PGIM National Muni Fund is an open-end municipal bond mutual fund focused on delivering a high level of current income that is exempt from U.S. federal income taxes. The fund primarily invests at least 80% of its assets in municipal obligations, with an emphasis on investment‑grade, long‑term bonds issued by state and local governments and their agencies. This approach targets broad exposure to the U.S. municipal market while maintaining a quality bias designed to manage credit risk. The portfolio is diversified across hundreds of issuers and projects, financing areas such as general obligations, essential services, transportation, healthcare, and education infrastructure. Managed by PGIM Fixed Income, the strategy typically aligns with the national intermediate municipal category, balancing income generation with interest‑rate sensitivity characteristic of muni debt. The fund pays distributions on a monthly schedule, reflecting the underlying coupon cash flows of municipal issuers. By concentrating on federally tax‑exempt income and investment‑grade securities, PGIM National Muni Fund serves investors seeking tax‑efficient income and broad municipal market exposure within a professionally managed, diversified fixed‑income vehicle.
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