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Prudential Mutual Funds
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PROSPECTUS SUPPLEMENT DATED JULY 23, 1999
Shareholder Guide
The section entitled 'Shareholder Guide' is amended as follows:
The following is added after the end of the first paragraph under
'Alternative Purchase Plan--Class A Shares--Reduction and Waiver of Initial
Sales Charges--Other Waivers':
Class A shares may also be purchased at NAV by members of the Board of
Directors of The Prudential Insurance Company of America.
In addition, Class A shares may be purchased at NAV in the case of:
- Orders placed by broker-dealers, investment advisers or financial
planners who have entered into an agreement with the Distributor, who
place trades for their own accounts or the accounts of their clients
and who charge a management, consulting or other fee for their
services (e.g. mutual fund 'wrap' or asset allocation programs); and
- Orders placed by clients of broker-dealers, investment advisers or
financial planners who place trades for client accounts if the
accounts are linked to the master account of such broker-dealer,
investment adviser or financial planner and the broker-dealer,
investment adviser or financial planner charges its clients a
separate fee for its services (e.g. mutual fund 'supermarket
programs').
Broker-dealers, investment advisers or financial planners sponsoring
fee-based programs (such as mutual fund 'wrap' or asset allocation programs
and mutual fund 'supermarket' programs) may offer their clients more than one
class of shares in the Fund in connection with different pricing options for
their programs. Investors should consider carefully any separate transaction
and other fees charged by these programs in connection with investing in each
available share class before selecting a share class.
MF990C7
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The first two paragraphs under 'Alternative Purchase Plan--Class Z Shares'
are amended to read in their entirety as follows (not applicable to Prudential
Municipal Series Fund--North Carolina Series, Ohio Series and Pennsylvania
Series):
Mutual Fund Programs. Class Z shares can also be purchased by participants
in any fee-based program or trust program sponsored by Prudential or an
affiliate that includes the Fund as an available option. Class Z shares can
also be purchased by investors in certain programs sponsored by
broker-dealers, investment advisers and financial planners who have
agreements with Prudential Investments Advisory Group relating to:
- Mutual fund 'wrap' or asset allocation programs, where the sponsor
places Fund trades, links its clients' accounts to a master account in
the sponsor's name and charges its clients a management, consulting or
other fee for its services; or
- Mutual fund 'supermarket' programs, where the sponsor links its clients'
accounts to a master account in the sponsor's name and the sponsor
charges a fee for its services.
Broker-dealers, investment advisers or financial planners sponsoring
these mutual fund programs may offer their clients more than one class of
shares in the Fund in connection with different pricing options for their
programs. Investors should consider carefully any separate transaction and
other fees charged by these programs in connection with investing in each
available share class before selecting a share class.
Other Types of Investors. Class Z shares of the Fund are also available
for purchase by the following categories of investors:
- Certain participants in the MEDLEY Program (group variable annuity
contracts) sponsored by Prudential for whom Class Z shares of the
Prudential mutual funds are an available investment option;
- Current and former Directors/Trustees of the Prudential mutual
funds (including the Fund); and
- Prudential, with an investment of $10 million or more.
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Listed below are the names of the Prudential mutual funds and the dates of
the prospectuses to which this supplement relates.
Name of Fund Prospectus Date
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Prudential California Municipal Fund
California Income Series November 2, 1998
California Series November 2, 1998
Prudential Municipal Series Fund
Florida Series November 2, 1998
Massachusetts Series November 2, 1998
New Jersey Series November 2, 1998
New York Series November 2, 1998
North Carolina Series November 2, 1998
Ohio Series November 2, 1998
Pennsylvania Series November 2, 1998
