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SIGNATURE GRACE TORRES
TITLE TREASURER
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January 21, 1998
Ernst & Young LLP
515 South Flower
Los Angeles, CA, 90071
In connection with your audit of the
statement of assets and liabilities,
including the schedule of investments of
Nicholas Applegate Growth Equity Fund (the
"Fund") as of December 31, 1997, and the
related statements of operations, changes in
net assets, and financial highlights for the
year then ended, we recognize that obtaining
representations from us concerning the
information contained in this letter is a
significant procedure in enabling you to form
an opinion whether the financial statements
and financial highlights present fairly, in
all material respects, the financial
position, results of operations, changes in
net assets and financial highlights of the
Fund in conformity with generally accepted
accounting principles, and accordingly, we
make the following representations , which
are true to the best of our knowledge and
belief.
General
We recognize that, as members of management
of the Fund, we are responsible for the fair
presentation of its financial statements. We
believe the statements of financial position,
results of operations, changes in net assets
and financial highlights are fairly presented
in conformity with generally accepted
accounting principles applied on a basis
consistent with that of the preceding period.
We have made available to your
representatives all financial records and
related data.
We have no plans or intentions that may
materially affect the carrying value or
classification of assets and liabilities.
Internal Control
There are no material transactions that have
not been properly recorded in the accounting
records underlying the financial statements.
There are no material weaknesses in internal
control, including any for which we believe
the cost of corrective actions exceeds the
benefits. There have been no significant
changes in internal control since December
31, 1997,
Minutes and Contracts
We have made available to you all minutes of
the meetings of stockholders, directors, and
committees of directors, or summaries of
actions of recent meetings for which minutes
have not yet been prepared.
We have made available information relating
to all statutes, laws, or regulations that
have a direct effect on our financial
statements.
We have made available all reports from other
accountants who have been engaged to make a
review of interim financial information of
significant components of the reporting
entity, its subsidiaries, or its other
investees and all information relating to
contracts with and results of work by
specialists.
We have complied with all aspects of
contractual agreements that would have a
material effect on the financial statements
in the event of noncompliance.
Risks and Uncertainties
There are no risks and uncertainties related
to certain significant estimates and current
vulnerabilities due to certain concentrations
that have not been disclosed in accordance
with AICPA Statement of Position 94-6,
Disclosure of Certain Significant Risks and
Uncertainties.
Ownership and Pledging of Assets
The Fund has satisfactory title to all owned
assets, including all assets appearing in the
statement of assets and liabilities, and
there are no liens or encumberances on such
assets, nor has any asset been pledged except
as disclosed in the financial statements.
Investments
Portfolio securities are stated at fair value
as determined in accordance with the
valuation methods set forth in the current
prospectus. All Fund investments during the
period were made in accordance with the
investment policies stated in the current
prospectus.
The Fund complied with the provisions of the
Investment Fund Act of 1940, as amended (the
"Act"), and the rules and regulations
thereunder, and with the provisions of its
prospectus and the requirements of the
various Blue Sky laws under which the Fund
operates. The daily net asset value has been
properly computed throughout the year for
open-end funds in accordance with Rule 2a-4
of the Act (or Rule 2a-7 for money market
funds) and was correctly applied in the
computation of daily capital stock sales and
redemption transactions.
The Fund did not make any commitments during
the year as underwriter, and did not engage
in any transactions made on margin, in joint
trading or in a joint investment account, or
in selling short.
The Fund has complied with the requirements
of Subchapter M of the Internal Revenue Code
of 1986, as amended through the date of this
letter, and intends to continue to so comply.
The Fund, except to the extent indicated in
its financial statements, does not own any
securities of persons who are directly
affiliated as defined in Section 2(a)(3) of
the Act.
There were no investments in issuers 5
percent or more of whose securities were
owned by officers and directors of the Fund.
All financial instruments, including those
with off-balance-sheet risk (such as swaps,
forwards and futures), as required under
generally accepted accounting principles have
been properly recorded or disclosed in the
financial statements.
The Fund has complied with the provisions of
its code of ethics.
Related Party Transactions
Transactions with related parties, as defined
in Statement of Financial Accounting
Standards No. 57, and other transactions with
affiliates, including fees, commissions,
purchases and sales have been properly
recorded or disclosed in the financial
statements.
Arrangements with Financial Institutions
Arrangements with financial institutions
involving compensating balances or other
arrangements involving restrictions on cash
balances and line-of-credit or similar
arrangements have been properly recorded or
disclosed in the financial statements.
Contingent Liabilities
There are no unasserted claims or
assessments, including those our lawyers have
advised us of, that are probable of assertion
and must be disclosed in accordance with
Statement of Financial Accounting Standards
No. 5, "Accounting for Contingencies (other
than those disclosed in the financial
statements).
There have been no violations or possible
violations of laws or regulations in any
jurisdiction whose effects should be
considered for disclosure in the financial
statements or as a basis for recording a loss
contingency (other than those disclosed in
the financial statements).
There have been no communications from
regulatory agencies, such as the Securities
and Exchange Commission or the Internal
Revenue Service, concerning investigations or
allegations of noncompliance with laws or
regulations in any jurisdiction, or
deficiencies in financial reporting practices
or other matters that could have a material
effect on the financial statements.
There are no other material liabilities or
gain or loss contingencies that are required
to be accrued or disclosed by Statement of
Financial Accounting Standards No. 5 (other
than those accrued or disclosed in the
financial statements) nor are there any
accruals for loss contingencies included in
the statement of assets and liabilities that
are not in conformity with the provisions of
Statement of Financial Accounting Standards
No. 5.
Capital Stock
Capital stock repurchase options or
agreements, or capital stock reserved for
options, warrants, conversions or other
requirements have been properly recorded or
disclosed in the financial statements.
Fraud and Conflicts of Interest
There have been no instances of fraud
involving management or employees who have
significant roles in internal control. There
have been no instances of fraud involving
other employees that could have a material
effect on the financial statements.
There are no instances where any officer or
employee of the Fund has an interest in a
Fund with which the Fund does business that
would be considered a "conflict of interest."
Such an interest would be contrary to Fund
policy.
Subsequent Events
No events or transactions have occurred since
the statement of assets and liabilities date
or are pending that would have a material
effect on the financial statements at that
date or for the period then ended, or that
are of such significance in relation to the
Fund's affairs to require mention in a note
to the financial statements in order to make
them not misleading regarding the financial
position, results of operations, changes in
nets assets, and financial highlights of the
Fund. We are not aware of any matters
arising during the year ended December 31,
1997 that would materially affect the
comparative statement of changes in net
assets for the year ended December 31, 1996
or the financial highlights for the four
years in the period ended December 31, 1996.
We understand that your audit was conducted
in accordance with generally accepted
auditing standards as defined and described
by the American Institute of Certified Public
Accountants and was, therefore, designed
primarily for the purpose of expressing an
opinion on the financial statements of the
Fund taken as a whole, and that your tests of
the accounting records and other auditing
procedures were limited to those that you
considered necessary for that purpose.
Very truly
yours,
Nicholas
Applegate
Growth
Equity
Fund
President/
Chief
Executive
Officer
Treasurer/
Chief
Financial
Officer
- 2 -
Board of Directors or Trustees of:
Prudential Adjustable Rate Pruden
Securities Fund* tial
Prudential Allocation Fund (2 High
Portfolios) Yield
The BlackRock Government Income Fund
Trust Pruden
Global Utility Fund tial
Nicholas-Applegate Fund Income
Prudential California Municipal Vertib
Fund (2 Portfolios) le
Prudential Distressed Fund*
Securities Fund Pruden
Prudential Diversified Bond tial
Fund Interm
Prudential Equity Fund ediate
Prudential Equity Income Fund Global
Prudential Global Genesis Fund Income
Prudential Global Limited Fund
Maturity Fund Pruden
Prudential Global Natural tial
Resources Fund Jennis
The Global Government Plus Fund on
The Fund
Global Pruden
Total tial
Return MoneyM
Fund art
Pruden Assets
tial Pruden
Govern tial
ment Mortga
Income ge
Fund Income
Pruden Fund
tial Pruden
Gover tial
nment Multi-
Secur Sector
ities Fund
Trust Pruden
- tial
Money Munici
Marke pal
t Bond
Serie Fund
s (3
Portfo
lios)
Pruden
tial
Munici
pal
Series
Fund
(10
curren
t
Portfo
lios
and 3
merged
Portfo
lios*)
Pruden
tial
Nation
al
Munici
pals
Fund
Pruden
tial
Pacifi
c
Growth
Fund
Pruden
tial
Small
Compan
ies
Fund
Pruden
tial
Struct
ured
Maturi
ty
Fund
Pruden
tial
U.S.
Govern
ment
Fund*
Pruden
tial
Utilit
y Fund
Pruden
tial
World
Fund
* As of June 30, 1996, the Fund/Portfolio was no
longer in operation. The Fund/Portfolio merged into
another Fund within the Prudential Mutual Fund
Family.
We have examined the accompanying description of the
Prudential Multiple Class 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, 1996. The
control objectives were specified by Prudential Mutual
Fund Management, Inc. 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, 1996. 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, 1995 to June 30, 1996. 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, 1995 to June 30, 1996.
However, the scope of our engagement did not include
tests to determine whether control objectives not
listed in Section I were achieved; accordingly we
express no opinion on the achievement of control
objectives not included in Section I.
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, 1996, and information about
tests of the operating effectiveness of specified
policies and procedures covers the period from July 1,
1995 to June 30, 1996. 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.
August 23, 1996
SECTION I
Policies and Procedures Placed in Operation
Prudential Multiple Class Pricing Worksheet
The Prudential Mutual Funds (the "Funds") have adopted
a multiple class pricing system. The multiple class
pricing system consists of four classes of shares
(Class A, Class B, Class C and Class Z). Class A
shares are subject to an initial sales charge, Class B
and Class C shares are subject to a contingent deferred
sales charge and Class Z shares have no sales charge
(Class Z shares which were first offered on March 1,
1996, are offered exclusively for sale to the PSI
Pension Plan). Each of the 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 among the
classes of shares, State Street Bank and Trust Company
(the Funds' custodian and recordkeeper) utilizes the
Prudential Multiple Class 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 among the 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 Multiple Class 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
CONTROL OBJECTIVES POLICIES
AND
PROCEDUR
ES
A. Capital share activity as 1. Daily
reported by the Fund's transfer , the
agent is recorded for each class trans
in an accurate and timely manner fer
by the Fund. agent
forwa
rds
repor
ts of
capit
al
share
activ
ity
for
each
class
which
inclu
des a
summa
ry of
subsc
ripti
ons,
redem
ption
s,
excha
nges
and
other
infor
matio
n
(the
"Supe
rshee
t").
The
openi
ng
day's
balan
ce
for
share
s
outst
andin
g and
curre
nt
day
activ
ity
is
recor
ded
on
the
Works
heet.
2. Estim
ated
inter
im
share
activ
ity
for
the
curre
nt
day
not
recor
ded
in
the
Super
sheet
is
recei
ved
via
telef
ax
from
the
trans
fer
agent
and
is
recor
ded
for
each
class
on
the
Works
heet.
3. A
repor
t of
outst
andin
g
share
s
eligi
ble
for
divid
ends
is
recei
ved
from
the
trans
fer
agent
and
is
recor
ded
for
each
class
on
the
Works
heet.
B. Net Asset Value ("NAV") and, if 1. The
applicable, the prio
dividend/distribution for each r
class are accurately computed on days
a daily basis. endi
ng
NAV
per
shar
e
(b)
for
each
clas
s is
agre
ed
to
the
prio
r
day'
s
Work
shee
t.
2. The
dail
y
net
capi
tal
stoc
k
acti
vity
for
each
clas
s
for
the
curr
ent
day
is
agre
ed
to
the
Supe
rshe
et
as
desc
ribe
d in
Cont
rol
Proc
edur
es
A.1.
, 2.
and
3.,
abov
e.
3. Perc
enta
ge
Asse
ts
by
Clas
s
and
Perc
enta
ge
Divi
dend
Asse
ts
by
Clas
s
are
calc
ulat
ed
for
each
clas
s
base
d
upon
info
rmat
ion
from
the
prio
r
day
Work
shee
t,
the
Supe
rshe
et
and
the
tele
fax
from
the
tran
sfer
agen
t.
CONTROL
CONTROL OBJECTIVES POLICIES
AND
PROCEDUR
ES
4. Allo
cate
inve
stme
nt
inco
me
amon
g
clas
ses
base
d on
the
appr
opri
ate
asse
t
allo
cati
on
perc
enta
ge
for
each
clas
s.
5. Agre
e
comp
osit
e
inco
me
acco
unts
,
mana
geme
nt
fees
,
othe
r
expe
nses
,
real
ized
gain
s
and
loss
es,
and
unre
aliz
ed
appr
ecia
tion
/dep
reci
atio
n to
the
prim
ary
acco
unti
ng
syst
em
of
the
Fund
.
6. Allo
cate
expe
nses
amon
g
clas
ses
as
foll
ows:
a. E
x
p
e
n
s
e
s
d
i
r
e
c
t
l
y
a
t
t
r
i
b
u
t
a
b
l
e
t
o
e
a
c
h
c
l
a
s
s
(
1
2
b-
1
d
i
s
t
r
i
b
u
t
i
o
n
e
x
p
e
n
s
e
s
)
a
r
e
c
a
l
c
u
l
a
t
e
d
a
n
d
r
e
c
o
r
d
e
d
t
o
t
h
a
t
c
l
a
s
s
.
b. E
x
p
e
n
s
e
s
a
t
t
r
i
b
u
t
a
b
l
e
t
o
b
o
t
h
c
l
a
s
s
e
s
a
r
e
a
l
l
o
c
a
t
e
d
i
n
a
c
c
o
r
d
a
n
c
e
w
i
t
h
t
h
e
a
p
p
r
o
p
r
i
a
t
e
a
s
s
e
t
a
l
l
o
c
a
t
i
o
n
p
e
r
c
e
n
t
a
g
e
f
o
r
e
a
c
h
c
l
a
s
s
.
7. Allo
cate
real
ized
and
unre
aliz
ed
gain
s
and
loss
es
amon
g
the
clas
ses
in
acco
rdan
ce
with
the
appr
opri
ate
asse
t
allo
cati
on
perc
enta
ge
of
each
clas
s.
8. Reco
rd
divi
dend
s/di
stri
buti
ons
to
shar
ehol
ders
of
each
clas
s in
the
prim
ary
acco
unti
ng
syst
em.
9. Aggr
egat
e
the
net
asse
ts
for
each
clas
s
and
agre
e to
the
tota
l
net
asse
ts
per
the
prim
ary
acco
unti
ng
syst
em.
10.For
each
clas
s,
reco
ncil
e
the
curr
ent
day'
s
NAV
and,
if
appl
icab
le,
the
divi
dend
/dis
trib
utio
n to
the
prev
ious
day'
s
NAV
and
divi
dend
/
dist
ribu
tion
for
each
clas
s.
11.The
abov
e
proc
edur
es
are
revi
ewed
by
the
Fund
supe
rvis
or
or
mana
ger.
SECTION II
Tests of Operating Effectiveness
Prudential Multiple Class Pricing Worksheet
July 1, 1995 to June 30, 1996
We reviewed the methodology and procedures for
calculating the daily net asset value and, if
applicable, the dividends/distributions of the classes
of shares and the allocation of income and expenses
among the 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 multiple class
pricing during the year ended June 30, 1996, 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 classes
of shares and the allocation of income and expenses
among the 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.
Agreed "Shares Outstanding Beginning of the Day" to
the previous day's Worksheet and to the transfer
agency records for each class.
Recalculated "Activity/Estimate" by adding the
estimated interim share activity reported via fax
from the transfer agent and the current day's
"Capital Stock Activity" reported on the Supersheet
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(C)/Back
End" by dividing "Adjusted Total Assets-Class
B(C)/Back End" by "Adjusted Total Assets
Composite".
Recalculated "Percentage Assets-Class Z/No Fee"
where applicable, by dividing "Adjusted Total
Assets-Class Z/No Fee" by "Adjusted Total Assets
Composite".
Agreed "Dividend Shares" to the transfer agency
records 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(C)/Back End" by dividing "Adjusted Dividend
Assets-Class B(C)/Back End" by "Adjusted Dividend
Assets Composite".
Recalculated "Percentage Dividend Assets-Class Z/No
Fee" where applicable, by dividing "Adjusted
Dividend Assets-Class Z" by "Adjusted Dividend
Assets Composite".
Agreed composite total of each component of income
to the primary accounting system.
Recalculated the allocation for each class of each
component of income for daily dividend funds by
multiplying the composite total by "Percentage
Dividend Assets-Class A/Front End", "Percentage
Dividend Assets-Class B(C)/Back End" and where
applicable, "percentage Dividend Assets-Class Z/No
Fee", and for non-daily dividend funds by
multiplying the composite total by "Percentage
Assets-Class A/Front End", "Percentage Assets-Class
B(C)/Back End" and where applicable, "Percentage
Assets-Class Z/No Fee".
Recalculated "Daily Income," composite and for each
class, by totaling each component of income.
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", "Percentage Dividend Assets-Class B(C)/Back
End" and where applicable, "percentage Dividend
Assets-Class Z/No Fee", and non-daily dividend
funds by multiplying the composite total by
"Percentage Assets-Class A/Front End", "Percentage
Assets-Class B(C)/Back End" " and where applicable,
"Percentage Assets-Class Z/No Fee"
Agreed the "12b-1 Fee-Class A/Front End" and "12b-1
Fee-Class B(C)/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", "Dividend Shares Beginning of Day-Class
B(C)/Back End" and where applicable, "Dividend
Shares Beginning of Day-Class Z/No Fee".
Agreed "Daily Income" and "Income Distribution" for
each class to the primary accounting system.
Agreed the "Capital Gain Distribution" to the
amount recorded in the primary accounting system.
Agreed composite total "Realized Gain/Loss" and
"Unrealized Appreciation/Depreciation" to the
primary accounting system.
Recalculated the allocation for each class of
"Realized Gain/Loss" and "Unrealized
Appreciation/Depreciation" by multiplying the
composite amount by the "Percentage Assets-Class
A/Front End", "Percentage Assets-Class B(C)/Back
End" and where applicable, "Percentage Assets-Class
Z/No Fee".
Agreed "Prior Days Net Assets" to the previous
day's Worksheet.
Recalculated "Net Assets", composite and for each
class, by totaling "Daily Net Income", "Income
nDistributed", "Capital Stock Activity", "Capital
Gain Distribution", "Realized Gain/Loss",
"Unrealized Appreciation/Depreciation", and "Prior
Days Net Assets".
Recalculated "NAV Per Share" dividing the "Net
Assets-Class A/Front End", "Net Assets - Class
B(C)/Back End" and where applicable, "Net Assets-
Class Z/No Fee" by "Current Shares Outstanding -
Class A/Front End", "Current Shares Outstanding -
Class B(C)/Back End" and where applicable, "Current
Shares Outstanding-Class Z/No Fee", respectively.
Recalculated "Offering Price" for Class A shares by
applying the "Load" percentage as stated in the
fund's prospectus.
