Fund Description

Incepted in December 1990, this fund is managed by Prudential Investment Management. The objective of this fund is to maximize current income that is exempt from California state and federal income taxes, consistent with the preservation of capital. The fund invests primarily in California state and local municipal bonds, which are debt obligations or fixed income securities, including notes, commercial paper and other securities, as well as obligations of other issuers (such as issuers located in Puerto Rico, the Virgin Islands and Guam) that pay interest income that is exempt from California state and federal income taxes. The investments may include certain municipal bonds, the interest on which is subject to the federal alternative minimum tax (AMT). The fund declares dividends daily and pays them monthly. The fund offers capital gains annually.