PGIM California Muni Income Fund (PCIZX)
as of 4/30/2026
Analyst-Driven 10%
Data Coverage 100%
Seeks to maximize current income that is exempt from California state and federal income taxes, consistent with preservation of capital by investing primarily in investment-grade municipal debt obligations. The Fund may be appropriate for those who are seeking income that is generally free from federal and state taxes.
Growth of $10,000
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. This chart represents historical performance and does not assume the effects of sales charges or varying fees and expenses of other share classes. If shown with sales charges or these other fees and expenses, performance could have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.
FUND INFORMATION
Fund StatisticS
|
Name
|
Weight
|
|---|---|
| AMT (%) | 14.1 |
| Average Effective Maturity (years) | 5.6 |
| Average Maturity (years) | 7.7 |
| Duration (years) | 4.5 |
| Standard Deviation (3 year) | 3.8 |
The Morningstar Medalist Rating is the summary expression of Morningstar’s forward‑looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. These ratings indicate which investments Morningstar believes are likely to outperform their Morningstar Category average on a risk‑adjusted basis over time. Investment products are evaluated on 3 fundamental pillars (People, Parent, and Process) and the Medalist Rating Price Score, which forms the basis for Morningstar’s conviction in products’ investment merits and determines the Medalist Rating assigned. Ratings take the form of Low (‑2), Below Average (‑1), Average (0), Above Average (+1), and High (+2). Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. The cost of an investment product is evaluated using the Medalist Rating Price Score, which is a continuous score from -2.5 to +2.5 based on the percentile rank of a vehicle’s expense ratio within its Morningstar Category. Morningstar combines the pillar scores and Medalist Rating Price Score using predetermined weights for actively and passively managed vehicles to calculate a weighted score. The weighted score is then compared to fixed thresholds employed consistently across Morningstar Categories and regions, with separate thresholds for actively and passively managed investments. Rating thresholds are reviewed at least annually. Buffers and ratings caps help prevent frequent ratings changes. When analysts directly cover a vehicle, they assign the fundamental pillar ratings based on their qualitative assessment, subject to Analyst Rating Committee oversight, and monitor and reevaluate them approximately once a year. When vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about the Medalist Ratings, including their methodology, please visit: http://global.morningstar.com/managerdisclosures. The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) is not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involves the risk that return targets will not be met due to unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rates, tax rates, or political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating may result in the rating no longer being accurate. Analysts do not have any other material conflicts of interest at the time of publication. Users wishing to obtain further information should contact their local Morningstar office.
Risks of investing in the fund include but are not limited to the following: Fixed Income investments are subject to credit, market, prepayment and interest rate risks, and their value will decline as interest rates rise. High yield (“junk”) bonds are subject to greater credit and market risks. The Fund is subject to fixed income obligations and municipal bonds risk, where the Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements and municipal bond market movements. The Fund may purchase municipal bonds that are insured to attempt to reduce credit risk. Due to its concentration in California obligations, the Fund is more susceptible to economic, political and other developments that may adversely affect issuers of California obligations than a municipal bond fund. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the fund's prospectus.
- Monthly & Quarterly Performance
- Prices & Yields
Total Returns (%)
| TOTAL RETURNS (%) WITH SALES CHARGE WITHOUT SALES CHARGE | |||||||
|---|---|---|---|---|---|---|---|
| Cumulative | Average Annual | ||||||
| Class | Ticker | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception |
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.
See Daily Returns for the PGIM California Muni Income Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM California Muni Income Fund.
See Daily Returns for the PGIM California Muni Income Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM California Muni Income Fund.
|
Fund Expenses
|
Maximum Sales Charge (%)
|
|||
|---|---|---|---|---|
|
Class
|
Gross (%)
|
Net (%)
|
Date*
|
|
| A | 0.75 | 0.68 | 12/31/2026 | 3.25 |
| C | 1.69 | 1.62 | 12/31/2026 | 1.00 |
| R6 | 0.49 | 0.38 | 12/31/2026 | — |
| Z | 0.55 | 0.39 | 12/31/2026 | — |
*This date represents the contractual reduction date through which the net expense ratio is in effect.
Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. Morningstar Category 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, Morningstar Category Average and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class Z inception date. SEC standardized return describes the return to the investor after net operating expense and 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. All returns 1-year or less are cumulative.
Morningstar Muni California Intermediate Category Average: Muni California intermediate portfolios invest at least 80% of assets in California municipal debt. Because the income from these bonds is generally free from federal taxes and California state taxes, these portfolios are most appealing to residents of California. These portfolios have durations of 4.0 to 6.0 years (or average maturities of five to 12 years).
Bloomberg Municipal Bond Index is an unmanaged index of long-term investment-grade municipal bonds.
Bloomberg California 1-15 Yr Municipal Index is a subset of the Bloomberg Barclays U.S. Municipal Index that covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The 1-15 Yr index contains bonds with maturities between 1 and 15 years.
An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.
Prices
|
Class
|
NAV ($)
|
NAV Change ($)
|
NAV Change (%)
|
POP ($)
|
Total Net Assets ($)
|
|---|---|---|---|---|---|
| A |
+9.91
|
N/C 0.00 | N/C 0.00 | 10.24 | 128,634,985.30 |
| C |
+9.90
|
-0.01
|
-0.10
|
— | 3,653,666.36 |
| R6 |
+9.91
|
N/C 0.00 | N/C 0.00 | — | 40,837,342.29 |
| Z |
+9.91
|
N/C 0.00 | N/C 0.00 | — | 217,260,660.42 |
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 $U.S. value over the previous day:
= Gain, 
= Loss, 
= No Change.
See Prices of other PGIM Investments Mutual Funds.
52 Week High/Low
|
Class
|
52 Week High ($)
|
52 Week High Date
|
52 Week Low ($)
|
52 Week Low Date
|
|---|---|---|---|---|
| A | 10.14 | 02/27/2026 | 9.68 | 05/22/2025 |
| C | 10.14 | 02/27/2026 | 9.68 | 05/22/2025 |
| R6 | 10.14 | 02/27/2026 | 9.68 | 05/22/2025 |
| Z | 10.14 | 02/27/2026 | 9.68 | 05/22/2025 |
For share classes less than one year old, the 52-week high and 52-week low NAVs are calculated from inception to the current date.
Yields
| Class | SEC 30-Day Subsidized Yield (%) | SEC 30-Day Unsubsidized Yield (%) | Offer Distb. Yield (%) | NAV Distb. Yield (%) | SEC-30 Day Sub Taxable Equivalent Yield (%) |
|---|---|---|---|---|---|
| A - View Prospectus | 2.74 | 2.69 | 2.81 | 2.91 | 5.97 |
| C - View Prospectus | 1.89 | 1.83 | — | 1.96 | 4.12 |
| R6 - View Prospectus | 3.14 | 3.06 | — | 3.21 | 6.84 |
| Z - View Prospectus | 3.13 | 2.99 | — | 3.20 | 6.82 |
See Yields of other PGIM Investments 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.
- Portfolio Summary
- Complete Holdings
Portfolio Attributes
Largest Issuers (% of Assets)
|
Largest Issuers
|
% of Assets
|
|---|---|
| California Community Choice Financing Authority | 11.4% |
| State of California | 10.3% |
| CALIFORNIA HOUSING FINANCE AGENCY | 4.2% |
| University Of California | 4.2% |
| Los Angeles CA Dept Wtr & Pwr | 3.0% |
| Los Angeles CA Dept Arpts | 2.7% |
| SAN DIEGO REG AIRPORT | 2.0% |
| Long Beach CA Bd Fin Auth | 1.6% |
| Kaiser Foundation Hospitals | 1.6% |
| REPUBLIC SERVICES INC | 1.6% |
Sector Breakdown (% of Assets)
|
Sector Breakdown
|
% of Assets
|
|---|---|
| Power | 21.6% |
| Transportation | 14.7% |
| General Obligation | 11.6% |
| Housing | 9.4% |
| Healthcare | 9.2% |
| Education | 8.3% |
| Special Tax/Assessment District | 7.2% |
| Corporate Backed IDB & PCR | 4.5% |
| Pre-Refunded | 3.3% |
| Tobacco | 2.8% |
| Other | 7.5% |
| Cash/Equiv | -0.1% |
Credit Quality (% of Assets)
|
Credit Quality
|
Fund (% of Assets)
|
|---|---|
| AAA | 2.9% |
| AA | 52.2% |
| A | 24.5% |
| BBB | 11.7% |
| BB | 1.6% |
| NR | 4.5% |
| Cash/Equiv | 2.5% |
FUND STATISTICS
|
Fund Statistics
|
Years
|
|---|---|
| AMT (%) | 14.1 |
| Average Effective Maturity (years) | 5.6 |
| Average Maturity (years) | 7.7 |
| Duration (years) | 4.5 |
| Standard Deviation (3 year) | 3.81 |
All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Total number of holdings based on issuers. Largest holdings exclude cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding. Negative holdings reflect outstanding trades at period end.
Fund Holdings
Holdings are unaudited, may vary and are subject to change. Please refer to the Fund's annual report for audited holdings information. This is not a recommendation to buy or sell any security listed.
Value ($): Cash securities are calculated using market value and derivative securities are calculated using notional value.
Source: Bank of New York Mellon. Holdings are provided to Prudential Financial by the custodian bank and Prudential Financial is not responsible for any errors or omissions related to the holdings data.
© 2026, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.
Jennison is a registered investment advisor. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.
5044609 Ed. 12/2025
| Security ID# (CUSIP/SEDOL) | Security Description | Ticker Symbol | Coupon Rate | Maturity Date | Shares/Notional | Value ($) | % of Portfolio |
|---|
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Management
PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Investments is a Prudential Financial and PGIM, Inc. affiliate. For more information on the fund's sub-advisors(s), please click here.
Jason Appleson, CFA
Managing Director and Head of PGIM's Municipal Bond Team
Jason Appleson, CFA, FRM, is a Managing Director and Head of PGIM Credit's Municipal Bond Team.
Robert Tipp, CFA
Managing Director, Chief Investment Strategist, and PGIM Credit's Head of Global Bonds
Robert Tipp, CFA is a Managing Director, Chief Investment Strategist, and PGIM Credit's Head of Global Bonds.
Lee Friedman, CFA
Managing Director and Portfolio Manager
Lee Friedman, CFA is a Managing Director and portfolio manager for PGIM Credit’s U.S. Investment Grade Corporate Bond Team.
John Dittemer
Executive Director and Portfolio Manager
Credit
John Dittemer is an Executive Director and Portfolio Manager for PGIM Credit's Municipal Bond Team.
AMT (Alternative Minimum Tax) is the percentage of bonds in portfolio subject to alternative minimum tax. Average Effective Maturity is a measure of maturity which takes into account the possibility of bonds being called prior to maturity. Average Maturity is the average time to maturity for a bond. Credit quality is calculated using the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. If only two rating agencies are used, the lower ratings are shown. Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. 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 the current reporting period.
Enhanced cash strategies are variations on traditional money market vehicles. They are designed to provide liquidity and principal preservation, but with more of an emphasis on seeking returns that are superior to those of traditional money market offerings.
Source: Benchmarks - Lipper Inc.; Statistics - Morningstar Inc.; All other data from PGIM, Inc.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar; (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. Past performance does not guarantee future results.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results obtained therefrom and, to the maximum extend allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be available to institutional investors. Class Z shares may be available through fee- or commission-based retail brokerage programs of certain financial intermediaries. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility.
PGIM Credit is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.
5473099 Ed. 05/2026
Fund Literature
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