PGIM Muni High Income Fund
Data updated: 2026-07-27
C000012652 — PGIM Muni High Income Fund. Long Municipal - National Bond · $989.42M AUM · 1.26% expense ratio. Holdings, fees, performance and SEC filings.
C000012652 Fund Overview
PGIM Muni High Income Fund is a US mutual fund managed by Prudential Investment Portfolios 4, 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 Investment Portfolios 4
- Category: Long Municipal - National Bond
- Assets under management: $989.42M
- SEC CIK: 0000807394
- SEC series ID: S000004643
- Share class ID: C000012652
C000012652 Investment Objective and Strategy
PGIM Muni High Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Prudential Investment Portfolios 4.
Investment objective
The investment objective of the Fund is to provide the maximum amount of income that is eligible for exclusion from federal income taxes.
Principal investment strategy
The Fund invests, under normal circumstances, at least 80% of its investable assets (net assets plus any borrowing for investment purposes) in municipal bonds, which are fixed-income securities issued by states and municipalities whose income is free from regular federal income tax. 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 investment subadviser normally invests the Fund's investable assets in municipal bonds that it believes may provide above-average yields. While the investment guidelines permit the Fund to purchase municipal bonds of any credit quality, the portfolio consists primarily of municipal bonds which are rated B or better by Moody's Investors Service (Moody's) or S&P Global Ratings (S&P) or bonds with a comparable rating by another major rating service or unrated bonds judged by the subadviser to be of comparable quality.
Bonds rated Ba1 or lower by Moody's or BB+ or lower by S&P are considered to be speculative with respect to their capacity to make interest and principal payments and are commonly referred to as junk bonds. Bonds rated Baa3 and higher by Moody's or BBB- and higher by S&P are considered investment grade, with a range of adequate to very strong capacity for meeting their financial obligations, although municipal bonds rated in the Baa rating category by Moody's or BBB rating category by S&P have certain speculative characteristics and are riskier than higher-rated municipal bonds. The municipal bonds in which the Fund invests generally have maturities in excess of 10 years at the time of purchase, although the Fund also will invest in municipal bonds having maturities ranging from one year to 10 years.
As of April 30, 2018, the Fund's weighted average maturity was 18.55 years. The Fund's investments may include certain municipal bonds, the interest on which is subject to the federal alternative minimum tax (AMT). In determining which securities to buy and sell, the investment subadviser will consider, among other things, fundamental research, yield, maturity, issue, quality characteristics and expectations regarding economic and political developments, including movements in interest rates and demand for municipal bonds. The investment subadviser may trade securities based on its outlook on interest rates. The investment subadviser will also seek to take advantage of differentials in yields with respect to securities with similar credit ratings and maturities, but which vary according to the purpose for which they were issued, as well as securities issued for similar purposes with similar maturities, but which vary according to ratings.
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.
C000012652 Holdings
Top 10 holdings of PGIM Muni High Income 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 | 4.23% |
| Puerto Rico, Commonwealth Of | 2.30% |
| Vaneck ETF Trust | 1.96% |
| Ishares Trust | 1.94% |
| Puerto Rico Sales Tax Financing Corp. | 1.88% |
| Puerto Rico, Commonwealth Of | 1.16% |
| Buckeye Tobacco Settlement Financing Authority (oh) | 1.08% |
| Prosper Independent School District (tx) | 0.94% |
| Puerto Rico, Commonwealth Of | 0.88% |
| Main Street Natural Gas, Inc. (ga) | 0.77% |
C000012652 Portfolio Allocation
Asset-class allocation of PGIM Muni High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 91.7% |
| Cash & Equivalents | 4.2% |
| Equity | 3.9% |
C000012652 Costs and Fees
C000012652 costs about $126 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.26%
- Gross expense ratio: 1.29%
- Portfolio turnover: 56%
- Brokerage commissions: 0.31 bps of average net assets (SEC N-CEN)
C000012652 Cashflows
Over the 12 months to 2026-05, PGIM Muni High Income Fund had net inflows of $199.02M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $12.00M |
| 2026-04 | $14.98M |
| 2026-03 | $10.16M |
| 2026-02 | −$2.45M |
| 2026-01 | $20.93M |
| 2025-12 | $15.89M |
C000012652 Debt Constituents
Largest debt holdings of PGIM Muni High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Puerto Rico, Commonwealth Of | 2.30% |
| Puerto Rico Sales Tax Financing Corp. | 1.88% |
| Puerto Rico, Commonwealth Of | 1.16% |
| Buckeye Tobacco Settlement Financing Authority (oh) | 1.08% |
| Prosper Independent School District (tx) | 0.94% |
| Puerto Rico, Commonwealth Of | 0.88% |
| Main Street Natural Gas, Inc. (ga) | 0.77% |
| Black Belt Energy Gas District (the) (al) | 0.73% |
| Public Authority For Colorado Energy (co) | 0.72% |
| South Dakota St Health & Edl Facs Auth | 0.60% |
C000012652 Prospectus and SEC Filings
Official PGIM Muni High Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-10-29
- Prospectus (485BPOS) — filed 2024-10-29
- Prospectus (485BPOS) — filed 2023-10-27
- 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.