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May 13, 1998
Dear Shareholder:
Pending shareholder approval of the proxy statement that you will receive in
the next week, the Prudential Multi-Sector Fund, Inc. will close on June 26,
1998. All assets of the Fund will be acquired by the Prudential Jennison Growth
Fund and you will receive Prudential Jennison Growth Fund shares equivalent in
value to your Fund shares. We encourage you to read your prospectus and
forthcoming proxy statement for a complete discussion of this proposed
reorganization.
Beginning this month, we will automatically allocate your monthly investment
to the Jennison Growth Fund. If you would rather allocate your investment to
another Prudential Fund, or want to discuss your options, please call us at
(800) 225-1852 before Friday, June 19, 1998.
Reasons for the reorganization
The Board of the Multi-Sector Fund has determined that this reorganization is
in the best interest of the Fund's shareholders for the following reasons:
The Jennison Growth Fund has outperformed the Multi-Sector Fund. While past
performance does not guarantee future results, the performance of the Jennison
Growth Fund has been stronger than that of the Multi-Sector Fund (the table on
page 4 of your proxy statement will contain certain performance information
for your reference).
Lower expense ratios for Jennison Growth Fund shares. Shares of the Jennison
Growth Fund had lower expense ratios than those of the Multi-Sector Fund in
the fiscal year ending April 30, 1997. Although we cannot give blanket
assurances, if shareholders of the Multi-Sector Fund approve the merger, it is
likely that as Jennison Growth Fund shareholders they will be subject to lower
expense ratios.
The Funds have the same principal objective and share similar investment
policies. The Funds have identical investment objectives: long-term growth of
capital. The Multi-Sector Fund has a secondary objective of current income.
As of March 13, 1998, more than 90% of the Multi-Sector Fund's investments
conformed to the investment policies of the Jennison Growth Fund.
The Funds have many of the same service providers. Prudential Investments Fund
Management serves as the manager of each Fund and Prudential Securities
Incorporated serves as their distributor. Prudential Mutual Fund Services LLC
is their transfer agent and dividend disbursing agent, and State Street Bank
and Trust Company is custodian for each of the Funds. The same individuals
serve on the Board of Directors of each Fund. David Poiesz, a Vice President
of The Prudential Investment Corporation and a Director and Senior Vice
President of Jennison Associates LLC, is the Portfolio Manager of both Funds.
We believe these are compelling reasons for the reorganization. If you have
any questions about this merger, or about your monthly investment, please call
us at (800) 225-1852.
Sincerely,
Brian M. Storms
President, Prudential Mutual Funds
PIMV 0598-3423
