-----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, Rm4ZzAjyOsu+AEaJVfWKHLljLJRCrYL4HVyhIK0K4nQvgbxtamLkmWTHPSHnkJPQ OX1t9vR61orKj0LXFOfUCQ== 0000355348-02-000276.txt : 20020821 0000355348-02-000276.hdr.sgml : 20020821 20020821172946 ACCESSION NUMBER: 0000355348-02-000276 CONFORMED SUBMISSION TYPE: NSAR-A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020630 FILED AS OF DATE: 20020821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL MONEYMART ASSETS INC CENTRAL INDEX KEY: 0000067590 IRS NUMBER: 132845392 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NSAR-A SEC ACT: 1940 Act SEC FILE NUMBER: 811-02619 FILM NUMBER: 02745167 BUSINESS ADDRESS: STREET 1: 199 WATER ST CITY: NEW YORK STATE: NY ZIP: 10292 BUSINESS PHONE: 2122141250 MAIL ADDRESS: STREET 1: ONE SEAPORT PLZ STREET 2: ONE SEAPORT PLZ CITY: NEW YORK STATE: NY ZIP: 10292 FORMER COMPANY: FORMER CONFORMED NAME: MONEYMART ASSETS INC DATE OF NAME CHANGE: 19850909 FORMER COMPANY: FORMER CONFORMED NAME: MONEY MARKET FUND INC DATE OF NAME CHANGE: 19760614 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL BACHE MONEYMART ASSETS INC DATE OF NAME CHANGE: 19920603 NSAR-A 1 answer.fil PAGE 1 000 A000000 06/30/2002 000 C000000 000067590 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 PRUDENTIAL MONEYMART ASSETS, INC. 001 B000000 811-2619 001 C000000 9738026469 002 A000000 100 MULBERRY STREET,GATEWAY CTR 3,4TH FL 002 B000000 NEWARK 002 C000000 NJ 002 D010000 07105 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 PRUDENTIAL INVESTMENTS LLC 008 B000001 A 008 C000001 801-31104 008 D010001 NEWARK 008 D020001 NJ 008 D030001 07102 008 D040001 4077 008 A000002 PRUDENTIAL INVESTMENT MANAGEMENT, INC. 008 B000002 S 008 C000002 801-22808 008 D010002 NEWARK 008 D020002 NJ 008 D030002 07102 008 D040002 4077 011 A000001 PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC 011 B000001 8-36540 011 C010001 NEWARK 011 C020001 NJ PAGE 2 011 C030001 07102 012 A000001 PRUDENTIAL MUTUAL FUND SERVICES LLC 012 B000001 84-5681 012 C010001 ISELIN 012 C020001 NJ 012 C030001 08830 013 A000001 PRICEWATERHOUSECOOPERS LLP 013 B010001 NEW YORK 013 B020001 NY 013 B030001 10036 014 A000001 PRUDENTIAL SECURITIES INCORPORATED 014 B000001 8-27154 014 A000002 PRUCO SECURITIES CORPORATION 014 B000002 8-16402 014 A000003 PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC 014 B000003 8-36540 015 A000001 STATE STREET BANK AND TRUST COMPANY 015 B000001 C 015 C010001 NORTH QUINCY 015 C020001 MA 015 C030001 02171 015 E010001 X 015 A000002 THE EUROCLEAR SYSTEM 015 B000002 S 015 C010002 TRANSNATIONAL 015 D010002 TRANSNATIONAL 015 E040002 X 015 A000003 STATE STREET BANK AND TRUST CO. 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File number 811-2619 Actions required to be reported pursuant to Rule 2a-7 Tyco International Group Commercial Paper Mr. Gunia briefly explained to the Directors the reasons why the joint special telephone meeting had been convened. He advised the Directors that on Monday, February 4, 2002, the investment adviser for each of the Funds, Prudential Investment Management, Inc, (PIM) learned that the Standard & Poor's and Fitch rating agencies had both downgraded the short-term credit ratings of commercial paper issued by Tyco International Group that was held by each of the Funds. He referred the Directors to the materials distributed in advance of the meeting, which provided additional details and background concerning the ratings downgrades, and included a chart identifying the specific holdings of Tyco commercial paper by each of the Funds. Mr. Gunia then noted that pursuant to the amortized cost procedures approved and adopted by the Directors for each of the Funds, when a security is downgraded by a nationally recognized statistical rating organization (NRSRO) to a level below its second highest rating category, it becomes an ineligible security. Because both Standard & Poor's and Fitch had downgraded Tyco commercial paper to levels below each NRSRO's second highest rating category, the Tyco commercial paper now held by each of the Funds had become ineligible. He further stated that the amortized cost procedures provided that when a security becomes ineligible, the investment adviser is required to obtain specific directions and approval from the Directors if the investment adviser decides that it does not wish to dispose of the ineligible securities, or it decides that it does not wish to dispose of the ineligible securities within five business days. Mr. Gunia explained that because PIM had recommended that each of the Funds hold the Tyco commercial paper through to maturity, the joint special telephone meeting had been convened to allow the Directors to consider and act upon PIM's recommendation with respect to holding Tyco commercial paper in each of the Funds' portfolios. Mr. Baumgardner then provided the Directors with an overview of the Funds' amortized cost procedures and the requirements of Rule 2a-7 under the Investment Company Act of 1940 that required the Funds to adopt the procedures. General discussion ensued, and Mr. Gunia and Mr. Baumgardner responded to questions from the Directors. Mr. Gunia next introduced Joseph Tully, the portfolio manager responsible for each of the Funds. Mr. Tully stated that the Tyco commercial paper held by the Funds was scheduled to mature within one week on February 14, 2002 and February 15, 2002. Mr. Tully reviewed with the Directors the reasons why each NRSRO had downgraded its credit ratings for the commercial paper, including recent reports and stories in the news media, which had caused investors to lose confidence in Tyco's commercial paper in the aftermath of the problems involving Enron. He further explained that Tyco had accessed its credit lines, causing investors in the short end of the credit market to become concerned about Tyco's ability to repay its commercial paper. Mr. Tully noted that Tyco's credit lines served as a form of insurance, assuring investors that if Tyco was unable to pay off its commercial paper, the credit lines could be accessed in order to repay the paper. He further noted that Tyco was currently unable to issue any new commercial paper due to lack of investor demand. Mr. Tully also advised the Directors that the commercial paper of Tyco Capital, an affiliate of Tyco International, which the Funds also held, had been downgraded by both Standard & Poor's and Fitch within the past day. However, he advised the Directors that certain commercial paper of Tyco Capital previously held by the Funds had matured and the Funds had received payment in full earlier in the week, and therefore no further action was required. In response to questions from the Directors concerning Tyco's ability to repay the commercial paper held by the Funds, Mr. Roberts advised that he had participated in a conference call with Tyco management on the previous day, and had been advised by Tyco management that it had $7.8 billion in available cash after exhausting all credit lines. Mr. Roberts further explained that Tyco currently had $4.5 billion in commercial paper outstanding, and that as of the fiscal quarter ending March 31, 2002, Tyco would have an additional $1.3 billion in cash available to meet its short-term needs. Mr. Tully then responded to questions from the Directors concerning the feasibility of selling the Tyco commercial paper prior to maturity. Mr. Tully explained that the current market for Tyco commercial paper was quite thin, meaning that a sale of the commercial paper could likely be accomplished only at a "distress" price. He expressed confidence that Tyco would be able to repay the commercial paper when it matured the following week, and given the "distress" price that the Funds would likely receive if the paper were sold prior to maturity, he stated that he did not recommend that the Funds sell the commercial paper. In response to a request from the Directors, Mr. Tully agreed to provide the Directors with notification when the Tyco commercial paper matured on February 14, 2002 and February 15, 2002. Mr. Tully also agreed to notify the Directors of any further material developments involving Tyco. -----END PRIVACY-ENHANCED MESSAGE-----