Summary

• For the quarter, PGIM Muni High Income Fund Class Z returned 0.06% net of fees and outperformed the Bloomberg Municipal Bond Index and the Bloomberg Customized Blend Index gross of fees.
• In Q1, the Fed held rates steady and tax-exempt munis outperformed other fixed income sectors (e.g., U.S. IG and HY corporates).
• The Fund's duration positioning detracted from performance, while the Fund's curve flattener contributed to performance as the 5s20s portion of the muni curve flattened.

Performance Recap

For the quarter, the PGIM Muni High Income Fund Class Z returned 0.06% net of fees and outperformed the Bloomberg Municipal Bond Index and the Bloomberg Customized Blend Index gross of fees.