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SIGNATURE SUSAN C. COTE' TITLE
TREASURER
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Board of Directors or Trustees of:
Prudential Adjustable Rate Securities Fund Prudential IncomeVertible Fund
The BlackRock Government Income Trust Prudential Intermediate Global Income
Fund
Prudential California Municipal Fund (2 Portfolios) Prudential Multi-Sector
Fund
Prudential Equity Fund
Prudential Municipal Bond Fund (3 Portfolios)
Prudential Equity Income Fund
Prudential Municipal Series Fund (12
Portfolios) Prudential FlexiFund (2
Portfolios)
Prudential National Municipals Fund
Prudential GNMA Fund
Prudential Pacific Growth Fund
Prudential Global Fund
Prudential Short-Term Global Income
Fund (2 Portfolios) Prudential Global
Genesis Fund
Prudential Structured Maturity Fund
Prudential Global Natural Resources
Fund Prudential U.S. Government Fund
Prudential Government Plus Fund
Prudential Utility Fund
Prudential Growth Fund
Global Utility Fund, Inc.
Prudential Growth Opportunity Fund
Nicholas-Applegate Fund, Inc.
Prudential High Yield Fund
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, 1994. 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, 1994. 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, 1993 to June 30, 1994. 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, 1993 to June 30, 1994.
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,
1994, and information about tests of the operating effectiveness of specified
policies and procedures covers the period from July 1, 1993 to June 30, 1994.
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.
July 28, 1994
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 all funds
except the Florida Series of Prudential Municipal Series Fund. This Fund
offers Class A and Class D shares.) for the Funds. The Class A shares are
subject to a front-end sales load and the Class B and Class D shares are
subject to a contingent deferred sales charge. 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 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 spcific control objectives and policies and procedures relating to the
Worksheet are described on pages 4, 5 and 6. 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
AND PROCEDURES
A. Capital share activity as reported by
the
1. Daily, the transfer agent forwards
reports of
Fund's transfer agent is recorded for each
capital share activity
for each class which
class in an accurate and timely manner by includes a
summary of
subscriptions,
the Fund. redemptions,
exchanges and other
information (the "Supersheet"). The
opening day's balance for shares
outstanding
and current day activity is recorded
on the Worksheet.
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.
3. A report of outstanding shares
eligible for dividends is received
from
the transfer agent and is recorded
for
each class on the Worksheet.
B. Net Asset Value ("NAV") and, if
applicable,
1. The prior days ending NAV per
share the dividend/distribution for
each class
(unrounded) for each class is
agreed to the are accurately computed
on a daily basis. Prior day's
Worksheet.
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,
2.
and 3., above.
CONTROL POLICIES CONTROL
OBJECTIVES AND PROCEDURES
3. Percentage Assets by Class and
Percentage Dividend Assets by Class
are
calculated for each class based upon
information from the prior day
Worksheet, the Supersheet and the
telefax from the transfer agent.
4. Allocate investment income
between
classes based on the appropriate
asset
allocation percentage for each class.
5. Agree composite income
accounts,
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. CONTROL POLICIES
CONTROL OBJECTIVES AND PROCEDURES
11.The above procedures are reviewed by
the
Fund supervisor or manager.
SECTION II
Tests of Operating Effectiveness Prudential Dual
Pricing Worksheet
July 1, 1993 to June 30, 1994
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, 1994, 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.
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(D)/Back End" by dividing
"Adjusted
Total Assets-Class B(D)/Back End" 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(D)/Back End" by dividing
"Adjusted Dividend Assets-Class B(D)/Back End" 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" and "Percentage
Dividend Assets-Class
B(D)/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(D)/Back End".
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" and "Percentage
Dividend Assets-Class B(D)/Back End," and non-daily
dividend funds by
multiplying the composite total by "Percentage Assets
Class A/Front End"
and "Percentage Assets-Class B(D)/Back End".
Agreed the "12b-1 Fee-Class A/Front End" and "12b-1
FeeClass B(D)/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(D)/Back End".
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" and
"Percentage Assets-Class
B(D)/Back End".
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 Distributed", "Capital
Stock Activity",
"Capital Gain Distribution", "Realized Gain/Loss",
"Unrealized
Appreciation/Depreciation", and "Prior Days Net
Assets".
Recalculated "NAV Per Share" dividing the "Net
AssetsClass A/Front End"
and "Net Assets - Class B(D)/Back End" by "Current
Shares Outstanding -
Class A/Front End" and "Current Shares Outstanding
Class B(D)/Back End",
respectively.
Recalculated "Offering Price" for Class A shares
by applying the "Load"
percentage as stated in the fund's prospectus.
February 11, 1993
To the Board of Directors of
The Gabelli Equity Trust Inc.
Page 2
July 24, 1995
To the Board of Directors of
Prudential Global Natural Resources Fund, Inc.
In planning and performing our audit of the financial statements of Prudential
Global Natural Resources Fund, Inc. (the "Fund") for the year ended May 31,
1995, 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 may 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
May 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
PRICE WATERHOUSE LLP
