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Prudential Multi-Sector Fund, Inc.
Supplement dated March 31, 1998 to
Prospectus dated June 30, 1997
The Board of Directors of Prudential Multi-Sector Fund, Inc. (the Fund) has
recently approved a proposal to exchange the assets and liabilities of the Fund
for shares of the Prudential Jennison Growth Fund, a series of Prudential
Jennison Series Fund, Inc. Class A, Class B, Class C and Class Z shares of the
Fund would be exchanged at net asset value for respective Class A, Class B,
Class C and Class Z shares of equivalent value of the Prudential Jennison
Growth Fund, a series of Prudential Jennison Series Fund, Inc..
The transfer is subject to approval by the shareholders of the Fund. It is
anticipated that a proxy statement/prospectus relating to the transaction will
be mailed to the Fund's shareholders in May 1998.
Under the terms of the proposal, shareholders of the Fund would become
shareholders of Prudential Jennison Growth Fund. No sales charges would be
imposed on the proposed transfer. The Fund anticipates obtaining an opinion of
its counsel that the transaction would be a tax-free reorganization under the
Internal Revenue Code and therefore no gain or loss for federal income tax
purposes would be recognized by shareholders of the Fund.
Effective immediately, the Fund will no longer accept orders to purchase or
exchange into its shares of any class, except for purchases by certain
Retirement and Employee Plans (excluding IRA accounts). Existing shareholders
may continue to acquire shares through dividend reinvestment. The current
exchange privilege of obtaining shares of other Prudential Mutual Funds and the
current redemption rights will remain in effect until the transaction is
consummated.
David Poiesz, a Vice President of The Prudential Investment Corporation
and a director and Senior Vice President of Jennison Associates LLC, both of
which are subsidiaries of The Prudential Insurance Company of America, is the
portfolio manager of both the Fund and Prudential Jennison Growth Fund.
MF142C-1 (3/31/98)
