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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,602
<TOTAL-LIABILITIES> 753,602
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,629,777
<SHARES-COMMON-STOCK> 10,456,062
<SHARES-COMMON-PRIOR> 8,743,626
<ACCUMULATED-NII-CURRENT> (247,519)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,548,288
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,269,985
<NET-ASSETS> 164,200,531
<DIVIDEND-INCOME> 1,341,360
<INTEREST-INCOME> 234,972
<OTHER-INCOME> 0
<EXPENSES-NET> 3,042,832
<NET-INVESTMENT-INCOME> (1,466,500)
<REALIZED-GAINS-CURRENT> 20,092,637
<APPREC-INCREASE-CURRENT> (12,087,497)
<NET-CHANGE-FROM-OPS> 6,538,640
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (17,085,293)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 157,545,157
<NUMBER-OF-SHARES-REDEEMED> (145,400,427)
<SHARES-REINVESTED> 15,354,101
<NET-CHANGE-IN-ASSETS> 16,952,178
<ACCUMULATED-NII-PRIOR> (106,296)
<ACCUMULATED-GAINS-PRIOR> 5,905,998
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,128,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,042,832
<AVERAGE-NET-ASSETS> 107,361,000
<PER-SHARE-NAV-BEGIN> 16.70
<PER-SHARE-NII> (0.19)
<PER-SHARE-GAIN-APPREC> 0.89
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.94)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.46
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000816753
<NAME> PRUDENTIAL NATURAL RESOURCES FUND
<SERIES>
<NUMBER> 003
<NAME> PRUDENTIAL NATURAL RESOURCES FUND (CLASS C)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 133,997,717
<INVESTMENTS-AT-VALUE> 157,265,513
<RECEIVABLES> 1,851,904
<ASSETS-OTHER> 5,836,716
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,954,133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,602
<TOTAL-LIABILITIES> 753,602
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,629,777
<SHARES-COMMON-STOCK> 10,456,062
<SHARES-COMMON-PRIOR> 8,743,626
<ACCUMULATED-NII-CURRENT> (247,519)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,548,288
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,269,985
<NET-ASSETS> 164,200,531
<DIVIDEND-INCOME> 1,341,360
<INTEREST-INCOME> 234,972
<OTHER-INCOME> 0
<EXPENSES-NET> 3,042,832
<NET-INVESTMENT-INCOME> (1,466,500)
<REALIZED-GAINS-CURRENT> 20,092,637
<APPREC-INCREASE-CURRENT> (12,087,497)
<NET-CHANGE-FROM-OPS> 6,538,640
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (17,085,293)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 157,545,157
<NUMBER-OF-SHARES-REDEEMED> (145,400,427)
<SHARES-REINVESTED> 15,354,101
<NET-CHANGE-IN-ASSETS> 16,952,178
<ACCUMULATED-NII-PRIOR> (106,296)
<ACCUMULATED-GAINS-PRIOR> 5,905,998
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,128,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,042,832
<AVERAGE-NET-ASSETS> 2,041,000
<PER-SHARE-NAV-BEGIN> 16.70
<PER-SHARE-NII> (0.19)
<PER-SHARE-GAIN-APPREC> 0.89
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.94)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.46
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000816753
<NAME> PRUDENTIAL NATURAL RESOURCES FUND
<SERIES>
<NUMBER> 004
<NAME> PRUDENTIAL NATURAL RESOURCES FUND (CLASS Z)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 133,997,717
<INVESTMENTS-AT-VALUE> 157,265,513
<RECEIVABLES> 1,851,904
<ASSETS-OTHER> 5,836,716
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,954,133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,602
<TOTAL-LIABILITIES> 753,602
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,629,777
<SHARES-COMMON-STOCK> 10,456,062
<SHARES-COMMON-PRIOR> 8,743,626
<ACCUMULATED-NII-CURRENT> (247,519)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,548,288
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,269,985
<NET-ASSETS> 164,200,531
<DIVIDEND-INCOME> 1,341,360
<INTEREST-INCOME> 234,972
<OTHER-INCOME> 0
<EXPENSES-NET> 3,042,832
<NET-INVESTMENT-INCOME> (1,466,500)
<REALIZED-GAINS-CURRENT> 20,092,637
<APPREC-INCREASE-CURRENT> (12,087,497)
<NET-CHANGE-FROM-OPS> 6,538,640
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (17,085,293)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 157,545,157
<NUMBER-OF-SHARES-REDEEMED> (145,400,427)
<SHARES-REINVESTED> 15,354,101
<NET-CHANGE-IN-ASSETS> 16,952,178
<ACCUMULATED-NII-PRIOR> (106,296)
<ACCUMULATED-GAINS-PRIOR> 5,905,998
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,128,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,042,832
<AVERAGE-NET-ASSETS> 994,000
<PER-SHARE-NAV-BEGIN> 17
<PER-SHARE-NII> (0)
<PER-SHARE-GAIN-APPREC> 1
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For the twelve months ended
(a) 5/31/97
File number (c) 811-5206
SUB-ITEM 77D
Policies With Respect to
Security Investments
At a meeting of the Board
of Directors held on February
21, 1997, the Directors
approved and authorized a
change in investment policy
permitting the Fund to hold up
to 15% of its net assets in
repurchase agreements which
have a maturity of longer than
7 days or in other illiquid
securities; and authorized a
corresponding change to the
Fund's Procedures for
Determining the Liquidity of
Securities having Legal or
Contractual Restrictions on
Resale, as applicable.
For the twelve months ended
(a) 5/31/97
File number (c) 811-5206
SUB-ITEM 770
Transactions Effected Pursuant
to Rule 10f-3
1. Name of Issuer:
Titan Exploration
2. Date of Purchase:
12/16/96
3. Number of Securities
Purchased:
17,100
4. Dollar Amount of
Purchase:
$188,100
5. Price Per Unit:
$11.00
6. Name(s) of Underwriter(s)
or Dealer(s) from whom
Purchased:
CS First Boston
Corporation
Donaldson, Lufkin &
Jenrette Securities
Corporation
Howard, Weil, Labouisse,
Friedrichs Incorporated
J.P. Morgan Securities
Inc.
Petrie Parkman & Co. Inc.
July 18, 1997
To the Shareholders and
Board of Directors of
Prudential Natural
Resources Fund, Inc.
In planning and performing
our audit of the financial
statements of Prudential
Natural Resources Fund,
Inc. (the "Fund") for the
year ended May 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 May
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
- 2 -
Board of Directors or Trustees of:
Prudential Adjustable Rate Prudential High Yield
Securities Fund* Fund
Prudential Allocation Fund (2 Prudential
Portfolios) IncomeVertible Fund*
The BlackRock Government Income Prudential
Trust Intermediate Global
Global Utility Fund Income Fund
Nicholas-Applegate Fund Prudential Jennison
Prudential California Municipal Fund
Fund (2 Portfolios) Prudential MoneyMart
Prudential Distressed Assets
Securities Fund Prudential Mortgage
Prudential Diversified Bond Income Fund
Fund Prudential Multi-
Prudential Equity Fund Sector Fund
Prudential Equity Income Fund Prudential Municipal
Prudential Global Genesis Fund Bond Fund (3
Prudential Global Limited Portfolios)
Maturity Fund Prudential Municipal
Prudential Global Natural Series Fund (10
Resources Fund current
The Global Government Plus Fund Portfolios and 3
The Global Total merged Portfolios*)
Return Fund Prudential National
Prudential Government Municipals Fund
Income Fund Prudential Pacific
Prudential Government Growth Fund
Securities Trust - Prudential Small
Money Companies Fund
Market Series Prudential Structured
Maturity Fund
Prudential U.S.
Government Fund*
Prudential Utility
Fund
Prudential 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 POLICIES
CONTROL OBJECTIVES AND PROCEDURES
A. Capital share activity as 1. Daily, the transfer
reported by the Fund's transfer agent forwards
agent is recorded for each class reports of capital
in an accurate and timely manner share activity for
by the Fund. each class which
includes a summary
of subscriptions,
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 1. The prior days
applicable, the ending NAV per
dividend/distribution for each share (b) for each
class are accurately computed on class is agreed to
a daily basis. the 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.
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.
CONTROL POLICIES
CONTROL OBJECTIVES AND PROCEDURES
4. Allocate investment
income among
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/deprec
iation to the
primary accounting
system of the Fund.
6. Allocate expenses
among 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
among the classes
in accordance with
the appropriate
asset allocation
percentage of each
class.
8. Record
dividends/distribut
ions 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/distributi
on 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 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.
