Summary

• PGIM Short Duration Muni Fund's overweight to the housing sector contributed to performance, driven by spread tightening and security selection in the sector.
• In Q1, the Fed held rates steady and tax-exempt munis outperformed other fixed income sectors.
• The tax-exempt market, as represented by the Bloomberg Municipal Bond Index, returned -0.18% in Q1 (on a total return basis), while the Bloomberg Taxable Municipal Index posted total returns of 0.43%.

Performance Recap

For the quarter, the PGIM Short Duration Muni Fund Class Z returned 0.30% net of fees and outperformed its benchmark, the Bloomberg 1-8 Year Municipal Index, gross of fees.

Key Contributors

• An overweight