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The Target Portfolio Trust
Supplement dated November 22, 1995 to
Prospectus dated March 3, 1995
MANAGEMENT OF THE TRUST
Advisers
Large Capitalization Growth Portfolio
On November 20, 1995, the Trustees approved a new subadvisory agreement for
the Large Capitalization Growth Portfolio with Oak Associates in the place of
Roger Engemann Management Co., Inc. who resigned as portfolio manager effective
November 21, 1995. This agreement is subject to the same terms and conditions as
the agreement with the prior adviser and will be submitted to the shareholders
of the Portfolio for their approval at a Special Meeting of Shareholders which
is currently scheduled to be held on or about March 12, 1996.
Oak Associates (Oak), 3875 Embassy Parkway, Suite 250, Akron, Ohio 44333,
will begin managing its portion of the Portfolio effective today. Oak was
founded in April 1985 and has specialized in the large-cap market since
inception. It provides investment management services to both individual and
institutional clients and, as of October 31, 1995, had approximately $3 billion
in assets under management. Oak's investment approach is to be fully invested in
growth stocks under normal circumstances and it may take positions that are
concentrated in securities and sectors subjecting the Portfolio to greater
volatility. James D. Oelschlager is the sole proprietor of the Adviser and is
the portfolio manager of the portion of the Portfolio managed by Oak with the
assistance of Donna Barton, Margaret Ballinger and Douglas MacKay as assistant
portfolio managers. Mr. Oelschlager has been President of Oak since 1985. Ms.
Barton and Ms. Ballinger have been employed as a trader and client service
manager, respectively, for Oak since 1985. Mr. MacKay has been a research
analyst for Oak since 1990; prior to 1990, Mr. MacKay was a credit analyst for
the Pittsburgh National Bank. Messrs. Oelschlager and MacKay and Ms. Ballinger
and Ms. Barton also manage two series of The Advisers' Inner Circle Fund, White
Oak Growth Stock Fund and Pin Oak Aggressive Stock Fund.
Columbus Circle Investors (CCI) is the other Adviser to the Portfolio. Oak
and CCI are paid a fee by the Manager at an annual rate of .30 of 1% of the
average daily net assets of the portion of the Portfolio's assets managed by
them.
TMF158C-2 (11/22/95)
