0000067590-14-000837.txt : 20140814 0000067590-14-000837.hdr.sgml : 20140814 20140814163744 ACCESSION NUMBER: 0000067590-14-000837 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140814 DATE AS OF CHANGE: 20140814 EFFECTIVENESS DATE: 20140814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL INVESTMENT PORTFOLIOS 16 CENTRAL INDEX KEY: 0001067442 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-60561 FILM NUMBER: 141043583 BUSINESS ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 9738026469 MAIL ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: TARGET ASSET ALLOCATION FUNDS DATE OF NAME CHANGE: 20061003 FORMER COMPANY: FORMER CONFORMED NAME: STRATEGIC PARTNERS ASSET ALLOCATION FUNDS DATE OF NAME CHANGE: 20010906 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL DIVERSIFIED FUNDS DATE OF NAME CHANGE: 19980930

0001067442 S000004703 TARGET CONSERVATIVE ALLOCATION FUND

C000012792 Class R PCLRX

C000012793 Class A PCGAX

C000012794 Class B PBCFX

C000012795 Class C PCCFX

C000012796 Class Z PDCZX

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PRUDENTIAL INVESTMENT PORTFOLIOS 16

Target Conservative Allocation Fund

Supplement dated August 14, 2014 to the

Prospectus, Summary Prospectus, and Statement of Additional Information,

each dated September 30, 2013, as supplemented

This supplement sets forth changes to the Prospectus, Summary Prospectus and Statement of Additional Information, each dated September 30, 2013 (collectively, the Prospectus), of the Target Conservative Allocation Fund (the Fund), a series of Prudential Investment Portfolios 16. The following should be read in conjunction with the Prospectus and should be retained for future reference. Defined terms used herein and not otherwise defined herein shall have the meanings given to them in the Prospectus.

At a special meeting of shareholders of the Fund held on August 14, 2014, the shareholders of the Fund approved the appointment of Quantitative Management Associates LLC, Jennison Associates LLC, Prudential Fixed Income, a business unit of Prudential Investment Management, Inc. (PIM), and Prudential Real Estate Investors, a business unit of PIM, as the Fund’s new subadvisers. The appointment is part of an overall repositioning of the Target Conservative Allocation Fund. The Fund will change its name to “Prudential Income Builder Fund” and the Fund will transition from one that uses a static investment strategy that may be adjusted from time to time to one utilizing a dynamic asset allocation strategy with a focus on generating income. Implementation of the changes, including termination of the subadvisory agreements with the current unaffiliated subadvisers and changes to the Fund’s investment policies, is expected to occur on or about September 23, 2014.

LR615