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<PAGE> PAGE 2
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020 A000003 LEHMAN BROTHERS, INC.
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<PAGE> PAGE 3
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SIGNATURE STEPHEN P. TOOLEY
TITLE COMPTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080946
<NAME> PRUDENTIAL'S GIBRALTAR FUND
<SERIES>
<NUMBER> 001
<NAME> PRUDENTIAL GIBRALTAR FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 276,988,335
<INVESTMENTS-AT-VALUE> 322,652,484
<RECEIVABLES> 6,082,776
<ASSETS-OTHER> 1,502
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 2,669,207
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 148,808
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 277,448,110
<SHARES-COMMON-STOCK> 29,771,740
<SHARES-COMMON-PRIOR> 26,366,193
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,806,488
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,664,149
<NET-ASSETS> (56,137,933)
<DIVIDEND-INCOME> 3,968,815
<INTEREST-INCOME> 1,369,649
<OTHER-INCOME> 0
<EXPENSES-NET> 474,511
<NET-INVESTMENT-INCOME> 4,863,953
<REALIZED-GAINS-CURRENT> 50,505,594
<APPREC-INCREASE-CURRENT> 547,282
<NET-CHANGE-FROM-OPS> 55,916,829
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,623,695)
<DISTRIBUTIONS-OF-GAINS> (59,469,378)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,000,000
<NUMBER-OF-SHARES-REDEEMED> (32,262,504)
<SHARES-REINVESTED> 63,060,874
<NET-CHANGE-IN-ASSETS> 24,622,126
<ACCUMULATED-NII-PRIOR> 59,851
<ACCUMULATED-GAINS-PRIOR> 7,801,150
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 390,676
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 473,072
<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 period ended (s) 12/31/97
File number 811-1660
SUB-ITEM 77-D
EXHIBITS
Policies with respect to security
investment
When conditions dictate a temporary defensive
strategy
or during temporary periods of portfolio
structuring and
restructuring, Prudential's Gibraltar Fund, Inc.
(the Fund)
may invest in money market instruments without
limit. The
Account may invest in high quality money market
instruments,
including but not limited to commercial paper,
certificates
of deposit, bankers' acceptances and time deposits
of banks,
and obligations issued or guaranteed by the U.S.
Government,
its agencies and instrumentalities. Commercial
paper will be
rated, at the time of investment, at least A-2 by
Standard &
Poor's Ratings Service or Prime-2 by Moody's
Investor
Services, or if not rated, of comparable quality
in the
judgment of the Fund's investment adviser.
T:\flh\gib\nsar77d
February 11, 1998
To the Board of Directors and Shareholders of
Prudential's Gibraltar Fund, Inc.
In planning and performing our audit of the
financial statements of Prudential's Gibraltar
Fund, Inc. (the "Fund") for the year ended
December 31, 1997, we considered its internal
control, including control activities 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 internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of control
activities. Generally, control activities that
are relevant to an audit pertain to the entity's
objective of preparing financial statements for
external purposes that are fairly presented in
conformity with generally accepted accounting
principles. Those control activities include the
safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal
control, errors or irregularities may occur and
not be detected. Also, projection of any
evaluation of internal control 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 internal control would not
necessarily disclose all matters in internal
control 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
any specific internal control components 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 internal control,
including control activities for safeguarding
securities, that we consider to be material
weaknesses as defined above as of December 31,
1997.
This report is intended solely for the information
and use of management and the Board of Directors
of the Fund and the Securities and Exchange
Commission.
PRICE WATERHOUSE LLP
This report is signed on behalf of the
Registrant in the City of Newark and State of New
Jersey on the 24th day of February, 1998.
Prudential's Gibraltar Fund, Inc.
Witness: /s/Caren Cunningham By:
/s/Grace Torres
Caren Cunningham Grace Torres
Assistant Secretary Treasurer
e:\flh\gib\nsar.GT
