PGIM National Muni Fund
Data updated: 2026-07-27
C000012415 — PGIM National Muni Fund. Long Municipal - National Bond · $1.23B AUM · 1.09% expense ratio. Holdings, fees, performance and SEC filings.
C000012415 Fund Overview
PGIM National Muni Fund is a US mutual fund managed by Prudential National Muni Fund, Inc., categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Prudential National Muni Fund, Inc.
- Category: Long Municipal - National Bond
- Assets under management: $1.23B
- SEC CIK: 0000314612
- SEC series ID: S000004518
- Share class ID: C000012415
C000012415 Investment Objective and Strategy
PGIM National Muni Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Prudential National Muni Fund, Inc..
Investment objective
The investment objective of the Fund is to seek a high level of current income exempt from federal income taxes.
Principal investment strategy
The Fund invests, under normal circumstances, at least 80% of the Fund's 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's portfolio consists primarily of investment grade long-term municipal bonds, which are bonds rated Baa3 or higher by Moody's Investors Service, Inc.
(Moody's), and 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 may invest up to 15% of the Fund's investable assets in below-investment grade or high-yield municipal debt obligations, commonly known as junk bonds. Below-investment grade securities 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, quality characteristics and expectations regarding economic and political developments, including movements in interest rates and demand for municipal bonds.
In managing the Funds 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 is 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.
C000012415 Holdings
Top 10 holdings of PGIM National Muni Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| (PIPA070) PGIM Core Government Money Market Fund | 3.33% |
| Vanguard Municipal Bond Funds | 1.18% |
| New York St Dorm Auth | 0.99% |
| Ishares Trust | 0.97% |
| Black Belt Energy Gas District (the) (al) | 0.83% |
| Main Street Natural Gas, Inc. (ga) | 0.83% |
| Minnesota Municipal Gas Agency (mn) | 0.74% |
| Buckeye Tobacco Settlement Financing Authority (oh) | 0.71% |
| Black Belt Energy Gas District (the) (al) | 0.64% |
| Black Belt Energy Gas District (the) (al) | 0.64% |
C000012415 Portfolio Allocation
Asset-class allocation of PGIM National Muni Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 96.7% |
| Cash & Equivalents | 3.3% |
| Equity | 2.1% |
C000012415 Costs and Fees
C000012415 costs about $109 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.09%
- Gross expense ratio: 1.13%
- Portfolio turnover: 62%
- Brokerage commissions: 0.08 bps of average net assets (SEC N-CEN)
C000012415 Cashflows
Over the 12 months to 2026-05, PGIM National Muni Fund had net inflows of $172.88M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $11.71M |
| 2026-04 | −$1.92M |
| 2026-03 | $12.37M |
| 2026-02 | $14.91M |
| 2026-01 | $22.97M |
| 2025-12 | $25.77M |
C000012415 Debt Constituents
Largest debt holdings of PGIM National Muni Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| New York St Dorm Auth | 0.99% |
| Black Belt Energy Gas District (the) (al) | 0.83% |
| Main Street Natural Gas, Inc. (ga) | 0.83% |
| Minnesota Municipal Gas Agency (mn) | 0.74% |
| Buckeye Tobacco Settlement Financing Authority (oh) | 0.71% |
| Black Belt Energy Gas District (the) (al) | 0.64% |
| Black Belt Energy Gas District (the) (al) | 0.64% |
| Metropolitan Pier & Exposition Authority (il) | 0.59% |
| Colorado Health Facilities Authority (co) | 0.56% |
| District Of Columbia Tobacco Settlement Financing Corp. (co) | 0.54% |
C000012415 Prospectus and SEC Filings
Official PGIM National Muni Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-10-29
- Prospectus (485BPOS) — filed 2024-10-29
- Prospectus supplement (497) — filed 2023-11-01
- Portfolio holdings (N-PORT) — filed 2026-07-27
- Portfolio holdings (N-PORT) — filed 2026-04-23
- Portfolio holdings (N-PORT) — filed 2026-01-27
- Annual census (N-CEN) — filed 2025-11-13
- Annual census (N-CEN) — filed 2024-11-13
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.