<PAGE> PAGE 1
000 B000000 07/31/95
000 C000000 0000811444
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 U
001 A000000 PRUDENTIAL ALLOCATION FUND
001 B000000 811-5055
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 2
007 C010100 1
007 C020100 BALANCED PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 STRATEGY PORTFOLIO
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
015 A00AA02 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA02 S
015 C01AA02 TORONTO
015 D01AA02 CANADA
015 E04AA02 X
015 A00AA03 BANQUE PARIBAS
015 B00AA03 S
015 C01AA03 PARIS
015 D01AA03 FRANCE
<PAGE> PAGE 2
015 E04AA03 X
015 A00AA04 STATE STREET BANK AND TRUST CO.
015 B00AA04 S
015 C01AA04 LONDON
015 D01AA04 UNITED KINGDOM
015 E04AA04 X
015 A00AA05 WESTPAC BANKING CORP.
015 B00AA05 S
015 C01AA05 SYDNEY
015 D01AA05 AUSTRALIA
015 E04AA05 X
015 A00AA06 GIROCREDIT BANK AKTIENGESELLCAFT DER SPARKAS
015 B00AA06 S
015 C01AA06 VIENNA
015 D01AA06 AUSTRIA
015 E04AA06 X
015 A00AA07 GENERALE BANK
015 B00AA07 S
015 C01AA07 BRUSSELS
015 D01AA07 BELGIUM
015 E04AA07 X
015 A00AA08 DEN DANSKE BANK
015 B00AA08 S
015 C01AA08 COPENHAGEN
015 D01AA08 DENMARK
015 E04AA08 X
015 A00AA09 MERITA BANK LIMITED
015 B00AA09 S
015 C01AA09 HELSINKI
015 D01AA09 FINLAND
015 E04AA09 X
015 A00AA10 BERLINER HANDELS-UND FRANKFURTER BANK
015 B00AA10 S
015 C01AA10 FRANKFURT
015 D01AA10 GERMANY
015 E04AA10 X
015 A00AA11 THE HONG KONG AND SHANGHAU BANKING CORP. LTD.
015 B00AA11 S
015 C01AA11 HONG KONG
015 D01AA11 CHINA
015 E04AA11 X
015 A00AA12 BANK OF IRELAND
015 B00AA12 S
015 C01AA12 DUBLIN
015 D01AA12 IRELAND
015 E04AA12 X
015 A00AA13 MORGAN GUARANTY TRUST CO.
015 B00AA13 S
015 C01AA13 MILAN
015 D01AA13 ITALY
015 E04AA13 X
<PAGE> PAGE 3
015 A00AA14 SUMITOMO TRUST & BANKING CO., LTD.
015 B00AA14 S
015 C01AA14 TOKYO
015 D01AA14 JAPAN
015 E04AA14 X
015 A00AA15 SEOULBANKEOUL
015 B00AA15 S
015 C01AA15 SEOUL
015 D01AA15 KOREA
015 E04AA15 X
015 A00AA16 CEDEL
015 B00AA16 S
015 C01AA16 LUXEMBOURG
015 D01AA16 LUXEMBOURG
015 E04AA16 X
015 A00AA17 STANDARD CHARTERED BANK
015 B00AA17 S
015 C01AA17 MALAYSIA
015 D01AA17 MALAYSIA
015 E04AA17 X
015 A00AA18 CITIBANK, NA-MEXICO
015 B00AA18 S
015 C01AA18 MEXICO CITY
015 D01AA18 MEXICO
015 E04AA18 X
015 A00AA19 MEESPIERSON N.V.
015 B00AA19 S
015 C01AA19 AMSTERDAM
015 D01AA19 NETHERLANDS
015 E04AA19 X
015 A00AA20 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B00AA20 S
015 C01AA20 WELLINGTON
015 D01AA20 NEW ZEALAND
015 E04AA20 X
015 A00AA21 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA21 S
015 C01AA21 OLSO
015 D01AA21 NORWAY
015 E04AA21 X
015 A00AA22 BANCO COMERCIAL PORTUGUES
015 B00AA22 S
015 C01AA22 LISBON
015 D01AA22 PORTUGAL
015 E04AA22 X
015 A00AA23 THE DEVELOPMENT BANK OF SINGAPORE, LTD.
015 B00AA23 S
015 C01AA23 SINGAPORE
015 D01AA23 SINGAPORE
015 E04AA23 X
015 A00AA24 BANCO SANTANDER, S.A.
<PAGE> PAGE 4
015 B00AA24 S
015 C01AA24 MADRID
015 D01AA24 SPAIN
015 E04AA24 X
015 A00AA25 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA25 S
015 C01AA25 STOCKOLM
015 D01AA25 SWEDEN
015 E04AA25 X
015 A00AA26 UNION BANK OF SWITZERLAND
015 B00AA26 S
015 C01AA26 ZURICH
015 D01AA26 SWITZERLAND
015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK
015 B00AA27 S
015 C01AA27 THAILAND
015 D01AA27 THAILAND
015 E04AA27 X
015 A00AA28 CITIBANK, N.A.
015 B00AA28 S
015 C01AA28 BUENOS AIRES
015 D01AA28 ARGENTINA
015 E04AA28 X
015 A00AA29 CITIBANK. N.A.
015 B00AA29 S
015 C01AA29 SAO PAULO
015 D01AA29 BRAZIL
015 E04AA29 X
015 A00AA30 CITIBANK, N.A.
015 B00AA30 S
015 C01AA30 SANTIAGO
015 D01AA30 CHILE
015 E04AA30 X
015 A00AA31 CITITRUST COLUMBIA S.A SOCIEDAD FIDUCIARIA
015 B00AA31 S
015 C01AA31 BOGOTA
015 D01AA31 COLUMBIA
015 E04AA31 X
015 A00AA32 CESKOCLOVENSKA ONCHODNI BANKA A.S.
015 B00AA32 S
015 C01AA32 PRAGUE
015 D01AA32 CZECH REPUBLIC
015 E04AA32 X
015 A00AA33 NATIONAL BANK OF GREECE S.A.
015 B00AA33 S
015 C01AA33 ATHENS
015 D01AA33 GREECE
015 E04AA33 X
015 A00AA34 CITIBANK BUDAPEST RT.
015 B00AA34 S
<PAGE> PAGE 5
015 C01AA34 BUDAPEST
015 D01AA34 HUNGARY
015 E04AA34 X
015 A00AA35 DEUTCHE BANK A.G.
015 B00AA35 S
015 C01AA35 BOMBAY
015 D01AA35 INDIA
015 E04AA35 X
015 A00AA36 STANDARD CHARTERED BANK
015 B00AA36 S
015 C01AA36 JAKARTA
015 D01AA36 INDONESIA
015 E04AA36 X
015 A00AA37 BANK HAPOALIM B.M.
015 B00AA37 S
015 C01AA37 TEL AVIV
015 D01AA37 ISRAEL
015 E04AA37 X
015 A00AA38 THE DAIWA BANK, LIMITED
015 B00AA38 S
015 C01AA38 TOKYO
015 D01AA38 JAPAN
015 E04AA38 X
015 A00AA39 DEUTCHE BANK AG
015 B00AA39 S
015 C01AA39 KARACHI
015 D01AA39 PAKISTAN
015 E04AA39 X
015 A00AA40 CITIBANK, N.A.
015 B00AA40 S
015 C01AA40 LIMA
015 D01AA40 PERU
015 E04AA40 X
015 A00AA41 STANDARD CHARTERED BANK
015 B00AA41 S
015 C01AA41 MANILA
015 D01AA41 PHILIPPINES
015 E04AA41 X
015 A00AA42 CITIBANK POLAND, S.A.
015 B00AA42 S
015 C01AA42 WARSAW
015 D01AA42 POLAND
015 E04AA42 X
015 A00AA43 CEKOSLOVENSKA OBCHODNA BANKA A.S.
015 B00AA43 S
015 C01AA43 BRATISLAVA
015 D01AA43 SLOVAK REPUBLIC
015 E04AA43 X
015 A00AA44 STANDARD BANK OF SOUTH AFERICA LTD.
015 B00AA44 S
015 C01AA44 JOHANNESBURG
<PAGE> PAGE 6
015 D01AA44 SOUTH AFERICA
015 E04AA44 X
015 A00AA45 CENTRAL TRUST OF CHINA
015 B00AA45 S
015 C01AA45 TAIPEI
015 D01AA45 TAIWAN
015 E04AA45 X
015 A00AA46 CITIBANK, N.A.
015 B00AA46 S
015 C01AA46 ISTANBUL
015 D01AA46 TURKEY
015 E04AA46 X
015 A00AA47 TRANSNATIONAL
015 B00AA47 S
015 C01AA47 CEDAL
015 D01AA47 CEDAL
015 E04AA47 X
015 A00AA48 CITIBANK, N.A.
015 B00AA48 S
015 C01AA48 CARACAS
015 D01AA48 VENEZUELA
015 E04AA48 X
015 A00AA49 CITIBANK, N.A.
015 B00AA49 S
015 C01AA49 MONTEVIDEO
015 D01AA49 URUGUAY
015 E04AA49 X
020 A000001 PAINEWEBBER, INC.
020 B000001 13-2638166
020 C000001 163
020 A000002 BEAR, STEARNS & COMPANY, INC.
020 B000002 13-2999429
020 C000002 127
020 A000003 PRUDENTIAL SECURITIES INC.
020 B000003 22-2347336
020 C000003 106
020 A000004 WEEDEN & CO.
020 B000004 13-3364318
020 C000004 96
020 A000005 SOUNDVIEW FINANCIAL GROUP, INC.
020 B000005 13-2998183
020 C000005 95
020 A000006 NATWEST SECURITIES CORPORATION
020 C000006 79
020 A000007 LEHMAN INC.
020 B000007 13-5669076
020 C000007 73
020 A000008 JEFFERIES & COMPANY, INC.
020 B000008 95-2622900
020 C000008 56
020 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
<PAGE> PAGE 7
020 B000009 13-5674085
020 C000009 55
020 A000010 CS FIRST BOSTON CORP.
020 B000010 13-5659485
020 C000010 53
021 000000 1811
062 A00AA00 N
062 B00AA00 0.0
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062 R00AA00 0.0
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
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078 000000 N
086 A010000 0
086 A020000 0
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086 D010000 0
<PAGE> PAGE 8
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 Y
025 A000101 BEAR, STEARNS & COMPANY, INC.
025 B000101 13-3299429
025 C000101 D
025 D000101 20164
025 A000102 CS FIRST BOSTON CORP.
025 B000102 13-1356595
025 C000102 D
025 D000102 20164
025 A000103 SMITH BARNEY SHEARSON, INC.
025 B000103 13-1912900
025 C000103 D
025 D000103 20164
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
<PAGE> PAGE 9
070 O010100 Y
070 O020100 Y
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 806899
071 B000100 800641
071 C000100 398602
071 D000100 201
072 A000100 12
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072CC020100 0
072DD010100 9204
072DD020100 2257
072EE000100 8435
073 A010100 0.2500
073 A020100 0.5800
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074 U010100 32695
074 U020100 10205
074 V010100 12.00
074 V020100 12.67
074 W000100 0.0000
074 X000100 70866
074 Y000100 0
075 A000100 0
075 B000100 480093
080 A000100 ICI MUTUAL INSURANCE CO.
080 C000100 65000
081 A000100 Y
081 B000100 1
082 A000100 N
082 B000100 0
<PAGE> PAGE 10
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
024 000200 Y
025 A000201 BEAR STAERNS & COMPANY, INC.
025 B000201 13-3299429
025 C000201 D
025 D000201 13600
025 A000202 CS FIRST BOSTON CORP.
025 B000202 13-5659485
025 C000202 D
025 D000202 13600
025 A000203 SMITH BARNEY SHEARSON, INC.
025 B000203 13-1912900
025 C000203 D
025 D000203 13600
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
<PAGE> PAGE 11
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 576379
071 B000200 532217
071 C000200 295061
071 D000200 180
072 A000200 12
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072 Z000200 7631
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072CC020200 0
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072EE000200 10913
073 A010200 0.2100
073 A020200 0.5100
073 B000200 0.3400
073 C000200 0.0000
074 N000200 390086
074 T000200 366084
075 A000200 0
075 B000200 364629
080 A000200 ICI MUTUAL INSURANCE CO.
080 C000200 65000
081 A000200 Y
081 B000200 1
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082 B000200 0
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083 B000200 0
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085 B000200 N
SIGNATURE SUSAN C. COTE'
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811444
<NAME> PRUDENTIAL ALLOCATION FUND - STRATEGY PORTFOLIO
<SERIES>
<NUMBER> 001
<NAME> PRUDENTIAL ALLOCATION FUND - STRATEGY CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 335,749,999
<INVESTMENTS-AT-VALUE> 369,728,119
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<OVERDISTRIBUTION-NII> 0
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<INTEREST-INCOME> 10,989,653
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<NET-INVESTMENT-INCOME> 7,631,204
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<PER-SHARE-NII> 1.52
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<CIK> 0000811444
<NAME> PRUDENTIAL ALLOCATION FUND - STRATEGY PORTFOLIO
<SERIES>
[NUMBER] 002
<NAME> PRUDENTIAL ALLOCATION FUND - STRATEGY CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
[INVESTMENTS-AT-COST] 335,749,999
[INVESTMENTS-AT-VALUE] 369,728,119
[RECEIVABLES] 20,302,388
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[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 390,085,745
[PAYABLE-FOR-SECURITIES] 22,560,918
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,440,886
[TOTAL-LIABILITIES] 24,001,804
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 315,346,033
[SHARES-COMMON-STOCK] 29,461,767
[SHARES-COMMON-PRIOR] 33,228,879
[ACCUMULATED-NII-CURRENT] 1,539,281
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 15,225,530
[OVERDISTRIBUTION-GAINS] 0
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[NET-ASSETS] 366,083,941
[DIVIDEND-INCOME] 3,814,245
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[EXPENSES-NET] 7,172,694
[NET-INVESTMENT-INCOME] 7,631,204
[REALIZED-GAINS-CURRENT] 15,712,614
[APPREC-INCREASE-CURRENT] 20,668,517
[NET-CHANGE-FROM-OPS] 44,012,335
[EQUALIZATION] (274,536)
[DISTRIBUTIONS-OF-INCOME] (7,099,110)
[DISTRIBUTIONS-OF-GAINS] (10,913,030)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 87,194,600
[NUMBER-OF-SHARES-REDEEMED] (147,769,905)
[SHARES-REINVESTED] 17,309,043
[NET-CHANGE-IN-ASSETS] (17,540,603)
[ACCUMULATED-NII-PRIOR] 1,547,219
[ACCUMULATED-GAINS-PRIOR] 10,160,450
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[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,370,080
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7,172,694
[AVERAGE-NET-ASSETS] 307,439,000
[PER-SHARE-NAV-BEGIN] 11.54
[PER-SHARE-NII] 1.42
[PER-SHARE-GAIN-APPREC] 0.00
[PER-SHARE-DIVIDEND] (0.21)
[PER-SHARE-DISTRIBUTIONS] (0.34)
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 12.41
[EXPENSE-RATIO] 2.08
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
<CIK> 0000811444
<NAME> PRUDENTIAL ALLOCATION FUND - STRATEGY PORTFOLIO
<SERIES>
[NUMBER] 003
<NAME> PRUDENTIAL ALLOCATION FUND - STRATEGY CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> JUL-31-1995
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[INVESTMENTS-AT-VALUE] 369,728,119
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[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 390,085,745
[PAYABLE-FOR-SECURITIES] 22,560,918
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,440,886
[TOTAL-LIABILITIES] 24,001,804
[SENIOR-EQUITY] 0
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[SHARES-COMMON-STOCK] 29,461,767
[SHARES-COMMON-PRIOR] 33,228,879
[ACCUMULATED-NII-CURRENT] 1,539,281
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 15,225,530
[OVERDISTRIBUTION-GAINS] 0
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[NET-ASSETS] 366,083,941
[DIVIDEND-INCOME] 3,814,245
[INTEREST-INCOME] 10,989,653
[OTHER-INCOME] 0
[EXPENSES-NET] 7,172,694
[NET-INVESTMENT-INCOME] 7,631,204
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[APPREC-INCREASE-CURRENT] 20,668,517
[NET-CHANGE-FROM-OPS] 44,012,335
[EQUALIZATION] (274,536)
[DISTRIBUTIONS-OF-INCOME] (7,099,110)
[DISTRIBUTIONS-OF-GAINS] (10,913,030)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 87,194,600
[NUMBER-OF-SHARES-REDEEMED] (147,769,905)
[SHARES-REINVESTED] 17,309,043
[NET-CHANGE-IN-ASSETS] (17,540,603)
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[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7,172,694
[AVERAGE-NET-ASSETS] 170,000
[PER-SHARE-NAV-BEGIN] 11.57
[PER-SHARE-NII] 1.39
[PER-SHARE-GAIN-APPREC] 0.00
[PER-SHARE-DIVIDEND] (0.21)
[PER-SHARE-DISTRIBUTIONS] (0.34)
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 12.41
[EXPENSE-RATIO] 2.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811444
<NAME> PRUDENTIAL ALLOCATION FUND - BALANCED PORTFOLIO
<SERIES>
<NUMBER> 001
<NAME> PRU ALLOCATION FUND - BALANCED PORTFOLIO (CLASS A)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 469,556,203
<INVESTMENTS-AT-VALUE> 508,381,980
<RECEIVABLES> 31,358,992
<ASSETS-OTHER> 10,579
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 539,751,551
<PAYABLE-FOR-SECURITIES> 23,092,390
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,494,111
<TOTAL-LIABILITIES> 24,586,501
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 455,244,022
<SHARES-COMMON-STOCK> 42,900,171
<SHARES-COMMON-PRIOR> 43,551,047
<ACCUMULATED-NII-CURRENT> 1,914,605
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,180,646
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,825,777
<NET-ASSETS> 515,165,050
<DIVIDEND-INCOME> 3,714,618
<INTEREST-INCOME> 16,851,017
<OTHER-INCOME> 0
<EXPENSES-NET> 8,949,084
<NET-INVESTMENT-INCOME> 11,616,551
<REALIZED-GAINS-CURRENT> 24,855,840
<APPREC-INCREASE-CURRENT> 21,889,387
<NET-CHANGE-FROM-OPS> 58,361,778
<EQUALIZATION> (108,882)
<DISTRIBUTIONS-OF-INCOME> (11,460,711)
<DISTRIBUTIONS-OF-GAINS> (8,435,123)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177,082,017
<NUMBER-OF-SHARES-REDEEMED> (201,993,090)
<SHARES-REINVESTED> 18,598,887
<NET-CHANGE-IN-ASSETS> 32,044,876
<ACCUMULATED-NII-PRIOR> 1,867,647
<ACCUMULATED-GAINS-PRIOR> 2,759,929
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,120,574
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,949,084
<AVERAGE-NET-ASSETS> 69,754,000
<PER-SHARE-NAV-BEGIN> 11.12
<PER-SHARE-NII> 1.45
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.04
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<CIK> 0000811444
<NAME> PRUDENTIAL ALLOCATION FUND - BALANCED PORTFOLIO
<SERIES>
[NUMBER] 002
<NAME> PRU ALLOCATION FUND - BALANCED PORTFOLIO (CLASS B)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
[INVESTMENTS-AT-COST] 469,556,203
[INVESTMENTS-AT-VALUE] 508,381,980
[RECEIVABLES] 31,358,992
[ASSETS-OTHER] 10,579
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 539,751,551
[PAYABLE-FOR-SECURITIES] 23,092,390
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,494,111
[TOTAL-LIABILITIES] 24,586,501
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 455,244,022
[SHARES-COMMON-STOCK] 42,900,171
[SHARES-COMMON-PRIOR] 43,551,047
[ACCUMULATED-NII-CURRENT] 1,914,605
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 19,180,646
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 38,825,777
[NET-ASSETS] 515,165,050
[DIVIDEND-INCOME] 3,714,618
[INTEREST-INCOME] 16,851,017
[OTHER-INCOME] 0
[EXPENSES-NET] 8,949,084
[NET-INVESTMENT-INCOME] 11,616,551
[REALIZED-GAINS-CURRENT] 24,855,840
[APPREC-INCREASE-CURRENT] 21,889,387
[NET-CHANGE-FROM-OPS] 58,361,778
[EQUALIZATION] (108,882)
[DISTRIBUTIONS-OF-INCOME] (11,460,711)
[DISTRIBUTIONS-OF-GAINS] (8,435,123)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 177,082,017
[NUMBER-OF-SHARES-REDEEMED] (201,993,090)
[SHARES-REINVESTED] 18,598,887
[NET-CHANGE-IN-ASSETS] 32,044,876
[ACCUMULATED-NII-PRIOR] 1,867,647
[ACCUMULATED-GAINS-PRIOR] 2,759,929
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,120,574
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 8,949,084
[AVERAGE-NET-ASSETS] 409,419,000
[PER-SHARE-NAV-BEGIN] 11.09
[PER-SHARE-NII] 1.36
[PER-SHARE-GAIN-APPREC] 0.00
[PER-SHARE-DIVIDEND] (0.25)
[PER-SHARE-DISTRIBUTIONS] (0.20)
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 12.00
[EXPENSE-RATIO] 1.97
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
<CIK> 0000811444
<NAME> PRUDENTIAL ALLOCATION FUND - BALANCED PORTFOLIO
<SERIES>
[NUMBER] 003
<NAME> PRU ALLOCATION FUND - BALANCED PORTFOLIO (CLASS C)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
[INVESTMENTS-AT-COST] 469,556,203
[INVESTMENTS-AT-VALUE] 508,381,980
[RECEIVABLES] 31,358,992
[ASSETS-OTHER] 10,579
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 539,751,551
[PAYABLE-FOR-SECURITIES] 23,092,390
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,494,111
[TOTAL-LIABILITIES] 24,586,501
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 455,244,022
[SHARES-COMMON-STOCK] 42,900,171
[SHARES-COMMON-PRIOR] 43,551,047
[ACCUMULATED-NII-CURRENT] 1,914,605
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 19,180,646
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 38,825,777
[NET-ASSETS] 515,165,050
[DIVIDEND-INCOME] 3,714,618
[INTEREST-INCOME] 16,851,017
[OTHER-INCOME] 0
[EXPENSES-NET] 8,949,084
[NET-INVESTMENT-INCOME] 11,616,551
[REALIZED-GAINS-CURRENT] 24,855,840
[APPREC-INCREASE-CURRENT] 21,889,387
[NET-CHANGE-FROM-OPS] 58,361,778
[EQUALIZATION] (108,882)
[DISTRIBUTIONS-OF-INCOME] (11,460,711)
[DISTRIBUTIONS-OF-GAINS] (8,435,123)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 177,082,017
[NUMBER-OF-SHARES-REDEEMED] (201,993,090)
[SHARES-REINVESTED] 18,598,887
[NET-CHANGE-IN-ASSETS] 32,044,876
[ACCUMULATED-NII-PRIOR] 1,867,647
[ACCUMULATED-GAINS-PRIOR] 2,759,929
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,120,574
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 8,949,084
[AVERAGE-NET-ASSETS] 920,000
[PER-SHARE-NAV-BEGIN] 11.12
[PER-SHARE-NII] 1.33
[PER-SHARE-GAIN-APPREC] 0.00
[PER-SHARE-DIVIDEND] (0.25)
[PER-SHARE-DISTRIBUTIONS] (0.20)
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 12.00
[EXPENSE-RATIO] 2.04
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
NSAR4.DOC - Windows - September 26, 1995
PRINT ON COMPAQ
The Board of Trustees of
Prudential Allocation Fund:
In planning and performing our audits of the financial statements of Prudential
Allocation Fund (consisting of the Conservatively Managed Portfolio and the
Strategy Portfolio) ("Fund") for the year ended July 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
July 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
September 7, 1995
For the fiscal year ended (a) 7/31/95
File number (c) 811-5055
SUB-ITEM 77 D
EXHIBITS
Policies with respect to security investment
On May 3, 1995 the Trustees approved amended liquidity procedures and
amended valuation procedures.
77d-i.asc
For the fiscal year ended (a) 7/31/95
File number (c) 811-5055
SUB-ITEM 77 D
EXHIBITS
Policies with respect to security investment
On May 3, 1995, the Trustees approved and authorized a change in the name
of the Conservatively Managed Portfolio to the Balanced Portfolio. The Balanced
Portfolio would be required by the SEC to maintain at least 25 percent of the
value of its assets in fixed income senior securities. The changes will become
effective September 29, 1995.
77d-ii.asc
For the fiscal year ended (a) 7/31/95
File number (c) 811-5055
SUB-ITEM 77 D
EXHIBITS
Policies with respect to security investment
On May 3, 1995, the Trustees approved investment policy modifications of
the Conservatively Managed Portfolio and the Strategy Portfolio. The changes
inthe investment policies of the Portfolios would permit (i) the Balanced
Portfolio to invest in smaller, faster growing companies and (ii) the
removal of the Portfolio's average weighted maturity limitation and replacement
with average duration. The changes will become effective September 29, 1995.
77d-iii.asc
For the fiscal period ended (a) 7/31/95
File number (c) 811-5055
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
PMI Group
2. Date of Purchase
4/10/95
3. Number of Securities Purchased
57,500
4. Dollar Amount of Purchase
$1,955,000
5. Price Per Unit
$34
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Goldman Sachs
7. Other Members of the Underwriting Syndicate
CS First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Merrill Lynch, Pierce, Fenner,& Smith Incorporated
Pryor, McClendon, Counts & Co., Inc.
Ragen MacKenzie Incorporated
Goldman Sachs International Limited
Morgan Stanley & Co.
Bear Stearns& Co. Inc.
Lehman Brothers Inc.
Prudential Securities Incorporated
Salomon Brothers Inc.
Smith Barney Inc.
Dean Witter Reynolds Inc.
Robert W. Baird & Co. Incorporated
Sanford C. Bernstein & Co., Inc.
J.C. Bradford & Co.
Alex, Brown & Sons Incorporated
The Chicago Corporation
Cleary Gull Reiland & McDevitt Inc.
Conning & Company
Fox-Pitt, Kelton Inc.
Johnson, Lemon & Co. Incorporated
Luther, Smith & Small, Inc.
Montgomery Securities
Neuberger & Berman
Northington Capital Markets, Inc.
Oppenheimer & Co., Inc.
PaineWebber Incorporated
Samuel A. Ramirez & Co., Inc.
Muiel Siebert & Co., Inc.
Stifel,Nicolaus & Company, Incorporated
Wasserstein Perella Securities, Inc.
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
PMI Group
2. Date of Purchase
4/10/95
3. Number of Securities Purchased
49,800
4. Dollar Amount of Purchase
$1,693,200
5. Price Per Unit
$34
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Goldman Sachs
7. Other Members of the Underwriting Syndicate
CS First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Merrill Lynch, Pierce, Fenner,& Smith Incorporated
Pryor, McClendon, Counts & Co., Inc.
Goldman Sachs International Limited
Morgan Stanley & Co.
Bear Stearns& Co. Inc.
Lehman Brothers Inc.
Prudential Securities Incorporated
Salomon Brothers Inc.
Smith Barney Inc.
Dean Witter Reynolds Inc.
Robert W. Baird & Co. Incorporated
Sanford C. Bernstein & Co., Inc.
J.C. Bradford & Co.
Alex, Brown & Sons Incorporated
The Chicago Corporation
Cleary Gull Reiland & McDevitt Inc.
Conning & Company
Fox-Pitt, Kelton Inc.
Johnson, Lemon & Co. Incorporated
Luther, Smith & Small, Inc.
Montgomery Securities
Neuberger & Berman
Northington Capital Markets, Inc.
Oppenheimer & Co., Inc.
PaineWebber Incorporated
Samuel A. Ramirez & Co., Inc.
Muiel Siebert & Co., Inc.
Stifel,Nicolaus & Company, Incorporated
Wasserstein Perella Securities, Inc.
77o.asc
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.
Thisreport 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.
