Dryden California Municipal Fund/California Income Series


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3 Stars 5 Stars
Class A Shares Class Z Shares
Morningstar Overall RatingTM out of 152 Muni California Long funds, as of 10/31/2009.
Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund's 3-, 5-, and 10-year star rating.

The Fund's objective is to maximize current income that is exempt from California state and federal income taxes, consistent with preservation of capital. It invests in California state and local municipal bonds, notes, commercial paper and other California obligations. The Fund will normally invest at least 70% of its assets in investment grade municipal debt obligations rated Baa by Moody's and BBB by Standard & Poor's, but may invest in below-investment-grade securities.

See quarterly PDF version of this Fund Fact Sheet.
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Performance
Fund Share Prices as of market close, 11/20/2009
NAV# CHANGE##
Class A (Symbol: PBCAX) 10.30 Gain+0.01
Class B (Symbol: PCAIX) 10.30 Gain+0.01
Class C (Symbol: PCICX) 10.30 Gain+0.01
Class Z (Symbol: PCIZX) 10.30 No Change 0.00
# "NAV" (Net Asset Value) is the $U.S. value of a single share of a fund, excluding any sales charges.
## "CHANGE" shows the change in $U.S. value over the previous day:Gain= Gain, Loss= Loss,  No Change = No Change.
See Prices and Yields of other JennisonDryden mutual funds.



Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. Maximum sales charges: Class A, 4.0%; Class B, 5.0%; and Class C, 1.0%.
Average Annual Total Returns
Total Return
(with sales charges)
as of 10/31/2009		 Total Return
(without sales charges)
as of 10/31/2009		 Lipper
Average
as of
10/31/2009
Class A B C Z A B C Z
Year-to-Date N/A N/A N/A N/A 13.88 13.65 13.42 14.14 16.96
1-Year 8.94 8.20 11.93 13.90 13.48 13.20 12.93 13.90 13.85
3-Year 1.63 1.87 2.52 3.33 3.02 2.76 2.52 3.33 1.54
5-Year 2.77 3.19 3.10 3.90 3.61 3.35 3.10 3.90 2.73
10-Year 4.64 4.80 4.55 5.34 5.06 4.80 4.55 5.34 4.54
Since Incpt. 5.91 4.85 4.82 5.31 6.14 4.85 4.82 5.31 5.54
See Daily Returns and Quarterly SEC Standardized Performance.
See Calendar Year Performance for the Dryden California Municipal Fund/California Income Series.
Total return describes the return to the investor before any sales charges are imposed. Lipper average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Lipper averages and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class A inception date. SEC standardized return describes the return to the investor after maximum sales charges are imposed. All returns assume share price changes, as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower.

Inception: Class A, 12/3/1990; Class B, 12/7/1993; Class C, 8/1/1994; Class Z, 9/18/1996.


Morningstar Ratings as of 10/31/2009

Class
Overall
3-Year
5-Year
10-Year
A
3 Stars
out of 152 funds
3 Stars
out of 152 funds
3 Stars
out of 141 funds
3 Stars
out of 115 funds
B
3 Stars
out of 152 funds
3 Stars
out of 152 funds
4 Stars
out of 141 funds
3 Stars
out of 115 funds
C
3 Stars
out of 152 funds
4 Stars
out of 152 funds
3 Stars
out of 141 funds
3 Stars
out of 115 funds
Z
5 Stars
out of 152 funds
5 Stars
out of 152 funds
5 Stars
out of 141 funds
5 Stars
out of 115 funds

The Morningstar Rating may not be customarily calculated based on adjusted historical returns. If so, this investment's independent Morningstar Rating metric is compared against the retail mutual fund universe breakpoints to determine its hypothetical rating for certain time periods. Other share classes may have different performance characteristics. Past performance does not guarantee future results. For each fund with at least a 3-year history, Morningstar calculates a Morningstar rating (based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, and the next 35% receive 3 stars (each share class is rated separately, which may cause slight variations in the distribution percentages). The overall Morningstar rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar rating metrics. The Fund was rated against U.S.-domiciled funds.
© 2009 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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Growth of $10,000
Fund ReturnFund Return$16,533
Class A Benchmark Return*Benchmark Return$15,778
Fund/Benchmark Return Chart
*Lipper California Municipal Debt Funds Average
This chart represents historical performance and does not assume the effects of sales charges. If shown with sales charges, performance would have been lower. Lipper California Municipal Debt Funds Average includes funds which limits its assets to those securities that are exempt from taxation in California. An investment cannot be made directly in an index.
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Fund Facts & Holdings
Objective: Seeks maximum current income that is free from California state and federal taxes, consistent with the preservation of capital. There can be no assurance that the Fund's objective will be achieved.
Dividends: Paid monthly, if any. Dividends may be received in cash or reinvested free of charge.
Capital Gains: Paid annually, if any.

See Dividend and Capital Gains Distributions.

See most recent complete Portfolio Holdings list.
The following information is as of 10/31/2009 and is subject to change.
Total Net Assets: $211 million
Largest Holdings (% of Assets)
Orange CO CA Loc Transn Authority 5.2 %
State of CA 3.7
Sacramento CA Financing Authority 3.5
Metro Water District South CA 2.9
Los Angeles CA Community College District 2.7
Golden St. TOB Securitization Corp 2.3
CA State Dept Wtr Res Cent 1.8
CA Housing Finance Agency 1.8
Univ SO Cal 1.7
Glendale CA Redevelopment Agency 1.6
Top Ten (of 130) 27.2 %
Sector Breakdown (% of Assets)
Special Tax/Assess. Dist. 25.8 %
Prerefunded 13.3
General Obligations 13.1
Healthcare 12.0
Water & Sewer 8.7
Education 6.6
Transportation 5.1
Power 3.2
Other 12.5
Short-Term/Cash -0.3
Credit Quality (% of Assets)
AAA 14.6 %
AA 32.4
A 18.7
BBB 24.7
Not Rated 9.9
Short-Term/Cash -0.3
Fund Statistics
AMT (%) 5.6
Average Credit Quality A
Average Maturity (years) 10.1
Duration (years) 7.6
Standard Deviation (3 Year) 6.89
Negative holdings reflect outstanding trades at period end.

All data is unaudited and subject to change.

The Fund may invest in high yield ("junk") bonds (up to 30%), which are subject to greater credit and market risks; and derivative securities, which may carry market, credit, and liquidity risks. These risks may result in greater share price volatility. There is no assurance the Fund's objective will be achieved.

Average credit quality is calculated using Moody's rating only, defaulting to S&P's rating if not rated by Moody's. Internally assigned ratings are used for securities not rated by Moody's or S&P. Standard Deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Due to data availability, statistics may not be as of current reporting period.

Source: Prudential Investment Management, Inc. (PIM) and Lipper Inc. PIM is a Prudential Financial company.
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Fund Managers
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Prudential Fixed Income Management is the largest public fixed income asset management unit of Prudential Investment Management, Inc. (PIM), a registered investment adviser, and is responsible for Fund management. It is one of the most experienced fixed income managers in the United States, with $213 billion in assets under management (as of June 30, 2009). Institutional assets include both external and proprietary portfolios. Asset class breakdown is based on company estimates. Prudential Fixed Income Management offers a disciplined investment and risk management process, in-depth sector expertise, and one of the most sophisticated research organizations in the industry. Prudential Fixed Income Management or one of its predecessors has been managing proprietary fixed income portfolios since 1875 and accounts for institutional clients since 1928.

Susan Courtney and Robert Tipp of Prudential Fixed Income Management are responsible for the management of the Dryden California Municipal Fund/California Income Series.
Photo of Susan Courtney Susan Courtney is managing director and head of the Prudential Fixed Income Management's Municipal Bond Team. She is responsible for developing, directing, and executing investment strategy for all municipal bond assets, including the Dryden municipal bond mutual funds. Ms. Courtney joined Prudential Financial in 2005 from GE Asset Management (GE), where she spent ten years as a municipal bond portfolio manager responsible for $4.7 billion in tax-exempt assets for insurance companies. Prior to her career at GE, Ms. Courtney was assistant vice president of the Global Power Group at Fitch Investors Services, Inc., and a senior analyst in the Unit Investment Trust Department of Dean Witter Reynolds. Ms. Courtney earned a BA in Economics from Hartwick College and an MBA in Finance from Fordham University. Her investment career began in 1984.
Photo of Robert Tipp Robert Tipp, CFA, is managing director and chief investment strategist for Prudential Fixed Income Management, responsible for the firm's market outlook as well as yield curve and duration strategies. He is also head of the US Liquidity Sector Team (US government securities, mortgage-backed securities, and fixed-income derivative products), as well as the Money Market Sector, Global Sector, and the Municipal Sector. He is also portfolio manager for Asset-Liability and TIPs strategies, and is co-portfolio manager for the Core Plus Strategy. Previously, Mr. Tipp served as co-head of Prudential Financial's institutional fixed income business. Before joining Prudential Financial in 1991, Mr. Tipp was a director in the Portfolio Strategies Group at the First Boston Corporation, where he developed, marketed, and implemented strategic portfolio products for money managers. Prior to that, Mr. Tipp was a senior staff analyst at the Allstate Research & Planning Center, and managed fixed income and equity derivative strategies at Wells Fargo Investment Advisors. He received a BS in Business Administration with highest honors and an MBA in Finance with honors from the University of California, Berkeley. Mr. Tipp holds the Chartered Financial Analyst (CFA) designation. His investment career began in 1984.
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Consider a fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other information about the fund. Read it carefully before investing. For more information about a fund, click on the prospectus link above.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. JennisonDryden, Jennison, Dryden, Target, Pru, Prudential Financial, and the Rock Prudential logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.

Mutual funds are not insured by the FDIC or any federal government agency, are not a deposit of or guaranteed by any bank or any bank affiliate, and may lose value.

0155923-00003-00        Ed. 10/2009