PBCAX Fees and Costs — PGIM California Muni Income Fund, Class A
Data updated: 2026-07-27
The net expense ratio is 0.68%: a 0.38% management fee, a 0.25% 12b-1 fee plus 0.12% other expenses, less a 0.07% fee waiver. This share class carries a maximum front-end sales load of 3.25% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $1K in broker commissions, 0.0004% of average net assets, and portfolio turnover was 43%.
PBCAX Fees and Expenses
Annual operating expenses and sales charges of PBCAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.12% |
| Gross expense ratio | 0.75% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.68% |
| Sales charges | |
|---|---|
| Max front load | 3.25% |
| Max deferred load | 1.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PBCAX Costs Over Time
On $10,000 invested in PBCAX, assuming 5% a year before costs, total costs come to $829 over 5 years, cutting the return by 1.40% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $426 | $325 | $325 |
| Fund expenses (net expense ratio 0.68%) | $69 | $216 | $376 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $16 | $62 | $128 |
| Total costs | $511 | $603 | $829 |
| Value after costs | $9,989 | $10,973 | $11,934 |
| Impact on return, per year | 5.11% | 1.86% | 1.40% |
PBCAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0004%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $303.9M
- Portfolio turnover (prospectus): 43%
- Securities lending: none during the year
PBCAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $1K | 84.79% |
| GOLDMAN SACHS & CO. LLC | $175 | 14.31% |
| BOFA SECURITIES, INC. | $11 | 0.90% |
PBCAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL, INC. | $62.7M | 25.63% |
| BOFA SECURITIES, INC. | $41.6M | 17.02% |
| J.P. Morgan Securities LLC | $32.9M | 13.43% |
| WELLS FARGO SECURITIES, LLC | $27.1M | 11.09% |
| MORGAN STANLEY & CO. LLC | $20.8M | 8.50% |
| PIPER SANDLER & CO. | $20.5M | 8.40% |
| GOLDMAN SACHS & CO. LLC | $14.0M | 5.72% |
| JEFFERIES LLC | $9.1M | 3.73% |
| STIFEL FINANCIAL CORP. | $8.3M | 3.39% |
| RBC CAPITAL MARKETS, LLC | $7.6M | 3.09% |
PGIM California Muni Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PCIQX | Class R6 | 0.38% | none |
| PCIZX | Class Z | 0.39% | none |
| PBCAX | Class A | 0.68% | 3.25% |
| PCICX | Class C | 1.62% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.