 2/3/05(d)(f)		34,995,431
				2,681,907,470
	Municipal Bonds    0.3%
		Massachusetts St. Health & Educational, Harvard Univ.
	29,465	2.35%, 2/3/05(b)		29,465,000
	Other Corporate Obligations    24.9%
		American Express Credit Corp. M.T.N.
	129,000	2.45%, 2/7/05(b)		129,068,851
	26,000	2.49%, 2/15/05(b)		26,003,693
		Citigroup, Inc.
	34,900	2.28%, 2/7/05(b)		34,900,674
		General Electric Capital Assurance Co.
	147,000	2.60%, 2/22/05(b)(c)
		(cost $147,000,000; purchased 7/21/04)		147,000,000
		General Electric Capital Corp.
	111,000	2.52%, 2/9/05(b)		111,000,109
		General Electric Capital Corp. M.T.N.
	25,000	2.58%, 2/17/05(b)		25,000,056
	25,000	2.99%, 10/3/05		25,025,726
		Goldman Sachs Group, Inc.
	175,000	2.43%, 2/7/05(b)(c)
		(cost $175,000,000; purchased 10/7/04)		175,000,000

See Notes to Financial Statements.

Dryden Core Investment Fund/Taxable Money Market Series 3

Portfolio of Investments

as of January 31, 2005 Cont’d.

Principal Amount (000)		Description	Value (Note 1)
		Goldman Sachs Group, Inc. M.T.N.
$	315,000	2.81%, 3/15/05(b)	$	315,133,716
		Irish Life & Permanent M.T.N.
	158,000	2.504%, 2/22/05(b)(f)		157,981,202
		LaSalle Bank N.A.
	30,000	2.55%, 3/22/05		30,000,000
		Merrill Lynch & Co., Inc. M.T.N.
	170,000	2.39%, 2/4/05(b)		170,000,000
	12,000	2.62%, 2/7/05(b)		12,005,413
	184,000	2.58%, 2/11/05(b)		184,000,000
		Metropolitan Life Insurance Co.
	50,000	2.24%, 2/1/05(b)(c)
		(cost $50,000,000; purchased 2/9/04)		50,000,000
	102,000	2.47%, 2/1/05(b)(c)
		(cost $102,000,000; purchased 12/29/04)		102,000,000
		Morgan Stanley Dean Witter Co. M.T.N.
	100,000	2.43%, 2/3/05(b)		100,000,000
	200,000	2.39%, 2/4/05(b)		200,000,000
	225,000	2.59%, 2/28/05(b)		225,000,000
	50,000	2.43%, 2/3/05(b)		50,000,000
		National City Bank M.T.N.
	50,000	2.415%, 2/10/05(b)		50,007,125
	19,300	2.50%, 3/30/05(b)		19,293,872
		Pacific Life Insurance Co.
	36,000	2.62%, 3/15/05(b)(c)
		(cost $36,000,000; purchased 12/15/03)		36,000,000
		Travelers Insurance Co.
	84,000	2.50%, 2/8/05(b)(c)
		(cost $84,000,000; purchased 7/7/04)		84,000,000
	50,000	2.481%, 2/25/05(b)(c)
		(cost $50,000,000; purchased 12/29/04)		50,000,000
		U.S. Bank N.A. M.T.N.
	290,000	2.438%, 3/5/05(b)		290,095,544
		United Omaha Life Insurance Co.
	80,000	2.558%, 3/7/05(b)(c)
		(cost $80,000,000; purchased 12/03/04)		80,000,000
		Westpac Banking Corp. M.T.N.
	89,000	2.45%, 3/11/05(b)		89,001,558
				2,967,517,539

See Notes to Financial Statements.

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Principal Amount (000)		Description	Value (Note 1)
	Time Deposit    5.5%
		Fifth Third Bank
$	400,000	2.55%, 2/1/05	$	400,000,000
		Keybank N.A.
	66,830	2.50%, 2/1/05		66,830,000
		State Street Bank & Trust Co.
	185,662	2.48%, 2/1/05		185,662,000
				652,492,000
	U.S. Government Agencies    19.4%
		Federal Home Loan Banks
	650,000	2.295%, 2/7/05(b)		649,779,962
	130,000	1.47%, 2/28/05		130,000,000
	60,000	1.45%, 3/11/05		60,000,000
	85,000	2.475%, 3/30/05(b)		84,999,092
	150,000	1.40%, 4/1/05		150,000,000
	125,000	1.40%, 4/1/05		125,000,000
	150,000	1.35%, 4/15/05		150,000,000
	70,000	2.58%, 4/19/05(b)		70,001,453
		Federal National Mortgage Association
	30,000	2.505%, 2/1/05(b)		29,998,212
	125,000	1.65%, 2/8/05(b)		125,000,000
	200,000	2.365%, 2/15/05(b)		199,981,835
	40,000	1.40%, 3/29/05		40,000,000
		Federal National Mortgage Association M.T.N.
	500,000	2.389%, 2/22/05(b)		499,783,814
				2,314,544,368
	Repurchase Agreements    4.5%(e)
		Barclays Capital, Inc. Tri Party
	375,000	2.52% dated 1/31/05 due 2/1/05, in the amount of $375,000,000, repurchase price $375,026,250. The value of collateral including accrued interest is $382,500,000.		375,000,000
		Goldman Sachs Group, Inc. Tri Party
	100,000	2.52% dated 1/31/05 due 2/1/05, in the amount of $100,000,000, repurchase price $100,007,000. The value of collateral including accrued interest is $102,000,000.		100,000,000

See Notes to Financial Statements.

Dryden Core Investment Fund/Taxable Money Market Series 5

Portfolio of Investments

as of January 31, 2005 Cont’d.

Principal Amount (000)		Description	Value (Note 1)
		Greenwich Capital Management Tri Party
$	66,156	2.53% dated 1/31/05 due 2/1/05, in the amount of $66,156,000, repurchase price $66,160,649. The value of collateral including accrued interest is $67,479,642.	$	66,156,000
				541,156,000
		Total Investments    99.9% (amortized cost $11,907,385,463)(a)		11,907,385,463
		Other assets in excess of liabilities    0.1%		17,357,030
		Net Assets    100%	$	11,924,742,493

(a) The cost basis for federal income tax purposes is substantially the same as that used for financial statement purposes.

(b) Variable rate instrument. The maturity date presented for these instruments is the later of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted.

(c) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $724,000,000. The aggregate value, $724,000,000 represents 6.1% of the net assets.

(d) Rate quoted represents yield-to-maturity as of purchase date.

(e) Repurchase agreements are collateralized by U.S Treasury or Federal agency obligations.

(f) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

LLC—Limited Liability Company.

M.T.N.—Medium Term Note.

N.A. —National Association (National Bank).

See Notes to Financial Statements.

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

Other Corporate Obligations	24.9	%
Commercial Paper	22.5
Certificates of Deposit	22.0
U.S. Government Agencies	19.4
Time Deposit	5.5
Repurchase Agreements	4.5
Asset Backed Securities	0.8
Municipal Bonds	0.3
	99.9
Other assets in excess of liabilities	0.1
Total	100.0	%

See Notes to Financial Statements.

Dryden Core Investment Fund/Taxable Money Market Series 7

Statement of Assets and Liabilities

as of January 31, 2005

Assets
Investments, at amortized cost which approximates market value	$	11,907,385,463
Receivable for investments sold		50,054,014
Interest receivable		23,448,999
Prepaid expenses		215,301
Total assets		11,981,103,777
Liabilities
Payable for investments purchased		50,000,000
Dividend payable		6,085,562
Accrued expenses		147,278
Management fee payable		94,690
Payable to custodian		28,326
Deferred trustees’ fee		5,428
Total liabilities		56,361,284
Net Assets	$	11,924,742,493
Net assets were comprised of:
Common stock, at par	$	11,924,764
Paid-in capital in excess of par		11,912,817,729
Net assets January 31, 2005	$	11,924,742,493
Net asset value, offering price and redemption price per share ($11,924,742,493 ÷ 11,924,763,596 shares of $.001 par value common stock issued and outstanding)		$1.00

See Notes to Financial Statements.

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Statement of Operations

Year Ended January 31, 2005

Net Investment Income
Income
Interest	$	198,604,961
Expenses
Management fee		1,300,000
Custodian’s fees and expenses		639,000
Insurance expense		215,000
Transfer agent’s fees and expenses		101,000
Legal fees and expenses		41,000
Trustees’ fees		34,000
Reports to shareholders		25,000
Audit fee		16,000
Miscellaneous		18,017
Total expenses		2,389,017
Net investment income		196,215,944
Net Realized Gain On Investments:
Net realized gain on investment transactions		478,901
Net Increase In Net Assets Resulting From Operations	$	196,694,845

See Notes to Financial Statements.

Dryden Core Investment Fund/Taxable Money Market Series 9

Statement of Changes in Net Assets

	Year Ended January 31,
	2005			2004
Increase (Decrease) In Net Assets
Operations
Net investment income	$	196,215,944		$	103,675,770
Net realized gain on investment transactions		478,901			71,599
Net increase in net assets resulting from operations		196,694,845			103,747,369
Dividends and distributions (Note 1)		(196,694,845	)		(103,747,369	)
Net proceeds from shares subscribed		92,617,489,664			62,345,442,822
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		194,084,610			102,228,874
Cost of shares reacquired		(93,656,411,733	)		(56,732,014,976	)
Net increase (decrease) in net assets from Series share transactions		(844,837,459	)		5,715,656,720
Total increase (decrease)		(844,837,459	)		5,715,656,720
Net Assets
Beginning of year		12,769,579,952			7,053,923,232
End of year	$	11,924,742,493		$	12,769,579,952

See Notes to Financial Statements.

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Notes to Financial Statements

Dryden Core Investment Fund (the “Fund”), is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The Fund consists of six series—the Taxable Money Market Series (the ‘Series’), the Short-Term Bond Series, the Short-Term Municipal Bond Series, the National Municipal Money Market Series, the Government Money Market Series and the Treasury Money Market Series. The Short-Term Bond Series, the Short-Term Municipal Bond Series, the National Municipal Money Market Series, the Government Money Market Series and the Treasury Money Market Series have not yet commenced operations. The investment objective of the Series is current income consistent with the preservation of capital and the maintenance of liquidity. The Series invests primarily in money market instruments maturing in 13 months or less whose ratings are within the two highest short-term ratings categories by a nationally recognized statistical rating organization or, if not rated, are of comparable quality as determined by the Series’ investment advisors. The ability of the issuers of the securities held by the Series to meet their obligations may be affected by economic developments in a specific industry or region.

Shares of the Series are available only to investment companies managed by Prudential Investments LLC (“PI”) and certain investment advisory clients of the subadvisor. At January 31, 2005, 100% of the shares outstanding were owned by such entities.

Note 1. Accounting Policies

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

Securities Valuation: The Series values portfolio securities 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 any discount or premium. If the amortized cost method is determined not to represent fair value, the value shall be determined by or under the direction of the Board of Directors.

The Fund may hold up to 10% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). The restricted securities held by the Fund at January 31, 2005 include registration rights under which the Fund may demand registration by the issuer. Restricted securities, sometimes referred to as private placements, are valued pursuant to the valuation procedures noted above.

Dryden Core Investment Fund/Taxable Money Market Series 11

Notes to Financial Statements

Cont’d

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

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

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

Dividends and Distributions: The Series declares all of its net investment income and net realized short-term capital gains or losses, if any, as dividends daily to its shareholders of record at the time of such declaration. Payment of dividends is made monthly. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which differ from generally accepted accounting principles.

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 Fund has a management agreement with Prudential Investments LLC (“PI”). Pursuant to this agreement, PI has responsibility for all investment advisory services

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

For its services, PI will be reimbursed for its direct costs, exclusive of any profit or overhead. The costs are accrued daily and paid monthly. For the year ended January 31, 2005, the costs were at an annual rate of .010% of the Series’ average daily net assets.

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

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect wholly-owned subsidiary of Prudential, serves as the Series’ transfer agent. During the year ended January 31, 2005, the Series incurred fees of approximately $100,000 for the services of PMFS. As of January 31, 2005, $8,300 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.

Note 4. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present undistributed net investment income, accumulated net realized capital gains (losses) and paid-in capital on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, undistributed net investment income and accumulated net realized gains on investments. For the year ended January 31, 2005, the adjustment was to decrease accumulated net realized gains and increase undistributed net investment income by $478,901 for distribution of realized gains.

For the years ended January 31, 2005 and January 31, 2004, the tax character of dividends paid of $196,618,444 and $103,747,369, respectively, was ordinary income. In addition, the Fund had a long-term distribution of $76,401 for the year ended January 31, 2005.

Dryden Core Investment Fund/Taxable Money Market Series 13

Financial Highlights

	Year Ended January 31, 2005
Per Share Operating Performance:
Net Asset Value, Beginning Of Period	$	1.00
Net investment income and net realized gains		.02
Dividends and distributions to shareholders		(.02	)
Net asset value, end of period	$	1.00
Total Return(b):		1.50	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	11,924,742
Average net assets (000)	$	13,091,919
Ratios to average net assets:
Expenses		0.02	%
Net investment income		1.50	%

(a) Commencement of investment operations.

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

(c) Annualized.

See Notes to Financial Statements.

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Year Ended January 31,									September 18, 2000(a) Through January 31, 2001
2004			2003			2002
$	1.00		$	1.00		$	1.00		$	1.00
	.01			.02			.04			.02
	(.01	)		(.02	)		(.04	)		(.02	)
$	1.00		$	1.00		$	1.00		$	1.00
	1.20	%		1.85	%		4.12	%		2.50	%
$	12,769,580		$	7,053,923		$	6,724,703		$	2,754,036
$	8,669,076		$	7,105,089		$	5,289,046		$	2,150,413
	0.03	%		0.03	%		0.03	%		0.03	%(c)
	1.20	%		1.84	%		3.66	%		6.58	%(c)

See Notes to Financial Statements.

Dryden Core Investment Fund/Taxable Money Market Series 15

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Dryden Core Investment Fund-Taxable Money Market Series:

We have audited the accompanying statement of assets and liabilities of the Dryden Core Investment Fund-Taxable Money Market Series, hereafter referred to as the “Series”, including the portfolio of investments, as of January 31, 2005, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. These financial statements and financial highlights are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through January 31, 2003 were audited by other auditors, whose report dated March 18, 2003, expressed an unqualified opinion thereon.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2005, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Series as of January 31, 2005, and the results of its operations, the changes in its net assets, and the financial highlights for the periods specified in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

New York, New York

March 28, 2005

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Federal Income Tax Information

(Unaudited)

We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders. Please be advised that 10.23% of the dividends paid from ordinary income in the fiscal year ended January 31, 2005 qualify for each of these states’ tax exclusion.

During the fiscal year ended January 31, 2005, the fund paid dividends of $0.015229 from ordinary income, $0.000031 from short-term capital gains and $0.000006 from long-term capital gains.

In January 2006, you will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by you in calendar year 2005.

Dryden Core Investment Fund/Taxable Money Market Series 17

Management of the Fund

(Unaudited)

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

Independent Trustees²

David E.A. Carson (70), Trustee since 2003³ Oversees 92 portfolios in Fund complex

Principal occupations (last 5 years): Director (January 2000 to May 2000), Chairman (January 1999 to December 1999), Chairman and Chief Executive Officer (January 1998 to December 1998) and President, Chairman and Chief Executive Officer of People’s Bank (1983-1997).

Other Directorships held:⁴ Director of United Illuminating and UIL Holdings (utility company), since 1993.

Robert E. La Blanc (71), Trustee since 1999³ Oversees 92 portfolios in Fund complex

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

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

Douglas H. McCorkindale (65), Trustee since 2003³ Oversees 92 portfolios in Fund complex

Principal occupations (last 5 years): Chairman (since February 2001), Chief Executive Officer (since June 2000) and President (since September 1997) of Gannett Co. Inc. (publishing and media); formerly Vice Chairman (March 1984-May 2000) of Gannett Co., Inc.

Other Directorships held:⁴ Trustee of Gannett Co. Inc., Director of Continental Airlines, Inc. (since May 1993); Director of Lockheed Martin Corp. (aerospace and defense) (since May 2001); Director of The High Yield Plus Fund, Inc. (since 1996).

Richard A. Redeker (61), Trustee since 2003³ Oversees 92 portfolios in Fund complex

Principal occupations (last 5 years): Management Consultant; Director of Invesmart, Inc. (since 2001) and Director of Penn Tank Lines, Inc. (since 1999).

Other Directorships held:⁴ None.

Robin B. Smith (65), Trustee since 1999³ Oversees 91 portfolios in Fund complex

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

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

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Stephen G. Stoneburn (61), Trustee since 1999³ Oversees 91 portfolios in Fund complex

Principal occupations (last 5 years): President and Chief Executive Officer (since June 1996) of Quadrant Media Corp. (a publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media and Senior Vice President of Fairchild Publications, Inc. (1975-1989).

Other Directorships held:⁴ None

Clay T. Whitehead (66), Trustee since 1999³ Oversees 92 portfolios in Fund complex

Principal occupations (last 5 years): President (since 1983) of National Exchange Inc. (new business development firm).

Other Directorships held:⁴ Director (since 2000) of the High Yield Plus Fund, Inc.

Interested Trustees¹

Judy A. Rice (57), President since 2000 and Trustee since 2000³ Oversees 92 portfolios in Fund complex

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

Other Directorships held:⁴ None

Robert F. Gunia (58), Vice President and Trustee since 1999³ Oversees 166 portfolios in Fund complex

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

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

Dryden Core Investment Fund/Taxable Money Market Series 19

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

Officers²

William V. Healey (51), Chief Legal Officer since 2004³

Principal occupations (last 5 years): Vice President and Associate General Counsel (since 1998) of Prudential; Executive Vice President and Chief Legal Officer (since February 1999) of Prudential Investments LLC; Senior Vice President, Chief Legal Officer and Secretary (since December 1998) of Prudential Investment Management Services LLC; Executive Vice President and Chief Legal Officer (since February 1999) of Prudential Mutual Fund Services LLC; Vice President and Secretary (since October 1998) of Prudential Investment Management, Inc.; Executive Vice President and Chief Legal Officer (since May 2003) of American Skandia Investment Services, Inc., American Skandia Fund Services, Inc. and American Skandia Advisory Services, Inc.; Director (June 1999-June 2002 and June 2003-present) of ICI Mutual Insurance Company; prior to August 1998, Associate General Counsel of the Dreyfus Corporation (Dreyfus), a subsidiary of Mellon Bank, N.A. (Mellon Bank), and an officer and/or director of various affiliates of Mellon Bank and Dreyfus.

Lee D. Augsburger (45), Chief Compliance Officer since 2004³

Principal occupations (last 5 years): Vice President and Chief Compliance Officer (since May 2003) of PI; Vice President and Chief Compliance Officer (since October 2000) of Prudential Investment Management, Inc.; formerly Vice President and Chief Legal Officer-Annuities (August 1999-October 2000) of Prudential Insurance Company of America; Vice President and Corporate Counsel (November 1997-August 1999) of Prudential Insurance Company of America.

Jonathan D. Shain (46), Secretary since 2001³

Principal occupations (last 5 years): Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2003) of American Skandia Investment Services, Inc. and American Skandia Fund Services, Inc.

Grace C. Torres (45), Treasurer and Principal Financial and Accounting Officer since 1999³

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

Maryanne Ryan (40), Anti-Money Laundering Compliance Officer since 2002³

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

Hellen Gurian (51), Acting Anti-Money Laundering Compliance Officer since 2004

Vice President Prudential (since July 1997) Vice President, Compliance (July 1997-January 2001); Vice President, Compliance and Risk Office; Retail Distribution (January 2001-May 2002); Vice President, Corporate Investigations (May 2002-present) responsible for supervision of Prudential’s fraud investigations, anti-money laundering program and high technology investigation unit.

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

¹ “Interested” Trustee, as defined in the Investment Company Act of 1940, As Amended (the 1940 Act), by reason of employment with the Manager, (Prudential Investments LLC or PI), the Subadvisers (Prudential Investment Management, Inc. or PIM), or the Distributor (Prudential Investment Management Services LLC or PIMS).

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

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

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

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

Dryden Core Investment Fund/Taxable Money Market Series 21

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

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

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 973-802-6469, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended January 31, 2005 and January 31, 2004, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $15,400 and $15,400, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

None.

(c) Tax Fees

None.

(d) All Other Fees

None.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants. Proposed services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Other Non-audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to Prudential Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process, will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to Prudential Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to Prudential Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b)- (4)(d) that were approved by the audit committee –

Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

Not applicable.

(g) Non-Audit Fees

Not applicable to Registrant for the fiscal years 2004 and 2005. The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal year 2005 was $33,500. There were no non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal year 2004.

(h) Principal Accountants Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

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 – Attached hereto

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

SIGNATURES

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

(Registrant) Dryden Core Investment Fund

By (Signature and Title)*	/s/    JONATHAN D. SHAIN
	Jonathan D. Shain
	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.