SEC Info - Prudential Investment Portfolios 18 - ‘NSAR-B’ for 1/31/05

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Prudential Investment Portfolios 18 – ‘NSAR-B’ for 1/31/05

On: Friday, 4/1/05, at 2:44pm ET · Effective: 4/1/05 · For: 1/31/05 · Accession #: 355348-5-134 · File #: 811-08587

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/01/05  Jennison 20/20 Focus Fund         NSAR-B      1/31/05    7:45K                                    Command Tax Free Fund

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      Answer File                                           20     82K 
 2: EX-99.77B ACCT LTTR  Auditor Letter                                2±     8K 
 4: EX-99.77D POLICIES  Policies re: Security Investments              5±    19K 
 5: EX-99.77D POLICIES  Policies re: Security Investments              3±    13K 
 3: EX-99.77Q1 OTHR EXHB  Cover Letter                                 1      5K 
 7: EX-99.77Q1 OTHR EXHB  Extra Subcustodians                          5±    13K 
 6: EX-99.77Q1 OTHR EXHB  Nav Per Share                                2±     7K

‘NSAR-B’ — Answer File

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Annual Report by an Open-End Investment Company

Report
Registrant: Jennison 20/20 Focus Fund — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 1/31/05

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 1052118
SEC File #: 811-08587

Telephone #: 973-367-7521
2. Address: 100 Mulberry Street,Gateway Ctr 3,4th Fl
Newark, NJ 07102
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? No
Investment Adviser
8.1 Name: Prudential Investments LLC
Role: Adviser
SEC File #: 801-31104
Location: Newark, NJ
8.2 Name: Jennison Associates LLC
Role: Sub-Adviser
SEC File #: 801-05608
Location: New York, NY
Administrator
10.1 Name: Prudential Investments LLC
SEC File #: 801-31104
Location: Newark, NJ
Principal Underwriter
11.1 Name: Prudential Investment Management Services LLC
SEC File #: 008-36540
Location: Newark, NJ
Shareholder Servicing/Transfer Agent
12.1 Name: Prudential Mutual Fund Services LLC
SEC File #: 084-05681
Location: Philadelphia, PA
Independent Public Accountant
13.1 Name: KPMG LLP
Location: New York, NY
Affiliated Broker/Dealer
14.1 Name: Wachovia Securities LLC
SEC File #: 008-37180
14.2 Name: Pruco Securities LLC
SEC File #: 008-16402
14.3 Name: Prudential Investment Management Services LLC
SEC File #: 008-36540
14.4 Name: Wexford Clearing Services Corp.
SEC File #: 008-48636
14.5 Name: Hochman & Baker Securities, Inc.
SEC File #: 008-37970
14.6 Name: Prudential Equity Group LLC
SEC File #: 008-27154
14.7 Name: First Clearing LLC
SEC File #: 008-35158
Custodian
15.1 Name: State Street Bank & Trust Co.
Role: Custodian
Location: North Quincy, MA

Type of custody: Section 17(f)(1) — Bank
15.2 Name: Westpac Banking Corp.
Role: Sub-Custodian
Location: Sydney
Australia

Type of custody: Rule 17f-5 — Foreign Custodian
15.3 Name: Erste Bank Der Oesterreichischen Sparkassen
Role: Sub-Custodian
Location: Vienna
Austria

Type of custody: Rule 17f-5 — Foreign Custodian
15.4 Name: Standard Chartered Bank
Role: Sub-Custodian
Location: Dhaka
Bangladesh

Type of custody: Rule 17f-5 — Foreign Custodian
15.5 Name: BNP Paribas Securities Services, S.A.
Role: Sub-Custodian
Location: Brussels
Belgium

Type of custody: Rule 17f-5 — Foreign Custodian
15.6 Name: Citibank, N.A.
Role: Sub-Custodian
Location: Sao Paulo
Brazil

Type of custody: Rule 17f-5 — Foreign Custodian
15.7 Name: State Street Trust Co. Canada
Role: Sub-Custodian
Location: Toronto
Canada

Type of custody: Rule 17f-5 — Foreign Custodian
15.8 Name: Hongkong & Shanghai Banking Corp. Ltd.
Role: Sub-Custodian
Location: Shanghai
China

Type of custody: Rule 17f-5 — Foreign Custodian
15.9 Name: Cititrust Colombia S.A. Sociedad Fiduciaria
Role: Sub-Custodian
Location: Bogota
Colombia

Type of custody: Rule 17f-5 — Foreign Custodian
15.10 Name: Cyprus Popular Bank Ltd.
Role: Sub-Custodian
Location: Nicosia
Cyprus

Type of custody: Rule 17f-5 — Foreign Custodian
15.11 Name: Ceskoslovenska Obchodni Banka A.S.
Role: Sub-Custodian
Location: Prague
Czech Republic

Type of custody: Rule 17f-5 — Foreign Custodian
15.12 Name: Danske Bank A/S
Role: Sub-Custodian
Location: Copenhagen
Denmark

Type of custody: Rule 17f-5 — Foreign Custodian
15.13 Name: Banco de La Produccion SA
Role: Sub-Custodian
Location: Quito
Ecuador

Type of custody: Rule 17f-5 — Foreign Custodian
15.14 Name: HSBC Bank Egypt S.A.E.
Role: Sub-Custodian
Location: Cairo
Egypt

Type of custody: Rule 17f-5 — Foreign Custodian
15.15 Name: BNP Paribas Securities Services S.A.
Role: Sub-Custodian
Location: Paris
France

Type of custody: Rule 17f-5 — Foreign Custodian
15.16 Name: Deutsche Bank AG
Role: Sub-Custodian
Location: Frankfurt
Germany

Type of custody: Rule 17f-5 — Foreign Custodian
15.17 Name: Barclays Bank of Ghana Ltd.
Role: Sub-Custodian
Location: Accra
Ghana

Type of custody: Rule 17f-5 — Foreign Custodian
15.18 Name: National Bank of Greece S.A.
Role: Sub-Custodian
Location: Athens
Greece

Type of custody: Rule 17f-5 — Foreign Custodian
15.19 Name: Standard Chartered Bank
Role: Sub-Custodian
Location: Hong Kong
China

Type of custody: Rule 17f-5 — Foreign Custodian
15.20 Name: Hongkong & Shanghai Banking Corp. Ltd.
Role: Sub-Custodian
Location: Mumbai
India

Type of custody: Rule 17f-5 — Foreign Custodian
15.21 Name: Citibank Pty Ltd.
Role: Sub-Custodian
Location: Melbourne
Australia

Type of custody: Rule 17f-5 — Foreign Custodian
15.22 Name: Bank of Ireland
Role: Sub-Custodian
Location: Dublin
Ireland

Type of custody: Rule 17f-5 — Foreign Custodian
15.23 Name: Bank Hapoalim B.M.
Role: Sub-Custodian
Location: Tel Aviv
Israel

Type of custody: Rule 17f-5 — Foreign Custodian
15.24 Name: BNP Paribas Securities Services, S.A.
Role: Sub-Custodian
Location: Milan
Italy

Type of custody: Rule 17f-5 — Foreign Custodian
15.25 Name: Societe Generale De Banques En Cote D’Ivoire
Role: Sub-Custodian
Location: Abidjan
Ivory Coast

Type of custody: Rule 17f-5 — Foreign Custodian
15.26 Name: Mizuho Corporate Bank, Ltd.
Role: Sub-Custodian
Location: Tokyo
Japan

Type of custody: Rule 17f-5 — Foreign Custodian
15.27 Name: Sumitomo Mitsui Banking Corp.
Role: Sub-Custodian
Location: Tokyo
Japan

Type of custody: Rule 17f-5 — Foreign Custodian
15.28 Name: HSBC Bank Middle East Ltd.
Role: Sub-Custodian
Location: Amman
Jordan

Type of custody: Rule 17f-5 — Foreign Custodian
15.29 Name: Barclays Bank of Kenya Ltd.
Role: Sub-Custodian
Location: Nairobi
Kenya

Type of custody: Rule 17f-5 — Foreign Custodian
15.30 Name: Hongkong & Shanghai Banking Corp., Ltd.
Role: Sub-Custodian
Location: Seoul
Republic of Korea

Type of custody: Rule 17f-5 — Foreign Custodian
15.31 Name: HSBC Bank Middle East Ltd.
Role: Sub-Custodian
Location: Beirut
Lebanon

Type of custody: Rule 17f-5 — Foreign Custodian
15.32 Name: Standard Chartered Bank Malaysia Berhad
Role: Sub-Custodian
Location: Kuala Lumpur
Malaysia

Type of custody: Rule 17f-5 — Foreign Custodian
15.33 Name: Banco Nacional de Mexico, S.A.
Role: Sub-Custodian
Location: Mexico City
Mexico

Type of custody: Rule 17f-5 — Foreign Custodian
15.34 Name: Kas Bank N.V.
Role: Sub-Custodian
Location: Amsterdam
Netherlands

Type of custody: Rule 17f-5 — Foreign Custodian
15.35 Name: Westpac Banking Corp.
Role: Sub-Custodian
Location: Wellington
New Zealand

Type of custody: Rule 17f-5 — Foreign Custodian
15.36 Name: Nordea Bank Norge Asa
Role: Sub-Custodian
Location: Oslo
Norway

Type of custody: Rule 17f-5 — Foreign Custodian
15.37 Name: Deutsche Bank AG
Role: Sub-Custodian
Location: Karachi
Pakistan

Type of custody: Rule 17f-5 — Foreign Custodian
15.38 Name: Citibank, N.A.
Role: Sub-Custodian
Location: Lima
Peru

Type of custody: Rule 17f-5 — Foreign Custodian
15.39 Name: Standard Chartered Bank
Role: Sub-Custodian
Location: Manila
Philippines

Type of custody: Rule 17f-5 — Foreign Custodian
15.40 Name: Bank Handlowy W Warszawie S.A.
Role: Sub-Custodian
Location: Warsaw
Poland

Type of custody: Rule 17f-5 — Foreign Custodian
15.41 Name: Banco Comercial Portugues S.A.
Role: Sub-Custodian
Location: Lisbon
Portugal

Type of custody: Rule 17f-5 — Foreign Custodian
15.42 Name: ING Bank (Eurasia) Zao, Moscow
Role: Sub-Custodian
Location: Moscow
Russia

Type of custody: Rule 17f-5 — Foreign Custodian
15.43 Name: DBS Bank Ltd.
Role: Sub-Custodian
Location: Singapore
Singapore

Type of custody: Rule 17f-5 — Foreign Custodian
15.44 Name: Ceskoslovenska Obchodni Banka A.S.
Role: Sub-Custodian
Location: Bratislava
Slovak Republic

Type of custody: Rule 17f-5 — Foreign Custodian
15.45 Name: Standard Bank of South Africa Ltd.
Role: Sub-Custodian
Location: Johannesburg
South Africa

Type of custody: Rule 17f-5 — Foreign Custodian
15.46 Name: Santander Central Hispano Investment S.A.
Role: Sub-Custodian
Location: Madrid
Spain

Type of custody: Rule 17f-5 — Foreign Custodian
15.47 Name: Hongkong & Shanghai Banking Corp. Ltd.
Role: Sub-Custodian
Location: Colombo
Sri Lanka

Type of custody: Rule 17f-5 — Foreign Custodian
15.48 Name: Skandinaviska Enskilda Banken AB
Role: Sub-Custodian
Location: Stockholm
Sweden

Type of custody: Rule 17f-5 — Foreign Custodian
15.49 Name: UBS AG
Role: Sub-Custodian
Location: Zurich
Switzerland

Type of custody: Rule 17f-5 — Foreign Custodian
15.50 Name: Central Trust of China
Role: Sub-Custodian
Location: Taipei
Taiwan – R.O.C.

Type of custody: Rule 17f-5 — Foreign Custodian
15.51 Name: Standard Chartered Bank
Role: Sub-Custodian
Location: Bangkok
Thailand

Type of custody: Rule 17f-5 — Foreign Custodian
15.52 Name: Citibank, A.S.
Role: Sub-Custodian
Location: Istanbul
Turkey

Type of custody: Rule 17f-5 — Foreign Custodian
15.53 Name: State Street Bank & Trust Co.
Role: Sub-Custodian
Location: London
United Kingdom

Type of custody: Rule 17f-5 — Foreign Custodian
15.54 Name: Bankboston, N.A.
Role: Sub-Custodian
Location: Montevideo
Uruguay

Type of custody: Rule 17f-5 — Foreign Custodian
15.55 Name: Citibank, N.A.
Role: Sub-Custodian
Location: Caracas
Venezuela

Type of custody: Rule 17f-5 — Foreign Custodian
15.56 Name: Deutsche Bank AG
Role: Sub-Custodian
Location: Mumbai
India

Type of custody: Rule 17f-5 — Foreign Custodian
15.57 Name: HVB Bank Hungary Rt.
Role: Sub-Custodian
Location: Budapest
Hungary

Type of custody: Rule 17f-5 — Foreign Custodian
15.58 Name: Nordea Bank Finland plc
Role: Sub-Custodian
Location: Helsinki
Finland

Type of custody: Rule 17f-5 — Foreign Custodian
15.59 Name: Bankboston, N.A.
Role: Sub-Custodian
Location: Santiago
Chile

Type of custody: Rule 17f-5 — Foreign Custodian
15.60 Name: Citibank, N.A.
Role: Sub-Custodian
Location: Buenos Aires
Argentina

Type of custody: Rule 17f-5 — Foreign Custodian
15.61 Name: HSBC Bank Middle East Ltd.
Role: Sub-Custodian
Location: Manama
Bahrain

Type of custody: Rule 17f-5 — Foreign Custodian
15.62 Name: Banque Commerciale Du Maroc
Role: Sub-Custodian
Location: Casablanca
Morocco

Type of custody: Rule 17f-5 — Foreign Custodian
15.63 Name: Societe Generale De Banques En Cote D’Ivoire
Role: Sub-Custodian
Location: Abidjan
Benin

Type of custody: Rule 17f-5 — Foreign Custodian
15.64 Name: Bank of Bermuda Ltd.
Role: Sub-Custodian
Location: Hamilton
Bermuda

Type of custody: Rule 17f-5 — Foreign Custodian
15.65 Name: Barclays Bank of Botswana Ltd.
Role: Sub-Custodian
Location: Gaborone
Botswana

Type of custody: Rule 17f-5 — Foreign Custodian
15.66 Name: ING Bank NV
Role: Sub-Custodian
Location: Sofia
Bulgaria

Type of custody: Rule 17f-5 — Foreign Custodian
15.67 Name: Societe Generale De Banques En Cote D’Ivoire
Role: Sub-Custodian
Location: Abidjan
Burkina Faso

Type of custody: Rule 17f-5 — Foreign Custodian
15.68 Name: Bank of Nova Scotia Trust Co. (Cayman) Ltd.
Role: Sub-Custodian
Location: Grand Cayman
Cayman Islands

Type of custody: Rule 17f-5 — Foreign Custodian
15.69 Name: The Hong Kong & Shanghai Banking Corp. Ltd.
Role: Sub-Custodian
Location: Shenzhen
China

Type of custody: Rule 17f-5 — Foreign Custodian
15.70 Name: Banco BCT SA
Role: Sub-Custodian
Location: San Jose
Costa Rica

Type of custody: Rule 17f-5 — Foreign Custodian
15.71 Name: Privredna Banka Zagreb DD
Role: Sub-Custodian
Location: Zagreb
Croatia

Type of custody: Rule 17f-5 — Foreign Custodian
15.72 Name: Hansapank
Role: Sub-Custodian
Location: Tallinn
Estonia

Type of custody: Rule 17f-5 — Foreign Custodian
15.73 Name: Euroclear
Role: Sub-Custodian
Location: Euroclear
Brussels

Type of custody: Rule 17f-5 — Foreign Custodian
15.74 Name: Societe Generale De Banques En Cote D’Ivoire
Role: Sub-Custodian
Location: Abidjan
Guinea-Bissau

Type of custody: Rule 17f-5 — Foreign Custodian
15.75 Name: Kaupthing Bank HF
Role: Sub-Custodian
Location: Reykjavik
Iceland

Type of custody: Rule 17f-5 — Foreign Custodian
15.76 Name: Deutsche Bank AG
Role: Sub-Custodian
Location: Jakarta
Indonesia

Type of custody: Rule 17f-5 — Foreign Custodian
15.77 Name: Bank of Nova Scotia Jamaica Ltd.
Role: Sub-Custodian
Location: Kingston
Jamaica

Type of custody: Rule 17f-5 — Foreign Custodian
15.78 Name: HSBC Bank Kazakhstan
Role: Sub-Custodian
Location: Almaty
Kazakhstan

Type of custody: Rule 17f-5 — Foreign Custodian
15.79 Name: Deutsche Bank AG
Role: Sub-Custodian
Location: Seol
Republic of Korea

Type of custody: Rule 17f-5 — Foreign Custodian
15.80 Name: A/S Hansabanka
Role: Sub-Custodian
Location: Riga
Latvia

Type of custody: Rule 17f-5 — Foreign Custodian
15.81 Name: Vilniaus Bankas AB
Role: Sub-Custodian
Location: Vilnius
Lithuania

Type of custody: Rule 17f-5 — Foreign Custodian
15.82 Name: Clearstream Banking
Role: Sub-Custodian
Location: Luxembourg
Luxembourg

Type of custody: Rule 17f-5 — Foreign Custodian
15.83 Name: Societe Generale De Banques En Cote D’Ivoire
Role: Sub-Custodian
Location: Abidjan
Mail

Type of custody: Rule 17f-5 — Foreign Custodian
15.84 Name: HSBC Bank Malta plc
Role: Sub-Custodian
Location: Valletta
Malta

Type of custody: Rule 17f-5 — Foreign Custodian
15.85 Name: The Hong Kong & Shanghai Banking Corp. Ltd.
Role: Sub-Custodian
Location: Port Louis
Mauritas

Type of custody: Rule 17f-5 — Foreign Custodian
15.86 Name: Standard Bank Namibia Ltd.
Role: Sub-Custodian
Location: Windhoek
Namibia

Type of custody: Rule 17f-5 — Foreign Custodian
15.87 Name: Deutsche Bank NV
Role: Sub-Custodian
Location: Amsterdam
Netherlands

Type of custody: Rule 17f-5 — Foreign Custodian
15.88 Name: Societe Generale De Banques En Cote D’Ivoire
Role: Sub-Custodian
Location: Abidjan
Niger

Type of custody: Rule 17f-5 — Foreign Custodian
15.89 Name: Stanbic Bank Nigeria Ltd.
Role: Sub-Custodian
Location: Lagos
Nigeria

Type of custody: Rule 17f-5 — Foreign Custodian
15.90 Name: HSBC Bank Middle East Ltd.
Role: Sub-Custodian
Location: Muscat
Oman

Type of custody: Rule 17f-5 — Foreign Custodian
15.91 Name: HSBC Bank Middle East Ltd.
Role: Sub-Custodian
Location: Ramallah
Palestine

Type of custody: Rule 17f-5 — Foreign Custodian
15.92 Name: Bank Boston NA
Role: Sub-Custodian
Location: Panaman City
Panama

Type of custody: Rule 17f-5 — Foreign Custodian
15.93 Name: Citibank NA
Role: Sub-Custodian
Location: San Juan
Puerto Rico

Type of custody: Rule 17f-5 — Foreign Custodian
15.94 Name: HSBC Bank Middle East Ltd.
Role: Sub-Custodian
Location: Doha
Qatar

Type of custody: Rule 17f-5 — Foreign Custodian
15.95 Name: ING Bank NV
Role: Sub-Custodian
Location: Bucharest
Romania

Type of custody: Rule 17f-5 — Foreign Custodian
15.96 Name: Societe Generale De Banques En Cote D’Ivoire
Role: Sub-Custodian
Location: Abidjan
Senegal

Type of custody: Rule 17f-5 — Foreign Custodian
15.97 Name: United Overseas Bank Ltd.
Role: Sub-Custodian
Location: Singapore
Singapore

Type of custody: Rule 17f-5 — Foreign Custodian
15.98 Name: Bank Austria Creditanstalt DD
Role: Sub-Custodian
Location: Ljubljana
Slovenia

Type of custody: Rule 17f-5 — Foreign Custodian
15.99 Name: Nedcor Bank Ltd.
Role: Sub-Custodian
Location: Braamfontein
South Africa

Type of custody: Rule 17f-5 — Foreign Custodian
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family: 167

The Identification Code of the family for Form N-SAR Filings: PRUDENTIAL
Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: Morgan Stanley
IRS #: 13-2655998
Commissions paid ($000s): 237
20.2 Broker: Citigroup Global Markets, Inc.
IRS #: 11-2418191
Commissions paid ($000s): 193
20.3 Broker: Goldman, Sachs & Co.
IRS #: 13-5108880
Commissions paid ($000s): 95
20.4 Broker: Banc of America Securities LLC
IRS #: 56-2058405
Commissions paid ($000s): 71
20.5 Broker: Cridit Suisse First Boston Corp.
IRS #: 13-5659485
Commissions paid ($000s): 69
20.6 Broker: UBS Warburg LLC
IRS #: 13-3340045
Commissions paid ($000s): 64
20.7 Broker: Prudential Equity Group
IRS #: 22-2347336
Commissions paid ($000s): 63
20.8 Broker: Merrill Lynch & Co.
IRS #: 13-5674085
Commissions paid ($000s): 52
20.9 Broker: Lehman Brothers, Inc.
IRS #: 13-2518466
Commissions paid ($000s): 46
20.10 Broker: Sanford Bernstein & Co.
IRS #: 12-4132953
Commissions paid ($000s): 41
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 1,302
Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: State Street Bank & Trust
IRS #: 04-1867445
Registrant’s purchases ($000s): 416,706
Registrant’s sales ($000s): 412,287
22.2 Entity: Merrill Lynch & Co.
IRS #: 13-5674085
Registrant’s purchases ($000s): 654
22.3 Entity: Morgan Stanley
IRS #: 13-2655998
Registrant’s purchases ($000s): 509
22.4 Entity: Credit Suisse First Boston Corp.
IRS #: 13-5659485
Registrant’s purchases ($000s): 442
22.5 Entity: Lehman Brothers, Inc.
IRS #: 13-2518466
Registrant’s purchases ($000s): 410
22.6 Entity: Banc of America Securities LLC
IRS #: 56-2058405
Registrant’s purchases ($000s): 212
22.7 Entity: Citigroup Global Markets, Inc.
IRS #: 11-2418191
Registrant’s purchases ($000s): 111
22.8 Entity: Bear, Stearns & Co., Inc.
IRS #: 13-3299429
Registrant’s purchases ($000s): 102
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 419,145
Aggregate sales ($000s): 412,287
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Lehman Brothers, Inc.
IRS #: 13-2518466
Type of security owned: Equity
Value of securities owned at period end ($000s): 15,101
25.2 Name: Merrill Lynch & Co.
IRS #: 13-5674085
Type of security owned: Equity
Value of securities owned at period end ($000s): 15,498
25.3 Name: (See a prior Form N-SAR for who was...) Deleted
25.4 Name: (See a prior Form N-SAR for who was...) Deleted
25.5 Name: (See a prior Form N-SAR for who was...) Deleted
Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... No
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. No
Other .................................................................. No
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,225
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 11,153
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 3,043
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 9,306
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,045
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,506
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,881
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,728
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 6,266
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 11,453
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 6,033
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 11,445

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 28,493
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 64,591

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 11,516
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? Yes
30. Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s): 182

The maximum sales load rate in effect at period end as a percentage of
the offering price: 5.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price: 0.0%
31. Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s): 18

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s): 0
32. Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s): 31
33. Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s): 133
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? Yes
35. Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s): 433
36. Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period? No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s): 0
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... 100
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... –
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 4,537
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.0%
Step-fee rates:
For 1st $000s: 1,000,000
Annual rate: 0.75%
& Above $000s: 1,000,000
Annual rate: 0.7%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... Yes
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... Yes
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $1,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? Yes
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes to both
Writing or investing in options on equities? No –
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? Yes No
Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 459,019
Sales ($000s): 546,342

Monthly average Value of portfolio ($000s): 604,500

Percent turnover (lesser of Purchases or Sales, divided by Value): 76%
Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 7,228
Account maintenance fees ......................................... –
Net other income ................................................. 105

Expenses ($000s)
Advisory fees .................................................... 4,595
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 1,143
Custodian fees ................................................... 168
Postage .......................................................... –
Printing expenses ................................................ 187
Directors’ fees .................................................. 17
Registration fees ................................................ 60
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 22
Legal fees ....................................................... 57
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 4,537
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 30
Total expenses ................................................... 10,816

Expense reimbursements ($000s): 0

Net investment income ($000s): -3,483

Realized capital gains ($000s): 77,144
Realized capital losses ($000s): 13,932

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 3,064

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 1
Repurchase agreements ............................................ 556
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 599,909
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 103,449
Receivables from portfolio instruments sold ...................... 4,242
Receivables from affiliated persons .............................. –
Other receivables ................................................ 1,011
All other assets ................................................. 10
Total assets ..................................................... 709,178

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 1,529
Amounts owed to affiliated persons ............................... 776
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 89,569

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 617,304

Number of shares outstanding (000s): 44,778
Number of shares outstanding of a second class of shares (000s): 8,060

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 76,515

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 615,212
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77B: Accountant’s Report re: Internal Controls? Yes

EX-99.77D: Policies re: Security Investments? Yes

EX-99.77Q1: Other Disclosure? Yes
Fidelity Bond in Effect at Fiscal Year End
80. Insurer: Ici Mutual Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 70,000
81. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company): 166
82. Does the mandatory coverage of the fidelity bond have a deductible? No
83. Were any claims with respect to this Registrant/Series filed under the
bond during the period? No
84. Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not? No
85. Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else? Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Signature ↑Top of Form N-SAR
/s/ Grace C. Torres
Name: Grace C. Torres
Title: Treasurer

↑Top

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