Fund Evaluator:
PGIM California Muni Income Z (PCIZX)
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Best Performing in Muni California Intermediate Over the Last Year
| 4.7% | Green California Tax-Free Income Inv (CFNTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Adm (VCADX) |
| 4.5% | American Century CA Interm-T T-Fr Bd Y (ACYTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Inv (VCAIX) |
| 4.3% | American Century CA Interm-T T-Fr Bd Inv (BCITX) |
Fund Details
PGIM California Muni Income Z Overview
PGIM California Muni Income Z (PCIZX) is an actively managed Municipal Bond Muni California Intermediate fund. PGIM launched the fund in 1996.
The investment seeks to maximize current income that is exempt from California state and federal income taxes, consistent with the preservation of capital. The fund invests primarily in California state and local municipal bonds, which are debt obligations or fixed income securities, including notes, commercial paper and other securities, as well as obligations of other issuers that pay interest income that is exempt from California state and federal income taxes. It invests at least 70% of its investable assets in "investment grade" municipal debt obligations.
About PGIM California Muni Income Z (PCIZX)
There are 4 members of the management team with an average tenure of 12.82 years: Lee Friedman (2014), John Dittemer (2014), Jason Appleson (2021), Robert Tipp (2004). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg CA 1-15Y Muni Interm TR USD index with a weighting of 100%. PGIM California Muni Income Z has 291 securities in its portfolio. The top 10 holdings constitute 10.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PGIM California Muni Income Z is part of the Fixed Income global asset class and is within the Municipal Bond fund group. PGIM California Muni Income Z has 4.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.3% (92.5% domestic bond, 4.8% foreign bond and 0.0% convertible bond). PGIM California Muni Income Z has 2.7% of the portfolio in cash.
Assets Under Management
The fund has $215 million in total assets, which is below the $621 million average for the Muni California Intermediate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PCIZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PGIM California Muni Income Z expense ratio is below average compared to funds in the Muni California Intermediate category. PGIM California Muni Income Z has an expense ratio of 0.39%, which is 42% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PGIM California Muni Income Z has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Muni California Intermediate category.
Recently, in the month of July 2026, PGIM California Muni Income Z returned -1.2%, which earned it a grade of A, as the Muni California Intermediate category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
PGIM California Muni Income Z has a trailing yield of 3.23%, which is above the 3.02% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PGIM California Muni Income Z Grades
Year to date, the fund has returned 0.1%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 4.3% over the past year (grade of C), 3.4% over the past three years (grade of A) and 0.8% per year over the past five years (grade of B) and 1.8% per year over the past 10 years (grade of B).
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PCIZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PCIZX Return (NAV) | -1.2% | -0.2% | 4.3% | 3.4% | 0.8% | 1.8% |
| PCIZX Grade | A | A | C | A | B | B |
| +/- Category | 0.2% | 0.2% | 0.0% | 0.5% | 0.3% | 0.3% |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.3% | 2.9% | 0.5% | 1.5% |
| PCIZX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
PCIZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCIZX Return (NAV) | 0.1% | 5.1% | 2.0% | 5.2% | -7.4% | 1.1% | 3.7% | 7.4% | 0.6% | 5.5% | -0.1% |
| PCIZX Grade | C | A | B | B | C | B | C | A | D | A | A |
| +/- Category | -0.0% | 1.1% | 0.3% | 0.2% | -0.2% | 0.2% | -0.1% | 1.2% | -0.2% | 1.1% | 0.4% |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 3.9% |
| Total Risk Index: | 0.32 - Low |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (13% Rank) |
| Beta: | 0.66 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $390 Mil |
| Fund Total Assets: | $ 215 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 43% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 21.8 years | |||
| Average Tenure: 12.8 years | |||
| Managers (Year): Tipp Robert (2004), Friedman Lee (2014), Dittemer John (2014), Appleson Jason (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 291 |
| % in Top 10 Holdings: | 10.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 92.5% |
| Foreign Bond: | 4.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.7% |
Purchase Information
| Fund Family: | PGIM |
| Phone Number: | 800-225-1852 |
| Website: | www.prudentialfunds.com |
| Status: | Open |
| Inception Date: | September 18, 1996 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.39% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | PGIM California Muni Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
