Strategic Partners Opportunity Funds · N-30D · For 2/28/01

Filed On 4/20/01 9:51am ET   ·   SEC File 811-09805   ·   Accession Number 898733-1-221

Annual or Semi-Annual Report Mailed to Shareholders   ·   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Strategic Partners Series                             72    289K 

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Strategic PartnersSM (ICON)       

Strategic Partners Focused Growth Fund                                

ANNUAL REPORT                                             
FEBRUARY 28, 2001                                         

Fund Type   Stock                                         
Objective   Long-term growth of capital                   

(GRAPHIC)                                                                       

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.                                                   

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

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Strategic PartnersSM   Strategic Partners Focused Growth Fund                   

Performance at a Glance                                                         

Investment Goals and Style                                                      
The investment objective of the Strategic Partners                              
Focused Growth Fund is long-term                                                
growth of capital. The Fund's strategy is to                                    
combine the efforts of two investment                                           
advisers who employ a growth style, Jennison                                    
Associates and Alliance Capital Management.                                     
Each adviser selects approximately 20 securities.                               
Jennison invests in mid-size and large                                          
companies that it believes have superior absolute                               
and relative earnings growth and which                                          
are attractively valued. Jennison looks for firms                               
with a competitive advantage in                                                 
technology, distribution or brand name, or other                                
qualities that set it apart from the                                            
competition. Alliance emphasizes large companies                                
that, in its view, have strong                                                  
management, superior industry position, excellent                               
balance sheets, and the ability to                                              
demonstrate superior earnings growth. There can be                              
no assurance that the Fund will                                                 
achieve its investment objective.                                               

Portfolio Composition                                                           
Sectors expressed as a percentage of                                      
net assets as of 2/28/01                                                        
26.0%  Communication Services                                       
22.8   Healthcare                                                   
19.1   Consumer Cyclical                                            
13.3   Finance                                                      
9.9   Technology                                                  
5.4   Energy                                                      
3.5   Cash & Equivalents, Net                                     

Five Largest Holdings                                                           

Expressed as a percentage of the Fund's                                   
net assets as of 2/28/01                                                        
7.4%  Kohl's Corp.                                                        
Retail                                                        
7.3   Pfizer, Inc.                                                        
Pharmaceuticals                                               
6.3   Viacom, Inc.                                                        
Media                                                         
5.5   Citigroup, Inc.                                                     
Financial Services                                            
4.7   Vodafone Group PLC (ADR)                                            
Telecommunications                                            

Holdings are subject to change.                                                 

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         www.strategicpartners.com  (800) 225-1852

Cumulative Total Returns1                       As of 2/28/01                   

      Since Inception2        Since Inception2
    (Without sales charge)   (With sales charge)

Class A                -27.00                    -30.65                   
Class B                -27.40                    -32.40                   
Class C                -27.40                    -29.13                   
Class Z                -26.90                    -26.90                   
Lipper Multi-Cap                                                          
Growth Fund Avg.3     -20.31                      N/A                   

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost.                                                       

1 Source: Prudential Investments Fund Management                                
LLC and Lipper Inc. Since the Fund has                                          
been in existence less than one year, returns are                               
cumulative, and therefore no average                                            
annual total returns are presented. The Fund                                    
charges a maximum front-end sales charge of                                     
5% for Class A shares. Class B shares are subject                               
to a declining contingent deferred                                              
sales charge (CDSC) of 5%, 4%, 3%, 2%, 1%, and 1%                               
for six years. Class B shares will                                              
automatically convert to Class A shares, on a                                   
quarterly basis, approximately seven years                                      
after purchase. Class C shares are subject to a                                 
front-end sales charge of 1% and a CDSC                                         
of 1% for 18 months. Class Z shares are not                                     
subject to a sales charge or distribution and                                   
service (12b-1) fees.                                                           

2 Inception date: Class A, B, C, and Z, 6/1/00.                                 

3 The Lipper Since Inception return is for all                                  
funds in each share class in the Multi-Cap                                      
Growth Fund category. The Lipper average is unmanaged. The                      
Lipper Multi-Cap Growth Fund Average                                            
includes funds that invest in a variety of market                               
cap ranges, generally have between 25%-                                         
75% of their equity assets invested in companies                                
with market capitalizations (on a three-                                        
year weighted basis) greater than 300% of the                                   
dollar-weighted median of the S&P(r) Mid-Cap                                    
400 Index, invest in companies with long-term                                   
earnings expected to grow significantly faster                                  
than the earnings of the stocks                                                 
represented in a major unmanaged stock index, and                               
have an above-average price/earnings                                            
ratio, price-to-book ratio, and three-year                                      
earnings growth figure.                                                         

S&P(r) is a registered trademark of The McGraw-Hill                             
Companies, Inc.                                                                 

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Strategic Partners Focused Growth Fund                                          

April 19, 2001            

Dear Shareholder,                                                               
Since its inception on June 1, 2000 through                                     
February 28, 2001, the Strategic Partners                                       
Focused Growth Fund's Class A shares returned -                                 
27.00% (-30.65% to those paying the                                             
maximum one-time Class A share sales charge). This                              
return was in line with the overall                                             
market for growth stocks. However, it trailed the                               
-20.31% return of its Lipper Large-Cap                                          
Growth Fund peer group.                                                         

The first fiscal year of the Strategic Partners                                 
Focused Growth Fund proved to be a very                                         
difficult period for growth style investing. It                                 
followed an unprecedented six successive                                        
years in which the growth style outperformed the                                
value style. This culminated in an                                              
unsustainable focus on the technology and                                       
telecommunications sectors around the turn of                                   
the year 2000. Thus, the Fund's fiscal year came                                
during a period of adjustment in the U.S. money                                 
supply, technology inventories, and share prices.                               
In addition, the Federal Reserve (the                                           
Fed) increased short-term interest rates three                                  
times in the first half of 2000. These                                          
factors together created widespread expectations                                
that the economy would slow, damaging                                           
rapidly growing companies' earning potential and                                
the attractiveness of growth stocks.                                            

Clearly, the past months have been difficult ones                               
for growth stocks. However, what has                                            
happened to growth stocks illustrates the                                       
importance of maintaining a diversified                                         
portfolio and a long-term investment horizon.                                   
Diversification can dilute the impact of                                        
market volatility, while long term investing tends                              
to even out the impact of short-term                                            
market fluctuations.                                                            

For example, over the one-year period ended                                     
December 31, 2000, the Russell 1000 Value                                       
Index returned 7.01%, substantially outperforming                               
the -22.42% return of the Russell 1000                                          
Growth Index over the same period. If we look at                                
the same indexes within the context of                                          
the last three years, growth is ahead--hardly                                   
surprising, given the unprecedented growth                                      
stock run-up. Longer term, though--over the past                                
10 years--the Russell 1000 Growth and                                           
Value Indexes are virtually equal.                                              

2                                                                               

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                                     Strategic PartnersSM (ICON)

These statistics strongly reinforce the benefits                                
of long-term, diversified investing. To                                         
this end, we believe that the Strategic Partners                                
Focused Growth Fund, given its emphasis                                         
on growth style investing, may provide an                                       
important element of diversification when                                       
included as part of a long-term investment                                      
program.                                                                        

We appreciate your confidence and look forward to                               
serving your future investment needs.                                           

Sincerely,                                                                      

David R. Odenath, Jr., President                                                
Strategic Partners Series--Strategic Partners Focused Growth Fund               

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Strategic PartnersSM   Strategic Partners Focused Growth Fund                   

Annual Report   February 28, 2001                                               

INVESTMENT ADVISERs' REPORT                                                     

THE COLLAPSE OF TMT STOCKS                                                      
The primary growth opportunities in recent years                                
have been in the technology, media, and                                         
telecommunications (TMT) industries. In the months                              
preceding March 2000, investors focused almost                                  
exclusively on these industries, leaving                                        
the rest of the stock market relatively                                         
undervalued. Although this reflected the bright                                 
business prospects of TMT, share prices got                                     
somewhat ahead of their potential for                                           
earnings growth. The Fund's reporting period                                    
included a substantial correction of this                                       
imbalance--a period in which many investors                                     
avoided these industries as assiduously as                                      
they had chased them before.                                                    

Despite the fact that both of the Fund's advisers                               
reduced their technology and                                                    
telecommunications holdings below a level that                                  
would be typical for them, stocks in these                                      
groups severely affected the Fund's return. Both                                
advisers favored some of the world's                                            
leading telecommunications and networking                                       
companies, including Nokia (wireless handsets), Vodafone (wireless              
services), Cisco Systems (networking equipment),                                
and JDS Uniphase (light-based                                                   
computing). In addition, Jennison held Ericsson                                 
(wireless infrastructure and handsets)                                          
while Alliance held Corning (light-based                                        
networking). The poor returns of all of these                                   
stocks were the major factors behind the Fund's                                 
substantial negative return.                                                    

Both advisers also had commitments in media--                                   
Jennison in Univision and both in Viacom (see                                   
Comments on Largest Holdings for both). These                                   
detracted from the period's performance as well.                                

The TMT companies held by the Fund continue to be                               
the dominant factors in their rapidly                                           
growing industries, and now inventories are                                     
largely depleted. (In January, new                                              
telecommunications equipment orders were up 13.50%                              
over December--a significant                                                    
improvement over the previous declining trend.)                                 
Both of the Fund's advisers are watching                                        
for opportunities to restock in these sectors.                                  

4                                                                               

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         www.strategicpartners.com              (800) 225-1852

TWO GOOD PICKS                                                                  
Strong companies in previously neglected sectors                                
benefited from investors' search for                                            
shelter in the declining market. Both advisers had                              
substantial positive contributions                                              
from the retail chain Kohl's (see Comments on                                   
Alliance's Largest Holdings). It was among                                      
the largest gainers for each adviser during the                                 
reporting period. Tyco, a capital goods                                         
conglomerate, also performed well, releasing a                                  
strong earnings report. Moreover, a                                             
proposed accounting change is likely to increase                                
its reported earnings this year. It was                                         
among Alliance's better stocks.                                                 

HEALTHCARE WAS HEALTHY                                                          
Both advisers increased their holdings in                                       
healthcare as they reduced their commitment in                                  
TMT, and both benefited. At period-end, the drug                                
giant Pfizer appears on both advisers'                                          
lists of largest holdings, accompanied by the                                   
biotechnology firm Amgen on Jennison's list                                     
and UnitedHealth Group on Alliance's list. During                               
the period, American Home Products and                                          
Eli Lilly (both drug firms) and Amgen were among                                
Jennison's larger contributors, while                                           
UnitedHealth Group was among Alliance's largest.                                

FINANCIALS WERE SOUND                                                           
Financial stocks were another sector that benefited when investors              
retreated from TMT, despite rising interest rates                               
through much of the period and a                                                
slowing of investment banking business. Rising interest rates                   
normally hurt the earnings of most financial                                    
companies. Nonetheless, Jennison's holdings                                     
in Merrill Lynch posted a solid positive return,                                
while Alliance contributed positive                                             
returns from the credit-card bank MBNA                                          
and from Citigroup (see Comments on Alliance's                                  
Largest Holdings). As the Fed began a                                           
series of interest-rate cuts in January 2001, and                               
with the prospect of continuing                                                 
consolidation in the financial sector, investors                                
favored financial companies that were                                           
positioned to best benefit from a reacceleration                                
of growth.                                                                      

Strategic Partners Focused Growth Fund Management Team                          

               5

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Strategic PartnersSM   Strategic Partners Focused Growth Fund                   

Annual Report   February 28, 2001                                               

Comments on Jennison's Largest Holdings As of 2/28/01                           
Expressed as a percentage of Strategic Partners                                 
Focused Growth Fund assets managed by Jennison.                                 

7.1%   American Home Products Corp./Pharmaceuticals                             
Healthcare stocks are relatively unaffected by the                              
economic slowdown. American Home                                                
Products recently launched several new products,                                
lifting both sales and earnings growth.                                         
Shares had been held back by a product liability                                
issue related to the fen-phen weight                                            
reduction combination, but we expect that this                                  
will be resolved and the stock's                                                
price/earnings multiple will rise.                                              

6.8%   Microsoft Corp./Software                                                 
Microsoft is the world's dominant software                                      
company, and we were able to buy it well below                                  
its historic highs. It is entering a new product                                
cycle, as Windows 2000 (its new business                                        
operating system) starts to gain momentum and it                                
prepares to introduce a new generation                                          
of operating systems for consumers.                                             

6.0%    Amgen, Inc./Biotechnology                                               
Amgen is a leading global biotechnology company                                 
that discovers, develops, manufactures,                                         
and markets human drugs that are based on advances                              
in cellular and molecular biology.                                              
Its major products include Epogen (to treat anemia                              
related to kidney failure) and                                                  
Neupogen (to prevent infection in chemotherapy                                  
patients). We believe that Amgen's new                                          
product cycle, particularly Aranesp (to treat                                   
kidney-related blood disorders), will allow                                     
the company to continue its strong earnings growth.                             

5.8%   Viacom, Inc./Media                                                       
We tend to have confidence in firms with strong                                 
senior management, and Viacom is among                                          
them. We saw a buying opportunity when its share                                
price declined because advertising                                              
slumped during the economic slowdown. CBS is                                    
reviving after a long unproductive period,                                      
and radio profits look good. We expect a midyear                                
rebound with the recovering economy.                                            

5.8%   Pfizer, Inc./Pharmaceuticals                                             
Pfizer, after absorbing Warner-Lambert, became the                              
largest and fastest-growing drug firm                                           
in the United States, and the second-largest in                                 
the world. We expect sales to come in at                                        
about $29.5 billion for 2000, and strong annual                                 
earnings growth for the next few years.                                         
Products include Lipitor and Norvasc for                                        
cardiovascular disease, and Viagra for                                          
impotence. Pfizer's pipeline includes an inhalable                              
form of insulin--Pregabalin--a treatment                                        
for epilepsy, neuropathic pain, and multiple                                    
anxiety disorder.                                                               

Holdings are subject to change.                                                 

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www.strategicpartners.com     (800) 225-1852                                    

Comments on Alliance's Largest Holdings As of 2/28/01                           
Expressed as a percentage of Strategic Partners                                 
Focused Growth Fund assets managed by Alliance Capital Management.              

9.7%   Kohl's Corp./Retail                                                      
Kohl's is a fast-growing retailer that has carved                               
out a lucrative niche between mall                                              
department stores and discounters, distributing                                 
brand products at discount prices. It                                           
operates 320 stores in 26 states, with plans to                                 
add 55 to 60 this year and to enter the                                         
Southern California market in 2003. Its Year 2000                               
results mark the fifth consecutive                                              
year of earnings growth over 30%.                                               

8.9%   Pfizer, Inc./Pharmaceuticals                                             
Pfizer is a research-based pharmaceutical company                               
that develops, manufactures, and                                                
markets medicines for humans and animals. Its                                   
recent merger with Warner-Lambert makes it                                      
the fastest-growing company in the industry. Its                                
leading drugs include Lipitor                                                   
(cholesterol), Viagra (impotence), Norvasc (high                                
blood pressure), and Zoloft                                                     
(depression). We expect strong earnings growth in 2001.                         

6.9%   UnitedHealth Group, Inc./Medical Products & Services                     
United is the nation's second-largest health                                    
insurer, providing care services through its                                    
own managed health system. It also provides                                     
specialty services to other healthcare providers.                               
Its strong growth was reflected in fourth-quarter                               
earnings above analysts' estimates. It                                          
also added 2.1 million customers to its Uniprise                                
and UnitedHealth segments during the 12                                         
months ending January 2001.                                                     

6.7%   Viacom, Inc./Media                                                       
Viacom is a diversified entertainment company that                              
owns broadcasting and cable networks,                                           
entertainment production companies, theme parks,                                
publishing houses, and Internet                                                 
services. Its brands include CBS, MTV,                                          
Nickelodeon, BET, Paramount Pictures, Infinity                                  
Broadcasting, Blockbuster, and Simon and Schuster.                              
It has demonstrated consistent                                                  
performance, including a 56% rise in revenues for 2000.                         

5.5%   Citigroup, Inc./Financial Services                                       
Citigroup provides financial services--including                                
investment banking, securities                                                  
underwriting, brokerage, corporate banking, and                                 
cash management--to consumers and                                               
institutions in more than 100 countries. Its                                    
brands include Citibank, CitiFinancial,                                         
Primerica, Salomon Smith Barney, and Travelers.                                 
The company is taking steps to assure a                                         
position in rapidly growing markets, and its                                    
earnings continue to be solid and predictable.                                  

Holdings are subject to change.                                                 

7   

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Strategic PartnersSM   Strategic Partners Focused Growth Fund                   

Annual Report   February 28, 2001                                               

Financial                                         
Statements                                

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Portfolio of Investments as of February 28, 2001      

                                                        [Enlarge/Download Table]

Shares        Description                                         Value (Note 1)        
                                                                                        
----------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS  96.5%                                                            
Common Stocks                                                                           
-------------------------------------------------------------------------------------   
Airlines  2.3%                                                                          
    173,700   UAL Corp.                                           $      6,609,285      
-------------------------------------------------------------------------------------   
Biotechnology  3.2%                                                                     
    129,500   Amgen, Inc.(a)                                             9,332,094      
-------------------------------------------------------------------------------------   
Computers  2.3%                                                                         
    309,800   Dell Computer Corp.(a)                                     6,776,875      
-------------------------------------------------------------------------------------   
Diversified Manufacturing  3.6%                                                         
    149,400   General Electric Co.                                       6,947,100      
     67,000   Tyco International Ltd.                                    3,661,550      
                                                                  ----------------      
                                                                        10,608,650      
-------------------------------------------------------------------------------------   
Financial Services  11.3%                                                               
    327,663   Citigroup, Inc.                                           16,114,466      
    137,000   Household International, Inc.                              7,935,040      
     38,500   J.P. Morgan Chase & Co.                                    1,796,410      
    222,375   MBNA Corp.                                                 7,311,690      
                                                                  ----------------      
                                                                        33,157,606      
-------------------------------------------------------------------------------------   
Insurance  2.0%                                                                         
     90,500   Hartford Financial Services Group, Inc.                    5,778,425      
-------------------------------------------------------------------------------------   
Media  10.3%                                                                            
    266,400   AOL Time Warner, Inc.(a)                                  11,729,592      
    370,100   Viacom, Inc.(a)                                           18,393,970      
                                                                  ----------------      
                                                                        30,123,562      
-------------------------------------------------------------------------------------   
Medical Products  2.9%                                                                  
     87,400   Johnson & Johnson                                          8,506,642      
-------------------------------------------------------------------------------------   
Medical Services  3.3%                                                                  
    160,300   Unitedhealth Group, Inc.                                   9,494,569      
-------------------------------------------------------------------------------------   
Oil Services  3.1%                                                                      
    118,900   BJ Services Co.(a)                                         9,036,400      

See Notes to Financial Statements                                      9

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
  Portfolio of Investments as of February 28, 2001 Cont'd.

                                                        [Enlarge/Download Table]

Shares        Description                                         Value (Note 1)        
----------------------------------------------------------------------------------------
                                                                                        
Pharmaceuticals  13.4%                                                                  
    180,200   American Home Products Corp.                        $     11,130,954      
    474,800   Pfizer, Inc.                                              21,366,000      
    128,600   Pharmacia Corp.                                            6,648,620      
                                                                  ----------------      
                                                                        39,145,574      
-------------------------------------------------------------------------------------   
Retail  13.2%                                                                           
    193,700   Home Depot, Inc.                                           8,232,250      
    327,200   Kohl's Corp.(a)                                           21,565,752      
    288,100   Tiffany & Co.                                              8,962,791      
                                                                  ----------------      
                                                                        38,760,793      
-------------------------------------------------------------------------------------   
Software  3.6%                                                                          
    180,100   Microsoft Corp.(a)                                        10,625,900      
-------------------------------------------------------------------------------------   
Technology  4.0%                                                                        
    265,300   Cisco Systems, Inc.(a)                                     6,284,294      
    137,800   EMC Corp.(a)                                               5,478,928      
                                                                  ----------------      
                                                                        11,763,222      
-------------------------------------------------------------------------------------   
Telecommunications  15.7%                                                               
    107,500   Amdocs Ltd.(a)                                             6,988,575      
    343,300   AT&T Corp.                                                 7,212,733      
     90,000   Corning, Inc.                                              2,439,000      
     64,000   JDS Uniphase Corp.(a)                                      1,712,000      
    304,400   Nokia Corp. (ADR)(a)                                       6,696,800      
    200,300   Qwest Communications International, Inc. (a)               7,405,091      
    498,800   Vodafone Group PLC (ADR)                                  13,622,228      
                                                                  ----------------      
                                                                        46,076,427      
-------------------------------------------------------------------------------------   
Utilities-Electric & Gas  2.3%                                                          
     98,400   Enron Corp.                                                6,740,400      
                                                                  ----------------      
              Total long-term investments (cost $317,557,132)          282,536,424      
                                                                  ----------------      

10                                     See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
  Portfolio of Investments as of February 28, 2001 Cont'd.

                                                        [Enlarge/Download Table]

Principal                                Moody's                                                  
Amount                                   Ratings       Interest    Maturity    Value              
(000)        Description                 (Unaudited)   Rate        Date        (Note 1)           
                                                                                                  
--------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS  4.1%                                                                      
Commercial Paper                                                                                  
  $  7,773   American Express Co.        P1            6.55%         9/01/01   $    7,773,000     
             General Electric Capital                                                             
     1,082    Corp.                      P1            6.55          9/01/01        1,082,000     
                                         P1            6.55          9/01/01        3,186,000     
     3,186   General Electric Int'l.                                                              
              Funding Corp.                                                                       
                                                                               --------------     
             Total short-term investments                                                         
              (cost $12,041,000)                                                   12,041,000     
                                                                               --------------     
             Total Investments  100.6%                                                            
              (cost $329,598,132)                                                 294,577,424     
             Liabilities in excess of                                                             
              other assets  (0.6%)                                                 (1,696,114)    
                                                                               --------------     
             Net Assets  100%                                                  $  292,881,310     
                                                                               --------------     
                                                                               --------------     

------------------------------                                                  
(a) Non-income producing security.                                              
ADR--American Depository Receipt.                                               
PLC--Public Liability Company (British Company).                                
See Notes to Financial Statements                                     11

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Statement of Assets and Liabilities                   

                                                        [Enlarge/Download Table]

                                                                 February 28, 2001      
                                                                                        
----------------------------------------------------------------------------------------
ASSETS                                                                                  
Investments, at value (cost $329,598,132)                         $   294,577,424       
Receivable for Fund shares sold                                           495,097       
Receivable for Investments sold                                         4,490,484       
Dividends and interest receivable                                         135,275       
Prepaid assets                                                              1,166       
                                                                 -----------------      
      Total assets                                                    299,699,446       
                                                                 -----------------      
LIABILITIES                                                                             
Payable to custodian                                                        8,238       
Payable for Investments purchased                                       5,129,244       
Payable for Fund shares reacquired                                        770,510       
Accrued expenses and other liabilities                                    486,529       
Management fee payable                                                    219,760       
Distribution fee payable                                                  203,855       
                                                                 -----------------      
      Total liabilities                                                 6,818,136       
                                                                 -----------------      
NET ASSETS                                                        $   292,881,310       
                                                                 -----------------      
                                                                 -----------------      
Net assets were comprised of:                                                           
   Shares of beneficial interest, at par                          $        40,300       
   Paid-in capital in excess of par                                   407,191,309       
                                                                 -----------------      
                                                                      407,231,609       
   Accumulated net realized loss on investments                       (79,329,591)      
   Net unrealized depreciation on investments                         (35,020,708)      
                                                                 -----------------      
Net assets, February 28, 2001                                     $   292,881,310       
                                                                 -----------------      
                                                                 -----------------      

12                                     See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Statement of Assets and Liabilities Cont'd.           

                                                        [Enlarge/Download Table]

                                                                 February 28, 2001      
                                                                                        
----------------------------------------------------------------------------------------
Class A:                                                                                
   Net asset value and redemption price per share ($43,199,540                          
      / 5,917,962 shares of beneficial interest issued and                              
      outstanding)                                                          $7.30       
   Maximum sales charge (5% of offering price)                               0.38       
                                                                 -----------------      
   Maximum offering price to public                                         $7.68       
                                                                 -----------------      
                                                                 -----------------      
Class B:                                                                                
   Net asset value and redemption price per share                                       
      ($137,671,427 / 18,966,488 shares of beneficial interest                          
      issued and outstanding)                                               $7.26       
                                                                 -----------------      
                                                                 -----------------      
Class C:                                                                                
   Net asset value and redemption price per share ($96,436,582                          
      / 13,285,700 shares of beneficial interest issued and                             
      outstanding)                                                          $7.26       
   Sales charge (1% of offering price)                                       0.07       
                                                                 -----------------      
   Offering price to public                                                 $7.33       
                                                                 -----------------      
                                                                 -----------------      
Class Z:                                                                                
   Net asset value and redemption price per share ($15,573,761                          
      / 2,129,985 shares of beneficial interest issued and                              
      outstanding)                                                          $7.31       
                                                                 -----------------      
                                                                 -----------------      

See Notes to Financial Statements                                     13

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Statement of Operations                               

                                                        [Enlarge/Download Table]

                                                                 June 2, 2000(a)         
                                                                     through             
                                                                February 28, 2001        
                                                                                         
-----------------------------------------------------------------------------------------
NET INVESTMENT LOSS                                                                      
Income                                                                                   
   Dividends (net of foreign withholding tax of $25,216)          $    1,166,763         
   Interest                                                              939,046         
                                                               --------------------      
      Total income                                                     2,105,809         
                                                               --------------------      
Expenses                                                                                 
   Management fee                                                      2,477,661         
   Distribution fee--Class A                                             110,806         
   Distribution fee--Class B                                           1,232,457         
   Distribution fee--Class C                                             908,657         
   Registration fees                                                     375,000         
   Transfer agent's fees and expenses                                    229,000         
   Reports to shareholders                                               222,000         
   Amortization of offering costs                                        118,652         
   Custodian's fees and expenses                                         126,000         
   Audit fee                                                              30,000         
   Trustees' fees and expenses                                            26,000         
   Legal fees and expenses                                                12,000         
   Miscellaneous expenses                                                 28,252         
                                                               --------------------      
      Total expenses                                                   5,896,485         
                                                               --------------------      
Net investment loss                                                   (3,790,676)        
                                                               --------------------      
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS                                          
Net realized loss on investment transactions                         (79,329,591)        
Net unrealized depreciation on investments                           (35,020,708)        
                                                               --------------------      
Net loss on investments                                             (114,350,299)        
                                                               --------------------      
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS              $ (118,140,975)        
                                                               --------------------      
                                                               --------------------      
------------------------------                                                           
(a) Commencement of investment operations.                                               

14                                     See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Statement of Changes in Net Assets                    

                                                                [Download Table]

                                                                June 2, 2000(a)     
                                                                    through         
                                                               February 28, 2001    
                                                                                    
----------------------------------------------------------------------------------  
INCREASE IN NET ASSETS                                                              
Operations                                                                          
   Net investment loss                                           $   (3,790,676)    
   Net realized loss on investments                                 (79,329,591)    
   Net unrealized depreciation on investments                       (35,020,708)    
                                                              --------------------  
   Net decrease in net assets resulting from operations            (118,140,975)    
                                                              --------------------  
Fund share transactions (Note 5)                                                    
   Net proceeds from shares sold                                    479,824,324     
   Cost of shares reacquired                                        (68,902,039)    
                                                              --------------------  
   Net increase in net assets from Fund share transactions          410,922,285     
                                                              --------------------  
Total increase                                                      292,781,310     
NET ASSETS                                                                          
Beginning of period                                                     100,000     
                                                              --------------------  
End of period                                                    $  292,881,310     
                                                              --------------------  
                                                              --------------------  
------------------------------                                                      
(a) Commencement of investment operations.                                          

See Notes to Financial Statements                                     15

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Notes to Financial Statements                         

Strategic Partners Series (the 'Company') is registered under the   
Investment Company Act of 1940 as a non-diversified, open-end management        
investment company. The Company currently consists of three Series: Strategic   
Partners Series--Strategic Partners Focused Growth Fund (the 'Fund'), Strategic 
Partners New Era Growth Fund and Strategic Partners Focused Value Fund. The     
financial statements of the other Series are not presented herein. The Company  
was established as a Delaware business Trust on January 28, 2000. The Fund had  
no significant operations other than the issuance of 2,500 shares of each Class 
A, Class B, Class C and Class Z shares of beneficial interest for $100,000 on   
March 15, 2000 to Prudential Investments Fund Management LLC ('PIFM').          

    The investment objective of the Fund is long-term growth of capital. The
Fund pursues its objective by investing primarily in approximately 40           
equity-related securities that are selected by the Fund's two investment        
subadvisers (up to approximately 20 each) as having strong capital appreciation 
potential.                                                                      

Note 1. Accounting Policies                                                     
The following is a summary of significant accounting policies followed by the   
Fund in the preparation of its financial statements.                            

     Securities Valuation:    Securities for which the primary market is on an
exchange or NASDAQ National Market securities 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 bid and asked prices on such day or at the bid     
price on such day in the absence of an asked price. Securities that are actively
traded in the over-the-counter market, including listed securities for which the
primary market is believed by PIFM, in consultation with the subadvisers, to be 
over-the-counter, are valued by an independent pricing agent or principal market
maker. Privately placed securities including equity securities for which market 
prices may be obtained from primary dealers shall be valued at the bid prices   
provided by such primary dealers. Securities for which market quotations are not
readily available, may be valued using the last available market quotation for a
period not to exceed five days, provided PIFM and the subadvisers feel this is  
representative of market value, afterwards, such securities are valued in good  
faith under procedures adopted by the Trustees.                                 

 Short-term securities which mature in more than 60 days are valued at
current market quotations. Short-term securities which mature in 60 days or less
are valued at amortized cost which approximates market value.                   

All securities are valued as of 4:15 p.m., New York time.           

Securities Transactions and Net Investment Income:    Securities    
transactions are recorded on the trade date. Realized gains and losses from     
security transactions                                                           

16                                                                      

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Notes to Financial Statements Cont'd.                 

are calculated on the identified cost basis. Dividend income is recorded on the 
ex-dividend date and interest income is recorded on the accrual basis. Expenses 
are recorded on the accrual basis which may require the use of certain estimates
by management.                                                                  

   Net investment income (other than distribution fees) 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 gains, if any,      
annually. Dividends and distributions are recorded on the ex-dividend date.     

 Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted 
accounting principles.                                                          

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

Withholding taxes on foreign dividends have been provided for in    
accordance with the Fund's understanding of the applicable country's tax rules  
and rates.                                                                      

     Offering Expenses:    Offering cost originally estimated at $258,000 were
actually incurred in the amount of approximately $119,000. The offering costs   
were amortized ratably over a period not to exceed twelve months from the date  
the Fund commenced investment operations.                                       

      Reclassification of Capital Accounts:    The Fund accounts for and reports
distributions to shareholders in accordance with the American Institute of      
Certified Public Accountants' Statement of Position 93-2: Determination,        
Disclosure, and Financial Statement Presentation of Income, Capital Gains, and  
Return of Capital Distributions by Investment Companies. The effect of applying 
this statement was to decrease net investment loss and paid-in capital by       
$3,790,676 for the year ended February 28, 2001, due to a net operating loss and
certain expenses not deductible for tax purposes. Net investment income, net    
realized gains and net assets were not affected by this change.                 

Note 2. Agreements                                                              
The Company has a management agreement for the Fund with PIFM. Pursuant to this 
agreement, PIFM has responsibility for all investment advisory services and     
supervises the subadvisers' performance of such services. PIFM has entered into 

                                                                      17

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Notes to Financial Statements Cont'd.                 

subadvisory agreements with Alliance Capital Management, L.P. ('Alliance') and  
Jennison Associates LLC ('Jennison'). Each subadviser furnishes investment      
advisory services in connection with the management of the Fund. PIFM pays for  
the services of the subadviser, 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. Effective March 31, 2001, PIC changed its   
name to Prudential Investment Management, Inc. Each of the two subadvisers      
manages approximately 50% of the assets of the Fund. In general, in order to    
maintain an approximately equal division of assets between the two subadvisers, 
all daily cash inflows (i.e., subscriptions and reinvested distributions) and   
outflows (i.e., redemptions and expense items) will be divided between the two  
subadvisers as PIFM deems appropriate. In addition, there will be periodic      
rebalancing of the portfolio's assets to take into account market fluctuations  
in order to maintain the approximately equal allocation. As a consequence, the  
portfolio will allocate assets from the better performing of the two subadvisers
to the other.                                                                   

     The management fee paid to PIFM is computed daily and payable monthly, at
an annual rate of .90 of 1% of the Fund's average daily net assets up to and    
including $1 billion and .85 of 1% of such average daily net assets in excess of
$1 billion.                                                                     

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

 Pursuant to the Class A, B and C Plans, the Fund compensates PIMS for
distribution-related activities at an annual rate of up to .30 of 1%, 1% and 1% 
of the average daily net assets of the Class A, B and C shares, respectively.   
Such expenses under the Class A, Class B and Class C Plans were .25%, 1% and 1%,
respectively, for the period ended February 28, 2001.                           

   PIMS has advised the Fund that it has received approximately $2,885,400
and $1,511,200 in front-end sales charges resulting from sales of Class A and   
Class C shares, respectively, during the period ended February 28, 2001. From   
these fees, PIMS paid such sales charges to affiliated broker-dealers which in  
turn paid commissions to salespersons and incurred other distribution costs.    

18                                                                      

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Notes to Financial Statements Cont'd.                 

     PIMS has advised the Fund that it has received approximately $416,000 and
$146,400 in contingent deferred sales charges imposed upon certain redemptions  
by Class B and Class C shareholders, respectively.                              

  PIFM, PIMS and Jennison are indirect, wholly owned subsidiaries of The
Prudential Insurance Company of America ('Prudential').                         

 On March 7, 2001, the Company, along with other affiliated registered
investment companies (the 'Funds'), entered into an amended syndicated credit   
agreement (the 'amended SCA') with an unaffiliated lender. The maximum          
commitment under the amended SCA is $500 million. Interest on any borrowings    
will be at market rates. The Funds pay a commitment fee .080 of 1% of the unused
portion of the credit facility. The expiration date of the amended SCA is March 
6, 2002.                                                                        

Note 3. Other Transactions with Affiliates                                      
Prudential Mutual Fund Services LLC ('PMFS'), an affiliate of PIFM and an       
indirect wholly owned subsidiary of Prudential, serves as the Fund's transfer   
agent. During the period ended February 28, 2001, the Fund incurred fees of     
approximately $227,400 for the services of PMFS. As of February 28, 2001,       
approximately $29,400 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 nonaffiliates.                                                          

For the period ended February 28, 2001, Prudential Securities       
Incorporated, an indirect wholly owned subsidiary of Prudential, earned         
approximately $5,800 in brokerage commissions from portfolio transactions       
executed on behalf of the Fund.                                                 

Note 4. Portfolio Securities                                                    
Purchases and sales of investment securities, other than short-term investments,
for the period ended February 28, 2001 aggregated $803,804,700 and $406,916,729,
respectively.                                                                   

   The United States federal income tax basis of the Fund's investments at
February 28, 2001 was $333,336,708 and, accordingly, net unrealized depreciation
for federal income tax purposes was $38,759,284 (gross unrealized               
appreciation--$9,137,862; gross unrealized depreciation--$47,897,146).          

     For federal income tax purposes, the Fund has a capital loss carryforward
as of February 28, 2001 of approximately $26,354,680, which expires in 2007.    
Accordingly, no capital gains distribution is expected to be paid to            
shareholders until net gains have been realized in excess of such capital loss  
carryforward. In addition, the Fund has elected to treat net capital losses of  
$49,236,335 incurred in the four month period ended February 28, 2001 as having 
occurred in the next fiscal year.                                               
                                                                      19

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Notes to Financial Statements Cont'd.                 

Note 5. Capital                                                                 
The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are
sold with a front-end sales charge of up to 5%. Class B shares are sold with a  
contingent deferred sales charge which declines from 5% to zero depending on the
period of time the shares are held. Class C shares are sold with a front-end    
sales charge of 1% and a contingent deferred sales charge of 1% during the first
18 months. Class B shares will automatically convert to Class A shares on a     
quarterly basis approximately seven years after purchase. Class Z shares are not
subject to any sales or redemption charge and are offered exclusively for sale  
to a limited group of investors.                                                

    There is an unlimited number of shares of beneficial interest, $.001 par
value per share, divided into four classes, designated Class A, Class B, Class C
and Class Z.                                                                    

Transactions in shares of beneficial interest were as follows:      

                                                        [Enlarge/Download Table]

Class A                                                        Shares        Amount    
-----------------------------------------------------------  ----------   ------------ 
                                                                                       
June 2, 2000(a) through                                                                
  February 28, 2001:                                                                   
Shares sold                                                   7,995,284   $ 79,922,524 
Shares reacquired                                            (2,079,822)   (18,924,348)
                                                             ----------   ------------ 
Net increase (decrease) in shares outstanding                 5,915,462   $ 60,998,176 
                                                             ----------   ------------ 
                                                             ----------   ------------ 

Class B                                                                                
-----------------------------------------------------------                            
                                                                                       
June 2, 2000(a) through                                                                
  February 28, 2001:                                                                   
Shares sold                                                  20,871,945   $208,244,468 
Shares reacquired                                            (1,907,957)   (16,139,200)
                                                             ----------   ------------ 
Net increase (decrease) in shares outstanding                18,963,988   $192,105,268 
                                                             ----------   ------------ 
                                                             ----------   ------------ 

Class C                                                                                
-----------------------------------------------------------                            
                                                                                       
June 2, 2000(a) through                                                                
  February 28, 2001:                                                                   
Shares sold                                                  15,417,182   $154,148,163 
Shares reacquired                                            (2,133,982)   (18,829,012)
                                                             ----------   ------------ 
Net increase (decrease) in shares outstanding                13,283,200   $135,319,151 
                                                             ----------   ------------ 
                                                             ----------   ------------ 

Class Z                                                                                
-----------------------------------------------------------                            
                                                                                       
June 2, 2000(a) through                                                                
  February 28, 2001:                                                                   
Shares sold                                                   3,760,771   $ 37,509,169 
Shares reacquired                                            (1,633,286)   (15,009,479)
                                                             ----------   ------------ 
Net increase (decrease) in shares outstanding                 2,127,485   $ 22,499,690 
                                                             ----------   ------------ 
                                                             ----------   ------------ 

------------------------------                                                  
(a) Commencement of investment operations.                                      
20                                                                      

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Financial Highlights                                  

                                                        [Enlarge/Download Table]

                                           June 2, 2000(a) through February 28, 2001                 
                                ---------------------------------------------------------------      
                                  Class A          Class B          Class C          Class Z         
                                                                                                     
-----------------------------------------------------------------------------------------------------
PER SHARE OPERATING                                                                                  
   PERFORMANCE:                                                                                      
Net asset value, beginning                                                                           
   of period                    $      10.00     $      10.00     $      10.00     $      10.00      
                                ------------     ------------     ------------     ------------      
Income from investment                                                                               
   operations                                                                                        
Net investment loss                    (0.06)           (0.10)           (0.10)           (0.04)     
Net realized and unrealized                                                                          
   loss on investments                 (2.64)           (2.64)           (2.64)           (2.65)     
                                ------------     ------------     ------------     ------------      
   Total from investment                                                                             
      operations                       (2.70)           (2.74)           (2.74)           (2.69)     
                                ------------     ------------     ------------     ------------      
Net asset value, end of                                                                              
period                          $       7.30     $       7.26     $       7.26     $       7.31      
                                ------------     ------------     ------------     ------------      
                                ------------     ------------     ------------     ------------      
TOTAL RETURN(b):                      (27.00)%         (27.40)%         (27.40)%         (26.90)%    
RATIOS/SUPPLEMENTAL DATA:                                                                            
Net assets, end of period                                                                            
(000)                           $     43,200     $    137,671     $     96,437     $     15,574      
Average net assets (000)        $     59,259     $    164,779     $    121,487     $     22,544      
Ratios to average net                                                                                
assets:(c)                                                                                           
   Expenses, including                                                                               
      distribution and                                                                               
      service (12b-1) fees              1.57%            2.32%            2.32%            1.32%     
   Expenses, excluding                                                                               
      distribution and                                                                               
      service (12b-1) fees              1.32%            1.32%            1.32%            1.32%     
   Net investment loss                 (0.80)%          (1.56)%          (1.56)%          (0.55)%    
Portfolio turnover(d)                    116%             116%             116%             116%     

------------------------------                                                  
(a) Commencement of investment operations.                                      
(b) Total return is calculated assuming a purchase of shares on the first day   
 and a sale on the last day of each period reported. Total return does not
   consider the effects of sales loads. Total returns for periods of less than
one full year are not annualized.                                       
(c) Annualized.                                                                 
(d) Not annualized.                                                             
See Notes to Financial Statements                                     21

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  Strategic Partners Series     Strategic Partners Focused Growth Fund
Report of Independent Accountants                     

To the Shareholders and Board of Trustees of                                    
Strategic Partners Focused Growth Fund                                          

In our opinion, the accompanying statement of assets and liabilities, including 
the portfolio of investments, and the related statements of operations and of   
changes in net assets and the financial highlights present fairly, in all       
material respects, the financial position of Strategic Partners Focused Growth  
Fund (the 'Fund') at February 28, 2001, and the results of its operations, the  
changes in its net assets and the financial highlights for the period June 2,   
2000 (commencement of operations) through February 28, 2001, in conformity with 
accounting principles generally accepted in the United States of America. These 
financial statements and financial highlights (hereafter referred to as         
'financial statements') are the responsibility of the Fund's management; our    
responsibility is to express an opinion on these financial statements based on  
our audit. We conducted our audit of these financial statements in accordance   
with auditing standards generally accepted in the United States of America,     
which require that we plan and perform the audit to obtain reasonable assurance 
about whether the financial statements are free of material misstatement. An    
audit includes examining, on a test basis, evidence supporting the amounts and  
disclosures in the financial statements, assessing the accounting principles    
used and significant estimates made by management, and evaluating the overall   
financial statement presentation. We believe that our audit, which included     
confirmation of securities at February 28, 2001 by correspondence with the      
custodian and brokers, provides a reasonable basis for our opinion.             

PricewaterhouseCoopers LLP                                                      
1177 Avenue of the Americas                                                     
New York, New York                                                              
April 13, 2001                                                                  

22                                                                      

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Strategic PartnersSM   Strategic Partners Focused Growth Fund                   

Getting the Most from Your Mutual Fund                                          

Your financial professional can provide you with                                
the following services:                                                         

There's No Reward Without Risk; but Is This Risk                                
Worth It?                                                                       
Your financial professional can help you match the                              
reward you seek with the risk you can                                           
tolerate. Risk can be difficult to gauge--sometimes                             
even the simplest investments bear                                              
surprising risks. The educated investor knows that                              
markets seldom move in just one                                                 
direction. There are times when a                                               
market sector or asset class will lose value or                                 
provide little in the way of total                                              
return. Managing your own expectations is easier                                
with help from someone who understands                                          
the markets, and who knows you!                                                 

Keeping Up With the Joneses                                                     
A financial professional can help you wade through                              
the numerous available mutual funds to                                          
find the ones that fit your individual investment                               
profile and risk tolerance. While the                                           
newspapers and popular magazines are full of                                    
advice about investing, they are aimed at                                       
generic groups of people or representative                                      
individuals--not at you personally. Your                                        
financial professional will review your investment                              
objectives with you. This means you                                             
can make financial decisions based on the assets                                
and liabilities in your current                                                 
portfolio and your risk tolerance--not just based                               
on the current investment fad.                                                  

Buy Low, Sell High                                                              
Buying at the top of a market cycle and selling at                              
the bottom are among the most common                                            
investor mistakes. But sometimes it's difficult to                              
hold on to an investment when it's                                              
losing value every month. Your financial                                        
professional can answer questions when you're                                   
confused or worried about your investment, and                                  
should remind you that you're investing                                         
for the long haul.                                                              

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Strategic PartnersSM   Strategic Partners Focused Growth Fund                   

Getting the Most from Your Mutual Fund                                          

How many times have you read these reports--or                                  
other financial materials--and stumbled                                         
across a word that you don't understand?                                        

Many shareholders have run into the same problem.                               
We'd like to help. So we'll use this                                            
space from time to time to explain some of the                                  
words you might have read, but not                                              
understood. And if you have a favorite word that                                
no one can explain to your satisfaction,                                        
please write to us.                                                             

Basis Point: 1/100th of 1%. For example, one-half                               
of one percent is 50 basis points.                                              

Collateralized Mortgage Obligations (CMOs):                                     
Mortgage-backed bonds that separate mortgage                                    
pools into different maturity classes called                                    
tranches. These instruments are sensitive to                                    
changes in interest rates and homeowner                                         
refinancing activity. They are subject to                                       
prepayment and maturity extension risk.                                         

Derivatives: Securities that derive their value                                 
from other securities. The rate of return                                       
of these financial instruments rises and falls--                                
sometimes very suddenly--in response to                                         
changes in some specific interest rate, currency,                               
stock, or other variable.                                                       

Discount Rate: The interest rate charged by the                                 
Federal Reserve on loans to member banks.                                       
Federal Funds Rate: The interest rate charged by                                
one bank to another on overnight loans.                                         

Futures Contract: An agreement to purchase or sell                              
a specific amount of                                                            
a commodity or financial instrument at a set price                              
at a specified date in the future.                                              

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www.strategicpartners.com    (800) 225-1852       

Leverage: The use of borrowed assets to enhance                                 
return. The expectation is that the                                             
interest rate charged on borrowed funds will be                                 
lower than the return on the investment.                                        
While leverage can increase profits, it can also                                
magnify losses.                                                                 

Liquidity: The ease with which a financial                                      
instrument (or product) can be bought or sold                                   
(converted into cash) in the financial markets.                                 

Price/Earnings Ratio: The price of a share of                                   
stock divided by the earnings per share for                                     
a 12-month period.                                                              

Option: An agreement to purchase or sell                                        
something, such as shares of stock, by a certain                                
time for a specified price. An option need not be                               
exercised.                                                                      

Spread: The difference between two values; often                                
used to describe the                                                            
difference between "bid" and "asked" prices of a                                
security, or between the yields of two                                          
similar maturity bonds.                                                         

Yankee Bond: A bond sold by a foreign company or                                
government on the U.S. market and                                               
denominated in U.S. dollars.                                                    

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Strategic PartnersSM   Strategic Partners Focused Growth Fund                   
Class A     Growth of a $10,000 Investment                                      
(GRAPH)                                                                         

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost. Since the Fund has been                               
in existence less than one year, no                                             
average annual total returns are presented. The                                 
graph compares a $10,000 investment in Strategic                                
Partners Focused Growth Fund (Class A shares)                                   
with a similar investment in the Standard & Poor's                              
500 Composite Stock Price Index (S&P 500 Index) by                              
portraying the initial account values at the                                    
commencement of operations of the share                                         
class, and the account values at the end of the                                 
current fiscal year (February 28, 2001),                                        
as measured on a quarterly basis. For purposes of                               
the graph, and unless otherwise                                                 
indicated, it has been assumed that (a) the                                     
maximum applicable front-end sales charge was                                   
deducted from the initial $10,000                                               
investment in Class A shares; (b) all recurring                                 
fees (including management fees) were                                           
deducted; and (c) all dividends and                                             
distributions were reinvested.                                                  

The S&P 500 Index is an unmanaged index of 500                                  
stocks of large U.S. companies. It gives a                                      
broad look at how stock prices have performed. The                              
S&P 500 Index's total returns include                                           
the reinvestment of all dividends, but do not                                   
include the effect of sales charges or                                          
operating expenses of a mutual fund. The                                        
securities that comprise the Index may differ                                   
substantially from the securities in the Fund. The                              
Index is not the only one that may be                                           
used to characterize performance of stock funds.                                
Other indexes may portray different                                             
comparative performance. Investors cannot invest                                
directly in an index.                                                           

This graph is furnished to you in accordance with                               
SEC regulations.                                                                

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www.strategicpartners.com    (800) 225-1852                 

Class B     Growth of a $10,000 Investment                                      
(GRAPH)                                                                         

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost. Since the Fund has been                               
in existence less than one year, no                                             
average annual total returns are presented. The                                 
graph compares a $10,000 investment in Strategic                                
Partners Focused Growth Fund (Class B shares)                                   
with a similar investment in the S&P 500 Index by                               
portraying the initial account values at the                                    
commencement of operations of the share class, and                              
the account values at the end of the                                            
current fiscal year (February 28, 2001), as                                     
measured on a quarterly basis. For purposes                                     
of the graph, and unless otherwise indicated, it                                
has been assumed that (a) the applicable                                        
contingent deferred sales charge was deducted from                              
the value of the investment in Class B                                          
shares, assuming full redemption on February 28,                                
2001; (b) all recurring fees (including                                         
management fees) were deducted; and (c) all                                     
dividends and distributions were reinvested.                                    
Class B shares will automatically convert to Class                              
A shares, on a quarterly basis,                                                 
beginning approximately seven years after                                       
purchase.                                                                       

The S&P 500 Index is an unmanaged index of 500                                  
stocks of large U.S. companies. It gives a                                      
broad look at how stock prices have performed. The                              
S&P 500 Index's total returns include                                           
the reinvestment of all dividends, but do not                                   
include the effect of sales charges or                                          
operating expenses of a mutual fund. The                                        
securities that comprise the Index may differ                                   
substantially from the securities in the Fund. The                              
Index is not the only one that may be used to                                   
characterize performance of stock funds. Other                                  
indexes may portray different comparative performance.                          
Investors cannot invest directly in an index.                                   

This graph is furnished to you in accordance with                               
SEC regulations.                                                                

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Strategic PartnersSM   Strategic Partners Focused Growth Fund                   

Class C     Growth of a $10,000 Investment                                      
(GRAPH)                                                                         

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost. Since the Fund has been                               
in existence less than one year, no                                             
average annual total returns are presented. The                                 
graph compares a $10,000 investment in                                          
Strategic Partners Focused Growth Fund (Class C                                 
shares) with a similar investment in the                                        
S&P 500 Index by portraying the initial account                                 
values at the commencement of operations                                        
of the share class, and the account values at the                               
end of the current fiscal year                                                  
(February 28, 2001), as measured on a quarterly                                 
basis. For purposes of the graph, and                                           
unless otherwise indicated, it has been assumed                                 
that (a) the front-end sales charge was                                         
deducted from the initial $10,000 investment in                                 
Class C shares; (b) the applicable                                              
contingent deferred sales charge was deducted from                              
the value of the investment in Class C                                          
shares, assuming full redemption on February 28,                                
2001; (c) all recurring fees (including                                         
management fees) were deducted; and (d) all                                     
dividends and distributions were reinvested.                                    

The S&P 500 Index is an unmanaged index of 500                                  
stocks of large U.S. companies. It gives a                                      
broad look at how stock prices have performed. The                              
S&P 500 Index's total returns include                                           
the reinvestment of all dividends, but do not                                   
include the effect of sales charges or                                          
operating expenses of a mutual fund. The                                        
securities that comprise the Index may differ                                   
substantially from the securities in the Fund. The                              
Index is not the only one that may be                                           
used to characterize performance of stock funds.                                
Other indexes may portray different                                             
comparative performance. Investors cannot invest                                
directly in an index.                                                           

This graph is furnished to you in accordance with                               
SEC regulations.                                                                

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www.strategicpartners.com  (800) 225-1852 

Class Z     Growth of a $10,000 Investment                                      
(GRAPH)                                                                         

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost. Since the Fund has been                               
in existence less than one year, no                                             
average annual total returns are presented. The                                 
graph compares a $10,000 investment in                                          
Strategic Partners Focused Growth Fund (Class Z                                 
shares) with a similar investment in the S&P 500 Index by                       
portraying the initial account values at the                                    
commencement of operations of the share class, and                              
the account values at the end of the                                            
current fiscal year (February 28, 2001), as                                     
measured on a quarterly basis. For purposes                                     
of the graph, and unless otherwise indicated, it                                
has been assumed that (a) all recurring                                         
fees (including management fees) were deducted;                                 
and (b) all dividends and distributions                                         
were reinvested. Class Z shares are not subject to                              
a sales charge or distribution and service (12b-1) fees.                        

The S&P 500 Index is an unmanaged index of 500                                  
stocks of large U.S. companies. It gives a                                      
broad look at how stock prices have performed. The                              
S&P 500 Index's total returns include                                           
the reinvestment of all                                                         
dividends, but do not include the effect of sales                               
charges or operating expenses of a                                              
mutual fund. The securities that comprise the                                   
Index may differ substantially from the                                         
securities in the Fund. The Index is not the only                               
one that may be used to characterize                                            
performance of utility stock funds. Other indexes                               
may portray different comparative                                               
performance. Investors cannot invest directly in                                
an index.                                                                       

This graph is furnished to you in accordance with                               
SEC regulations.                                                                

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For More Information                                                            

Prudential Mutual Fund Services LLC                                             
P.O. Box 8098                                                                   
Philadelphia, PA 19101                                                          
(800) 225-1852                                                                  
(732) 482-7555 (Calling from outside the U.S.)                                  

Trustees                                                                        
Eugene C. Dorsey                                                                
Saul K. Fenster                                                                 
Robert F. Gunia                                                                 
Maurice Holmes                                                                  
Robert E. LaBlanc                                                               
Douglas H. McCorkindale                                                         
W. Scott McDonald, Jr.                                                          
Thomas T. Mooney                                                                
David R. Odenath, Jr.                                                           
Stephen Stoneburn                                                               
Joseph Weber                                                                    
Clay T. Whitehead                                                               

Officers                                                                        
David R. Odenath, Jr., President                                                
Robert F. Gunia, Vice President                                                 
Judy A. Rice, Vice President                                                    
Grace C. Torres, Treasurer                                                      
George P. Attisano, Secretary                                                   
William V. Healey, Assistant Secretary                                          

Manager                                                                         
Prudential Investments                                                          
Fund Management LLC                                                       
Gateway Center Three                                                            
100 Mulberry Street                                                             
Newark, NJ 07102-4077                                                           

Investment Advisers                                                             
Jennison Associates LLC                                                         
466 Lexington Avenue                                                            
New York, NY 10017                                                              

Alliance Capital Management, L.P.                                               
1345 Avenue of the Americas                                                     
New York, NY 10105                                                              

Distributor                                                                     
Prudential Investment                                                           
Management Services LLC                                                   
Three Gateway Center, 14th Floor                                                
Newark, NJ 07102-4077                                                           

Custodian                                                                       
State Street Bank and Trust Company                                             
One Heritage Drive                                                              
North Quincy, MA 02171                                                          

Transfer Agent                                                                  
Prudential Mutual Fund Services LLC                                             
P.O. Box 8098                                                                   
Philadelphia, PA 19101                                                          

Independent Accountants                                                         
PricewaterhouseCoopers LLP                                                      
1177 Avenue of the Americas                                                     
New York, NY 10036                                                              

Legal Counsel                                                                   
Gardner, Carton & Douglas                                                       
Quaker Tower                                                                    
321 North Clark Street                                                          
Chicago, IL 60610-4795                                                          

Fund Symbols                                                                    
NASDAQ   CUSIP                                
Class A Shares   SPFAX   86276R106                                              
Class B Shares   SPFBX   86276R205                                              
Class C Shares   SPFCX   86276R304                                              
Class Z Shares   SPFZX   86276R403                                              

(ICON)                                                                          
MFSP500E                  (ICON) Printed on Recycled Paper                      

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Strategic PartnersSM (ICON)   
Strategic Partners New Era Growth Fund                            

ANNUAL REPORT                 
FEBRUARY 28, 2001             

Fund Type   Stock             
         Objective   Long-term growth of capital

(GRAPHIC)                                                                       

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.                                                   

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

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Performance at a Glance                                                         

Investment Goals and Style                                                      
The investment objective of the Strategic Partners                              
New Era Growth Fund is long-term                                                
growth of capital. The Fund's strategy is to                                    
combine the efforts of two investment                                           
advisers who employ a growth style: Jennison                                    
Associates (Jennison) and Massachusetts                                         
Financial Services (MFS). Jennison invests in                                   
small and midsize companies that it                                             
believes have superior management, a unique market                              
niche, or a strong new product                                                  
profile, and are attractively valued. MFS focuses                               
on companies of any size that are early                                         
in their life cycle or otherwise are expected to                                
accelerate their growth rate. There can                                         
be no assurance that the Fund will achieve its                                  
investment objective.                                                           

Portfolio Composition                                                           

Sectors expressed as a percentage of                                      
net assets as of 2/28/01                                                        
36.4%  Technology                                                   
17.0   Healthcare                                                   
13.0   Communication Services                                       
11.0   Consumer Cyclical                                            
7.3   Energy                                                      
6.9   Financials                                                  
3.3   Miscellaneous                                               
5.1   Cash and Equivalents                                        

Five Largest Holdings                                                           

Expressed as a percentage of the Fund's                                   
net assets as of 2/28/01                                                        
2.2%  American Tower Corp.                                                
Telecommunications Equipment                                  
2.1   Tyco International, Ltd.                                            
Diversified Manufacturing                                     
1.9   Express Scripts, Inc.                                               
Drugs & Healthcare                                            
1.8   Gemstar-TV Guide Int'l, Inc.                                        
Media                                                         
1.7   Tektronix, Inc.                                                     
Instrument-Controls                                           

Holdings are subject to change.                                                 

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www.strategicpartners.com        (800) 225-1852                                 

Cumulative Total Returns1               As of 2/28/01                           

            Since Inception2        Since Inception2
            (Without sales charge)   (With sales charge)

Class A                     -9.50%                -14.03%                 
Class B                     -9.60                 -14.60                  
Class C                     -9.60                 -11.50                  
Class Z                     -9.30                  -9.30                  
Lipper Multi-Cap                                                          
Growth Fund Avg.3        -11.30                    N/A                

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost.                                                       

1 Source: Prudential Investments Fund Management                                
LLC and Lipper Inc. Since the Fund has                                          
been in existence less than one year, returns are                               
cumulative, and therefore no average                                            
annual total returns are                                                        
presented. The Fund charges a maximum front-end                                 
sales charge of 5% for Class A shares.                                          
Class B shares are subject to a declining                                       
contingent deferred sales charge (CDSC) of 5%,                                  
4%, 3%, 2%, 1%, and 1% for six years. Class B                                   
shares will automatically convert to Class                                      
A shares, on a quarterly basis, approximately                                   
seven years after purchase. Class C shares                                      
are subject to a front-end sales charge of 1% and                               
a CDSC of 1% for 18 months. Class Z                                             
shares are not subject to a sales charge or                                     
distribution and service (12b-1) fees.                                          

2 Inception date: Class A, B, C, and Z, 11/22/00.                               

3 The Lipper Since Inception return is for all                                  
funds in each share class in the Multi-Cap                                      
Growth Fund category. The Lipper average is unmanaged. The                      
Lipper Multi-Cap Growth Fund Average                                            
includes funds that invest in a variety of market                               
capitalization ranges, generally have                                           
between 25% to 75% of their equity assets invested                              
in companies with market                                                        
capitalizations above 300% of the dollar-weighted                               
median of the S&P(r) Mid-Cap 400 Index,                                         
invest in companies with long-term earnings                                     
expected to grow significantly faster than                                      
the earnings of the stocks represented in a major                               
unmanaged stock index, and have an                                              
above-average price/earnings ratio, price-to-book                               
ratio, and three-year earnings growth                                           
figure.                                                                         

S&P(r) is a registered trademark of The McGraw-Hill                             
Companies, Inc.                                                                 

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Strategic PartnersSM (ICON)                                                     

Strategic Partners New Era Growth Fund                                          

April 19, 2001                                                                  

Dear Shareholder,                                                               
The first fiscal period of the Strategic Partners                               
New Era Growth Fund--a three-month                                              
period from its inception on November 22, 2000                                  
through February 28, 2001--proved to be a                                       
very difficult time for the growth investing                                    
style. Between 1994 and 1999, investors saw                                     
an unprecedented six successive years in which the                              
growth style of investing outperformed                                          
value. Around the turn of the year 2000, there was                              
an unsustainable narrowing of market                                            
gains in the technology and telecommunications                                  
sectors. Consequently, the Fund's                                               
reporting period came during a period of                                        
adjustment in global technology inventories and                                 
also in share prices. In addition, the U.S.                                     
Federal Reserve (the Fed) had increased                                         
short-term interest rates three times in the first                              
half of 2000. These factors together                                            
created widespread expectations that the U.S.                                   
economy would slow, damaging rapidly                                            
growing companies' earnings potential and the                                   
attractiveness of growth stocks.                                                

Over this time, the Fund's Class A shares returned                              
-9.50% (-14.03% to those paying the                                             
maximum one-time Class A share sales charge)                                    
compared with an 11.30% decline for the                                         
Lipper Multi-Cap Growth Fund Average. The Fund                                  
substantially outperformed the terrible                                         
growth-stock market and modestly outperformed its                               
peer group average. The primary reason                                          
for this outperformance was the Jennison-selected                               
technology stocks, which held up far                                            
better than the sector average.                                                 

Sincerely,                                                                      

David R. Odenath, Jr., President                                                
Strategic Partners Series--Strategic Partners New Era Growth Fund               

2                                                                               

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Annual Report   February 28, 2001                                               

INVESTMENT ADVISERS' REPORT                                                     

NO AVOIDING TECHNOLOGY                                                          
Aggressive growth funds generally have a                                        
substantial representation of technology                                        
companies, and in this reporting period, that                                   
commitment hurt our return. During this                                         
volatile period, MFS maintained a smaller                                       
commitment to technology than usual for them,                                   
while Jennison scaled back their exposure to the                                
sector. The impact of falling technology                                        
stocks was mitigated by Jennison's stock                                        
selections. Electronic Arts, Rational Software,                                 
Vitesse Semiconductor, and Intuit (See Comments on                              
Jennison's Largest Holdings) were                                               
among the Jennison-selected stocks that made                                    
positive contributions to the Fund's return.                                    
MFS's technology holdings favored networking and                                
telecommunications, where earnings                                              
disappointments, notably from Cisco Systems, had a                              
significant impact on stock                                                     
performance. EMC (system memory), Sun Microsystems                              
(workstations and network computers),                                           
and Analog Devices (signal processing chips) also                               
particularly detracted from the Fund's                                          
return. Networking and telecommunications stocks,                               
which have benefited from the huge                                              
recent investment in telecommunications networks,                               
have suffered as investors became                                               
concerned that the telecommunications buildout may                              
have been completed, at least for a                                             
while. (However, in January, new                                                
telecommunications equipment orders were up 13.5%                               
over December--a significant improvement over the                               
previous declining trend.)                                                      

MEDIA BEGAN TO RECOVER                                                          
While technology and telecommunications continued                               
to be unpopular, media companies--the third leg of the                          
Technology/Media/Telecommunications trio that had                               
been so favored--staged a small recovery during this reporting period.          
Jennison had a significant commitment to                                        
broadcasting companies, such as USA Networks and                                
AT&T-Liberty Media, and to companies in                                         
other media, such as Gemstar-TV Guide                                           
International (see Comments on Jennison's Largest                               
Holdings). MFS benefited particularly from its                                  
investment in Clear Channel Communications                                      
(see Comments on MFS's Largest Holdings). Taken                                 
together, the Fund's media holdings made                                        
a positive contribution to its return when growth-                              
stock gains were hard to find.                                                  

           3

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Annual Report   February 28, 2001                                               

HEALTHCARE PROVIDES COVER                                                       
As a defensive measure, each of the Fund's                                      
advisers had a greater commitment than usual                                    
in healthcare (see Comments on MFS's Largest                                    
Holdings). Both benefited from the                                              
substantial rise of Express Scripts during our                                  
reporting period. Express Scripts provides                                      
a managed care drug benefit that delivers drugs                                 
that are on long-term prescriptions                                             
through the mail. Both had smaller returns from                                 
ALZA (see Comments on MFS's Largest                                             
Holdings). However, Jennison's biotechnology                                    
companies--several small holdings--had an                                       
aggregate negative impact on the Fund's                                         
performance.                                                                    

ENERGY WAS POSITIVE                                                             
In a declining overall growth-stock market, the                                 
small average gain of the Fund's position                                       
in oil service companies was welcome. Both                                      
advisers had invested in several companies in                                   
the industry, which they expect to benefit from                                 
increased drilling even if the global                                           
economy should slow somewhat. The largest positive                              
contributions came from BJ Services (a                                          
Jennison selection) and Global Marine (MFS).                                    

The Fund also benefited from Jennison's                                         
investments in natural gas pipelines,                                           
particularly The Williams Companies. Although                                   
utilities have not usually been thought of                                      
as growth industries, the unmet demand for power                                
has created an unusual opportunity. It                                          
provides a defensive growth investment--one with                                
less risk of a loss--in the current                                             
hostile environment for technology stocks.                                      

4                                                                               

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www.strategicpartners.com             (800) 225-1852                            

FINANCIALS ALSO HELPED                                                          
The Fund's holdings in the financial sector were                                
considerably smaller, but they also                                             
helped the Fund's return. Jennison's investment in                              
Lehman Brothers Holdings was among the                                          
larger positive contributors, while both advisers                               
had small positive contributions from                                           
Goldman Sachs Group (both companies are investment                              
banks). Their gains may have reflected                                          
greater optimism after the series of interest-rate                              
cuts that the Fed began in January                                              
2001. Most of the Fund's other financial holdings                               
had less impact on its performance.                                             

Strategic Partners New Era Growth Fund Management Team                          

       5

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Annual Report   February 28, 2001                                               

Comments on Jennison's Largest Holdings As of 2/28/01                           
Expressed as a percentage of Strategic Partners                                 
New Era Growth Fund assets managed by Jennison.                                 

3.5%   Gemstar-TV Guide International, Inc./Media                               
Prior to their merger, we liked both Gemstar and                                
TV Guide for their consistent earnings                                          
growth. After their merger, Gemstar's patented                                  
electronic program guide, plus TV Guide's                                       
content created a highly trafficked website, as                                 
well as the potential for smart Internet-                                       
linked entertainment devices. Gemstar's electronic                              
book technology also has promise.                                               

2.8%   Intuit Inc./Computer Software & Services                                 
Intuit is a leading provider of tax preparation                                 
and personal finance software products                                          
that enable people and small businesses to manage                               
their financial activities. Products                                            
and services include QuickBooks, Quicken and                                    
Quicken Turbo Tax, as well as an expanding                                      
array of Internet-based financial services such as                              
mortgage and payroll services.                                                  

2.6%   CSG Systems International, Inc./Data                                     
Processing/Management                                                           
CSG provides equipment for customer service and                                 
billing for telecommunications service                                          
providers, such as cable TV, broadcast satellite                                
service, and telephones. Its operating                                          
margin is 31%, and its return on equity is 67%.                                 
This is a very profitable company with                                          
sales that have been growing 36% a year.                                        

2.5%   AT&T-Liberty Media Corp./Media                                           
AT&T-Liberty Media Corp. is a media,                                            
entertainment, and communications company with                                  
interests in a range of programming,                                            
communications, technology, and Internet                                        
businesses. Its brands include STARZ!, Discovery, Fox, USA, TV                  
Guide, QVC, and TBS.                                                            

2.4%   Interpublic Group of Cos.,                                               
Inc./Advertising                                                                
Interpublic is the world's third largest                                        
advertising group, offering one-stop                                            
advertising, media buying, direct marketing,                                    
public relations, and related advertising                                       
and marketing services. It operates as more than                                
50 competing agencies, including McCann-                                        
Erickson WorldGroup.                                                            

Holdings are subject to change.                                                 

6                                                                               

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www.strategicpartners.com    (800) 225-1852                                     

Comments on MFS's Largest Holdings As of 2/28/01                                
Expressed as a percentage of Strategic Partners                                 
New Era Growth Fund assets managed by MFS.                                      

4.3%   Tyco International, Ltd./Diversified Industries                          
Tyco International is a diversified company that                                
designs, manufactures, and distributes                                          
undersea cable communications systems, disposable                               
medical supplies, electronic security                                           
systems, and other industrial products. In                                      
December 2000, it acquired Lucent                                               
Technologies' Power Systems business, which makes                               
power products for the                                                          
telecommunications and computer industries. Our                                 
familiarity with, and confidence in,                                            
Tyco's management reinforces our expectation of                                 
strong revenue and earnings growth.                                             

2.3%   Clear Channel Communications, Inc./Media                                 
Clear Channel is the largest operator of radio                                  
stations in the United States. In general,                                      
radio stocks were hurt by a general slowdown in                                 
advertising spending in 2000, but radio                                         
remains the fastest-growing segment of                                          
advertising. We expect spending to increase in the                              
latter part of the year. Clear Channel's size                                   
after the recent acquisition of AMFM allows                                     
it to be a single source for radio advertisers.                                 

2.3%   American Home Products Corp./Drugs & Healthcare                          
American Home Products specializes in the                                       
discovery and development of drugs, consumer                                    
healthcare, and agricultural products. It is                                    
particularly attractive because it has no                                       
major patent expirations in the near future and a                               
solid lineup of new products in the                                             
pipeline. Although its core business is growing at                              
a mid-teens rate, its shares were                                               
priced well below the typical multiple of earnings                              
for a drug stock.                                                               

2.1%   Bristol-Myers Squibb Co./Drugs & Healthcare                              
Bristol-Myers Squibb Company is a major producer                                
and distributor of pharmaceuticals,                                             
consumer medicines, nutritional aids, medical                                   
devices, and beauty care products. It is                                        
selling some of its nonstrategic businesses to                                  
focus on drugs and is introducing Vanlev,                                       
which is expected to be a blockbuster drug to                                   
treat hypertension. The stock declined when                                     
Vanlev's FDA approval was delayed, but we expect                                
the drug to be a major driver of                                                
earnings in 2002 and 2003.                                                      

2.1%   ALZA Corp./Drugs & Healthcare                                            
ALZA is a drug company whose three major drugs                                  
have been growing at about 40% a year.                                          
They include Concerta (for attention deficit                                    
disorder). In addition, ALZA has a good                                         
pipeline of drugs in development that should drive                              
continuing growth. In March, ALZA                                               
received a takeover offer from Johnson & Johnson.                               

Holdings are subject to change.                                                 

     7

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Portfolio of Investments as of February 28, 2001      

                                                        [Enlarge/Download Table]

Shares        Description                                         Value (Note 1)        
                                                                                        
----------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS  94.9%                                                            
Common Stocks                                                                           
-------------------------------------------------------------------------------------   
Advertising  1.8%                                                                       
    103,400   Interpublic Group of Cos., Inc.                     $      3,887,840      
     34,100   TMP Worldwide, Inc.(a)                                     1,783,856      
                                                                  ----------------      
                                                                         5,671,696      
-------------------------------------------------------------------------------------   
Biotechnology  1.4%                                                                     
     30,300   Genentech, Inc.(a)                                         1,590,750      
     13,400   Human Genome Sciences, Inc.(a)                               736,163      
     34,500   Protein Design Labs, Inc.(a)                               2,160,562      
                                                                  ----------------      
                                                                         4,487,475      
-------------------------------------------------------------------------------------   
Broadcasting  0.6%                                                                      
     13,500   Hispanic Broadcasting Corp.(a)                               303,750      
    111,600   UnitedGlobalCom, Inc. (Class 'A' Stock)(a)                 1,764,675      
                                                                  ----------------      
                                                                         2,068,425      
-------------------------------------------------------------------------------------   
Cable & Pay Television Systems  2.7%                                                    
     36,700   Cablevision Systems Corp. (Class 'A' Stock)(a)             2,847,920      
    137,100   Charter Communications, Inc. (Class 'A' Stock)(a)          2,930,513      
    103,600   EchoStar Communications Corp. (Class 'A'                                  
               Stock)(a)                                                 2,706,550      
                                                                  ----------------      
                                                                         8,484,983      
-------------------------------------------------------------------------------------   
Commercial Services  0.7%                                                               
     19,300   Cintas Corp.                                                 695,102      
     94,400   TeleTech Holdings, Inc.(a)                                 1,463,200      
                                                                  ----------------      
                                                                         2,158,302      
-------------------------------------------------------------------------------------   
Computers  2.0%                                                                         
    118,000   Cisco Systems, Inc.(a)                                     2,795,125      
     47,300   EMC Corp.(a)                                               1,880,648      
     79,800   Sun Microsystems, Inc.(a)                                  1,586,025      
                                                                  ----------------      
                                                                         6,261,798      

8                                      See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
  Portfolio of Investments as of February 28, 2001 Cont'd.

                                                        [Enlarge/Download Table]

Shares        Description                                         Value (Note 1)        
----------------------------------------------------------------------------------------
                                                                                        
Computer Software & Services  9.6%                                                      
     44,800   Affiliated Computer Services, Inc. (Class 'A'                             
               Stock)(a)                                          $      2,817,472      
     76,200   Cadence Design Systems, Inc.(a)                            1,931,670      
     40,500   DST Systems, Inc.(a)                                       2,470,500      
     66,400   Electronic Arts, Inc.(a)                                   3,320,000      
     27,700   Extreme Networks, Inc.(a)                                    626,280      
    112,100   Intuit, Inc.(a)                                            4,610,112      
     38,800   Lexmark International, Inc.(a)                             2,017,600      
      1,612   McDATA Corp. (Class 'A' Stock)(a)                             28,815      
     53,100   Microsoft Corp.(a)                                         3,132,900      
    145,400   Parametric Technology Corp.(a)                             1,935,638      
     58,000   Rational Software Corp.(a)                                 2,026,375      
     55,300   Synopsys, Inc.(a)                                          3,003,481      
     36,200   VERITAS Software Corp.(a)                                  2,350,737      
                                                                  ----------------      
                                                                        30,271,580      
-------------------------------------------------------------------------------------   
Data Processing/Management  3.5%                                                        
     39,500   Automatic Data Processing, Inc.                            2,330,500      
    111,900   CSG Systems International, Inc.(a)                         4,217,231      
     38,200   First Data Corp.                                           2,359,232      
     44,000   Fiserv, Inc.(a)                                            2,178,000      
                                                                  ----------------      
                                                                        11,084,963      
-------------------------------------------------------------------------------------   
Diversified Industries  2.1%                                                            
    121,100   Tyco International, Ltd.                                   6,618,115      
-------------------------------------------------------------------------------------   
Drugs & Healthcare  14.1%                                                               
    103,300   ALZA Corp.(a)                                              4,085,515      
     56,100   American Home Products Corp.                               3,465,297      
     82,100   Andrx Group(a)                                             4,701,508      
     69,800   Biovail Corp.(a)                                           3,221,270      
     51,600   Bristol-Myers Squibb Co.                                   3,271,956      
     65,000   Express Scripts, Inc. (Class 'A' Stock)(a)                 5,829,687      
     25,500   Forest Laboratories, Inc.(a)                               1,773,015      

See Notes to Financial Statements                                      9

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
  Portfolio of Investments as of February 28, 2001 Cont'd.

                                                        [Enlarge/Download Table]

Shares        Description                                         Value (Note 1)        
----------------------------------------------------------------------------------------
                                                                                        
     17,600   IMS Health, Inc.                                    $        473,440      
     47,100   MedImmune, Inc.(a)                                         2,057,681      
      1,370   Novartis AG                                                2,316,484      
     30,300   OSI Pharmaceuticals, Inc.(a)                               1,321,838      
     56,200   Pharmacia Corp.                                            2,905,540      
     32,200   Sepracor, Inc.(a)                                          1,672,388      
     59,800   Teva Pharmaceutical Industries Ltd., ADR                   3,812,250      
     63,000   Watson Pharmaceuticals, Inc.(a)                            3,496,500      
                                                                  ----------------      
                                                                        44,404,369      
-------------------------------------------------------------------------------------   
Education  0.6%                                                                         
     55,400   Apollo Group, Inc. (Class 'A' Stock)(a)                    1,945,925      
-------------------------------------------------------------------------------------   
Electronic Components  6.5%                                                             
     53,600   Analog Devices, Inc.(a)                                    1,999,280      
     38,800   Applied Materials, Inc.(a)                                 1,639,300      
     14,100   Applied Micro Circuits Corp.(a)                              377,175      
     27,300   Celestica, Inc. (Sub Shares)(a)                            1,337,700      
     21,200   Emulex Corp.(a)                                              653,225      
     99,700   Flextronics International, Ltd.(a)                         2,642,050      
     72,300   KLA-Tencor Corp.(a)                                        2,584,725      
     23,800   Linear Technology Corp.                                      943,075      
    106,600   LSI Logic Corp.(a)                                         1,717,326      
     10,800   PMC-Sierra, Inc.(a)                                          361,800      
     71,200   Solectron Corp.(a)                                         1,940,200      
     24,900   Vitesse Semiconductor Corp.(a)                               981,994      
     81,900   Xilinx, Inc.(a)                                            3,183,862      
                                                                  ----------------      
                                                                        20,361,712      
-------------------------------------------------------------------------------------   
Financial Services  5.8%                                                                
    136,700   E*TRADE Group, Inc.(a)                                     1,231,667      
     47,700   Freddie Mac                                                3,141,045      
     15,800   Goldman Sachs Group, Inc.                                  1,449,650      
     35,300   Household International, Inc.                              2,044,576      
     51,100   Lehman Brothers Holdings, Inc.                             3,508,015      

10                                     See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
  Portfolio of Investments as of February 28, 2001 Cont'd.

                                                        [Enlarge/Download Table]

Shares        Description                                         Value (Note 1)        
----------------------------------------------------------------------------------------
                                                                                        
     35,400   Providian Financial Corp.                           $      1,770,354      
     29,700   State Street Corp.                                         2,983,365      
     67,900   Stilwell Financial, Inc.                                   2,166,010      
                                                                  ----------------      
                                                                        18,294,682      
-------------------------------------------------------------------------------------   
Gas Pipelines  2.0%                                                                     
     40,600   Dynegy, Inc. (Class 'A' Stock)                             1,908,200      
     24,291   El Paso Corp.                                              1,707,657      
     64,800   Williams Cos., Inc.                                        2,702,160      
                                                                  ----------------      
                                                                         6,318,017      
-------------------------------------------------------------------------------------   
Human Resources  0.2%                                                                   
     24,000   Robert Half International, Inc.(a)                           577,440      
-------------------------------------------------------------------------------------   
Instrument - Controls  2.3%                                                             
    210,000   Tektronix, Inc.(a)                                         5,184,900      
     69,700   Thermo Electron Corp.(a)                                   1,944,630      
                                                                  ----------------      
                                                                         7,129,530      
-------------------------------------------------------------------------------------   
Insurance  1.1%                                                                         
     30,600   Hartford Financial Services Group, Inc.                    1,953,810      
     31,000   St. Paul Cos., Inc.                                        1,434,990      
                                                                  ----------------      
                                                                         3,388,800      
-------------------------------------------------------------------------------------   
Internet Content  5.8%                                                                  
     49,900   Akamai Technologies, Inc.(a)                                 845,181      
     27,950   Check Point Software Technologies, Ltd.(a)                 1,792,294      
     44,300   CheckFree Corp.(a)                                         2,134,706      
    331,300   Exodus Communications, Inc.(a)                             4,845,262      
     54,400   Interwoven, Inc.(a)                                          901,000      
    121,500   Macromedia, Inc.(a)                                        3,561,469      
     14,700   Netegrity, Inc.(a)                                           652,313      
    166,300   RealNetworks, Inc.(a)                                      1,195,281      

See Notes to Financial Statements                                     11

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
  Portfolio of Investments as of February 28, 2001 Cont'd.

                                                        [Enlarge/Download Table]

Shares        Description                                         Value (Note 1)        
----------------------------------------------------------------------------------------
                                                                                        
     35,600   RSA Security, Inc.(a)                               $      1,691,000      
     14,400   VeriSign, Inc.(a)                                            686,700      
                                                                  ----------------      
                                                                        18,305,206      
-------------------------------------------------------------------------------------   
Leisure  1.3%                                                                           
     70,100   Harley-Davidson, Inc.                                      3,038,835      
     30,000   Harrah's Entertainment, Inc.(a)                              930,600      
                                                                  ----------------      
                                                                         3,969,435      
-------------------------------------------------------------------------------------   
Media  6.0%                                                                             
    278,700   AT&T-Liberty Media Corp. (Class 'A' Stock)(a)              4,096,890      
     62,200   Clear Channel Communications, Inc.(a)                      3,554,730      
    127,000   Gemstar-TV Guide International, Inc.(a)                    5,746,750      
    107,800   USA Networks, Inc.(a)                                      2,540,038      
     57,100   Viacom, Inc. (Class 'B' Stock)(a)                          2,837,870      
                                                                  ----------------      
                                                                        18,776,278      
-------------------------------------------------------------------------------------   
Medical Technology  1.5%                                                                
     32,500   Applera Corp.-Applied Biosystems Group                     2,245,750      
     52,000   Medtronic, Inc.                                            2,661,360      
                                                                  ----------------      
                                                                         4,907,110      
-------------------------------------------------------------------------------------   
Oil & Gas Equipment  1.5%                                                               
     65,300   Cooper Cameron Corp.(a)                                    3,903,634      
     38,900   Grant Prideco, Inc.(a)                                       710,703      
                                                                  ----------------      
                                                                         4,614,337      
-------------------------------------------------------------------------------------   
Oil & Gas Services  3.5%                                                                
     50,500   BJ Services Co.(a)                                         3,838,000      
     66,600   Global Marine, Inc.(a)                                     1,912,086      
     79,900   Santa Fe International Corp.                               2,992,255      
     47,100   Transocean Sedco Forex, Inc.                               2,266,923      
                                                                  ----------------      
                                                                        11,009,264      
-------------------------------------------------------------------------------------   
Retail  4.9%                                                                            
     51,900   CVS Corp.                                                  3,165,900      
     70,300   Dollar Tree Stores, Inc.(a)                                1,955,219      

12                                     See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
  Portfolio of Investments as of February 28, 2001 Cont'd.

                                                        [Enlarge/Download Table]

Shares        Description                                         Value (Note 1)        
----------------------------------------------------------------------------------------
                                                                                        
     47,900   Home Depot, Inc.                                    $      2,035,750      
     95,100   Limited, Inc.                                              1,678,515      
     57,100   RadioShack Corp.                                           2,443,880      
     39,100   Safeway, Inc.(a)                                           2,123,521      
     38,500   Wal-Mart Stores, Inc.                                      1,928,465      
                                                                  ----------------      
                                                                        15,331,250      
-------------------------------------------------------------------------------------   
Telecommunications  6.4%                                                                
     47,500   Allegiance Telecom, Inc.(a)                                  961,875      
     20,600   Amdocs, Ltd.(a)                                            1,339,206      
     55,200   Level 3 Communications, Inc.(a)                            1,397,250      
    169,500   Metromedia Fiber Network, Inc. (Class 'A'                                 
               Stock)(a)                                                 1,610,250      
     43,900   NTL, Inc.(a)                                               1,140,961      
    100,700   Sprint Corp. (PCS Group)(a)                                2,535,626      
     35,100   Time Warner Telecom, Inc. (Class 'A' Stock)(a)             2,270,531      
    136,100   TyCom, Ltd.(a)                                             2,687,975      
     94,000   Western Wireless Corp. (Class 'A' Stock)(a)                3,965,625      
    145,400   XO Communications, Inc. (Class 'A' Stock)(a)               2,162,825      
                                                                  ----------------      
                                                                        20,072,124      
-------------------------------------------------------------------------------------   
Telecommunications Equipment  6.7%                                                      
    234,000   American Tower Corp. (Class 'A' Stock)(a)                  6,771,960      
     63,800   CIENA Corp.(a)                                             4,286,563      
     26,800   Comverse Technology, Inc.(a)                               2,008,325      
     22,200   Corning, Inc.                                                601,620      
     21,800   Gilat Satellite Networks, Ltd.(a)                            765,725      
     29,600   JDS Uniphase Corp.(a)                                        791,800      
     40,400   Powerwave Technologies, Inc.(a)                              631,881      
     38,800   QUALCOMM, Inc.(a)                                          2,126,725      
     58,700   Tekelec, Inc.(a)                                           1,111,631      
     44,000   Tellabs, Inc.(a)                                           1,916,750      
                                                                  ----------------      
                                                                        21,012,980      
-------------------------------------------------------------------------------------   
Utilities-Electric & Gas  0.3%                                                          
     61,200   PG&E Corp.                                                   854,352      
                                                                  ----------------      
              Total long-term investments (cost $323,728,445)          298,380,148      
                                                                  ----------------      

See Notes to Financial Statements                                     13

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
  Portfolio of Investments as of February 28, 2001 Cont'd.

                                                        [Enlarge/Download Table]

Principal                                Moody's                                                   
Amount                                   Ratings        Interest    Maturity    Value              
(000)         Description                (Unaudited)    Rate        Date        (Note 1)           
                                                                                                   
---------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS  3.0%                                                                       
Commercial Paper  2.8%                                                                             
  $  8,106    American Express Credit                                                              
               Corp.                     P-1            5.42%       3/01/01     $    8,106,000     
       734    General Electric Capital                                                             
               Corp.                     P-1            5.40        3/01/01            734,000     
                                                                                --------------     
                                                                                     8,840,000     
U.S. Government Agencies  0.2%                                                                     
       253    Federal Home Loan Mortgage                                                           
               Corp.                                    5.23        3/01/01            253,000     
       250    Student Loan Marketing                                                               
               Association                              5.23        3/01/01            250,000     
                                                                                --------------     
                                                                                       503,000     
              Total short-term                                                                     
               investments                                                                         
               (cost $9,343,000)                                                     9,343,000     
                                                                                --------------     
              Total Investments  97.9%                                                             
               (cost $333,071,445; Note                                                            
               4)                                                                  307,723,148     
              Other assets in excess of                                                            
               liabilities  2.1%                                                     6,573,048     
                                                                                --------------     
              Net Assets  100.0%                                                $  314,296,196     
                                                                                --------------     
                                                                                --------------     

------------------------------                                                  
The following abbreviations are used in portfolio descriptions:                 
ADR--American Depository Receipt.                                               
AG--Aktiengesellschaft (German Stock Company).                                  
(a) Non-income producing security.                                              

14                                     See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Statement of Assets and Liabilities                   

                                                        [Enlarge/Download Table]

                                                                 February 28, 2001      
                                                                                        
----------------------------------------------------------------------------------------
ASSETS                                                                                  
Investments, at value (cost $333,071,445)                         $   307,723,148       
Cash                                                                      178,085       
Receivable for investments sold                                        11,149,289       
Receivable for Fund shares sold                                           569,086       
Deferred offering cost                                                    228,543       
Dividends and interest receivable                                          40,006       
                                                                 -----------------      
      Total assets                                                    319,888,157       
                                                                 -----------------      
LIABILITIES                                                                             
Payable for investments purchased                                       4,263,657       
Payable for Fund shares reacquired                                        602,708       
Accrued expenses and other liabilities                                    291,357       
Management fee payable                                                    240,086       
Distribution fee payable                                                  194,153       
                                                                 -----------------      
      Total liabilities                                                 5,591,961       
                                                                 -----------------      
NET ASSETS                                                        $   314,296,196       
                                                                 -----------------      
                                                                 -----------------      
Net assets were comprised of:                                                           
      Shares of beneficial interest, at par                       $        34,737       
      Paid-in capital in excess of par                                345,996,629       
                                                                 -----------------      
                                                                      346,031,366       
   Net investment loss                                                     (4,026)      
   Net realized loss on investments                                    (6,382,847)      
   Net unrealized depreciation on investments                         (25,348,297)      
                                                                 -----------------      
Net assets, February 28, 2001                                     $   314,296,196       
                                                                 -----------------      
                                                                 -----------------      

See Notes to Financial Statements                                     15

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Statement of Assets and Liabilities Cont'd.           

                                                        [Enlarge/Download Table]

                                                                 February 28, 2001      
                                                                                        
----------------------------------------------------------------------------------------
Class A:                                                                                
   Net asset value and redemption price per share ($63,565,572                          
      / 7,023,301 shares of beneficial interest issued and                              
      outstanding)                                                          $9.05       
   Maximum sales charge (5% of offering price)                                .48       
                                                                 -----------------      
   Maximum offering price to public                                         $9.53       
                                                                 -----------------      
                                                                 -----------------      
Class B:                                                                                
   Net asset value, offering price and redemption price per                             
      share ($114,003,281 / 12,604,898 shares of beneficial                             
      interest issued and outstanding)                                      $9.04       
                                                                 -----------------      
                                                                 -----------------      
Class C:                                                                                
   Net asset value and redemption price per share                                       
      ($100,162,739 / 11,074,898 shares of beneficial interest                          
      issued and outstanding)                                               $9.04       
   Sales charge (1% of offering price)                                        .09       
                                                                 -----------------      
   Offering price to public                                                 $9.13       
                                                                 -----------------      
                                                                 -----------------      
Class Z:                                                                                
   Net asset value, offering price and redemption price per                             
      share ($36,564,604 / 4,033,427 shares of beneficial                               
      interest issued and outstanding)                                      $9.07       
                                                                 -----------------      
                                                                 -----------------      

16                                     See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Statement of Operations                               

                                                        [Enlarge/Download Table]

                                                              November 22, 2000(a)      
                                                                    Through             
                                                               February 28, 2001        
                                                                                        
----------------------------------------------------------------------------------------
NET INVESTMENT LOSS                                                                     
Income                                                                                  
   Interest                                                      $      472,741         
   Dividends (net of foreign withholding tax of $130)                   186,160         
                                                              --------------------      
      Total income                                                      658,901         
                                                              --------------------      
Expenses                                                                                
   Management fee                                                       814,947         
   Distribution fee--Class A                                             46,924         
   Distribution fee--Class B                                            321,690         
   Distribution fee--Class C                                            283,678         
   Registration fees                                                    110,000         
   Reports to shareholders                                               82,000         
   Amortization of offering costs                                        66,457         
   Transfer agent's fees and expenses                                    65,000         
   Custodian's fees and expenses                                         59,000         
   Audit fee                                                             30,000         
   Legal fees and expenses                                               16,000         
   Trustees' fees and expenses                                           13,000         
   Miscellaneous                                                          4,326         
                                                              --------------------      
      Total expenses                                                  1,913,022         
                                                              --------------------      
Net investment loss                                                  (1,254,121)        
                                                              --------------------      
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS                                         
AND FOREIGN CURRENCIES                                                                  
Net realized loss on                                                                    
   Investment transactions                                           (6,382,847)        
   Foreign currency transactions                                         (4,026)        
                                                              --------------------      
                                                                     (6,386,873)        
                                                              --------------------      
Net unrealized depreciation on                                                          
   Investments                                                      (25,348,297)        
                                                              --------------------      
Net loss on investments and foreign currencies                      (31,735,170)        
                                                              --------------------      
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS             $  (32,989,291)        
                                                              --------------------      
                                                              --------------------      
---------------                                                                         
(a) Commencement of investment operations.                                              

See Notes to Financial Statements                                     17

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Statement of Changes in Net Assets                    

                                                                [Download Table]

                                                             November 22, 2000(a)  
                                                                   Through         
                                                              February 28, 2001    
                                                                                   
---------------------------------------------------------------------------------  
INCREASE (DECREASE) IN NET ASSETS                                                  
Operations                                                                         
   Net investment loss                                          $   (1,254,121)    
   Net realized loss on investments and foreign currencies          (6,386,873)    
   Net unrealized depreciation on investments                      (25,348,297)    
                                                             --------------------  
   Net decrease in net assets resulting from operations            (32,989,291)    
                                                             --------------------  
Fund share transactions (Note 5)                                                   
   Net proceeds from shares sold                                   373,610,244     
   Cost of shares reacquired                                       (26,324,757)    
                                                             --------------------  
   Net increase in net assets from Fund share transactions         347,285,487     
                                                             --------------------  
Total increase                                                     314,296,196     
NET ASSETS                                                                         
Beginning of period                                                         --     
                                                             --------------------  
End of period                                                   $  314,296,196     
                                                             --------------------  
                                                             --------------------  
------------------------------                                                     
(a) Commencement of investment operations.                                         

18                                     See Notes to Financial Statements

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Notes to Financial Statements                         

Strategic Partners Series (the 'Company') is registered under the   
Investment Company Act of 1940 as a non-diversified, open-end management        
investment company. The Company currently consists of three Series: Strategic   
Partners Series--Strategic Partners Focused Growth Fund, Strategic Partners New 
Era Growth Fund (the 'Fund') and Strategic Partners Focused Value Fund. The     
financial statements of the other funds are not presented herein. The Company   
was established as a Delaware business trust on January 28, 2000.               

      The investment objective of the Fund is long-term growth of capital. Under
normal market conditions, the Fund intends to invest primarily (at least 65% of 
its total assets) in equity-related securities of emerging U.S. companies that  
are selected by the Fund's two investment subadvisers as having strong capital  
appreciation potential.                                                         

Note 1. Accounting Policies                                                     
The following is a summary of significant accounting policies followed by the   
Company and the Fund in the preparation of its financial statements.            

     Securities Valuation:    Securities for which the primary market is on an
exchange or NASDAQ National Market securities 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 bid and asked prices on such day or at the bid     
price on such day in the absence of an asked price. Securities that are actively
traded in the over-the-counter market, including listed securities for which the
primary market is believed by Prudential Investments Fund Management LLC        
('PIFM'), in consultation with the subadvisers, to be over-the-counter, are     
valued by an independent pricing agent or principal market maker. Privately     
placed securities including equity securities for which market prices may be    
obtained from primary dealers shall be valued at the bid prices provided by such
primary dealers. Securities for which market quotations are not readily         
available, may be valued using the last available market quotation for a period 
not to exceed five days, provided PIFM and the subadvisers feel this is         
representative of market value. If such valuation is not available then the     
securities are valued at fair value as determined in good faith by or under the 
direction of the Board of Trustees of the Fund.                                 

 Short-term securities which mature in more than 60 days are valued at
current market quotations. Short-term securities which mature in 60 days or less
are valued at amortized cost which approximates market value.                   

All securities are valued as of 4:15 p.m., New York time.           

  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:                                                 
                                                                      19

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Notes to Financial Statements Cont'd.                 

(i) market value of investment securities, other assets and         
liabilities--at the closing 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 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 the securities held at the end of the fiscal 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 long-term         
portfolio securities sold during the period. Accordingly, realized foreign      
currency gains (losses) are included in the reported net realized gains on      
investment transactions.                                                        

   Net realized gains or losses on foreign currency transactions represent
net foreign exchange gains or losses from sales and maturities of short-term    
securities and forward currency contracts, disposition of foreign currencies,   
currency gains or losses realized between the trade and settlement dates of     
security transactions, and the difference between the amounts of interest,      
dividends and foreign withholding taxes recorded on the Fund's books and the    
U.S. dollar equivalent amounts actually received or paid. Net currency gains and
losses from the valuing of foreign currency denominated assets (excluding       
investments) and liabilities at period end exchange rates are reflected as a    
component of 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 U.S. companies  
as a result of, among other factors, the possibility of political or 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 and losses from     
security transactions are calculated on the identified cost basis. Dividend     
income is recorded on the ex-dividend date and interest income is recorded on   
the accrual basis. Expenses are recorded on the accrual basis, which may require
the use of certain estimates by management.                                     

   Net investment income (other than distribution fees) 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.

20                                                                      

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Notes to Financial Statements Cont'd.                 

    Dividends and Distributions:    The Fund expects to pay dividends of net
investment income and distributions of net realized capital gains, if any,      
annually. Dividends and distributions are recorded on the ex-dividend date.     

 Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted 
accounting principles.                                                          

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

Withholding taxes on foreign dividends have been provided for in    
accordance with the Fund's understanding of the applicable country's tax rules  
and rates.                                                                      

   Offering Expenses:    Offering cost of approximately $295,000 are being
amortized ratably over a period of twelve months from the date the Fund         
commenced investment operations.                                                

      Reclassification of Capital Accounts:    The Fund accounts for and reports
distributions to shareholders in accordance with the American Institute of      
Certified Public Accountants' Statement of Position 93-2: Determination,        
Disclosure, and Financial Statement Presentation of Income, Capital Gains, and  
Return of Capital Distributions by Investment Companies. The effect of applying 
this statement was to decrease net investment loss by $1,250,095, decrease      
accumulated net realized loss on investments by $4,026, and decrease paid-in    
capital by $1,254,121 for the period ended February 28, 2001, due to realized   
net investment losses during the period and certain expenses not deductible for 
tax purposes. Net investment income, net realized gains and net assets were not 
affected by this change.                                                        

Note 2. Agreements                                                              
The Company has a management agreement with PIFM. Pursuant to this agreement,   
PIFM has responsibility for all investment advisory services and supervises the 
subadvisers' performance of such services. PIFM has entered into subadvisory    
agreements with Jennison Associates LLC ('Jennison') and Massachusetts Financial
Services Company ('MFS'). Each subadviser furnishes investment advisory services
in connection with the management of the Fund. PIFM pays for the services of the
subadvisers, 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. Each of the two subadvisers manages approximately 50% of the
assets of the Fund. In general, in order to maintain an approximately equal     
division of assets                                                              
                                                                      21

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Notes to Financial Statements Cont'd.                 

between the two subadvisers, all daily cash inflows (i.e., subscriptions and    
reinvested distributions) and outflows (i.e., redemptions and expense items)    
will be divided between the two subadvisers as PIFM deems appropriate. In       
addition, there will be periodic rebalancing of the portfolio's assets to take  
into account market fluctuations in order to maintain the approximately equal   
allocation. As a consequence, the portfolio will allocate assets from the better
performing of the two subadvisers to the other.                                 

     The management fee paid to PIFM is computed daily and payable monthly, at
an annual rate of .90 of 1% of the Fund's average daily net assets up to and    
including $1 billion and .85 of 1% of such average daily net assets in excess of
$1 billion.                                                                     

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

 Pursuant to the Class A, B and C Plans, the Fund compensates PIMS for
distribution-related activities at an annual rate of up to .30 of 1%, 1% and 1% 
of the average daily net assets of the Class A, B and C shares, respectively.   
Such expenses under the Class A, B and C Plans were .25%, 1% and 1%,            
respectively, of the average daily net assets of Class A, Class B and Class C   
shares for the period ended February 28, 2001.                                  

     PIMS has advised the Fund that for the period ended February 28, 2001, it
has received approximately $2,476,200 and $1,090,400 in front-end sales charges 
resulting from sales of Class A and Class C shares, respectively, during the    
period ended February 28, 2001. From these fees, PIMS paid such sales charges to
dealers which in turn paid commissions to salespersons and incurred other       
distribution costs.                                                             

     PIMS has advised the Fund that for the period ended February 28, 2001, it
has received approximately $88,600 and $30,700 in contingent deferred sales     
charges imposed upon certain redemptions by Class B and Class C shareholders,   
respectively.                                                                   

  PIFM, PIMS and Jennison are indirect, wholly owned subsidiaries of The
Prudential Insurance Company of America ('Prudential').                         

Note 3. Other Transactions with Affiliates                                      
Prudential Mutual Fund Services LLC ('PMFS'), an affiliate of PIFM and an       
indirect, wholly owned subsidiary of Prudential, serves as the Company's        
transfer agent. During the period ended February 28, 2001, the Fund incurred    
fees of approximately                                                           

22                                                                      

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Notes to Financial Statements Cont'd.                 

$60,900 for the services of PMFS. As of February 28, 2001, approximately $20,900
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 nonaffiliates.     

For the period ended February 28, 2001, Prudential Securities       
Incorporated, an indirect, wholly owned subsidiary of Prudential, earned $720 in
brokerage commissions from portfolio transactions executed on behalf of the     
Fund.                                                                           

Note 4. Portfolio Securities                                                    
Purchases and sales of investment securities, other than short-term investments,
for the period ended February 28, 2001 aggregated $532,502,347 and $202,391,055,
respectively.                                                                   

   The United States federal income tax basis of the Fund's investments at
February 28, 2001 was $338,901,034 and, accordingly, net unrealized depreciation
for federal income tax purposes was $31,177,886 (gross unrealized               
appreciation--$12,351,629; gross unrealized depreciation--$43,529,515).         

  The Fund will elect, for United States federal income tax purposes, to
treat net foreign currency losses of $4,026 and net short-term capital losses of
$553,258 incurred in the four-month period ended February 28, 2001 as having    
been incurred in the following fiscal year.                                     

Note 5. Capital                                                                 
The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are
sold with a front-end sales charge of up to 5%. Class B shares are sold with a  
contingent deferred sales charge which declines from 5% to zero depending on the
period of time the shares are held. Class C shares are sold with a front-end    
sales charge of 1% and a contingent deferred sales charge of 1% during the first
18 months. Class B shares will automatically convert to Class A shares on a     
quarterly basis approximately seven years after purchase. Class Z shares are not
subject to any sales or redemption charge and are offered exclusively for sale  
to a limited group of investors.                                                

    There is an unlimited number of shares of beneficial interest, $.001 par
value per share, divided into four classes, designated Class A, Class B, Class C
and Class Z.                                                                    
                                                                      23

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Notes to Financial Statements Cont'd.                 

Transactions in shares of beneficial interest were as follows:      

                                                        [Enlarge/Download Table]

Class A                                                        Shares        Amount    
-----------------------------------------------------------  ----------   ------------ 
                                                                                       
November 22, 2000(a) through                                                           
  February 28, 2001:                                                                   
Shares sold                                                   7,995,849   $ 79,992,567 
Shares reacquired                                              (972,548)    (9,875,140)
                                                             ----------   ------------ 
Net increase (decrease) in shares outstanding                 7,023,301   $ 70,117,427 
                                                             ----------   ------------ 
                                                             ----------   ------------ 

Class B                                                                                
-----------------------------------------------------------                            
                                                                                       
November 22, 2000(a) through                                                           
  February 28, 2001:                                                                   
Shares sold                                                  13,076,238   $130,741,661 
Shares reacquired                                              (471,340)    (4,817,630)
                                                             ----------   ------------ 
Net increase (decrease) in shares outstanding                12,604,898   $125,924,031 
                                                             ----------   ------------ 
                                                             ----------   ------------ 

Class C                                                                                
-----------------------------------------------------------                            
                                                                                       
November 22, 2000(a) through                                                           
  February 28, 2001:                                                                   
Shares sold                                                  11,441,130   $114,502,954 
Shares reacquired                                              (366,232)    (3,643,962)
                                                             ----------   ------------ 
Net increase (decrease) in shares outstanding                11,074,898   $110,858,992 
                                                             ----------   ------------ 
                                                             ----------   ------------ 

Class Z                                                                                
-----------------------------------------------------------                            
                                                                                       
November 22, 2000(a) through                                                           
  February 28, 2001:                                                                   
Shares sold                                                   4,828,031   $ 48,373,062 
Shares reacquired                                              (794,604)    (7,988,025)
                                                             ----------   ------------ 
Net increase (decrease) in shares outstanding                 4,033,427   $ 40,385,037 
                                                             ----------   ------------ 
                                                             ----------   ------------ 

---------------                                                                 
(a) Commencement of investment operations.                                      
24                                                                      

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Financial Highlights                                  

                                                        [Enlarge/Download Table]

                                     November 22, 2000(a) Through February 28, 2001           
                             ---------------------------------------------------------------  
                               Class A          Class B          Class C          Class Z     
                             ------------     ------------     ------------     ------------  
                                                                                              
PER SHARE OPERATING                                                                           
   PERFORMANCE:                                                                               
Net asset value, beginning                                                                    
   of period                   $  10.00         $  10.00         $  10.00         $  10.00    
                             ------------     ------------     ------------     ------------  
Income from investment                                                                        
   operations                                                                                 
Net investment loss               (0.02)           (0.04)           (0.04)           (0.02)   
Net realized and unrealized                                                                   
   loss on investments and                                                                    
   foreign currencies             (0.93)           (0.92)           (0.92)           (0.91)   
                             ------------     ------------     ------------     ------------  
   Total from investment                                                                      
      operations                  (0.95)           (0.96)           (0.96)           (0.93)   
                             ------------     ------------     ------------     ------------  
Net asset value, end of                                                                       
period                         $   9.05         $   9.04         $   9.04         $   9.07    
                             ------------     ------------     ------------     ------------  
                             ------------     ------------     ------------     ------------  
TOTAL RETURN(b):                  (9.50)%          (9.60)%          (9.60)%          (9.30)%  
RATIOS/SUPPLEMENTAL DATA:                                                                     
Net assets, end of period                                                                     
(000)                          $ 63,565         $114,003         $100,163         $ 36,565    
Average net assets (000)       $ 72,881         $124,911         $110,152         $ 43,658    
Ratios to average net                                                                         
assets:(c)                                                                                    
   Expenses, including                                                                        
      distribution and                                                                        
      service (12b-1) fees         1.64%            2.39%            2.39%            1.39%   
   Expenses, excluding                                                                        
      distribution and                                                                        
      service (12b-1) fees         1.39%            1.39%            1.39%            1.39%   
   Net investment loss            (0.90)%          (1.67)%          (1.67)%          (0.65)%  
Portfolio turnover rate(d)           62%              62%              62%              62%   

------------------------------                                                  
(a) Commencement of investment operations.                                      
(b) Total return does not consider the effects 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. Total returns for periods of less than one
full year are not annualized.                                           
(c) Annualized.                                                                 
(d) Not annualized.                                                             
See Notes to Financial Statements                                     25

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  Strategic Partners Series     Strategic Partners New Era Growth Fund
Report of Independent Accountants                     

To the Shareholders and Board of Trustees of                                    
Strategic Partners New Era Growth Fund                                          

In our opinion, the accompanying statement of assets and liabilities, including 
the portfolio of investments, and the related statements of operations and of   
changes in net assets and the financial highlights present fairly, in all       
material respects, the financial position of Strategic Partners New Era Growth  
Fund (the 'Fund') at February 28, 2001, and the results of its operations, the  
changes in its net assets and the financial highlights for the period November  
22, 2000 (commencement of operations) through February 28, 2001, in conformity  
with accounting principles generally accepted in the United States of America.  
These financial statements and financial highlights (hereafter referred to as   
'financial statements') are the responsibility of the Fund's management; our    
responsibility is to express an opinion on these financial statements based on  
our audit. We conducted our audit of these financial statements in accordance   
with auditing standards generally accepted in the United States of America,     
which require that we plan and perform the audit to obtain reasonable assurance 
about whether the financial statements are free of material misstatement. An    
audit includes examining, on a test basis, evidence supporting the amounts and  
disclosures in the financial statements, assessing the accounting principles    
used and significant estimates made by management, and evaluating the overall   
financial statement presentation. We believe that our audit, which included     
confirmation of securities at February 28, 2001 by correspondence with the      
custodian and brokers, provides a reasonable basis for our opinion.             

PricewaterhouseCoopers LLP                                                      
1177 Avenue of the Americas                                                     
New York, New York                                                              
April 13, 2001                                                                  

26                                                                      

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Getting the Most from Your Mutual Fund                                          

Your financial professional can provide you with                                
the following services:                                                         

There's No Reward Without Risk; but Is This Risk                                
Worth It?                                                                       
Your financial professional can help you match the                              
reward you seek with the risk you can                                           
tolerate. Risk can be difficult to gauge--sometimes                             
even the simplest investments bear                                              
surprising risks. The educated investor knows that                              
markets seldom move in just one                                                 
direction. There are times when a                                               
market sector or asset class will lose value or                                 
provide little in the way of total                                              
return. Managing your own expectations is easier                                
with help from someone who understands                                          
the markets, and who knows you!                                                 

Keeping Up With the Joneses                                                     
A financial professional can help you wade through                              
the numerous available mutual funds to                                          
find the ones that fit your individual investment                               
profile and risk tolerance. While the                                           
newspapers and popular magazines are full of                                    
advice about investing, they are aimed at                                       
generic groups of people or representative                                      
individuals--not at you personally. Your                                        
financial professional will review your investment                              
objectives with you. This means you                                             
can make financial decisions based on the assets                                
and liabilities in your current                                                 
portfolio and your risk tolerance--not just based                               
on the current investment fad.                                                  

Buy Low, Sell High                                                              
Buying at the top of a market cycle and selling at                              
the bottom are among the most common                                            
investor mistakes. But sometimes it's difficult to                              
hold on to an investment when it's                                              
losing value every month. Your financial                                        
professional can answer questions when you're                                   
confused or worried about your investment, and                                  
should remind you that you're investing                                         
for the long haul.                                                              

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Getting the Most from Your Mutual Fund                                          

Some mutual fund shareholders won't ever read                                   
this--they don't read annual and semiannual                                     
reports. It's quite understandable. These annual                                
and semiannual reports are prepared to                                          
comply with federal regulations, and are often                                  
written in language that is difficult to                                        
understand. So when most people run into those                                  
particularly daunting sections of these                                         
reports, they don't read them.                                                  

We think that's a mistake                                                       
We believe you will find this report easy to                                    
understand and more pleasant to read. We                                        
hope you'll find it profitable to spend a few                                   
minutes familiarizing yourself with your                                        
investment. Here's what you'll find in the report:                              

Performance at a Glance                                                         
Since an investment's performance is often a                                    
shareholder's primary concern, we present                                       
performance information in two different formats.                               
You'll find it first on the                                                     
"Performance at a Glance" page where we compare                                 
the Fund and the comparable average                                             
calculated by Lipper, Inc., a nationally                                        
recognized mutual fund rating agency. We report                                 
both the cumulative total returns and the average                               
annual total returns. The cumulative                                            
total return is the total amount of income and                                  
appreciation the Fund has achieved in                                           
various time periods. The average annual total                                  
return is an annualized representation of                                       
the Fund's performance. It gives you an idea of                                 
how much the Fund has earned in an                                              
average year for a given time period. Under the                                 
performance box, you'll see legends that                                        
explain the performance information, whether fees                               
and sales charges have been included in                                         
returns, and the inception dates for the Fund's                                 
share classes.                                                                  

See the performance comparison charts at the back                               
of the report for more performance                                              
information. Please keep in mind that past                                      
performance is not indicative of future                                         
results.                                                                        

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www.strategicpartners.com  (800) 225-1852                                       

Annual Report   February 28, 2001                                               

investment adviser's report                                                     
The portfolio manager, who invests your money for                               
you, reports on successful--and not-so-successful--strategies in                
this section of your report. Look for                                           
recent purchases and sales here, as well as                                     
information about the sectors the portfolio                                     
manager favors, and any changes that are on the                                 
drawing board.                                                                  

Portfolio of Investments                                                        
This is where the report begins to appear                                       
technical, but it's really just a                                               
listing of each security held at the end of the                                 
reporting period, along with valuations                                         
and other information. Please note that sometimes                               
we discuss a security in the                                                    
"Investment Adviser's Report" section that doesn't                              
appear in this listing because it was                                           
sold before the close of the reporting period.                                  

Statement of Assets and Liabilities                                             
The balance sheet shows the assets (the value of                                
the Fund's holdings),                                                           
liabilities (how much the Fund owes), and net                                   
assets (the Fund's                                                              
equity, or holdings after the Fund pays its debts)                              
as of the end of the reporting period.                                          
It also shows how we calculate the net asset value                              
per share for each class of shares.                                             
The net asset value is reduced by payment of your                               
dividend, capital gain, or other distribution, but                              
remember that the money or new shares                                           
are being paid or issued to you. The net asset                                  
value fluctuates daily, along with the                                          
value of every security in the portfolio.                                       

Statement of Operations                                                         
This is the income statement, which details income                              
(mostly interest and                                                            
dividends earned) and expenses (including what you                              
pay us to manage your money). You'll                                            
also see capital gains here--both realized and                                  
unrealized.                                                                     

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Getting the Most from Your Mutual Fund                                          

Statement of Changes in Net Assets                                              
This schedule shows how income and expenses                                     
translate into changes                                                          
in net assets. The Fund is required to pay out the                              
bulk of its income to shareholders                                              
every year, and this statement shows you how we do                              
it (through dividends and distributions) and how that affects                   
the net assets. This statement also                                             
shows how money from investors flowed into and out                              
of the Fund.                                                                    

Notes to Financial Statements                                                   
This is the kind of technical material that can                                 
intimidate readers, but it does contain                                         
useful information. The Notes provide a brief                                   
history and explanation of your Fund's                                          
objectives. In addition, they outline how                                       
securities are priced. The Notes also explain                                   
who manages and distributes the Fund's shares and,                              
more importantly, how much they are                                             
paid for doing so. Finally, the Notes explain how                               
many shares are outstanding and the                                             
number issued and redeemed over the period.                                     

Financial Highlights                                                            
This information contains many elements from prior                              
pages, but on a                                                                 
per-share basis. It is designed to help you                                     
understand how the Fund                                                         
performed, and to compare this year's performance                               
and expenses to those of prior years.                                           

Independent accountant's Report                                                 
Once a year, an outside auditor looks over our                                  
books and certifies that the financial                                          
statements are fairly presented and comply with                                 
generally accepted accounting principles.                                       

Tax Information                                                                 
This is information that we report annually about                               
how much of your total return is                                                
taxable. Should you have any questions, you may                                 
want to consult a tax adviser.                                                  

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www.strategicpartners.com    (800) 225-1852                                     

Annual Report   February 28, 2001                                               

Performance Comparison                                                          
These charts are included in the annual report and                              
are required by the Securities                                                  
Exchange Commission. Performance is presented here                              
as the return on a hypothetical                                                 
$10,000 investment in the Fund since its inception                              
or for 10 years (whichever is                                                   
shorter). To help you put that return in context,                               
we are required to include the                                                  
performance of an unmanaged, broad-based                                        
securities index as well. The index does not                                    
reflect the cost of buying the securities it                                    
contains or the cost of managing a mutual                                       
fund. Of course, the index holdings do not mirror                               
those of the Fund--the index is a broad-                                        
based reference point commonly used by investors                                
to measure how well they are doing. A                                           
definition of the selected index is also provided.                              
Investors cannot invest directly in an index.                                   

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Getting the Most from Your Mutual Fund                                          

How many times have you read these reports--or                                  
other financial materials--and stumbled                                         
across a word that you don't understand?                                        

Many shareholders have run into the same problem.                               
We'd like to help. So we'll use this                                            
space from time to time to explain some of the                                  
words you might have read, but not                                              
understood. And if you have a favorite word that                                
no one can explain to your satisfaction,                                        
please write to us.                                                             

Basis Point: 1/100th of 1%. For example, one-half                               
of one percent is 50 basis points.                                              

Collateralized Mortgage Obligations (CMOs):                                     
Mortgage-backed bonds that separate mortgage                                    
pools into different maturity classes called                                    
tranches. These instruments are sensitive to                                    
changes in interest rates and homeowner                                         
refinancing activity. They are subject to                                       
prepayment and maturity extension risk.                                         

Derivatives: Securities that derive their value                                 
from other securities. The rate of return                                       
of these financial instruments rises and falls--                                
sometimes very suddenly--in response to                                         
changes in some specific interest rate, currency,                               
stock, or other variable.                                                       

Discount Rate: The interest rate charged by the                                 
Federal Reserve on loans to member banks.                                       

Federal Funds Rate: The interest rate charged by                                
one bank to another on overnight loans.                                         

Futures Contract: An agreement to purchase or sell a specific amount of         
a commodity or financial instrument at a set price                              
at a specified date in the future.                                              

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www.strategicpartners.com    (800) 225-1852                                     

Annual Report   February 28, 2001                                               

Leverage: The use of borrowed assets to enhance                                 
return. The expectation is that the                                             
interest rate charged on borrowed funds will be                                 
lower than the return on the investment.                                        
While leverage can increase profits, it can also                                
magnify losses.                                                                 

Liquidity: The ease with which a financial                                      
instrument (or product) can be bought or sold                                   
(converted into cash) in the financial markets.                                 

Price/Earnings Ratio: The price of a share of                                   
stock divided by the earnings per share for                                     
a 12-month period.                                                              

Option: An agreement to purchase or sell                                        
something, such as shares of stock, by a certain                                
time for a specified price. An option need not be                               
exercised.                                                                      

Spread: The difference between two values; often                                
used to describe the                                                            
difference between "bid" and "asked" prices of a                                
security, or between the yields of two                                          
similar maturity bonds.                                                         

Yankee Bond: A bond sold by a foreign company or                                
government on the U.S. market and                                               
denominated in U.S. dollars.                                                    

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Class A     Growth of a $10,000 Investment                                      
(GRAPH)                                                                         

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost. Since the Fund has been                               
in existence less than one year, no                                             
average annual total returns are presented. The                                 
graph compares a $10,000 investment in                                          
Strategic Partners New Era Growth Fund (Class A                                 
shares) with a similar investment in the                                        
Standard & Poor's 500 Composite Stock Price Index                               
(S&P 500 Index) by portraying the                                               
initial account values at the commencement of the                               
share class, and the account values at                                          
the end of the current fiscal year (February 28,                                
2001). For purposes of the graph, and                                           
unless otherwise indicated, it has been assumed                                 
that (a) the maximum applicable front-end                                       
sales charge was deducted from the                                              
initial $10,000 investment in Class A shares; (b)                               
all recurring fees (including                                                   
management fees) were deducted; and (c) all                                     
dividends and distributions were reinvested.                                    

The S&P 500 Index is an unmanaged index of 500                                  
stocks of large U.S. companies. It gives a                                      
broad look at how stock prices have performed. The                              
S&P 500 Index's total returns include                                           
the reinvestment of all dividends, but do not                                   
include the effect of sales charges or                                          
operating expenses of a mutual fund. The                                        
securities that comprise the Index may differ                                   
substantially from the securities in the Fund. The                              
Index is not the only one that may be                                           
used to characterize performance of stock funds.                                
Other indexes may portray different                                             
comparative performance. Investors cannot invest                                
directly in an index.                                                           

This graph is furnished to you in accordance with                               
SEC regulations.                                                                

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www.strategicpartners.com    (800) 225-1852                                     

Class B     Growth of a $10,000 Investment                                      
(GRAPH)                                                                         

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost. Since the Fund has been                               
in existence less than one year, no                                             
average annual total returns are presented. The                                 
graph compares a $10,000 investment in                                          
Strategic Partners New Era Growth Fund (Class B                                 
shares) with a similar investment in the                                        
S&P 500 Index by portraying the initial account                                 
values at the commencement of operations                                        
of the share class, and the account values at the                               
end of the current fiscal year                                                  
(February 28, 2001). For purposes of the graph,                                 
and unless otherwise indicated, it has                                          
been assumed that (a) the applicable contingent                                 
deferred sales charge was deducted from                                         
the value of the investment in Class B shares,                                  
assuming full redemption on February 28,                                        
2001; (b) all recurring fees (including management                              
fees) were deducted; and (c) all                                                
dividends and distributions were reinvested. Class                              
B shares will automatically convert to Class A shares, on a                     
quarterly basis, beginning approximately                                        
seven years after purchase.                                                     

The S&P 500 Index is an unmanaged index of 500                                  
stocks of large U.S. companies. It gives a                                      
broad look at how stock prices have performed. The                              
S&P 500 Index's total returns include                                           
the reinvestment of all dividends, but do not                                   
include the effect of sales charges or                                          
operating expenses of a mutual fund. The                                        
securities that comprise the Index may differ                                   
substantially from the securities in the Fund. The                              
Index is not the only one that may be                                           
used to characterize performance of stock funds.                                
Other indexes may portray different comparative performance.                    
Investors cannot invest directly in an index.                                   

This graph is furnished to you in accordance with                               
SEC regulations.                                                                

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Strategic PartnersSM   Strategic Partners New Era Growth Fund                   

Class C     Growth of a $10,000 Investment                                      
(GRAPH)                                                                         

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost. Since the Fund has been                               
in existence less than one year, no                                             
average annual total returns are presented. The                                 
graph compares a $10,000 investment in                                          
Strategic Partners New Era Growth Fund (Class C                                 
shares) with a similar investment in the                                        
S&P 500 Index by portraying the initial account                                 
values at the commencement of operations                                        
of the share class, and the account values at the                               
end of the current fiscal year                                                  
(February 28, 2001). For purposes of the graph,                                 
and unless otherwise indicated, it has                                          
been assumed that (a) the                                                       
front-end sales charge was deducted from the                                    
initial $10,000 investment in Class C                                           
shares; (b) the applicable contingent deferred                                  
sales charge was deducted from the value                                        
of the investment in Class C shares, assuming full                              
redemption on February 28, 2001; (c)                                            
all recurring fees (including management fees)                                  
were deducted; and (d) all dividends and                                        
distributions were reinvested.                                                  

The S&P 500 Index is an unmanaged index of 500                                  
stocks of large U.S. companies. It gives a                                      
broad look at how stock prices have performed. The                              
S&P 500 Index's total returns include                                           
the reinvestment of all dividends, but do not                                   
include the effect of sales charges or                                          
operating expenses of a mutual fund. The                                        
securities that comprise the Index may differ                                   
substantially from the securities in the Fund. The                              
Index is not the only one that may be                                           
used to characterize performance of stock funds.                                
Other indexes may portray different                                             
comparative performance. Investors cannot invest                                
directly in an index.                                                           

This graph is furnished to you in accordance with                               
SEC regulations.                                                                

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www.strategicpartners.com      (800) 225-1852                                   

Class Z     Growth of a $10,000 Investment                                      
(GRAPH)                                                                         

Past performance is not indicative of future                                    
results. Principal and investment return                                        
will fluctuate so that an investor's shares, when                               
redeemed, may be worth more or less                                             
than their original cost. Since the Fund has been                               
in existence less than one year, no                                             
average annual total returns are presented. The                                 
graph compares a $10,000 investment in                                          
Strategic Partners New Era Growth Fund (Class Z                                 
shares) with a similar investment in the                                        
S&P 500 Index by portraying the initial account                                 
values at the commencement of operations                                        
of the share class, and the account values at the                               
end of the current fiscal year                                                  
(February 28, 2001). For purposes of the graph,                                 
and unless otherwise indicated, it has                                          
been assumed that (a) all                                                       
recurring fees (including management fees) were                                 
deducted; and (b) all dividends and                                             
distributions were reinvested. Class Z shares are                               
not subject to a sales charge or                                                
distribution and service (12b-1) fees.                                          

The S&P 500 Index is an unmanaged index of 500                                  
stocks of large U.S. companies. It gives a                                      
broad look at how stock prices have performed. The                              
S&P 500 Index's total returns include                                           
the reinvestment of all dividends, but do not                                   
include the effect of sales charges or                                          
operating expenses of a mutual fund. The                                        
securities that comprise the Index may differ                                   
substantially from the securities in the Fund. The                              
Index is not the only one that may be                                           
used to characterize performance of utility stock                               
funds. Other indexes may                                                        
portray different comparative performance.                                      
Investors cannot invest directly in an index.                                   

This graph is furnished to you in accordance with                               
SEC regulations.                                                                

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For More Information                                                            

Prudential Mutual Fund Services LLC                                             
P.O. Box 8098                                                                   
Philadelphia, PA 19101                                                          
(800) 225-1852                                                                  
(732) 482-7555 (Calling from outside the U.S.)                                  

Trustees                                                                        
Eugene C. Dorsey                                                                
Saul K. Fenster                                                                 
Robert F. Gunia                                                                 
Maurice Holmes                                                                  
Robert E. LaBlanc                                                               
Douglas H. McCorkindale                                                         
W. Scott McDonald, Jr.                                                          
Thomas T. Mooney                                                                
David R. Odenath, Jr.                                                           
Stephen Stoneburn                                                               
Joseph Weber                                                                    
Clay T. Whitehead                                                               

Officers                                                                        
David R. Odenath, Jr., President                                                
Robert F. Gunia, Vice President                                                 
Judy A. Rice, Vice President                                                    
Grace C. Torres, Treasurer                                                      
George P. Attisano, Secretary                                                   
William V. Healey, Assistant Secretary                                          

Manager                                                                         
Prudential Investments                                                          
Fund Management LLC                                                       
Three Gateway Center, 14th  Floor                                               
Newark, NJ 07102-4077                                                           

Investment Advisers                                                             
Jennison Associates LLC                                                         
466 Lexington Avenue                                                            
New York, NY 10017                                                              

Massachusetts Financial Services Co.                                            
500 Boylston Street                                                             
Boston, MA 02116                                                                

Distributor                                                                     
Prudential Investment                                                           
Management Services LLC                                                   
Three Gateway Center, 14th Floor                                                
Newark, NJ 07102-4077                                                           

Custodian                                                                       
State Street Bank and Trust Company                                             
One Heritage Drive                                                              
North Quincy, MA 02171                                                          

Transfer Agent                                                                  
Prudential Mutual Fund Services LLC                                             
P.O. Box 8098                                                                   
Philadelphia, PA 19101                                                          

Independent Accountants                                                         
PricewaterhouseCoopers LLP                                                      
1177 Avenue of the Americas                                                     
New York, NY 10036                                                              

Legal Counsel                                                                   
Gardner, Carton & Douglas                                                       
Quaker Tower                                                                    
321 North Clark Street                                                          
Chicago, IL 60610-4795                                                          

Fund Symbols                                                                    
NASDAQ   CUSIP                                
Class A Shares   SNGAX   86276R502                                              
Class B Shares   SNGBX   86276R601                                              
Class C Shares   SNGCX   86276R700                                              
Class Z Shares   SNGZX   86276R809                                              

(ICON)                                                                          
MFSP501E                                                                        

(ICON)  Printed on Recycled Paper                                               

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This N-30D Filing		Date		First		Last			Other Filings
		1/28/00		18		53
		3/15/00		18
		6/1/00		4
		6/2/00		16		24
		11/22/00		36		60
		12/31/00		4
For The Period Ended		2/28/01		1		71			24F-2NT/A, NSAR-B, 24F-2NT
		3/7/01		21
		3/31/01		20
		4/13/01		24		60
		4/19/01		4		36
Filed On / Filed As Of		4/20/01
		3/6/02		21
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