<PAGE> PAGE 1
000 B000000 08/31/94
000 C000000 2122141250
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PRUDENTIAL CALIFORNIA MUNICIPAL FUND
001 B000000 811-4024
001 C000000 2122141250
002 A000000 199 WATER STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10292
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 CALIFORNIA SERIES
007 C030100 N
007 C010200 2
007 C020200 CALIFORNIA MONEY MARKET SERIES
007 C030200 N
007 C010300 3
007 C020300 CALIFORNIA INCOME
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 PRUDENTIAL MUTUAL FUND MANAGEMENT
008 B00AA01 A
008 C00AA01 801-31104
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10292
008 A00AA02 PRUDENTIAL INVESTMENT CORP.
008 B00AA02 S
008 C00AA02 801-12484
008 D01AA02 NEWARK
008 D02AA02 NJ
008 D03AA02 07101
010 A00AA01 DELETE
<PAGE> PAGE 2
011 A00AA01 PRUDENTIAL SECURITIES INC.
011 B00AA01 8-27154
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10292
011 A00AA02 PRUDENTIAL MUTUAL FUND DISTRUBUTORS, INC.
011 B00AA02 8-38739
011 C01AA02 NEW YORK
011 C02AA02 NY
011 C03AA02 10292
012 A00AA01 PRUDENTIAL MUTUAL FUND SERVICES, INC.
012 B00AA01 84-410019
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 08906
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10048
013 B04AA01 0562
014 A00AA01 PRUDENTIAL SECURITIES, INC.
014 B00AA01 8-27154
015 A00AA01 STATE STREET BANK & TRUST & CO.
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 68
019 C00AA00 PRUDENTIAL
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 12
020 A000002 GOLDMAN, SACHS & CO.
020 B000002 13-5108880
020 C000002 4
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 16
022 A000001 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000001 13-5674085
022 C000001 474810
022 D000001 270666
<PAGE> PAGE 3
022 A000002 HAMBRO AMERICAN SECURITIES, INC.
022 B000002 13-2818246
022 C000002 232100
022 D000002 174800
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 287774
022 D000003 30520
022 A000004 SMITH BARNEY, INC.
022 B000004 13-1912900
022 C000004 108339
022 D000004 26097
022 A000005 CS FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005 106017
022 D000005 23277
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006 84197
022 D000006 0
022 A000007 STONE & YOUNGBERG, INC.
022 B000007 94-1052545
022 C000007 43043
022 D000007 25944
022 A000008 PIPER JAFFRAY, INC.
022 B000008 41-0953246
022 C000008 21001
022 D000008 21000
022 A000009 SUTRO & CO., INC.
022 B000009 95-1704902
022 C000009 12235
022 D000009 17773
022 A000010 SMITH MITCHELL INVESTMENT GROUP, INC.
022 B000010 91-1294204
022 C000010 15331
022 D000010 13073
023 C000000 1384847
023 D000000 603150
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<PAGE> PAGE 4
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048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
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050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
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054 L00AA00 N
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<PAGE> PAGE 5
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
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080 A00AA00 ICI MUTUAL INSURANCE CO.
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<PAGE> PAGE 6
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<PAGE> PAGE 7
039 000100 N
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<PAGE> PAGE 8
070 I010100 N
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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE SUSAN C. COTE'
TITLE TREASURER
For the fiscal year ended (a) August 31, 1994
File number (c) 811-4024
SUB-ITEM 77-C
Submission of Matters to a Vote of Security Holders
A Special Meeting of Shareholders was held on July 19, 1994.
At such meeting the shareholders elected the entire slate of
Trustees, ratified the selection of independent accountants and
approved the following proposals:
a) approval of an amendment of the Fund's Declaration of
Trust to permit a conversion feature for Class B Shares.
Affirmative Negative
votes cast votes cast
CMMS 164,855,252 13,081,621
CIS 11,281,299 511,975
CA 10,131,484 270,049
b) approval of an amended and restated Class A Distribution
and Service Plan with respect to shareholders of the
California Series and the California Income Series.
Affirmative Negative
votes cast votes cast
CIS(CL.A) 10,170,290 502,911
(CL.B) 513,969 7,239
CA (CL.A) 540,427 7,992
(CL.B) 9,463,334 318,305
c) approval of an amended and restated Class B Distribution
and Service Plan with respect to shareholders of the
California Series and the California Income Series.
Affirmative Negative
votes cast votes cast
CIS(CL.B) 515,324 7,239
CA (CL.B) 9,371,665 400,513
d) approval of amendments of the Fund's investment
restrictions regarding restricted and illiquid
securities.
Affirmative Negative
votes cast votes cast
CMMS 129,190,811 16,136,485
CIS 10,361,829 744,040
CA 9,562,690 673,910
e) approval of the elimination of the Fund's investment
restriction limiting the Fund's ability to invest in the securities
of any issuer in which officers and Trustees of the Fund or
officers and directors of its investment adviser own more than a
specified interest.
Affirmative Negative
votes cast votes cast
CMMS 128,176,332 21,626,308
CIS 10,088,502 1,038,907
CA 9,203,639 1,027,638
For the fiscal year ended (a) August 31, 1994
File number (c) 811-4024
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
V. Ca Fund
1. Name of Issuer
L.A County Public Works Financial Authority
2. Date of Purchase
11/17/93
3. Number of Securities Purchased
60,000
4. Dollar Amount of Purchase
$5,492,280
5. Price Per Unit
91.538
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
First Boston
7. Other Members of the Underwriting Syndicate
See Exhibit A
L.A County Public Works Financial Authority
EXHIBIT A
UNDERWRITER
CS First Boston
Merrill Lynch & Co.
Bank of America NT & SA
Lehman Brothers
Smith Barney Shearson, Inc.
M.R. Beal & Company
Charles A. Bell Securities Corp.
E.J. De La Rosa & Co., Inc.
Henderson Capital Partners, Inc.
Reinoso & Company Inc.
Yaeger Capital Markets, Inc.
<PAGE>
For the fiscal year ended (a) August 31, 1994
File number (c) 811-4024
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
VI. Ca Income
1. Name of Issuer
L.A County Public Works Financial Authority
2. Date of Purchase
11/17/93
3. Number of Securities Purchased
30,000
4. Dollar Amount of Purchase
$2,746,140
5. Price Per Unit
91.538
6. Name(s) of Underwriter(s) or Dealer(s)
From Whom Purchased
First Boston
7. Other Members of the Underwriting Syndicate
See Exhibit A
EXHIBIT A
UNDERWRITER
CS First Boston
Merrill Lynch & Co.
Bank of America NT&SA
Lehman Brothers
Smith Barney Shearson, Inc.
M.R. Beal & Company
Charles A. Bell Corp.
E.J De La Rosa & Co., Inc.
Henderson Capital Partners, Inc.
Reinoso & Company Inc.
Yaeger Capital Markets, Inc.
Board of Trustees
Prudential California Municipal Fund:
In planning and performing our audits of the financial statements of
Prudential California Municipal Fund ("Fund") for the year ended August 31,
1994, we considered its internal control structure, including procedures
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
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 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 August 31,
1994.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
DELOITTE & TOUCHE
October 17, 1994
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.
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<INVESTMENTS-AT-VALUE> 196,332,038
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<PAID-IN-CAPITAL-COMMON> 192,831,063
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,438,117
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<EXPENSES-NET> 2,366,875
<NET-INVESTMENT-INCOME> 11,071,242
<REALIZED-GAINS-CURRENT> (1,281,438)
<APPREC-INCREASE-CURRENT> (12,467,405)
<NET-CHANGE-FROM-OPS> (2,677,601)
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<DISTRIBUTIONS-OF-GAINS> (2,109,845)
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<NUMBER-OF-SHARES-SOLD> 27,913,990
<NUMBER-OF-SHARES-REDEEMED> (41,168,151)
<SHARES-REINVESTED> 7,430,369
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<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> (0.74)
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> (0.12)
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<AVG-DEBT-PER-SHARE> 0.00
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<OTHER-ITEMS-LIABILITIES> 1,306,503
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<NET-CHANGE-FROM-OPS> (2,677,601)
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<DISTRIBUTIONS-OF-GAINS> (2,109,845)
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<AVG-DEBT-PER-SHARE> 0.00
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<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 312,096,971
<INVESTMENTS-AT-VALUE> 312,096,971
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<OTHER-ITEMS-LIABILITIES> 5,387,449
<TOTAL-LIABILITIES> 14,387,449
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 300,675,553
<SHARES-COMMON-STOCK> 300,675,553
<SHARES-COMMON-PRIOR> 314,925,330
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 300,675,553
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,616,584
<OTHER-INCOME> 0
<EXPENSES-NET> 2,386,679
<NET-INVESTMENT-INCOME> 6,229,905
<REALIZED-GAINS-CURRENT> 20,403
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,250,308
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,250,308)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,419,314,621
<NUMBER-OF-SHARES-REDEEMED> (1,439,549,204)
<SHARES-REINVESTED> 5,984,806
<NET-CHANGE-IN-ASSETS> (14,249,777)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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