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000 C000000 0000080946
000 D000000 N
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001 A000000 PRUDENTIAL'S GIBRALTAR FUND
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001 C000000 2013677530
002 A000000 100 MULBERRY STREET 9TH FLOOR
002 B000000 NEWARK
002 C000000 NJ
002 D010000 07102
002 D020000 4077
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008 B000001 A
008 C000001 801-12484
008 D010001 NEWARK
008 D020001 NJ
008 D030001 07102
008 D040001 3777
011 A000001 PRUCO SECURITIES CORPORATION
011 B000001 8-01-16402
011 C010001 NEWARK
011 C020001 NJ
011 C030001 07102
011 C040001 2992
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012 B000001 84-0000000
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<PAGE> PAGE 2
012 C040001 3777
013 A000001 DELOITTE & TOUCHE
013 B010001 PARSIPPANY
013 B020001 NJ
013 B030001 07054
013 B040001 0319
014 A000001 PRUDENTIAL SECURITIES INC.
014 B000001 8-27154
014 A000002 PRUCO SECURITIES CORP.
014 B000002 8-16402
014 A000003 PRUDENTIAL ASSET SALES & SYNDICATIONS, INC.
014 B000003 8-32470
014 A000004 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
014 B000004 8-13881
015 A000001 CHEMICAL BANK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10041
015 E010001 X
018 000000 Y
019 A000000 Y
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019 C000000 PRUDENTIAL
020 A000001 WEEDEN & COMPANY
020 B000001 13-3364318
020 C000001 58
020 A000002 BEAR STEARNS SECURITIES, CORP.
020 B000002 13-3604093
020 C000002 55
020 A000003 SALOMON BROTHERS INC.
020 B000003 22-1660260
020 C000003 48
020 A000004 PAINEWEBBER, INC.
020 B000004 13-2638166
020 C000004 44
020 A000005 SOUNDVIEW FINANCIAL GROUP, INC.
020 B000005 13-2998183
020 C000005 40
020 A000006 INSTINET CORP.
020 B000006 13-3443395
020 C000006 33
020 A000007 LEHMAN BROTHERS INC.
020 B000007 13-2501865
020 C000007 28
020 A000008 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
020 B000008 13-5674085
020 C000008 25
020 A000009 PRUDENTIAL SECURITIES, INC.
020 B000009 22-2347336
020 C000009 19
<PAGE> PAGE 3
020 A000010 JEFFERIES & CO., INC.
020 B000010 95-2622900
020 C000010 17
021 000000 662
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 826786
022 D000001 1583
022 A000002 MORGAN (J.P.) SECURITIES, INC.
022 B000002 13-3224016
022 C000002 314917
022 D000002 0
022 A000003 LEHMAN BROTHERS INC.
022 B000003 13-2501865
022 C000003 284378
022 D000003 972
022 A000004 CHEMICAL SECURITIES OF TEXAS, INC.
022 B000004 76-0159718
022 C000004 109794
022 D000004 0
022 A000005 BARCLAY'S BANK
022 B000005 13-6090954
022 C000005 85767
022 D000005 0
022 A000006 TORONTO DOMINION BANK
022 B000006 22-2203727
022 C000006 70806
022 D000006 0
022 A000007 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000007 13-5674085
022 C000007 52199
022 D000007 1346
022 A000008 BANK OF AMERICA
022 C000008 29000
022 D000008 0
022 A000009 CS FIRST BOSTON CORP.
022 B000009 13-5659485
022 C000009 17109
022 D000009 7545
022 A000010 B.Z.W. SECURITIES, INC.
022 B000010 894-898659
022 C000010 21998
022 D000010 0
023 C000000 4957843
023 D000000 63362
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025 A000001 DELETE
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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SIGNATURE STEPHEN P. TOOLEY
TITLE COMPTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080946
<NAME> PRUDENTIAL GIBRALTAR FUND
<SERIES>
<NUMBER> 001
<NAME> PRUDENTIAL GIBRALTAR FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 258,445,755
<INVESTMENTS-AT-VALUE> 303,562,622
<RECEIVABLES> 5,039,127
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 4,643,337
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,661,791
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 243,610,470
<SHARES-COMMON-STOCK> 26,366,193
<SHARES-COMMON-PRIOR> 25,769,128
<ACCUMULATED-NII-CURRENT> 602,554
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,966,730
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,116,867
<NET-ASSETS> (52,135,321)
<DIVIDEND-INCOME> 2,959,611
<INTEREST-INCOME> 1,344,964
<OTHER-INCOME> 0
<EXPENSES-NET> 436,284
<NET-INVESTMENT-INCOME> 3,868,291
<REALIZED-GAINS-CURRENT> 35,522,025
<APPREC-INCREASE-CURRENT> 28,188,380
<NET-CHANGE-FROM-OPS> 67,578,696
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,659,501)
<DISTRIBUTIONS-OF-GAINS> (31,301,947)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (26,513,694)
<SHARES-REINVESTED> 33,969,659
<NET-CHANGE-IN-ASSETS> 40,073,213
<ACCUMULATED-NII-PRIOR> 59,851
<ACCUMULATED-GAINS-PRIOR> 7,801,150
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 349,118
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 364,862
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.14
<PER-SHARE-NII> 2.72
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> (1.28)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.43
<EXPENSE-RATIO> 0.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For the fiscal year ended December 31, 1996
File number 811-1660
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Associates First Capital
2. Date of First Offering
5/7/96
3. Dollar Amount of Purchase
$371,200
4. Price Per Unit
$29.00
5. Name(s) of Underwriter(s) or Dealer(s) From Whom
Purchased
Goldman Sachs
6. Other Members of the Underwriting Syndicate
Goldman, Sachs & Co.
CS First Boston Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
J.P. Morgan Securities Inc.
Bear, Stearns & Co. Inc.
Lehman Brothers Inc.
Salomon Brothers Inc.
Alex, Brown & Sons Incorporated
Chase Securities Inc.
Citicorp Securities, Inc.
Dean Witter Reynolds Inc.
Deutsche Morgan Grenfell/C.J. Lawrence Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
EVEREN Securities,Inc.
Montgomery Securities
Morgan Stanley & Co. Incorporated
Oppenheimer & Co., Inc.
PaineWebber Incorporated
Prudential Securities Incorporated
Smith Barney Inc.
Wasserstein Perella Securities, Inc.
Advest, Inc.
Sanford C. Bernstein & Co., Inc.
William Blair & Company, L.L.C.
J.C. Bradford & Co.
Dain Bosworth Incorporated
Furman Selz LLC
Edward D. Jones & Co.
Legg Mason Wood Walker Incorporated
McDonald & Company Securities, Inc.
Piper Jaffray Inc.
Rauscher Pierce Refsnes, Inc.
The Robinson-Humphrey Company, Inc.
Stephens Inc.
Sutro & Co. Incorporated
Wheat, First Securities, Inc.
First of Michigan Corporation
First Southwest Company
Gruntal & Co., Incorporated
Guzman & Company
NatCity Investments, Inc.
Samuel A. Ramirez & Co., Inc.
Roney & Co., LLC
Scott & Stringfellow, Inc.
Muriel Siebert & Co., Inc.
Stifel, Nicolaus & Company, Incorporated
Utendahl Capital Partners, L.P.
The Williams Capital Group, L.P.
For the fiscal year ended December 31, 1996
File number 811-1660
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Dupont Photomasks
2. Date of First Offering
6/13/96
3. Dollar Amount of Purchase
$238,000
4. Price Per Unit
$17.00
5. Name(s) of Underwriter(s) or Dealer(s) From Whom
Purchased
Morgan Stanley
6. Other Members of the Underwriting Syndicate
Morgan Stanley & Co. Incorporated
Cowen & Company
Needham & Company, Inc.
Advest, Inc.
CS First Boston Corporation
EVEREN Securities Inc.
Furman Selz Incorporated
Hambrecht & Quist Incorporated
Janney Montgomery Scott Inc.
Kaufman Bros., L.P.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Montgomery Securities
Principal Financial Securities, Inc.
Prudential Securities Incorporated
Rauscher Pierce Refsnes, Inc.
Robertson, Stephens & Company, L.P.
Societe Generale Securities Corporation
Smith Barney Inc.
SoundView Financial Group, Inc.
Southcoast Capital Corporation
Starr Securities, Inc.
For the fiscal year ended December 31, 1996
File number 811-1660
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Lucent
2. Date of First Offering
4/3/96
3. Dollar Amount of Purchase
$815,400
4. Price Per Unit
$27.00
5. Name(s) of Underwriter(s) or Dealer(s) From Whom
Purchased
Morgan Stanley, Goldman Sachs and Merril Lynch
6. Other Members of the Underwriting Syndicate
Morgan Stanley & Co. Incorporated
Goldman, Sachs & Co.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Bear, Stearns & Co. Inc.
CS First Boston Corporation
J.P. Morgan Securities Inc.
PaineWebber Incorporated
Advest, Inc.
Arnhold & S. Bleichroeder, Inc.
Robert W. Baird & Co. Incorporated
M.R. Beal & Company
Sanford C. Bernstein & Co., Inc.
William Blair & Company, L.L.C.
J.C. Bradford & Co.
Alex, Brown & Sons Incorporated
Cowen & Company
Crowell, Weedon & Co.
Dain Bosworth Incorporated
Dean Witter Reynolds Inc.
Deutsche Morgan Grenfell/C.J. Lawrence Inc.
Dillon, Read & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
EVEREN Securities, Inc.
Fahnestock & Co. Inc.
First Manhattan Co.
First of Michigan Corporation
Furman Selz LLC
Gabelli & Company, Inc.
Gerard Klauer Mattison & Co., LLC
Gruntal & Co., Incorporated
Guzman & Company
Hambrecht & Quist LLC
Interstate/Johnson Lane Corporation
Janney Montgomery Scott Inc.
Edward D. Jones & Co., L.P.
WR Lazard, Laidlaw & Luther
Lazard Fretes & Co. LLC
Legg Mason Wood Walker, Incorporated
Lehman Brothers Inc.
McDonald & Company Securities, Inc.
Montgomery Securities
Needham & Company, Inc.
Oppenheimer & Co., Inc.
Paribas Corporation
Parker/Hunter Incorporated
Piper Jaffray Inc.
Prudential Securities Incorporated
Pryor, McClendon, Counts & Co., Inc.
Ragen Mackenzie Incorporated
Rauscher Pierce Refsnes, Inc.
Raymond James & Associates, Inc.
Robertson, Stephens & Company LLC
The Robinson-Humphrey Company, Inc.
Salomon Brothers Inc.
SBC Capital Markets Inc.
Schroder Wertheim & Co. Incorporated
Scott & Stringfellow, Inc.
Muriel Siebert & Co., Inc.
Smith Barney Inc.
Stifel, Nicholas & Company Incorporated
Sutro & Co. Incorporated
UBS Securities Inc.
Wasserstein Perella Securities, Inc.
Wheat, First Securities, Inc.
Morgan Stanley & Co. International Limited
Goldman Sachs International
Merrill Lynch International Limited
Banque Paribas
Morgan Grenfell & Co. Limited
Swiss Bank Corporation
UBS Limited
Bear, Stearns International Limited
CS First Boston Limited
J.P. Morgan Securities Ltd.
PaineWebber International (U.K.) Ltd.
ABN AMRO Bank N.V.
Argentaria Bolsa, S.V.B., S.A.
Cazenove & Co.
CIBC Wood Gundy plc
Commerzbank Aktiengesellschaft
Credit Lyonnais Securities
Daiwa Europe Limited
Kleinwort Benson Limited
Robert Fleming & Co. Limited
HSBC Investment Bank Limited
ING Bank N.V.
Nikko Europe Plc
Nomura International plc
RBC Dominion Securities Inc.
J. Henry Schroder & Co. Limited
Societe Generale
For the fiscal year ended December 31, 1996
File number 811-1660
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Sterling Commerce
2. Date of First Offering
3/8/96
3. Dollar Amount of Purchase
$278,400
4. Price Per Unit
$24.00
5. Name(s) of Underwriter(s) or Dealer(s) From Whom
Purchased
Alex Brown
6. Other Members of the Underwriting Syndicate
Alex, Brown & Sons Incorporated
Bear, Stearns & Co. Inc.
The Chicago Corporation
CS First Boston Corporation
Dean Witter Reynolds Inc.
Dillon, Read & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Goldman, Sachs & Co.
Hambrecht & Quist LLC
Lazard Freres & Co. LLC
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Montgomery Securities
Morgan Stanley & Co. Incorporated
Oppenheimer & Co., Inc.
PaineWebber Incorporated
Prudential Securities Incorporated
Robertson, Stephens & Company LLC
Salomon Brothers Inc.
Schroder, Wertheim & Co. Incorporated
Smith Barney Inc.
Cowen & Company
Needham & Company, Inc.
The Ohio Company
Principal Financial Securities, Inc.
Punk, Zeigel & Knoell
Soundview Financial Group, Inc.
Unterberg Harris
Volpe, Welty & Company
Wessels, Arnold & Henderson, L.L.C.
First Southwest Company
Friedman, Billings, Ramsey & Co., Inc.
Hoak Securities Corp.
Kaufman Bros., L.P.
C.L. King & Associates, Inc.
Southwest Securities, Inc.
Van Kasper & Company
William K. Woodruff & Company Incorporated
For the fiscal year ended December 31, 1996
File number 811-1660
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Titan
2. Date of First Offering
12/16/96
3. Dollar Amount of Purchase
$147,400
4. Price Per Unit
$11.00
5. Name(s) of Underwriter(s) or Dealer(s) From Whom
Purchased
CS First Boston
6. Other Members of the Underwriting Syndicate
CS First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Howard, Weil, Labouisse, Friedrichs Incorporated
J.P. Morgan Securities Inc.
Petrie Parkman & Co., Inc.
For the fiscal year ended December 31, 1996
File number 811-1660
SUB-ITEM 77-0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
United Auto Group
2. Date of First Offering
10/23/96
3. Dollar Amount of Purchase
$225,000
4. Price Per Unit
$30.00
5. Name(s) of Underwriter(s) or Dealer(s) From Whom
Purchased
JP Morgan
6. Other Members of the Underwriting Syndicate
J.P. Morgan Securities Inc.
Montgomery Securities
Smith Barney Inc.
Bear, Stearns & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Prudential Securities Incorporated
Schroder Wertheim & Co. Incorporated
Stephens Inc.
Wasserstein Perella Securities, Inc.
Monnes, Crespi, Hardt & Co., Inc.
William Blair & Company, L.L.C.
Brean Murray & Co., Inc.
The Buckingham Research Group, Incorporated
Burnham Securities Inc.
The Chicago Corporation
Doft & Co., Inc.
Interstate/Johnson Lane Corporation
Johnston, Lemon & Co. Incorporated
Ladenburg, Thalmann & Co. Inc.
Morgan Keegan & Company, Inc.
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Scotia Capital Markets (USA) Inc.
Southeast Research Partners Inc.
For the year ended (a) 12/31/96
File # 811-660
SUB - ITEM 77J
Reclassification of Capital Accounts
The Fund accounts and reports for distributions to
shareholders in accordance with A.I.C.P.A. 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 $333,913,
decreased net realized gains by $54,498 and decreased
paid-in capital in excess of par by $279,415. Such
reclassification and no effect on net assets, results of
operations, or net asset value per share.
For the year ended (a) 5/31/95
File # 811-3264
SUB - ITEM 77J
Reclassification of Capital Accounts
Reclassification of Capital Accounts: The Fund accounts
and reports for distributions to shareholders in
accordance with A.I.C.P.A. Statement of Position 93-2;
Determination, Disclosure, and Financial Statement
Presentation of Income, Capital Gain, and Return of
Capital Distributions by Investment Companies. For the
Intermediate Term Series, the effect of applying this
statement was to increase undistributed net investment
income and increase accumulated net realized losses by
$92,902 for market discount recognized on securities
sold. Current year net investment income, net realized
losses and net assets were not affected by this change.
February 3, 1997
Mr. Eugene S. Stark, Treasurer
Prudential Mutual Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, New Jersey 07102-4077
Dear Mr. Stark:
This is to confirm that the client-auditor relationship
between the Prudential's Gibraltar Fund and Deloitte &
Touche llp has ceased.
Yours truly,
Deloitte & Touche llp
Princeton, New Jersey
cc: Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, D.C. 20549
February 13, 1997
To the Board of Directors of
Prudential's Gibralter Fund, Inc.
In planning and performing our audit of the financial statements of
Prudential's Gibralter Fund, Inc. (the "Fund") for the year ended
December 31, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purposes of expressing our opinion on
the financial statements and to comply with the requirements of Form N-
SAR, and not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are appropriately safeguarded against
loss from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
