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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE SUSAN C. COTE'
TITLE TREASURER
SUB-ITEM 77E
Utility Fund N-SAR
On October 12, 1993, a lawsuit was instituted
against the Registrant, Prudential Mutual Fund
Management, Inc., The Prudential Investment
Corporation, Prudential Securities
Incorporated and certain current and former
directors of the Registrant. (Merine v.
Prudential-Bache Utility Fund, Inc., et. al
(93 Civ. 7065 (PKL) - S.D.N.Y.) The suit was
brought by plaintiffs both derivatively on
behalf of the Registrant and purportedly on
behalf of the class of shareholders who
purchased their shares prior to 1985. The
plaintiffs seek damages on behalf of the
Registrant in an unspecified amount for
alleged excessive management and distribution
fees. The complaint also challenges the
Alternative Purchase Plan that was implemented
in January 1990 pursuant to a shareholder vote
and that provided for the creation of two
classes of Registrant shares. The plaintiffs,
on behalf of the purported class, seek damages
and equitable relief against the Registrant
and the named directors to change the
classification of the shares of the class and
to compel a further vote on such plan.
Although the outcome of this litigation cannot
be predicted at this time, defendants believe
they have meritorious defenses to the claims
asserted in the complaint and intend to defend
this action vigorously. In any event, because
plaintiffs' claims for damages are brought
derivatively on behalf of the Registrant, the
Registrant is only a nominal defendant with
respect to those claims. Only equitable
relief is sought from the Registrant.
For the fiscal year ended (a) 12/31/93
File number (c) 811-3175
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
CMS Energy Corporation
2. Date of Purchase
09/29/93
3. Number of Securities Purchased
150,000
4. Dollar Amount of Purchase
$3,993,750.00
5. Price Per Unit
$26.625
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Morgan Stanley & Co., Incorporated
7. Other Members of the Underwriting Syndicate
Donaldson, Lufkin & Jenrette Securities Corporation
The First Boston Corporation
Goldman, Sachs & Co
Merrill Lynch, Pierce, Fenner & Smith Incorporated
M.R. Beal & Company
Bear, Stearns & Co.
Dillon, Read & Co., Inc
A.G. Edwards & Sons, Inc.
First of Michigan Corporation
Edward D. Jones & Co.
Kemper Securities, Inc.
Kidder, Peabody & Co., Incorporated
McDonald & Company Securities, Inc.
Monness, Crespi, Hardt & Co., Inc.
Paine Webber Incorporated
Roney & Co.
Salomon Brothers Inc.
Smith Barney Shearson Inc.
UBS Securities Inc.
Dean Witter Reynolds Inc.
For the fiscal year ended (a) 12/31/93
File number (c) 811-3175
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
PacTel Corporation
2. Date of Purchase
12/2/93
3. Number of Securities Purchased
299,500
4. Dollar Amount of Purchase
$6,888,500.00
5. Price Per Unit
$23.00
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Lehman/Salomon Brothers
7. Other Members of the Underwriting Syndicate
Goldman, Sachs & Co.
Merrill Lynch, Pierce Fenner & Smith Incorporated
CS First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Morgan Stanley & Co., Inc.
Bear, Stearns & Co., Inc.
Alex Brown & Sons Incorporated
Dillon, Read & Co., Inc.
A.G. Edwards & Sons, Inc.
Hambrecht & Quist Incorporated
Kemper Securities, Inc.
Kidder Peabody & Co., Incorporated
Lazard Freres & Co.
WR Lazard, Laidlaw & Mead Inc.
Montgomery Securities
Nomura Securities International, Inc.
Oppenheimer & Co., Inc.
Paine Webber Incorporated
Prudential Securities Incorporated
Pryor, McClendon, Counts & Co., Inc.
Robertson, Stephens & Company, LP
Scotia-McLeod (USA) Inc.
Muriel Seibert & Co., Inc.
Smith Barney Shearson, Inc.
SBCI Swiss Bank Corporation Investment Banking Inc.
UBS Securities Inc.
S.G. Warburg & Co., Inc.
Wertheim Schroder & Co., Incorporated
Dean Witter Reynolds Inc.
Yamaichi International (America), Inc.
Advest, Inc.
Robert W. Baird & Co. Incorporated
Sanford C. Bernstein & Co. Incorporated
Cowen & Company
Crowell, Weedon & Co.
Dain Bosworth Incorporated
Robert Fleming Inc.
Ladenburg, Thalmann & Co., Inc.
C.J. Lawrence/Deutsche Bank Securities Corporation
Legg Mason Wood Walker Incorporated
Moran & Associates, Inc. Securities Brokerage
Needham & Company, Inc.
Neuberger & Berman
Piper Jaffray Inc.
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Stifel, Nicolaus & Company, Incorporated
Sutro & Co., Incorporated
AIBC Investment Services Corporation
Apex Securities, Inc.
M.R. Beal & Co.
Charles A. Bell Securities Corp.
The Buckingham Research Group Incorporated
D.A. Davidson & Co., Incorporated
Doley Securities, Inc.
First Analysis Securities Corporation
Gabelli & Company, Inc.
Gerard Klauer Mattison & Co., Inc.
Grigsby Brandford Powell Inc.
Hanifen, Imhoff Inc.
Janney Montgomery Scott Inc.
Edward D. Jones & Co.
Luther, Smith & Smalls, Inc.
Ragen MacKenzie Incorporated
Samuel A. Ramirez & Co., Inc.
Redwood Securities Group, Inc.
Robert Van Securities, Inc.
The Seidler Companies Incorporated
Sturdivant & Col, Inc.
Utendahl Capital Partners, LP
Wedbush Morgan Securities
For the fiscal year ended (a) 12/31/93
File number (c) 811-3175
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Niagara Mohawk Power Corporation
2. Date of Purchase
4/28/93
3. Number of Securities Purchased
80,000
4. Dollar Amount of Purchase
$1,780,000.00
5. Price Per Unit
$22.25
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Merrill Lynch
7. Other Members of the Underwriting Syndicate
A.G Edwards & Sons, Inc.
First Albany Corporation
Bear, Stearns & Co., Inc.
Goldman, Sachs & Co.
Kidder, Peabody & Co., Inc.
Oppenheimer & Co., Inc.
Paine Webber Inc.
Prudential Securities Inc.
Shearson Lehman Brothers Inc.
Smith Barney, Harris Upham & Co., Inc.
UBS Securities Inc.
Dean Witter Reynolds Inc.
Edward D. Jones & Co
NatWest Securities Limited
Advest, Inc.
M.R. Beal & Company
Cowen & Company
Dominick & Dominick, Inc.
Gruntal & Co., Inc.
Janney Montgomery Scott Inc.
Kemper Securities, Inc.
CL King & Associates, Inc.
Legg Mason Wood Walker, Inc.
Muriel Seibert & Co., Inc.
Trubee, Collins & Co.
Tucker Anthony Incorporated
Utendahl Capital Partners, L.P.
For the fiscal year ended (a) 12/31/93
File number (c) 811-3175
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Pacific Enterprises
2. Date of Purchase
5/19/93
3. Number of Securities Purchased
124,000
4. Dollar Amount of Purchase
$2,681,500
5. Price Per Unit
$21.625
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Merrill Lynch
7. Other Members of the Underwriting Syndicate
Shearson Lehman Brothers Inc.
Dean Witter Reynolds Inc.
Bear, Stearns & Co., Inc.
The First Boston Corporation
Crowell, Weedon & Co.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Goldman, Sachs & Co.
Kidder, Peabody & Co., Inc.
J.P. Morgan Securities Inc.
Morgan Stanley & Co., Inc.
Paine Webber Incorporated
Prudential Securities, Inc.
Salomon Brothers, Inc.
Smith Barney, Harris Upham & Co., Incorporated
S.G. Warburg & Co., Inc.
Advest, Inc.
Robert W. Baird & Co., Inc.
M. R. Beal & Company
Dain Bosworth Incorporated
Gruntal & Co., Inc.
Howard, Weil, Labouisse, Friedrichs Inc.
Edward D. Jones & Co.
Kemper Securities, Inc.
Ladenburg, Thalmann & Co., Inc.
C.J. Lawrence Inc.
Legg Mason Wood Walker, Inc.
Neuberger & Berman
Piper Jaffrey Inc.
Ragen MacKenzie Incorporated
Rauscher Pierce Refsnes, Inc.
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Rodman & Renshaw, Inc.
Seidler Amdec Securities, Inc.
Sutro & Co., Inc.
Van Kasper & Company
Wedbush Morgan Securities
Wheat, First Securities, Inc.
For the fiscal year ended (a) 12/31/93
File number (c) 811-3175
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Panhandle Eastern Corporation
2. Date of Purchase
5/25/93
3. Number of Securities Purchased
179,100
4. Dollar Amount of Purchase
$3,805,875
5. Price Per Unit
$21.25
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Merrill Lynch, Pierce, Fenner & Smith Inc.
7. Other Members of the Underwriting Syndicate
Dillon Read & Co. Inc.
Kidder, Peabody & Co., Inc.
The First Boston Corporation
Alex Brown & Sons Inc.
A.G. Edwards & Sons Inc.
Goldman, Sachs & Co.
Howard, Weil, Labouisse, Friedrichs Incorporated
Lazard Freres & Co.
Mabon Securities Corp.
J.P. Morgan Securities Inc.
Oppenheimer & Co., Inc.
Prudential Securities Incorporated
Rauscher Pierce Refsnes, Inc.
Salomon Brothers Inc.
Shearson Lehman Brothers Inc.
Smith Barney, Harris Upham & Co., Inc.
UBS Securities Inc.
Dean Witter Reynolds, Inc.
Advest, Inc.
J.C. Bradford & Co.
Cowen & Company
Dain Bosworth Incorporated
First Albany Corporation
First of Michigan Corporation
Janney Montgomery Scott Inc.
Kemper Securities, Inc.
C.J. Lawrence Inc.
Legg Mason Wood Walker, Incorporated
Piper Jaffray Inc.
The Principal/Eppler, Guerin & Turner, Inc.
Raymond James & Associates, Inc.
Stifel, Nicolaus & Company, Incorporated
Wheat, First Securities, Inc.
Brean Murray, Foster Securities Inc.
The Chicago Corporation
Johnston, Lemon & Co., Incorporated
Parker/Hunter Incorporated
Petrie Parkman & Co., Inc.
Roney & Company
Scott & Stringfellow, Inc.
February 8, 1994
To the Board of Directors of
Prudential Utility Fund
In planning and performing our audit of the financial statements of
Prudential
Utility Fund (the "Fund") for the year ended December 31, 1993, 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 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, 1993.
This report is intended solely for the information and use of
management and
the Securities and Exchange Commission.
PRICE WATERHOUSE
1177 Avenue of the Americas
New York, New York 10036
Board of Directors or Trustees of:
Prudential Adjustable Rate Securities Fund
The BlackRock Government Income Trust
Prudential California Municipal Fund
Prudential Equity Fund
Prudential Equity Income Fund
Prudential FlexiFund (2 Portfolios)
Prudential GNMA Fund
Prudential Global Fund
Prudential Global Genesis Fund
Prudential Global Natural Resources Fund
Prudential Government Plus Fund
Prudential Growth Fund
Prudential Growth Opportunity
Prudential High Yield Fund
Prudential IncomeVertible Fund
Prudential Intermediate Global Income Fund
Prudential Multi-Sector Fund
Prudential Municipal Bond Fund (3 Portfolios)
Prudential Municipal Series Fund (11 Portfolios)
Prudential National Municipals Fund
Prudential Pacific Growth Fund
Prudential Short-Term Global Income Fund (2 Portfolios)
Prudential Strategic Income Fund
Prudential Structured Maturity Fund
Prudential U.S. Government Fund
Prudential Utility Fund
Global Utility Fund, Inc.
Nicholas-Appelgate Fund, Inc.
We have examined the accompanying description of the Prudential
Dual Pricing
Worksheet (the "Worksheet") application of State Street Bank and
Trust Company
("State Street"), custodian and recordkeeper for the Prudential
Mutual Funds
(the "Funds"). Our examination included procedures to obtain
reasonable
assurance about whether (1) the accompanying description presents
fairly, in
all material respects, the aspects of State Street's policies and
procedures
that may be relevant to a Fund's internal control structure
relating to the
Worksheet, (2) the control structure policies and procedures
included in the
description were suitably designed to achieve the control
objectives specified
in the description, if those policies and procedures were complied
with
satisfactorily, and (3) such policies and procedures had been
placed in
operation as of June 30, 1993. The control objectives were
specified by
Prudential Mutual Fund Management. Our examination was performed
in accordance
with standards established by the American Institute of Certified
Public
Accountants and included those procedures we considered necessary
in the
circumstances to obtain a reasonable basis for rendering our
opinion.
In our opinion, the accompanying description of the aforementioned
application
presents fairly, in all material respects, the relevant aspects of
State
Street's policies and procedures that had been placed in operation
as of June
30, 1993. Also, in our opinion, the policies and procedures, as
described, are
suitably designed to provide reasonable assurance that the
specified control
objectives would be achieved if the described policies and
procedures were
complied with satisfactorily.
In addition to the procedures we considered necessary to render our
opinion as
expressed in the previous paragraph, we applied tests to specific
policies and
procedures, listed in Section I, to obtain evidence about their
effectiveness
in meeting the control objectives, described in Section I during
the period
from July 1, 1992 to June 30, 1993. The nature, timing, extent,
and results of
the tests are listed in Section II. In our opinion the policies
and procedures
that were tested, as described in Section II, were operating with
sufficient
effectiveness to provide reasonable, but not absolute, assurance
that the
control objectives specified in Section I were achieved during the
period from
July 1, 1992 to June 30, 1993.
The relative effectiveness and significance of specific policies
and procedures
at State Street, and their effect on assessments of control risk on
the Funds
are dependent on their interaction with the policies, procedures,
and other
factors present at individual Funds. We have performed no
procedures to
evaluate the effectiveness of policies and procedures at individual
Funds in
connection with this report.
The description of policies and procedures at State Street is as of
June 30,
1993, and information about tests of the operating effectiveness of
specified
policies and procedures covers the period from July 1, 1992 to June
30, 1993.
Any projection of such information to the future is subject to the
risk that,
because of change, the description may no longer portray the system
in
existence. The potential effectiveness of specified policies and
procedures at
State Street is subject to inherent limitations and, accordingly,
errors or
irregularities may occur and not be detected. Furthermore, the
projection of
any conclusions, based on our findings, to future periods is
subject to the
risk that changes may alter the validity of such conclusions.
This report is intended solely for use by the management and Boards
of
Directors/Trustees of the Funds, the independent auditors of the
Funds and the
Securities and Exchange Commission.
DELOITTE & TOUCHE
August 13, 1993
SECTION I
Policies and Procedures Placed in Operation
Prudential Dual Pricing Worksheet
Effective January 22, 1990, the Funds, offered by Prudential
Securities
Incorporated (formerly Prudential-Bache Securities, Inc.) and
Prudential Mutual
Fund Distributors, Inc., adopted a dual pricing system. The dual
pricing
system consists of two classes of shares (Class A and Class B) for
the Funds.
The Class A shares are subject to a front-end sales load and the
Class B shares
are subject to a contingent deferred sales charge. The two classes
of shares
represent interests in the same portfolio of investments of the
respective Fund
and are identical in all respects, except that each class is
subject to
different distribution expenses and has exclusive voting rights
with respect to
the Rule 12b-1 distribution plan pursuant to which such
distribution expenses
are paid.
In order to allocate income and expenses between the two classes of
shares,
State Street Bank and Trust Company (the Funds' custodian and
recordkeeper)
utilizes the Prudential Dual Pricing Worksheet (the "Worksheet")
(see Exhibit
I). The Worksheet is a manual supplementary application that
extracts relevant
data from the Funds' primary accounting system, allocates income
and expenses
between the two classes of shares and computes the daily net asset
value and,
if applicable, the dividend/distribution for each class of shares.
Internal
accounting controls that are relevant to the Fund can be divided
into two
components - controls related to the mutual fund accounting system
resident at
State Street Bank and Trust Company (the "primary accounting
system") and
controls related to the Worksheet.
The specific control objectives and policies and procedures
relating to the
Worksheet are described on pages 4 and 5. A description of the
tests of the
policies and procedures designed to obtain evidence about the
operating
effectiveness of those policies and procedures in achieving the
specific
control objectives is included in Section II.
Control Objectives and Policies and Procedures
Prudential Dual Pricing Worksheet
The Worksheet is a supplementary manual application to the Funds'
primary
accounting system. Certain data is extracted from the primary
accounting
system to allocate income and expenses and to calculate the daily
net asset
value and, if applicable, dividends/distributions for each class of
shares.
The primary accounting system includes the details of transactions
in
accordance with the Investment Company Act of 1940, as amended.
The following represents the internal accounting control objectives
and
policies and procedures for the allocation of income and expenses
and the
computation of the net asset value and, if applicable, the
dividend/distribution for each class of shares utilizing the
Worksheet. It
does not cover the internal accounting control policies and
procedures
surrounding the processing of information into the Funds' primary
accounting
system.
CONTROL OBJECTIVES CONTROL POLICIES AND
PROCEDURES
A. Capital share activity 1. Daily, the transfer
agent forwards
as reported by the Fund's reports of capital share
capital share
transfer agent is recorded activity for each class
which includes
for each class in an accurate a summary of subscriptions,
and timely manner by the fund. redemptions, exchanges and
other
information (the
"Supersheet"). The
opening day's balance for
shares
outstanding and for shares
eligible for
dividends are recorded on
the
Worksheet. shares eligible
for
dividends are recorded on
2. Estimated interim
share activity
for the current day not
recorded in the
Supersheet is received via
telefax from
the transfer agent and is
recorded for
each class on the
Worksheet.
B. Net Asset Value ("NAV") 1. The prior days ending
NAV per
and, if applicable, the share (unrounded) for each
class is
dividend/distribution for agreed to the prior day's
Worksheet.
each class are accurately
computed on a daily basis. 2. The daily net capital
stock
activity for each class for
the current
day is agreed to the
Supersheet as
described in Control
Procedures A.1 and
2., above.
3. Percentage Assets by
Class and
Percentage Dividend Assets
by Class are
calculated for each class
based upon
information from the prior
day
Worksheet and information
recorded on
the Supersheet.
CONTROL OBJECTIVES CONTROL POLICIES AND
PROCEDURES
4. Allocate investment
income between
classes based on the
appropriate asset
allocation percentage for
each class.
5. Agree composite
dividend income,
interest income, income
amortization,
income equalization,
management fees,
other expenses, realized
gains and
losses, and unrealized
appreciation/depreciation
to the
primary accounting system
of the Fund.
6. Allocate expenses
between classes
as follows:
a. Expenses directly
attributable to each class
(12b-1
distribution expenses) are
calculated
and recorded to that
class.
b. Expenses
attributable to both
classes are allocated in
accordance
with the appropriate asset
allocation
percentage for each class.
7. Allocate realized
and
unrealized gains and losses
between the
classes in accordance with
the
appropriate asset
allocation percentage
of each class.
8. Record
dividends/distributions to
shareholders of each class
in the
primary accounting system.
9. Aggregate the net
assets for each
class and agree to the
total net assets
per the primary accounting
system.
10. For each class,
reconcile the
current day's NAV and, if
applicable,
the dividend/distribution
to the
previous day's NAV and
dividend/distribution for
each class.
11. The above procedures
are reviewed
by the Fund supervisor or
manager.
SECTION II
Tests of Operating Effectiveness
Prudential Dual Pricing Worksheet
July 1, 1992 to June 30, 1993
We reviewed the methodology and procedures for calculating the
daily net asset
value and, if applicable, the dividends/distributions of the two
classes of
shares and the allocation of income and expenses between the two
classes of
shares.
The following are the detailed procedures which we performed with
respect to
the Worksheet. These procedures were performed for selected days
encompassing
all Funds subject to dual pricing during the year ended June 30,
1993, which we
believe is a representative sample, to test compliance with the
control
policies and procedures as described in Section I.
Prudential Mutual Fund Management, Inc. is the manager of the Funds
and has
represented to us that adequate facilities are in place to ensure
implementation of the methodology and procedures for calculating
the net asset
value and dividends/distributions of the two classes of shares and
the
allocation of income and expenses between the two classes of
shares. Based on
our review of the description of the policies and procedures of the
Worksheet,
as described in Section I, and performance of tests of operating
effectiveness
as described in Section II, we concur with such representation.
Agreed "Prior Day NAV Per Share" to the previous day's
Worksheet and
to the rounded NAV included on the Supersheet for each
class.
Agreed "Shares Outstanding Beginning of the Day" to the
Supersheet
for each class.
Agreed "Activity/Estimate" to the estimated interim share
activity
reported via fax from the transfer agent for each class.
Recalculated "Current Shares Outstanding" by adding
"Shares
Outstanding Beginning of the Day" and "Activity/Estimate"
for each
class.
Recalculated for each class "Adjusted Total Assets" by
multiplying
"Prior Day NAV Per Share" by "Current Shares
Outstanding."
Recalculated "Percentage Assets-Class A/Front End" by
dividing
"Adjusted Total Assets-Class A/Front End" by "Adjusted
Total Assets
Composite."
Recalculated "Percentage Assets-Class B/Back End" by
dividing
"Adjusted Total Assets-Class B/Back End" by "Adjusted
Total Assets
Composite."
Agreed "Dividend Shares Beginning of Day" to the
Supersheet for each
class.
Agreed "Activity/Estimate" to the estimated interim share
activity
reported via fax from the transfer agent for each class.
Recalculated "Current Dividend Shares" by adding
"Dividend Shares
Beginning of Day" and "Activity/Estimate" for each class.
Recalculated for each class "Adjusted Dividend Assets" by
multiplying
"Prior Day NAV Per Share" by "Current Dividend Shares."
Recalculated "Percentage Dividend Assets-Class A/Front
End" by
dividing "Adjusted Dividend Assets-Class A/Front End" by
"Adjusted
Dividend Assets Composite."
Recalculated "Percentage Dividend Assets-Class B/Back
End" by
dividing "Adjusted Dividend Assets-Class B/Back End" by
"Adjusted
Dividend Assets Composite."
Agreed composite total "Dividend Income", "Interest
Income",
"Amortization" and "Income Equalization" to the primary
accounting
system.
Recalculated the allocation for each class of "Dividend
Income",
"Interest Income" and "Amortization" for daily dividend
funds by
multiplying the composite total by "Percentage Dividend
Assets-Class
A/Front End" and "Percentage Dividend Assets-Class B/Back
End," and
for non-daily dividend funds by multiplying the composite
total by
"Percentage Assets-Class A/Front End" and "Percentage
Assets-Class
B/Back End."
Recalculated "Daily Income", composite and for each
class, by
totaling "Dividend Income", "Interest Income",
"Amortization" and
"Income Equalization."
Agreed composite total "Management Fee" and "Other Fixed
Expenses" to
the primary accounting system.
Recalculated the allocation for each class of "Management
Fee" and
"Other Fixed Expenses" for daily dividend funds by
multiplying the
composite total by "Percentage Dividend Assets-Class
A/Front End" and
"Percentage Dividend Assets-Class B/Back End," and
non-daily dividend
funds by multiplying the composite total by "Percentage
Assets-Class
A/Front End" and "Percentage Assets-Class B/Back End."
Agreed the "12b-1 Fee-Class A/Front End" and "12b-1
Fee-Class B/Back
End" to the respective "PC Expense Worksheet."
Recalculated "Daily Expense", composite and for each
class, by
totaling "Management Fee", "12b-1 Fee" and "Other Fixed
Expenses."
Recalculated "Daily Net Income" for each class by
subtracting "Daily
Expense" from "Daily Income."
Recalculated "Dividend Rate" for each class for daily
dividend funds
by dividing "Daily Net Income" by "Dividend Shares
Beginning of
Day-Class A/Front End" and "Dividend Shares Beginning of
Day-Class
B/Back End."
Agreed "Daily Income" and "Income Distribution" for each
class to the
primary accounting system.
Recalculated "Undistributed Net Income" for each Class by
subtracting
"Income Distribution" from "Income Available for
Distribution."
Agreed "Capital Stock Activity" for each Class to the
Supersheet.
Agreed the "Capital Gain Distribution" to the amount
recorded in the
primary accounting system.
Agreed composite total "Realized Gain/Loss", "Unrealized
Appreciation/Depreciation", "Unrealized
Appreciation/Depreciation -
Options" and "Unrealized Appreciation/Depreciation -
Futures" to the
primary accounting system.
Recalculated the allocation for each class of "Realized
Gain/Loss",
"Unrealized Appreciation/Depreciation", "Unrealized
Appreciation/Depreciation - Options" and "Unrealized
Appreciation/Depreciation - Futures" by multiplying the
composite
amount by the "Percentage Assets-Class A/Front End" and
"Percentage
Assets-Class B/Back End."
Agreed "Prior Days Net Assets" to the previous day's
Worksheet.
Recalculated "Net Assets", composite and for each class,
by totaling
"Undistributed Net Income", "Capital Stock Activity",
"Capital Gain
Distribution", "Realized Gain/Loss", "Unrealized
Appreciation/Depreciation", "Unrealized
Appreciation/Depreciation -
Options", "Unrealized Appreciation/Depreciation -
Futures", and
"Prior Days Net Assets."
Recalculated "NAV Per Share" dividing the "Net
Assets-Class A/Front
End" and "Net Assets - Class B/Back End" by "Current
Shares
Outstanding - Class A/Front End" and 'Current Shares
Outstanding -
Class B/Back End", respectively.
Recalculated "Offering Price" for Class A shares by
applying the
"Load" percentage as stated in the fund's prospectus.
