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SIGNATURE GRACE C. TORRES
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PRUDENTIAL TAX-MANAGED EQUITY FUND
<SERIES>
<NUMBER> 002
<NAME> TAX-MANAGED EQUITY FUND (CLASS B)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> (6,937,032)
<DIVIDEND-INCOME> 2,577,327
<INTEREST-INCOME> 150,723
<OTHER-INCOME> 0
<EXPENSES-NET> 3,709,893
<NET-INVESTMENT-INCOME> (981,843)
<REALIZED-GAINS-CURRENT> (12,285,170)
<APPREC-INCREASE-CURRENT> 43,894,959
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<NET-CHANGE-IN-ASSETS> 377,745,611
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 3,709,893
<AVERAGE-NET-ASSETS> 144,221,000
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 1.27
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<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 11.22
<EXPENSE-RATIO> 1.98
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001070287
<NAME> PRUDENTIAL TAX-MANAGED EQUITY FUND
<SERIES>
<NUMBER> 003
<NAME> TAX-MANAGED EQUITY FUND (CLASS C)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 332,659,775
<INVESTMENTS-AT-VALUE> 376,554,734
<RECEIVABLES> 5,932,007
<ASSETS-OTHER> 114,878
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<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 2,454,464
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<TOTAL-LIABILITIES> 0
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<NET-INVESTMENT-INCOME> (981,843)
<REALIZED-GAINS-CURRENT> (12,285,170)
<APPREC-INCREASE-CURRENT> 43,894,959
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 391,486,386
<NUMBER-OF-SHARES-REDEEMED> (44,368,721)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 377,745,611
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.05)
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<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.22
<EXPENSE-RATIO> 1.98
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001070287
<NAME> PRUDENTIAL TAX-MANAGED EQUITY FUND
<SERIES>
<NUMBER> 004
<NAME> TAX-MANAGED EQUITY FUND (CLASS Z)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 332,659,775
<INVESTMENTS-AT-VALUE> 376,554,734
<RECEIVABLES> 5,932,007
<ASSETS-OTHER> 114,878
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 2,454,464
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,301,544
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 346,235,822
<SHARES-COMMON-STOCK> 6,937,032
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,285,170)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43,894,959
<NET-ASSETS> (6,937,032)
<DIVIDEND-INCOME> 2,577,327
<INTEREST-INCOME> 150,723
<OTHER-INCOME> 0
<EXPENSES-NET> 3,709,893
<NET-INVESTMENT-INCOME> (981,843)
<REALIZED-GAINS-CURRENT> (12,285,170)
<APPREC-INCREASE-CURRENT> 43,894,959
<NET-CHANGE-FROM-OPS> 30,627,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (44,368,721)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 377,745,611
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,356,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,709,893
<AVERAGE-NET-ASSETS> 12,627,000
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.30
<EXPENSE-RATIO> 0.98
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
To the Shareholders and Board of Trustees of
Prudential Tax-Managed Equity Fund
(2)
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Prudential Tax-Managed Equity Fund
In planning and performing our audit of the
financial statements of Prudential Tax-
Managed Equity Fund (the "Fund") for the
period ended October 31, 1999, we considered
its internal control, including control
activities for safeguarding securities, in
order to determine our auditing procedures
for the purpose of expressing our opinion on
the financial statements and to comply with
the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Fund is responsible
for establishing and maintaining internal
control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and
related costs of controls. Generally,
controls that are relevant to an audit
pertain to the entity's objective of
preparing financial statements for external
purposes that are fairly presented in
conformity with generally accepted
accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal
control, errors or fraud may occur and not
be detected. Also, projection of any
evaluation of internal control to future
periods is subject to the risk that controls
may become inadequate because of changes in
conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would
not necessarily disclose all matters in
internal control that might be material
weaknesses under standards established by
the American Institute of Certified Public
Accountants. A material weakness is a
condition in which the design or operation
of one or more of the internal control
components does not reduce to a relatively
low level the risk that misstatements caused
by error or fraud in amounts that would be
material in relation to the financial
statements being audited may occur and not
be detected within a timely period by
employees in the normal course of performing
their assigned functions. However, we noted
no matters involving internal control and
its operation, including controls for
safeguarding securities, that we consider to
be material weaknesses as defined above as
of October 31, 1999.
This report is intended solely for the
information and use of the Board of
Trustees, management and the Securities and
Exchange Commission and is not intended to
be and should not be used by anyone other
than these specified parties.
PricewaterhouseCoopers LLP
December 20, 1999
