-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kqw/NW4eCxBl41FobWC63SdqPp806g6VNVhGa0xBQXB3VjGZIGWztIytPmxWtNqA kupwDX88xkrCoz7MBhDhtQ== 0000790202-97-000001.txt : 19970602 0000790202-97-000001.hdr.sgml : 19970602 ACCESSION NUMBER: 0000790202-97-000001 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970530 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FINANCIAL FUND INC CENTRAL INDEX KEY: 0000790202 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133341573 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04605 FILM NUMBER: 97616729 BUSINESS ADDRESS: STREET 1: 199 WATER ST CITY: NEW YORK STATE: NY ZIP: 10292 BUSINESS PHONE: 2122141250 MAIL ADDRESS: STREET 1: ONE SEAPORT PLAZA CITY: NEW YORK STATE: NY ZIP: 10292 FORMER COMPANY: FORMER CONFORMED NAME: FIRST SAVINGS & BANKING INSTITUTIONS FUND INC DATE OF NAME CHANGE: 19860402 NSAR-B 1 N-SAR (3.0.A) PAGE 1 000 B000000 03/31/97 000 C000000 0000790202 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 3.0.a 000 J000000 A 001 A000000 FIRST FINANCIAL FUND, INC. 001 B000000 811-4605 001 C000000 2013677530 002 A000000 100 MULBERRY STREET, 9TH FLOOR 002 B000000 NEWARK 002 C000000 NJ 002 D010000 07102 002 D020000 4077 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 WELLINGTON MANAGEMENT COMPANY, LLP 008 B000001 A 008 C000001 801-15908 008 D010001 BOSTON 008 D020001 MA 008 D030001 02109 010 A000001 PRUDENTIAL INVESTMENTS FUND MANAGEMENT LLC 010 B000001 811-31104 010 C010001 NEWARK 010 C020001 NJ 010 C030001 07102 010 C040001 4077 011 A000001 PRUDENTIAL SECURITIES INCORPORATED 011 B000001 8-27154 011 C010001 NEW YORK 011 C020001 NY 011 C030001 10292 012 A000001 STATE STREET BANK AND TRUST COMPANY PAGE 2 012 B000001 84-111111 012 C010001 NORTH QUINCY 012 C020001 MA 012 C030001 02171 013 A000001 PRICE WATERHOUSE LLP 013 B010001 NEW YORK 013 B020001 NY 013 B030001 10036 015 A000001 STATE STREET BANK AND TRUST COMPANY 015 B000001 C 015 C010001 NORTH QUINCY 015 C020001 MA 015 C030001 02171 015 E010001 X 018 000000 Y 019 A000000 N 019 B000000 0 020 A000001 MORGAN STANLEY & CO., INC. 020 B000001 13-2655998 020 C000001 43 020 A000002 INSTINET CORP. 020 B000002 13-3443395 020 C000002 34 020 A000003 MONTGOMERY SECUTITIES 020 B000003 94-1701676 020 C000003 30 020 A000004 UBS SECURITIES LLC 020 B000004 13-3873456 020 C000004 24 020 A000005 ADAMS, HARKNESS & HILL, INC. 020 B000005 04-2149932 020 C000005 20 020 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH INC. 020 B000006 13-5674085 020 C000006 17 020 A000007 STANDARD & POOR'S SECURITIES, INC. 020 B000007 13-2671951 020 C000007 15 020 A000008 BEAR, STEARNS & CO., INC. 020 B000008 13-3299429 020 C000008 15 020 A000009 FRIEDMAN BILLINGS & RAMSEY & CO., INC. 020 B000009 52-1630477 020 C000009 15 020 A000010 SANDLER O'NEILL & PARTNERS, L.P. 020 C000010 14 021 000000 389 022 A000001 PAINEWEBBER INC. 022 B000001 13-2638166 022 C000001 957561 022 D000001 0 PAGE 3 022 A000002 MORGAN GUARANTY & TRUST CO. 022 C000002 715748 022 D000002 0 022 A000003 SWISS BANK CORP. 022 C000003 665095 022 D000003 0 022 A000004 LANSTON (AUBREY G.) & CO., INC. 022 B000004 13-5552129 022 C000004 471661 022 D000004 0 022 A000005 LEHMAN BROTHERS, INC. 022 B000005 13-2518466 022 C000005 202057 022 D000005 0 022 A000006 SMITH BARNEY, INC. 022 B000006 13-1912900 022 C000006 178429 022 D000006 11958 022 A000007 MORGAN (J.P.) 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6 0000790202 FIRST FINANCIAL FUND, INC. 001 FIRST FINANICAL FUND, INC. YEAR MAR-31-1997 MAR-31-1997 233,124,997 285,259,713 5,396,941 141,119 0 290,797,773 1,038,926 0 19,263,255 20,302,181 0 187,231,444 17,728,361 15,623,077 757,992 0 30,371,440 0 52,134,716 270,495,592 6,219,364 943,453 0 3,737,964 3,424,853 62,347,973 12,733,565 78,506,391 0 (3,196,846) (51,149,539) 0 0 (5,498,887) 37,704,525 56,365,644 529,985 19,173,006 0 0 1,556,042 1,265,251 3,737,964 238,967,000 13.71 0.22 4.84 (0.21) (3.36) 0.00 15.26 1.56 0 0.00
EX-99 3 FIRST FINANCIAL FUND E:\OSUNKWO\FUNDS\FFF\NSAR-77C.597 For the annual period ended 3/31/97 File number (c) 811-4605 SUB-ITEM 77C Submission of Matters to a Vote of Security Holders The Annual Meeting of Stockholders was held on October 30, 1996. At such meeting the shareholders approved the following proposals: 1) RESOLVED, that Mr. Eugene C. Dorsey be elected to serve as a Class I Director, and that Mr. Douglas H. McCorkindale be elected to serve as a Class III Director, to hold office until the 1998 and 1999 annual meetings of stockholders, respectively, and until their successors shall have been duly elected and shall have qualified. Affirmative Negative Withhold/ Votes Cast Votes Cast Abstain Eugene C. Dorsey 8,251,173 0 486,814 Douglas H. McCorkindale 8,253,121 0 484,866 2.) RESOLVED, that the Fund's fundamental investment limitation be amended to read as follows: "The Fund will not issue senior securities or borrow money except as permitted under the Investment Company Act of 1940, and then not in excess of 33_ percent of its total assets, except that the Fund may borrow up to an additional 5 percent of its total assets for temporary or emergency purposes." 3.) RESOLVED, that the selection of Deloitte & Touche LLP as independent accountants for the Fund for the fiscal year ending March 31, 1997, conditioned upon the right of the Fund by vote of a majority of its outstanding voting securities at any meeting called for the purpose to terminate such employment forthwith without penalty be, and it hereby is, in all respects ratified. Affirmative Negative Withhold/ Votes Cast Votes Cast Abstain 8,501,432 113,045 118,037 EX-99 4 FIRST FINANCIAL FUND May 21, 1997 To the Board of Directors of First Financial Fund, Inc. In planning and performing our audit of the financial statements of First Financial Fund, Inc. (the "Fund") for the year ended March 31, 1997, we considered its internal control structure, including procedures for safeguarding securities, in order to determine our auditing procedures for the purposes of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, and not to provide assurance on the internal control structure. The management of the Fund is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. Two of the objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are appropriately safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization and recorded properly to permit preparation of financial statements in conformity with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may occur and may not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the internal control structure, including procedures for safeguarding securities, that we consider to be material weaknesses as defined above as of March 31, 1997. This report is intended solely for the information and use of management and the Securities and Exchange Commission. PRICE WATERHOUSE LLP EX-99 5 FIRST FINANCIAL FUND April 16, 1997 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20549 RE: Funds managed or administered by Prudential Mutual Fund Management LLC (the "Funds") Gentlemen: At meetings held between February 18 and 20, 1997, the Board of Directors of the Funds (see attached exhibit) approved the engagement of Price Waterhouse LLP as their independent auditors for their fiscal years ending after February 28, 1997 to replace the firm of Deloitte & Touche LLP effective March 1, 1997. The reports of Deloitte & Touche LLP on the Funds' financial statements for the past two fiscal years did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. In connection with the audits of the Funds' financial statements for each of the prior two fiscal years and in the subsequent interim period, there were no disagreements with Deloitte & Touche LLP on any matters of accounting principles or practices, financial statement disclosure, or auditing scope and procedures which, if not resolved to the satisfaction of Deloitte & Touche LLP, would have caused Deloitte & Touche LLP to make reference to the matter in their report. The Funds have requested Deloitte & Touche LLP to furnish them a letter addressed to the Commission stating whether they agree with the above statements. A copy of that letter, dated April 16, 1997 is attached hereto. Sincerely, Eugene S. Stark Grace Torres Treasurer Treasurer ESS/rr \Gen-SECLtrPW-4-15-97.doc Exhibit B N Fund o e T a x r r t e d F a o i s f s u D c r i a e r l r e c Y t e o a r r M E e n e d t i n g D a t e The BlackRock Government 2 6 E Income Trust / / u 1 3 g 8 0 e / / n 9 9 e 7 7 S . S t a r k Global Utility Fund, Inc. 2 9 G / / r 1 3 a 8 0 c / / e 9 9 T 7 7 o r r e s Prudential Allocation Fund 2 7 G / / r 1 3 a 9 1 c / / e 9 9 T 7 7 o r r e s Prudential California 2 8 E Municipal Fund / / u 2 3 g 0 1 e / / n 9 9 e 7 7 S . S t a r k Prudential Distressed 2 1 G Securities Fund, Inc. / 1 r 1 / a 9 3 c / 0 e 9 / T 7 9 o 7 r r e s Prudential Diversified 2 1 E Bond Fund, Inc. / 2 u 2 / g 0 3 e / 1 n 9 / e 7 9 S 7 . S t a r k Prudential Dryden Fund 2 9 E / / u 1 3 g 9 0 e / / n 9 9 e 7 7 S . S t a r k Prudential Equity Income 2 1 G Fund / 0 r 1 / a 9 3 c / 1 e 9 / T 7 9 o 7 r r e s Prudential Europe Growth 2 4 G Fund, Inc. / / r 2 3 a 1 0 c / / e 9 9 T 7 7 o r r e s Prudential Global Limited 2 1 G Maturity Fund, Inc. / 0 r 1 / a 9 3 c / 1 e 9 / T 7 9 o 7 r r e s Prudential Government 2 2 E Income Fund, Inc. / / u 2 2 g 0 8 e / / n 9 9 e 7 8 S . S t a r k Prudential Institutional 2 3 E Liquidity Portfolio, Inc. / / u 2 3 g 1 1 e / / n 9 9 e 7 7 S . S t a r k Prudential Jennison Series 2 9 E Fund, Inc. / / u 1 3 g 9 0 e / / n 9 9 e 7 7 S . S t a r k Prudential MoneyMart 2 1 G Assets, Inc. / 2 r 2 / a 1 3 c / 1 e 9 / T 7 9 o 7 r r e s Prudential Multi-Sector 2 4 G Fund, Inc. / / r 1 3 a 9 0 c / / e 9 9 T 7 7 o r r e s Prudential Municipal Bond 2 4 G Fund / / r 2 3 a 0 0 c / / e 9 9 T 7 7 o r r e s Prudential Municipal 2 8 G Series Fund / / r 2 3 a 0 1 c / / e 9 9 T 7 7 o r r e s Prudential Pacific Growth 2 1 E Fund, Inc. / 0 u 2 / g 1 3 e / 1 n 9 / e 7 9 S 7 . S t a r k Prudential Special Money 2 6 E Market Fund, Inc. / / u 2 3 g 1 0 e / / n 9 9 e 7 7 S . S t a r k Prudential Structured 2 1 E Maturity Fund, Inc. / 2 u 2 / g 0 3 e / 1 n 9 / e 7 9 S 7 . S t a r k Prudential World Fund, 2 1 G Inc. / 0 r 2 / a 1 3 c / 1 e 9 / T 7 9 o 7 r r e s The Global Total Return 2 1 E Fund, Inc. / 2 u 1 / g 9 3 e / 1 n 9 / e 7 9 S 7 . S t a r k The Target Portfolio Trust 2 1 G / 2 r 1 / a 8 3 c / 1 e 9 / T 7 9 o 7 r r e s First Financial Fund, Inc. 2 3 G / / r 1 3 a 8 1 c / / e 9 9 T 7 7 o r r e s The High Yield Plus Fund, 2 3 G Inc. / / r 1 3 a 8 1 c / / e 9 9 T 7 7 o r r e s EX-99 6 FIRST FINANCIAL FUND E:\DGARFIEL\FUNDS\FIRSTFIN\MISC\NSAR-77Q.597 For the annual period ended 3/31/97 File number (c) 811-4605 SUB-ITEM 77Q2 Section 16(a) Beneficial Ownership Reporting Compliance For the fiscal year ended March 31, 1996, an initial statement of beneficial ownership of the Fund's shares on Form 3 was not filed on behalf of Douglas H. McCorkindale (Director, President and Treasurer). In addition, a Form 5 was not filed on Mr. McCorkindale's behalf to report the failure to file the Form 3. -----END PRIVACY-ENHANCED MESSAGE-----