<PAGE>
ANNUAL REPORT APRIL 30, 2000
Prudential
Europe Growth Fund, Inc.
Fund Type Global stock
Objective Long-term growth of capital
(GRAPHIC)
This report is not authorized for distribution to
prospective investors unless preceded or
accompanied by a current prospectus.
The views expressed in this report and information
about the Fund's portfolio holdings are for the
period covered by this report and are subject to
change thereafter.
(LOGO)
<PAGE>
Build on the Rock
Investment Goals and Style
The Prudential Europe Growth Fund invests primarily
in stocks of companies in Europe, selecting a diversified
portfolio for long-term growth of capital. The Fund
is subject to all of the risks associated with
foreign investing, including currency, political
and social risks, and potential illiquidity. There
can be no assurance that the Fund will achieve its
investment objective.
Geographic Concentration
Expressed as a percentage of
net assets as of 4/30/00
30.5% United Kingdom
14.7 France
10.4 Italy
6.5 Federal Republic of Germany
6.0 Spain
6.0 Sweden
5.8 Other Continental Europe
4.6 Finland
4.3 Switzerland
11.2 Cash & Equivalents
Ten Largest Holdings
Expressed as a percentage of
net assets as of 4/30/00
4.0% Nokia Oy
Telecommunications
3.4 Compass Group PLC
Business and Public Services
2.9 Vodafone Group
Telecommunications
2.7 Telefonica SA
Telecommunications
2.7 Hays PLC
Business and Public Services
2.6 Telecom Italia Mobile SpA
Telecommunications
2.6 Havas Advertising SA
Publishing, Broadcasting &
Advertising
2.5 Seat Pagine Gialle SpA
Publishing, Broadcasting &
Advertising
2.3 British Sky Broadcasting PLC
Publishing, Broadcasting &
Advertising
2.2 Electrocomponents PLC
Electrical and Electronics
<PAGE>
www.prudential.com (800) 225-1852
Performance at a Glance
Cumulative Total Returns1 As of 4/30/00
One Five Ten Since
Year Years Years Inception2
Class A 20.27% 142.45% N/A 150.32%
Class B 19.38 133.08 N/A 139.01
Class C 19.45 133.04 N/A 138.96
Class Z 20.67 N/A N/A 115.04
Lipper European
Region Fund Avg.3 25.29 140.43 N/A ***
Average Annual Total Returns1 As of 4/30/00
One Five Ten Since
Year Years Years Inception2
Class A 14.26% 18.16% N/A 16.11%
Class B 14.38 18.34 N/A 16.13
Class C 17.25 18.20 N/A 16.01
Class Z 20.67 N/A N/A 20.86
Past performance is not indicative of future
results. Principal and investment return will
fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their
original cost.
1 Source: Prudential Investments Fund Management
LLC and Lipper Inc. The cumulative total returns do
not take into account sales charges. The average
annual total returns do take into account
applicable sales charges. The Fund charges a
maximum front-end sales charge of 5% for Class A
shares.
Class B shares are subject to a declining
contingent deferred sales charge (CDSC) of 5%, 4%,
3%, 2%, 1%, and 1% for six years. Class B shares
will automatically convert to Class A shares, on a
quarterly basis, approximately seven years after
purchase. Class C shares are subject to a front-end
sales charge of 1% and a CDSC of 1% for 18 months.
Class Z shares are not subject to a sales charge or
distribution and service (12b-1) fees.
2 Inception dates: Class A, B, and C, 7/13/94;
Class Z, 4/15/96.
3 Lipper average returns are for all funds in each
share class for the one- and five-year periods in
the European Region Fund category. The Lipper
average is unmanaged. European Region funds
concentrate their investment in equity securities
whose primary trading markets or operations are in
the European region or a single country within this
region.
*** Lipper Since Inception returns are 164.65% for
Class A, B, and C, and 99.91% for Class Z, based on
all funds in each share class.
1
<PAGE>
(LOGO) June 15, 2000
Dear Shareholder,
European stock markets have been very volatile
recently, reflecting short-term concerns about the
impact of rising interest rates as well as historic
changes in Europe's economy. Like U.S. stocks,
European stocks moved indecisively through the
first half of the Prudential Europe Growth Fund's
current reporting period--the 12 months ended April
30, 2000. Then they rose rapidly, driven by large
gains in the technology and telecommunications
sectors. As investors became concerned about
interest rates and the high prices of favored
stocks, a sharp sell-off began in mid-March.
For the year ended April 30, 2000, the Prudential
Europe Growth Fund's Class A shares returned
20.27%--14.26% to those paying the one-time Class A
share sales charge--well above the 9.98% Morgan
Stanley Capital International (MSCI) Europe Region
Average, and in the top half of the funds in the
Lipper European Region Fund classification. The
Fund's large outperformance of the overall market
was due largely to owning many of the top-
performing telecommunications services and
equipment stocks. Its advertising and media
companies also made very substantial contributions.
However, over this reporting period, its holdings
in financials and business services suffered from
investor neglect. The Fund trailed the 25.29%
Lipper Average, which was pulled up by the
exceptionally high performance of a few members.
One final note: with the aim of improving
performance, the Fund has abandoned its tactical
trading efforts, consolidating its focus on the
stocks of companies with long-term growth stories.
Yours sincerely,
John R. Strangfeld, President
Prudential Europe Growth Fund, Inc.
2
<PAGE>
Prudential Europe Growth Fund, Inc.
Annual Report April 30, 2000
Investment Adviser's Report
The pace of economic transformation in Europe
continues to be rapid. Deregulation and
competition are driving innovation, company
managements are becoming more aggressive, and
technological change--particularly in
telecommunications--is dramatically affecting both
personal lifestyles and corporate profitability.
Several factors, however, have prevented Europe's
stock markets from benefiting wholly from this
economic transformation. First, although European
economies have generally seen strong growth, it has
been not quite at levels comparable to the United
States. Because growth has been sporadic, it has
not translated into the huge economy-driven stock
price gains seen in the United States during the
1990s. In addition, international investors
continue to supply a significant amount of capital
(although not the majority) to the region. Outside
factors (for example, the distraction of investors
by new opportunities in Asia) have, from time to
time, interrupted this flow of capital.
Shares of European companies are still less
expensive than U.S. stocks when compared to
companies' current earnings. As the taste for
equity investment spreads among Europeans, shares
may well approach U.S.
pricing levels for each dollar of corporate
earnings, even as earnings also rise because of
productivity improvements. There is potential for a
double-barreled lift to share prices. We think the
long-term prospects are good because inflation and
interest rates are likely to remain below their
historical averages, making economic growth
sustainable.
Industry trends, rather than country factors, are
increasingly driving stock prices in the developed
markets. We have focused on the long-term growth
potential of leading companies in industries that
we expect to grow substantially over several years.
We have not yet invested directly in emerging
markets, such as eastern Europe, which are more
volatile and more subject to changes in investor
confidence.
3
<PAGE>
Prudential Europe Growth Fund, Inc.
Holdings expressed as a percentage of the Fund's
net assets
Comments on Largest Holdings As of 4/30/00
4.0% Nokia Oy (Finland)/Telecommunications
The leading global manufacturer of wireless
telephones, a market that has beaten all growth
forecasts. New digital services, such as short
messaging and Internet access, are soon to add to
revenue growth. Sales grew 48% in 1999.
3.4% Compass Group PLC (United Kingdom)/Business and
Public Services
The leading global food service company. Its
customers outsource their vending and institutional
dining (corporate, educational institutions,
prisons and military) needs to Compass, which also
operates franchises in institutional settings for
Burger King, T.G.I. Friday's, and Pizza Hut.
2.9% Vodafone AirTouch (United Kingdom)/Telecommunications
The acquisition of Mannesmann--the largest mobile
phone operator in Germany with interests in
providers in Austria, France, and Italy--cemented
Vodafone's position as the largest provider of
cellular telephone services in the world. It is
also No.1 in the United Kingdom and, with Verizon
Wireless (its joint venture with Bell Atlantic), in
the United States.
2.7% Telefonica SA (Spain)/Telecommunications
Spanish-based telecommunications service provider
with large Latin American holdings, for which it
has substantially improved service. Usage of its
fixed lines is increasing in Spain,
as are value-added services, such as mobile
(cellular), Internet, and data transmission.
Telefonica has a rapidly expanding World Wide Web
business, exploiting its Spanish-language advantage
in Spain and Latin America.
2.7% Hays PLC (United Kingdom)/Business and Public
Services
Outsourcing supplier of business services, such as
delivery of everything from industrial goods to
groceries, and temporary and permanent personnel
procurement. Hays is expanding throughout Europe,
as more companies outsource as a way to reduce
costs.
Holdings are subject to change.
4
<PAGE>
www.prudential.com (800) 225-1852
Annual Report April 30, 2000
TMT
Over this fiscal year, the telecommunications-
media-technology (TMT) trio continued to drive
market performance. Telecommunications is one of
our largest industry focuses. (See Comments on
Largest Holdings.) Europe is well ahead of the
United States in the development of advanced
telecommunications services. Among equipment
manufacturers, we added the Swedish company
Ericsson; Nokia (Finland) is our largest holding.
Among service providers, we own Vodafone Group
(United Kingdom), Colt Telecom (United Kingdom),
Telefonica (Spain), and Telecom Italia Mobile
(Italy). We took substantial profits in the sector,
particularly on Vodafone and Nokia, but share price
appreciation more than replaced the value of the
sales. We added to our holdings of Colt Telecom,
which offers bundled phone and data transmission
services to businesses and is expanding across
Europe.
Media companies also are likely to benefit from the
increasing consumer focus and competitive
environment throughout Europe, as well as from
economic growth and deregulation. For example,
newly deregulated utilities are using advertising
to improve their relations with their customers.
Havas Advertising (France) and British Sky
Broadcasting Group, the U.K.-based pay-television
company, were large contributors to our return. We
took our profits on Aegis Group (United Kingdom), a
media purchasing agency. Although we also took some
profits on our shares of Seat Pagine Gialle, an
Italian Internet and yellow pages advertising
service, its 255% rise (in U.S. dollars) over our
reporting year kept the value of our holding
substantial.
We made no large changes in our technology
holdings. We expect the sector to thrive as
European businesses catch up to the U.S.
technological revolution. Our companies are
typically selling must-have products, so they still
have some pricing power in a disinflationary
environment.
5
<PAGE>
Prudential Europe Growth Fund, Inc.
Annual Report April 30, 2000
The still vital "old economy"
Although we were early to focus on the TMT stocks,
we did not believe these were the only growth
opportunities. In fact, less than 40% of our assets
were invested in these sectors at period end.
Although investor concentration on TMT over the
past year hurt stocks in other sectors, the
dramatic market correction that began in March shifted attention to
less expensive stocks of companies in other sectors
that have dependable earnings growth.
We added Bipop-Carire (Italy), an online securities trading and money-
managing firm, to our portfolio. It is a company in
an old economy sector that is using new economy
techniques. It more than doubled in value over our
reporting period. However, it exemplified the
threat that growing Internet-related commerce poses
to older firms. By shifting power to consumers,
Internet commerce can put pressure on prices and
profits. Concern about this trend, as well as fear
of rising interest rates, hurt the stocks of some
of our larger banks such as KBC Bankverzekerin
(Belgium) over this period. Nonetheless, we think
the established companies are adapting rapidly to
the new business environment.
Some of our old economy stocks had company-specific
problems: Valeo (France--car components) had
disappointing earnings; Whitbread (United Kingdom--
beer, food, and hospitality) failed in an attempt
to take over a pub network; and Sidel (France)
encountered concerns about the demand for the
bottle-making equipment it manufactures. The first
two are no longer in the portfolio.
We added several luxury goods companies: Hermes
International (France); Bulgari (Italy), the
world's third largest jeweler; and the Swatch Group
(Switzerland), which markets Longines, Omega, and
other luxury brand watches. They are benefiting
from a worldwide increase in wealth, and more
specifically from the return of high-spending
Japanese tourists. These established and
prestigious brand names maintain their pricing
power because only they produce "the real article."
Our luxury companies have produced
6
<PAGE>
www.prudential.com (800) 225-1852
positive surprises in their earnings announcements,
as analysts generally underestimated their growth
potential.
Looking Ahead
We think the economic outlook in Europe is
improving, with historically low inflation and
interest rates. It is now clear to industrial and
political leaders that they have to invest more in
information technology and make their markets more
flexible. With developments in the United States as
a benchmark, they can expect a catch-up period that
should provide an excellent investing environment.
Starting in March 2000, there has been a steep
price correction for TMT stocks. Investors are
focusing more on long-term growth stocks and
avoiding more speculative stocks. We have preferred
companies that have viable franchises and visible
earnings streams. We expect the stocks of such
companies to hold up better and recover faster
because we think that is where growth investors
ought to be.
Prudential Europe Growth Fund Management Team
7
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial
Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Portfolio of Investments as of April 30, 2000
<TABLE>
<CAPTION>
Shares Description Value (Note 1)
<C> <S> <C> <C>
----------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS 88.7%
Common Stocks 86.5%
-------------------------------------------------------------------------------------
Belgium 0.8%
70,162 KBC Bancassurance Holding $ 2,577,452
-------------------------------------------------------------------------------------
Federal Republic of Germany 4.2%
14,512 SAP AG 6,809,013
24,100 Infineon Technologies AG(a) 1,659,995
12,870 Intershop Communications AG(a) 5,716,765
--------------
14,185,773
-------------------------------------------------------------------------------------
Finland 4.6%
231,600 Nokia Oy 13,288,474
40,929 Sonera Oy 2,251,613
--------------
15,540,087
-------------------------------------------------------------------------------------
France 14.7%
17,625 Altran Technologies SA 3,602,738
64,162 Carrefour SA(a) 4,177,324
17,216 Havas Advertising SA(b) 8,594,326
18,742 Hermes International 2,658,568
26,608 Legrand SA 4,959,904
52,838 Rexel SA 3,646,661
40,782 Sidel SA 2,551,315
30,200 STMicroelectronics N.V. 5,728,563
7,229 Societe Television Francaise 1 4,949,717
28,794 Total Fina SA 4,369,840
41,485 Vivendi SA 4,104,188
--------------
49,343,144
-------------------------------------------------------------------------------------
Ireland 1.2%
579,459 Bank of Ireland 3,909,614
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Prudential Europe Growth Fund, Inc.
Portfolio of Investments as of April 30, 2000 Cont'd.
<TABLE>
<CAPTION>
Shares Description Value (Note 1)
----------------------------------------------------------------------------------------
<C> <S> <C> <C>
Italy 10.4%
450,975 Autogrill SpA $ 4,305,752
71,300 Bipop-Carire SpA 6,483,309
221,900 Bulgari SpA(a) 2,421,284
347,000 Class Editori 4,732,907
1,870,600 Seat Pagine Gialle SpA(b) 8,215,524
915,832 Telecom Italia SpA(b) 8,744,044
--------------
34,902,820
-------------------------------------------------------------------------------------
Netherlands 3.8%
112,770 Heineken N.V. 6,255,048
69,500 Randstad Holding N.V. 2,976,548
63,300 Royal Dutch Petroleum Co. 3,649,221
--------------
12,880,817
-------------------------------------------------------------------------------------
Spain 6.0%
681,792 Banco Santander Central Hispano SA 7,110,867
407,468 Telefonica SA(a) 9,070,101
502,309 TelePizza SA(a) 4,060,504
--------------
20,241,472
-------------------------------------------------------------------------------------
Sweden 6.0%
147,500 Framtidsfabriken AB(a) 2,424,902
227,060 Hennes & Mauritz AB 6,043,692
130,200 Modern Times Group MTG AB(a) 6,421,468
57,400 Telefonaktiebolaget LM Ericsson AB 5,116,288
--------------
20,006,350
-------------------------------------------------------------------------------------
Switzerland 4.3%
2,078 Ares-Serono Group 6,387,814
1,866 Julius Baer Holding AG 6,532,354
1,244 The Swatch Group AG 1,334,637
--------------
14,254,805
</TABLE>
10 See Notes to Financial Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Portfolio of Investments as of April 30, 2000 Cont'd.
<TABLE>
<CAPTION>
Shares Description Value (Note 1)
----------------------------------------------------------------------------------------
<C> <S> <C> <C>
United Kingdom 30.5%
270,005 ARM Holdings PLC(a) $ 2,727,934
267,498 Barclays PLC 6,831,353
312,448 British Sky Broadcasting Group PLC(a) 7,649,040
129,672 Capita Group PLC 3,325,667
167,889 COLT Telecom Group PLC(a) 7,450,356
801,412 Compass Group PLC 11,522,487
1,636,085 Dixons Group PLC 6,611,922
747,687 Electrocomponents PLC 7,495,976
412,029 GKN PLC 5,699,890
1,303,368 Hays PLC 8,994,948
1,016,888 Invensys PLC 4,899,858
519,598 Misys PLC 5,952,283
665,969 Scoot.com PLC(a) 1,759,752
214,800 Serco Group PLC 1,552,515
86,346 Shire Pharmaceuticals Group PLC(a) 1,221,328
338,538 SmithKline Beecham PLC 4,630,616
307,401 Standard Chartered PLC 4,142,600
2,133,528 Vodafone Group PLC 9,749,769
--------------
102,218,294
--------------
Total common stocks (cost $186,810,492) 290,060,628
--------------
PREFERRED STOCKS 2.2%
-------------------------------------------------------------------------------------
Federal Republic of Germany 2.2%
1,506 Porsche AG 3,835,706
145,102 Wella AG 3,694,355
--------------
Total preferred stocks (cost $7,166,138) 7,530,061
--------------
Total long-term investments (cost $193,976,630) 297,590,689
--------------
</TABLE>
See Notes to Financial Statements 11
<PAGE>
Prudential Europe Growth Fund, Inc.
Portfolio of Investments as of April 30, 2000 Cont'd.
<TABLE>
<CAPTION>
Principal
Amount
(000) Description Value (Note 1)
<C> <S> <C> <C>
----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS 4.4%
-------------------------------------------------------------------------------------
United States
-------------------------------------------------------------------------------------
Repurchase Agreement 4.4%
$ 14,620 Joint Repurchase Agreement Account,
5.71%, 5/1/00
(cost $14,620,000; Note 5) $ 14,620,000
--------------
Total Investments 93.1% (cost $208,596,630; Note
4) 312,210,689
Other assets in excess of liabilities 6.9% 23,097,333
--------------
Net Assets 100% $ 335,308,022
--------------
--------------
</TABLE>
------------------------------
The following abbreviations are used in portfolio descriptions:
AB--Aktiebolag (Swedish Stock Company)
AG--Aktiengesellschaft (German Stock Company)
N.V.--Naamloze Vennootschap (Dutch Corporation)
Oy--Osakehio (Finnish Corporation)
SA--Sociedad Anomia (Spanish Corporation) or Societe Anonyme (French
Corporation)
SpA--Societa per Azioni (Italian Corporation)
PLC--Public Limited Company (British Corporation)
(a) Non-income producing security.
(b) Portion of the security on loan; see Note 4.
12 See Notes to Financial Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Portfolio of Investments as of April 30, 2000 Cont'd.
The industry classification of portfolio holdings and other assets in excess of
liabilities shown as a percentage of net assets as of April 30, 2000 was as
follows:
<TABLE>
<S> <C> <C>
Electrical & Electronics............................................... 13.1%
Telecommunications..................................................... 12.6
Banking................................................................ 11.2
Publishing, Broadcasting & Advertising................................. 10.2
Business & Public Services............................................. 7.1
Retail................................................................. 6.2
Machinery & Engineering................................................ 5.9
Automobiles & Auto Parts............................................... 3.0
Services............................................................... 2.9
Media & Agencies....................................................... 2.4
Energy Sources......................................................... 2.4
Technologies........................................................... 2.3
Beverages.............................................................. 1.9
Pharmaceuticals........................................................ 1.8
Consumer Staples....................................................... 1.8
Communications Networks................................................ 1.6
Conglomerate........................................................... 1.2
Merchandising.......................................................... 1.2
Other assets in excess of liabilities
(including Repurchase Agreement)..................................... 11.2
-----
100.0%
-----
-----
</TABLE>
See Notes to Financial Statements 13
<PAGE>
Prudential Europe Growth Fund, Inc.
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
April 30, 2000
<S> <C> <C>
---------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $208,596,630) $312,210,689
Foreign currency, at value (cost $21,132,517) 20,198,632
Cash 31,903
Receivable for investments sold 3,856,478
Receivable for Fund shares sold 1,366,942
Dividends and interest receivable 290,801
Prepaid and other assets 281,279
Receivable for securities lending, net 37,318
--------------
Total assets 338,274,042
--------------
LIABILITIES
Payable for Fund shares reacquired 2,197,154
Accrued expenses 214,677
Management fee payable 207,438
Distribution fee payable 200,726
Payable for investments purchased 113,563
Foreign withholding taxes payable 32,462
--------------
Total liabilities 2,966,020
--------------
NET ASSETS $335,308,022
--------------
--------------
Net assets were comprised of:
Common stock, at par 15,881
Paid-in capital in excess of par 206,409,685
--------------
206,425,566
Net operating loss (986,813)
Accumulated net realized gains on investments and foreign
currency transactions 27,317,255
Net unrealized appreciation on investments and foreign
currencies 102,552,014
--------------
Net assets, April 30, 2000 $335,308,022
--------------
--------------
</TABLE>
14 See Notes to Financial Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Statement of Assets and Liabilities Cont'd.
<TABLE>
<CAPTION>
April 30, 2000
<S> <C> <C>
---------------------------------------------------------------------------------------
Class A:
Net asset value and redemption price per share ($104,030,638
/ 4,808,211 shares of common stock issued and outstanding) $21.63
Maximum sales charge (5.00% of offering price) 1.14
Maximum offering price to public $22.77
--------------
--------------
Class B:
Net asset value, offering price and redemption price per
share ($198,260,054 / 9,519,267 shares of common stock
issued and outstanding) $20.82
--------------
--------------
Class C:
Net asset value and redemption price per share ($17,501,056 /
840,269 shares of common stock issued and outstanding) $20.83
Sales charge (1.00% of offering price) .21
Offering price to public $21.04
--------------
--------------
Class Z:
Net asset value, offering price and redemption price per
share ($15,516,274 / 713,522 shares of common stock issued
and outstanding) $21.74
--------------
--------------
</TABLE>
See Notes to Financial Statements 15
<PAGE>
Prudential Europe Growth Fund, Inc.
Statement of Operations
<TABLE>
<CAPTION>
Year
Ended
April 30, 2000
<S> <C> <C>
---------------------------------------------------------------------------------------
NET INVESTMENT LOSS
Income
Dividends (net of foreign withholding taxes of $530,554) $ 3,298,332
Interest 329,594
Income from securities loaned, net 37,318
--------------
Total income 3,665,244
--------------
Expenses
Management fee 2,306,681
Distribution fee--Class A 213,293
Distribution fee--Class B 1,938,110
Distribution fee--Class C 159,740
Transfer agent's fees and expenses 514,000
Custodian's fees and expenses 375,000
Reports to shareholders 100,000
Registration fees 48,000
Audit fees and expenses 35,000
Directors' fees and expenses 16,400
Legal fees and expenses 25,000
Miscellaneous 9,834
--------------
Total expenses 5,741,058
--------------
Net investment loss (2,075,814)
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions 47,149,247
Foreign currency transactions (523,150)
--------------
46,626,097
--------------
Net change in unrealized appreciation (depreciation) on:
Investments 13,203,139
Foreign currencies (1,039,803)
--------------
12,163,336
--------------
Net gain on investments and foreign currencies 58,789,433
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 56,713,619
--------------
--------------
</TABLE>
16 See Notes to Financial Statements
<PAGE>
<PAGE>
Prudential Europe Growth Fund, Inc.
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended April 30,
---------------------------------
2000 1999
------------------------------------------------------------------------------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS
Operations
Net investment loss $ (2,075,814) $ (1,048,076)
Net realized gain on investment and foreign
currency transactions 46,626,097 3,092,402
Net change in unrealized appreciation
(depreciation) of investments and foreign
currencies 12,163,336 566,716
-------------- ---------------
Net increase in net assets resulting from
operations 56,713,619 2,611,042
-------------- ---------------
Dividends and distributions (Note 1)
Dividends in excess of net investment income
Class A -- (830,201)
Class B -- (1,011,041)
Class C -- (71,585)
Class Z -- (135,753)
-------------- ---------------
-- (2,048,580)
-------------- ---------------
Distributions from net realized gains
Class A (3,885,829) (4,081,825)
Class B (8,828,651) (11,930,280)
Class C (754,954) (844,703)
Class Z (550,707) (572,100)
-------------- ---------------
(14,020,141) (17,428,908)
-------------- ---------------
Fund share transactions (net of share
conversions)
(Note 6)
Net proceeds from shares sold 491,227,290 334,649,118
Net asset value of shares issued in
reinvestment of distributions 13,082,385 18,358,228
Cost of shares reacquired (512,060,641) (281,351,717)
-------------- ---------------
Net increase (decrease) in net assets from Fund
share transactions (7,750,966) 71,655,629
-------------- ---------------
Total increase 34,942,512 54,789,183
NET ASSETS
Beginning of year 300,365,510 245,576,327
-------------- ---------------
End of year $ 335,308,022 $ 300,365,510
-------------- ---------------
-------------- ---------------
</TABLE>
See Notes to Financial Statements 17
<PAGE>
Prudential Europe Growth Fund, Inc.
Notes to Financial Statements
Prudential Europe Growth Fund, Inc. (the 'Fund') is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objective of the Fund is to seek long-term capital
growth by investing primarily in equity securities of companies domiciled in
Europe. The Fund was incorporated in Maryland on March 18, 1994 and commenced
investment operations on July 13, 1994.
Note 1. Accounting Policies
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
Securities Valuation: Securities traded on an exchange (whether
domestic or foreign) are valued at the last reported sales price on the primary
exchange on which they are traded. Securities traded in the over-the-counter
market (including securities listed on exchanges for which a last sales price is
not available) are valued at the average of the last reported bid and asked
prices. Securities for which market quotations are not readily available are
valued at fair value as determined in good faith by or under the direction of
the Board of Directors of the Fund.
Short-term securities which mature in more than 60 days are valued based
upon current market quotations. Short-term securities which mature in 60 days or
less are valued at amortized cost.
In connection with transactions in repurchase agreements with U.S.
financial institutions, it is the Fund's policy that its custodian or designated
subcustodians, as the case may be under triparty repurchase agreements, take
possession of the underlying collateral securities, the value of which exceeds
the principal amount of the repurchase transaction including accrued interest.
If the seller defaults and the value of the collateral declines or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited.
Foreign Currency Translation: The books and records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following basis:
(i) market value of investment securities, other assets and
liabilities--at the closing daily rate of exchange as reported by a major bank:
(ii) purchases and sales of investment securities, income and expenses--at
the rate of exchange prevailing on the respective dates of such transactions.
Although the net assets of the Fund are presented at the foreign exchange
rates and market values at the close of the period, the Fund does not isolate
that portion of the results of operations arising as a result of changes in the
foreign exchange rates from the fluctuations arising from changes in the market
prices of securities held at
18
<PAGE>
Prudential Europe Growth Fund, Inc.
Notes to Financial Statements Cont'd.
period end. Similarly, the Fund does not isolate the effect of changes in
foreign exchange rates from the fluctuations arising from changes in the market
prices of portfolio securities sold during the period. Accordingly, such
realized foreign currency gains (losses) related to portfolio securities are
included in the net realized gains on investment transactions.
Net realized losses on foreign currency transactions represent net foreign
exchange gains or losses from the sale of foreign currencies, currency gains or
losses realized between the trade and settlement dates on security transactions,
and the difference between the amounts of dividends and foreign taxes recorded
on the Fund's books and the U.S. dollar equivalent amounts actually received or
paid. Net currency gains and losses from valuing foreign currency denominated
assets and liabilities at period end exchange rates are reflected as a component
of net unrealized appreciation on investments and foreign currencies.
Foreign security and currency transactions may involve certain
considerations and risks not typically associated with those of domestic origin
as a result of, among other factors, the possibility of political and economic
instability and the level of governmental supervision and regulation of foreign
securities markets.
Securities Transactions and Investment Income: Securities transactions
are recorded on the trade date. Realized gains and losses from investment and
currency transactions are calculated on the identified cost basis. Dividend
income is recorded on the ex-dividend date, and interest income is recorded on
an accrual basis. Expenses are recorded on the accrual basis which may require
the use of certain estimates by management.
Net investment income (other than distribution fees) and unrealized and
realized gains or losses are allocated daily to each class of shares of the Fund
based upon the relative proportion of net assets of each class at the beginning
of the day.
Dividends and Distributions: The Fund expects to pay dividends of net
investment income and distributions of net realized capital and currency gains,
if any, annually. Dividends and distributions are recorded on the ex-dividend
date.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments for foreign currency transactions.
Federal Income Taxes: It is the Fund's policy to continue to meet the
requirements of the Internal Revenue Code applicable to regulated investment
companies and
19
<PAGE>
Prudential Europe Growth Fund, Inc.
Notes to Financial Statements Cont'd.
to distribute all of its taxable income to shareholders. Therefore, no federal
income tax provision is required.
Withholding taxes on foreign dividends have been provided for in
accordance with the Fund's understanding of the applicable country's tax rules
and rates.
Securities Lending: The Fund may lend securities to broker-dealers. The
loans are secured by collateral at least equal at all times to the market value
of the securities loaned. Loans are subject to termination at the option of the
borrower or the Fund. Upon termination of the loan, the borrower will return to
the lender securities identical to the loaned securities. The Fund may bear the
risk of delay in recovery of, or even loss of rights in, the securities loaned
should the borrower of the securities fail financially. The Fund receives
compensation, net of any rebate, for lending its securities in the form of fees
or it retains a portion of interest on the investment of any cash received as
collateral. The Fund also continues to receive interest and dividends on the
securities loaned and any gain or loss in the market price of the securities
loaned that may occur during the term of the loan. Prudential Securities
Incorporated ('PSI'), a wholly owned subsidiary of The Prudential Insurance
Company of America ('The Prudential'), is the securities lending agent for the
Fund. For the year ended April 30, 2000, PSI has been compensated approximately
$12,400 for these services.
Reclassification of Capital Accounts: The Fund accounts for and reports
distributions to shareholders in accordance with American Institute of Certified
Public Accountants (AICPA) 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 accumulated net realized gains on investments by
$3,991,034 and decrease net investment loss by $3,991,034 for realized foreign
currency losses and net operating losses. Net investment income, net realized
gains and net assets were not affected by these changes.
Note 2. Agreements
The Fund has a management agreement with Prudential Investments Fund Management
LLC ('PIFM'). Pursuant to this agreement, PIFM has responsibility for all
investment advisory services and supervises the subadviser's performance of such
services. PIFM has entered into a subadvisory agreement with The Prudential
Investment Corporation ('PIC'); PIC, through an agreement with PRICOA Asset
Management Ltd. ('PRICOA'), furnishes investment advisory services in connection
with the management of the Fund. PIFM pays for the services of PIC, the cost of
compensation of
20
<PAGE>
Prudential Europe Growth Fund, Inc.
Notes to Financial Statements Cont'd.
officers of the Fund, occupancy and certain clerical and bookkeeping costs of
the Fund. The Fund bears all other costs and expenses.
The management fee paid PIFM is computed daily and payable monthly, at an
annual rate of .75 of 1% of the average daily net assets of the Fund.
The Fund has a distribution agreement with Prudential Investments
Management Services LLC ('PIMS'), which acts as the distributor of the Class A,
Class B, Class C and Class Z shares. The Fund compensates PIMS for distributing
and servicing the Fund's Class A, Class B and Class C shares, pursuant to plans
of distribution (the 'Class A, B and C Plans'), regardless of expenses actually
incurred. The distribution fees are accrued daily and payable monthly. No
distribution or service fees are paid to PIMS as distributor of the Class Z
shares of the Fund.
Pursuant to the Class A, B and C Plans, the Fund compensates PIMS for
distribution-related activities at an annual rate of up to .30 of 1%, 1% and 1%,
of the average daily net assets of the Class A, B and C shares, respectively.
Such expenses under the Plans were .25 of 1%, 1% and 1% of the average daily net
assets of the Class A, B and C shares, respectively, for the year ended April
30, 2000.
PIMS has advised the Fund that it has received approximately $121,600 and
$33,800 in front-end sales charges resulting from sales of Class A shares and
Class C shares, respectively, during the year ended April 30, 2000. From these
fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn
paid commissions to salespersons and incurred other distribution costs.
PIMS has also advised the Fund that for the year ended April 30, 2000, it
has received approximately $367,400 and $9,500 in contingent deferred sales
charges imposed upon certain redemptions by Class B and Class C shareholders,
respectively.
PIFM, PIC, PIMS and PRICOA are wholly owned subsidiaries of The Prudential
Insurance Company of America ('The Prudential').
The Fund, along with other affiliated registered investment companies (the
'Funds'), entered into a syndicated credit agreement ('SCA') with an
unaffiliated lender. The maximum commitment under the SCA is $1 billion.
Interest on any such borrowings will be at market rates. The purpose of the
agreement is to serve as an alternative source of funding for capital share
redemptions. The Funds pay a commitment fee at an annual rate of .080 of 1% of
the unused portion of the credit facility. The commitment fee is accrued and
paid quarterly on a pro rata basis by the Funds. The expiration date of the SCA
is March 9, 2001. Prior to March 9, 2000, the commitment fee was .065 of 1% of
the unused portion of the credit facility. The Fund did not borrow any amounts
pursuant to the SCA during the year ended April 30, 2000.
21
<PAGE>
Prudential Europe Growth Fund, Inc.
Notes to Financial Statements Cont'd.
Note 3. Other Transactions With Affiliates
Prudential Mutual Fund Services LLC ('PMFS'), a wholly owned subsidiary of PIFM,
serves as the Fund's transfer agent. During the year ended April 30, 2000, the
Fund incurred fees of approximately $419,600 for the services of PMFS. As of
April 30, 2000, approximately $37,400 of such fees were due to PMFS. Transfer
agent's fees and expenses in the Statement of Operations include certain
out-of-pocket expenses paid to nonaffiliates.
Note 4. Portfolio Securities
Purchases and sales of investment securities, other than short-term investments,
for the year ended April 30, 2000 were $229,637,360 and $284,775,730,
respectively.
The cost basis of investments for federal income tax purposes at April 30,
2000 was $208,899,873 and, accordingly, net unrealized appreciation for federal
income tax purposes was $103,310,816 (gross unrealized
appreciation--$108,893,888; gross unrealized depreciation--$5,583,072).
As of April 30, 2000, the Fund had securities on loan with an aggregate
market value of $21,119,403. As of this date, the collateral held for securities
on loan was comprised of U.S. government securities with an aggregate market
value of $21,259,344.
The Fund will elect, for United States Federal income tax purposes, to
treat net currency losses of $986,813 incurred in the six-month period ended
April 30, 2000 as having been incurred in the following fiscal year.
Note 5. Joint Repurchase Agreement Account
The Fund, along with other affiliated registered investment companies, transfers
uninvested cash balances into a single joint account, the daily aggregate
balance of which is invested in one or more repurchase agreements collateralized
by U.S. Treasury or Federal agency obligations. As of April 30, 2000, the Fund
had a 1.7% undivided interest in repurchase agreements in the joint account. The
undivided interest for the Fund represents $14,620,000 in principal amount. As
of such date, each
22
<PAGE>
Prudential Europe Growth Fund, Inc.
Notes to Financial Statements Cont'd.
repurchase agreement in the joint account and the value of the collateral
therefor were as follows:
ABN AMRO Incorporated, 5.72%, in the principal amount of $160,000,000,
repurchase price $160,076,267, due 5/1/00. The value of the collateral including
accrued interest was $163,200,995.
Bear, Stearns & Co. Inc., 5.72%, in the principal amount of $160,000,000,
repurchase price $160,076,267, due 5/1/00. The value of the collateral including
accrued interest was $166,727,544.
Credit Suisse First Boston Corp., 5.75%, in the principal amount of
$160,000,000, repurchase price $160,076,667, due 5/1/00. The value of the
collateral including accrued interest was $165,506,481.
Morgan (J.P.) Securities, Inc., 5.72%, in the principal amount of
$210,000,000, repurchase price $210,100,100, due 5/1/00. The value of the
collateral including accrued interest was $214,200,036.
Salomon Smith Barney, Inc., 5.65%, in the principal amount of
$162,577,000, repurchase price $162,653,547, due 5/1/00. The value of the
collateral including accrued interest was $165,893,849.
Note 6. Capital
The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are
sold with a front-end sales charge of up to 5%. Class B shares are sold with a
contingent deferred sales charge which declines from 5% to zero depending on the
period of time the shares are held. Class C shares are sold with a front-end
sales charge of 1% and a contingent deferred sales charge of 1% during the first
18 months. Class B shares will automatically convert to Class A shares on a
quarterly basis approximately seven years after purchase. A special exchange
privilege is also available for shareholders who qualify to purchase Class A
shares at net asset value. Class Z shares are not subject to any sales or
redemption charge and are offered exclusively for sale to the participants of
employee benefit plans qualified under Section 401, 457 and 403(b)(7) of the
Internal Revenue Code, and nonqualified plans for which the Fund is an available
option. All classes of shares have equal rights as to earnings, assets and
voting privileges except that each class bears different distribution expenses
and has exclusive voting rights with respect to its distribution plan. There are
2 billion shares of $.001 par value common stock authorized and divided into
four classes, designated Class A, Class B, Class C and Class Z Shares, each
consisting of 500 million authorized shares.
23
<PAGE>
Prudential Europe Growth Fund, Inc.
Notes to Financial Statements Cont'd.
Transactions in shares of common shares were as follows:
<TABLE>
<CAPTION>
Class A Shares Amount
---------------------------------------------------------- ----------- -------------
<S> <C> <C>
Year ended April 30, 2000:
Shares sold 18,244,254 $ 389,178,000
Shares issued in reinvestment of distributions 166,846 3,530,465
Shares reacquired (18,030,736) (387,291,291)
----------- -------------
Net increase in shares outstanding before conversion 380,364 5,417,174
Shares issued upon conversion from Class B 274,634 6,022,135
----------- -------------
Net increase in shares outstanding 654,998 $ 11,439,309
----------- -------------
----------- -------------
Year ended April 30, 1999:
Shares sold 8,345,087 $ 157,661,177
Shares issued in reinvestment of dividends and
distributions 262,851 4,634,072
Shares reacquired (7,460,560) (140,333,930)
----------- -------------
Net increase in shares outstanding before conversion 1,147,378 21,961,319
Shares issued upon conversion from Class B 217,986 4,151,642
----------- -------------
Net increase in shares outstanding 1,365,364 $ 26,112,961
----------- -------------
----------- -------------
<CAPTION>
Class B
----------------------------------------------------------
<S> <C> <C>
Year ended April 30, 2000:
Shares sold 2,560,041 $ 52,229,734
Shares issued in reinvestment of distributions 405,762 8,285,665
Shares reacquired (3,908,980) (77,038,098)
----------- -------------
Net decrease in shares outstanding before conversion (943,177) (16,522,699)
Shares reacquired upon conversion into Class A (284,075) (6,022,135)
----------- -------------
Net decrease in shares outstanding (1,227,252) $ (22,544,834)
----------- -------------
----------- -------------
Year ended April 30, 1999:
Shares sold 5,915,979 $ 110,988,705
Shares issued in reinvestment of dividends and
distributions 706,372 12,142,534
Shares reacquired (4,740,107) (86,581,806)
----------- -------------
Net increase in shares outstanding before conversion 1,882,244 36,549,433
Shares reacquired upon conversion into Class A (224,271) (4,151,642)
----------- -------------
Net increase in shares outstanding 1,657,973 $ 32,397,791
----------- -------------
----------- -------------
</TABLE>
24
<PAGE>
Prudential Europe Growth Fund, Inc.
Notes to Financial Statements Cont'd.
<TABLE>
<CAPTION>
Class C Shares Amount
---------------------------------------------------------- ----------- -------------
Year ended April 30, 2000:
<S> <C> <C>
Shares sold 1,758,466 $ 33,865,643
Shares issued in reinvestment of distributions 35,858 732,232
Shares reacquired (1,779,870) (34,304,719)
----------- -------------
Net increase in shares outstanding 14,454 $ 293,156
----------- -------------
----------- -------------
Year ended April 30, 1999:
Shares sold 1,963,862 $ 36,030,413
Shares issued in reinvestment of dividends and
distributions 51,609 887,682
Shares reacquired (1,763,515) (32,324,685)
----------- -------------
Net increase in shares outstanding 251,956 $ 4,593,410
----------- -------------
----------- -------------
<CAPTION>
Class Z
----------------------------------------------------------
<S> <C> <C>
Year ended April 30, 2000:
Shares sold 772,839 $ 15,953,913
Shares issued in reinvestment of distributions 25,142 534,023
Shares reacquired (667,178) (13,426,533)
----------- -------------
Net increase in shares outstanding before conversion 130,803 $ 3,061,403
----------- -------------
----------- -------------
Year ended April 30, 1999:
Shares sold 1,543,484 $ 29,968,823
Shares issued in reinvestment of dividends and
distributions 39,317 693,940
Shares reacquired (1,155,152) (22,111,296)
----------- -------------
Net increase in shares outstanding 427,649 $ 8,551,467
----------- -------------
----------- -------------
</TABLE>
25
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial Highlights
<TABLE>
<CAPTION>
Class A
-----------------
Year Ended
April 30, 2000(a)
-----------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year $ 18.80
-----------------
Income from investment operations
Net investment income (loss) (.04)
Net realized and unrealized gain on investments and foreign
currency transactions 3.83
-----------------
Total from investment operations 3.79
-----------------
Less distributions
Distributions in excess of net investment income --
Distributions from net realized gains on investments and
foreign currency transactions (.96)
-----------------
Total distributions (.96)
-----------------
Net asset value, end of year $ 21.63
-----------------
-----------------
TOTAL RETURN(b) 20.27%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000) $ 104,031
Average net assets (000) $ 85,317
Ratios to average net assets:
Expenses, including distribution fees 1.37%
Expenses, excluding distribution fees 1.12%
Net investment income (loss) (.18)%
For Class A, B, C and Z shares:
Portfolio turnover rate 79%
</TABLE>
------------------------------
(a) Based on weighted average shares outstanding, by class.
(b) Total return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of shares on the first day and a sale on the
last day of each year reported and includes reinvestment of dividends and
distributions.
26 See Notes to Financial Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial Highlights Cont'd.
<TABLE>
<CAPTION>
Class A
-------------------------------------------------------------------------------------
Year Ended April 30,
-------------------------------------------------------------------------------------
1999(a) 1998(a) 1997 1996(a)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 19.91 $ 15.46 $ 13.69 $ 11.77
---------------- ---------------- ---------------- ----------------
.03 .01 .09 .06
.28 6.38 2.24 1.86
---------------- ---------------- ---------------- ----------------
.31 6.39 2.33 1.92
---------------- ---------------- ---------------- ----------------
(.24) (.14) -- --
(1.18) (1.80) (.56) --
---------------- ---------------- ---------------- ----------------
(1.42) (1.94) (.56) --
---------------- ---------------- ---------------- ----------------
$ 18.80 $ 19.91 $ 15.46 $ 13.69
---------------- ---------------- ---------------- ----------------
---------------- ---------------- ---------------- ----------------
2.03% 44.93% 17.20% 16.31%
$ 78,074 $ 55,507 $ 38,807 $ 47,789
$ 67,286 $ 42,885 $ 37,834 $ 47,183
1.43% 1.39% 1.36% 1.53%
1.18% 1.14% 1.11% 1.28%
.15% .08% .57% .44%
62% 50% 31% 65%
</TABLE>
See Notes to Financial Statements 27
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial Highlights Cont'd.
<TABLE>
<CAPTION>
Class B
-----------------
Year Ended
April 30, 2000(a)
-----------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year $ 18.26
-----------------
Income from investment operations
Net investment loss (.18)
Net realized and unrealized gain on investments and foreign
currency transactions 3.70
-----------------
Total from investment operations 3.52
-----------------
Less distributions
Distributions in excess of net investment income --
Distributions from net realized gains on investments and
foreign currency transactions (.96)
-----------------
Total distributions (.96)
-----------------
Net asset value, end of year $ 20.82
-----------------
-----------------
TOTAL RETURN(b) 19.38%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000) $ 198,260
Average net assets (000) $ 193,811
Ratios to average net assets:
Expenses, including distribution fees 2.12%
Expenses, excluding distribution fees 1.12%
Net investment (loss) (.92)%
</TABLE>
------------------------------
(a) Based on weighted average shares outstanding, by class.
(b) Total return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of shares on the first day and a sale on the
last day of each year reported and includes reinvestment of dividends and
distributions.
28 See Notes to Financial Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial Highlights Cont'd.
<TABLE>
<CAPTION>
Class B
-------------------------------------------------------------------------------------
Year Ended April 30,
-------------------------------------------------------------------------------------
1999(a) 1998(a) 1997 1996(a)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 19.35 $ 15.12 $ 13.49 $ 11.69
---------------- ---------------- ---------------- ----------------
(.11) (.11) (.04) (.04)
.30 6.15 2.23 1.84
---------------- ---------------- ---------------- ----------------
.19 6.04 2.19 1.80
---------------- ---------------- ---------------- ----------------
(.10) (.01) -- --
(1.18) (1.80) (.56) --
---------------- ---------------- ---------------- ----------------
(1.28) (1.81) (.56) --
---------------- ---------------- ---------------- ----------------
$ 18.26 $ 19.35 $ 15.12 $ 13.49
---------------- ---------------- ---------------- ----------------
---------------- ---------------- ---------------- ----------------
1.39% 43.35% 16.41% 15.40%
$196,247 $175,857 $139,277 $125,868
$191,220 $147,492 $133,135 $122,255
2.18% 2.14% 2.11% 2.28%
1.18% 1.14% 1.11% 1.28%
(.57)% (.69)% (.27)% (.33)%
</TABLE>
See Notes to Financial Statements 29
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial Highlights Cont'd.
<TABLE>
<CAPTION>
Class C
-----------------
Year Ended
April 30, 2000(a)
-----------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year $ 18.25
--------
Income from investment operations
Net investment loss (.18)
Net realized and unrealized gain on investments and foreign
currency transactions 3.72
--------
Total from investment operations 3.54
--------
Less distributions
Distributions in excess of net investment income --
Distributions from net realized gains on investments and
foreign currency transactions (.96)
--------
Total distributions (.96)
--------
Net asset value, end of year $ 20.83
--------
--------
TOTAL RETURN(b) 19.45%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000) $17,501
Average net assets (000) $15,974
Ratios to average net assets:
Expenses, including distribution fees 2.12%
Expenses, excluding distribution fees 1.12%
Net investment loss (.93)%
</TABLE>
------------------------------
(a) Based on weighted average shares outstanding, by class.
(b) Total return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of shares on the first day and a sale on the
last day of each year reported and includes reinvestment of dividends and
distributions.
30 See Notes to Financial Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial Highlights Cont'd.
<TABLE>
<CAPTION>
Class C
-------------------------------------------------------------------------------------
Year Ended April 30,
-------------------------------------------------------------------------------------
1999(a) 1998(a) 1997 1996(a)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 19.38 $ 15.12 $ 13.49 $ 11.69
---------------- ---------------- ---------------- ----------------
(.11) (.11) (.04) (.04)
.26 6.18 2.23 1.84
---------------- ---------------- ---------------- ----------------
.15 6.07 2.19 1.80
---------------- ---------------- ---------------- ----------------
(.10) (.01) -- --
(1.18) (1.80) (.56) --
---------------- ---------------- ---------------- ----------------
(1.28) (1.81) (.56) --
---------------- ---------------- ---------------- ----------------
$ 18.25 $ 19.38 $ 15.12 $ 13.49
---------------- ---------------- ---------------- ----------------
---------------- ---------------- ---------------- ----------------
1.18% 43.55% 16.41% 15.40%
$ 15,073 $ 11,122 $ 8,010 $ 7,741
$ 13,465 $ 8,526 $ 8,002 $ 7,768
2.18% 2.14% 2.11% 2.28%
1.18% 1.14% 1.11% 1.28%
(.61)% (.66)% (.25)% (.30)%
</TABLE>
See Notes to Financial Statements 31
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial Highlights Cont'd.
<TABLE>
<CAPTION>
Class Z
-----------------
Year
Ended
April 30, 2000(a)
-----------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 18.83
--------
Income from investment operations
Net investment income .01
Net realized and unrealized gain on investments and foreign
currency transactions 3.86
--------
Total from investment operations 3.87
--------
Less distributions
Distributions in excess of net investment income --
Distributions from net realized gains on investments and
foreign currency transactions (.96)
--------
Total distributions (.96)
--------
Net asset value, end of year $ 21.74
--------
--------
TOTAL RETURN(d) 20.67%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $15,516
Average net assets (000) $12,455
Ratios to average net assets:
Expenses, including distribution fees 1.12%
Expenses, excluding distribution fees 1.12%
Net investment income .08%
</TABLE>
------------------------------
(a) Annualized.
(b) Commencement of class operations.
(c) Based on weighted average shares outstanding, by class.
(d) Total return is calculated assuming a purchase of shares on the first day
and a sale on the last day of each period reported and includes reinvestment
of dividends and distributions. Total returns for periods of less than a
full year are not annualized.
(e) Figures are actual and not rounded to the nearest thousand.
32 See Notes to Financial Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Financial Highlights Cont'd.
<TABLE>
<CAPTION>
Class Z
-------------------------------------------------------------------------------------
April 15,1996(b)
Through
1999(c) 1998(c) 1997 April 30, 1996(c)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 19.93 $ 15.51 $ 13.68 $ 13.40
-------- -------- -------- -------
.05 .04 .02 .28
.31 6.37 2.37 --
-------- -------- -------- -------
.36 6.41 2.39 .28
-------- -------- -------- -------
(.28) (.19) -- --
(1.18) (1.80) (.56) --
-------- -------- -------- -------
(1.46) (1.99) (.56) --
-------- -------- -------- -------
$ 18.83 $ 19.93 $ 15.51 $ 13.68
-------- -------- -------- -------
-------- -------- -------- -------
2.35% 44.95% 17.66% 2.09%
$ 10,972 $ 3,090 $ 11,949 $ 204(e)
$ 8,572 $ 12,148 $ 7,958 $ 203(e)
1.18% 1.14% 1.11% 1.28%(a)
1.18% 1.14% 1.11% 1.28%(a)
.25% .26% .22% .54%(a)
</TABLE>
See Notes to Financial Statements 33
<PAGE>
Prudential Europe Growth Fund, Inc.
Report of Independent Accountants
To the Shareholders and Board of Directors of
Prudential Europe Growth Fund, Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Prudential Europe Growth Fund, Inc.
(the 'Fund') at April 30, 2000, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended and the financial highlights for each of the four years in the period
then ended, in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights (hereafter
referred to as 'financial statements') are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at April 30, 2000 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above. The accompanying financial highlights for the year ended April
30, 1996 were audited by other independent accountants, whose opinion dated June
13, 1996 was unqualified.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
June 21, 2000
34 See Notes to Financial Statements
<PAGE>
Prudential Europe Growth Fund, Inc.
Federal Income Tax Information
We are required by the Internal Revenue Code to advise you within 60 days
of the Fund's fiscal year end (April 30, 2000) as to the federal income tax
status of dividends paid by the Fund during such fiscal year. Accordingly, we
are advising you that during its fiscal year ended April 30, 2000, the Fund paid
long-term capital gains distribution of $.96 for Class A, Class B, Class C and
Class Z shares. We wish to advise you that the corporate dividends received
deduction for the Fund is zero.
The Fund has elected to give the benefit of foreign tax credits to its
shareholders. Accordingly, shareholders who must report their gross income
dividends and distributions in a federal income tax return will be entitled to a
foreign tax credit, or an itemized deduction in computing their U.S. income tax
liability. It is generally more advantageous to claim rather than take a
deduction. For the fiscal year ended April 30, 2000 the Fund intends on passing
through $.031 per share of ordinary income distributions as a foreign tax
credit.
For the purpose of preparing your annual federal income tax return,
however, you should report the amounts as reflected on the appropriate Form
1099-DIV or substitute 1099-DIV.
See Notes to Financial Statements 35
<PAGE>
Prudential Europe Growth Fund, Inc.
Prudential Mutual Fund Family
Prudential offers a broad range of mutual funds
designed to meet your individual needs. For
information about these funds, contact your
financial adviser or call us at (800) 225-1852.
Read the prospectus carefully before you invest or
send money.
STOCK FUNDS
Prudential Emerging Growth Fund, Inc.
Prudential Equity Fund, Inc.
Prudential Equity Income Fund
The Prudential Investment Portfolios, Inc.
Prudential Jennison Growth Fund
Prudential Jennison Growth & Income Fund
Prudential Real Estate Securities Fund
Prudential Sector Funds, Inc.
Prudential Financial Services Fund
Prudential Health Sciences Fund
Prudential Technology Fund
Prudential Utility Fund
Prudential Small-Cap Quantum Fund, Inc.
Prudential Small Company Value Fund, Inc.
Prudential Stock Index Fund
Prudential Tax-Managed Funds
Prudential Tax-Managed Equity Fund
Prudential 20/20 Focus Fund
Nicholas-Applegate Fund, Inc.
Nicholas-Applegate Growth Equity Fund
Target Funds
Large Capitalization Growth Fund
Large Capitalization Value Fund
Small Capitalization Growth Fund
Small Capitalization Value Fund
Asset Allocation/Balanced Funds
Prudential Balanced Fund
Prudential Diversified Funds
Conservative Growth Fund
Moderate Growth Fund
High Growth Fund
The Prudential Investment Portfolios, Inc.
Prudential Active Balanced Fund
GLOBAL FUNDS
Global Stock Funds
Prudential Developing Markets Fund
Prudential Developing Markets Equity Fund
Prudential Latin America Equity Fund
Prudential Europe Growth Fund, Inc.
Prudential Global Genesis Fund, Inc.
Prudential Natural Resources Fund, Inc.
Prudential Pacific Growth Fund, Inc.
Prudential World Fund, Inc.
Prudential Global Growth Fund
Prudential International Value Fund
Prudential Jennison International Growth Fund
Global Utility Fund, Inc.
Target Funds
International Equity Fund
Global Bond Funds
Prudential Global Total Return Fund, Inc.
Prudential International Bond Fund, Inc.
<PAGE>
www.prudential.com
(800) 225-1852
BOND FUNDS
Taxable Bond Funds
Prudential Diversified Bond Fund, Inc.
Prudential Government Income Fund, Inc.
Prudential Government Securities Trust
Short-Intermediate Term Series
Prudential High Yield Fund, Inc.
Prudential High Yield Total Return Fund, Inc.
Prudential Structured Maturity Fund, Inc.
Income Portfolio
Target Funds
Total Return Bond Fund
Tax-Exempt Bond Funds
Prudential California Municipal Fund
California Series
California Income Series
Prudential Municipal Bond Fund
High Income Series
Insured Series
Prudential Municipal Series Fund
Florida Series
Massachusetts Series
New Jersey Series
New York Series
North Carolina Series
Ohio Series
Pennsylvania Series
Prudential National Municipals Fund, Inc.
MONEY MARKET FUNDS
Taxable Money Market Funds
Cash Accumulation Trust
Liquid Assets Fund
National Money Market Fund
Prudential Government Securities Trust
Money Market Series
U.S. Treasury Money Market Series
Prudential Special Money Market Fund, Inc.
Money Market Series
Prudential MoneyMart Assets, Inc.
Tax-Free Money Market Funds
Prudential Tax-Free Money Fund, Inc.
Prudential California Municipal Fund
California Money Market Series
Prudential Municipal Series Fund
Connecticut Money Market Series
Massachusetts Money Market Series
New Jersey Money Market Series
New York Money Market Series
Command Funds
Command Money Fund
Command Government Fund
Command Tax-Free Fund
Institutional Money Market Funds
Prudential Institutional Liquidity Portfolio, Inc.
Institutional Money Market Series
<PAGE>
Prudential Europe Growth Fund, Inc.
Getting the Most from Your Prudential Mutual Fund
Some mutual fund shareholders won't ever read this--
they don't read annual and semiannual reports. It's
quite understandable. These annual and semiannual
reports are prepared to comply with federal
regulations, and are often written in language that
is difficult to understand. So when most people run
into those particularly daunting sections of these
reports, they don't read them.
We think that's a mistake
At Prudential Mutual Funds, we've made some changes
to our report to make it easier to understand and
more pleasant to read. We hope you'll find it
profitable to spend a few minutes familiarizing
yourself with your investment. Here's what you'll
find in the report:
Performance at a Glance
Since an investment's performance is often a
shareholder's primary concern, we present
performance information in two different formats.
You'll find it first on the "Performance at a
Glance" page where we compare the Fund and the
comparable average calculated by Lipper, Inc., a
nationally recognized mutual fund rating agency. We
report both the cumulative total returns and the
average annual total returns. The cumulative total
return is the total amount of income and
appreciation the Fund has achieved in various time
periods. The average annual total return is an
annualized representation of the Fund's
performance. It gives you an idea of how much the
Fund has earned in an average year for a given time
period. Under the performance box, you'll see
legends that explain the performance information,
whether fees and sales charges have been included
in returns, and the inception dates for the Fund's
share classes.
See the performance comparison charts at the back
of the report for more performance information.
Please keep in mind that past performance is not
indicative of future results.
<PAGE>
www.prudential.com (800) 225-1852
Performance review
The portfolio manager, who invests your money for you, reports on
successful--and not-so-successful--strategies in this
section of your report. Look for recent purchases
and sales here, as well as information about the
sectors the portfolio manager favors, and any
changes that are on the drawing board.
Portfolio of Investments
This is where the report begins to appear
technical, but it's really just a
listing of each security held at the end of the
reporting period, along with valuations and other
information. Please note that sometimes we discuss
a security in the Performance Review that doesn't
appear in this listing because it was sold before
the close of the reporting period.
Statement of Assets and Liabilities
The balance sheet shows the assets (the value of
the Fund's holdings), liabilities (how much the Fund owes), and net
assets (the Fund's equity, or holdings after the Fund pays its debts)
as of the end of the reporting period. It also
shows how we calculate the net asset value per
share for each class of shares. The net asset value
is reduced by payment of your
dividend, capital gain, or other distribution, but
remember that the money or new shares are being
paid or issued to you. The net asset value
fluctuates daily, along with the value of every
security in the portfolio.
Statement of Operations
This is the income statement, which details income
(mostly interest and
dividends earned) and expenses (including what you
pay us to manage your money). You'll also see
capital gains here--both realized and unrealized.
<PAGE>
Prudential Europe Growth Fund, Inc.
Getting the Most from Your Prudential Mutual Fund
Statement of Changes in Net Assets
This schedule shows how income and expenses
translate into changes
in net assets. The Fund is required to pay out the
bulk of its income to shareholders every year, and
this statement shows you how we do it (through
dividends and distributions) and how that affects
the net assets. This statement also shows how money
from investors flowed into and out of the Fund.
Notes to Financial Statements
This is the kind of technical material that can
intimidate readers, but it does contain useful
information. The Notes provide a brief history and
explanation of your Fund's objectives. In addition,
they outline how Prudential Mutual Funds prices
securities. The Notes also explain who manages and
distributes the Fund's shares and, more
importantly, how much they are paid for doing so.
Finally, the Notes explain how many shares are
outstanding and the number issued and redeemed over
the period.
Financial Highlights
This information contains many elements from prior
pages, but on a per-share basis. It is designed to help you
understand how the Fund
performed, and to compare this year's performance
and expenses to those of prior years.
Independent accountant's Report
Once a year, an outside auditor looks over our
books and certifies that the financial statements
are fairly presented and comply with generally
accepted accounting principles.
Tax Information
This is information that we report annually about
how much of your total return is taxable. Should
you have any questions, you may want to consult a
tax adviser.
<PAGE>
www.prudential.com (800) 225-1852
Performance Comparison
These charts are included in the annual report and
are required by the Securities Exchange Commission.
Performance is presented here as a hypothetical
$10,000 investment in the Fund since its inception
or for 10 years (whichever is shorter). To help you
put that return in context, we
are required to include the performance of an
unmanaged, broad-based securities index as well.
The index does not reflect the cost of buying the
securities it contains or the cost of managing a
mutual fund. Of course, the index holdings do not
mirror those of the Fund--the index is a broad-based
reference point commonly used by investors to
measure how well they are doing. A definition of
the selected index is also provided. Investors
cannot invest directly in an index.
<PAGE>
Prudential Europe Growth Fund, Inc.
Class A Growth of a $10,000 Investment
(GRAPH)
Average Annual Total Returns as of 4/30/00
One Year Five Years Ten Years Since Inception
With Sales Charge 14.26% 18.16% N/A 16.11%
Without Sales Charge 20.27% 19.38% N/A 17.14%
Past performance is not indicative of future
results. Principal and investment return will
fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their
original cost. The graph compares a $10,000
investment in the Prudential Europe Growth Fund,
Inc. (Class A shares) with a similar investment in
the Morgan Stanley Capital International Europe
Index (MSCI Europe Index) by portraying the initial
account values at the commencement of operations of
Class A shares, and the account values at the end
of the current fiscal year (April 30, 2000), as
measured on a quarterly basis, beginning in July
1994 for Class A shares. For purposes of the graph,
and unless otherwise indicated, it has been assumed
that (a) the maximum applicable front-end sales
charge was deducted from the initial $10,000
investment in Class A shares; (b) all recurring
fees (including management fees) were deducted; and
(c) all dividends and distributions were
reinvested. The best and worst year information
within the graph is designed to give you an idea of
how much the Fund's returns can fluctuate from year
to year by measuring the best and worst calendar
years in terms of total annual return.
The MSCI Europe Index is a weighted index comprised
of approximately 584 companies listed on the stock
exchanges of 13 European countries. The Index is
unmanaged, and the total return includes the
reinvestment of all dividends, but does not include
the effect of sales charges or operating expenses
of a mutual fund. The Index is not the only one
that may be used to characterize performance of
European stock funds. Other indexes may portray
different comparative performance. Investors cannot
invest directly in an index.
This graph is furnished to you in accordance with
SEC regulations.
<PAGE>
www.prudential.com (800) 225-1852
Class B Growth of a $10,000 Investment
(GRAPH)
Average Annual Total Returns as of 4/30/00
One Year Five Years Ten Years Since Inception
With Sales Charge 14.38% 18.34% N/A 16.13%
Without Sales Charge 19.38% 18.44% N/A 16.21%
Past performance is not indicative of future
results. Principal and investment return will
fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their
original cost. The graph compares a $10,000
investment in the Prudential Europe Growth Fund,
Inc. (Class B shares) with a similar investment in
the Morgan Stanley Capital International Europe
Index (MSCI Europe Index) by portraying the initial
account values at the commencement of operations of
Class B shares, and the account values at the end
of the current fiscal year (April 30, 2000), as
measured on a quarterly basis, beginning in July
1994 for Class B shares. For purposes of the graph,
and unless otherwise indicated, it has been assumed
that (a) the maximum applicable contingent deferred
sales charge was deducted from the value of the
investment in Class B shares, assuming full
redemption on April 30, 2000; (b) all recurring
fees (including management fees) were deducted; and
(c) all dividends and distributions were
reinvested. Class B shares will automatically
convert to Class A shares, on a quarterly basis,
beginning approximately seven years after purchase.
This conversion feature is not reflected in the
graph. The best and worst year information within
the graph is designed to give you an idea of how
much the Fund's returns can fluctuate from year to
year by measuring the best and worst calendar years
in terms of total annual return.
The MSCI Europe Index is a weighted index comprised
of approximately 584 companies listed on the stock
exchanges of 13 European countries. The Index is
unmanaged, and the total return includes the
reinvestment of all dividends, but does not include
the effect of sales charges or operating expenses
of a mutual fund. The Index is not the only one
that may be used to characterize performance of
European stock funds. Other indexes may portray
different comparative performance. Investors cannot
invest directly in an index.
This graph is furnished to you in accordance with
SEC regulations.
<PAGE>
Prudential Europe Growth Fund, Inc.
Class C Growth of a $10,000 Investment
(GRAPH)
Average Annual Total Returns as of 4/30/00
One Year Five Years Ten Years Since Inception
With Sales Charge 14.38% 18.34% N/A 16.13%
Without Sales Charge 19.38% 18.44% N/A 16.21%
Past performance is not indicative of future
results. Principal and investment return will
fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their
original cost. The graph compares a $10,000
investment in the Prudential Europe Growth Fund,
Inc. (Class C shares) with a similar investment in
the Morgan Stanley Capital International Europe
Index (MSCI Europe Index) by portraying the initial
account values at the commencement of operations of
Class C shares, and the account values at the end
of the current fiscal year (April 30, 2000), as
measured on a quarterly basis, beginning in July
1994 for Class C shares. For purposes of the graph,
and unless otherwise indicated, it has been assumed
that (a) the maximum applicable front-end sales
charge was deducted from the initial $10,000
investment in Class C shares; (b) the maximum
applicable contingent deferred sales charge was
deducted from the value of the investment in Class
C shares, assuming full redemption on April 30,
2000; (c) all recurring fees (including management
fees) were deducted; and (d) all dividends and
distributions were reinvested. The best and worst
year information within the graph is designed to
give you an idea of how much the Fund's returns can
fluctuate from year to year by measuring the best
and worst calendar years in terms of total annual
return.
The MSCI Europe Index is a weighted index comprised
of approximately 584 companies listed on the stock
exchanges of 13 European countries. The Index is
unmanaged, and the total return includes the
reinvestment of all dividends, but does not include
the effect of sales charges or operating expenses
of a mutual fund. The Index is not the only one
that may be used to characterize performance of
European stock funds. Other indexes may portray
different comparative performance. Investors cannot
invest directly in an index.
This graph is furnished to you in accordance with
SEC regulations.
<PAGE>
www.prudential.com (800) 225-1852
Class Z Growth of a $10,000 Investment
(GRAPH)
Average Annual Total Returns as of 4/30/00
One Year Five Years Ten Years Since Inception
With Sales Charge 20.67% N/A N/A 20.86%
Without Sales Charge 20.67% N/A N/A 20.86%
Past performance is not indicative of future
results. Principal and investment return will
fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their
original cost. The graph compares a $10,000
investment in the Prudential Europe Growth Fund,
Inc. (Class Z shares) with a similar investment in
the Morgan Stanley Capital International Europe
Index (MSCI Europe Index) by portraying the initial
account values at the commencement of operations of
Class Z shares, and the account values at the end
of the current fiscal year (April 30, 2000), as
measured on a quarterly basis, beginning in April
1996 for Class Z shares. For purposes of the graph,
and unless otherwise indicated, it has been assumed
that (a) all recurring fees (including management
fees) were deducted, and (b) all dividends and
distributions were reinvested. Class Z shares are
not subject to a sales charge or distribution and
service (12b-1) fees. The best and worst year
information within the graph is designed to give
you an idea of how much the Fund's returns can
fluctuate from year to year by measuring the best
and worst calendar years in terms of total annual
return.
The MSCI Europe Index is a weighted index comprised
of approximately 584 companies listed on the stock
exchanges of 13 European countries. The Index is
unmanaged, and the total return includes the
reinvestment of all dividends, but does not include
the effect of sales charges or operating expenses
of a mutual fund. The Index is not the only one
that may be used to characterize performance of
European stock funds. Other indexes may portray
different comparative performance. Investors cannot
invest directly in an index.
This graph is furnished to you in accordance with
SEC regulations.
<PAGE>
For More Information
Prudential Mutual Funds
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
(800) 225-1852
Visit Prudential's web site at:
http://www.prudential.com
Directors
Delayne Dedrick Gold
Robert F. Gunia
Robert E. LaBlanc
David R. Odenath, Jr.
Robin B. Smith
Stephen Stoneburn
John R. Strangfeld
Nancy H. Teeters
Clay T. Whitehead
Officers
John R. Strangfeld, President
Robert F. Gunia, Vice President
David R. Odenath. Jr., Vice President
Grace C. Torres, Treasurer
Robert C. Rosselot, Secretary
William V. Healey, Assistant Secretary
Manager
Prudential Investments
Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
Investment Adviser
The Prudential Investment Corporation
Prudential Plaza
Newark, NJ 07102-3777
Distributor
Prudential Investment
Management Services LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
Custodian
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
Transfer Agent
Prudential Mutual Fund Services LLC
194 Wood Avenue South
Iselin, NJ 08830
Independent Accountants
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
Legal Counsel
Sullivan & Cromwell
125 Broad Street
New York, NY 10004
Fund Symbols NASDAQ CUSIP
Class A PRAEX 74431N103
Class B PRBEX 74431N202
Class C PEUCX 74431N301
Class Z PIEUX 74431N400
MF160E
(LOGO) Printed on Recycled Paper
