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<SHARES-REINVESTED> 12,520,588
<NET-CHANGE-IN-ASSETS> 75,180,294
<ACCUMULATED-NII-PRIOR> 127,601
<ACCUMULATED-GAINS-PRIOR> 3,879,476
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,628,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,183,118
<AVERAGE-NET-ASSETS> 270,466,000
<PER-SHARE-NAV-BEGIN> 14.63
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> (0.82)
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.66
<EXPENSE-RATIO> 2.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000843091
<NAME> PRUDENTIAL GLOBAL UTILITY FUND
<SERIES>
<NUMBER> 003
<NAME> PRUDENTIAL GLOBAL UTILITY FUND (C)
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 382,376,852
<INVESTMENTS-AT-VALUE> 399,159,430
<RECEIVABLES> 5,325,004
<ASSETS-OTHER> 24,917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 404,509,351
<PAYABLE-FOR-SECURITIES> 2,129,264
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,227,095
<TOTAL-LIABILITIES> 5,356,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 374,491,586
<SHARES-COMMON-STOCK> 29,217,603
<SHARES-COMMON-PRIOR> 22,141,150
<ACCUMULATED-NII-CURRENT> 72,918
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,784,210
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,804,278
<NET-ASSETS> 399,152,992
<DIVIDEND-INCOME> 12,258,541
<INTEREST-INCOME> 6,882,528
<OTHER-INCOME> 0
<EXPENSES-NET> 7,183,118
<NET-INVESTMENT-INCOME> 11,957,951
<REALIZED-GAINS-CURRENT> 7,713,040
<APPREC-INCREASE-CURRENT> (33,826,608)
<NET-CHANGE-FROM-OPS> (14,155,617)
<EQUALIZATION> (35,657)
<DISTRIBUTIONS-OF-INCOME> (10,385,661)
<DISTRIBUTIONS-OF-GAINS> (5,399,622)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 205,782,596
<NUMBER-OF-SHARES-REDEEMED> (113,146,333)
<SHARES-REINVESTED> 12,520,588
<NET-CHANGE-IN-ASSETS> 75,180,294
<ACCUMULATED-NII-PRIOR> 127,601
<ACCUMULATED-GAINS-PRIOR> 3,879,476
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,628,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,183,118
<AVERAGE-NET-ASSETS> 131,000
<PER-SHARE-NAV-BEGIN> 13.93
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> (0.24)
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.66
<EXPENSE-RATIO> 2.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For period ending (a) September 30, 1994
File number (c) 811-5695
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
A Special Meeting of Shareholders was called for June 23,
1994, adjourned and held on July 19, 1994. At such meeting the
shareholders elected the entire slate of directors, ratified the
selection of independent accountants and voted on the following
proposals:
(a) approval or disapproval of an amendment of the Fund's Articles
of Incorporation to permit a conversion feature for Class B
shares.
Affirmative Negative
votes cast votes cast
16,011,475 463,801
(b) approval or disapproval of an amended and restated Class A
Distribution and Service Plan.
Affirmative Negative
votes cast votes cast
Class A 4,731,522 201,998
Class B 9,229,444 245,829
(c) approval or disapproval of an amended and restated Class B
Distribution and Service Plan.
Affirmative Negative
votes cast votes cast
Class B 9,269,087 247,441
For period ending (a) September 30, 1994
File number (c) 811-5695
SUB-ITEM 77I
New Securities
Effective August 1, 1994, the Fund amended its Articles of
Incorporation to add a conversion feature for Class B shares and to
create a third class of shares, designated Class C shares. The
conversion feature added to Class B shares will result in Class B
shares automatically converting to Class A shares after a specific
number of years. The new Class C shares represent an interest in
the same assets of the Fund as the Class A and Class B shares and
are identical to the currently existing Class A and Class B shares
except that they (i) are subject to a Rule 12b-1 fee of up to 1% of
the average daily net assets of the Class C shares and to a
contingent deferred sales charge of up to 1% for redemptions made
within one year of purchase, (ii) have exclusive voting rights with
respect to its Distribution and Service Plan, (iii) have a
different exchange privilege, and (iv) do not have a conversion
feature.
For fiscal year ended (a) September 30, 1994
File number (c) 811-5695
SUB-ITEM 77J
Revaluation of assets or restatement of capital share account
The Global Utility Fund accounts for and reports distributions
to shareholders in accordance with Statement of Position 93-2:
Determination, Disclosure, and Financial Statement Presentation of
Income, Capital Gain, and Return of Capital Distributions by
Investment Companies. The effect of applying this statement was to
decrease undistributed net investment income and increase
accumulated net realized gains on investments and foreign currency
transactions by $1,591,316. Net investment income, net realized
gains, and net assets were not affected by this change.
Exhibit 77Q-1(a)
ARTICLES OF AMENDMENT
OF
GLOBAL UTILITY FUND, INC.
GLOBAL UTILITY FUND, INC., a Maryland corporation having
its principal offices in Baltimore, Maryland and New York, New
York (the "Corporation"), hereby certifies to the State
Department of Assessments and Taxation of Maryland that:
FIRST: Article IV, Section 1 of the Corporation's
Charter is hereby amended in its entirety to read as follows:
ARTICLE IV
Common Stock
Section 1. The total number of shares of capital stock
which the Corporation shall have authority to issue is 2
billion shares of the par value of $.001 per share and of
the aggregate par value of $2,000,000 to be divided
initially into three classes, consisting of 666,666,666 2/3
shares of Class A Common Stock, 666,666,666 2/3 shares of
Class B Common Stock and 666,666,666 2/3 shares of Class C
Common Stock.
(a) Each share of Class A, Class B and Class C Common
Stock of the Corporation shall represent the same interest
in the Corporation and have identical voting, dividend,
liquidation and other rights except that (i) Expenses
related to the distribution of each class of shares shall be
borne solely by such class; (ii) The bearing of such
expenses solely by shares of each class shall be
appropriately reflected (in the manner determined by the
Board of Directors) in the net asset value, dividends,
distribution and liquidation rights of the shares of such
class; (iii) The Class A Common Stock shall be subject to a
front-end sales load and a Rule 12b-1 distribution fee as
determined by the Board of Directors from time to time; (iv)
The Class B Common Stock shall be subject to a contingent
deferred sales charge and a Rule 12b-1 distribution fee as
determined by the Board of Directors from time to time; and
(v) The Class C Common Stock shall be subject to a
contingent deferred sales charge and a Rule 12b-1
distribution fee as determined by the Board of Directors
from time to time. All shares of each particular class
shall represent an equal proportionate interest in that
class, and each share of any particular class shall be equal
to each other share of that class.
(b) Each share of the Class B Common Stock of the
Corporation shall be converted automatically, and
without any action or choice on the part of the holder
thereof, into shares (including fractions thereof) of
the Class A Common Stock of the Corporation (computed
in the manner hereinafter described), at the applicable
net asset value per share of each Class, at the time of
the calculation of the net asset value of such Class B
Common Stock at such times, which may vary between
shares originally issued for cash and shares purchased
through the automatic reinvestment of dividends and
distributions with respect to Class B Common Stock
(each "Conversion Date"), determined by the Board of
Directors in accordance with applicable laws, rules,
regulations and interpretations of the Securities and
Exchange Commission and the National Association of
Securities Dealers, Inc. and pursuant to such
procedures as may be established from time to time by
the Board of Directors and disclosed in the
Corporation's then current prospectus for such Class A
and Class B Common Stock.
(c) The number of shares of the Class A Common
Stock of the Corporation into which a share of the
Class B Common Stock is converted pursuant to Paragraph
(1)(b) hereof shall equal the number (including for
this purpose fractions of a share) obtained by dividing
the net asset value per share of the Class B Common
Stock for purposes of sales and redemptions thereof at
the time of the calculation of the net asset value on
the Conversion Date by the net asset value per share of
the Class A Common Stock for purposes of sales and
redemptions thereof at the time of the calculation of
the net asset value on the Conversion Date.
(d) On the Conversion Date, the shares of the
Class B Common Stock of the Corporation converted into
shares of the Class A Common Stock will cease to accrue
dividends and will no longer be outstanding and the
rights of the holders thereof will cease (except the
right to receive declared but unpaid dividends to the
Conversion Date).
(e) The Board of Directors shall have full power
and authority to adopt such other terms and conditions
concerning the conversion of shares of the Class B
Common Stock to shares of the Class A Common Stock as
they deem appropriate; provided such terms and
conditions are not inconsistent with the terms
contained in this Section 1 and subject to any
restrictions or requirements under the Investment
Company Act of 1940 and the rules, regulations and
interpretations thereof promulgated or issued by the
Securities and Exchange Commission or any conditions or
limitations contained in an order issued by the
Securities and Exchange Commission applicable to the
Corporation, or any restrictions or requirements under
the Internal Revenue Code of 1986, as amended, and the
rules, regulations and interpretations promulgated or
issued thereunder.
THIRD: The foregoing amendments to the Charter of
the Corporation do not increase the authorized stock of the
Corporation.
FOURTH: The foregoing amendments to the Charter of the
Corporation have been advised by the Board of Directors and
approved by a majority of the shareholders of the Corporation.
FIFTH: The foregoing amendments to the Charter of the
Corporation shall become effective at 9:00 a.m. on August 1,
1994.
IN WITNESS WHEREOF, GLOBAL UTILITY FUND, INC. has
caused these presents to be signed in its name and on its behalf
by its Vice President and attested by its Secretary on July 27,
1994.
By /s/ Robert F. Gunia
Robert F. Gunia
Vice President
Attest: /s/ S. Jane Rose
S. Jane Rose
Secretary
The undersigned, Vice President of GLOBAL UTILITY FUND,
INC., who executed on behalf of said corporation the foregoing
amendments to the Charter of which this certificate is made a
part, hereby acknowledges in the name and on behalf of said
corporation, the foregoing amendments to the Charter to be the
corporate act of said corporation and further certifies that, to
the best of his knowledge, information and belief, the matters
and facts set forth therein with respect to the approval thereof
are true in all material respects, under the penalties of
perjury.
/s/ Robert F. Gunia
Robert F. Gunia
Board of Directors
Global Utility Fund, Inc.:
In planning and performing our audit of the financial statements of Global
Utility Fund, Inc. ("Fund") for the year ended September 30, 1994, 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 September 30, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
November 10, 1994
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.
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.
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.
