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Trending ETFs

PGIM NATIONAL MUNI FUND

mutual fund
DNMZX
Payout Change
Pending
Price as of:
$13.85 +0.0 +0.0%
primary theme
Municipal Bond
DNMZX (Mutual Fund)

PGIM NATIONAL MUNI FUND

Payout Change
Pending
Price as of:
$13.85 +0.0 +0.0%
primary theme
Municipal Bond
DNMZX (Mutual Fund)

PGIM NATIONAL MUNI FUND

Payout Change
Pending
Price as of:
$13.85 +0.0 +0.0%
primary theme
Municipal Bond

Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.85

$1.05 B

3.23%

$0.45

0.43%

Vitals

YTD Return

1.8%

1 yr return

1.9%

3 Yr Avg Return

-0.3%

5 Yr Avg Return

0.6%

Net Assets

$1.05 B

Holdings in Top 10

10.9%

52 WEEK LOW AND HIGH

$13.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.43%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 27.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.85

$1.05 B

3.23%

$0.45

0.43%

DNMZX - Profile

Distributions

  • YTD Total Return 1.8%
  • 3 Yr Annualized Total Return -0.3%
  • 5 Yr Annualized Total Return 0.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.26%
DIVIDENDS
  • Dividend Yield 3.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    PGIM NATIONAL MUNI FUND
  • Fund Family Name
    Prudential
  • Inception Date
    Jun 25, 2008
  • Shares Outstanding
    N/A
  • Share Class
    Z
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Tipp

Fund Description

The Fund invests, under normal circumstances, at least 80% of its investable assets in obligations the income from which is exempt from federal income tax, that is, municipal obligations. The term “investable assets” in this prospectus refers to the Fund’s net assets plus any borrowings for investment purposes. The Fund’s investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.The Fund’s investments permitted by this policy may include certain municipal bonds, the interest on which is subject to the federal alternative minimum tax (“AMT”). The Fund, under normal conditions, invests at least 70% of its investable assets in “investment grade” municipal debt obligations. Investment grade municipal debt obligations are bonds rated Baa3 or higher by Moody's Investors Service, Inc. (“Moody's”), or BBB- or higher by S&P Global Ratings (“S&P”), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), and unrated debt obligations that the subadviser believes are comparable in quality. The Fund, under normal conditions, may also invest up to 30% of its investable assets in high yield municipal debt obligations or junk bonds. High yield or junk bonds are rated below Baa3 by Moody's and below BBB- by S&P, or comparably rated by another NRSRO, and are considered speculative. The Fund may invest in obligations the interest and/or principal payments on which are insured by the bond insurers or other parties.In seeking to achieve the Fund’s investment objective, the subadviser will purchase securities that it believes represent the best values based on yield, maturity, issue, potential for price appreciation, risk, quality characteristics and expectations regarding economic and political developments, including movements in interest rates and demand for municipal bonds.Although the Fund may invest in instruments of any duration or maturity, the Fund, under normal conditions, seeks to maintain a weighted average portfolio duration of six years or less. The Fund's weighted average portfolio duration, however, may be longer at any time or from time to time depending on market conditions.In managing the Fund’s assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk.
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DNMZX - Performance

Return Ranking - Trailing

Period DNMZX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.8% -6.1% 36.1% 59.97%
1 Yr 1.9% -6.0% 38.2% 68.23%
3 Yr -0.3%* -11.5% 5.9% 32.10%
5 Yr 0.6%* -7.2% 1103.7% 55.57%
10 Yr 1.9%* -1.1% 248.9% 31.72%

* Annualized

Return Ranking - Calendar

Period DNMZX Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -1.4% 41.0% 42.76%
2022 -10.0% -39.7% 0.3% 35.22%
2021 -0.7% -5.6% 6.9% 61.31%
2020 1.4% -2.6% 310.0% 65.41%
2019 4.1% 0.0% 26.0% 36.36%

Total Return Ranking - Trailing

Period DNMZX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.8% -6.1% 36.1% 59.97%
1 Yr 1.9% -6.0% 38.2% 68.23%
3 Yr -0.3%* -11.5% 5.9% 32.10%
5 Yr 0.6%* -7.2% 1103.7% 55.57%
10 Yr 1.9%* -1.1% 248.9% 31.72%

* Annualized

Total Return Ranking - Calendar

Period DNMZX Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% -1.3% 41.0% 43.43%
2022 -7.8% -39.7% 1.1% 34.13%
2021 1.6% -4.8% 23761504.0% 49.42%
2020 3.0% -1.5% 17057.9% 74.65%
2019 7.4% 0.2% 3514.6% 25.63%

NAV & Total Return History


DNMZX - Holdings

Concentration Analysis

DNMZX Category Low Category High DNMZX % Rank
Net Assets 1.05 B 3.22 M 71.9 B 29.77%
Number of Holdings 491 4 13418 26.06%
Net Assets in Top 10 115 M -317 M 3.09 B 39.02%
Weighting of Top 10 10.87% 1.8% 100.3% 77.76%

Top 10 Holdings

  1. PGIM Core Ultra Short Bond Fund 2.83%
  2. iShares National Muni Bond ETF 1.90%
  3. Tennessee Energy Acquisition Corp 0.92%
  4. New York City Housing Development Corp 0.88%
  5. Buckeye Tobacco Settlement Financing Authority 0.82%
  6. Kentucky Public Energy Authority 0.77%
  7. Black Belt Energy Gas District 0.74%
  8. Pennsylvania Turnpike Commission 0.69%
  9. Colorado Health Facilities Authority 0.67%
  10. Metropolitan Pier Exposition Authority 0.63%

Asset Allocation

Weighting Return Low Return High DNMZX % Rank
Bonds
96.78% 0.00% 150.86% 80.94%
Cash
2.83% -50.86% 44.62% 21.69%
Stocks
1.90% 0.00% 99.77% 3.29%
Other
0.31% -3.69% 53.54% 6.45%
Preferred Stocks
0.00% 0.00% 0.07% 52.79%
Convertible Bonds
0.00% 0.00% 0.93% 52.53%

Stock Sector Breakdown

Weighting Return Low Return High DNMZX % Rank
Utilities
0.00% 0.00% 0.00% N/A
Technology
0.00% 0.00% 0.00% N/A
Real Estate
0.00% 0.00% 0.00% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 0.00% N/A
Financial Services
0.00% 0.00% 0.00% N/A
Energy
0.00% 0.00% 0.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 0.00% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High DNMZX % Rank
US
1.90% 0.00% 99.77% 3.29%
Non US
0.00% 0.00% 10.22% 52.38%

Bond Sector Breakdown

Weighting Return Low Return High DNMZX % Rank
Municipal
99.71% 44.39% 100.00% 23.80%
Cash & Equivalents
2.83% 0.00% 44.41% 16.66%
Derivative
0.03% -3.69% 53.54% 6.18%
Government
0.01% 0.00% 52.02% 7.15%
Securitized
0.00% 0.00% 5.93% 53.41%
Corporate
0.00% 0.00% 9.41% 61.09%

Bond Geographic Breakdown

Weighting Return Low Return High DNMZX % Rank
US
96.78% 0.00% 142.23% 78.78%
Non US
0.00% 0.00% 23.89% 54.80%

DNMZX - Expenses

Operational Fees

DNMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.43% 0.01% 8.02% 89.05%
Management Fee 0.29% 0.00% 1.20% 14.63%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

DNMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

DNMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DNMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 27.00% 0.00% 283.00% 74.82%

DNMZX - Distributions

Dividend Yield Analysis

DNMZX Category Low Category High DNMZX % Rank
Dividend Yield 3.23% 0.00% 14.51% 48.52%

Dividend Distribution Analysis

DNMZX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

DNMZX Category Low Category High DNMZX % Rank
Net Income Ratio 2.26% -0.53% 5.33% 32.63%

Capital Gain Distribution Analysis

DNMZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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DNMZX - Fund Manager Analysis

Managers

Robert Tipp


Start Date

Tenure

Tenure Rank

Oct 31, 2004

17.59

17.6%

Robert Tipp, CFA, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds for PGIM Fixed Income. In addition to comanaging the Global Aggregate Plus strategy, Mr. Tipp is responsible for global rates positioning for Core Plus, Absolute Return, and other portfolios. Mr. Tipp has worked at the Firm since 1991, where he has held a variety of senior investment manager and strategist roles. Prior to joining the Firm, he was a Director in the Portfolio Strategies Group at the First Boston Corporation, where he developed, marketed, and implemented strategic portfolio products for money managers. Before that, Mr. Tipp was a Senior Staff Analyst at the Allstate Research & Planning Center, and managed fixed income and equity derivative strategies at Wells Fargo Investment Advisors. He received a BS in Business Administration and an MBA from the University of California, Berkeley. Mr. Tipp holds the Chartered Financial Analyst (CFA) designation. Named Morningstar’s 2017 Fixed Income Manager of The Year for PGIM Total Return Bond Fund.

Lee Friedman


Start Date

Tenure

Tenure Rank

Mar 05, 2014

8.24

8.2%

Lee Friedman, CFA, is a Principal and a Portfolio Manager for PGIM Fixed Income’s Municipal Bond Team. Mr. Friedman assists in managing tax-exempt and taxable municipal assets for retail funds, institutional clients, and affiliated accounts. Previously, he was an Associate for PGIM Fixed Income’s Credit Research Group where he covered higher education, not-for-profits (501c3), state and local government obligations, and transportation bonds, and also supported the senior municipal credit analysts. Previously, Mr. Friedman held positions in both Prudential’s Asset Liability and Risk Management Group and PGIM Fixed Income, where he supported the attribution and forecasting processes. Prior to joining the Firm in 2003, Mr. Friedman was an auditor at The Vanguard Group. He received a BS in Finance with High Distinction from Pennsylvania State University. Mr. Friedman holds the Chartered Financial Analyst (CFA) designation.

John Dittemer


Start Date

Tenure

Tenure Rank

Mar 05, 2014

8.24

8.2%

John Dittemer is Vice President and Portfolio Manager for PGIM Fixed Income’s Municipal Bond Team. Mr. Dittemer assists in managing tax-exempt and taxable municipal assets for retail funds, institutional clients, and affiliated accounts. Previously, as a member of the Portfolio Analysis Group, Mr. Dittemer provided analytical support to Prudential Fixed Income's municipal bond, money market, and affiliated account teams. Earlier, he was a team supervisor in money market operations, and a performance reporting specialist for the affiliated accounts team. Mr. Dittemer received a BS in Management with a concentration in Finance from Kean University, and an MS in Management with concentration in Finance from the New Jersey Institute of Technology.

Jason Appleson


Start Date

Tenure

Tenure Rank

Nov 18, 2021

0.53

0.5%

Mr. Appleson serves as a member of the PT Asset Management, LLC's portfolio management team, and is co-portfolio manager of select separately managed accounts. Mr. Appleson is responsible for the portfolio construction, management, trading, research, and risk management of these municipal bond accounts. Prior to joiningPT Asset Management, LLC in July 2013, Mr. Appleson worked for the New York Federal Reserve Bank. At the Federal Reserve, Mr. Appleson built and evaluated macroeconomic models to stress test banks’ investment portfolios and advised policy and supervision groups on various regulatory issues. From 2008 to 2012, Mr. Appleson worked for Alliance Bernstein, where he held a number of positions in fixed income, including a High Yield Research Analyst for its $30B municipal bond platform. Mr. Appleson earned his Bachelor of Science degree in Finance from Touro College and received his MBA from University of Chicago’s Booth School of Business with high honors. Mr. Appleson is also a CFA® charter holder and a certified FRM®.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58