(ICON)
Prudential
MoneyMart
Assets
SEMI
ANNUAL
REPORT
June 30, 1995
(LOGO)
Prudential MoneyMart Assets
Performance At A Glance.
Money market investors enjoyed attractive returns while interest rates rose
throughout 1994 and into early 1995. But nothing lasts forever. In July,
short-term rates fell as the Federal Reserve sought to pump new life into
a faltering U.S. economy. While rates may have peaked for now, we are happy
to report that the 7-day current yield of Prudential MoneyMart Assets rose
to 5.5% from 5.3% for the six-month reporting period ended June 30, 1995.
<TABLE>
<CAPTION>
7-Day Net Asset Weighted
Total Net
Current Yld Value Avg. Mat.
Assets (mil.)
<C> <S> <C> <C> <C>
<C>
FUND FACTS MoneyMart Assets 5.5% $1.00 57 days
$6,839
As of 6/30/95 IBC/Donoghue
Money Fund Average 5.5 1.00 51 days
N/A
(All Taxable)*
</TABLE>
Note: Yields will fluctuate from time to time and past performance is no
guarantee of future results. An investment in the Fund is neither insured
nor guaranteed by the U.S. government and there can be no assurance that
the Fund will be able to maintain a stable net asset value.
*This is the average 7-day current yield, NAV and WAM of 738 funds in
International Business Communications/Donoghue all taxable money market
fund category as of June 27, 1995.
(GRAPH)
Joseph M. Tully, Fund Manager (PICTURE)
Portfolio
Manager's Report
Prudential MoneyMart Assets seeks high current income consistent with the
stability of capital and the maintenance of liquidity. The Fund is a
diversified portfolio of high quality, U.S. dollar-denominated money
market securities issued by the U.S. government and its agencies, major
corporations and commercial banks of the U.S. and foreign countries.
Maturities can range from one day to a maximum of 13 months. We typically
purchase only securities rated in one of the two highest ratings categories
by at least two major rating agencies or, if not rated, deemed to be of
equivalent quality by our credit research staff.
A Word About Quality
As of June 30, 1995, all of the portfolio's
investments were rated "Aa" or "Prime 2" by
Moody's Investors Service; "AA" or "A-2" by
Standard & Poor's Ratings Group; "AA" or "Duff
2" by Duff & Phelps Credit Rating Co. We deemed
some to be of equivalent quality that were not
rated. Although there is never a guarantee that
the share price of Prudential MoneyMart Assets
will remain at $1, we at Prudential emphasize
a conservative, quality-oriented investment
approach.
1. Strategy Session.
During the past six months, our strategy has been driven by Federal Reserve
interest rate policy. In order to foster sustainable, non-inflationary
economic growth, the Federal Reserve indirectly controls short-term interest
rates by adjusting the targeted federal funds rate, the rate banks charge
each other for overnight lending.
Since our last report six months ago, the Federal Reserve has increased this
rate once, by 50 basis points, to 6% (double the 3% rate of February 1994).
The move was the seventh straight and, as it turned out, the last increase
made during the central bank's year-long campaign to moderate growth and
reduce inflation. In anticipation of this move, we shortened the weighted
average maturity (WAM) of the Fund from 37 days to 26 days in January.
Shorter term maturities meant the Fund would have more cash available to
reinvest and lock in higher yields as they became available.
When the Federal Reserve did increase rates in February, we gradually
reversed strategies and began to buy securities with longer term maturities.
As June ended our WAM was six days longer than the 51-day money fund average
recorded by IBC/Donoghue, enabling us to preserve higher yields, should
interest rates begin to fall.
Interest rates did fall on July 6. The Federal Reserve, reacting to signs
of sluggish economic growth, cut the federal funds rate 25 basis points to
5.75%. While not a large move, it nonetheless made our holdings more valuable.
<PAGE>
2. What Went Well.
A Change of Course.
Although we anticipated that the Federal Reserve would once again raise
short-term interest rates in February, we also had to change course
afterwards. Before the increase, our WAM was nine days shorter than the
average money fund's 35 days, as tracked by IBC/Donoghue. After the move,
we slowly extended maturities so we could preserve higher yields longer.
Why was the Federal Reserve's seventh increase in a year, the last?
Weaknesses began to develop in the interest-sensitive sectors of the economy.
Housing and auto sales dropped. Growth in employment slowed. Based on these
and similar developments as the year progressed, we came to believe that
the Federal Reserve would be reluctant to raise interest rates again.
Seizing Investment
Opportunities.
Market interest rates fluctuated widely late in the second quarter, amid
great speculation about the Federal Reserve's next move. The situation
allowed us to purchase federal agency securities that offered very attractive
yields. In this case, we bought one-year, fixed-rate Federal Farm Credit Bank
securities. This was a great bargain, since these are highly rated securities
that offer a higher return than comparable one-year U.S. Treasurys, and carry
the implicit backing of the U.S. government.
3. And Not So Well.
Lengthening Maturities Earlier.
In the first quarter, we held a slightly shorter WAM than our competition,
because we expected the economy to moderate gradually. Instead, the economy
slowed dramatically. If we had extended our maturities in March and April,
rather than in May and June, we could have earned a higher interest rate for
a longer time period.
Why didn't we follow this course? We looked at the facts and believed there
was a good chance the Federal Reserve might continue to increase interest
rates. After all, Gross Domestic Product (GDP) grew last year at an annual
rate of about 4% -- the fastest in 10 years. "Could the economy really slow
so sharply?" we thought. It did. Although final figures aren't in for the
second quarter, some economists estimate that growth could be zero or less.
What happened? It appears that the higher interest rates engineered by the
Federal Reserve have really taken the wind out of the economy's sails. And
just like economic theory, consumers really stopped spending and companies
really began laying off employees.
4. Looking Ahead.
We believe money market yields have peaked for the time being -- after rising
for the last 18 months -- and are on their way down. The Federal Reserve has
already reduced short-term interest rates once this year, and further
reductions are possible.Lower interest rates may not be welcome news for
money market shareholders, but keep in mind that a money market fund usually
is a place for short-term investments, or where more aggressive investors can
maintain a liquid position for investment flexibility. Long-term investors
whose goal is to grow their capital should not place a significant portion
of their portfolio in money market funds for a lengthy time period. The main
risk being that money market yields may not keep pace with inflation -- a
key consideration to long-term asset growth.
1
<PAGE>
President's Letter July 31, 1995
Dear Shareholder:
You've probably noticed your shareholder report looks different this month.
We've designed it to provide clear, concise and forthright information about
your investment, its performance, risks and potential rewards. And, from time
to time, I'll share some thoughts with you about the industry, mutual fund
trends and how we're responding to them at Prudential Mutual Funds.
On The Hill
One recent trend we like is part of the "Contract with America." It's called
the American Dream Savings Account and it was approved by the House of
Representatives earlier in the year. The Senate has now taken up the proposal,
which would improve the traditional Individual Retirement Account program by
allowing higher non-working spouse contributions. The proposed law would also
allow tax-free and penalty-free withdrawals from the account before age
59 1/2, for certain expenses. Prudential Mutual Funds supports the proposal
and we urge you to share your opinion about it with your Senator. You can
reach your Senator's office by calling 202-224-3121.
Another trend we like is the Securities & Exchange Commission's move to let
mutual fund companies simplify the prospectuses that describe their funds.
While we understand and commend SEC rules requiring comprehensive disclosure
about investment practices in prospectuses, the documents that result from
these regulations may be too lengthy for some investors. A profile prospectus
would be shorter and more concise. We'll keep you posted on developments in
this area.
In Closing
One final note: if you're a Class B shareholder in other Prudential Mutual
Funds, you'll begin noticing a change on your statements once you've held
your shares for seven years. At that time they will automatically begin to
convert to Class A shares on a quarterly basis. Since Class A shares carry
lower annual distribution charges than Class B shares, your total returns
will automatically rise after the conversion. Conversions will take place
each calendar quarter in March, June, September and December, beginning in
December 1995.
I hope you'll find this information useful as you work with your financial
advisor or registered representative to develop your personal investment plan.
Thank you for choosing Prudential Mutual Funds for your mutual fund
investment.
Sincerely,
Richard A. Redeker
President
<PAGE>
Portfolio of Investments as
of June 30, 1995 (Unaudited) PRUDENTIAL MONEYMART ASSETS
------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) Description Value (Note 1)
<C> <S> <C>
------------------------------------------------------------
Bank Notes--4.9%
Bank One Indianapolis
$57,000 5.98%, 8/1/95 $ 56,999,952
35,000 7.18%, 2/5/96 35,082,188
Huntington National Bank
29,000 6.20%, 11/3/95 29,008,180
Mellon Bank NA
26,000 6.20%, 11/1/95 25,998,277
NationsBank of Dallas, Texas, NA
10,000 7.30%, 1/26/96 10,023,779
NationsBank of North Carolina
15,000 5.65%, 7/21/95 14,993,159
NationsBank of Texas
138,000 6.82%, 10/31/95 138,002,022
State Street Bank & Trust Co.
23,000 6.01%, 9/20/95 22,999,551
--------------
Total Bank Notes
(amortized cost $333,107,108) 333,107,108
------------------------------------------------------------
Certificates of Deposit - Domestic--.3%
National Westminister Bank,
Delaware
18,000 5.85%, 12/26/95 18,000,000
--------------
Total Certificates of
Deposit-Domestic
(amortized cost $18,000,000) 18,000,000
------------------------------------------------------------
Certificates of Deposit - Eurodollar--2.0%
Abbey National Treasury Svcs.
100,000 6.40%, 5/17/96 100,000,000
Bank of New York
18,000 6.15%, 7/3/95 18,000,032
13,000 6.27%, 10/31/95 13,002,945
Toronto Dominion Bank
7,000 5.78%, 7/18/95 6,998,028
--------------
Total Certificates of Deposit -
Eurodollar (amortized cost
$138,001,005) 138,001,005
------------------------------------------------------------
Certificates of Deposit - Yankee--15.6%
Bank of Montreal
207,000 5.99%, 7/5/95 207,000,000
Banque Nationale De Paris
45,000 7.07%, 2/20/96 45,113,002
21,000 6.95%, 2/21/96 21,038,211
Caisse Nationale De Credit
Agricole
$50,000 6.22%, 11/2/95 $ 50,003,160
Canadian Imperial Bank Commerce
20,000 5.98%, 7/27/95 19,999,657
Commerzbank
8,000 7.32%, 1/24/96 8,029,897
30,000 7.04%, 2/16/96 30,073,898
Industrial Bank of Japan
150,000 6.02%, 7/5/95 150,000,000
Norinchukin Bank
125,000 6.06%, 7/20/95 125,000,656
Sanwa Bank
35,000 6.02%, 7/3/95 35,000,048
117,000 5.95%, 7/6/95 116,999,175
Sumitomo Bank
50,000 6.04%, 7/5/95 50,000,293
177,000 6.00%, 7/10/95 177,000,000
33,000 6.06%, 7/14/95 33,000,119
--------------
Total Certificates of Deposit -
Yankee (amortized cost
$1,068,258,116) 1,068,258,116
------------------------------------------------------------
Commercial Paper - Domestic--41.2%
A. H. Robins Co., Inc.
34,000 5.97%, 7/20/95 33,892,872
30,000 5.97%, 7/21/95 29,900,500
6,700 5.95%, 8/24/95 6,640,203
Abbey National North America Corp.
62,000 5.82%, 9/21/95 61,178,087
American Express Credit Corp.
13,000 5.85%, 9/19/95 12,831,000
55,000 5.90%, 10/16/95 54,035,514
5,000 5.82%, 2/2/96 4,825,400
American Home Food Products
9,000 6.00%, 7/20/95 8,971,500
4,368 5.90%, 7/27/95 4,349,387
14,000 5.97%, 8/10/95 13,907,133
11,500 5.91%, 8/30/95 11,386,725
American Home Products Corp.
21,000 6.00%, 7/12/95 20,961,500
7,000 6.00%, 7/20/95 6,977,833
30,000 5.95%, 7/27/95 29,871,083
6,500 5.98%, 7/27/95 6,471,927
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements. 3 -----
<PAGE>
Portfolio of Investments as
of June 30, 1995 (Unaudited) PRUDENTIAL MONEYMART ASSETS
------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) Description Value (Note 1)
<C> <S> <C>
------------------------------------------------------------
Commercial Paper - Domestic (cont'd.)
American Home Products Corp.
$5,000 5.97%, 8/3/95 $ 4,972,638
86,000 5.97%, 8/10/95 85,429,533
5,000 5.95%, 8/31/95 4,949,590
18,000 5.95%, 9/1/95 17,815,550
Aristar, Inc.
20,970 6.02%, 7/5/95 20,955,973
Asset Securitization Cooperative
Corp.
20,000 5.83%, 9/20/95 19,737,650
Associates Corp. of North America
20,000 6.00%, 7/5/95 19,986,667
52,000 5.96%, 8/2/95 51,724,516
89,000 5.96%, 8/3/95 88,513,763
48,000 5.91%, 8/30/95 47,527,200
AT & T Capital Corp.
9,000 5.83%, 9/8/95 8,899,433
AT & T Corp.
28,000 5.83%, 9/12/95 27,668,986
Bank of New York Co., Inc.
11,000 5.98%, 7/5/95 10,992,691
Caterpillar Financial Services
8,700 5.92%, 9/14/95 8,592,700
Chrysler Financial Corp.
40,000 6.15%, 7/10/95 39,938,500
CIT Group Holdings, Inc.
42,000 6.00%, 7/5/95 41,972,000
71,000 5.90%, 9/11/95 70,162,200
28,000 5.85%, 9/18/95 27,640,550
Coca-Cola Enterprises, Inc.
10,000 6.00%, 7/7/95 9,990,000
13,000 6.00%, 11/3/95 12,729,167
Corporate Receivables Corp.
19,000 6.02%, 7/19/95 18,942,810
Countrywide Funding Corp.
4,000 5.96%, 7/20/95 3,987,418
20,000 6.02%, 7/25/95 19,919,733
10,000 6.02%, 7/27/95 9,956,522
25,000 6.00%, 7/28/95 24,887,500
8,000 6.02%, 7/28/95 7,963,880
33,000 6.01%, 7/31/95 32,834,725
Dean Witter, Discover & Co.
18,000 5.97%, 7/5/95 17,988,060
Duracell, Inc.
$10,000 5.98%, 8/11/95 $ 9,931,894
Finova Capital Corp.
12,000 6.12%, 7/11/95 11,979,600
5,000 6.05%, 7/12/95 4,990,757
10,000 6.08%, 7/12/95 9,981,422
15,000 6.07%, 7/17/95 14,959,533
55,000 6.05%, 7/20/95 54,824,382
6,570 6.05%, 7/27/95 6,541,293
5,000 6.03%, 8/1/95 4,974,038
3,460 5.98%, 8/2/95 3,441,608
4,000 6.01%, 8/2/95 3,978,631
10,000 6.01%, 8/3/95 9,944,908
10,439 6.02%, 8/7/95 10,374,412
4,000 6.01%, 8/10/95 3,973,289
3,561 6.02%, 8/11/95 3,536,585
5,500 6.00%, 8/21/95 5,453,250
Ford Motor Credit Corp.
12,000 6.11%, 7/12/95 11,977,597
307,000 5.95%, 7/14/95 306,340,376
General Electric Capital Corp.
50,000 6.05%, 10/17/95 49,092,500
132,000 6.05%, 10/18/95 129,582,017
15,000 6.53%, 10/30/95 14,670,779
38,000 6.53%, 10/31/95 37,159,081
General Motors Acceptance Corp.
241,805 6.15%, 7/12/95 241,350,608
59,235 6.15%, 7/13/95 59,113,568
5,076 6.00%, 7/17/95 5,062,464
GTE Finance Corp.
6,000 5.99%, 7/19/95 5,982,030
7,000 5.98%, 8/11/95 6,952,326
Hertz Corp.
6,000 5.86%, 9/18/95 5,922,843
Household Finance Corp.
36,000 5.82%, 9/26/95 35,493,660
IBM Credit Corp.
100,000 5.89%, 9/1/95 98,985,611
ITT Corp.
32,000 6.00%, 7/11/95 31,946,667
ITT Financial Corp.
8,500 6.00%, 7/14/95 8,481,583
</TABLE>
--------------------------------------------------------------------------------
----- 4 See Notes to Financial Statements.
<PAGE>
<PAGE>
Portfolio of Investments as
of June 30, 1995 (Unaudited) PRUDENTIAL MONEYMART ASSETS
------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) Description Value (Note 1)
<C> <S> <C>
------------------------------------------------------------
Commercial Paper - Domestic (cont'd.)
ITT Hartford Group, Inc.
$49,000 5.96%, 7/14/95 $ 48,894,541
8,000 6.00%, 7/27/95 7,965,333
McKenna Triangle National Corp.
16,000 5.90%, 7/27/95 15,931,822
13,000 5.98%, 7/27/95 12,943,854
11,000 5.97%, 8/1/95 10,943,451
29,724 5.96%, 8/3/95 29,561,608
13,000 5.90%, 9/15/95 12,838,078
Merrill Lynch & Co., Inc.
14,000 5.97%, 8/3/95 13,923,385
Monsanto Co.
6,000 6.25%, 8/18/95 5,950,000
5,000 5.97%, 10/30/95 4,899,671
Morgan (J.P.) & Co., Inc.
10,000 6.07%, 7/31/95 9,949,417
Morgan Stanley Group, Inc.
50,000 6.12%, 7/6/95 49,957,500
23,000 5.85%, 10/2/95 22,652,413
Norwest Financial, Inc.
24,000 6.00%, 7/5/95 23,984,000
NYNEX Corp.
15,000 5.97%, 9/28/95 14,778,613
Pennsylvania Power & Light Energy
15,000 5.95%, 7/17/95 14,960,333
11,149 6.02%, 7/20/95 11,113,577
PNC Funding Corp.
41,000 5.96%, 8/18/95 40,674,187
Preferred Receivables Funding
Corp.
14,100 6.02%, 7/11/95 14,076,422
6,000 5.92%, 8/30/95 5,940,800
4,000 5.85%, 9/20/95 3,947,350
Sears Roebuck Acceptance Corp.
23,000 5.98%, 7/10/95 22,965,615
21,000 5.98%, 7/11/95 20,965,117
Sherwood Medical Co.
19,000 5.98%, 7/27/95 18,917,941
WCP Funding Inc.
19,000 5.95%, 8/15/95 18,858,688
Whirlpool Corp.
$26,000 5.97%, 7/10/95 $ 25,961,195
Whirlpool Financial Corp.
42,000 6.05%, 7/21/95 41,858,833
Xerox Corp.
26,000 5.82%, 9/14/95 25,684,750
--------------
Total Commercial Paper - Domestic
(amortized cost $2,820,978,425) 2,820,978,425
------------------------------------------------------------
Commercial Paper - Foreign--6.9%
American Honda Finance Corp.
8,000 6.05%, 7/31/95 7,959,667
6,000 5.95%, 8/23/95 5,947,442
12,000 6.00%, 8/23/95 11,894,000
20,000 5.88%, 9/5/95 19,784,400
BHF Finance, Inc.
50,000 5.80%, 9/25/95 49,307,222
Bradford & Bingley Building
Society
25,000 5.90%, 9/13/95 24,696,806
22,000 5.81%, 9/26/95 21,691,102
Bridgestone/Firestone, Inc.
15,000 6.00%, 7/12/95 14,972,500
Cheltenham & Gloucester Bldg.
Society
6,000 6.02%, 7/20/95 5,980,937
25,000 6.02%, 7/21/95 24,916,389
Commerzbank U. S. Finance Inc.
4,700 5.92%, 8/28/95 4,655,172
Fundex Corp.
6,233 6.00%, 7/10/95 6,223,651
Halifax Building Society
20,000 5.81%, 9/11/95 19,767,600
Hanson Finance (U.K.) Plc.
26,500 6.07%, 7/6/95 26,477,659
6,584 5.90%, 8/30/95 6,519,257
14,000 5.88%, 9/11/95 13,835,360
5,000 5.83%, 9/19/95 4,935,222
22,000 5.90%, 9/21/95 21,704,344
14,000 5.83%, 9/22/95 13,811,821
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements. 5 -----
<PAGE>
<PAGE>
Portfolio of Investments as
of June 30, 1995 (Unaudited) PRUDENTIAL MONEYMART ASSETS
------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) Description Value (Note 1)
<C> <S> <C>
------------------------------------------------------------
Commercial Paper - Foreign (cont'd.)
Leeds Permanent Building Society
$7,000 6.07%, 7/7/95 $ 6,992,918
Maguire/Thomas Partners
30,000 6.00%, 7/17/95 29,920,000
National Australia Funding
Delaware, Inc.
26,000 6.35%, 8/4/95 25,844,072
Paribas Finance, Inc.
37,000 5.94%, 7/26/95 36,847,375
22,000 6.00%, 8/1/95 21,886,333
23,000 5.84%, 9/28/95 22,667,931
Province of Quebec
25,000 5.83%, 9/26/95 24,647,771
--------------
Total Commercial Paper - Foreign
(amortized cost $473,886,951) 473,886,951
------------------------------------------------------------
Corporate Bonds--1.1%
Associates Corp. of North America
7,000 8.80%, 3/1/96 7,104,636
AT & T Capital Corp.
5,000 6.27%, 7/5/96 5,011,903
Atlantic Richfield Co.
14,000 10.375%, 7/15/95 14,019,713
CIT Group Holdings, Inc.
5,000 4.75%, 3/15/96 4,960,315
General Motors Acceptance Corp.
4,640 6.75%, 5/17/96 4,660,958
4,275 8.80%, 7/8/96 4,392,990
Northern Trust Co.
34,000 6.60%, 11/17/95 34,040,267
--------------
Total Corporate Bonds
(amortized cost $74,190,782) 74,190,782
------------------------------------------------------------
U.S. Government & Agency Obligations--2.1%
Federal Farm Credit Bank
47,000 5.60%, 7/1/96 46,951,471
Federal Home Loan Bank
48,000 6.05%, 6/13/96 48,026,799
Federal National Mortgage
Association
$49,000 5.71%, 6/10/96 $ 48,866,803
--------------
Total U.S. Government & Agency
Obligations
(amortized cost $143,845,073) 143,845,073
------------------------------------------------------------
Loan Participations--0.2%
Morgan Stanley Group, Inc.
13,627 6.08%, 7/7/95
(amortized cost $13,627,000) 13,627,000
------------------------------------------------------------
Medium-Term Obligations--1.1%
Bayerische Hypo Und Wechsel Bank
29,000 6.376%, 4/24/96 28,982,999
Ford Motor Credit Corp.
5,000 5.15%, 3/18/96 4,954,045
6,000 5.00%, 3/25/96 5,937,418
Westdeutsche Landesbank
Girozentrale
33,300 6.85%, 3/1/96 33,334,492
--------------
Total Medium -Term Obligations
(amortized cost $73,208,954) 73,208,954
------------------------------------------------------------
Repurchase Agreements--0.7%
Smith Barney Shearson, Inc.,
16,000 5.98%, dated 6/5/95, due 7/5/95
in the amount of $16,079,733
(cost $16,000,000; the value of
the collateral including accrued
interest is $16,320,000) 16,000,000
31,000 6.00%, dated 6/9/95, due 7/10/95
in the amount of $31,160,167
(cost $31,000,000; the value of
the collateral including accrued
interest is $31,620,001) 31,000,000
--------------
Total Repurchase Agreements
(amortized cost $47,000,000) 47,000,000
------------------------------------------------------------
Time Deposits--Eurodollar--7.6%
Dai-Ichi Kangyo Bank, Ltd.
250,000 6.375%, 7/5/95 250,000,000
</TABLE>
--------------------------------------------------------------------------------
----- 6 See Notes to Financial Statements.
<PAGE>
<PAGE>
Portfolio of Investments as
of June 30, 1995 (Unaudited) PRUDENTIAL MONEYMART ASSETS
------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(000) Description Value (Note 1)
<C> <S> <C>
------------------------------------------------------------
Time Deposits--Eurodollar (cont'd.)
Mitsubishi Bank
$54,418 6.375%, 7/3/95 $ 54,418,000
75,000 6.1875%, 7/7/95 75,000,000
Mitsubishi Bank Ltd.
89,000 6.125%, 7/12/95 89,000,000
50,000 6.0625%, 7/14/95 50,000,000
--------------
Total Time Deposits--Eurodollar
(amortized cost $518,418,000) 518,418,000
------------------------------------------------------------
Variable Rate InstrumentsD--17.9%
American Express Centurion Bank
29,000 6.0625%, 7/5/95 28,999,729
5,000 6.0625%, 7/17/95 4,999,370
51,000 6.0625%, 7/19/95 50,999,167
13,000 6.0625%, 7/28/95 12,999,683
Beneficial Corp.
73,000 6.04045%, 7/19/95 72,997,534
General Electric Capital Corp.
95,000 6.03125%, 7/26/95 95,000,000
General Motors Acceptance Corp.
21,000 6.235%, 7/5/95 21,000,423
Goldman, Sachs & Co.
345,000 6.1875%, 11/27/95 345,000,000
Lehman Brothers Holdings, Inc.
162,000 6.2625%, 7/21/95 162,000,000
Merrill Lynch & Co., Inc.
83,000 6.0725%, 7/5/95 82,995,874
65,000 6.0725%, 7/24/95 64,997,117
Money Market Auto Loan Trust
122,700 6.235%, 7/17/95 122,700,000
Morgan Stanley Group, Inc.
55,000 6.375%, 7/17/95 55,000,000
10,000 6.34879%, 7/19/95 10,000,000
95,000 6.25%, 8/15/95 95,000,000
--------------
Total Variable Rate Instruments
(amortized cost $1,224,688,897) 1,224,688,897
Total Investments--101.6%
(amortized cost $6,947,210,311*) $6,947,210,311
Liabilities in excess of other
assets--(1.6%) (108,357,706)
--------------
Net Assets--100% $6,838,852,605
--------------
--------------
</TABLE>
---------------
* The cost of securities for federal income tax purposes is
substantially the same as for financial reporting
purposes.
D For the purposes of amortized cost valuation, the maturity
date of these instruments is considered to be the earliest
of the next date on which the security can be redeemed at
par or the next date on which the rate of interest is
adjusted.
The industry classification of portfolio holdings and net liabilities shown
as a percentage of net assets as of June 30, 1995 was as follows:
<TABLE>
<S> <C>
Commercial Banks.................................... 37.2%
Personal Credit Institutions........................ 17.0
Security Brokers & Dealers.......................... 14.3
Business Credit (Finance)........................... 11.2
Pharmaceuticals..................................... 4.5
Asset Backed Securities............................. 4.2
Bank Holding Companies-Domestic..................... 2.4
U.S. Government & Agency Obligations................ 2.1
Mortgage Banks...................................... 1.4
Finance Lessors..................................... 1.4
Cigarettes.......................................... 1.3
Telephone & Communications.......................... 1.0
Household Appliances................................ 1.0
Financial Services.................................. 0.8
Electrical Services................................. 0.4
Foreign Government.................................. 0.4
Beverages........................................... 0.3
Petroleum Refining.................................. 0.2
Chemical & Allied Products.......................... 0.2
Misc. Electrical Equip.............................. 0.2
Automotive Rent & Lease............................. 0.1
------
101.6
Liabilities in excess of other assets............... (1.6)
------
100.0%
------
------
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements. 7 -----
<PAGE>
<PAGE>
Statement of Assets and Liabilities (Unaudited) PRUDENTIAL MONEYMART ASSETS
--------------------------------------------------------------------------------
<TABLE>
<S>
<C>
Assets
June 30, 1995
Investments, at
value........................................................................
............... $6,947,210,311
Cash.........................................................................
............................... 127,242
Receivable for Fund shares
sold.........................................................................
.... 89,049,273
Interest
receivable...................................................................
...................... 23,551,763
Deferred expenses and other
assets..........................................................................
263,949
--------------
Total
assets.......................................................................
...................... 7,060,202,538
--------------
Liabilities
Payable for Fund shares
reacquired...................................................................
....... 118,130,325
Payable for investments
purchased....................................................................
....... 93,489,130
Dividends
payable......................................................................
..................... 5,613,697
Accrued
expenses.....................................................................
....................... 2,064,966
Management fee
payable......................................................................
................ 1,683,089
Distribution fee
payable......................................................................
.............. 368,726
--------------
Total
liabilities..................................................................
...................... 221,349,933
--------------
Net
Assets.......................................................................
........................... $6,838,852,605
--------------
--------------
Net assets were comprised of:
Common stock, at par ($.10 par value; 15,000,000,000 shares authorized for
issuance)..................... $ 683,885,261
Paid-in capital in excess of
par.........................................................................
6,154,967,344
--------------
Net assets at June 30,
1995.........................................................................
........ $6,838,852,605
--------------
--------------
Net asset value, offering price and redemption price per share
($6,838,852,605 / 6,838,852,605 shares of common stock issued and
outstanding.).......................... $1.00
</TABLE>
--------------------------------------------------------------------------------
----- 8 See Notes to Financial Statements.
<PAGE>
<PAGE>
PRUDENTIAL MONEYMART ASSETS
Statement of Operations
(Unaudited)
------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
June 30,
Net Investment Income 1995
------------
<S> <C>
Income
Interest................................... $202,005,567
------------
Expenses
Management fee............................. 9,970,947
Distribution fee........................... 4,098,511
Transfer agent's fees and expenses......... 7,930,000
Reports to shareholders.................... 477,000
Custodian's fees and expenses.............. 218,000
Registration fees.......................... 116,000
Insurance expense.......................... 79,500
Directors' fees............................ 36,000
Audit fee.................................. 18,000
Legal fees................................. 15,000
Miscellaneous.............................. 42,025
------------
Total expenses.......................... 23,000,983
------------
Net investment income......................... 179,004,584
Net Realized Gain on Investments
Net realized gain on investment
transactions............................... 506,682
------------
Net Increase in Net Assets
Resulting from Operations..................... $179,511,266
------------
------------
</TABLE>
PRUDENTIAL MONEYMART ASSETS
Statement of Changes in
Net Assets (Unaudited)
------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Increase (Decrease) Ended Year Ended
in Net Assets June 30, 1995 December 31, 1994
---------------- ----------------
<S> <C> <C>
Operations
Net investment income... $ 179,004,584 $ 258,277,123
Net realized gain on
investment
transactions......... 506,682 147,440
---------------- ----------------
Net increase in net
assets resulting from
operations........... 179,511,266 258,424,563
---------------- ----------------
Dividends and distributions
to shareholders......... (179,511,266) (258,424,563)
---------------- ----------------
Fund share transactions
(at $1 per share)
Proceeds from shares
subscribed........... 14,469,631,511 26,869,523,481
Net asset value of
shares issued to
shareholders in
reinvestment of
dividends and
distributions........ 167,751,620 245,955,917
Cost of shares
reacquired........... (14,343,410,569) (27,889,232,548)
---------------- ----------------
Net increase (decrease)
in net assets from
Fund share
transactions......... 293,972,562 (773,753,150)
---------------- ----------------
Total increase
(decrease).............. 293,972,562 (773,753,150)
Net Assets
Beginning of period........ 6,544,880,043 7,318,633,193
---------------- ----------------
End of period.............. $ 6,838,852,605 $ 6,544,880,043
---------------- ----------------
---------------- ----------------
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements. 9 -----
<PAGE>
<PAGE>
Notes to Financial Statements (Unaudited) PRUDENTIAL MONEYMART ASSETS
--------------------------------------------------------------------------------
Prudential-Bache MoneyMart Assets Inc., doing business as Prudential MoneyMart
Assets (the ``Fund''), is registered under the Investment Company Act of 1940
as
a diversified, open-end management investment company. The Fund invests
primarily in a portfolio of money market instruments maturing in thirteen months
or less whose ratings are within the two highest rating categories by a
nationally recognized statistical rating organization or, if not rated, are of
comparable quality. The ability of the issuers of the securities held by the
Fund to meet their obligations may be affected by economic developments in a
specific industry or region.
------------------------------------------------------------
Note 1. Accounting Policies
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
Securities Valuations: Portfolio securities are valued at amortized cost, which
approximates market value. The amortized cost method involves valuing a security
at its cost on the date of purchase and thereafter assuming a constant
amortization to maturity of the difference between the principal amount due at
maturity and cost.
Securities Transactions and Investment Income: Security transactions are
recorded on the trade date. Realized gains and losses on sales of investments
are calculated on the identified cost basis. Interest income is recorded on the
accrual basis. The cost of portfolio securities for federal income tax purposes
is substantially the same as for financial reporting purposes.
Federal Income Taxes: It is the Fund's policy to continue to meet the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable net income to its shareholders.
Therefore, no federal income tax provision is required.
Dividends and Distributions: All of the Fund's net investment income and net
realized gains or losses, if any, are declared as dividends daily to the
shareholders of record at the time of such declaration. Net investment income
of
the Fund consists of interest accrued and discount earned less estimated
expenses applicable to the dividend period. Payment of dividends is made
monthly.
------------------------------------------------------------
Note 2. Management and Distribution Agreements
The Fund has a management agreement with Prudential Mutual Fund Management, Inc.
(``PMF''). Pursuant to this agreement, PMF has responsibility for all investment
advisory services and supervises the subadviser's performance of such services.
PMF has entered into a subadvisory agreement with The Prudential Investment
Corporation (``PIC''); PIC furnishes investment advisory services in connection
with the management of the Fund. PMF pays for the cost of the subadviser's
services, the compensation of officers of the Fund, occupancy and certain
clerical and bookkeeping costs of the Fund. The Fund bears all other costs and
expenses.
The management fee paid PMF is computed daily and payable monthly, at an annual
rate of .50 of 1% of the Fund's average monthly net assets up to $50 million and
.30 of 1% of the Fund's average monthly net assets in excess of $50 million.
The Fund has a distribution agreement with Prudential Mutual Fund Distributors,
Inc. (``PMFD''). To reimburse PMFD for its expenses incurred pursuant to a plan
of distribution, the Fund pays PMFD a reimbursement, accrued daily and payable
monthly at an annual rate of .125 of 1% of the Fund's average daily net assets.
PMFD pays various broker-dealers, including Prudential Securities Incorporated
(``PSI'') and Pruco Securities Corporation, affiliated broker-dealers, for
account servicing fees and other expenses incurred by such broker-dealers.
PMFD is a wholly-owned subsidiary of PMF; PSI, PMF and PIC are indirect,
wholly-owned subsidiaries of The Prudential Insurance Company of America.
------------------------------------------------------------
Note 3. Other Transactions with Affiliates
Prudential Mutual Fund Services, Inc. (``PMFS''), a wholly-owned subsidiary of
PMF, serves as the Fund's transfer agent. During the six months ended June 30,
1995, the Fund incurred fees of approximately $7,736,500 for the services of
PMFS. As of June 30, 1995, approximately $1,301,200 of such fees were due to
PMFS. Transfer agent fees and expenses in the Statement of Operations include
certain out-of-pocket expenses paid to non-affiliates.
--------------------------------------------------------------------------------
----- 10
<PAGE>
<PAGE>
Financial Highlights (Unaudited) PRUDENTIAL MONEYMART ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
Year Ended December 31,
June 30,
-------------------------------------------------------
1995 1994
1993 1992 1991
<S> <C> <C>
<C> <C> <C>
------------
---------- ---------- ---------- ----------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period................ $ 1.000 $
1.000 $ 1.000 $ 1.000 $ 1.000
Net investment income and net realized gains........ .027
.037 .027 .035 .058
Dividends and distributions to shareholders......... (.027)
(.037) (.027) (.035) (.058)
------------
---------- ---------- ---------- ----------
Net asset value, end of period...................... $ 1.000 $
1.000 $ 1.000 $ 1.000 $ 1.000
------------
---------- ---------- ---------- ----------
------------
---------- ---------- ---------- ----------
TOTAL RETURN(b)..................................... 2.75%
3.72% 2.70% 3.59% 5.95%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)..................... $6,838,853
$6,544,880 $7,318,633 $6,703,281 $7,138,159
Average net assets (000)............................ $6,611,965
$7,071,381 $7,742,989 $7,116,739 $7,763,251
Ratios to average net assets:
Expenses, including distribution fee.............. .70%(a)
.71% .71% .66% .68%
Expenses, excluding distribution fee.............. .58%(a)
.58% .58% .54% .56%
Net investment income............................. 5.46%(a)
3.65% 2.63% 3.43% 5.72%
<CAPTION>
1990
<S> <C>
----------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period................ $ 1.000
Net investment income and net realized gains........ .077
Dividends and distributions to shareholders......... (.077)
----------
Net asset value, end of period...................... $ 1.000
----------
----------
TOTAL RETURN(b)..................................... 8.00%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)..................... $7,411,932
Average net assets (000)............................ $8,262,329
Ratios to average net assets:
Expenses, including distribution fee.............. .73%
Expenses, excluding distribution fee.............. .60%
Net investment income............................. 7.62%
</TABLE>
---------------
(a) Annualized.
(b) Total return is calculated assuming a purchase of shares on the first
day and a sale on the last day of each period reported and includes
reinvestment of dividends and distributions. Total returns for periods
for less than a full year are not annualized.
--------------------------------------------------------------------------------
See Notes to Financial Statements. 11 -----
<PAGE>
Prudential Mutual Funds
One Seaport Plaza
New York, NY 10292
Toll Free (800) 225-1852
Directors
William S. Field
Delayne Dedrick Gold
Harry A. Jacobs, Jr.
Thomas A. Owens, Jr.
Richard A. Redeker
Sidney M. Spielvogel
Nancy H. Teeters
Robert H. Wellington
Officers
Richard A. Redeker, President
Robert F. Gunia, Vice President
Grace Torres, Treasurer
Stephen M. Ungerman, Assistant Treasurer
S. Jane Rose, Secretary
Deborah A. Docs, Assistant Secretary
Manager
Prudential Mutual Fund Management, Inc.
One Seaport Plaza
New York, NY 10292
Investment Adviser
The Prudential Investment Corporation
Prudential Plaza
Newark, NJ 07101
Distributor
Prudential Mutual Fund Distributors, Inc.
One Seaport Plaza
New York, NY 10292
Custodian
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
Transfer Agent
Prudential Mutual Fund Services, Inc.
P.O. Box 15005
New Brunswick, NJ 08906
Independent Accountants
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281
Legal Counsel
Gardner, Carton & Douglas
Quaker Tower
321 North Clark Street
Chicago, IL 60610-4795
The accompanying financial statements as of June 30, 1995 were not audited
and, accordingly, no opinion is expressed on them.
This report is not authorized for distribution to prospective investors
unless preceded or accompanied by a current prospectus.
(LOGO)
BULK RATE
U.S. POSTAGE
PAID
Permit 6807
New York, NY
Prudential Mutual Funds
One Seaport Plaza
New York, NY 10292
Toll Free (800) 225-1852
MF 108E2
74435H102 Cat. #430251F
