# EDGAR Filing Document

**Accession Number:** 0000746518
**File Stem:** 0001193125-26-186692
**Filing Date:** 2026-4
**Character Count:** 150020
**Document Hash:** 71e818fe004d6186badcfa24f1ab5f49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-186692.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-186692

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 6
- **CENTRAL INDEX KEY:** 0000746518

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04024
- **FILM NUMBER:** 26907080

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN CALIFORNIA MUNICIPAL FUND
- **DATE OF NAME CHANGE:** 20030709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL CALIFORNIA MUNICIPAL FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL BACHE CALIFORNIA MUNICIPAL FUND
- **DATE OF NAME CHANGE:** 19910527

## Series and Classes Contracts Data

### PGIM CALIFORNIA MUNI INCOME FUND (Series ID: S000004572)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012498 | Class A      | PBCAX           |
| C000012500 | Class C      | PCICX           |
| C000012501 | Class Z      | PCIZX           |
| C000194894 | Class R6     | PCIQX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios 6

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-04024 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 6 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor<br>Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup> Floor<br>Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 8/31/2026 |
| Date of reporting period: | 2/28/2026 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g118061g1tsrbanner_2026.jpg)

PGIM California Muni Income Fund

**Class A:** PBCAX

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the Class A shares of the PGIM California Muni Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM California Muni Income Fund—Class A | $35 | 0.68% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $370766543 |
| Number of fund holdings | 266 |
| Portfolio turnover rate for the period | 14% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.4 |
| AA | 56.1 |
| A | 22.9 |
| BBB | 11.7 |
| BB | 1.7 |
| Not Rated | 4.4 |
| Cash/Cash Equivalents | 1.8 |
| Total | 100.0 |

---

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&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

MF146E2A

![](g118061g1pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g118061g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM California Muni Income Fund** 

SHARE CLASS A <br> NASDAQ PBCAX <br> CUSIP 74440X100

MF146E2A

![](g118061g1pgimlogo_2026.jpg)

------

![](g118061g2tsrbanner_2026.jpg)

PGIM California Muni Income Fund

**Class C:** PCICX

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the Class C shares of the PGIM California Muni Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM California Muni Income Fund—Class C | $82 | 1.62% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $370766543 |
| Number of fund holdings | 266 |
| Portfolio turnover rate for the period | 14% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.4 |
| AA | 56.1 |
| A | 22.9 |
| BBB | 11.7 |
| BB | 1.7 |
| Not Rated | 4.4 |
| Cash/Cash Equivalents | 1.8 |
| Total | 100.0 |

---

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&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

MF146E2C

![](g118061g2pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g118061g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM California Muni Income Fund** 

SHARE CLASS C <br> NASDAQ PCICX <br> CUSIP 74440X308

MF146E2C

![](g118061g2pgimlogo_2026.jpg)

------

![](g118061g3tsrbanner_2026.jpg)

PGIM California Muni Income Fund

**Class Z:** PCIZX

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the Class Z shares of the PGIM California Muni Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM California Muni Income Fund—Class Z | $20 | 0.39% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $370766543 |
| Number of fund holdings | 266 |
| Portfolio turnover rate for the period | 14% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.4 |
| AA | 56.1 |
| A | 22.9 |
| BBB | 11.7 |
| BB | 1.7 |
| Not Rated | 4.4 |
| Cash/Cash Equivalents | 1.8 |
| Total | 100.0 |

---

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&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

MF146E2Z

![](g118061g3pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g118061g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM California Muni Income Fund** 

SHARE CLASS Z <br> NASDAQ PCIZX <br> CUSIP 74440X407

MF146E2Z

![](g118061g3pgimlogo_2026.jpg)

------

![](g118061g4tsrbanner_2026.jpg)

PGIM California Muni Income Fund

**Class R6:** PCIQX

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM California Muni Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM California Muni Income Fund—Class R6 | $19 | 0.38% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $370766543 |
| Number of fund holdings | 266 |
| Portfolio turnover rate for the period | 14% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.4 |
| AA | 56.1 |
| A | 22.9 |
| BBB | 11.7 |
| BB | 1.7 |
| Not Rated | 4.4 |
| Cash/Cash Equivalents | 1.8 |
| Total | 100.0 |

---

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&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

MF146E2R6

![](g118061g4pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g118061g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM California Muni Income Fund** 

SHARE CLASS R6 <br> NASDAQ PCIQX <br> CUSIP 74440X605

MF146E2R6

![](g118061g4pgimlogo_2026.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g118061g87t66.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 6
PGIM California Muni Income Fund

  

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### FEBRUARY 28, 2026
![LOGO](g118061g95q84.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u>February 28, 2026 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM California Muni Income Fund](#edgar118061_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar118061_2) | 17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Other Information -** Form N-CSR Items 8-11](#edgar118061_3)<br>

------

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br> Amount <br> (000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.1%** |  |  |  |  |
| &nbsp;&nbsp; **MUNICIPAL BONDS 96.8%** |  |  |  |  |
| &nbsp;&nbsp; Alameda Corridor Trans. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cap. Apprec., Series 1999, NATL | 3.042%(t) | 10/01/34 | 760 | $586312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series A, AGM | 5.000 | 10/01/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093969 |
| &nbsp;&nbsp; Anaheim Hsg. & Pub. Impvts. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 10/01/36 | 300 | 333330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 10/01/37 | 300 | 332107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 10/01/38 | 500 | 551184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 10/01/37 | 450 | 498147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 10/01/38 | 725 | 799079 |
| &nbsp;&nbsp; Anaheim Pub. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cap. Apprec., Pub. Impts. Proj., Sub. Series C, AGM, ETM(ee) | 2.857(t) | 09/01/36 | 1500 | 1113278 |
| &nbsp;&nbsp; Bay Area Toll Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. (Mandatory put date 04/01/28) | 2.000(cc) | 04/01/56 | 1110 | 1095384 |
| &nbsp;&nbsp; Beaumont Unif. Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cap. Apprec., Elect. 2008, Series C, GO, AGM | 3.624(t) | 08/01/40 | 2365 | 1408620 |
| &nbsp;&nbsp; California Cmnty. Choice Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Clean Energy Proj., Series A (Mandatory put date 12/01/27) | 4.000(cc) | 10/01/52 | 2940 | 2996022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Clean Energy Proj., Series B-1 (Mandatory put date 08/01/29) | 5.000(cc) | 07/01/53 | 1320 | 1401571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Series A-1 (Mandatory put date 08/01/28) | 4.000(cc) | 05/01/53 | 2380 | 2438666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Series B-2 (Mandatory put date 08/01/31) | 2.330(cc) | 02/01/52 | 1120 | 1068456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series A-1 (Mandatory put date 02/01/36) | 5.000(cc) | 04/01/56 | 2250 | 2459566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series A-1 (Mandatory put date 04/01/32) | 5.000(cc) | 05/01/54 | 3045 | 3311126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series A-1 (Mandatory put date 08/01/29) | 5.000(cc) | 12/01/53 | 1810 | 1921133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series B | 5.000 | 03/01/36 | 2000 | 2175055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series B-1 (Mandatory put date 08/01/31) | 4.000(cc) | 02/01/52 | 360 | 373509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series C (Mandatory put date 10/01/31) | 5.250(cc) | 01/01/54 | 4000 | 4288629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series C (Mandatory put date 10/01/32) | 5.000(cc) | 08/01/55 | 1000 | 1078845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series C (Mandatory put date 10/01/33) | 5.000(cc) | 12/01/55 | 3000 | 3245653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series D | 5.000 | 11/01/27 | 250 | 258473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series E (Mandatory put date 05/01/35) | 5.000(cc) | 10/01/56 | 4600 | 5140565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series E-1 (Mandatory put date 03/01/31) | 5.000(cc) | 02/01/54 | 1060 | 1145576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series F | 5.000 | 11/01/33 | 1500 | 1658396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series F (Mandatory put date 11/01/32) | 5.000(cc) | 02/01/55 | 2820 | 3092492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series G | 5.000 | 12/01/35 | 1665 | 1878424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series G-1 (Mandatory put date 04/01/30) | 5.250(cc) | 11/01/54 | 3160 | 3405933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series H (Mandatory put date 08/01/33) | 5.000(cc) | 01/01/56 | 2000 | 2231599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series D (Mandatory put date 11/01/28) | 5.500(cc) | 05/01/54 | 2150 | 2289702 |
| &nbsp;&nbsp; California Cnty. Tob. Secur. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoma Cnty. Secur. Corp., Series A, Rfdg. | 5.000 | 06/01/28 | 635 | 671716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Rfdg. | 5.000 | 06/01/26 | 1220 | 1227383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Rfdg. | 5.000 | 06/01/29 | 1915 | 2066986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Rfdg. | 5.000 | 06/01/31 | 1885 | 2038264 |
| &nbsp;&nbsp; California Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanford Univ., Series 5 (Mandatory put date 03/01/35) | 5.000(cc) | 03/01/55 | 1000 | 1233027 |
| &nbsp;&nbsp; California Enterprise Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pomona Properties LLC Proj., Series A, Rfdg. | 5.000 | 01/15/39 | 650 | 727724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pomona Properties LLC Proj., Series A, Rfdg. | 5.000 | 01/15/45 | 1000 | 1053093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Cnty., Mead Valley Wellness Vlg. Proj., Series B | 5.500 | 11/01/59 | 1000 | 1036887 |
| &nbsp;&nbsp; California Hlth. Facs. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cedars Sinai Med. Ctr., Rfdg. | 5.000 | 11/15/33 | 1115 | 1117132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hosp. of Orange Cnty., Series B (Mandatory put date 05/01/31) | 5.000(cc) | 11/01/54 | 1500 | 1706831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Camino Hlth., Series A, Rfdg. | 5.000 | 02/01/35 | 375 | 460246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Camino Hlth., Series A, Rfdg. | 5.250 | 02/01/48 | 1000 | 1091544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Permanente, Series C (Mandatory put date 11/01/29) | 5.000(cc) | 06/01/41 | 2565 | 2818053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence Hlth. Svcs., Series A, Rfdg. | 5.000 | 10/01/27 | 330 | 330588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence St. Joseph Hlth., Series A, Rfdg. | 4.000 | 10/01/26 | 400 | 403176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence St. Joseph Hlth., Series B, Rfdg. (Mandatory put date 10/01/27) | 5.000(cc) | 10/01/39 | 2665 | 2758167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, On Lok Sr. Hlth. Svcs., Rfdg. | 3.000 | 08/01/27 | 310 | 310715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutter Hlth., Series A | 5.000 | 11/15/30 | 500 | 525020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutter Hlth., Series A | 5.000 | 11/15/36 | 2085 | 2150503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutter Hlth., Series A, Rfdg. | 5.000 | 11/15/35 | 885 | 912183 |
| &nbsp;&nbsp; California Hsg. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 De Haro Venture LP, Series P (Mandatory put date 07/01/27) | 3.250(cc) | 06/01/55 | 1000 | 1009455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class A | 4.000 | 03/20/33 | 2981 | 3096471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A | 3.500 | 11/20/35 | 3101 | 3174858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A | 3.750 | 03/25/35 | 937 | 981253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoreview Apts., Series T | 3.750 | 07/01/34 | 880 | 903859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SISAL Apts. | 3.700 | 11/01/37 | 1000 | 1040175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bonds, Series A | 3.850 | 08/01/32 | 1590 | 1675596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bond, All Hallows Apts., Series U | 3.650 | 09/01/34 | 1050 | 1076665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bond, LA Salle Apts., Series V | 3.650 | 09/01/34 | 920 | 924801 |
| &nbsp;&nbsp; California Infrast. & Econ. Dev. Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy of Motion Picture Arts & Sciences Oblig., Series A, Rfdg. | 4.000 | 11/01/41 | 2000 | 2119635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline West Passanger Rail Proj., Series C, AMT (Mandatory put date 11/02/26), 144A | 3.500(cc) | 01/01/65 | 2500 | 2500916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colburn Sch., Rfdg. (Mandatory put date 08/01/26) | 1.750(cc) | 08/01/55 | 750 | 743888 |

---

See Notes to Financial Statements.

PGIM California Muni Income Fund 1

------

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br> Amount <br> (000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; California Infrast. & Econ. Dev. Bank Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bonds, Calif. Academy of Sciences, Series A, Rfdg. | 3.250% | 08/01/29 | 2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The J. Paul Getty Trust, Series B, Rfdg. (Mandatory put date 10/01/26) | 5.000(cc) | 10/01/47 | 180 | 181884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCSF Clinical & Life Science Buildings | 5.000 | 05/15/38 | 2750 | 3261912 |
| &nbsp;&nbsp; California Muni. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Heritage Ed., Series A, Rfdg. | 4.000 | 06/01/26 | 140 | 140334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Impact Fund Hsg. Bonds, Class I, 144A | 6.000 | 01/01/39 | 1000 | 1039087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Davis I, LLC, West Vlg. Student Hsg. Proj. | 5.000 | 05/15/27 | 1300 | 1335174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/29 | 760 | 807702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/39 | 1575 | 1656456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crenshaw Apts. Proj., Sr. Credit Enhanced, Series A | 3.750 | 12/01/35 | 3000 | 3074639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eskaton Properties, Inc. Oblig. Grp., Rfdg. | 5.000 | 11/15/44 | 1250 | 1286492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Orchard Park Student Hsg. Proj., BAM | 4.000 | 05/15/46 | 1045 | 1013649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humangood Calif. Oblig. Grp. | 4.000 | 10/01/49 | 1000 | 905942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humangood Calif. Oblig. Grp., Series A, Rfdg. | 5.000 | 10/01/43 | 1000 | 1055892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muni. Ctfs., Series 2025-1, Class A-2 | 3.537(cc) | 02/20/41 | 2479 | 2235249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaks on Balboa, Series A-1 (Mandatory put date 10/01/27) | 3.150(cc) | 08/01/59 | 2000 | 2020169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Cnty. Civic Ctr. Infrast. Program Phase 2 | 5.000 | 06/01/43 | 1500 | 1561189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repub. Svcs. Inc. Proj., Rmkt., AMT (Mandatory put date 01/15/26) | 3.250(cc) | 07/01/51 | 1000 | 1001574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repub. Svcs. Inc. Proj., Series A, Rfdg., AMT (Mandatory put date 04/01/26) | 3.450(cc) | 07/01/41 | 500 | 499446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class A-1(hh) | 4.050 | 07/20/41 | 2500 | 2527834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A-1 | 3.537(cc) | 02/20/41 | 1984 | 1888826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | 4.326(cc) | 11/20/40 | 1995 | 2012002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Central Los Angeles Regl. Ctr. Proj., Rfdg. | 4.000 | 12/01/43 | 300 | 298652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT | 5.000 | 06/30/26 | 1385 | 1392540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT | 5.000 | 12/31/28 | 1000 | 1034603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT | 5.000 | 06/30/31 | 1320 | 1359751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Ignatius Clg. Prep. Sch., Series A | 5.000 | 09/01/49 | 1340 | 1417467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bond, Orchard Park Student Hsg. Proj., BAM | 4.000 | 05/15/41 | 500 | 506870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temps, 85 Aldersly Proj., Series B-1 | 4.000 | 11/15/28 | 595 | 595931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temps, Calif. Oblig. Grp. Proj., Series B-1, Rfdg. | 5.750 | 04/01/30 | 1000 | 1000036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temps, St. Mary's Sch., Aliso Viejo, Series B | 4.650 | 05/01/30 | 395 | 405535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Town & Country Manor, Rfdg. | 5.000 | 07/01/39 | 595 | 633959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCR North Dist. Phase 1 Student Hsg. Proj., BAM | 5.000 | 05/15/27 | 750 | 773534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Proj., AMT | 4.000 | 07/15/29 | 2375 | 2415026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Mgmt. Inc. Proj., Series A, AMT (Mandatory put date 10/02/28) | 3.450(cc) | 10/01/41 | 250 | 250090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Mgmt. Inc. Proj., Series A, Rmkt., (Mandatory put date 02/01/28), 144A | 3.300(cc) | 02/01/39 | 100 | 99002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Mgmt. Inc. Proj., Series B, AMT (Mandatory put date 09/01/28) | 3.375(cc) | 09/01/50 | 2000 | 2005148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/26) | 3.450(cc) | 12/01/44 | 1550 | 1555764 |
| &nbsp;&nbsp; California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Wtr. Cap. Corp. Proj., Series 2020, Rmkt., Rfdg. (Mandatory put date 09/01/28) | 3.700(cc) | 08/01/40 | 1000 | 1029907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Calplant I Proj., AMT, 144A | 7.000 | 07/01/22(d) | 250 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Calplant I Proj., AMT, 144A | 8.000 | 07/01/39(d) | 500 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repub. Svcs. Inc. Proj., Rmkt., Rfdg., AMT (Mandatory put date 02/17/26), 144A | 2.875(cc) | 07/01/43 | 1750 | 1749794 |
| &nbsp;&nbsp; California Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIH Hlth., Series A, Rfdg. | 5.000 | 06/01/26 | 500 | 503053 |
| &nbsp;&nbsp; California Sch. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance CLG-Ready Pub. Schs., Series A, 144A | 5.000 | 07/01/45 | 1000 | 999998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance CLG-Ready Pub. Schs., Series A, Rfdg., 144A | 4.000 | 07/01/26 | 300 | 300190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Pub. Sch. Proj., Series A, 144A | 5.000 | 08/01/45 | 685 | 686125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Pub. Schs. Calif. Proj., Series A, Rfdg., 144A | 5.000 | 08/01/32 | 600 | 638195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP Socal Pub. Schs., Series A, 144A | 5.000 | 07/01/39 | 1000 | 1036042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP Socal Pub. Schs., Series A, 144A | 5.000 | 07/01/49 | 1500 | 1505155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded, Aspire Pub. Schs., Rfdg., 144A | 5.000 | 08/01/26 | 700 | 701051 |
| &nbsp;&nbsp; California St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM Veterans Bond, GO, Rfdg., AMT | 3.150 | 12/01/26 | 500 | 500138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 3.250 | 04/01/45 | 1000 | 864919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 4.000 | 09/01/26 | 1500 | 1514010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 4.000 | 09/01/34 | 1000 | 1128082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 11/01/26 | 2075 | 2117135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 08/01/28 | 2425 | 2528855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 08/01/28 | 2005 | 2147434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 04/01/33 | 1000 | 1084108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 08/01/34 | 500 | 605039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 03/01/35 | 1100 | 1349056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 08/01/35 | 2000 | 2463573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 08/01/39 | 4475 | 5216028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 03/01/42 | 1000 | 1141019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 10/01/42 | 1000 | 1117055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 5.000 | 09/01/44 | 1120 | 1245805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg., AGM | 5.250 | 08/01/32 | 1500 | 1745887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded, GO, Rfdg. | 5.500 | 04/01/30 | 5 | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Var. Purp., GO | 3.000 | 03/01/28 | 2000 | 2037120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Var. Purp., GO, Rfdg. | 4.000 | 09/01/34 | 1580 | 1591757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Var. Purp., GO, Rfdg., BAM, TCRs | 5.000 | 09/01/35 | 1000 | 1011730 |
| &nbsp;&nbsp; California St. Pub. Wks. Brd. Lease Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May Lee St. Off. Complex, Series A | 5.000 | 04/01/34 | 800 | 968978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Various Capital Proj., Series C, Rfdg. | 5.000 | 09/01/39 | 2565 | 3007054 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; California Statewide Cmntys. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Irvine LLC, Rfdg. | 5.000% | 05/15/27 | 685 | $688080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Irvine LLC, Rfdg. | 5.000 | 05/15/28 | 2000 | 2008987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Front Porch Cmnty. Svcs., Series A, Rfdg. | 5.000 | 04/01/33 | 1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Park Apts. Proj., Series A | 3.700 | 04/01/35 | 3000 | 3107256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Muir Hlth., Series A, Rfdg. | 5.250 | 12/01/42 | 1250 | 1431856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hosps., Series B, 144A | 5.000 | 10/01/35 | 3000 | 3569725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odd Fellows Home of Cali. Proj., Series A, Rfdg. | 4.000 | 04/01/43 | 1000 | 1007889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Calif. Edison Co., Series B, Rmkt., Rfdg. | 1.450 | 04/01/28 | 2000 | 1921181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Calif. Edison Co., Series D, Rmkt., Rfdg. | 4.500 | 11/01/33 | 1100 | 1167791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assment., Series C-1 | 5.000 | 09/02/33 | 355 | 390181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Series C-2 | 4.250 | 09/02/40 | 215 | 216290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Series C-2 | 4.250 | 09/02/41 | 230 | 228025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Series C-2 | 5.000 | 09/02/46 | 860 | 886259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Oak Park Apts. Proj., Series H (Mandatory put date 09/01/35) | 4.250(cc) | 09/01/67 | 2000 | 2148615 |
| &nbsp;&nbsp; Central Valley Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Mandatory put date 08/01/35) | 5.000(cc) | 12/01/55 | 1000 | 1109992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nat. Gas. Utility Imps. | 5.000 | 08/01/34 | 1400 | 1540497 |
| &nbsp;&nbsp; Fontana, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Cmnty. Facs. Dist. No. 22 Sierra Hills, Rfdg. | 5.000 | 09/01/34 | 500 | 503344 |
| &nbsp;&nbsp; Freddie Mac Multifamily Cert. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ML-18, Class XCA | 1.439(cc) | 09/25/37 | 9619 | 1021563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bonds, Series ML-25, Class XCA | 3.541(cc) | 11/25/38 | 1476 | 1438883 |
| &nbsp;&nbsp; Freddie Mac Multifamily Variable Rate Cert. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bonds, Series ML-13, Class XCA | 0.959(cc) | 07/25/36 | 15755 | 853553 |
| &nbsp;&nbsp; Golden St. Tob. Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tob. Settlement Asset-Backed Bonds, Series A-1, Rfdg. | 5.000 | 06/01/51 | 1100 | 1100597 |
| &nbsp;&nbsp; Guam Govt. Waterworks Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 07/01/43 | 650 | 695402 |
| &nbsp;&nbsp; Irvine Unif. Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Series A | 4.000 | 09/01/28 | 745 | 778458 |
| &nbsp;&nbsp; Jurupa Unif. Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Cmnty. Facs. Dist. No. 6, Zone 2, Series A | 5.000 | 09/01/33 | 620 | 636852 |
| &nbsp;&nbsp; Lincoln Pub. Fing. Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twelve Bridges, Tax Alloc., Sub. Series B, Rfdg. | 6.000 | 09/02/27 | 109 | 109335 |
| &nbsp;&nbsp; Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 11/15/35 | 3725 | 4304495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.500 | 11/15/30 | 1475 | 1656928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.500 | 11/15/32 | 440 | 514148 |
| &nbsp;&nbsp; Los Angeles Calif. Dept. Arpts. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg., AMT | 5.000 | 05/15/31 | 1080 | 1133538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Pvt. Activity, Series H, Rfdg., AMT | 5.000 | 05/15/29 | 1000 | 1084464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series A, Rfdg., AMT | 4.000 | 05/15/44 | 1000 | 988057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded, Sub. Series D, Rfdg., AMT | 5.000 | 05/15/35 | 1530 | 1714279 |
| &nbsp;&nbsp; Los Angeles Cnty. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Restorative Care Vlg. Phase I, Series C (Mandatory put date 09/01/29) | 3.350(cc) | 09/01/59 | 1200 | 1215359 |
| &nbsp;&nbsp; Los Angeles Cnty. Pub. Wks. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rfdg. | 5.000 | 12/01/37 | 1150 | 1402323 |
| &nbsp;&nbsp; Los Angeles Dept. Arpts. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Pvt. Activity, Series G, AMT | 5.000 | 05/15/28 | 1250 | 1323838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Pvt. Activity, Series H, Rfdg., AMT | 5.500 | 05/15/37 | 1100 | 1258407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Sub. Pvt. Activity, Series A, Rfdg., AMT | 5.250 | 05/15/40 | 1500 | 1724675 |
| &nbsp;&nbsp; Los Angeles Dept. of Arpts. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series C, AMT | 5.000 | 05/15/32 | 1300 | 1354788 |
| &nbsp;&nbsp; Los Angeles Dept. of Wtr. & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LA Dept. of Wtr. & Pwr. Sys., Series C | 4.000 | 07/01/26 | 500 | 502146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 07/01/43 | 1115 | 1138446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 07/01/26 | 1250 | 1261181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 07/01/28 | 1040 | 1090473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 07/01/39 | 1390 | 1566731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg., BAM | 5.250 | 07/01/45 | 1000 | 1097657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 07/01/26 | 160 | 161413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 07/01/31 | 2525 | 2866828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 07/01/38 | 250 | 283608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 07/01/39 | 1545 | 1740381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000 | 07/01/26 | 320 | 322839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rfdg. | 5.000 | 07/01/26 | 200 | 201263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rfdg. | 5.000 | 07/01/26 | 190 | 191678 |
| &nbsp;&nbsp; Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 07/01/26 | 160 | 161369 |
| &nbsp;&nbsp; Los Angeles Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One San Pedro Phase I, Series B (Mandatory put date 02/01/28) | 3.250(cc) | 02/01/29 | 700 | 707276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEBS Homekey Portf., Series A | 3.750 | 04/01/34 | 2000 | 2067876 |
| &nbsp;&nbsp; Los Angeles Muni. Impvt. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Convention Ctr. Series A | 5.000 | 05/01/43 | 1650 | 1825755 |

---

See Notes to Financial Statements.

PGIM California Muni Income Fund 3

------

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; M-S-R Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 6.500% | 11/01/39 | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251298 |
| &nbsp;&nbsp; New Hampshire Business Fin. Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Series 2024-4, Class ACA | 3.924(cc) | 07/20/39 | 990 | 987410 |
| &nbsp;&nbsp; Northern Calif. Tob. Secur. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds Sacramento Co. Tob. Secur. Corp., Series A, Class 1, Rfdg. | 5.000 | 06/01/29 | 1225 | 1317821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds Sacramento Co. Tob. Secur. Corp., Series B-1, Class 2, Rfdg. | 4.000 | 06/01/49 | 220 | 214250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Series A, Rfdg. | 5.000 | 06/01/28 | 1500 | 1582986 |
| &nbsp;&nbsp; Northern Calif. Transmn. Agy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calif.- Oregon Proj., Series A, Rfdg. | 5.000 | 05/01/39 | 980 | 983518 |
| &nbsp;&nbsp; Orange Cnty. Cmnty. Facs. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, No. 2015-1 Esencia Vlg., Series A | 5.250 | 08/15/45 | 2150 | 2152837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, No. 2017-1 Esencia Vlg., Series A | 5.000 | 08/15/47 | 1500 | 1502552 |
| &nbsp;&nbsp; Oxnard Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BANS-CABS, GO | 2.810(t) | 02/01/31 | 3000 | 2614565 |
| &nbsp;&nbsp; Patterson Pub. Fing. Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Rfdg., AGM | 5.000 | 09/01/39 | 745 | 838926 |
| &nbsp;&nbsp; Pittsburg Successor Agy. Redev. Agy., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 2.043(t) | 08/01/26 | 1585 | 1571269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Alloc., Sub. Series A, Rfdg., AGM | 5.000 | 09/01/29 | 1750 | 1774436 |
| &nbsp;&nbsp; Port of Los Angeles Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rfdg., AMT | 5.000 | 08/01/35 | 2000 | 2336794 |
| &nbsp;&nbsp; Port of Oakland Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter Lien, Series E, Rfdg. | 5.000 | 11/01/26 | 750 | 763489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien, Series H, Rfdg., AMT, ETM(ee) | 5.000 | 05/01/28 | 30 | 31558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien, Series H, Rfdg., AMT, ETM(ee) | 5.000 | 05/01/29 | 5 | 5375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded, Intermediate Lien, Series H, Rfdg., AMT | 5.000 | 05/01/28 | 2345 | 2451068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded, Intermediate Lien, Series H, Rfdg., AMT | 5.000 | 05/01/29 | 1215 | 1294122 |
| &nbsp;&nbsp; Puerto Rico Comnwlth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, CABS, Series A, GO | 3.810(t) | 07/01/33 | 1800 | 1323125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1, GO | 5.750 | 07/01/31 | 1360 | 1512602 |
| &nbsp;&nbsp; Puerto Rico Indl. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. | 5.000 | 07/01/32 | 1660 | 1795061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. | 5.000 | 07/01/33 | 1335 | 1438020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Juan Cruise Terminal Proj., Series 2023, A-1, P3 Proj., AMT | 6.750 | 01/01/45 | 1000 | 1143824 |
| &nbsp;&nbsp; Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1, CABS | 3.459(t) | 07/01/33 | 2449 | 1903655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, CABS | 3.142(t) | 07/01/27 | 2130 | 2042570 |
| &nbsp;&nbsp; Rancho Cordova, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, No. 2003-1 Sunridge Anatolia, Rfdg. | 4.000 | 09/01/27 | 425 | 427174 |
| &nbsp;&nbsp; Riverside Cnty. Pub. Fing. Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redev. Proj. Area No.1, Desert Cmntys., Tax Alloc., Series A, Rfdg. AGM | 5.000 | 10/01/34 | 1000 | 1212536 |
| &nbsp;&nbsp; Sacramento Cnty., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Cmnty. Facs. Dist. No. 2004-1, Mcclellan Park, Rfdg. | 5.000 | 09/01/40 | 1085 | 1108276 |
| &nbsp;&nbsp; Sacramento Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rfdg., AMT | 5.000 | 07/01/31 | 500 | 525409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Bonds, AMT, Series D, AGM | 5.000 | 07/01/35 | 1000 | 1143482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Bonds, AMT, Series D, AGM | 5.000 | 07/01/36 | 750 | 851038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Bonds, AMT, Series D, AGM | 5.000 | 07/01/37 | 750 | 842221 |
| &nbsp;&nbsp; San Diego Cnty. Regl. Arpt. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT | 5.000 | 07/01/42 | 1500 | 1519553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Pvt. Activity, AMT, Series B | 5.250 | 07/01/38 | 2500 | 2924013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B, AMT | 5.000 | 07/01/34 | 1000 | 1107710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B, Rfdg., AMT | 5.000 | 07/01/28 | 1000 | 1060447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B, Rfdg., AMT | 5.000 | 07/01/37 | 1400 | 1495941 |
| &nbsp;&nbsp; San Diego Unif. Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elect. of 2008, Series SR-4C, GO, Rfdg. | 5.000 | 07/01/34 | 1000 | 1234932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elect. of 2012, Series ZR-5C, GO, Rfdg. | 5.000 | 07/01/40 | 1000 | 1169110 |
| &nbsp;&nbsp; San Francisco City & Cnty. Arpt. Commn. Rev., 2nd Series A, Rfdg. | 5.000 | 05/01/27 | 400 | 401896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Series A, Rfdg. | 5.000 | 05/01/35 | 1000 | 1172912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Series A, Rfdg., AMT | 5.250 | 05/01/43 | 1000 | 1107456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Series C, Rfdg., AMT | 5.500 | 05/01/39 | 1000 | 1146790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rfdg., AMT | 5.000 | 05/01/26 | 1980 | 1987985 |
| &nbsp;&nbsp; San Joaquin Valley Clean Energy Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series A (Mandatory put date 07/01/35) | 5.500(cc) | 01/01/56 | 1000 | 1139481 |
| &nbsp;&nbsp; San Marcos Unif. Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elect. of 2010, Series B, CABS, GO | 3.553(t) | 08/01/39 | 2780 | 1732549 |
| &nbsp;&nbsp; Sanger Unif. Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded, COP, Cap. Proj., Rfdg., AGM | 5.000 | 06/01/52 | 85 | 85111 |
| &nbsp;&nbsp; Santa Clara Elec. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Valley Pwr., Series A | 5.000 | 07/01/42 | 2500 | 2843818 |
| &nbsp;&nbsp; Santa Maria Joint Union H.S. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elect. of 2004, CABS, GO, NATL | 2.396(t) | 08/01/29 | 1250 | 1151990 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Santa Monica Cmnty. Clg. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elect. of 2002, Series A, GO, NATL | 1.847%(t) | 08/01/28 | 1055 | $1008956 |
| &nbsp;&nbsp; Southern Calif. Pub. Pwr. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canyon Pwr. Proj., Series B, Rfdg. (Mandatory put date 07/01/27) | 3.700(cc) | 07/01/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Proj., Series A (Mandatory put date 09/01/30) | 5.000(cc) | 04/01/55 | 2095 | 2250185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Transmn. Sys. Renewal Proj., Series 1, BAM | 5.000 | 07/01/36 | 360 | 423239 |
| &nbsp;&nbsp; Southern Calif. Tob. Secur. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego Co. Asset Secur. Corp. Series A, Class A-1, Rfdg. | 5.000 | 06/01/35 | 530 | 567087 |
| &nbsp;&nbsp; Territory of Guam. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rfdg. | 5.000 | 01/01/28 | 250 | 259051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rfdg. | 5.000 | 01/01/31 | 1525 | 1661101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rfdg. | 5.000 | 01/01/29 | 270 | 284897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rfdg. | 5.250 | 01/01/37 | 1850 | 2116748 |
| &nbsp;&nbsp; Univ. of California Reg. Med. Ctr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, Rfdg. | 5.000 | 05/15/28 | 1000 | 1005986 |
| &nbsp;&nbsp; Univ. of California Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BE, Rfdg. | 5.000 | 05/15/41 | 1195 | 1309710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BS, Rfdg. | 5.000 | 05/15/43 | 2035 | 2305437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BV, Rfdg. | 5.000 | 05/15/41 | 1000 | 1142519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BZ, Rfdg. | 5.250 | 05/15/39 | 2000 | 2390852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CA | 5.000 | 05/15/38 | 1210 | 1429778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CB | 5.000 | 05/15/38 | 3000 | 3544974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CD | 5.250 | 05/15/40 | 2000 | 2540039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CE, Rfdg.(hh) | 5.000 | 11/15/39 | 1750 | 2143519 |
| &nbsp;&nbsp; Vernon Elec. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 04/01/28 | 2150 | 2254409 |
| &nbsp;&nbsp; Virgin Islands Trans. & Infrast. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garvee Loan Note, Rfdg. | 5.000 | 09/01/36 | 1750 | 2044168 |
| &nbsp;&nbsp; West Sacramento Enhanced Infrast. Fing. Dist. No. 1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Alloc., AGM | 5.000 | 09/01/40 | 1035 | 1184445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Alloc., AGM | 5.000 | 09/01/45 | 1500 | 1619353 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $349,210,774) |  |  |  | 358686721 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS(k) 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 09/30/26 | 225 | 224807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 07/31/27 | 1000 | 1005859 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,226,292) |  |  |  | 1230666 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $350,437,066) |  |  |  | 359917387 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 3.3%** |  |  |  |  |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br>(cost $12,327,619)(wb) |  |  | 12327619 | 12327619 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.4%**<br> (cost $362,764,685) |  |  |  | 372245006 |
| Liabilities in excess of other assets(z) (0.4)% |  |  |  | (1478463) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $370766543 |

---

Below is a list of the abbreviation(s) used in the semiannual report:

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

AGM—Assured Guaranty Municipal Corp.

AMBAC—American Municipal Bond Assurance Corp.

AMT—Alternative Minimum Tax

BAM—Build America Mutual

CABS—Capital Appreciation Bonds

See Notes to Financial Statements.

PGIM California Muni Income Fund 5

------

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

COP—Certificates of Participation

ETM—Escrowed to Maturity

GO—General Obligation

IDB—Industrial Development Bond

JPS—J.P. Morgan Securities LLC

LP—Limited Partnership

NATL—National Public Finance Guarantee Corp.

OTC—Over-the-counter

PCR—Pollution Control Revenue

Rfdg—Refunding

SOFR—Secured Overnight Financing Rate

TCRs—Transferrable Custodial Receipts

# Principal amount is shown in U.S. dollars unless otherwise stated. 

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ee) All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations.

(hh) When-issued security.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(t) Represents zero coupon. Rate quoted represents effective yield at February 28, 2026.

(wb) Represents an investment in a Fund affiliated with the Manager.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /**<br> **Unrealized<br>Appreciation<br> (Depreciation)**  |
|  **Short Positions:** | **Short Positions:** | **Short Positions:** |  |  |  |
| 1 | 2 Year U.S. Treasury Notes |  | Jun. 2026 | $209273 | $(359) |
| 68 | 20 Year U.S. Treasury Bonds |  | Jun. 2026 | 8055875 | (96700) |
| 79 | 30 Year U.S. Ultra Treasury Bonds |  | Jun. 2026 | 9605906 | (95570) |
|  |  |  |  |  | $(192629) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives :
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  JPS | $439000 | $374319 |

---

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  | | |
|  **Assets** |  | | |
|  **Long-Term Investments** |  | | |
|  Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California | $— | $340466497 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guam |  | 5017199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico |  | 11158857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virgin Islands |  | 2044168 |  |
|  U.S. Treasury Obligations |  | 1230666 |  |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  | | |
|  **Assets (continued)** |  | | |
|  **Short-Term Investment** |  | | |
|  Affiliated Mutual Fund | $12327619 | $— | $— |
|  **Total** | $**12327619** | $**359917387** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(192629)** | $**—** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Sector Classification:
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Pre-pay Gas | 16.6 |
|  Development | 14.5 |
|  General Obligation | 12.0 |
|  Transportation | 12.0 |
|  Education | 8.7 |
|  Healthcare | 7.7 |
|  Special Tax/Assessment District | 6.9 |
|  Power | 6.1 |
|  Corporate Backed IDB & PCR | 5.8 |
|  Affiliated Mutual Fund | 3.3 |
|  Lease Backed Certificate of Participation | 3.0 |

---

---

| | |
|:---|:---|
|  Tobacco Appropriated | 2.9% |
|  Water & Sewer | 0.6 |
|  U.S. Treasury Obligations | 0.3 |
|  Solid Waste/Resource Recovery | 0.0 \* |
|  | 100.4 |
|  Liabilities in excess of other assets | (0.4) |
|  | 100.0% |
|  \* Less than 0.05% |  |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location**  | **Fair<br>Value** |
|  Interest rate contracts |  | $— | Due from/to broker-variation margin futures | $192,629\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(446447) |

---

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | |
|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(186635) |

---

See Notes to Financial Statements.

PGIM California Muni Income Fund 7

------

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Short Positions (1) | $12950630 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | &nbsp;&nbsp; **Assets** |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $350,437,066) | $359917387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $12,327,619) | 12327619 |
| &nbsp;&nbsp; Dividends and interest receivable | 3974339 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 439000 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 32850 |
| &nbsp;&nbsp; Prepaid expenses | 1501 |
| &nbsp;&nbsp; **Total Assets** | 376692696 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 5258229 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 372414 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 97438 |
| &nbsp;&nbsp; Management fee payable | 76510 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 74948 |
| &nbsp;&nbsp; Distribution fee payable | 26364 |
| &nbsp;&nbsp; Dividends and Distributions payable | 16806 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 1929 |
| &nbsp;&nbsp; Trustees' fees payable | 1515 |
| &nbsp;&nbsp; **Total Liabilities** | 5926153 |
| &nbsp;&nbsp; **Net Assets** | $370766543 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $365629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 366501882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3899032 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $370766543 |

---

See Notes to Financial Statements.

PGIM California Muni Income Fund 9

------

Statement of Assets and Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share, |  |
| &nbsp;&nbsp; ($123,525,075 ÷ 12,182,207 shares of beneficial interest issued and outstanding) | $10.14 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.34 |
| &nbsp;&nbsp; Maximum offering price to public | $10.48 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($3,763,222 ÷ 371,213 shares of beneficial interest issued and outstanding) | $10.14 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($203,662,061 ÷ 20,082,978 shares of beneficial interest issued and outstanding) | $10.14 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($39,816,185 ÷ 3,926,477 shares of beneficial interest issued and outstanding) | $10.14 |

---

See Notes to Financial Statements.

------

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $5849600 |
| &nbsp;&nbsp; Affiliated dividend income | 209137 |
| &nbsp;&nbsp; **Total income** | 6058737 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 638413 |
| &nbsp;&nbsp; Distribution fee(a) | 164452 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $4,408)(a) | 107402 |
| &nbsp;&nbsp; Custodian and accounting fees | 22525 |
| &nbsp;&nbsp; Audit fee | 22508 |
| &nbsp;&nbsp; Professional fees | 17478 |
| &nbsp;&nbsp; Registration fees(a) | 16083 |
| &nbsp;&nbsp; Shareholders' reports | 12524 |
| &nbsp;&nbsp; Trustees' fees | 6625 |
| &nbsp;&nbsp; Miscellaneous | 16621 |
| &nbsp;&nbsp; **Total expenses** | 1024631 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (179179) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fee credit | (6) |
| &nbsp;&nbsp; **Net expenses** | 845446 |
| &nbsp;&nbsp; Net investment income (loss) | 5213291 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 266056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (446447) |
|  | (180391) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 11531738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (186635) |
|  | 11345103 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 11164712 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $16378003 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 145009 | 19443 |  |  |
|  Transfer agent's fees and expenses | 24071 | 1363 | 81371 | 597 |
|  Registration fees | 4648 | 3346 | 3790 | 4299 |
|  Fee waiver and/or expense reimbursement | (33886) | (1136) | (129061) | (15096) |

---

See Notes to Financial Statements.

PGIM California Muni Income Fund 11

------

Statements of Changes in Net Assets (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $5213291 | $8213997 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (180391) | (1864836) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 11345103 | (1566422) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 16378003 | 4782739 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (1684772) | (3054408) |
| &nbsp;&nbsp; Class C | (38174) | (75715) |
| &nbsp;&nbsp; Class Z | (2893298) | (4134937) |
| &nbsp;&nbsp; Class R6 | (559278) | (896474) |
|  | (5175522) | (8161534) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 72412319 | 138921916 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 5068797 | 7961077 |
| &nbsp;&nbsp; Cost of shares purchased | (31996536) | (72870759) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 45484580 | 74012234 |
| &nbsp;&nbsp; Total increase (decrease) | 56687061 | 70633439 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 314079482 | 243446043 |
| &nbsp;&nbsp; End of period | $370766543 | $314079482 |

---

See Notes to Financial Statements.

------

Financial Highlights (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** |
|  | **Six Months<br>Ended<br>February 28,**<br> **2026** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.80 | $9.94 | $9.68 | $9.77 | $10.81 | $10.71 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.15 | 0.28 | 0.26 | 0.22 | 0.20 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.33 | (0.14) | 0.25 | (0.09) | (1.05) | 0.09 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.48 | 0.14 | 0.51 | 0.13 | (0.85) | 0.32 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.14) | (0.28) | (0.25) | (0.22) | (0.19) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $10.14 | $9.80 | $9.94 | $9.68 | $9.77 | $10.81 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 4.97% | 1.39% | 5.37% | 1.37% | (7.89)% | 3.05% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $123525 | $112591 | $104172 | $114723 | $124130 | $142134 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $116969 | $108977 | $104503 | $118306 | $127800 | $135913 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.68 %<sup>(c)</sup> | 0.68% | 0.69% | 0.69% | 0.69% | 0.68% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.74 %<sup>(c)</sup> | 0.75% | 0.77% | 0.78% | 0.77% | 0.77% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.93 %<sup>(c)</sup> | 2.82% | 2.62% | 2.30% | 1.90% | 2.09% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 14% | 43% | 75% | 33% | 67% | 27% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

PGIM California Muni Income Fund 13

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** |
|  | **Six Months<br>Ended<br>February 28,**<br> **2026** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.80 | $9.94 | $9.68 | $9.77 | $10.81 | $10.71 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.10 | 0.18 | 0.17 <sup>(b)</sup> | 0.14 | 0.11 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.34 | (0.14) | 0.25 <sup>(c)</sup> | (0.09) | (1.04) | 0.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.44 | 0.04 | 0.42 | 0.05 | (0.93) | 0.24 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.10) | (0.18) | (0.16) | (0.14) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $10.14 | $9.80 | $9.94 | $9.68 | $9.77 | $10.81 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 4.48% | 0.44% | 4.43% | 0.52% | (8.65)% | 2.23% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $3763 | $4156 | $3981 | $6808 | $9183 | $13962 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $3921 | $4070 | $5155 | $7901 | $11219 | $15700 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.62 %<sup>(e)</sup> | 1.62% | 1.59% | 1.53% | 1.51% | 1.49% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.68 %<sup>(e)</sup> | 1.69% | 1.67% | 1.62% | 1.59% | 1.58% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.99 %<sup>(e)</sup> | 1.88% | 1.71% | 1.45% | 1.07% | 1.30% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> | 14% | 43% | 75% | 33% | 67% | 27% |

---

(a) Calculated based on average shares outstanding during the period.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(g) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** |
|  | **Six Months<br>Ended<br>February 28,**<br> **2026** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.81 | $9.94 | $9.68 | $9.77 | $10.81 | $10.71 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.16 | 0.31 | 0.29 | 0.25 | 0.23 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.33 | (0.14) | 0.25 | (0.09) | (1.05) | 0.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.49 | 0.17 | 0.54 | 0.16 | (0.82) | 0.36 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16) | (0.30) | (0.28) | (0.25) | (0.22) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $10.14 | $9.81 | $9.94 | $9.68 | $9.77 | $10.81 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 5.01% | 1.79% | 5.68% | 1.67% | (7.62)% | 3.35% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $203662 | $166054 | $109102 | $84322 | $57368 | $58895 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $182696 | $133332 | $94701 | $76165 | $54563 | $52265 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.39 %<sup>(c)</sup> | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.53 %<sup>(c)</sup> | 0.55% | 0.57% | 0.56% | 0.56% | 0.57% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.22 %<sup>(c)</sup> | 3.12% | 2.91% | 2.60% | 2.20% | 2.37% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 14% | 43% | 75% | 33% | 67% | 27% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

PGIM California Muni Income Fund 15

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** |
|  | **Six Months<br>Ended<br>February 28,**<br> **2026** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.81 | $9.94 | $9.68 | $9.77 | $10.81 | $10.71 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.16 | 0.31 | 0.29 | 0.25 | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.33 | (0.14) | 0.25 | (0.09) | (1.05) | 0.11 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.49 | 0.17 | 0.54 | 0.16 | (0.82) | 0.36 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16) | (0.30) | (0.28) | (0.25) | (0.22) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $10.14 | $9.81 | $9.94 | $9.68 | $9.77 | $10.81 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 5.01% | 1.80% | 5.69% | 1.68% | (7.61)% | 3.36% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $39816 | $31278 | $26191 | $21716 | $20514 | $16495 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $35206 | $28869 | $23844 | $20642 | $17433 | $9908 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.38 %<sup>(c)</sup> | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.47 %<sup>(c)</sup> | 0.49% | 0.51% | 0.51% | 0.51% | 0.62% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.23 %<sup>(c)</sup> | 3.12% | 2.92% | 2.60% | 2.21% | 2.34% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 14% | 43% | 75% | 33% | 67% | 27% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

------

Notes to Financial Statements (unaudited)

**1. Organization**

Prudential Investment Portfolios 6 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Massachusetts Business Trust and PGIM California Muni Income Fund (the "Fund") is the sole series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to maximize current income that is exempt from California state and federal income taxes, consistent with the preservation of capital.

**2. Accounting Policies**

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Fund consistently follows such policies in the preparation of its financial statements.

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Fund's financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund's investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official

PGIM California Muni Income Fund 17

------

Notes to Financial Statements (unaudited) (continued)

closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Fund each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Delayed-Delivery Transactions:* The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis,

------

which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Custody Fee Credits:* The Fund has an arrangement with its custodian bank, whereby uninvested monies earn credits which reduce the fees charged by the custodian. Such custody fee credits, if any, are presented as a reduction of gross expenses in the accompanying Statement of Operations.

*Taxes:* It is the Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income | Monthly |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

\* Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The RIC, on behalf of the Fund, has entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

The Manager has entered into a subadvisory agreement with PGIM, Inc. (the "subadviser"), which provides subadvisory services to the Fund through its investment group PGIM Fixed Income. Effective April 8, 2026, PGIM Fixed Income was renamed PGIM Credit. PGIM Credit continues to be an investment group of PGIM, Inc. The Manager pays for the services of PGIM, Inc.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended February 28, 2026, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Contractual Management Rate** | **Effective Management Fee, before any waivers and/or expense** <br> **reimbursements** |
| &nbsp;&nbsp; 0.38% of average daily net assets up to $5 billion; | 0.38% |
| &nbsp;&nbsp; 0.37% of average daily net assets over $5 billion. |  |

---

The Manager has contractually agreed, through December 31, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the

PGIM California Muni Income Fund 19

------

Notes to Financial Statements (unaudited) (continued)

expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. The expense limitations attributable to each class are as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Class** | **Expense<br>Limitations** |
| &nbsp;&nbsp; A | —% |
| &nbsp;&nbsp; C |  |
| &nbsp;&nbsp; Z | 0.39 |
| &nbsp;&nbsp; R6 | 0.38 |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund's Class A and Class C shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

The Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; A | 0.25% | 0.25% |
| &nbsp;&nbsp; C | 1.00 | 1.00 |
| &nbsp;&nbsp; Z | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A |

---

For the reporting period ended February 28, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $34196 | $— |
| &nbsp;&nbsp; C |  | 257 |

---

PGIM Investments, PGIM, Inc. and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund's transfer agent and shareholder servicing agent. Transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income". Effective September 2025, the Fund changed its overnight cash sweep vehicle from PGIM Core Ultra Short Bond Fund, a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended February 28, 2026, no Rule 17a-7 transactions were entered into by the Fund.

------

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $82926979 | $45983831 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended February 28, 2026, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |  |  |
| &nbsp;&nbsp; $— | $73104978 | $60777359 | $— | $— | $12327619 | 12327619 | $195899 | $— |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wb) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wb) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wb) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wb) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wb) |  |  |  |  |
| &nbsp;&nbsp; 100070 | 16099411 | 16199481 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13238 |  |
| &nbsp;&nbsp; $100070 | $89204389 | $76976840 | $— | $— | $12327619 |  | $209137 | $— |

---

(wb) Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation** |
| $362836960 | $11167766 | $(1952349) | $9215417 |

---

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of August 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Capital Loss**<br> **Carryforward** | **Capital Loss**<br> **Carryforward Utilized** |
| &nbsp;&nbsp; $6061000 | $— |

---

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2025 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest, below.

PGIM California Muni Income Fund 21

------

Notes to Financial Statements (unaudited) (continued)

The RIC is permitted to issue an unlimited number of full and fractional shares, par value $0.01 per share, in separate series, currently designated as the PGIM California Muni Income Fund. The RIC is authorized to issue an unlimited number of shares, currently divided into five classes, designated Class A, Class B, Class C, Class Z and Class R6. The Fund currently does not have any Class B shares outstanding.

As of February 28, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), did not own any shares of the Fund.

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated |  | —% |
| &nbsp;&nbsp; Unaffiliated | 6 | 84.8 |

---

------

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 2092420 | $20945802 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 162460 | 1629151 |
| &nbsp;&nbsp; Shares purchased | (1537820) | (15354773) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 717060 | 7220180 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 66638 | 666702 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (85093) | (847870) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 698605 | $7039012 |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2860032 | $28024959 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 299442 | 2940434 |
| &nbsp;&nbsp; Shares purchased | (2180289) | (21400970) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 979185 | 9564423 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 125010 | 1227563 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (101626) | (1000520) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1002569 | $&nbsp;&nbsp;&nbsp;&nbsp;9791466 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 29760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297879 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3796 | 38048 |
| &nbsp;&nbsp; Shares purchased | (19711) | (196933) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 13845 | 138994 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (66645) | (666702) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (52800) | $&nbsp;&nbsp;&nbsp;&nbsp;<br> (527708) |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 96373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951775 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7713 | 75715 |
| &nbsp;&nbsp; Shares purchased | (18062) | (177715) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 86024 | 849775 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (62592) | (618073) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 23432 | $&nbsp;&nbsp;&nbsp;&nbsp;231702 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 4162560 | $41734578 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 283585 | 2844810 |
| &nbsp;&nbsp; Shares purchased | (1355832) | (13565561) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3090313 | 31013827 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 58538 | 583815 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3148851 | $31597642 |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 9984784 | $97788043 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 412643 | 4050171 |
| &nbsp;&nbsp; Shares purchased | (4453985) | (43466460) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 5943442 | 58371754 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 97899 | 964271 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (83104) | (816180) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5958237 | $58519845 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 942507 | $&nbsp;&nbsp;&nbsp;&nbsp;9434060 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 55497 | 556788 |
| &nbsp;&nbsp; Shares purchased | (287911) | (2879269) |

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PGIM California Muni Income Fund 23

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 710093 | $7111579 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 26544 | 264055 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 736637 | $7375634 |
| &nbsp;&nbsp; **Year ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1239594 | $12157139 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 91102 | 894757 |
| &nbsp;&nbsp; Shares purchased | (800155) | (7825614) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 530541 | 5226282 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 24391 | 242939 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 554932 | $5469221 |

---

8. Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent | 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended February 28, 2026.

9. Risks of Investing in the Fund

The Fund's risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund's risks, please refer to the Fund's Prospectus and Statement of Additional Information.

*California Municipal Bonds Risk:* Because the Fund will concentrate its investments in California obligations, the Fund is more susceptible to economic, political and other developments that may adversely affect issuers of California obligations than a municipal bond fund that is not as geographically concentrated. These developments may include state or local legislation or policy changes, constitutional limitations affecting the ability of the state and municipalities to address financial downturns without voter approval, the impact of changes to federal funding reductions and tax law or federal trade policies, erosion of the tax base or reduction in revenues of the State or one or more local governments, the threat or the effects of terrorist acts, the effects of possible natural disasters (including but not limited to the risk of earthquakes, climate change, flooding and wildfires), increased demand for entitlement-based and claims-based programs such as Medicaid, public assistance and general public health or other economic or credit problems affecting the State generally or any individual locality (which may directly or indirectly affect the State as a whole, including those described in the SAI under "California Concentration"). By way of illustration, although California has a relatively diversified economy, California has concentrations in high technology, trade, entertainment, manufacturing, tourism, construction and government and services. The Fund, therefore, may be more susceptible to developments affecting those industries than a municipal bond fund that invests in obligations of several states.

------

*Credit Risk:* This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

*Debt Obligations Risk:* Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to "call and redemption risk," which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

*Insured Municipal Bonds Risk:* The Fund may purchase municipal bonds that are insured to attempt to reduce credit risk. Although insurance coverage reduces credit risk by providing that the insurer will make timely payment of interest and/or principal, it does not provide protection against market fluctuations of insured bonds or fluctuations in the price of the shares of the Fund. An insured municipal bond fluctuates in value largely based on factors relating to the insurer's creditworthiness or ability to satisfy its obligations. The Fund cannot be certain that any insurance company will make the payments it guarantees.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Junk Bonds Risk:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Liquidity Risk:* Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the

PGIM California Muni Income Fund 25

------

Notes to Financial Statements (unaudited) (continued)

Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

*Municipal Bonds Risk:* Municipal bonds are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to municipal bond market movements. Municipal bonds are also subject to the risk that potential future legislative changes relating to tax or the rights of municipal bond holders, for example in connection with an insolvency, could affect the market for and value of municipal bonds, which may adversely affect the Fund's yield or the value of the Fund's investments in municipal bonds. Certain municipal bonds with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities. If the Fund invests a substantial amount of its assets in issuers located in a single region, state or city, there is an increased risk that environmental, economic, political and social conditions in those regions will have a significant impact on the Fund's investment performance. For example, municipal securities of a particular state are vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health epidemics, social unrest and catastrophic natural disasters, such as hurricanes or earthquakes. Many municipal bonds are also subject to prepayment risk, which is the risk that when interest rates fall, issuers may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at a lower interest rate. In addition, income from municipal bonds could be declared taxable because of non-compliant conduct of a bond issuer.

10. Recent Accounting Pronouncement and Regulatory Developments

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore

------

did not include any additional disclosures in these financial statements.

11. Subsequent Event

The Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of February 28, 2026.

PGIM California Muni Income Fund 27

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d118061dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d118061dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Registrant: | <u>Prudential Investment Portfolios 6</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | April 16, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | April 16, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |
| Date: | April 16, 2026 |

---

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 6** 

Semi-Annual period ending 2/28/26

File No. 811-04024

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 16, 2026 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios 6** 

Semi-Annual period ending 2/28/26

File No. 811-04024

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 16, 2026 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios 6</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
|  April 16, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  April 16, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*