Summary

• For the quarter, the PGIM National Muni Fund Class Z returned -0.15% net of fees and outperformed the Bloomberg 1-15 Year Municipal Bond Index gross of fees.
• The Fund's overweight to the housing sector contributed to performance, driven by Freddie Mac home loans.
• The Fund's duration positioning modestly detracted from performance, while the Fund's curve flattener marginally contributed to performance as the 5s20s portion of the muni curve flattened.

Performance Recap

For the quarter, the PGIM National Muni Fund Class Z (DNMZX) returned -0.15% net of fees and outperformed the Bloomberg 1-15 Year Municipal Bond Index gross of fees.

Key Contributors

• An overweight to