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Prudential Strategist Fund, Inc.
Supplement dated March 17, 1995 to Prospectus dated August 1, 1994
The Board of Directors of Prudential Strategist Fund, Inc. (Strategist Fund)
has recently approved a proposal to exchange the assets and liabilities of the
Fund for shares of Prudential Multi-Sector Fund, Inc. (Multi-Sector Fund). Class
A, Class B and Class C shares of Strategist Fund would be exchanged at net asset
value for Class A, Class B and Class C shares, respectively, of equivalent value
of Multi-Sector Fund.
The transfer has been approved by Multi-Sector Fund's Directors and is
subject to approval by Strategist Fund's shareholders. A proxy
statement/prospectus will be mailed to Strategist Fund's shareholders in late
April.
Multi-Sector Fund's primary investment objective is long-term growth of
capital. Greg A. Smith, the Strategist Fund's portfolio manager, currently makes
recommendations with respect to the Multi-Sector Fund's allocation of assets,
pursuant to a consulting arrangement between Prudential Investment Corporation,
Multi-Sector Fund's Subadviser, and Greg A. Smith Asset Management Corporation.
Under the terms of the proposal, shareholders of Strategist Fund would
become shareholders of Multi-Sector Fund. No sales charges would be imposed on
the proposed transfer. Strategist Fund anticipates obtaining an opinion of Fund
counsel that no gain or loss for federal income tax purposes would be recognized
by shareholders of Strategist Fund as a result of the transfer.
Effective immediately, Strategist Fund will no longer accept purchase
orders for shares of any class. Existing Strategist Fund shareholders may
continue to acquire shares through dividend reinvestment, however exchanges
into Strategist Fund from other Funds will not be permitted. Existing
shareholders will continue to be permitted to exchange out of Strategist
Fund and to redeem their shares pursuant to the current redemption privileges
until the transfer occurs.
MF 114A-1
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