# EDGAR Filing Document

**Accession Number:** 0000807394
**File Stem:** 0001193125-25-257746
**Filing Date:** 2025-10
**Character Count:** 35905
**Document Hash:** 251551979130467f47d588f87ac37523
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-257746.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001193125-25-257746

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 4
- **CENTRAL INDEX KEY:** 0000807394

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-10649
- **FILM NUMBER:** 251432846

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FL
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FL
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 20030709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL BACHE MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 19910527

## Series and Classes Contracts Data

### PGIM Muni High Income Fund (Series ID: S000004643)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012650 | Class Z      | PHIZX           |
| C000012651 | Class A      | PRHAX           |
| C000012653 | Class C      | PHICX           |
| C000190115 | Class R6     | PHIQX           |

![](gf6cae9pb110t06nuzsu6.jpg)

PGIM MUNI HIGH INCOME FUND

**A:**PRHAX **C:** PHICX **Z:** PHIZX **R6:** PHIQX

SUMMARY PROSPECTUS \| OCTOBER 30, 2025

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can ﬁnd the Fund's Prospectus, Statement of Additional Information ("SAI"), Annual Report and other information about the Fund online at https://www.pgim.com/investments/mutual-funds/prospectuses-fact-sheets. You can also get this information at no cost by calling

1-800-225-1852 or by sending an e-mail to: prospectus@pgim.com. The Fund's Prospectus and SAI, both dated October 30, 2025, as supplemented and amended from time to time, and the Fund's Form N-CSR, dated August 31, 2025, are all incorporated by reference into (legally made a part of) this Summary Prospectus.

**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.

**FUND FEES AND EXPENSES**

The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may be required to pay commissions to a broker for transactions in Class Z shares, which are not reflected in the table or the example below.** You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future, $100,000 or more in shares of the Fund or other funds in the PGIM Funds family. More information about these discounts as well as other waivers or discounts is available from your financial professional and is explained in Reducing or Waiving Class A's and Class C's Sales Charges on page 29 of the Fund's Prospectus, Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries on page 49 of the Fund's Prospectus and in Rights of Accumulation on page 55 of the Fund's Statement of Additional Information ("SAI").

**Shareholder Fees (fees paid directly from your investment)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 3.25% |  |  |  |
| &nbsp;&nbsp;Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net asset value at |  |  |  |  |
| &nbsp;&nbsp;redemption) | 1.00%\* | 1.00%\*\* |  |  |
| &nbsp;&nbsp;Maximum sales charge (load) imposed on reinvested dividends and other distributions |  |  |  |  |
| &nbsp;&nbsp;Redemption fee |  |  |  |  |
| &nbsp;&nbsp;Exchange fee |  |  |  |  |
| &nbsp;&nbsp;Maximum account fee (accounts under $10,000) | $15 | $15 | None\*\*\* |  |

---

\*Investors who purchase $500,000 or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge ("CDSC") of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit plans.

\*\*Class C shares are sold with a CDSC of 1.00% on sales made within 12 months of purchase.

\*\*\*Direct Transfer Agent Accounts holding under $10,000 of Class Z shares are subject to the $15 fee.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Management fee | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| &nbsp;&nbsp;Other expenses | 0.10% | 0.18% | 0.13% | 0.07% |
| &nbsp;&nbsp;Total annual Fund operating expenses | 0.84% | 1.67% | 0.62% | 0.56% |
| &nbsp;&nbsp;Fee waiver and/or expense reimbursement | (0.03)% | (0.03)% | (0.04)% | (0.07)% |
| &nbsp;&nbsp;**Total annual Fund operating expenses after fee waiver and/or expense reimbursement<sup>(1)</sup>** | **0.81%** | **1.64%** | **0.58%** | **0.49%** |

---

**To enroll in e-delivery, go to pgim.com/investments/resource/edelivery**

MF133A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](gk0mcqmfdjaef03fkwyms.jpg)

(1)PGIM Investments LLC ("PGIM Investments") has contractually agreed, through December 31, 2026, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.58% of average daily net assets for Class Z shares and 0.49% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, Total Annual Fund Operating Expenses for Class R6 shares will not exceed Total Annual Fund Operating Expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. This waiver may not be terminated prior to December 31, 2026 without the prior approval of the Fund's Board of Trustees.

**Example.** The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same (except that fee waivers or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested. Your actual costs may be higher

or lower.

**If Shares Are Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Class A | $405 | $581 | $773 | &nbsp;&nbsp;$1326 |
| Class C | $267 | $524 | $905 | &nbsp;&nbsp;$1752 |
| Class Z | $59 | $194 | $342 | &nbsp;&nbsp;$770 |
| Class R6 | $50 | $172 | $306 | &nbsp;&nbsp;$695 |

---

**If Shares Are Not Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | $405 | $581 | $773 | &nbsp;&nbsp;$1326 |
| &nbsp;&nbsp;Class C | $167 | $524 | $905 | &nbsp;&nbsp;$1752 |
| &nbsp;&nbsp;Class Z | $59 | $194 | $342 | &nbsp;&nbsp;$770 |
| &nbsp;&nbsp;Class R6 | $50 | $172 | $306 | &nbsp;&nbsp;$695 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 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 subadviser normally invests the Fund's investable assets in municipal bonds that it believes may provide above-average yields. While the Fund may purchase municipal bonds of any credit quality, the portfolio consists primarily of municipal bonds which are rated B2 or better by Moody's Investors Service, Inc. ("Moody's") or B or better by 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 invests in municipal bonds having maturities ranging from one year to 10 years. As of August 31, 2025, the Fund's weighted average maturity was 14.34 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 subadviser considers, 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 subadviser may trade securities based on its outlook on interest rates. The subadviser also seeks 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 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.

**Principal Risks.** All investments have risks to some degree. The value of your investment in the Fund, as well as the amount of return, if any, you receive on your investment, may fluctuate significantly from day-to-day and over time.

You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.

An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks of investing in the Fund.

The order of the below risk factors does not indicate the significance of any particular risk factor.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

**Debt Obligations Risk.** Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to **"call and redemption risk,"** which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

**Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the

U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

**Increase in Expenses Risk.** Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

**Insured Municipal Bonds Risk.** The Fund may purchase municipal bonds that are insured to attempt to reduce credit risk. Although insurance coverage reduces credit risk by providing that the insurer will make timely payment of interest and/or principal, it does not provide protection against market fluctuations of insured bonds or fluctuations in the price of the shares of the Fund. An insured municipal bond fluctuates in value largely based on factors relating to the insurer's creditworthiness or ability to satisfy its obligations. The Fund cannot be certain that any insurance company will make the payments it guarantees.

**Interest Rate Risk.** The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "**duration risk.**" When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "**prepayment risk.**" In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "**extension risk.**" The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by

the subadviser.

**Junk Bonds Risk.** High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

**Large Shareholder and Large Scale Redemption Risk.** Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV,

liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

**Liquidity Risk.** Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

**Management Risk.** Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

**Market Disruption and Geopolitical Risks.** Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

**Market Risk.** Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

**Municipal Bonds Risk.** Municipal bonds are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to municipal bond market movements. Municipal bonds are also subject to the risk that potential future legislative changes relating to tax or the rights of municipal bond holders, for example in connection with an insolvency, could affect the market for and value of municipal bonds, which may adversely affect the Fund's yield or the value of the Fund's investments in municipal bonds. Certain municipal bonds with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities. If the Fund invests a substantial amount of its assets in issuers located in a single region, state or city, there is an increased risk that environmental, economic, political and social conditions in those regions will have a significant impact on the Fund's investment performance. For example, municipal securities of a particular state are vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health epidemics, social unrest and catastrophic natural disasters, such as hurricanes or earthquakes. Many municipal bonds are also subject to prepayment risk, which is the risk that when interest rates fall, issuers may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at a lower interest rate. In addition, income from municipal bonds could be declared taxable because of non-compliant conduct of a bond issuer.

![](g42fktejvyifykwcekzjr.jpg)

**Performance.** The following bar chart shows the Fund's performance for Class Z shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The following table shows the Fund's average annual returns and also compares the Fund's performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.

Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at www.pgim.com/investments.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Total Returns (Class Z Shares) <sup>1</sup>** | **Annual Total Returns (Class Z Shares) <sup>1</sup>** | **Annual Total Returns (Class Z Shares) <sup>1</sup>** | **Annual Total Returns (Class Z Shares) <sup>1</sup>** | **Annual Total Returns (Class Z Shares) <sup>1</sup>** |  |  |  |  |  |  |  |  |
| 12% |  |  |  | 9.11 |  |  |  | 8.88 |  |  |  |  |
| 8% |  | 8.13 |  | 9.11 |  |  |  | 8.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** |
| 8% |  | 8.13 |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** |
| 8% |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** |
| 4.87 |  |  |  |  | 4.80 | 4.60 |  |  | 4.92 |  |  |  |
| 4% | 0.77 |  | 1.42 |  |  |  |  |  | 8.69% | &nbsp;&nbsp;&nbsp;4th | -6.74% | &nbsp;&nbsp;&nbsp;&nbsp;1st |
| 0% | 0.77 |  | 1.42 |  |  |  |  |  | 8.69% | &nbsp;&nbsp;&nbsp;4th | -6.74% | &nbsp;&nbsp;&nbsp;&nbsp;1st |
| 0% |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarter |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarter |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarter |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarter |
| -4% |  |  |  |  |  |  |  |  |  | 2023 |  | 2022 |
| -8% |  |  |  |  |  |  |  |  |  |  |  |  |
| -12% |  |  |  |  |  |  |  |  |  |  |  |  |
| -16% |  |  |  |  |  |  | **-13.64** |  |  |  |  |  |
| -16% | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |  |  |  |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |  |  |  |

---

1The total return of the Fund's Class Z shares from January 1, 2025 through September 30, 2025 was 1.89%

**Average Annual Total Returns % (including sales charges) (as of 12-31-24)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Return Before Taxes** | <br>**One Year** | <br>**Five Years** | <br>**Ten Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since**<br>**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inception**<br>**Date** |
| &nbsp;&nbsp;Class A Shares | 1.29% | 0.68% | 2.60% | - |  |
| &nbsp;&nbsp;Class C Shares | 2.83% | 0.56% | 2.16% | - |  |
| &nbsp;&nbsp;Class R6 Shares | 5.01% | 1.67% | N/A | 2.89% | 6-27-2017 |
| &nbsp;&nbsp;**Class Z Shares % (as of 12-31-24)** |  |  |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | 4.92% | 1.58% | 3.18% | - |  |
| &nbsp;&nbsp;Return After Taxes on Distributions | 4.92% | 1.57% | 3.17% | - |  |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 4.62% | 2.04% | 3.35% | - |  |
| &nbsp;&nbsp;**Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-24)** |  |  |  |  |  |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index | 1.05% | 0.99% | 2.25% | 2.06%\* |  |
| &nbsp;&nbsp;Bloomberg Municipal High Yield Bond Index | 6.32% | 2.66% | 4.28% | 4.25%\* |  |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index (50%)/Bloomberg Municipal High Yield Bond Index |  |  |  |  |  |
| &nbsp;&nbsp;(50%) | 3.66% | 1.85% | 3.28% | 3.17%\* |  |

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°After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as traditional 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class Z shares. After-tax returns for other classes will vary due to differing sales charges and expenses.

<sup>\*</sup> Since Inception returns for the Indexes are measured from the month-end closest to the inception date for Class R6 shares.

**MANAGEMENT OF THE FUND**

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investment Manager** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Portfolio Managers** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Service Date** |
| &nbsp;&nbsp;PGIM Investments LLC | &nbsp;&nbsp;PGIM Fixed Income\* | &nbsp;&nbsp;Robert Tipp, CFA | &nbsp;&nbsp;Managing Director, | &nbsp;&nbsp;November 2004 |
|  |  |  | &nbsp;&nbsp;Chief Investment |  |
|  |  |  | &nbsp;&nbsp;Strategist & Head of |  |
|  |  |  | &nbsp;&nbsp;Global Bonds |  |
|  |  | &nbsp;&nbsp;Jason Appleson, CFA, | &nbsp;&nbsp;Managing Director & | &nbsp;&nbsp;November 2021 |
|  |  | &nbsp;&nbsp;FRM | &nbsp;&nbsp;Head of Municipal Bond |  |
|  |  |  | &nbsp;&nbsp;Team |  |
|  |  | &nbsp;&nbsp;Lee Friedman, CFA | &nbsp;&nbsp;Principal & Portfolio | &nbsp;&nbsp;March 2014 |
|  |  |  | &nbsp;&nbsp;Manager |  |
|  |  | &nbsp;&nbsp;John Dittemer | &nbsp;&nbsp;Vice President & | &nbsp;&nbsp;March 2014 |
|  |  |  | &nbsp;&nbsp;Portfolio Manager |  |

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\* PGIM Fixed Income is a business unit of PGIM, Inc.

**BUYING AND SELLING FUND SHARES**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A\*** | &nbsp;&nbsp;&nbsp;**Class C\*** | &nbsp;&nbsp;&nbsp;**Class Z\*** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Minimum initial investment | $1000 | $1000 |  |  |
| &nbsp;&nbsp;Minimum subsequent investment | $100 | $100 |  |  |

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\*Certain share classes are generally closed to investments by new group retirement plans. Please see "How to Buy, Sell and Exchange Fund Shares—Closure of Certain Share Classes to New Group Retirement Plans" in the Prospectus for more information.

For Class A and Class C shares, the minimum initial and subsequent investment for Automatic Investment Plan purchases is $50. Class R6 shares are generally not available for purchase by individuals. Class Z shares may be purchased by certain individuals, subject to certain requirements. Please see "How to Buy, Sell and Exchange Fund Shares—How to Buy Shares—Qualifying for Class Z Shares," and "—Qualifying for Class R6 Shares" in the Prospectus for purchase

eligibility requirements.

Your financial intermediary may impose different investment minimums. You can purchase or redeem shares on any business day that the Fund is open through the Fund's transfer agent or through servicing agents, including brokers, dealers and other financial intermediaries appointed by the distributor to receive purchase and redemption orders. Current shareholders may also purchase or redeem shares through the Fund's website or by calling (800) 225-1852.

**TAX INFORMATION**

**Dividends, Capital Gains and Taxes.** The Fund intends to distribute income that is exempt from regular federal income tax; however, Fund distributions may be subject to capital gains tax. A portion of the Fund's distributions may be subject to federal income tax or to the federal alternative minimum tax.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

If you purchase Fund shares through a financial intermediary such as a broker-dealer, bank, retirement recordkeeper or other financial services firm, the Fund or its affiliates may pay the financial intermediary for the sale of Fund shares and/or for services to shareholders. This may create a conflict of interest by influencing the financial intermediary or its representatives to recommend the Fund over another investment. Ask your financial intermediary or representative or visit your financial intermediary's website for more information.

Notes

![](gucrqmkswq3x0521il1jb.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;**By Mail:** | Prudential Mutual Fund Services LLC, PO Box 534432, Pittsburgh, PA 15253-4432 |
| &nbsp;&nbsp;**By Telephone:** |  |
| &nbsp;&nbsp;**By Telephone:** | 800-225-1852 or 973-367-3529 (outside the US) |
| &nbsp;&nbsp;**On the Internet:** |  |
| &nbsp;&nbsp;**On the Internet:** | www.pgim.com/investments |

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