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11486.89 11692.621574866016 11284.151490395552 10167.38 10075.583447394201 10058.965533640467 10951.57 10954.176458942535 10734.935321099603 false 0000746518 N-1A N-CSR Prudential Investment Portfolios 6 2026-08-31 PGIM California Muni Income Fund Class A PBCAX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class A shares of PGIM California Muni Income Fund (the “Fund”) for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the period of September 1, 2025 to August 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this <span style="display:inline;">information </span>by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM California Muni Income Fund—Class A</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$69</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.68%</span></div></div></td></tr></table></div> 69 0.0068 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the reporting period, the Bloomberg Municipal Bond Index generated positive total returns, with intermediate bonds leading </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance. Following three 25-basis-point rate cuts in 2025, the U.S. Federal Reserve (Fed) adopted a more hawkish tone in 2026 as inflation </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns rose amid geopolitical tensions, which put upward pressure on oil prices, and renewed tariff escalations. In light of demand, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Municipal-to-Treasury ratios richened — particularly in the second quarter of 2026 as investors reassessed the possibility of a rate hike — but </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cheapened in July and August as rate volatility increased and supply remained elevated. That said, resilient consumer spending, robust capital </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and business investment, and continued tax revenue generation supported municipal credit fundamentals.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following contributed most to the Fund’s performance relative to the Bloomberg California 1-15 Year Municipal Intermediate Index (the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“Index”) during the period: a significant overweight to the long end of the yield curve as the curve flattened; overweight positioning in housing </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, particularly Freddie Mac multi-family deals; and overweight positioning in airport bonds.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following detracted most from the Fund’s performance relative to the Index during the period: duration positioning, as municipal bond rates </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold off in line with broader market sentiment, and positioning in specific university housing bonds.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, financial futures were </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used to help manage duration positioning and yield curve exposure. In addition, credit default swaps were used to manage credit risk. Financial </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contributed to performance, while credit default swaps had a negligible impact.</span></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g43832g1cali_a.jpg" style="height:217pt;width:532pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 8/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A with sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.21%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.09%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.15%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A without sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.14%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.49%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg Municipal Bond Index</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.12%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.54%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg California 1-15 Year Municipal Intermediate Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</span></div></div></td></tr></table> Class A with sales charges -0.0021 -0.0009 0.0115 Class A without sales charges 0.0314 0.0057 0.0149 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Bloomberg California 1-15 Year Municipal Intermediate Index 0.0222 0.0092 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">398,264,188</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">282</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">984,375</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31%</div></div></div></td></tr></table> 398264188 282 984375 0.31 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="2" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%)</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AAA</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.0</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AA</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">51.1</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">A</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.6</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BBB</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.3</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BB</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Not Rated</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Cash/Cash Equivalents</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0</div></div></div></div></td></tr></table> 0.07 0.511 0.236 0.123 0.012 0.043 0.005 1 <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&amp;P Global </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings (S&amp;P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&amp;P and Fitch. Where applicable, ratings are converted to the comparable </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P/Fitch rating tier nomenclature. The Not Rated (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">sum to 100.0% due to rounding.</span> PGIM California Muni Income Fund Class C PCICX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class C shares of PGIM California Muni Income Fund (the “Fund”) for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the period of September 1, 2025 to August 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM California Muni Income Fund—Class C</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$165</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.63%</span></div></div></td></tr></table></div> 165 0.0163 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the reporting period, the Bloomberg Municipal Bond Index generated positive total returns, with intermediate bonds leading </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance. Following three 25-basis-point rate cuts in 2025, the U.S. Federal Reserve (Fed) adopted a more hawkish tone in 2026 as inflation </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns rose amid geopolitical tensions, which put upward pressure on oil prices, and renewed tariff escalations. In light of demand, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Municipal-to-Treasury ratios richened — particularly in the second quarter of 2026 as investors reassessed the possibility of a rate hike — but </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cheapened in July and August as rate volatility increased and supply remained elevated. That said, resilient consumer spending, robust capital </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and business investment, and continued tax revenue generation supported municipal credit fundamentals.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following contributed most to the Fund’s performance relative to the Bloomberg California 1-15 Year Municipal Intermediate Index (the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“Index”) during the period: a significant overweight to the long end of the yield curve as the curve flattened; overweight positioning in housing </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, particularly Freddie Mac multi-family deals; and overweight positioning in airport bonds.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following detracted most from the Fund’s performance relative to the Index during the period: duration positioning, as municipal bond rates </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold off in line with broader market sentiment, and positioning in specific university housing bonds.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, financial futures were </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used to help manage duration positioning and yield curve exposure. In addition, credit default swaps were used to manage credit risk. Financial </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contributed to performance, while credit default swaps had a negligible impact.</span></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g43832g2cali_c.jpg" style="height:217pt;width:532pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 8/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C with sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.07%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.34%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.62%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C without sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.07%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.34%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.62%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg Municipal Bond Index</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.12%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.54%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg California 1-15 Year Municipal Intermediate Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</span></div></div></td></tr></table> Class C with sales charges 0.0107 -0.0034 0.0062 Class C without sales charges 0.0207 -0.0034 0.0062 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Bloomberg California 1-15 Year Municipal Intermediate Index 0.0222 0.0092 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">398,264,188</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">282</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">984,375</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="margin-left:3pt;/* margin-right:4pt; */text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31%</div></div></div></div></div></td></tr></table> 398264188 282 984375 0.31 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="2" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%)</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AAA</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.0</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AA</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">51.1</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">A</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.6</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BBB</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.3</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BB</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Not Rated</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Cash/Cash Equivalents</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0</div></div></div></div></td></tr></table> 0.07 0.511 0.236 0.123 0.012 0.043 0.005 1 <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&amp;P Global </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings (S&amp;P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&amp;P and Fitch. Where applicable, ratings are converted to the comparable </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P/Fitch rating tier nomenclature. The Not Rated (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">sum to 100.0% due to rounding.</span> PGIM California Muni Income Fund Class Z PCIZX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class Z shares of PGIM California Muni Income Fund (the “Fund”) for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the period of September 1, 2025 to August 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also <span style="display:inline;">request </span>this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM California Muni Income Fund—Class Z</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$40</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.39%</span></div></div></td></tr></table></div> 40 0.0039 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the reporting period, the Bloomberg Municipal Bond Index generated positive total returns, with intermediate bonds leading </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance. Following three 25-basis-point rate cuts in 2025, the U.S. Federal Reserve (Fed) adopted a more hawkish tone in 2026 as inflation </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns rose amid geopolitical tensions, which put upward pressure on oil prices, and renewed tariff escalations. In light of demand, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Municipal-to-Treasury ratios richened — particularly in the second quarter of 2026 as investors reassessed the possibility of a rate hike — but </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cheapened in July and August as rate volatility increased and supply remained elevated. That said, resilient consumer spending, robust capital </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and business investment, and continued tax revenue generation supported municipal credit fundamentals.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following contributed most to the Fund’s performance relative to the Bloomberg California 1-15 Year Municipal Intermediate Index (the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“Index”) during the period: a significant overweight to the long end of the yield curve as the curve flattened; overweight positioning in housing </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, particularly Freddie Mac multi-family deals; and overweight positioning in airport bonds.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following detracted most from the Fund’s performance relative to the Index during the period: duration positioning, as municipal bond rates </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold off in line with broader market sentiment, and positioning in specific university housing bonds.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, financial futures were </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used to help manage duration positioning and yield curve exposure. In addition, credit default swaps were used to manage credit risk. Financial </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contributed to performance, while credit default swaps had a negligible impact.</span></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g43832g3cali_z.jpg" style="height:217pt;width:532pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 8/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class Z</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.34%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.87%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.75%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg Municipal Bond Index</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.12%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.54%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg California 1-15 Year Municipal Intermediate Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</span></div></div></td></tr></table> Class Z 0.0334 0.0087 0.0175 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Bloomberg California 1-15 Year Municipal Intermediate Index 0.0222 0.0092 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">398,264,188</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">282</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">984,375</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="margin-left:3pt;/* margin-right:4pt; */text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31%</div></div></div></div></div></td></tr></table> 398264188 282 984375 0.31 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="2" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%)</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AAA</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.0</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AA</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">51.1</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">A</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.6</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BBB</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.3</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BB</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Not Rated</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Cash/Cash Equivalents</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0</span></div></div></div></td></tr></table></div> 0.07 0.511 0.236 0.123 0.012 0.043 0.005 1 <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&amp;P Global </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings (S&amp;P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&amp;P and Fitch. Where applicable, ratings are converted to the comparable </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P/Fitch rating tier nomenclature. The Not Rated (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">sum to 100.0% due to rounding.</span> PGIM California Muni Income Fund Class R6 PCIQX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM California Muni Income Fund (the “Fund”) for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the period of September 1, 2025 to August 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM California Muni Income Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$39</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.38%</span></div></div></td></tr></table></div> 39 0.0038 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the reporting period, the Bloomberg Municipal Bond Index generated positive total returns, with intermediate bonds leading </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance. Following three 25-basis-point rate cuts in 2025, the U.S. Federal Reserve (Fed) adopted a more hawkish tone in 2026 as inflation </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns rose amid geopolitical tensions, which put upward pressure on oil prices, and renewed tariff escalations. In light of demand, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Municipal-to-Treasury ratios richened — particularly in the second quarter of 2026 as investors reassessed the possibility of a rate hike — but </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cheapened in July and August as rate volatility increased and supply remained elevated. That said, resilient consumer spending, robust capital </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and business investment, and continued tax revenue generation supported municipal credit fundamentals.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following contributed most to the Fund’s performance relative to the Bloomberg California 1-15 Year Municipal Intermediate Index (the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“Index”) during the period: a significant overweight to the long end of the yield curve as the curve flattened; overweight positioning in housing </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, particularly Freddie Mac multi-family deals; and overweight positioning in airport bonds.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following detracted most from the Fund’s performance relative to the Index during the period: duration positioning, as municipal bond rates </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold off in line with broader market sentiment, and positioning in specific university housing bonds.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, financial futures were </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used to help manage duration positioning and yield curve exposure. In addition, credit default swaps were used to manage credit risk. Financial </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contributed to performance, while credit default swaps had a negligible impact.</span></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g43832g4cali_r6.jpg" style="height:217pt;width:532pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 8/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.35%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.88%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.08% (10/26/2017)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg Municipal Bond Index</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.12%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.54%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.10%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg California 1-15 Year Municipal Intermediate Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="margin-left:18pt;/* margin-right:3pt; */text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.90%</span></span></div></div></div></td></tr></table> Class R6 0.0335 0.0088 0.0208 2017-10-26 Bloomberg Municipal Bond Index 0.0412 0.0054 0.021 Bloomberg California 1-15 Year Municipal Intermediate Index 0.0222 0.0092 0.019 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">398,264,188</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">282</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">984,375</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="margin-left:3pt;/* margin-right:4pt; */text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31%</div></div></div></div></div></td></tr></table> 398264188 282 984375 0.31 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="2" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%)</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AAA</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.0</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AA</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">51.1</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">A</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.6</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BBB</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.3</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BB</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Not Rated</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Cash/Cash Equivalents</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0</div></div></div></div></td></tr></table> 0.07 0.511 0.236 0.123 0.012 0.043 0.005 1 <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&amp;P Global </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings (S&amp;P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&amp;P and Fitch. Where applicable, ratings are converted to the comparable </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P/Fitch rating tier nomenclature. The Not Rated (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">sum to 100.0% due to rounding.</span>