N-CSRS

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:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2015
Date of reporting period:	2/28/2015

Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL CALIFORNIA MUNI INCOME FUND

SEMIANNUAL REPORT ^· FEBRUARY 28, 2015

Objective

Maximize current income that is exempt from California state and federal income taxes, consistent with the preservation of capital

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of February 28, 2015, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). Prudential Fixed Income is a unit of Prudential Investment Management, Inc. (PIM), a registered investment adviser. PIMS and PIM are Prudential Financial companies. ^© 2015 Prudential Financial, Inc. and its related entities. Prudential Investments LLC, Prudential, the Prudential logo, Bring Your Challenges, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

April 15, 2015

Dear Shareholder:

We hope you find the semiannual report for the Prudential California Muni Income Fund informative and useful. The report covers performance for the six-month period that ended February 28, 2015.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. Keep in mind, however, that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

Prudential Investments^® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer the expertise of Prudential Financial’s affiliated asset managers that strive to be leaders in a broad range of funds to help you stay on course to the future you envision. They also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential California Muni Income Fund

Prudential California Muni Income Fund 1

Your Fund’s Performance (Unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852.

Cumulative Total Returns (Without Sales Charges) as of 2/28/15
	Six Months			One Year			Five Years			Ten Years
Class A		2.61	%		7.45	%		30.86	%		58.05	%
Class B		2.48			7.18			29.24			54.16
Class C		2.24			6.66			26.36			48.91
Class Z		2.65			7.72			32.53			62.17
Barclays Municipal Bond Index		2.20			6.49			27.62			59.05
Lipper California (CA) Municipal Debt Funds Average		2.93			8.51			34.02			53.93
Average Annual Total Returns (With Sales Charges) as of 3/31/15
				One Year			Five Years			Ten Years
Class A					3.14	%		4.71	%		4.35	%
Class B					2.17			5.15			4.51
Class C					5.64			4.83			4.15
Class Z					7.70			5.86			5.05
Barclays Municipal Bond Index					6.62			5.11			4.85
Lipper California (CA) Municipal Debt Funds Average					8.38			6.07			4.50

Source: Prudential Investments LLC and Lipper Inc.

2 Visit our website at www.prudentialfunds.com

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges which are described for each share class in the table below.

	Class A	Class B*	Class C	Class Z
Maximum initial sales charge	4.00% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more made within 12 months of purchase	5% (Yr. 1) 4% (Yr. 2) 3% (Yr. 3) 2% (Yr. 4) 1% (Yr. 5/6) 0% (Yr.  7)	1% on sales made within 12 months of purchase	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.25%	.50%	1%	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

Benchmark Definitions

Barclays Municipal Bond Index

The Barclays Municipal Bond Index (the Index) is an unmanaged index of over 39,000 long-term investment-grade municipal bonds. It gives a broad look at how long-term investment-grade municipal bonds have performed.

Lipper California (CA) Municipal Debt Funds Average

The Lipper California Municipal Debt Funds Average (Lipper Average) is based on the average return of all funds in the Lipper California Municipal Debt Funds category for the periods noted. Funds in the Lipper Average limit their assets to those securities that are exempt from taxation in California.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.

Five Largest Issues expressed as a percentage of net assets as of 2/28/15
Southern California Pub. Pwr. Auth. Rev., Palo Verde Proj., Ser. C, AMBAC, ETM, CABS, Rfdg., 1.300%, 07/01/16	3.4	%
California St., Var. Purp., GO, 5.000%, 09/01/41	2.5
Sacramento City Fing. Auth., Tax Alloc. Comb. Proj. Ser. B, CABS, NATL, 1.270%, 11/01/16	2.5
Sacramento City Fing. Auth., Ser. B, CABS, NATL, 1.780%, 11/01/17	2.4
Golden St. Tob. Securitization Rev., Asset-Bkd., Sr., Ser. A-1, 4.500%, 06/01/27	1.7

Holdings reflect only long-term investments and are subject to change.

Prudential California Muni Income Fund 3

Your Fund’s Performance (continued)

Five Largest Industries expressed as a percentage of net assets as of 2/28/15
General Obligation	22.7	%
Special Tax/Assessment District	15.1
Transportation	13.4
Health Care	11.2
Power	8.7

Industry weightings reflect only long-term investments and are subject to change.

Distributions and Yields as of 2/28/15
	Total Distributions Paid for Six Months		30-Day SEC Yield			Taxable Equivalent 30-Day Yield* at Federal Tax Rates of						30-Day Unsubsidized SEC Yield			Taxable Equivalent 30-Day Unsubsidized Yield* at Federal Tax Rates  of
						38.8%			43.4%						38.8%			43.4%
Class A	$	0.22		1.62	%		3.02	%		3.26	%		1.57	%		2.93	%		3.16	%
Class B		0.21		1.43			2.66			2.88			1.43			2.66			2.88
Class C		0.18		0.93			1.73			1.87			0.93			1.73			1.87
Class Z		0.24		1.93			3.60			3.89			1.93			3.60			3.89

*Some investors may be subject to the federal alternative minimum tax (AMT). Taxable equivalent yields reflect federal and applicable state tax rates.

Credit Quality expressed as a percentage of total investments as of 2/28/15
AAA	10.2	%
AA	49.8
A	21.7
BBB	6.6
BB	3.3
B	4.0
Not Rated	4.1
Cash/Cash Equivalents	0.3
Total Investments	100.0	%

Source: PIM

Credit ratings reflect the highest rating assigned by Moody’s Investor Service, Inc. (Moody’s), Standard & Poor’s (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, Moody’s ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. The Not Rated category consists of securities that have not been rated by Moody’s, S&P, or Fitch. Credit ratings are subject to change.

4 Visit our website at www.prudentialfunds.com

Fees and Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on September 1, 2014, at the beginning of the period, and held through the six-month period ended February 28, 2015. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses should not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of

Prudential California Muni Income Fund 5

Fees and Expenses (continued)

Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Prudential California Muni Income Fund		Beginning Account Value September 1, 2014		Ending Account Value February 28, 2015		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period*
Class A	Actual	$	1,000.00	$	1,026.10		0.93	%	$	4.67
	Hypothetical	$	1,000.00	$	1,020.18		0.93	%	$	4.66
Class B	Actual	$	1,000.00	$	1,024.80		1.18	%	$	5.92
	Hypothetical	$	1,000.00	$	1,018.94		1.18	%	$	5.91
Class C	Actual	$	1,000.00	$	1,022.40		1.68	%	$	8.42
	Hypothetical	$	1,000.00	$	1,016.46		1.68	%	$	8.40
Class Z	Actual	$	1,000.00	$	1,026.50		0.68	%	$	3.42
	Hypothetical	$	1,000.00	$	1,021.42		0.68	%	$	3.41

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2015, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2015 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

6 Visit our website at www.prudentialfunds.com

The Fund’s annualized expense ratios for the six-month period ended February 28, 2015, are as follows:

Class	Gross Operating Expenses			Net Operating Expenses
A		0.98	%		0.93	%
B		1.18			1.18
C		1.68			1.68
Z		0.68			0.68

Net operating expenses shown above reflect fee waivers and/or expense reimbursements. Additional information on Fund expenses and any fee waivers and/or expense reimbursements can be found in the “Financial Highlights” tables in this report and in the Notes to the Financial Statements in this report.

Prudential California Muni Income Fund 7

Portfolio of Investments

as of February 28, 2015 (Unaudited)

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    98.1%
MUNICIPAL BONDS
Abag Fin. Auth. For Nonprofit Corp. Rev., Episcopal Senior Communities, Rfdg.	6.125%		07/01/41		475	$	547,115
Abag Fin. Auth. For Nonprofit Corp. Rev., Sharp Healthcare	6.250		08/01/39		1,000		1,189,500
Abag Fin. Auth. For Nonprofit Corp. Rev., Sharp Healthcare, Ser. A	5.000		08/01/43		2,000		2,254,600
Anaheim Calif. Pub. Fin. Auth. Rev., Ser. A, Rfdg.	5.000		05/01/39		1,000		1,132,780
California Cnty. Tob. Securitization Agy., Rev., Tob. Conv. Bonds, LA Cnty. (Converted to Fixed on 12/01/10)	5.250		06/01/21		1,470		1,482,686
California Cnty. Tob. Securitization Corp., Rev., Tob. Conv. Bonds, Ser. B (Converted to Fixed on 12/01/08)	5.100		06/01/28		1,035		1,014,507
California Edl. Facs. Auth. Rev., Loyola Marymount Univ., Ser. A	5.125		10/01/40		1,000		1,123,890
California Hlth. Facs. Fing. Auth. Rev., Episcopal Home, Ser. B, Rfdg. (Pre-refunded date 02/01/20)(a)	6.000		02/01/32		1,000		1,232,760
California Hlth. Facs. Fing. Auth. Rev., Lucile Salter Packard Childrens Hosp., Ser. A	5.000		08/15/43		1,000		1,140,740
California Hlth. Facs. Fing. Auth. Rev., Providence Hlth., Ser. B	5.500		10/01/39		1,500		1,742,760
California Hlth. Facs. Fing. Auth. Rev., Providence Hlth., Ser. C (Pre-refunded date 10/01/18)(a)	6.500		10/01/38		20		23,960
California Hlth. Facs. Fing. Auth. Rev., Providence Hlth., Ser. C, Unrefunded Balance (Pre-refunded date 10/01/18)(a)	6.500		10/01/38		980		1,174,050
California Hlth. Facs. Fing. Auth. Rev., Scripps Hlth., Ser. A	5.000		11/15/40		1,000		1,125,340
California Hlth. Facs. Fing. Auth. Rev., Scripps Hlth., Ser. A, Rfdg.	5.000		11/15/36		1,200		1,359,828
California Hlth. Facs. Fing. Auth. Rev., St. Joseph Hlth. Sys., Ser. A	5.750		07/01/39		1,000		1,161,840
California Hlth. Facs. Fing. Auth. Rev., Stanford Hosp., Ser. A-3, Rfdg.	5.500		11/15/40		500		597,660
California Hlth. Facs. Fing. Auth. Rev., Sutter Hlth., Ser. D, Rfdg.	5.250		08/15/31		1,000		1,163,250

See Notes to Financial Statements.

Prudential California Muni Income Fund 9

Portfolio of Investments

as of February 28, 2015 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
California Infrastructure & Econ. Dev. Rev., Bk. Dev. Walt. Dis. Fam. Musm., Walt & Lilly Disney	5.250%		02/01/38		2,000	$	2,197,640
California Muni. Fin. Auth. Ed. Rev., Amern. Heritage Ed. Foundation Proj., Ser. A	5.250		06/01/26		1,100		1,101,100
California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev., Amern. Wtr. Cap. Corp. Proj., 144A	5.250		08/01/40		1,250		1,345,725
California St., Unrefunded Balance, GO	5.500		04/01/30		5		5,021
California St., Var. Purp., GO	5.000		10/01/29		1,500		1,733,670
California St., Var. Purp., GO	5.000		09/01/41		5,000		5,634,700
California St., Var. Purp., GO	5.000		10/01/41		1,250		1,410,500
California St., Var. Purp., GO	5.000		10/01/44		2,500		2,880,325
California St., Var. Purp., GO	5.250		04/01/35		1,250		1,457,150
California St., Var. Purp., GO	5.250		11/01/40		750		877,995
California St., Var. Purp., GO	5.500		11/01/39		1,000		1,179,530
California St., Var. Purp., GO	5.500		03/01/40		2,000		2,346,780
California St., Var. Purp., GO	6.000		03/01/33		2,750		3,343,752
California St., Var. Purp., GO	6.000		04/01/38		3,000		3,600,270
California St., Var. Purp., GO	6.000		11/01/39		1,500		1,841,895
California St. Dept. Wtr. Res. Rev., Central VLY Proj., Ser. AE (Pre-refunded date 06/01/18)(a)	5.000		12/01/29		1,930		2,189,836
California St. Dept. Wtr. Res. Rev., Central VLY Proj., Ser. AE, Unrefunded Balance	5.000		12/01/29		70		79,148
California St. Dept. Wtr. Res. Rev., Wtr. Sys., Ser. AF (Pre-refunded date 12/01/18)(a)	5.000		12/01/29		875		1,008,411
California St. Dept. Wtr. Res. Rev., Wtr. Sys., Ser. AF, Unrefunded Balance	5.000		12/01/29		625		712,875
California St. Pub. Wks. Brd. Lease Rev., Dept. General Service, Ser. D	5.250		06/01/28		750		752,948
California St. Pub. Wks. Brd. Lease Rev., Judicial Council Projs., Ser. D	5.000		12/01/31		1,000		1,145,220
California St. Pub. Wks. Brd. Lease Rev., Var. Cap. Proj., Ser. G-1	5.750		10/01/30		750		894,120
California St. Pub. Wks. Brd. Lease Rev., Var. Cap. Proj., Sub. Ser. I-1	6.375		11/01/34		750		921,472
California St. Univ. Rev., Ser. A, Systemwide	5.000		11/01/37		1,250		1,397,012
California Statewide Cmntys. Dev. Auth. Rev., 899 Charleston Proj., Ser. A, Rfdg.	5.250		11/01/44		250		255,213
California Statewide Cmntys. Dev. Auth. Rev., Aspire Pub. Schs., Sch. Fac. Rev.	6.000		07/01/30		1,000		1,078,310

See Notes to Financial Statements.

10

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
California Statewide Cmntys. Dev. Auth. Rev., Cottage Hlth.	5.000%		11/01/40		1,000	$	1,114,150
California Statewide Cmntys. Dev. Auth. Rev., Cottage Hlth., Rfdg.	5.000		11/01/43		1,000		1,141,590
California Statewide Cmntys. Dev. Auth. Rev., Huntington Mem. Hosp., Ser. B, Rfdg.	5.000		07/01/44		750		837,705
California Statewide Cmntys. Dev. Auth. Rev., Loma Linda Univ. Medical Center	5.250		12/01/44		1,000		1,090,840
California Statewide Cmntys. Dev. Auth. Rev., Polytechnic Sch.	5.000		12/01/34		2,000		2,221,840
California Statewide Cmntys. Dev. Auth. Rev., Presbyterian Homes, 144A	7.250		11/15/41		500		597,155
California Statewide Cmntys. Dev. Auth. Rev., Spl. Tax No. 97-1, CABS	4.020(b)		09/01/22		2,395		1,776,108
California Statewide Cmntys. Dev. Auth. Rev., Sutter Hlth., Ser. A	6.000		08/15/42		2,000		2,406,280
Chula Vista Calif. Indl. Dev. Rev., San Diego Gas-D-Rmkt.	5.875		01/01/34		1,000		1,184,960
Chula Vista Dev. Agy. Rev., Tax Alloc. Sub. Bayfront, Ser. B, Rfdg.	5.250		10/01/27		1,540		1,541,217
City of Fresno CA Arpt. Rev., Ser. B, AMT, Rfdg.	5.000		07/01/23		915		1,064,227
City of La Verne CA, Brethren Hillcrest Homes, COP	5.000		05/15/36		1,250		1,342,700
Coronado Cmnty. Dev. Agy. Tax Alloc., Dev. Proj., AMBAC	5.000		09/01/24		2,000		2,047,680
Fontana Special Tax, Cmnty. Facs. Dist. #22 Sierra Hills	5.000		09/01/34		500		567,155
Foothill-De Anza Cmnty. College Dist., Ser. C, GO	5.000		08/01/40		1,250		1,417,012
Golden St. Tob. Securitization Rev., Asset-Bkd., Sr., Ser. A-1	4.500		06/01/27		3,935		3,815,297
Golden St. Tob. Securitization Rev., Enhanced Asset Bkd., Ser. A	4.000		06/01/30		1,235		1,292,465
Golden St. Tob. Securitization Rev., Enhanced Asset Bkd., Ser. A	5.000		06/01/45		1,000		1,011,510
Golden St. Tob. Securitization Rev., Ser. A, Conv., CABS, AMBAC (Converted to Fixed on 06/01/10)	4.600		06/01/23		3,000		3,271,080
Golden West Sch. Fing. Auth. Rev., Ser. A., CABS, NATL, Rfdg.	2.660(b)		02/01/19		2,110		1,901,722

See Notes to Financial Statements.

Prudential California Muni Income Fund 11

Portfolio of Investments

as of February 28, 2015 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
Guam Gov’t. Ltd. Oblig. Rev., Section 30, Ser. A	5.750%		12/01/34		500	$	554,235
Guam Gov’t. Wtrwrks. Auth. Rev., Ser. A, Rfdg.	5.000		07/01/35		500		558,470
Guam Intl. Arpt. Auth. Rev., AMT, Ser. C	6.375		10/01/43		500		593,225
Inland Vly Dev. Agcy., Ser. A, Rfdg.	5.000		09/01/44		500		553,460
Jurupa Pub. Fing. Auth., Ser. A, Rfdg.	5.000		09/01/42		1,250		1,379,287
La Mesa-Spring Valley Sch. Dist., GO, Election of 2002, Ser. B, CABS, NATL	2.980(b)		08/01/23		2,000		1,558,280
Lake Elsinore Pub. Fing. Auth., Rfdg.	5.000		09/01/40		1,000		1,087,210
Lincoln Calif. Pub. Fing. Auth. Rev., Twelve Bridges Sub. Dist., Ser. B	6.000		09/02/27		1,000		1,141,550
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev., Ser. A	5.000		11/15/35		2,350		2,736,927
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev., Ser. A	5.250		11/15/19		580		660,806
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev., Ser. A	5.500		11/15/30		1,235		1,493,115
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev., Ser. A	5.500		11/15/32		345		421,104
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev., Ser. A	5.500		11/15/37		1,290		1,590,157
Long Beach Hbr. Rev., Ser. A, AMT, NATL, Rfdg.	6.000		05/15/19		3,000		3,568,950
Los Angeles Calif. Cmnty. College Dist., Election of 2003, Ser. F-1, GO (Pre-refunded date 08/01/18)(a)	5.000		08/01/33		3,250		3,702,302
Los Angeles Calif. Cmnty. College Dist., Election of 2008, Ser. A, GO (Pre-refunded date 08/01/19)(a)	6.000		08/01/33		2,000		2,433,480
Los Angeles Calif. Dept. Arpts. Rev., Ser. A	5.000		05/15/34		1,000		1,145,310
Los Angeles Calif. Dept. Arpts. Rev., Ser. A, AMT	5.000		05/15/38		2,500		2,797,850
Los Angeles Calif. Dept. Arpts. Rev., Ser. C, Rfdg.	5.000		05/15/38		1,000		1,159,550
Los Angeles Cnty. Regional Fing. Auth., Montecedro, Inc. Proj., Ser. A	5.000		11/15/44		1,250		1,379,325
Los Angeles Dept. of Wtr. & Pwr. Rev., Pwr. Sys., Ser. A	5.000		07/01/39		1,000		1,121,890
Los Angeles Dept. of Wtr. & Pwr. Sys., Ser. B	5.000		07/01/34		2,500		2,886,550
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev., Ser. A	5.375		07/01/38		1,530		1,745,103
M-S-R Energy Auth. Calif., Ser. A	6.500		11/01/39		1,000		1,378,020
Metro. Wtr. Dist. of Southern Calif. Wtrwks. Rev., Linked, SAVRS, RIBS	5.750		08/10/18		2,000		2,210,880

See Notes to Financial Statements.

12

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
Metro. Wtr. Dist. of Southern Calif. Wtrwks. Rev., Unrefunded Balance, Ser. A	5.750%		07/01/21		1,940	$	2,297,911
Orange Cnty. Trans. Auth. Rev., Express Lane Sr. Lien 91, Rfdg.	5.000		08/15/29		1,000		1,163,980
Palomar Pomerado Healthcare Dist. Calif., COP	6.000		11/01/41		1,200		1,283,640
Pittsburg Redev. Agy. Tax Alloc., Los Medanos Cmnty. Dev. Proj., AMBAC, CABS	4.340(b)		08/01/26		1,375		841,885
Port of Los Angeles, AMT, Ser. A, Rfdg.	5.000		08/01/44		1,250		1,399,437
Port of Oakland, AMT, Inter. Lien, Ser. A, NATL, Rfdg.	5.000		11/01/29		3,000		3,272,430
Port of Oakland, AMT, Ser. O, Rfdg.	5.125		05/01/30		1,000		1,121,070
Port of Oakland, AMT, Sr. Lien., Ser. P, Rfdg.	5.000		05/01/33		1,750		1,942,220
Puerto Rico Comnwlth., Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A, Rfdg.	5.750		07/01/37		390		288,035
Puerto Rico Comnwlth., Aqueduct & Swr. Auth. Rev., Sr. Lien, Ser. A, Rfdg.	6.000		07/01/47		325		241,303
Puerto Rico Comnwlth., Pub. Impvt., Ser. A, GO, Rfdg.	5.500		07/01/39		1,000		690,000
Puerto Rico Pub. Bldgs. Auth. Rev., Gtd. Govt. Facs., Ser. P, Rfdg.	6.750		07/01/36		250		177,823
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., First Sub., Ser. A	5.375		08/01/39		750		490,328
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., First Sub., Ser. A	6.000		08/01/42		1,100		776,072
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., Sr. Lien, Ser. C	5.250		08/01/40		750		550,200
Rancho Cucamonga Redev. Agy. Successor Agy., Rancho Redev. Proj. Area, AGM	5.000		09/01/32		450		518,360
Redding Elec. Sys. Rev., COP, Linked SAVRS, RIBS, NATL, ETM, Rfdg.(a)	6.368		07/01/22		70		83,077
Redding Elec. Sys. Rev., COP, Linked SAVRS, RIBS, NATL, ETM, Rfdg.(a)(c)(d)	12.301(e)		07/01/22		1,760		2,417,571
Riverside Cnty. Calif. Redev. Agy. Tax. Alloc. Intst. 215 Corridor, Ser. E	6.500		10/01/40		1,000		1,184,780
Riverside Cnty. Trans. Commission Rev., Sr. Lien, Ser. A	5.750		06/01/44		500		578,910
Rocklin Uni. Sch. Dist., Ser. C, GO, CABS, NATL	0.820(b)		08/01/16		1,400		1,383,760
Sacramento City Fing. Auth., Ser. B, CABS, NATL	1.780(b)		11/01/17		5,695		5,431,549
Sacramento City Fing. Auth., Tax Alloc. Comb. Proj., Ser. B, CABS, NATL	1.270(b)		11/01/16		5,700		5,580,471

See Notes to Financial Statements.

Prudential California Muni Income Fund 13

Portfolio of Investments

as of February 28, 2015 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
Sacramento Cnty. Santn. Dist. Fing. Auth. Rev., Var.-Regl., Ser. B, NATL	0.688%(e)		12/01/35		1,000	$	914,290
San Buenaventura Calif. Rev., Cmnty. Mem. Hlth. Sys.	7.500		12/01/41		500		614,040
San Buenaventura Calif. Rev., Cmnty. Mem. Hlth. Sys.	8.000		12/01/26		500		663,675
San Diego Cmnty. College Dist., Election of 2006, GO	5.000		08/01/41		1,500		1,706,040
San Diego Cnty. Regl. Arpt. Auth., AMT, Sr. Ser. B	5.000		07/01/43		3,000		3,311,640
San Diego Redev. Agy. Tax Alloc., North Bay Redev.	5.875		09/01/29		3,000		3,004,380
San Diego Regl. Bldg. Auth., Lease Rev., Cnty. Operations Ctr. & Annex, Ser. A	5.375		02/01/36		1,000		1,144,130
San Diego Uni. Sch. Dist., Election of 1998, Ser. B, GO, NATL	6.000		07/01/19		1,000		1,207,770
San Francisco Calif. City & Cnty. Redev. Fing. Auth., Tax Alloc. Mission Bay North Redev., Ser. C	6.500		08/01/39		1,000		1,167,530
San Francisco City & Cnty. Airports Commission, AMT, Second Ser. A	5.250		05/01/33		500		573,990
San Francisco City & Cnty. Airports Commission, AMT, Second Ser. A, Rfdg.	5.000		05/01/31		1,000		1,120,020
San Francisco City & Cnty. Airports Commission, AMT, Second Ser. C, Rfdg.	5.000		05/01/25		1,555		1,787,426
San Francisco City & Cnty. Airports Commission, AMT, Second Ser. F, Rfdg.	5.000		05/01/28		1,000		1,129,220
San Francisco City & Cnty. Airports Commission, AMT, Ser. A	5.000		05/01/44		2,000		2,222,040
San Jose Calif., Library & Park Proj., GO	5.000		09/01/33		2,200		2,341,812
San Jose Calif. Redev. Agy. Tax Alloc., Merged Area Redev. Proj., Hsg. Set Aside, Ser. A-1, Rfdg.	5.500		08/01/35		1,000		1,111,110
San Jose Evergreen Cmnty. College Dist. Election of 2004, Ser. B, AGM, CABS, GO	1.150(b)		09/01/17		1,000		971,530
San Leandro Cmnty. Facs., Spl. Tax Dist. No. 1	6.500		09/01/25		2,160		2,165,357
San Mateo Cnty. Calif., Jt. Pwrs. Fing. Auth., Ser. A	5.000		07/15/33		1,000		1,114,340
Santa Margarita Wtr. Dist. Spl. Tax, Cmnty. Facs. Dist. No. 2013-1	5.625		09/01/36		325		372,791

See Notes to Financial Statements.

14

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
Santa Maria Joint Union H.S. Dist., Election of 2004, CABS, GO, NATL	3.660%(b)		08/01/29		1,250	$	740,713
Santa Monica Cmnty. College Dist. Election of 2002, Ser. A, GO, NATL, CABS	3.230(b)		08/01/28		1,055		686,119
South Bayside Wste. Mgmt. Auth. Calif., Solid Waste Enterprise Shoreway Environmental, Ser. A	6.000		09/01/36		500		584,445
Southern California Pub. Pwr. Auth. Rev., Palo Verde Proj., Ser. C, AMBAC, ETM, CABS, Rfdg.(a)	1.300(b)		07/01/16		7,700		7,567,329
Stockton Pub. Fing. Auth. Rev., Delta Wtr. Sply. Proj., Ser. A, Rmkt.	6.250		10/01/40		700		826,406
Tob. Securitization Auth. Northn. Calif. Rev., Asset-Bkd. Tob. Settlement, Ser. A	4.750		06/01/23		2,790		2,785,285
Torrance Hosp. Rev., Torrance Mem. Med. Ctr., Ser. A	6.000		06/01/22		2,000		2,035,800
Tuolumne Wind Proj. Auth. Calif. Rev., Tuolumne Co. Proj., Ser. A	5.625		01/01/29		1,000		1,159,610
University Calif. Rev. Gen., Ser. O	5.750		05/15/34		1,250		1,464,812
University Calif. Rev. Gen., Ser. Q	5.000		05/15/34		1,000		1,092,270
Ventura Cnty. Cmnty. College, GO, Ser. C	5.500		08/01/33		2,000		2,296,260
Virgin Islands Pub. Fin. Auth. Rev., Matching Fd. Ln., Diago, Ser. A	6.750		10/01/37		250		286,365
Virgin Islands Pub. Fin. Auth. Rev., Ser. A	5.000		10/01/34		1,000		1,099,910
Walnut Energy Center Auth. Rev., Rfdg.	5.000		01/01/34		1,000		1,161,890
TOTAL LONG-TERM INVESTMENTS (cost $198,160,499)							218,502,770
SHORT-TERM INVESTMENT    0.2%
MUNICIPAL BOND
California St. Muni. Fin. Auth. Rev., Var. Chevron USA Rec. Zone, Ser. A, FRDD (Mandatory put date 3/06/15) (cost $500,000)	0.010(e)		11/01/35		500		500,000
TOTAL INVESTMENTS    98.3% (cost $198,660,499; Note 5)							219,002,770
Other assets in excess of liabilities(f)    1.7%							3,837,219
NET ASSETS    100.0%						$	222,839,989

See Notes to Financial Statements.

Prudential California Muni Income Fund 15

Portfolio of Investments

as of February 28, 2015 (Unaudited) continued

The following abbreviations are used in the portfolio descriptions:

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

AGM—Assured Guaranty Municipal Corp.

AMBAC—American Municipal Bond Assurance Corp.

AMT—Alternative Minimum Tax

CABS—Capital Appreciation Bonds

COP—Certificates of Participation

ETM—Escrowed to Maturity

FRDD—Floating Rate Daily Demand Note

GO—General Obligation

IDB—Industrial Development Bond

NATL—National Public Finance Guaranty Corp.

PCR—Pollution Control Revenue

RIBS—Residual Interest Bonds

SAVRS—Select Auction Variable Rate Securities

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

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

(b) Represents zero coupon or step coupon bond. Rate quoted represents effective yield at February 28, 2015.

(c) Indicates a security that has been deemed illiquid.

(d) Inverse floating rate bond. The coupon is inversely indexed to a floating interest rate. The rate shown is the rate at February 28, 2015.

(e) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2015.

(f) Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end:

Futures contracts outstanding at February 28, 2015:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at February 28, 2015		Unrealized Appreciation(1)
		Short Position:
	5	U.S. Long Bond		Jun. 2015	$	811,096	$	809,219	$	1,877

(1) Cash of $170,800 has been segregated to cover requirement for open future contracts at February 28, 2015.

See Notes to Financial Statements.

16

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—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, 2015 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Municipal Bonds	$	—	$	219,002,770	$	—
Other Financial Instruments*
Futures Contracts		1,877		—		—
Total	$	1,877	$	219,002,770	$	—

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and exchange-traded swap contracts, which are recorded at the unrealized appreciation/depreciation on the instrument, and over-the-counter swap contracts which are recorded at fair value.

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2015 was as follows:

General Obligation	22.7	%
Special Tax/Assessment District	15.1
Transportation	13.4
Health Care	11.2
Power	8.7
Water & Sewer	7.2
Tobacco	6.6
Education	5.2
Lease Backed Certificate of Participation	3.1
Other Muni	2.0
Corporate Backed IDB & PCR	1.4	%
Revenue Bonds	0.6
Pre-Refunded	0.6
Solid Waste/Resource Recovery	0.3
Housing	0.2
	98.3
Other assets in excess of liabilities	1.7
	100.0	%

See Notes to Financial Statements.

Prudential California Muni Income Fund 17

Portfolio of Investments

as of February 28, 2015 (Unaudited) continued

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk.

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, 2015 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Interest rate contracts	Due to/from broker— variation margin futures	$	1,877	*	—	$	—

* Includes cumulative appreciation/depreciation as reported in schedule of open futures. 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, 2015 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	(204,993	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	49,203

For the six months ended February 28, 2015, the Fund’s average value at trade date for futures short positions was $1,850,158.

See Notes to Financial Statements.

18

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

FINANCIAL STATEMENTS

(UNAUDITED)

SEMIANNUAL REPORT ^· FEBRUARY 28, 2015

Prudential California Muni Income Fund

Statement of Assets and Liabilities

as of February 28, 2015 (Unaudited)

Assets
Unaffiliated investments (cost $198,660,499)	$	219,002,770
Cash		1,917,811
Deposit with broker		170,800
Dividends and interest receivable		2,450,820
Receivable for Fund shares sold		1,173,220
Due from broker—variation margin futures		312
Prepaid expenses		1,151
Total assets		224,716,884
Liabilities
Payable for investments purchased		1,225,757
Payable for Fund shares reacquired		317,277
Dividends payable		141,333
Management fee payable		85,188
Distribution fee payable		50,651
Accrued expenses and other liabilities		46,165
Deferred trustees’ fees		7,293
Affiliated transfer agent fee payable		3,231
Total liabilities		1,876,895
Net Assets	$	222,839,989
Net assets were comprised of:
Shares of beneficial interest, at par	$	203,524
Paid-in capital in excess of par		205,111,063
		205,314,587
Undistributed net investment income		436,573
Accumulated net realized loss on investment transactions		(3,255,319	)
Net unrealized appreciation on investments		20,344,148
Net assets, February 28, 2015	$	222,839,989

See Notes to Financial Statements.

20

Class A
Net asset value and redemption price per share ($142,128,281 ÷ 12,982,603 shares of beneficial interest issued and outstanding)	$	10.95
Maximum sales charge (4.00% of offering price)		0.46
Maximum offering price to public	$	11.41
Class B
Net asset value, offering price and redemption price per share ($6,281,081 ÷ 573,702 shares of beneficial interest issued and outstanding)	$	10.95
Class C
Net asset value, offering price and redemption price per share ($27,262,176 ÷ 2,489,996 shares of beneficial interest issued and outstanding)	$	10.95
Class Z
Net asset value, offering price and redemption price per share ($47,168,451 ÷ 4,306,138 shares of beneficial interest issued and outstanding)	$	10.95

See Notes to Financial Statements.

Prudential California Muni Income Fund 21

Statement of Operations

Six Months Ended February 28, 2015 (Unaudited)

Net Investment Income
Income
Interest income	$	5,118,116
Expenses
Management fee		539,909
Distribution fee—Class A		212,183
Distribution fee—Class B		16,114
Distribution fee—Class C		124,891
Transfer agent’s fees and expenses (including affiliated expense of $6,400)		55,000
Custodian’s fees and expenses		41,000
Registration fees		30,000
Shareholders’ reports		19,000
Audit fee		17,000
Legal fees and expenses		13,000
Trustees’ fees		9,000
Insurance expenses		1,000
Miscellaneous		6,376
Total expenses		1,084,473
Less: Custodian fee credit		(174	)
Less: Distribution fee waiver—Class A		(35,364	)
Net expenses		1,048,935
Net investment income		4,069,181
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		138,947
Futures transactions		(204,993	)
		(66,046	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,388,399
Futures		49,203
		1,437,602
Net gain on investment transactions		1,371,556
Net Increase In Net Assets Resulting From Operations	$	5,440,737

See Notes to Financial Statements.

22

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended February 28, 2015			Year Ended August 31, 2014
Increase (Decrease) In Net Assets
Operations
Net investment income	$	4,069,181		$	8,228,517
Net realized loss on investment transactions		(66,046	)		(1,267,974	)
Net change in unrealized appreciation (depreciation) on investments		1,437,602			15,686,396
Net increase in net assets resulting from operations		5,440,737			22,646,939
Dividends from net investment income (Note 1)
Class A		(2,895,739	)		(6,150,510	)
Class B		(123,924	)		(264,460	)
Class C		(418,168	)		(780,207	)
Class Z		(936,561	)		(1,598,414	)
		(4,374,392	)		(8,793,591	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		17,277,776			42,515,328
Net asset value of shares issued in reinvestment of dividends and distributions		3,343,948			6,709,585
Cost of shares reacquired		(12,879,497	)		(58,347,779	)
Net increase (decrease) in net assets from Fund share transactions		7,742,227			(9,122,866	)
Total increase		8,808,572			4,730,482
Net Assets:
Beginning of period		214,031,417			209,300,935
End of period(a)	$	222,839,989		$	214,031,417
(a) Includes undistributed net investment income of:	$	436,573		$	741,784

See Notes to Financial Statements.

Prudential California Muni Income Fund 23

Notes to Financial Statements

(Unaudited)

Prudential California Muni Income Fund (the “Fund”), is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund was organized as a Massachusetts business trust on May 18, 1984. The Fund commenced investment operations on December 3, 1990. 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.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets that are fair valued at the close of each day the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the 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. The Board of Trustees (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting. 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 table following the Portfolio of Investments.

Common and preferred stocks, exchange-traded funds, and derivative instruments such as futures or options 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

24

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 closing price on 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, as the inputs are observable.

Common and preferred stocks traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy, as the adjustment factors are observable. Such securities are valued using model prices to the extent that the valuation meets the established confidence level for each security. If the confidence level is not met or the vendor does not provide a model price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after 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. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Over-the-counter derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchanged, are valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

Prudential California Muni Income Fund 25

Notes to Financial Statements

(Unaudited) continued

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

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; any available analyst media or other reports or information deemed reliable by the investment adviser 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 mutual funds to calculate their net asset values.

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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

26

future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker 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, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on financial futures contracts.

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 or foreign currency exchange 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. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearing house acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Floating-Rate Notes Issued in Conjunction with Securities Held: The Fund may invest in inverse floating rate securities (“inverse floaters”) that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities.

When the Fund enters into agreements to create inverse floaters and floater note securities (also known as Tender Option Bond Transactions), the Fund transfers a fixed rate bond to a broker for cash. At the same time the Fund buys (receives) a residual interest in a trust (the “trust”) set up by the broker, often referred to as an inverse floating rate obligation (inverse floaters). Generally, the broker deposits a fixed rate bond (the “fixed rate bond”) into the trust with the same CUSIP number as the fixed rate bond sold to the broker by the Fund. The “trust” also issues floating rate notes (“floating rate notes”), which are sold to third parties. The floating rate notes have interest rates that reset weekly. The inverse floater held by the Fund gives the Fund the right (1) to cause the holders of the floating rate notes to tender their notes at par, and (2) to have the broker transfer the fixed rate bond held by the trust to the Fund thereby collapsing the trust. The Fund accounts for the transaction described above as funded leverage by including the fixed rate bond in its Portfolio of

Prudential California Muni Income Fund 27

Notes to Financial Statements

(Unaudited) continued

Investments, and accounts for the floating rate notes as a liability under the caption “payable for floating rate notes issued” in the Fund’s “Statement of Assets and Liabilities.” Interest expense related to the Fund’s liability in connection with the floating rate notes held by third parties is recorded as incurred. The interest expense is under the caption “interest expenses and fees related to inverse floaters” in the Fund’s “Statement of Operations” and is also included in the Fund’s expense ratio. For the six months ended February 28, 2015, the Fund did not enter into any Tender Option Bond Transactions.

The Fund may also invest in inverse floaters without transferring a fixed rate bond into a trust, which is not accounted for as funded leverage. The interest rates on these securities have an inverse relationship to the interest rate of other securities or the value of an index. Changes in interest rates on the other security or index inversely affect the rate paid on the inverse floater, and the inverse floater’s price will be more volatile than that of a fixed-rate bond. Additionally, some of these securities contain a “leverage factor” whereby the interest rate moves inversely by a “factor” to the benchmark rate. Certain interest rate movements and other market factors can substantially affect the liquidity of inverse floating rate notes.

The Fund’s investment policies and restrictions permit investments in inverse floating rate securities. Inverse floaters held by the Fund are securities exempt from registration under Rule 144A of the Securities Act of 1933.

When-Issued/Delayed Delivery Securities: Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it instructs the custodian to segregate assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

Concentration of Risk: The ability of issuers of debt securities (other than those issued or guaranteed by the U.S. Government), held by the Fund to meet their obligations may be affected by the economic or political developments in a specific industry, region or country. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. companies as a result of, among other factors, the possibility of political or economic instability, or the level of governmental supervision and regulation of foreign securities markets.

28

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses from investment and currency transactions are calculated on the identified cost basis. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded an accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

Net investment income or loss (other than distribution fees, which are charged directly to the respective class) and unrealized and realized gains or 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.

Dividends and Distributions: The Fund declares daily dividends from net investment income and payment is made monthly. Distributions of net realized capital gains, if any, are made annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-in capital in excess of par, as appropriate.

Taxes: For federal income tax purposes, the Fund is treated as a separate taxpaying entity. 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 all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

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.

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.

Note 2. Agreements

The Fund has a management agreement with Prudential Investments LLC (“PI”). Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisor’s performance of such services. PI has entered into a

Prudential California Muni Income Fund 29

Notes to Financial Statements

(Unaudited) continued

subadvisory agreement with Prudential Investment Management, Inc. (“PIM”). The subadvisory agreement provides that PIM furnishes investment advisory services in connection with the management of the Fund. In connection therewith, PIM is obligated to keep certain books and records of the Fund. PI pays for the services of PIM, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is accrued daily and payable monthly, at an annual rate of .50% of the Fund’s average daily net assets up to and including $1 billion and .45% of the Fund’s average daily net assets in excess of $1 billion. The effective management fee rate was .50% of the Fund’s average daily net assets for the six months ended February 28, 2015.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B and Class C shares, pursuant to plans of distribution (the “Class A, B and C Plans”), regardless of expenses actually incurred. The distribution fees for Class A, Class B and Class C shares are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z shares of the Fund.

Pursuant to the Class A, Class B and Class C Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30%, .50% and 1% of the average daily net assets of the Class A, B and C shares, respectively. For the six months ended February 28, 2015, PIMS has contractually agreed to limit such fees to .25% of the Class A shares.

PIMS has advised the Fund that it received $42,333 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 28, 2015. From these fees, PIMS paid such sales charges to affiliated broker-dealers which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that, for the six months ended February 28, 2015, it received $1, $3,313 and $496 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively.

30

PI, PIM and PIMS are indirect wholly owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

Note 3. Other Transactions with Affiliates

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

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, other than short-term investments, for the six months ended February 28, 2015, aggregated $14,104,854 and $7,627,599, respectively. Although floating rate daily demand notes are shown as short-term investments in the Portfolio of Investments due to frequent reset of coupon rates, they have long-term maturities and are included in these purchase and sale amounts.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2015 were as follows:

Tax Basis	$	197,946,250
Appreciation		22,344,369
Depreciation		(1,287,849	)
Net Unrealized Appreciation	$	21,056,520

The difference between book basis and tax basis is primarily attributable to the difference in the treatment of accreting market discount for book and tax purposes.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Fund is permitted to carryforward capital losses realized on or after September 1, 2011 (“post-enactment losses”) for an unlimited period. Post-enactment losses are required to be utilized before the utilization of losses incurred prior to the effective date of the Act. As a result of this ordering rule, capital loss carryforwards related to taxable years ending before August 31, 2012 (“pre-enactment losses”) may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital

Prudential California Muni Income Fund 31

Notes to Financial Statements

(Unaudited) continued

losses rather than being considered all short-term as under previous law. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

As of August 31, 2014, the pre and post-enactment losses were approximately:

Post-Enactment Losses:	$	1,601,000
Pre-Enactment Losses:
Expiring 2019	$	926,000

The Fund elected to treat post-October capital losses of approximately $1,338,000 as having been incurred in the following fiscal year (August 31, 2015).

Management 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. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are subject to a maximum front-end sales charge of 4%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares sold within 12 months of purchase are subject to a CDSC of 1%. A special exchange privilege is also available for shareholders who qualify to purchase Class A shares at net asset value. Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

32

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.

The Fund is permitted to issue an unlimited number of full and fractional shares in separate series, currently designated as the Prudential California Muni Income Fund. The Prudential California Muni Income Fund is authorized to issue an unlimited number of shares, divided into four classes, designated Class A, Class B, Class C and Class Z.

The Fund has authorized an unlimited number of shares of beneficial interest for each class at $.01 par value per share.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended February 28, 2015:
Shares sold		269,374		$	2,944,284
Shares issued in reinvestment of dividends and distributions		225,567			2,470,064
Shares reacquired		(632,386	)		(6,926,290	)
Net increase (decrease) in shares outstanding before conversion		(137,445	)		(1,511,942	)
Shares issued upon conversion from Class B and Class Z		3,860			42,115
Shares reacquired upon conversion into Class Z		(12,899	)		(140,842	)
Net increase (decrease) in shares outstanding		(146,484	)	$	(1,610,669	)
Year ended August 31, 2014:
Shares sold		1,885,483		$	19,926,687
Shares issued in reinvestment of dividends and distributions		490,716			5,180,574
Shares reacquired		(3,230,968	)		(33,816,137	)
Net increase (decrease) in shares outstanding before conversion		(854,769	)		(8,708,876	)
Shares issued upon conversion from Class B		24,220			249,107
Shares reacquired upon conversion into Class Z		(181,405	)		(1,946,727	)
Net increase (decrease) in shares outstanding		(1,011,954	)	$	(10,406,496	)

Prudential California Muni Income Fund 33

Notes to Financial Statements

(Unaudited) continued

Class B	Shares			Amount
Six months ended February 28, 2015:
Shares sold		1,278		$	13,993
Shares issued in reinvestment of dividends and distributions		8,541			93,531
Shares reacquired		(35,137	)		(386,885	)
Net increase (decrease) in shares outstanding before conversion		(25,318	)		(279,361	)
Shares reacquired upon conversion into Class A		(3,851	)		(42,070	)
Net increase (decrease) in shares outstanding		(29,169	)	$	(321,431	)
Year ended August 31, 2014:
Shares sold		47,814		$	503,137
Shares issued in reinvestment of dividends and distributions		18,505			195,514
Shares reacquired		(92,673	)		(970,477	)
Net increase (decrease) in shares outstanding before conversion		(26,354	)		(271,826	)
Shares reacquired upon conversion into Class A		(24,219	)		(249,107	)
Net increase (decrease) in shares outstanding		(50,573	)	$	(520,933	)
Class C
Six months ended February 28, 2015:
Shares sold		459,715		$	5,034,466
Shares issued in reinvestment of dividends and distributions		30,166			330,344
Shares reacquired		(121,278	)		(1,327,967	)
Net increase (decrease) in shares outstanding before conversion		368,603			4,036,843
Shares reacquired upon conversion into Class Z		(23,372	)		(255,037	)
Net increase (decrease) in shares outstanding		345,231		$	3,781,806
Year ended August 31, 2014:
Shares sold		413,085		$	4,381,298
Shares issued in reinvestment of dividends and distributions		59,030			623,134
Shares reacquired		(493,937	)		(5,155,018	)
Net increase (decrease) in shares outstanding before conversion		(21,822	)		(150,586	)
Shares reacquired upon conversion into Class Z		(26,056	)		(268,284	)
Net increase (decrease) in shares outstanding		(47,878	)	$	(418,870	)

34

Class Z	Shares			Amount
Six months ended February 28, 2015:
Shares sold		846,804		$	9,285,033
Shares issued in reinvestment of dividends and distributions		41,068			450,009
Shares reacquired		(386,924	)		(4,238,355	)
Net increase (decrease) in shares outstanding before conversion		500,948			5,496,687
Shares issued upon conversion from Class A and Class C		36,258			395,879
Shares reacquired upon conversion into Class A		(4	)		(45	)
Net increase (decrease) in shares outstanding		537,202		$	5,892,521
Year ended August 31, 2014:
Shares sold		1,690,536		$	17,704,206
Shares issued in reinvestment of dividends and distributions		67,106			710,363
Shares reacquired		(1,774,474	)		(18,406,147	)
Net increase (decrease) in shares outstanding before conversion		(16,832	)		8,422
Shares issued upon conversion from Class A and Class C		207,362			2,215,011
Net increase (decrease) in shares outstanding		190,530		$	2,223,433

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 9, 2014 through October 8, 2015. The Funds pay an annualized commitment fee of .075% of the unused portion of the SCA. Prior to October 9, 2014, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .08% of the unused portion of the SCA. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund did not utilize the SCA during the six months ended February 28, 2015.

Prudential California Muni Income Fund 35

Financial Highlights

(Unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2015			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$10.89			$10.18			$11.04			$10.37			$10.70			$10.14
Income (loss) from investment operations:
Net investment income		.21			.43			.43			.45			.46			.48
Net realized and unrealized gain (loss) on investment transactions		.07			.74			(.86	)		.67			(.32	)		.60
Total from investment operations		.28			1.17			(.43	)		1.12			.14			1.08
Less Dividends and Distributions:
Dividends from net investment income		(.22	)		(.46	)		(.43	)		(.45	)		(.47	)		(.47	)
Distributions from net realized gains		-			-			-			-			-			(.05	)
Total dividends and distributions		(.22	)		(.46	)		(.43	)		(.45	)		(.47	)		(.52	)
Capital Contributions(d):		-			-			-			-			-			-	(c)
Net asset value, end of period		$10.95			$10.89			$10.18			$11.04			$10.37			$10.70
Total Return(a):		2.61%			11.68%			(4.15)%			11.06%			1.48%			10.96%
Ratios/Supplemental Data:
Net assets, end of period (000)		$142,128			$143,019			$143,901			$157,985			$153,302			$176,414
Average net assets (000)		$142,628			$141,409			$161,292			$156,959			$158,860			$173,193
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		.93%	(e)		.93%			.91%			.92%			.92%			.90%
Expenses before waivers and/or expense reimbursement		.98%	(e)		.98%			.96%			.97%			.97%			.95%
Net investment income		3.81%	(e)		4.07%			3.93%			4.21%			4.55%			4.60%
Portfolio turnover rate(b)		1%	(f)		14%			21%			18%			11%			19%

(a) 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. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) The portfolio turnover rate including variable rate demand notes was 4%, 20%, 42%, 35%, 27% and 38% for the six months ended February 28, 2015 and for the years ended August 31, 2014, 2013, 2012, 2011, and 2010, respectively.

(c) Less than $.005 per share.

(d) The Fund received payments related to a former affiliate’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal year ended August 31, 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

36

Class B Shares
	Six Months Ended February 28,			Year Ended August 31,
	2015			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$10.89			$10.18			$11.04			$10.37			$10.70			$10.14
Income (loss) from investment operations:
Net investment income		.20			.41			.40			.43			.44			.45
Net realized and unrealized gain (loss) on investment transactions		.07			.73			(.86	)		.67			(.33	)		.60
Total from investment operations		.27			1.14			(.46	)		1.10			.11			1.05
Less Dividends and Distributions:
Dividends from net investment income		(.21	)		(.43	)		(.40	)		(.43	)		(.44	)		(.44	)
Distributions from net realized gains		-			-			-			-			-			(.05	)
Total dividends and distributions		(.21	)		(.43	)		(.40	)		(.43	)		(.44	)		(.49	)
Capital Contributions(d):		-			-			-			-			-			-	(c)
Net asset value, end of period		$10.95			$10.89			$10.18			$11.04			$10.37			$10.70
Total Return(a):		2.48%			11.40%			(4.39)%			10.78%			1.24%			10.68%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6,281			$6,568			$6,650			$6,453			$6,688			$7,444
Average net assets (000)		$6,499			$6,480			$7,061			$6,552			$6,627			$7,692
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		1.18%	(e)		1.18%			1.16%			1.17%			1.17%			1.15%
Expenses before waivers and/or expense reimbursement		1.18%	(e)		1.18%			1.16%			1.17%			1.17%			1.15%
Net investment income		3.56%	(e)		3.81%			3.69%			3.96%			4.30%			4.35%
Portfolio turnover rate(b)		1%	(f)		14%			21%			18%			11%			19%

(a) 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. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) The portfolio turnover rate including variable rate demand notes was 4%, 20%, 42%, 35%, 27% and 38% for the six months ended February 28, 2015 and for the years ended August 31, 2014, 2013, 2012, 2011, and 2010, respectively.

(c) Less than $.005 per share.

(d) The Fund received payments related to a former affiliate’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal year ended August 31, 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential California Muni Income Fund 37

Financial Highlights

(Unaudited) continued

Class C Shares
	Six Months Ended February 28,			Year Ended August 31,
	2015			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$10.89			$10.18			$11.04			$10.37			$10.70			$10.14
Income (loss) from investment operations:
Net investment income		.16			.35			.35			.37			.40			.43
Net realized and unrealized gain (loss) on investment transactions		.08			.74			(.87	)		.67			(.33	)		.60
Total from investment operations		.24			1.09			(.52	)		1.04			.07			1.03
Less Dividends and Distributions:
Dividends from net investment income		(.18	)		(.38	)		(.34	)		(.37	)		(.40	)		(.42	)
Distributions from net realized gains		-			-			-			-			-			(.05	)
Total dividends and distributions		(.18	)		(.38	)		(.34	)		(.37	)		(.40	)		(.47	)
Capital Contributions(e):		-			-			-			-			-			-	(d)
Net asset value, end of period		$10.95			$10.89			$10.18			$11.04			$10.37			$10.70
Total Return(a):		2.24%			10.85%			(4.86)%			10.24%			.81%			10.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$27,262			$23,365			$22,315			$22,212			$17,526			$19,902
Average net assets (000)		$25,185			$21,725			$24,809			$20,195			$17,612			$16,699
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement(b)		1.68%	(f)		1.68%			1.66%			1.67%			1.58%			1.40%
Expenses before waivers and/or expense reimbursement		1.68%	(f)		1.68%			1.66%			1.67%			1.67%			1.65%
Net investment income		3.07%	(f)		3.31%			3.19%			3.46%			3.88%			4.10%
Portfolio turnover rate(c)		1%	(g)		14%			21%			18%			11%			19%

(a) 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. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .75% of the average daily net assets of the Class C shares through December 31, 2010.

(c) The portfolio turnover rate including variable rate demand notes was 4%, 20%, 42%, 35%, 27% and 38% for the six months ended February 28, 2015 and for the years ended August 31, 2014, 2013, 2012, 2011, and 2010, respectively.

(d) Less than $.005 per share.

(e) The Fund received payments related to a former affiliate’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal year ended August 31, 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

38

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2015			2014			2013			2012			2011			2010
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$10.90			$10.18			$11.05			$10.38			$10.71			$10.14
Income (loss) from investment operations:
Net investment income		.22			.46			.46			.48			.49			.50
Net realized and unrealized gain (loss) on investment transactions		.07			.74			(.88	)		.67			(.32	)		.62
Total from investment operations		.29			1.20			(.42	)		1.15			.17			1.12
Less Dividends and Distributions:
Dividends from net investment income		(.24	)		(.48	)		(.45	)		(.48	)		(.50	)		(.50	)
Distributions from net realized gains		-			-			-			-			-			(.05	)
Total dividends and distributions		(.24	)		(.48	)		(.45	)		(.48	)		(.50	)		(.55	)
Capital Contributions(d):		-			-			-			-			-			-	(c)
Net asset value, end of period		$10.95			$10.90			$10.18			$11.05			$10.38			$10.71
Total Return(a):		2.65%			12.06%			(3.99)%			11.34%			1.74%			11.37%
Ratios/Supplemental Data:
Net assets, end of period (000)		$47,169			$41,079			$36,435			$31,332			$23,932			$19,205
Average net assets (000)		$43,441			$35,062			$43,284			$26,847			$19,328			$14,668
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		.68%	(e)		.68%			.66%			.67%			.67%			.65%
Expenses before waivers and/or expense reimbursement		.68%	(e)		.68%			.66%			.67%			.67%			.65%
Net investment income		4.07%	(e)		4.30%			4.18%			4.46%			4.79%			4.84%
Portfolio turnover rate(b)		1%	(f)		14%			21%			18%			11%			19%

(a) 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. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) The portfolio turnover rate including variable rate demand notes was 4%, 20%, 42%, 35%, 27% and 38% for the six months ended February 28, 2015 and for the years ended August 31, 2014, 2013, 2012, 2011, and 2010, respectively.

(c) Less than $.005 per share.

(d) The Fund received payments related to a former affiliate’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal year ended August 31, 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential California Muni Income Fund 39

Results of Proxy Voting

(Unaudited)

At the special meeting of shareholders held on November 26, 2014, shareholders of the Prudential Investment Portfolios 6, which is comprised of the Prudential California Muni Income Fund (the “Fund”), approved the following proposal:

To elect twelve Directors:

	SHARES VOTED		% OF VOTED			% OF TOTAL
(a) Ellen S. Alberding;
FOR		17,008,036.955		99.294	%		86.402	%
WITHHELD		120,984.382		0.706	%		0.614	%
(b) Kevin J. Bannon;
FOR		17,051,228.656		99.546	%		86.621	%
WITHHELD		77,792.681		0.454	%		0.395	%
(c) Linda W. Bynoe;
FOR		17,024,038.706		99.388	%		86.483	%
WITHHELD		104,982.631		0.612	%		0.533	%
(d) Keith F. Hartstein;
FOR		17,051,228.656		99.546	%		86.621	%
WITHHELD		77,792.681		0.454	%		0.395	%
(e) Michael S. Hyland;
FOR		17,055,666.904		99.572	%		86.644	%
WITHHELD		73,354.433		0.428	%		0.372	%
(f) Stephen P. Munn;
FOR		17,029,247.595		99.418	%		86.510	%
WITHHELD		99,773.742		0.582	%		0.506	%
(g) James E. Quinn;
FOR		17,054,263.003		99.564	%		86.637	%
WITHHELD		74,758.334		0.436	%		0.379	%
(h) Richard A. Redeker;
FOR		17,029,247.595		99.418	%		85.510	%
WITHHELD		99,773.742		0.582	%		0.506	%
(i) Stephen G. Stoneburn;
FOR		17,033,685.843		99.444	%		86.532	%
WITHHELD		95,335.494		0.556	%		0.484	%
(j) Stuart S. Parker;
FOR		17,055,666.904		99.572	%		86.664	%
WITHHELD		73,354.433		0.428	%		0.372	%
(k) Scott E. Benjamin; and
FOR		17,051,228.656		99.546	%		86.621	%
WITHHELD		77,792.681		0.428	%		0.395	%
(l) Grace C. Torres.
FOR		16,998,126.742		99.236	%		86.352	%
WITHHELD		130,894.595		0.764	%		0.664	%

40

The special meeting of shareholders of the Fund held on November 26, 2014, was adjourned to December 3, 2014, and further adjourned to December 10, 2014, January 9, 2015, and February 9, 2015 to permit further solicitation of proxies on the proposals noted below.

An abstention or a broker non-vote is considered present for purposes of determining a quorum but has the effect of a vote against such matters. At the special meeting of shareholders held on February 9, 2015, insufficient votes were obtained to approve the following proposals:

Proposal 1: To permit PI to enter into or make material changes to the Fund’s subadvisory agreements with subadvisers that are wholly-owned subsidiaries of PI or a sister company of PI (wholly-owned subadvisers) without shareholder approval.

	SHARES VOTED		% OF VOTED			% OF TOTAL
FOR		4,749,750.194		27.711	%		24.129	%
AGAINST		240,210.114		1.402	%		1.220	%
ABSTAIN		246,509.217		1.438	%		1.252	%
BROKER NON-VOTE		11,904,107.256		69.449	%		60.474	%
TOTAL		17,140,576.781		100.000	%		87.075	%

Proposal 2: To designate the Fund’s investment objective as a non-fundamental policy of the Fund, meaning that the Fund’s investment objective could be changed with the approval of the Fund’s Board of Directors, but without shareholder approval.

	SHARES VOTED		% OF VOTED			% OF TOTAL
FOR		3,025,914.581		17.654	%		15.372	%
AGAINST		1,931.657.277		11.270	%		9.813	%
ABSTAIN		278,897.667		1.627	%		1.417	%
BROKER NON-VOTE		11,904,107.256		69.449	%		60.474	%
TOTAL		17,140,576.781		100.000	%		87.075	%

Prudential California Muni Income Fund 41

n    MAIL	n    TELEPHONE	n    WEBSITE
Gateway Center Three 100 Mulberry Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s investment subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stephen P. Munn • Stuart S. Parker • James E. Quinn • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT SUBADVISER	Prudential Investment Management, Inc.	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain a prospectus and summary prospectus by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to www.prudentialfunds.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential California Muni Income Fund, Prudential Investments, Attn: Board of Trustees, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PRUDENTIAL CALIFORNIA MUNI INCOME FUND

SHARE CLASS	A	B	C	Z
NASDAQ	PBCAX	PCAIX	PCICX	PCIZX
CUSIP	74440X100	74440X209	74440X308	74440X407

MF146E2    0275792-00001-00

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 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 – 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 that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

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:	Prudential Investment Portfolios 6
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	April 20, 2015

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:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	April 20, 2015
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	April 20, 2015

EX-99.CERT

Item 12

Prudential Investment Portfolios 6

Semi-Annual period ending 2/28/15

File No. 811-04024

CERTIFICATIONS

I, Stuart S. Parker, certify that:

1. I have reviewed this report on Form N-CSR of the above named Fund;

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;

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.

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:

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;

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;

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;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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

1

5. The registrant’s other certifying officers 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):

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

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.

April 20, 2015
	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer

2

Item 12

Prudential Investment Portfolios 6

Semi-Annual period ending 2/28/15

File No. 811-04024

CERTIFICATIONS

I, M. Sadiq Peshimam, certify that:

1. I have reviewed this report on Form N-CSR of the above named Fund;

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;

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.

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:

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;

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;

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;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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

3

5. The registrant’s other certifying officers 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):

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

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.

April 20, 2015
	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer

4

EX-99.906CERT

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:             Prudential Investment Portfolios 6

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 20, 2015	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
April 20, 2015	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer