Fund Description

The fund was incepted in April 1980 and is managed by Prudential Investment Management. The objective of this fund is to seek a high level of current income exempt from federal income taxes. The fund invests at least 80% of its assets in municipal obligations, the income from which is exempt from federal income tax. The fund's portfolio consists primarily of long-term municipal bonds of medium quality, which are bonds rated A and Baa by Moody's Investors Service, and A and BBB by Standard and Poor's Ratings Group, or comparably rated by another major rating service, and unrated debt obligations that the fund believe are comparable in quality. The fund offers dividends monthly. Capital gains, if any, are paid annually.