<PAGE> PAGE 1
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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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SIGNATURE EUGENE S. STARK
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000793159
<NAME> THE GLOBAL TOTAL RETURN FUND, INC.
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PRINT ON COMPAQ
The Board of Directors of
The Global Total Return Fund, Inc.:
In planning and performing our audit of the financial statements of The Global
Total Return Fund, Inc. for the year ended December 31, 1995, 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
December 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
February 8, 1996
[nsar]pgy-shv.ex
For period ending (a) December 31, 1995
File number (c) 811-4661
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
The Annual Meeting of Stockholders was held on December 6, 1995. At such
meeting the stockholders elected directors, ratified the selection of
independent accountants and approved the following proposals:
1. Approval to convert the Fund from a closed-end investment
company
to an open-end investment company.
Affirmative Negative
Votes Cast Votes Cast
35,712,617 1,129,150
2a. Approval of changes to investment restrictions of the Fund, to clarify the
Fund's permitted use of margin.
Affirmative Negative
Votes Cast Votes Cast
35,053,484 1,376,747
2b. Approval of changes to investment restrictions of the Fund, to increase
the Fund's borrowing capabilities.
Affirmative Negative
Votes Cast Votes Cast
27,413,194 8,741,153
2c. Approval of changes to investment restrictions of the Fund, to clarify the
Fund's loan policies.
Affirmative Negative
Votes Cast Votes Cast
28,921,942 7,448,133
3. Approval of a new Management Agreement between the Fund and Prudential
Mutual Fund Management, Inc. and a new Subadvisory Agreement between Prudential
Mutual Fund Management, Inc. and The Prudential Investment Corporation.
Affirmative Negative
Votes Cast Votes Cast
35,302,770 1,095,563
4. Approval of a Plan of Distribution pursuant to Rule 12b-1 under the
Investment Company Act of 1940, as amended.
Affirmative Negative
Votes Cast Votes Cast
33,151,007 3,181,037
6. Approval of an Alternative Purchase Plan and an amendment to the Fund's
Articles of Incorporation to permit the issuance of multiple classes of shares.
Affirmative Negative
Votes Cast Votes Cast
34,604,051 1,653,216
The Global Total Return Fund
Reclassification of Capital Accounts: The Fund accounts for and reports
distributions to shareholders in accordance with the American Institute of
Certified Public Accounts Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain, and
Return of Capital Distributions by Investment Companies. The effect of applying
this statement was to increase undistributed net investment income by
$22,383,921 and reduce accumulated net realized losses on investments by
$22,383,921 for foreign currency gains realized or recognized during the year
ended December 31, 1995. Net investment income, net realized gains and net
assets were not affected by this change.
