PGIM Investments

Jun 25, 2026, 12:20 AM ET Summary The PGIM Target Date Fund returns hovered around 0%, ranging from -0.9% to 1.1%. Higher equity exposure and lower commodities exposure weighed more on the performance of the longer-dated PGIM Target Date Funds as large-cap U.S. stocks underperformed bonds and commodities outperformed both stocks and bonds.

Jun 24, 2026, 1:33 PM ET, , 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%.

Jun 24, 2026, 8:37 AM ET, , , 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.