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SIGNATURE GRACE TORRES
TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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For the fiscal year ended (a) December 31, 1996
File number: 811-2896
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
A Special Meeting of Shareholders was held on
October 30, 1996. At such meeting the
shareholders approved the following proposals:
a) Approval of the election of Edward D.
Beach, Eugene C. Dorsey, Delayne D.
Gold, Robert F. Gunia, Harry A. Jacobs,
Jr., Donald D. Lennox, Mendal A. Melzer,
Thomas T. Mooney, Thomas H. O'Brien,
Richard A. Redeker, Nancy H. Teeters,
and Louis A. Weil as Directors of the
Fund each to hold office until the
earlier to occur of (i) the next meeting
of Shareholders at which Directors are
elected and until his or her successor
shall have been duly elected and shall
have qualified or (ii) their terms
expire in accordance with the Fund's
retirement policy.
b) Approval of an amendment of the Fund's
fundamental investment restriction
regarding investment in shares of other
investment companies which would allow
the Fund to invest up to 10% of its
total assets in shares of other
companies.
Affirmative Negative
votes cast votes cast
Abstain
189,468,143 9,984,009
11,839,467
c) Approval of an amendment of the Fund's
fundamental investment restriction
regarding unseasoned issuers which would
prohibit the Fund from purchasing any
security if as a result the Fund would
have more than 5% of its total assets
invested in securities of companies less
than three years old.
Affirmative Negative
votes cast votes cast
Abstain
184,480,788 14,137,805
12,673,026
d) Approval of an amendment of the Fund's
investment restriction to eliminate the
prohibition on investing in non-fixed
income equity securities.
Affirmative Negative
votes cast votes cast
Abstain
186,476,592 12,189,641
12,625,386
e) Approval of an amendment of the Fund's
investment restriction regarding the
making of loans which would limit the
Fund's purchase of loan participations
to 5% of the Fund's total assets.
Affirmative Negative
votes cast votes cast
Abstain
184,265,196 14,334,424
12,691,999
f) Approval of an amendment of the Fund's
investment restriction to permit the
Fund to use futures contracts and
options thereon.
Affirmative Negative
votes cast votes cast
Abstain
183,176,258 15,169,860
12,945,501
g) Approval of the selection of independent
accountants for the Fund conditioned
upon the right by vote of a majority of
such Fund's outstanding voting shares at
any meeting called for the purpose to
terminate such employment forthwith
without penalties.
Affirmative Negative
votes cast votes cast
Abstain
238,506,869 2,323,623
9,816,003
For the period ended (a) 12/31/96
File number (c) 811-2896
SUB-ITEM 77 D
Policies with Respect to Security
Investments
On October 30, 1996 the Fund's shareholders
approved the following changes to the Fund's
investment policies:
Approval of an amendment of the Fund's
fundamental investment restriction regarding
investment in shares of other investment
companies which would allow the Fund to
invest up to 10% of its total assets in
shares of other companies.
Approval of an amendment of the Fund's
fundamental investment restriction regarding
unseasoned issuers which would prohibit the
Fund from purchasing any security if as a
result the Fund would have more than 5% of
its total assets invested in securities of
companies less than three years old.
Approval of an amendment of the Fund's
investment restriction to eliminate the
prohibition on investing in non-fixed income
equity securities.
Approval of an amendment of the Fund's
investment restriction regarding the making
of loans which would limit the Fund's
purchase of loan participations to 5% of the
Fund's total assets.
Approval of an amendment of the Fund's
investment restriction to permit the Fund to
use futures contracts and options thereon.
February 25, 1997
To the Board of Directors of
Prudential High Yield Fund, Inc.
In planning and performing our audit of the
financial statements of Prudential High Yield
Fund, Inc. (the "Fund") for the year ended
December 31, 1996, we considered its internal
control structure, including procedures for
safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing
our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control
structure.
The management of the Fund is responsible for
establishing and maintaining an internal control
structure. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs
of internal control structure policies and
procedures. Two of the objectives of an internal
control structure are to provide management with
reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss
from unauthorized use or disposition and that
transactions are executed in accordance with
management's authorization and recorded properly
to permit preparation of financial statements in
conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may
occur and may not be detected. Also, projection
of any evaluation of the structure to future
periods is subject to the risk that it may become
inadequate because of changes in conditions or
that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control
structure would not necessarily disclose all
matters in the internal control structure 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 the
specific internal control structure elements does
not reduce to a relatively low level the risk that
errors or irregularities 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 the internal control
structure, including procedures for safeguarding
securities, that we consider to be material
weaknesses as defined above as of December 31,
1996.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
PRICE WATERHOUSE LLP
For the fiscal period ended (a) December 31, 1996
File number (c) 811-4710
SUB-ITEM 77J
Reclassification of Capital Accounts
The Fund accounts for and reports distributions to
shareholders in accordance with the AICPA
Statement of Position 93-2: Determination,
Disclosure and Financial Statement Presentation of
Income, Capital Gain, and Return of Capital
Distributions by Investment Companies. The effect
of applying this statement was to decrease
distributions in excess of net investment income
by $11,104,473, increase accumulated net realized
loss on investments by $5, 406,601and decrease
paid-in capital in excess of par by $5,697,782.
This was primarily resulting from: (i) sales of
securities purchased with market discounts and,
(ii) an overdistribution of taxable income for the
year ended December 31, 1996. Net investment
income, net realized gains and net assets were not
affected by this change.
For the fiscal year ended (a) December 31, 1996
File number (c) 811-2896
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule
10f-3
1. Name of Issuer
ARCH Comm Group
2. Date of Purchase
3/7/96
3. Number of Securities Purchased
85,000
4. Dollar Amount of Purchase
$5,001,315
5. Price Per Unit
58.839
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Prudential Securities Incorporated
7. Other Members of the Underwriting Syndicate
EXHIBIT A
UNDERWRITER
Goldman, Sachs & Co.
Lehman Brothers
Toronto Dominion Securities (USA) Inc.
For the fiscal year ended (a) December 31, 1996
File number (c) 811-2896
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule
10f-3
1. Name of Issuer
Iron Mountain Inc.
2. Date of Purchase
9/26/96
3. Number of Securities Purchased
24,000
4. Dollar Amount of Purchase
$2,400,000
5. Price Per Unit
$100.00
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Donaldson, Lufkin & Jenrette
7. Other Members of the Underwriting Syndicate
See Exhibit A
EXHIBIT A
UNDERWRITER
Bear, Stearns & Co. Inc.
Prudential Securities Incorporated
For the fiscal year ended (a) December 31, 1996
File number (c) 811-2896
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule
10f-3
1. Name of Issuer
Costilla Energy
2. Date of Purchase
10/3/96
3. Number of Securities Purchased
33,000
4. Dollar Amount of Purchase
$3,300,000
5. Price Per Unit
$100.00
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Nations Bank
7. Other Members of the Underwriting Syndicate
See Exhibit A
EXHIBIT A
UNDERWRITER
Prudential Securities Incorporated
February 25, 1997
To the Board of Directors of
Prudential High Yield Fund, Inc.
In planning and performing our audit of the
financial statements of Prudential High Yield
Fund, Inc. (the "Fund") for the year ended
December 31, 1996, we considered its internal
control structure, including procedures for
safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing
our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control
structure.
The management of the Fund is responsible for
establishing and maintaining an internal control
structure. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs
of internal control structure policies and
procedures. Two of the objectives of an internal
control structure are to provide management with
reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss
from unauthorized use or disposition and that
transactions are executed in accordance with
management's authorization and recorded properly
to permit preparation of financial statements in
conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may
occur and may not be detected. Also, projection
of any evaluation of the structure to future
periods is subject to the risk that it may become
inadequate because of changes in conditions or
that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control
structure would not necessarily disclose all
matters in the internal control structure 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 the
specific internal control structure elements does
not reduce to a relatively low level the risk that
errors or irregularities 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 the internal control
structure, including procedures for safeguarding
securities, that we consider to be material
weaknesses as defined above as of December 31,
1996.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
PRICE WATERHOUSE LLP
