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Prudential Allocation Fund
Supplement dated November 23, 1994 to
Prospectus dated September 29, 1994
HOW THE FUND IS MANAGED
Manager
The Conservatively Managed Portfolio is managed by Prudential Diversified
Investment Strategies (PDI Strategies) and Prudential Investment Advisors, units
of PIC, using a team of portfolio managers under the supervision of Mark Stumpp,
a Managing Director and Chief Investment Officer of PDI Strategies, who provides
overall asset allocation for the Portfolio since November 1994. Mr. Stumpp has
been employed by PIC since 1987. Mr. Stumpp also provides overall asset
allocation for the Prudential Retirement Plan, and the Prudential Series Fund
Conservatively Managed Portfolio and Aggressively Managed Portfolio, among other
accounts. The Strategy Portfolio is managed by Prudential Investment Advisors
using a team of portfolio managers coordinated by Anthony M. Gleason since May
1994. Mr. Gleason is a Director of PIC and has been employed by PIC since 1986.
Mr. Gleason also serves as equity portfolio manager of the Prudential Series
Fund Aggressively Managed Portfolio. Asset allocation for the Strategy Portfolio
is provided by Greg A. Smith as described in the Prospectus. See ``How the Fund
is Managed--Manager'' at page 17.
MF134C-1 (11-23-94)
