# EDGAR Filing Document

**Accession Number:** 0000807394
**File Stem:** 0001752724-25-182008
**Filing Date:** 2025-7
**Character Count:** 284565
**Document Hash:** 3a6f8f9611e20cc2ce3fa7ccb2030ebf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182008.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182008

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04930
- **FILM NUMBER:** 251159608

**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           |

## Nport-Ex

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments 99.8%** | **Long-Term Investments 99.8%** | **Long-Term Investments 99.8%** | **Long-Term Investments 99.8%** | **Long-Term Investments 99.8%** |
| **Municipal Bonds 98.9%** | **Municipal Bonds 98.9%** | **Municipal Bonds 98.9%** | **Municipal Bonds 98.9%** | **Municipal Bonds 98.9%** |
| **Alabama 2.0%** | **Alabama 2.0%** | **Alabama 2.0%** | **Alabama 2.0%** | **Alabama 2.0%** |
| Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj. No. 7, Series C-1 (Mandatory put date 12/01/26) | 4.000 %(cc) | &nbsp;&nbsp;10/01/52 | 3000 | &nbsp;&nbsp; $3002273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | &nbsp;&nbsp;12/01/52 | 3185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | &nbsp;&nbsp;05/01/53 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B (Mandatory put date 09/01/32) | 5.000(cc) | &nbsp;&nbsp;10/01/55 | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | &nbsp;&nbsp;07/01/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006244 |
| Mobile Cnty. Indl. Dev. Auth. Rev.,<br> AM/NS Calvert LLC Proj., Series A, AMT | 5.000 | &nbsp;&nbsp;06/01/54 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403595 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15605565 |
| **Alaska 0.9%** | **Alaska 0.9%** | **Alaska 0.9%** | **Alaska 0.9%** | **Alaska 0.9%** |
| Alaska Indl. Dev. & Export Auth. Rev.,<br> Tanana Chiefs Conference Proj., Series A | 4.000 | &nbsp;&nbsp;10/01/49 | 4320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526825 |
| North. Tob. Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Class 1, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Class 1, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/50 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643770 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992213 |
| **Arizona 2.3%** | **Arizona 2.3%** | **Arizona 2.3%** | **Arizona 2.3%** | **Arizona 2.3%** |
| Arizona Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis Schs. Proj., Series A, Rfdg., 144A | 5.375 | &nbsp;&nbsp;07/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Campus Proj., Series A, 144A | 4.000 | &nbsp;&nbsp;07/15/50 | 1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinecrest Academy of North. Proj., Series A, 144A | 4.500 | &nbsp;&nbsp;07/15/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinecrest Academy-Horizon Inspirada & St. Rose Campus, Series A, 144A | 5.750 | &nbsp;&nbsp;07/15/48 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502676 |
| Glendale Indl. Dev. Auth. Rev.,<br> Royal Oaks Inspirata Pointe Proj., Series A | 5.000 | &nbsp;&nbsp;05/15/56 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836869 |
| Maricopa Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Cmnty. Learning Ctr., Rfdg. | 5.000 | &nbsp;&nbsp;07/01/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reid Traditional Schs. Projs. | 5.000 | &nbsp;&nbsp;07/01/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907322 |
| Phoenix City Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis Schs. Projs., Rfdg., 144A | 5.000 | &nbsp;&nbsp;07/01/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis Schs. Projs., Series A, Rfdg., 144A | 5.000 | &nbsp;&nbsp;07/01/46 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grt. Hearts Academies Proj. | 5.000 | &nbsp;&nbsp;07/01/44 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139973 |
| Salt Verde Finl. Corp. Rev.,<br> Sr. Gas Rev., Sr. Bond | 5.000 | &nbsp;&nbsp;12/01/37 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075348 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Arizona (cont'd.)** | **Arizona (cont'd.)** | **Arizona (cont'd.)** | **Arizona (cont'd.)** | **Arizona (cont'd.)** |
| Tempe Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Friendship Vlg. | 5.000% | &nbsp;&nbsp;12/01/50 | &nbsp;&nbsp;1045 | &nbsp;&nbsp; $938423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Friendship Vlg., Series B | 4.000 | &nbsp;&nbsp;12/01/56 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773401 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17410469 |
| **California 6.0%** | **California 6.0%** | **California 6.0%** | **California 6.0%** | **California 6.0%** |
| California Cnty. Tob. Secur. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/49 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B-2, Rfdg., CABS | 5.798(t) | &nbsp;&nbsp;06/01/55 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 |
| California Infrast. & Econ. Dev. Bank Rev.,<br> Sustainability Bond, Sub. Brightline W Passenger Proj., Series A, Rfdg., AMT (Mandatory put date 01/01/35), 144A | 9.500(cc) | &nbsp;&nbsp;01/01/65 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860131 |
| California Muni. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Impact Fund Hsg. Bonds, Class I, 144A | 6.000 | &nbsp;&nbsp;01/01/39 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Humangood California Oblig. Grp. | 4.000 | &nbsp;&nbsp;10/01/46 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735420 |
| California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev.,<br> Green Bond, Calplant I Proj., AMT, 144A | 8.000 | &nbsp;&nbsp;07/01/39(d) | &nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27330 |
| California Sch. Fin. Auth. Rev.,<br> Alliance Clg.-Ready Pub. Schs., Series A, 144A | 5.000 | &nbsp;&nbsp;07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749952 |
| California Statewide Cmntys. Dev. Auth. Rev.,<br> CHF Irvine LLC, Rfdg. | 5.000 | &nbsp;&nbsp;05/15/40 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024045 |
| Freddie Mac Multifamily Cert. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FRETE 2023, ML18, Class X-CA | 1.439(cc) | &nbsp;&nbsp;09/25/37 | 19470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000121 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRETE 2024, ML23, SPC, Sustainable Bonds, 144A | 4.563(cc) | &nbsp;&nbsp;04/25/42 | &nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153058 |
| Freddie Mac Multifamily Variable Rate Cert. Rev.,<br> Sustainability Bond, Series 2022 ML-13, Class X-CA | 0.958(cc) | &nbsp;&nbsp;07/25/36 | 32211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704774 |
| Golden St. Tob. Secur. Corp., Tob. Settlement Rev.,<br> Sub. Series B-2, Rfdg., CABS | 5.514(t) | &nbsp;&nbsp;06/01/66 | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364532 |
| Lincoln Pub. Fing. Auth.,<br> Tax Alloc., Twelve Bridges, Sub. Series B, Rfdg. | 6.000 | &nbsp;&nbsp;09/02/27 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320745 |
| Los Angeles Dept. Arpts. Rev.,<br> Sub., Pvt. Activity, Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;05/15/46 | &nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585158 |
| Los Angeles Dept. of Wtr. & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. Sys., Series A-2, FRDD | 3.000(cc) | &nbsp;&nbsp;07/01/51 | &nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., BAM | 5.250 | &nbsp;&nbsp;07/01/44 | &nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C-1, FRDD | 3.100(cc) | &nbsp;&nbsp;07/01/57 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series F-1, Rfdg., FRDD | 2.500(cc) | &nbsp;&nbsp;07/01/48 | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B-6, Rfdg., Rmkt. | 3.100(cc) | &nbsp;&nbsp;07/01/34 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **California (cont'd.)** | **California (cont'd.)** | **California (cont'd.)** | **California (cont'd.)** | **California (cont'd.)** |
| M-S-R Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 6.500% | &nbsp;&nbsp;11/01/39 | 2060 | &nbsp;&nbsp; $2400620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 7.000 | &nbsp;&nbsp;11/01/34 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941598 |
| North. California Tob. Secur. Auth. Rev.,<br> Sr. Sacramento Co. Tob. Sec. Corp., Series B-2, Class 2, Rfdg., CABS | 5.429(t) | &nbsp;&nbsp;06/01/60 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536828 |
| River Islands Pub. Fing. Auth.,<br> Spl. Tax, Impt. Area No.2 | 4.500 | &nbsp;&nbsp;09/01/44 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475492 |
| Sacramento, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Tax | 4.000 | &nbsp;&nbsp;09/01/46 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Tax | 4.000 | &nbsp;&nbsp;09/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855682 |
| San Francisco City & Cnty. Arpt. Commn. Rev.,<br> 2nd Series, San Francisco Intl. Arpt., Series A, Rfdg., AMT | 5.250 | &nbsp;&nbsp;05/01/43 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554384 |
| Southern California Tob. Secur. Auth. Rev.,<br> San Diego Co. Tob., Rfdg., CABS | 4.540(t) | &nbsp;&nbsp;06/01/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629633 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45771766 |
| **Colorado 3.7%** | **Colorado 3.7%** | **Colorado 3.7%** | **Colorado 3.7%** | **Colorado 3.7%** |
| Colorado Edl. & Cultural Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impt. Chrt. Sch., Univ. LA, Rfdg., 144A | 5.000 | &nbsp;&nbsp;12/15/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Common Sch., Proj., Series A, Rfdg., BAM | 4.250 | &nbsp;&nbsp;01/15/64 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;11/01/44 | &nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863359 |
| Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Covenant Living Cmntys., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;12/01/50 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Covenant Retmnt. Cmntys., Rfdg. | 5.000 | &nbsp;&nbsp;12/01/35 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impt. Bond, Chrisitna Living Neighborhoods, Rfdg. | 4.000 | &nbsp;&nbsp;01/01/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856109 |
| Denver City & Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/38 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/40 | 1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/42 | 2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056660 |
| Heritage Ridge Met. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, GO, Rfdg., AGM | 4.000 | &nbsp;&nbsp;12/01/42 | &nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, GO, Rfdg., AGM | 4.000 | &nbsp;&nbsp;12/01/51 | &nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693243 |
| Park Creek Met. Dist. Ltd. Ppty. Tax Alloc. Rev.,<br> Sr. Ltd. Prop. TA., Rfdg. | 5.000 | &nbsp;&nbsp;12/01/45 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450240 |
| Plaza Co. Met. Dist. No. 1,<br> Tax Alloc., Rfdg., 144A | 5.000 | &nbsp;&nbsp;12/01/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965709 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Colorado (cont'd.)** | **Colorado (cont'd.)** | **Colorado (cont'd.)** | **Colorado (cont'd.)** | **Colorado (cont'd.)** |
| Pub. Auth. Energy Nat. Gas Pur. Rev.,<br> Nat. Gas Util. Imps. | 6.500% | &nbsp;&nbsp;11/15/38 | 6050 | &nbsp;&nbsp; $7121147 |
| Rampart Range Met. Dist. No. 5 Rev.,<br> Spl. Assmt. | 4.000 | &nbsp;&nbsp;12/01/51 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392748 |
| Sterling Ranch Cmnty. Auth. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 4.250 | &nbsp;&nbsp;12/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Improvement Dist. No. 1 | 5.625 | &nbsp;&nbsp;12/01/43 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702511 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28219362 |
| **Connecticut 0.8%** | **Connecticut 0.8%** | **Connecticut 0.8%** | **Connecticut 0.8%** | **Connecticut 0.8%** |
| Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,<br> Sustainability Bond, Goodwin Univ. Obliq. Grp., Series A-1 | 5.375 | &nbsp;&nbsp;07/01/54 | 2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923011 |
| Harbor Point Infrast. Impt. Dist.,<br> Tax Alloc., Harbor Point Proj., Rfdg., 144A | 5.000 | &nbsp;&nbsp;04/01/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010493 |
| Stamford Hsg. Auth. Rev.,<br> Mozaic Concierge Living Proj., Series D | 4.250 | &nbsp;&nbsp;10/01/30 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377956 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311460 |
| **Delaware 0.3%** | **Delaware 0.3%** | **Delaware 0.3%** | **Delaware 0.3%** | **Delaware 0.3%** |
| Delaware St. Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspira of Delaware Chrt. Sch. Inc. Proj., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/42 | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspira of Delaware Chrt. Sch. Inc. Proj., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/52 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newark Chrt. Sch. Inc., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;09/01/46 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488109 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097322 |
| **District of Columbia 1.1%** | **District of Columbia 1.1%** | **District of Columbia 1.1%** | **District of Columbia 1.1%** | **District of Columbia 1.1%** |
| Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intl. Oblig. Grp. | 5.000 | &nbsp;&nbsp;07/01/54 | 2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023412 |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP DC Proj. | 4.000 | &nbsp;&nbsp;07/01/49 | 4610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;06/01/40 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;06/01/55 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415658 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8766989 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Florida 10.2%** | **Florida 10.2%** | **Florida 10.2%** | **Florida 10.2%** | **Florida 10.2%** |
| Capital Tr. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Cargo, Aero Miami FX LLC, Sr. Lien, Series A, Rfdg. | 5.350% | &nbsp;&nbsp;07/01/29 | &nbsp;&nbsp;1015 | &nbsp;&nbsp; $1016510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chrt. Sch. Port. Proj., Sub. Series B, CABS, 144A | 7.530(t) | &nbsp;&nbsp;07/01/61 | 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edl. Growth Fund LLC Chrt. Sch. Port. Proj., Series A-1, 144A | 5.000 | &nbsp;&nbsp;07/01/56 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wonderful Fndtn. Chrt. Sch. Port., Series A-1, 144A | 5.000 | &nbsp;&nbsp;01/01/55 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630577 |
| Capital Tr. Auth. Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP Miami Campus Proj. Series A, 144A | 6.000 | &nbsp;&nbsp;06/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mason Classical Academy Proj., Series A, 144A | 5.000 | &nbsp;&nbsp;06/01/64 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623310 |
| &nbsp;&nbsp;&nbsp;&nbsp;MVM Landfill LLC Proj., Series A, AMT, 144A | 6.875 | &nbsp;&nbsp;12/01/44 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494208 |
| City of Venice Rev.,<br> Vlg. on the Isle Proj., Temps-50, Series B-3, 144A | 4.250 | &nbsp;&nbsp;01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878561 |
| Cityplace CDD.,<br> Spl. Assmt., Rfdg. | 5.000 | &nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274456 |
| Cnty. of Miami-Dade FL Avtn. Rev.,<br> Series A, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/49 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967795 |
| Florida Dev. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Chrt. Sch., Proj., Rfdg., 144A | 6.000 | &nbsp;&nbsp;08/15/57 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830710 |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A | 4.375(cc) | &nbsp;&nbsp;10/01/54 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3974604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mater Academy Proj., Series A | 5.000 | &nbsp;&nbsp;06/15/55 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renaissance Chrt. Sch., Rfdg., 144A | 5.000 | &nbsp;&nbsp;09/15/50 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685887 |
| &nbsp;&nbsp;&nbsp;&nbsp;River City Science Academy Proj., Series A | 4.000 | &nbsp;&nbsp;07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478959 |
| &nbsp;&nbsp;&nbsp;&nbsp;River City Science Academy Proj., Series A | 4.000 | &nbsp;&nbsp;07/01/55 | &nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078354 |
| Florida Higher Edl. Facs. Finl. Auth. Rev.,<br> Ringling Clg. Proj. | 5.000 | &nbsp;&nbsp;03/01/42 | &nbsp;&nbsp;4795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4702032 |
| Grtr. Orlando Avtn. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMT | 5.250 | &nbsp;&nbsp;10/01/44 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Purp., JetBlue Airways Corp. Proj., Rfdg. | 5.000 | &nbsp;&nbsp;11/15/36 | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4702735 |
| Hillsborough Cnty. Indl. Dev. Auth. Rev.,<br> Baycare Hlth. Sys., Series C, Rfdg. | 5.500 | &nbsp;&nbsp;11/15/54 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107568 |
| Indigo CDD,<br> Spl. Assmt. | 5.750 | &nbsp;&nbsp;05/01/36(d) | &nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405124 |
| Jacksonville Rev.,<br> Brooks Rehabitation Proj., Rfdg. | 4.000 | &nbsp;&nbsp;11/01/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856899 |
| Julington Creek Plantation CDD,<br> Spl. Assmt., AGM | 4.625 | &nbsp;&nbsp;05/01/54 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430195 |
| Lakewood Ranch Stewardship Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Lakewood Centre North Proj. | 4.875 | &nbsp;&nbsp;05/01/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 4.625 | &nbsp;&nbsp;05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200804 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Florida (cont'd.)** | **Florida (cont'd.)** | **Florida (cont'd.)** | **Florida (cont'd.)** | **Florida (cont'd.)** |
| Lakewood Ranch Stewardship Dist., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 5.375% | &nbsp;&nbsp;05/01/47 | 1000 | &nbsp;&nbsp; $972813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., N E Sector Proj., Phase 1B | 5.450 | &nbsp;&nbsp;05/01/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., N E Sector Proj., Phase 2B, Rfdg., 144A | 4.000 | &nbsp;&nbsp;05/01/50 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Stewardship Dist., Azario Proj. | 4.000 | &nbsp;&nbsp;05/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Taylor Ranch Proj. | 6.300 | &nbsp;&nbsp;05/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Vlg. Lakewood Ranch S. Proj. | 5.125 | &nbsp;&nbsp;05/01/46 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072298 |
| Lee Cnty. Hsg. Fin. Auth. Rev.,<br> Aria Landings, Series A (Mandatory put date 07/01/26), 144A | 5.500(cc) | &nbsp;&nbsp;07/01/28 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515057 |
| Lee County Indl. Dev. Auth. Rev.,<br> Shell Point 2024B-1 (Temps -85) | 4.750 | &nbsp;&nbsp;11/15/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003997 |
| Miami Dade Cnty. Edu. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Miami, Series B, Rfdg. | 5.250 | &nbsp;&nbsp;04/01/41 | 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Miami, Series B, Rfdg. | 5.250 | &nbsp;&nbsp;04/01/43 | 1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870353 |
| Midtown Miami CDD,<br> Spl. Assmt., Pkg. Garage Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;05/01/37 | 1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948070 |
| Orange Cnty. Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orlando Hlth. Oblig. Grp., Series A, Rfdg. | 5.250 | &nbsp;&nbsp;10/01/56 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Presbyterian Retmnt. Cmnty. Oblig. Grp. Proj., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;08/01/47 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446911 |
| Osceola Cnty. Trans. Rev.,<br> Series A-2, Rfdg., CABS | 5.587(t) | &nbsp;&nbsp;10/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198596 |
| Pasco Cnty. Rev.,<br> H. Lee Moffitt Cancer Ctr. Proj., AGM | 5.750 | &nbsp;&nbsp;09/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053014 |
| South Miami Hlth. Facs. Auth., Inc. Rev.,<br> Baptist Hlth. South Florida, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/47 | 2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053921 |
| St. Johns Cnty. Indl. Dev. Auth. Rev.,<br> Vicar's Landing Proj., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;12/15/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132703 |
| Vlg. CDD No. 07,<br> Spl. Assmt., Fla., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/36 | 1615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542872 |
| Vlg. CDD No. 11,<br> Spl. Assmt., Fla. | 4.500 | &nbsp;&nbsp;05/01/45 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099182 |
| Vlg. CDD No. 12,<br> Spl. Assmt., Fla. | 4.250 | &nbsp;&nbsp;05/01/43 | 2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373700 |
| Vlg. CDD No. 13, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2019 Spl. Assmt., Phase I, Ltd. Offering | 3.550 | &nbsp;&nbsp;05/01/39 | &nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424921 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Spl. Assmt., Phase III | 2.550 | &nbsp;&nbsp;05/01/31 | 1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Fla. | 3.700 | &nbsp;&nbsp;05/01/50 | &nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Fla., 144A | 3.500 | &nbsp;&nbsp;05/01/51 | 1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821086 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Florida (cont'd.)** | **Florida (cont'd.)** | **Florida (cont'd.)** | **Florida (cont'd.)** | **Florida (cont'd.)** |
| Vlg. CDD No. 14,<br> Spl. Assmt. | 5.500% | &nbsp;&nbsp;05/01/53 | 1575 | &nbsp;&nbsp; $1611096 |
| Vlg. CDD No. 15,<br> Spl. Assmt., 144A | 5.250 | &nbsp;&nbsp;05/01/54 | 1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168344 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77884841 |
| **Georgia 3.8%** | **Georgia 3.8%** | **Georgia 3.8%** | **Georgia 3.8%** | **Georgia 3.8%** |
| Atlanta Dept. Avtn. Rev.,<br> Series B, Rfdg., AMT | 5.250 | &nbsp;&nbsp;07/01/49 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775303 |
| Atlanta GA Dept. Avtn. Rev.,<br> Series B, Rfdg., AMT | 5.250 | &nbsp;&nbsp;07/01/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026156 |
| Atlanta Urban Residential Fin. Auth. Rev.,<br> GE Tower Apts., Series B (Mandatory put date 06/01/25) | 5.750(cc) | &nbsp;&nbsp;06/01/27 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 |
| Burke Cnty. Dev. Auth. Rev.,<br> Oglethorpe Pwr. Corp.-Vogtle Proj., Series D, Rfdg. | 4.125 | &nbsp;&nbsp;11/01/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722353 |
| Cobb Cnty. Dev. Auth. Rev.,<br> Mt. Bethel Christian Academy Proj., 144A | 6.250 | &nbsp;&nbsp;06/01/64 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018117 |
| Cobb Cnty. Kennestone Hosp. Auth. Rev.,<br> Anticip. Certs., Wellstar Hlth. Sys. Inc. Proj., Series A | 4.000 | &nbsp;&nbsp;04/01/52 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348786 |
| DeKalb Cnty. Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kensington Station Proj., Series A | 4.000 | &nbsp;&nbsp;12/01/33 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Park at 500 Proj. | 4.000 | &nbsp;&nbsp;03/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987483 |
| Fulton Cnty. Dev. Auth. Rev.,<br> Piedmont Healthcare, Inc. Proj., Multimodal Bond, Series A | 4.000 | &nbsp;&nbsp;07/01/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603890 |
| Main Street Natural Gas, Inc. Rev.,<br> Series E (Mandatory put date 12/01/32) | 5.000(cc) | &nbsp;&nbsp;05/01/55 | 7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7559951 |
| Muni. Elec. Auth. of Georgia Rev.,<br> Plant Vogtle Units 3 & 4 Proj., J Bond, Series A, AGM | 5.000 | &nbsp;&nbsp;07/01/48 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033599 |
| Rockdale Cnty. Dev. Auth. Rev.,<br> Pratt Paper LLC Proj., Rfdg., AMT, 144A | 4.000 | &nbsp;&nbsp;01/01/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979320 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28772735 |
| **Illinois 7.9%** | **Illinois 7.9%** | **Illinois 7.9%** | **Illinois 7.9%** | **Illinois 7.9%** |
| Chicago Brd. of Ed., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, 144A | 7.000 | &nbsp;&nbsp;12/01/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, Rfdg. | 4.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496248 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** |
| Chicago Brd. of Ed., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, Rfdg. | 5.000% | &nbsp;&nbsp;12/01/35 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; $500834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, Rfdg. | 7.000 | &nbsp;&nbsp;12/01/44 | 3390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, GO | 5.250 | &nbsp;&nbsp;12/01/35 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, GO | 5.000 | &nbsp;&nbsp;12/01/46 | 2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series G, GO, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/34 | 2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series H, GO | 5.000 | &nbsp;&nbsp;12/01/46 | 2390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201132 |
| Chicago Brd. of Ed. Rev.,<br> Spl. Tax | 6.000 | &nbsp;&nbsp;04/01/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530831 |
| Chicago Midway Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series A, Rfdg., AMT | 5.500 | &nbsp;&nbsp;01/01/53 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series C, Rfdg., AMT | 5.000 | &nbsp;&nbsp;01/01/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508943 |
| Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen., Sr. Lien, Series B, Rfdg., AGM | 4.000 | &nbsp;&nbsp;01/01/53 | 3005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, Rfdg., AMT | 5.250 | &nbsp;&nbsp;01/01/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Customer Fac., Rfdg., BAM | 5.250 | &nbsp;&nbsp;01/01/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Customer Fac., Rfdg., BAM | 5.250 | &nbsp;&nbsp;01/01/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series A, AGM, AMT | 5.500 | &nbsp;&nbsp;01/01/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trips Oblig. Grp., AMT | 5.000 | &nbsp;&nbsp;07/01/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957700 |
| Chicago Trans. Auth. Rev.,<br> Series A, Rfdg. | 4.000 | &nbsp;&nbsp;12/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823231 |
| Chicago Wtrwks. Rev.,<br> Series A, AGM | 5.250 | &nbsp;&nbsp;11/01/53 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770573 |
| Chicago, IL, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, Rfdg. | 5.500 | &nbsp;&nbsp;01/01/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, GO, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/38 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356413 |
| Cook Cnty. Cmntys. Clg. Dist.,<br> Clgs. of Chicago, GO, Rfdg., BAM | 5.000 | &nbsp;&nbsp;12/01/42 | 2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355311 |
| Illinois Edl. Facs. Auth. Rev.,<br> Field Museum of Natural History, Rmkt. | 4.450 | &nbsp;&nbsp;11/01/36 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075113 |
| Illinois Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Bond, LRS Holdings LLC Proj., Series A, AMT (Mandatory put date 09/03/30), 144A | 7.250(cc) | &nbsp;&nbsp;09/01/52 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plymouth Place, Inc., Rfdg. | 5.000 | &nbsp;&nbsp;05/15/51 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Presence Hlth. Netw., Series C, Rfdg. (Pre-refunded date 02/15/27)(ee) | 4.000 | &nbsp;&nbsp;02/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Presence Hlth. Netw., Series C, Rfdg. (Pre-refunded date 02/15/27)(ee) | 4.000 | &nbsp;&nbsp;02/15/41 | &nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269985 |
| Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GO | 4.000 | &nbsp;&nbsp;06/01/36 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816187 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** |
| Illinois St., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rebuild Illinois Prog., Series B, GO | 4.000% | &nbsp;&nbsp;11/01/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp; $1936606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO | 5.000 | &nbsp;&nbsp;12/01/39 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, GO | 5.000 | &nbsp;&nbsp;05/01/38 | &nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, GO | 5.250 | &nbsp;&nbsp;05/01/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, GO | 5.500 | &nbsp;&nbsp;05/01/47 | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355944 |
| Regl. Trans. Auth. Rev.,<br> Series A | 4.000 | &nbsp;&nbsp;06/01/38 | &nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800346 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60407944 |
| **Indiana 0.8%** | **Indiana 0.8%** | **Indiana 0.8%** | **Indiana 0.8%** | **Indiana 0.8%** |
| Indiana Fin. Auth. Rev.,<br> First Lien CWA Auth. Proj., Series 2024-A, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/44 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658212 |
| Indianapolis Loc. Pub. Impvt. Bank Rev.,<br> Sr. Convention Cntr. Hotel, Series E | 6.125 | &nbsp;&nbsp;03/01/57 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082317 |
| Valparaiso Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pratt Paper LLC Proj., Rfdg., AMT, 144A | 4.500 | &nbsp;&nbsp;01/01/34 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pratt Paper LLC Proj., Rfdg., AMT, 144A | 5.000 | &nbsp;&nbsp;01/01/54 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926686 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5848016 |
| **Iowa 0.4%** | **Iowa 0.4%** | **Iowa 0.4%** | **Iowa 0.4%** | **Iowa 0.4%** |
| Iowa Tob. Settlement Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B-1, Class 2, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B-2, Class 2, Rfdg., CABS | 4.848(t) | &nbsp;&nbsp;06/01/65 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943497 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048497 |
| **Kansas 0.5%** | **Kansas 0.5%** | **Kansas 0.5%** | **Kansas 0.5%** | **Kansas 0.5%** |
| City of Colby KS Hosp. Loan Anticipation Rev.,<br> Citizens Med. Ctr. Proj. | 5.500 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545160 |
| Wyandotte Cnty.-Kansas City Unified Govt. Rev.,<br> Legends Apts. Garage & West Lawn Proj. | 4.500 | &nbsp;&nbsp;06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607091 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152251 |
| **Kentucky 0.3%** | **Kentucky 0.3%** | **Kentucky 0.3%** | **Kentucky 0.3%** | **Kentucky 0.3%** |
| Henderson Rev.,<br> Green Bond, Pratt Paper LLC Proj., Series A, AMT, 144A | 4.700 | &nbsp;&nbsp;01/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451079 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Kentucky (cont'd.)** | **Kentucky (cont'd.)** | **Kentucky (cont'd.)** | **Kentucky (cont'd.)** | **Kentucky (cont'd.)** |
| Kentucky Pub. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Sply., Series C-1 (Mandatory put date 06/01/25) | &nbsp;&nbsp;4.000 %(cc) | &nbsp;&nbsp;12/01/49 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; $500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, Rfdg. (Mandatory put date 02/01/32) | &nbsp;&nbsp;5.250(cc) | &nbsp;&nbsp;04/01/54 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331718 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282797 |
| **Louisiana 1.9%** | **Louisiana 1.9%** | **Louisiana 1.9%** | **Louisiana 1.9%** | **Louisiana 1.9%** |
| Jefferson Parish Econ. Dev. & Port Dist. Rev.,<br> Kenner Discovery Hlth. Sciences Academy Proj., Series A, 144A | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;06/15/48 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825215 |
| Louisiana Pub. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Calcasieu River Bridge Pub. Pvt. Partnership Proj., I-10, AMT | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;09/01/64 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elementus Minerals LLC Proj. (Mandatory put date 11/01/25), 144A | &nbsp;&nbsp;5.000(cc) | &nbsp;&nbsp;10/01/43 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste Proj. USA Inc., AMT (Mandatory put date 10/01/28), 144A | &nbsp;&nbsp;6.750(cc) | &nbsp;&nbsp;10/01/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste Proj. USA Inc., Series R-2, AMT (Mandatory put date 10/01/28), 144A | &nbsp;&nbsp;6.500(cc) | &nbsp;&nbsp;10/01/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058650 |
| Parish of St. James Rev.,<br> Nustar Logistics LP Proj., Rmkt., Series 2010, 144A | &nbsp;&nbsp;6.350 | &nbsp;&nbsp;07/01/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068335 |
| Plaquemines Port Harbor & Term. Dist. Rev.,<br> Txbl. Nola Term. LLC Proj., Series B, 144A | 12.000 | &nbsp;&nbsp;12/01/34 | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862911 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14516805 |
| **Maine 0.3%** | **Maine 0.3%** | **Maine 0.3%** | **Maine 0.3%** | **Maine 0.3%** |
| Fin. Auth. of Maine Rev.,<br> Casella Wste Sys. Inc., Rfdg., AMT (Mandatory put date 06/01/35), 144A | &nbsp;&nbsp;4.625(cc) | &nbsp;&nbsp;12/01/47 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519445 |
| **Maryland 0.1%** | **Maryland 0.1%** | **Maryland 0.1%** | **Maryland 0.1%** | **Maryland 0.1%** |
| Frederick Cnty.,<br> Spl. Oblig. Tax, Sub. Series C, 144A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07/01/50 | &nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827270 |
| **Massachusetts 0.1%** | **Massachusetts 0.1%** | **Massachusetts 0.1%** | **Massachusetts 0.1%** | **Massachusetts 0.1%** |
| Massachusetts Dev. Fin. Agcy. Rev.,<br> Merrimack Clg. Student Hsg. Proj., Series A, 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/01/60 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909287 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Michigan 0.5%** | **Michigan 0.5%** | **Michigan 0.5%** | **Michigan 0.5%** | **Michigan 0.5%** |
| Detroit,<br> Series C, GO | 6.000% | &nbsp;&nbsp;05/01/43 | 1000 | &nbsp;&nbsp; $1086567 |
| Michigan Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Class 1, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/49 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B-1, Class 2, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/49 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359892 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105880 |
| **Minnesota 0.4%** | **Minnesota 0.4%** | **Minnesota 0.4%** | **Minnesota 0.4%** | **Minnesota 0.4%** |
| Hugo Rev.,<br> Chrt. Sch., Noble Academy Proj., Series A | 5.000 | &nbsp;&nbsp;07/01/44 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145774 |
| Ramsey Rev.,<br> Pact Chrt. Sch. Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/32 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208815 |
| St. Paul Port Auth. Sol. Wste. Disp. Rev.,<br> Gerdau St. Paul Steel Mill Proj., Series 7, 144A | 4.500 | &nbsp;&nbsp;10/01/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919360 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273949 |
| **Mississippi 0.6%** | **Mississippi 0.6%** | **Mississippi 0.6%** | **Mississippi 0.6%** | **Mississippi 0.6%** |
| Mississippi Bus. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sys. Energy Resources, Inc. Proj., Rfdg. | 2.375 | &nbsp;&nbsp;06/01/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste Proj. USA Inc., Rmkt., AMT (Mandatory put date 08/02/27), 144A | 5.000(cc) | &nbsp;&nbsp;02/01/36 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029989 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251173 |
| **Missouri 0.9%** | **Missouri 0.9%** | **Missouri 0.9%** | **Missouri 0.9%** | **Missouri 0.9%** |
| Lees Summit,<br> Tax Alloc., Impt. Summit Fair Proj., Rfdg., 144A | 4.875 | &nbsp;&nbsp;11/01/37 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908536 |
| Lees Summit Indl. Dev. Auth. Rev.,<br> Johm Knox Vlg. Proj., Temps. Series B-2, Rfdg. | 4.325 | &nbsp;&nbsp;08/15/47 | 1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316845 |
| Missouri St. Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BJC Hlth. Sys., Series A | 4.000 | &nbsp;&nbsp;01/01/45 | 2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lutheran Sr. Svcs., Rfdg. | 4.000 | &nbsp;&nbsp;02/01/42 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969030 |
| St. Louis Cnty. Indl. Dev. Auth. Rev.,<br> Friendship Vlg. Sunset Hills, Series A | 5.875 | &nbsp;&nbsp;09/01/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000342 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963977 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Nebraska 0.3%** | **Nebraska 0.3%** | **Nebraska 0.3%** | **Nebraska 0.3%** | **Nebraska 0.3%** |
| Central Plns. Energy. Proj. Rev.,<br> Proj. No. 4, Series A, Rfdg. (Mandatory put date 11/01/29) | 5.000 %(cc) | &nbsp;&nbsp;05/01/54 | &nbsp;&nbsp;2000 | &nbsp;&nbsp; $2082555 |
| **Nevada 0.6%** | **Nevada 0.6%** | **Nevada 0.6%** | **Nevada 0.6%** | **Nevada 0.6%** |
| Nevada St. Dept. of Bus. & Ind. Rev.,<br> Sustainability Bond, Sub. Brightline W Passenger Proj., Series A, Rfdg., AMT (Mandatory put date 01/01/33), 144A | 9.500(cc) | &nbsp;&nbsp;01/01/65 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866311 |
| Sparks Rev.,<br> Sales Tax, Sr. Series A, Rfdg., 144A | 2.750 | &nbsp;&nbsp;06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518259 |
| Tahoe-Douglas Visitors Auth. Rev.,<br> Hotel Occupancy Tax | 5.000 | &nbsp;&nbsp;07/01/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011574 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396144 |
| **New Hampshire 4.6%** | **New Hampshire 4.6%** | **New Hampshire 4.6%** | **New Hampshire 4.6%** | **New Hampshire 4.6%** |
| National Fin. Auth. Rev.,<br> Sustainable Cert., Series 1-A, NFA Muni. Cert., ARC70 (Mandatory put date 10/01/34) | 4.150 | &nbsp;&nbsp;10/20/40 | &nbsp;&nbsp;3190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001815 |
| New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caldwell Ranch Proj., 144A | 4.875 | &nbsp;&nbsp;12/01/33 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Bond, Series B, Rfdg., AMT (Mandatory put date 07/02/40), 144A | 3.750(cc) | &nbsp;&nbsp;07/01/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814413 |
| &nbsp;&nbsp;&nbsp;&nbsp;MF Affordable Hsg. Cert., Series 1, Class B-1 | 5.750 | &nbsp;&nbsp;04/28/42 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mult. Utility Imps., 144A | 5.875 | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512480 |
| &nbsp;&nbsp;&nbsp;&nbsp;River Ranch Proj., CABS, 144A | 5.745(t) | &nbsp;&nbsp;12/01/31 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silverado Proj., 144A | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Springpoint Sr. Living, Rfdg. | 4.000 | &nbsp;&nbsp;01/01/51 | &nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainability Bond, Muni. Cert., Series 2025-1, Class A-2 | 4.087(cc) | &nbsp;&nbsp;01/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Class A-2 (Mandatory put date 06/01/35)(hh) | 5.150 | &nbsp;&nbsp;06/20/41 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2024-1, Class X | 0.495(cc) | &nbsp;&nbsp;07/01/51 | 34540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2024-2, Class X | 0.506(cc) | &nbsp;&nbsp;08/20/39 | 46219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tamarron Proj., 144A | 5.250 | &nbsp;&nbsp;12/01/35 | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064288 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Highlands Proj. | 5.125 | &nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;2851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Nevada Reno Proj., Series A, BAM | 5.250 | &nbsp;&nbsp;06/01/51 | &nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251592 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** |
| New Hampshire Bus. Fin. Auth. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valencia Proj., 144A | 5.300% | &nbsp;&nbsp;12/01/32 | 1245 | &nbsp;&nbsp; $1219679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wtr. Util. Imps., 144A | 5.375 | &nbsp;&nbsp;12/15/35 | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404467 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35429005 |
| **New Jersey 2.8%** | **New Jersey 2.8%** | **New Jersey 2.8%** | **New Jersey 2.8%** | **New Jersey 2.8%** |
| New Jersey Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines, Inc. Proj., Spec. Facs. | 5.250 | &nbsp;&nbsp;09/15/29 | 4290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines, Inc., United Airlines, Inc. Proj., Series A, AMT | 5.625 | &nbsp;&nbsp;11/15/30 | 2275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series SSS, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/39 | &nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series WW, Rfdg. (Pre-refunded date 06/15/25)(ee) | 5.250 | &nbsp;&nbsp;06/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Team Academy Chrt. Sch. Proj. | 6.000 | &nbsp;&nbsp;10/01/43 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Umm Energy Partners, Series A, AMT | 5.000 | &nbsp;&nbsp;06/15/37 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Umm Energy Partners, Series A, AMT | 5.125 | &nbsp;&nbsp;06/15/43 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086280 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc. Proj., Rmkt. | 5.500 | &nbsp;&nbsp;06/01/33 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000601 |
| New Jersey Higher Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 1-B, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/33 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/34 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588369 |
| New Jersey Tpke. Auth. Rev.,<br> Series A(hh) | 5.250 | &nbsp;&nbsp;01/01/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068880 |
| New Jersey Trans. Tr. Fd. Auth. Rev.,<br> Series AA, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/41 | 1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920114 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21854410 |
| **New York 7.0%** | **New York 7.0%** | **New York 7.0%** | **New York 7.0%** | **New York 7.0%** |
| Build NYC Resource Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pratt Paper, Inc. Proj., Rfdg., AMT, 144A | 5.000 | &nbsp;&nbsp;01/01/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Richmond Prep. Chrt. Sch. Proj., Social Impact Proj., Series A, 144A | 5.000 | &nbsp;&nbsp;06/01/51 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211097 |
| Erie Cnty. Tob. Asset Secur. Corp. Cap. Apprec. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Bkd., 1st Sub. Series B, Rfdg., CABS | 6.993(t) | &nbsp;&nbsp;06/01/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Bkd., 2nd Sub. Series C, Rfdg., CABS, 144A | 8.167(t) | &nbsp;&nbsp;06/01/50 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540556 |
| New York City Indl. Dev. Agcy. Rev.,<br> Yankee Stadium Proj. Pilot, Rfdg. | 4.000 | &nbsp;&nbsp;03/01/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881568 |
| New York City Trans. Fin. Auth. Future Tax Sec'd. Rev.,<br> Sub. Series B-1 | 3.000 | &nbsp;&nbsp;11/01/47 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240901 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** |
| New York City Trans. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future Tax Sec'd. Sub. Bond, Series I, Sub Series I-1 | 5.500% | &nbsp;&nbsp;05/01/53 | 2000 | &nbsp;&nbsp; $2119766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Fiscal 2025, Series D | 5.500 | &nbsp;&nbsp;05/01/52 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5294605 |
| New York Liberty Dev. Corp. Rev.,<br> Bank of America Tower at One Bryant Park Proj., Class 3, Rfdg. | 2.800 | &nbsp;&nbsp;09/15/69 | 4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376909 |
| New York St. Dorm. Auth. Rev.,<br> Unrefunded, Rfdg., Series A | 5.250 | &nbsp;&nbsp;03/15/52 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5179635 |
| New York St. Envir. Facs. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Draw Down Casella Wste. Sys., Inc. Proj., Series R-1, AMT (Mandatory put date 09/02/25) | 2.750(cc) | &nbsp;&nbsp;09/01/50 | &nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Draw Down Casella Wste. Sys., Inc. Proj., Series R-2, AMT (Mandatory put date 09/03/30), 144A | 5.125(cc) | &nbsp;&nbsp;09/01/50 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526261 |
| New York Trans. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., Laguardia Arpt., Term. C&D Redev., AMT | 4.000 | &nbsp;&nbsp;01/01/36 | 3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., Laguardia Arpt., Term. C&D Redev., AMT | 5.000 | &nbsp;&nbsp;01/01/26 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., Laguardia Arpt., Term. C&D Redev., AMT | 5.000 | &nbsp;&nbsp;01/01/31 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., Laguardia Arpt., Term. C&D Redev., AMT | 5.000 | &nbsp;&nbsp;10/01/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Bond, JFK Arpt. Term. 6 Proj., Rfdg., AGM, AMT | 5.250 | &nbsp;&nbsp;12/31/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510691 |
| &nbsp;&nbsp;&nbsp;&nbsp;JFK Arpt. Term. 6 Redev. Proj., Series B, Rfdg., AGM, AMT | 0.000 | &nbsp;&nbsp;12/31/54 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000637 |
| &nbsp;&nbsp;&nbsp;&nbsp;JFK Int'l. Arpt. Proj., Rfdg., AMT | 5.250 | &nbsp;&nbsp;08/01/31 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713037 |
| &nbsp;&nbsp;&nbsp;&nbsp;JFK Int'l. Arpt. Proj., Rfdg., AMT | 5.375 | &nbsp;&nbsp;08/01/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laguardia Arpt., Term. B Redev., Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/46 | 2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laguardia Arpt., Term. B Redev., Series A, AMT | 5.250 | &nbsp;&nbsp;01/01/50 | 4480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laguardia Arpt., Term. C&D Redev. Proj., AMT | 6.000 | &nbsp;&nbsp;04/01/35 | 3465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736967 |
| Suffolk Tob. Asset Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B-2, Rfdg., CABS | 5.745(t) | &nbsp;&nbsp;06/01/66 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tob. Settlement Asset Bkd. Sub. Bond, Series B-1, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/50 | &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363103 |
| Triborough Bridge & Tunnel Auth. Rev.,<br> TBTA Capital Lockbox Fund, MTA Bridges & Tunnels, Series A | 5.500 | &nbsp;&nbsp;12/01/59 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055122 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53536867 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **North Carolina 0.5%** | **North Carolina 0.5%** | **North Carolina 0.5%** | **North Carolina 0.5%** | **North Carolina 0.5%** |
| North Carolina Med. Care Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennybyrn at Maryfield Proj., Rfdg. | 5.000% | &nbsp;&nbsp;10/01/35 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; $1000738 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Presbyterian Homes Oblig. Grp., Series A | 5.000 | &nbsp;&nbsp;10/01/50 | &nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384283 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Methodist Retmnt. Homes, Series B-2 | 3.750 | &nbsp;&nbsp;10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525778 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910799 |
| **Ohio 3.5%** | **Ohio 3.5%** | **Ohio 3.5%** | **Ohio 3.5%** | **Ohio 3.5%** |
| Akron Bath Copley Joint Township Hosp. Dist. Rev.,<br> Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. | 3.000 | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641563 |
| Buckeye Tob. Settlement Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A-2, Class 1, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/48 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B-2, Class 2, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/55 | 13920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12063054 |
| Cuyahoga Cnty. Hosp. Rev.,<br> Metro Hlth. Sys., Rfdg. | 5.250 | &nbsp;&nbsp;02/15/47 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957233 |
| Franklin Cnty. Hosp. Facs. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nationwide Children's Hosp. Proj. | 4.000 | &nbsp;&nbsp;11/01/45 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ohio Hlth. Corp., Series A | 4.000 | &nbsp;&nbsp;05/15/47 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174591 |
| Ohio Air Qlty. Dev. Auth. Rev.,<br> Pratt Paper OH LLC Proj., AMT, 144A | 4.500 | &nbsp;&nbsp;01/15/48 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884140 |
| Ohio St. Pvt. Act. Rev.,<br> Portsmouth Bypass Proj., AMT | 5.000 | &nbsp;&nbsp;06/30/53 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949369 |
| Ohio Tpke. & Infrast. Commn. Rev.,<br> Jr. Lien, Series A-2, CABS | 4.785(t) | &nbsp;&nbsp;02/15/40 | &nbsp;&nbsp;5135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561460 |
| Warren Cnty. Rev.,<br> Otterbein Homes Oblig. Grp., Rfdg. | 5.000 | &nbsp;&nbsp;07/01/54 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400913 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27232326 |
| **Oklahoma 1.8%** | **Oklahoma 1.8%** | **Oklahoma 1.8%** | **Oklahoma 1.8%** | **Oklahoma 1.8%** |
| Oklahoma Cnty. Auth. Rev.,<br> Astec Proj., 144A | 6.500 | &nbsp;&nbsp;06/15/64 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453201 |
| Oklahoma Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OU Medicine Proj., Series B | 5.000 | &nbsp;&nbsp;08/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249961 |
| &nbsp;&nbsp;&nbsp;&nbsp;OU Medicine Proj., Series B | 5.250 | &nbsp;&nbsp;08/15/43 | &nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960997 |
| Oklahoma Tpke. Auth. Rev.,<br> Sr. Bonds, Series A | 5.500 | &nbsp;&nbsp;01/01/54 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662364 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Oklahoma (cont'd.)** | **Oklahoma (cont'd.)** | **Oklahoma (cont'd.)** | **Oklahoma (cont'd.)** | **Oklahoma (cont'd.)** |
| Tulsa Cnty. Indl. Auth. Rev.,<br> Montereau, Inc. Proj., Rfdg. | 5.250% | &nbsp;&nbsp;11/15/45 | 1025 | &nbsp;&nbsp; $1002481 |
| Tulsa Municipal Arpt. Trust Trustees Rev.,<br> American Airlines, Inc. Proj., Rfdg., AMT | 6.250 | &nbsp;&nbsp;12/01/40 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613575 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13942579 |
| **Oregon 0.5%** | **Oregon 0.5%** | **Oregon 0.5%** | **Oregon 0.5%** | **Oregon 0.5%** |
| Port of Portland Arpt. Rev.,<br> Series 24B, AMT | 5.000 | &nbsp;&nbsp;07/01/47 | 3860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779119 |
| **Pennsylvania 2.6%** | **Pennsylvania 2.6%** | **Pennsylvania 2.6%** | **Pennsylvania 2.6%** | **Pennsylvania 2.6%** |
| Adams Cnty. General Auth. Rev.,<br> The Brethren Home Cmnty. Proj., Series A., Rfdg. | 5.000 | &nbsp;&nbsp;06/01/54 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608428 |
| Chester Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avon Grove Chart. Sch. Nts. | 5.000 | &nbsp;&nbsp;03/01/27 | 2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uni. Student Hsg. LLC Proj., Series A, Rfdg., BAM | 4.000 | &nbsp;&nbsp;08/01/48 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257418 |
| Doylestown Hosp. Auth. Rev.,<br> Rfdg., 144A | 5.375 | &nbsp;&nbsp;07/01/39 | 2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789298 |
| Lancaster Indl. Dev. Auth. Rev.,<br> Landis Homes Retmnt. Cmnty. Proj., Rfdg. | 4.000 | &nbsp;&nbsp;07/01/56 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768111 |
| Philadelphia Auth. for Indl. Dev. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Supply LLC Proj., Series B, Rfdg. (Mandatory put date 06/01/27) | 5.250(cc) | &nbsp;&nbsp;12/01/38 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gtr. Philadelphia Hlth. Action, Rfdg. | 6.625 | &nbsp;&nbsp;06/01/50 | 2795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Presbyterian Sr. Living, Proj., Series B-2, Rfdg. | 5.250 | &nbsp;&nbsp;07/01/46 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446475 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19790872 |
| **Puerto Rico 8.3%** | **Puerto Rico 8.3%** | **Puerto Rico 8.3%** | **Puerto Rico 8.3%** | **Puerto Rico 8.3%** |
| Puerto Rico Comnwlth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A, GO, CABS | 4.743(t) | &nbsp;&nbsp;07/01/33 | 1826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/33 | 1109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/35 | 1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/37 | &nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/41 | 1164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/46 | 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 5.375 | &nbsp;&nbsp;07/01/25 | &nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 5.625 | &nbsp;&nbsp;07/01/29 | 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 5.750 | &nbsp;&nbsp;07/01/31 | 8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8604469 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Puerto Rico (cont'd.)** | **Puerto Rico (cont'd.)** | **Puerto Rico (cont'd.)** | **Puerto Rico (cont'd.)** | **Puerto Rico (cont'd.)** |
| Puerto Rico Comnwlth., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series Allowed CW, Prifa Rum | 0.000 %(cc) | &nbsp;&nbsp;11/01/51 | 12285 | &nbsp;&nbsp; $6317861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series Allowed CW/HTA - 98 Sr. Claims | 0.000(cc) | &nbsp;&nbsp;11/01/51 | 18029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series CW, NT Claims, CW Gty. | 0.000(cc) | &nbsp;&nbsp;11/01/43 | &nbsp;&nbsp;4381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621548 |
| Puerto Rico Indl. Tourist Edl. Med. & Envirml. Ctl. Facs.<br> Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. | 5.000 | &nbsp;&nbsp;07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583879 |
| &nbsp;&nbsp;&nbsp;&nbsp;San Juan Cruise Term. Proj., Series A-2, AMT | 6.750 | &nbsp;&nbsp;01/01/45 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951189 |
| &nbsp;&nbsp;&nbsp;&nbsp;San Juan Cruise Term. Proj., Series A-3, AMT | 6.750 | &nbsp;&nbsp;01/01/46 | &nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680734 |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-1, CABS | 4.431(t) | &nbsp;&nbsp;07/01/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-1, CABS | 5.558(t) | &nbsp;&nbsp;07/01/46 | 51183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16108923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-2 | 4.329 | &nbsp;&nbsp;07/01/40 | &nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-1, CABS | 8.034(t) | &nbsp;&nbsp;07/01/51 | 16538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892321 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63865697 |
| **Rhode Island 0.6%** | **Rhode Island 0.6%** | **Rhode Island 0.6%** | **Rhode Island 0.6%** | **Rhode Island 0.6%** |
| Tob. Settlement Fing. Corp. Rev.,<br> Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/40 | &nbsp;&nbsp;4350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349738 |
| **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** |
| Berkeley Cnty.,<br> Spl. Assmt., Nexton Impt. Dist. | 4.375 | &nbsp;&nbsp;11/01/49 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828507 |
| Patriots Energy Grp. Fing. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1 (Mandatory put date 08/01/31) | 5.250(cc) | &nbsp;&nbsp;10/01/54 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, Rfdg. (Mandatory put date 03/01/31) | 5.250(cc) | &nbsp;&nbsp;02/01/54 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591615 |
| South Carolina Jobs-Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Chrt. Sch. Proj., Series A, Rfdg., 144A | 4.000 | &nbsp;&nbsp;06/01/56 | &nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Foothill Afford Hsg. Fndtn., Oaddicj Club & Fairway Proj. (Mandatory put date 09/01/35), 144A | 6.875 | &nbsp;&nbsp;03/01/65 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916493 |
| South Carolina Ports Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMT | 4.000 | &nbsp;&nbsp;07/01/45 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290368 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMT | 4.000 | &nbsp;&nbsp;07/01/55 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630173 |
| South Carolina Pub. Svc. Auth. Rev.,<br> Santee Cooper, Series A | 5.500 | &nbsp;&nbsp;12/01/54 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243143 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13320988 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Tennessee 3.2%** | **Tennessee 3.2%** | **Tennessee 3.2%** | **Tennessee 3.2%** | **Tennessee 3.2%** |
| Chattanooga Hlth. Edl. & Hsg. Facs. Brd. Rev.,<br> Erlanger Hlth., Rfdg. | 5.250% | &nbsp;&nbsp;12/01/54 | &nbsp;&nbsp;2500 | &nbsp;&nbsp; $2549910 |
| Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;East Tennessee Children's Hosp., Rfdg. | 4.000 | &nbsp;&nbsp;11/15/48 | &nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Tennessee Proj., Series B-1, BAM | 5.250 | &nbsp;&nbsp;07/01/64 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482689 |
| Shelby Cnty. Hlth. & Edl. Facs. Brd. Rev.,<br> Madrone Memphis Student Hsg. I LLC, Univ. Memphis Proj., Series A1, 144A | 5.250 | &nbsp;&nbsp;06/01/56 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909584 |
| Tennergy Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | &nbsp;&nbsp;10/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A (Mandatory put date 09/01/28) | 4.000(cc) | &nbsp;&nbsp;12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501619 |
| Tennessee Energy Acq. Corp. Gas Rev.,<br> Nat. Gas Utility Imps. (Mandatory put date 11/01/25) | 4.000(cc) | &nbsp;&nbsp;11/01/49 | 15500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15506301 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24619095 |
| **Texas 5.5%** | **Texas 5.5%** | **Texas 5.5%** | **Texas 5.5%** | **Texas 5.5%** |
| Arlington Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Odyssey Academy, Inc. Series A, 144A | 6.125 | &nbsp;&nbsp;02/15/53 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 4.000 | &nbsp;&nbsp;08/15/41 | &nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 4.000 | &nbsp;&nbsp;08/15/46 | &nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055500 |
| Arlington Higher Edu. Fin. Corp. Rev.,<br> Trinity Basin Preparatory, Inc., PSFG | 5.000 | &nbsp;&nbsp;08/15/48 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271489 |
| Central Texas Regl. Mobility Auth. Rev.,<br> Sub., Rfdg. | 4.000 | &nbsp;&nbsp;01/01/41 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000687 |
| EP Essential Hsg. WF PFC Rev.,<br> Home Essential Fun. Hsg. Prog. Tuscany Mesa Hills Proj. | 4.250 | &nbsp;&nbsp;12/01/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982566 |
| EP Tuscany Zaragosa PFC Rev.,<br> Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj. | 4.000 | &nbsp;&nbsp;12/01/33 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603859 |
| Galveston Wharves & Term. Rev.,<br> Wharves & Term., 1st Lien, AMT | 6.000 | &nbsp;&nbsp;08/01/43 | &nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235213 |
| Harris Cnty. Indl. Dev. Corp. Rev.,<br> Energy Transfer Proj., Rfdg. (Mandatory put date 06/01/33) | 4.050(cc) | &nbsp;&nbsp;11/01/50 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009736 |
| Houston Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, AMT | 5.000 | &nbsp;&nbsp;07/15/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Facs. Continental Airlines, Inc., Series A, Rfdg., AMT | 6.625 | &nbsp;&nbsp;07/15/38 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501430 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** |
| Houston Arpt. Sys. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc. Term. Impvt. Proj., Series B, AMT | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;07/15/38 | 1600 | &nbsp;&nbsp; $1652278 |
| Kerryville Hlth. Facs. Dev. Corp. Rev.,<br> Peterson Regl. Med. Ctr. Proj., Rfdg. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08/15/35 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000536 |
| New Hope Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jubilee Academic Ctr., Rfdg., 144A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08/15/56 | 4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Living Foundation Proj., Series A, 144A | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;07/01/56 | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Txbl. Sr. Sanctuary LTC Proj., Series A-2 | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;01/01/31 | 5575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5463670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westminster Proj., Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11/01/49 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408842 |
| Port Beaumont Nav. Dist. Facs. Rev.,<br> Txbl. Jefferson Gulf Coast Energy Proj., Series B, Rfdg., 144A | 10.000 | &nbsp;&nbsp;07/01/26 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047473 |
| Pottsboro Higher Ed. Fin. Corp. Rev.,<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08/15/46 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900137 |
| Tarrant Cnty. Cultural Ed. Facs. Fin. Corp. Rev.,<br> Barton Creek Sr. Living Ctr., Rfdg. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11/15/40 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063820 |
| Texas Muni. Gas Acq. & Sply. Corp. Rev.,<br> Nat. Gas Util. Imps. (Mandatory put date 01/01/34) | &nbsp;&nbsp;5.000(cc) | &nbsp;&nbsp;01/01/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108483 |
| Texas Priv. Activ. Surf. Trans. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LBJ Infrast. Grp. LLC, Series A, Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06/30/40 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Rfdg., AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06/30/41 | 1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224718 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41907796 |
| **Vermont 0.3%** | **Vermont 0.3%** | **Vermont 0.3%** | **Vermont 0.3%** | **Vermont 0.3%** |
| Vermont Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wake Robin Corp. Proj., Series A, Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05/01/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wake Robin Corp. Proj., Series A, Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05/01/45 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593642 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476907 |
| **Virginia 0.9%** | **Virginia 0.9%** | **Virginia 0.9%** | **Virginia 0.9%** | **Virginia 0.9%** |
| City of Chesapeake Expressway Toll Road Rev.,<br> Transn. Sys., Sr. Series B, Rfdg., CABS (Convert to Fixed on 07/15/23) | &nbsp;&nbsp;4.875 | &nbsp;&nbsp;07/15/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008839 |
| James City Cnty. Econ. Dev. Auth. Rsdl. Care Fac. Rev.,<br> Williamsburg Landings, Series A, Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768286 |
| Virginia Beach Dev. Auth. Rsdl. Care Facs. Rev.,<br> Westminster Canterbury on Chesapeake Bay, Series A | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;09/01/59 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629620 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Virginia (cont'd.)** | **Virginia (cont'd.)** | **Virginia (cont'd.)** | **Virginia (cont'd.)** | **Virginia (cont'd.)** |
| Virginia Small Bus. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;National Sr. Campuses, Inc., Rfdg. | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;01/01/51 | &nbsp;&nbsp;1750 | &nbsp;&nbsp; $1448320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Elizabeth River Crossing OPCO LLC Proj., Rfdg., AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01/01/39 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, I-495 Hot Lanes Proj., Rfdg., AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12/31/57 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973999 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6976885 |
| **Washington 1.6%** | **Washington 1.6%** | **Washington 1.6%** | **Washington 1.6%** | **Washington 1.6%** |
| Port of Seattle Indl. Dev. Corp. Rev.,<br> Spl. Facs., Delta Airlines, Rfdg., AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04/01/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998818 |
| Port of Seattle Rev.,<br> Intermediate Lien, Series B, Rfdg., AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;08/01/47 | &nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561466 |
| Washington Healthcare Facs. Auth. Rev.,<br> Overlake Hosp. Med. Ctr., Rfdg. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/01/38 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072828 |
| Washington St. Hsg. Fin. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerald Heights Proj., Series A, Rfdg. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/01/48 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radford Court & Nordheim Court Port. | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07/01/49 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Social Cert., Series 2021-1, Class A | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;12/20/35 | &nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2023-1, Class X | &nbsp;&nbsp;1.450(cc) | &nbsp;&nbsp;04/20/37 | 21566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128097 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12542263 |
| **Wisconsin 6.8%** | **Wisconsin 6.8%** | **Wisconsin 6.8%** | **Wisconsin 6.8%** | **Wisconsin 6.8%** |
| Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Astro Texas Land Proj. | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astro Texas Land Proj., Rfdg., 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;2249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Integrated Oncology Fndtn., Series A, 144A | &nbsp;&nbsp;9.000 | &nbsp;&nbsp;11/01/28 | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Integrated Oncology Fndtn., Series A, 144A | 10.000 | &nbsp;&nbsp;11/01/38 | &nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancroft Neurohealth Proj., Series A, 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancroft Neurohlth. Proj., Series A, 144A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;06/01/48 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bayhealth Med. Ctr. Proj., Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07/01/50 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B-1, Series 1, 144A | &nbsp;&nbsp;6.810 | &nbsp;&nbsp;04/28/36 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corvian Cmnty. Sch., Series A, 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06/15/49 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corvian Cmnty. Sch., Series A, 144A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;06/15/47 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fndtn. Academy Chrt. Sc. Proj., 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/01/60 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Bond, Fargo Moorhead Metropolitan Area Flood Mgmnt., AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03/31/56 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mt. Island Chrt. Sch., Series L, Rfdg. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/01/47 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127028 |
| &nbsp;&nbsp;&nbsp;&nbsp;North East Carolina Preparatory Sch., Series A, Rfdg. | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06/15/54 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985962 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Wisconsin (cont'd.)** | **Wisconsin (cont'd.)** | **Wisconsin (cont'd.)** | **Wisconsin (cont'd.)** | **Wisconsin (cont'd.)** |
| Pub. Fin. Auth. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rans Bridgewater Proj., 144A | 5.625% | &nbsp;&nbsp;12/15/30 | 2515 | &nbsp;&nbsp; $2488881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rans Elevon Proj., 144A | 5.000 | &nbsp;&nbsp;07/15/30 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rans Mayfair Proj., Series A4, 144A | 5.500 | &nbsp;&nbsp;11/15/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Signorelli Proj., 144A | 5.375 | &nbsp;&nbsp;12/15/32 | 2528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Puerto Rico Toll Roads Monetization Proj., Series A, AMT | 5.750 | &nbsp;&nbsp;07/01/54 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. MD Proton Treatment Ctr., Series A-1, 144A | 6.250 | &nbsp;&nbsp;01/01/38(d) | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. MD Proton Treatment Ctr., Series A-1, 144A | 6.375 | &nbsp;&nbsp;01/01/48(d) | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Oblig. Grp., Series B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;07/01/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Oblig. Grp., Series B, Rfdg., AMT | 5.250 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Alloc., Miami Worldctr. Proj., Series A, 144A | 5.000 | &nbsp;&nbsp;06/01/41 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230339 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Meadows Proj., 144A | 5.750 | &nbsp;&nbsp;12/15/33 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Txbl. Million Air Three LLC, Cinderella Bond (Convert to Fixed on 04/01/25), 144A | 9.750 | &nbsp;&nbsp;09/01/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643389 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Methodist Retmnt. Homes, Series A, Rfdg. | 4.000 | &nbsp;&nbsp;10/01/51 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wonderful Fndtn. Chrt. Sch. Port., Series A-1, 144A | 5.000 | &nbsp;&nbsp;01/01/55 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400066 |
| Wisconsin Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forensic Science & Protective Med. Collaboration, Inc. Proj., 144A | 5.000 | &nbsp;&nbsp;08/01/27 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hope Christian Schs. | 4.000 | &nbsp;&nbsp;12/01/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hope Christian Schs. | 4.000 | &nbsp;&nbsp;12/01/56 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marshfield Clinic Hlth. Sys. Inc., Sereis A | 5.500 | &nbsp;&nbsp;02/15/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077182 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51862247 |
| **Total Municipal Bonds<br> (cost $798,720,646)** | **Total Municipal Bonds<br> (cost $798,720,646)** | **Total Municipal Bonds<br> (cost $798,720,646)** | **Total Municipal Bonds<br> (cost $798,720,646)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758816305 |
| **U.S. Treasury Obligation(k) 0.1%** | **U.S. Treasury Obligation(k) 0.1%** | **U.S. Treasury Obligation(k) 0.1%** | **U.S. Treasury Obligation(k) 0.1%** | **U.S. Treasury Obligation(k) 0.1%** |
| U.S. Treasury Notes<br> (cost $898,509) | 3.500 | &nbsp;&nbsp;09/30/26 | &nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898743 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** |  |
| **Unaffiliated Exchange-Traded Funds 0.8%** | **Unaffiliated Exchange-Traded Funds 0.8%** | **Unaffiliated Exchange-Traded Funds 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares National Muni Bond ETF | 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115500 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Unaffiliated Exchange-Traded Funds (Continued)** | **Unaffiliated Exchange-Traded Funds (Continued)** | **Unaffiliated Exchange-Traded Funds (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;VanEck High Yield Muni ETF | &nbsp;&nbsp;60000 | &nbsp;&nbsp; $2997000 |
| **Total Unaffiliated Exchange-Traded Funds<br> (cost $6,139,377)** | **Total Unaffiliated Exchange-Traded Funds<br> (cost $6,139,377)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112500 |
| **Total Long-Term Investments<br> (cost $805,758,532)** | **Total Long-Term Investments<br> (cost $805,758,532)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765827548 |
| **Short-Term Investment 0.1%** | **Short-Term Investment 0.1%** | **Short-Term Investment 0.1%** |
| **Affiliated Mutual Fund** | **Affiliated Mutual Fund** | **Affiliated Mutual Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund<br> (cost $959,567)(wb) | &nbsp;&nbsp;959567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959567 |
| **TOTAL INVESTMENTS 99.9%<br> (cost $806,718,099)** | **TOTAL INVESTMENTS 99.9%<br> (cost $806,718,099)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766787115 |
| Other assets in excess of liabilities(z) 0.1% | Other assets in excess of liabilities(z) 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522334 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$767309449 |

---

------

Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:

---

| |
|:---|
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
| AGM—Assured Guaranty Municipal Corp. |
| AMT—Alternative Minimum Tax |
| BAM—Build America Mutual |
| CABS—Capital Appreciation Bonds |
| CDD—Community Development District |
| ETF—Exchange-Traded Fund |
| FRDD—Floating Rate Daily Demand Note |
| GO—General Obligation |
| PFC—Public Facility Corporation |
| PSFG—Permanent School Fund Guarantee |
| Rfdg—Refunding |

---

# Principal amount is shown in U.S. dollars unless otherwise stated.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ee) All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations.

(hh) When-issued security.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(t) Represents zero coupon. Rate quoted represents effective yield at May 31, 2025.

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

(wb) Represents an investment in a Fund affiliated with the Manager.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** |
| **Number<br> of<br> Contracts** | **Type** | **Expiration<br> Date** | **Current<br> Notional<br> Amount** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Position:** | **Long Position:** | **Long Position:** | **Long Position:** | **Long Position:** |
| 38 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | $4410375 | $72459 |
| **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** |
| 5 | 2 Year U.S. Treasury Notes | Sep. 2025 | &nbsp;&nbsp;&nbsp;1037188 | &nbsp;&nbsp;&nbsp;(1178) |
|  |  |  |  | $71281 |

---

*Other information regarding the Fund is available in the Fund's most recent Report to Shareholders. This information is available on the Securities and Exchange Commission's website (www.sec.gov).*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Prudential Investment Portfolios 4

- **b. Investment Company Act file number:** 811-04930

- **c. CIK number of Registrant:** 0000807394

- **d. LEI of Registrant:** 549300W5ICYQ5O9FF145

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 655 Broad Street

  - **City:** Newark

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07102-4077

  - **Telephone number:** 1-800-225-1852

**Item A.2. Information about the Series.**

- **a. Name of Series:** PGIM Muni High Income Fund

- **b. EDGAR series identifier (if any):** S000004643

- **c. LEI of Series:** XF4M2KJIB02007UI7B73

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $774007184.27

**Total Liabilities:** $7747733.69

**Net Assets:** $766259450.58

**Delayed Delivery Securities:** $4212097.50

**Cash Not Reported:** $476242.79

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 887.66724000 | **1-Year:** 12883.84477000 | **5-Year:** 94272.00841000 | **10-Year:** 388272.29924000 | **30-Year:** 74557.58260000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 201.69387000 | **1-Year:** 2270.75919000 | **5-Year:** 12388.51600000 | **10-Year:** 44451.28093000 | **30-Year:** 3943.71923000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012650 | -1.54%               | -1.25%               | -0.07%               |
| Class ID C000012651 | -1.56%               | -1.27%               | -0.09%               |
| Class ID C000012653 | -1.63%               | -1.34%               | -0.16%               |
| Class ID C000190115 | -1.53%               | -1.24%               | -0.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-223757.40              | $-16011382.25                              |
| Month 2  | $-2649201.61             | $-9981517.90                               |
| Month 3  | $-551182.71              | $-2218723.60                               |

**Designated Index Information**

- **Index Name:** PGIM Muni High Income Fund - ExDerivatives

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        38 | NC      | $72458.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PD51<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1212195.56   | 0.16%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS              | Louisiana Public Facilities Authority                                           | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505861.21   | 0.20%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542QCK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4455000 | PA      | $3225915.97   | 0.42%             | 2056-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $543925.69    | 0.07%             | 2040-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CNTY FL TRANSPRTN REVE              | County of Osceola FL Transportation Revenue                                     | CUSIP: 688031FK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $198595.73    | 0.03%             | 2054-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD               | Sterling Ranch Community Authority Board                                        | CUSIP: 85950TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1702511.38   | 0.22%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                            | CUSIP: 1675934E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044545.36   | 0.14%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PGIM Core Ultra Short Bond Fund             | PGIM Core Ultra Short Bond Fund                                                 | CUSIP: 000000000<br>LEI: 1VRLPVAWKZCB406TIT84 | Long             | STIV             | RF                | US        |    466611 | NS      | $466610.51    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI ARPT FACS R              | Public Finance Authority                                                        | CUSIP: 74443CAC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1479710.20   | 0.19%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK              | Port of Beaumont Navigation District                                            | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047472.69   | 0.27%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                         | CUSIP: 8371514F3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1243143.04   | 0.16%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                        | CUSIP: 74442EEY2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $811990.20    | 0.11%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE              | Village Community Development District No 13                                    | CUSIP: 92708HAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $424921.08    | 0.06%             | 2039-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2995000 | PA      | $2921557.24   | 0.38%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $701610.11    | 0.09%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIDTOWN MIAMI FL CDD SPL ASSMN              | Midtown Miami Community Development District                                    | CUSIP: 59807PAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1948069.72   | 0.25%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                              | CUSIP: 392275EL3<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072200.93   | 0.27%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS              | Louisiana Public Facilities Authority                                           | CUSIP: 54640TAL3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065783.84   | 0.14%             | 2053-10-01      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH EN              | New Jersey Economic Development Authority                                       | CUSIP: 64577QAF8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500189.06   | 0.20%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2920679.72   | 0.38%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL HLTH CARE FACS              | City of Jacksonville FL                                                         | CUSIP: 469400EL5<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $856899.11    | 0.11%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP              | New Jersey Economic Development Authority                                       | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2275793.90   | 0.30%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $27330.25     | 0.00%             | 2039-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    616899 | PA      | $617745.15    | 0.08%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO              | Development Authority of Burke County/The                                       | CUSIP: 121342PM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1722353.52   | 0.22%             | 2045-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PLAQUEMINES LA PORT HARBOR & T              | Plaquemines Port Harbor & Terminal District                                     | CUSIP: 727521AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3862911.12   | 0.50%             | 2034-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012907.26   | 0.13%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2229000 | PA      | $2071525.01   | 0.27%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                  | Lancaster Industrial Development Authority                                      | CUSIP: 51434NAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $768110.89    | 0.10%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                | CUSIP: 56681NAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907322.24    | 0.12%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS              | Louisiana Public Facilities Authority                                           | CUSIP: 54640TAM1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058649.67   | 0.14%             | 2053-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1400065.55   | 0.18%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #12 SPL ASSMNT REVE              | Village Community Development District No 12                                    | CUSIP: 92708FAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2373699.60   | 0.31%             | 2043-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR              | Tulsa County Industrial Authority                                               | CUSIP: 899530BA6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1002481.70   | 0.13%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH EN              | New Jersey Economic Development Authority                                       | CUSIP: 64577QAG6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1086279.88   | 0.14%             | 2043-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF AFFORDAB              | Public Finance Authority                                                        | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016018.37   | 0.26%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL               | Capital Trust Authority                                                         | CUSIP: 14054WAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $427333.75    | 0.06%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  12285248 | PA      | $6317861.12   | 0.82%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO              | New York State Dormitory Authority                                              | CUSIP: 64990KFX6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5179635.24   | 0.68%             | 2052-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIGO FL CDD CAPITAL IMPT REV              | Indigo Community Development District                                           | CUSIP: 45567RAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    476616 | PA      | $405123.96    | 0.05%             | 2036-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1348495.11   | 0.18%             | 2040-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                        | CUSIP: 744396JZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985962.30    | 0.13%             | 2054-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $713036.72    | 0.09%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A              | Washington Health Care Facilities Authority                                     | CUSIP: 93978HKJ3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1072827.89   | 0.14%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JDS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $674854.66    | 0.09%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH              | Lee County Industrial Development Authority/FL                                  | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003997.19   | 0.13%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DEKALB CNTY GA HSG AUTH MF HSG              | DeKalb County Housing Authority                                                 | CUSIP: 240471PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2967777.33   | 0.39%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT MO INDL DEV AUTH S              | Lees Summit Industrial Development Authority                                    | CUSIP: 524292BP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1316844.92   | 0.17%             | 2047-08-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                     | CUSIP: 928104QL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973998.79    | 0.13%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP FACS REV              | County of Franklin OH                                                           | CUSIP: 353187BS5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1768986.66   | 0.23%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE              | Tempe Industrial Development Authority                                          | CUSIP: 87972MBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $773400.73    | 0.10%             | 2056-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                     | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   1878245 | PA      | $1742761.56   | 0.23%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP              | New Jersey Economic Development Authority                                       | CUSIP: 64578CBU4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000601.35   | 0.26%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2208171.69   | 0.29%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PB53<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2796462.14   | 0.36%             | 2028-11-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $831016.08    | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1920114.27   | 0.25%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY PA GEN AUTH REV                  | Adams County General Authority                                                  | CUSIP: 006114AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1608428.27   | 0.21%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                | CUSIP: 34061UGR3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    565000 | PA      | $478959.45    | 0.06%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                     | Freddie Mac Multifamily ML Certificates                                         | CUSIP: 3137HASR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  19470163 | PA      | $2000121.13   | 0.26%             | 2037-09-25      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| COLBY KS HOSP LOAN ANTICIPATIO              | City of Colby KS                                                                | CUSIP: 19277TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3545160.18   | 0.46%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VXH6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1735420.07   | 0.23%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE              | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333P4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967795.33    | 0.13%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                        | CUSIP: 74442EBX7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1679580.08   | 0.22%             | 2047-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                          | CUSIP: 65821DXS5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2384282.91   | 0.31%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2040793.22   | 0.27%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN               | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542UFM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $408842.32    | 0.05%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY              | Patriots Energy Group Financing Agency                                          | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1779896.18   | 0.23%             | 2054-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977623.52    | 0.13%             | 2048-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI              | Indiana Finance Authority                                                       | CUSIP: 45505MPS9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1658211.55   | 0.22%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939361.34    | 0.12%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1378583.54   | 0.18%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE              | City of Valparaiso IN                                                           | CUSIP: 92028RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926686.48    | 0.12%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH MTGER              | Vermont Economic Development Authority                                          | CUSIP: 92415TCB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1593642.19   | 0.21%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001983.03   | 0.26%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL               | Triborough Bridge & Tunnel Authority                                            | CUSIP: 896032BD0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055121.77   | 0.14%             | 2059-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3149151.50   | 0.41%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN              | M-S-R Energy Authority                                                          | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1941598.40   | 0.25%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                | CUSIP: 34061UGS1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2078354.35   | 0.27%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH                     | Doylestown Hospital Authority                                                   | CUSIP: 261333HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2789298.14   | 0.36%             | 2039-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PB61<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2588111.86   | 0.34%             | 2038-11-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CITYPLACE FL CDD SPL ASSMNT RE              | Cityplace Community Development District                                        | CUSIP: 17877SAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $274455.68    | 0.04%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                            | CUSIP: 25483VWD2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4610000 | PA      | $3826802.25   | 0.50%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4064288.28   | 0.53%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JAMES CITY CNTY VA ECON DEV AU              | James City County Economic Development Authority                                | CUSIP: 47029WED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $768285.52    | 0.10%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                         | CUSIP: 544532BR4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6500000.00   | 0.85%             | 2051-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL HSG FIN AUTH MF HS              | Lee County Housing Finance Authority                                            | CUSIP: 52349HBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3515057.49   | 0.46%             | 2028-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN              | Port of Portland OR Airport Revenue                                             | CUSIP: 735240M91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3860000 | PA      | $3779119.41   | 0.49%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                     | CUSIP: 939783Q74<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978768.39    | 0.13%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU              | Louisiana Public Facilities Authority                                           | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4130048.83   | 0.54%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HERITAGE RIDGE MET DIST CO                  | Heritage Ridge Metropolitan District                                            | CUSIP: 42727TAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $693242.99    | 0.09%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #7 SPL ASSMNT REVEN              | Village Community Development District No 7                                     | CUSIP: 92707VAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1542872.20   | 0.20%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3404466.60   | 0.44%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  18028942 | PA      | $11030075.67  | 1.44%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| DEKALB CNTY GA HSG AUTH MF HSG              | DeKalb County Housing Authority                                                 | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987482.61    | 0.13%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                     | CUSIP: 928104NC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1448320.33   | 0.19%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3475000 | PA      | $3232537.94   | 0.42%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                | CUSIP: 74440DBR4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.07%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| EP TUSCANY ZARAGOSA PFC TX                  | EP Tuscany Zaragosa PFC                                                         | CUSIP: 29414WAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1603858.76   | 0.21%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $582460.96    | 0.08%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK NY TOBACCO ASSET SECUR              | Suffolk Tobacco Asset Securitization Corp                                       | CUSIP: 864809CC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $363102.92    | 0.05%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE              | City of Valparaiso IN                                                           | CUSIP: 92028RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1180800.77   | 0.15%             | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL CMNTY CLG DIST #5              | Cook County Community College District No 508                                   | CUSIP: 213187EH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2355310.45   | 0.31%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                      | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2287334.16   | 0.30%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638RFP7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1063819.64   | 0.14%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2851000 | PA      | $2824466.55   | 0.37%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT MO SPL OBLG TAX IN              | City of Lees Summit MO                                                          | CUSIP: 524309AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1908536.07   | 0.25%             | 2037-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1072297.58   | 0.14%             | 2046-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE              | Park Creek Metropolitan District                                                | CUSIP: 700387DM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1450239.60   | 0.19%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749951.82    | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -5 | NC      | $-1178.03     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PD69<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2514643 | PA      | $2488881.21   | 0.32%             | 2030-12-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 452152U25<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509017.75   | 0.33%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE VA TOLL ROAD REVENU              | City of Chesapeake VA Chesapeake Expressway Toll Road Revenue                   | CUSIP: 16532RAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008839.42   | 0.13%             | 2040-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XNP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2240901.37   | 0.29%             | 2047-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R              | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938641.43    | 0.12%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1129156 | PA      | $1062196.10   | 0.14%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY MN CHRT SCH LEASE REVEN              | City of Ramsey MN                                                               | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1208815.48   | 0.16%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1219678.64   | 0.16%             | 2032-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080YV7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031252.44   | 0.13%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    905000 | PA      | $898742.77    | 0.12%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                       | CUSIP: 68450LGN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2446910.93   | 0.32%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                      | CUSIP: 167505VB9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500833.78    | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST EDUCTNL FACS AUTH               | Illinois Educational Facilities Authority                                       | CUSIP: 45201QCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075113.26   | 0.14%             | 2036-11-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY              | Patriots Energy Group Financing Agency                                          | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591614.88   | 0.21%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015477.75   | 0.13%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AKRON BATH COPLEY JT TWP OH HO              | Akron Bath Copley Joint Township Hospital District                              | CUSIP: 009730PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2641563.49   | 0.34%             | 2040-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE RIDGE MET DIST CO                  | Heritage Ridge Metropolitan District                                            | CUSIP: 42727TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $309774.81    | 0.04%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAHOE-DOUGLAS VISITORS AUTH NV              | Tahoe-Douglas Visitors Authority                                                | CUSIP: 873816AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011573.94   | 0.13%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                        | CUSIP: 04052BHE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502676.43   | 0.20%             | 2048-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1109348 | PA      | $1061093.33   | 0.14%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                            | CUSIP: 1675936A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030914.23   | 0.13%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL CHRTR SC              | Capital Trust Authority                                                         | CUSIP: 14054YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2623309.94   | 0.34%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                      | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3414862.98   | 0.45%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority                  | New Hampshire Business Finance Authority                                        | CUSIP: 63607WAV6<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |  46218754 | PA      | $1828547.93   | 0.24%             | 2039-08-20      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1237184.05   | 0.16%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3000637.44   | 0.39%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L              | New York Liberty Development Corp                                               | CUSIP: 649519DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4376908.72   | 0.57%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT              | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAD3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1680733.52   | 0.22%             | 2046-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU              | Development Authority for Fulton County                                         | CUSIP: 36005FGE9<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2603890.00   | 0.34%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POTTSBORO TX HGR EDU FIN CORP               | Pottsboro Higher Education Finance Corp                                         | CUSIP: 738222AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900137.41    | 0.12%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                  | Port of Seattle WA                                                              | CUSIP: 735389W38<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2561465.73   | 0.33%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                        | Stamford Housing Authority                                                      | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2377955.57   | 0.31%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1163593 | PA      | $996652.49    | 0.13%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JDT7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $1997272.30   | 0.26%             | 2056-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE              | Public Finance Authority                                                        | CUSIP: 74442ECB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1127028.26   | 0.15%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G              | Central Plains Energy Project                                                   | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082554.93   | 0.27%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E              | Ohio Air Quality Development Authority                                          | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884140.01    | 0.12%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC              | California County Tobacco Securitization Agency                                 | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $847501.60    | 0.11%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH EDUCTNL               | Development Authority of Cobb County/The                                        | CUSIP: 190782AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018116.76   | 0.26%             | 2064-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                         | CUSIP: 544532PR9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1410423.91   | 0.18%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                | Capital Trust Agency Inc                                                        | CUSIP: 14052WBB2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1016509.97   | 0.13%             | 2029-07-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST              | Tulsa Municipal Airport Trust Trustees/OK                                       | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613574.94   | 0.21%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937727.58    | 0.12%             | 2045-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT              | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAC5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1951188.85   | 0.25%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN              | M-S-R Energy Authority                                                          | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2400620.13   | 0.31%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KCX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $799972.31    | 0.10%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE               | Parish of St James LA                                                           | CUSIP: 790103AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068335.65   | 0.14%             | 2040-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB              | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $2943497.09   | 0.38%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD SPL OBLG                  | County of Frederick MD                                                          | CUSIP: 35571LCE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $827270.34    | 0.11%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1331718.06   | 0.17%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                              | CUSIP: 392274F84<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4702734.54   | 0.61%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                      | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554447.67   | 0.20%             | 2046-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                         | CUSIP: 544532HC1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.20%             | 2057-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    855822 | PA      | $786995.23    | 0.10%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 452152E56<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2816187.29   | 0.37%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR              | New York State Environmental Facilities Corp                                    | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    550000 | PA      | $546996.68    | 0.07%             | 2050-09-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| VLG CDD #11 FL SPL ASSMNT REVE              | Village Community Development District No 11                                    | CUSIP: 92708EAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1099181.63   | 0.14%             | 2045-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD               | Sterling Ranch Community Authority Board                                        | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $854799.80    | 0.11%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO              | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1821617.89   | 0.24%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS              | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCG0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   5960000 | PA      | $5960996.73   | 0.78%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1479916 | PA      | $1552801.91   | 0.20%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC               | Public Finance Authority                                                        | CUSIP: 74444VBV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1187725.75   | 0.16%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                     | Freddie Mac Multifamily ML Certificates                                         | CUSIP: 3137H9JP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  32210937 | PA      | $1704773.51   | 0.22%             | 2036-07-25      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| ROCKDALE CNTY GA DEV AUTH                   | Development Authority of Rockdale County                                        | CUSIP: 773008AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979319.69    | 0.13%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                       | CUSIP: 64577XFB7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    675000 | PA      | $724199.16    | 0.09%             | 2039-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16538000 | PA      | $3892321.11   | 0.51%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13920000 | PA      | $12063054.46  | 1.57%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CA PUBLIC FING AUTH                 | Lincoln Public Financing Authority                                              | CUSIP: 533020EG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $320745.31    | 0.04%             | 2027-09-02      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  51183000 | PA      | $16108922.02  | 2.10%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                         | CUSIP: 041807DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1394147.30   | 0.18%             | 2053-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                | Capital Trust Agency Inc                                                        | CUSIP: 14052WDN4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883625.34    | 0.12%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH               | Chester County Industrial Development Authority                                 | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2165690.87   | 0.28%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB              | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200803.85    | 0.03%             | 2027-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1413748.35   | 0.18%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                       | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501429.82   | 0.20%             | 2038-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                      | CUSIP: 45204FHU2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2546643.68   | 0.33%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH MTGER              | Vermont Economic Development Authority                                          | CUSIP: 92415TCA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883265.15    | 0.12%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SENIOR LI              | New Hampshire Business Finance Authority                                        | CUSIP: 63608SAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $1600313.92   | 0.21%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS              | New Hampshire Business Finance Authority                                        | CUSIP: 63607WAR5<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |  34539923 | PA      | $1265414.97   | 0.17%             | 2051-07-01      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60637AHZ8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1769223.86   | 0.23%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                | Capital Trust Agency Inc                                                        | CUSIP: 14052WDK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2630577.16   | 0.34%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2510691.45   | 0.33%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JULINGTON CREEK PLANTATION FLC              | Julington Creek Plantation Community Development District                       | CUSIP: 481367BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1430195.47   | 0.19%             | 2054-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A              | St Louis County Industrial Development Authority                                | CUSIP: 791524BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000341.95   | 0.13%             | 2043-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                        | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HGP1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033599.09   | 0.27%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI TAX INCREMENT               | Public Finance Authority                                                        | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1230338.86   | 0.16%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA              | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4016021.73   | 0.52%             | 2038-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL &               | Shelby County Health & Educational Facilities Board                             | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1909584.20   | 0.25%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                      | CUSIP: 167505QP4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $994357.34    | 0.13%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE                | Tennergy Corp/TN                                                                | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501619.19    | 0.07%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   8015875 | PA      | $8604468.66   | 1.12%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542PGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2977480.09   | 0.39%             | 2056-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JKM4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3077181.47   | 0.40%             | 2054-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY TOBACCO ASSET SEC              | Erie Tobacco Asset Securitization Corp                                          | CUSIP: 295095BC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1102042.48   | 0.14%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PVC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1025997.28   | 0.13%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MF AFFORD              | New Hampshire Business Finance Authority                                        | CUSIP: 63610CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   2500000 | PA      | $2518802.64   | 0.33%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                        | CUSIP: 04052BLS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1442152.15   | 0.19%             | 2050-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 452153KA6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030195.54   | 0.13%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH NT              | Tobacco Securitization Authority of Northern California                         | CUSIP: 888794CA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $536828.41    | 0.07%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE               | County of Cuyahoga OH                                                           | CUSIP: 2322655S3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1957232.82   | 0.26%             | 2047-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA KENNESTONE HOSP A              | Cobb County Kennestone Hospital Authority                                       | CUSIP: 190813SZ9<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3348786.01   | 0.44%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                | New Hampshire Business Finance Authority                                        | CUSIP: 63607YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $814413.45    | 0.11%             | 2045-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                       | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1652277.95   | 0.22%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS              | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCF2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249960.98    | 0.03%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO              | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1643769.99   | 0.21%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV              | Hillsborough County Industrial Development Authority                            | CUSIP: 43233KAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107568.05   | 0.28%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                     | CUSIP: 93978T4N6<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |  21566005 | PA      | $2128096.73   | 0.28%             | 2037-04-20      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY TOBACCO ASSET SEC              | Erie Tobacco Asset Securitization Corp                                          | CUSIP: 295095BD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $540555.80    | 0.07%             | 2050-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE              | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530831.30   | 0.20%             | 2046-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #14 SPL ASSMNT REVE              | Village Community Development District No 14                                    | CUSIP: 92708JAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1611095.63   | 0.21%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT              | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFN3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    560000 | PA      | $583878.53    | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON PARISH LA ECON DEV &              | Jefferson Parish Economic Development & Port District                           | CUSIP: 474548AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1825215.15   | 0.24%             | 2048-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                       | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021115.42   | 0.26%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                        | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909287.03    | 0.12%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                | CUSIP: 34061UFC7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1685887.45   | 0.22%             | 2050-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                            | CUSIP: 25483VXQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501116.94   | 0.20%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                         | CUSIP: 041806L65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1242650.56   | 0.16%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI              | Florida Higher Educational Facilities Financial Authority                       | CUSIP: 34073TKA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4795000 | PA      | $4702032.12   | 0.61%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAMPART RANGE CO MET DIST #5                | Rampart Range Metropolitan District No 5                                        | CUSIP: 75157WAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $392748.07    | 0.05%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3088229.37   | 0.40%             | 2031-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE S              | Illinois Finance Authority                                                      | CUSIP: 45202HAM5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613115.12   | 0.21%             | 2052-09-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                          | CUSIP: 65821DTH4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000737.84   | 0.13%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4123622.44   | 0.54%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4381486 | PA      | $2621548.28   | 0.34%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                     | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7559950.89   | 0.99%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EP ESSENTIAL HOUSING WF PFC TX              | EP Essential Housing WF PFC                                                     | CUSIP: 29416AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982565.99    | 0.13%             | 2034-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                           | CUSIP: 786071RC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $855682.37    | 0.11%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS              | Knox County Health Educational & Housing Facility Board                         | CUSIP: 499526BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482689.44   | 0.19%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH LEASE REVENU              | New Hampshire Business Finance Authority                                        | CUSIP: 63610FBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1251591.92   | 0.16%             | 2051-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                            | CUSIP: 19648FRW6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2533512.32   | 0.33%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                      | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2160484.83   | 0.28%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU              | State of Nevada Department of Business & Industry                               | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2866311.49   | 0.37%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                              | CUSIP: 59333APP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1285952.91   | 0.17%             | 2041-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL FAC REV              | Public Finance Authority                                                        | CUSIP: 74446DAN8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2643388.56   | 0.34%             | 2054-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                       | CUSIP: 64577XAC0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65049.26     | 0.01%             | 2040-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT CT INFRASTRUCTURE              | Harbor Point Infrastructure Improvement District                                | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010493.16   | 0.26%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S MIAMI FL HLTH FACS AUTH                   | City Of South Miami Health Facilities Authority Inc                             | CUSIP: 838810EE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2053921.24   | 0.27%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                       | CUSIP: 04780MX87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1775302.58   | 0.23%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI              | Glendale Industrial Development Authority                                       | CUSIP: 378287BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $836868.44    | 0.11%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                              | CUSIP: 167486XF1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2356412.51   | 0.31%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                     | Freddie Mac Multifamily ML Certificates                                         | CUSIP: 3137HDJL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2195216 | PA      | $2153057.54   | 0.28%             | 2042-04-25      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH SOL WS              | St Paul Port Authority                                                          | CUSIP: 79307RAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919359.51    | 0.12%             | 2037-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OK CNTY FIN AUTH CHRT SCH LSE               | Oklahoma County Finance Authority                                               | CUSIP: 67868WAD1<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2453200.72   | 0.32%             | 2064-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PF75<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3575499.73   | 0.47%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3465000 | PA      | $3736966.76   | 0.49%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2355944.40   | 0.31%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R              | Tobacco Settlement Financing Corp/RI                                            | CUSIP: 888809BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4349737.48   | 0.57%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION               | Texas Municipal Gas Acquisition & Supply Corp V                                 | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108483.43   | 0.28%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                         | CUSIP: 041807FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1271488.67   | 0.17%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE              | Chicago Midway International Airport                                            | CUSIP: 167562TM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508943.10   | 0.20%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                      | CUSIP: 45204E6G8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    265000 | PA      | $269985.37    | 0.04%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE                     | City of Atlanta GA Department of Aviation                                       | CUSIP: 04780MX79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026156.31   | 0.13%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                      | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1359891.49   | 0.18%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY SOL              | Build NYC Resource Corp                                                         | CUSIP: 12008HAC3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000077.13   | 0.13%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                               | CUSIP: 60527MBA6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3029988.78   | 0.40%             | 2036-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY               | New York City Industrial Development Agency                                     | CUSIP: 64971PKL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881567.54    | 0.12%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542PGD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5575000 | PA      | $5463670.14   | 0.71%             | 2031-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL REVENUE              | Public Finance Authority                                                        | CUSIP: 74447TAE2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 0.31%             | 2028-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL              | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RYX3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    885000 | PA      | $863359.05    | 0.11%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAZA CO MET DIST #1 REVENUE                | Plaza Metropolitan District No 1                                                | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965709.23    | 0.13%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116CE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010408.02   | 0.26%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST TURNPIKE COMMISSION                 | Ohio Turnpike & Infrastructure Commission                                       | CUSIP: 67760HKB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5135000 | PA      | $2561459.70   | 0.33%             | 2040-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S              | Salt Verde Financial Corp                                                       | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075347.75   | 0.27%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &               | Chattanooga Health Educational & Housing Facility Board                         | CUSIP: 162409AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2549909.59   | 0.33%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA              | California Statewide Communities Development Authority                          | CUSIP: 13078RGJ3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1024044.84   | 0.13%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                              | CUSIP: 837031H71<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2916492.46   | 0.38%             | 2065-03-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002273.25   | 0.39%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                               | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1221184.62   | 0.16%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| iShares National Muni Bond ETF              | iShares National Muni Bond ETF                                                  | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             | EC               | RF                | US        |     30000 | NS      | $3115500.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                     | CUSIP: 928104NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1147821.14   | 0.15%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH                   | Oklahoma Turnpike Authority                                                     | CUSIP: 679111E91<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2662364.01   | 0.35%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY/KANSAS CITY KS               | Wyandotte County-Kansas City Unified Government                                 | CUSIP: 982707AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $607091.09    | 0.08%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                | CUSIP: 34061ULK2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1830709.53   | 0.24%             | 2057-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL REVENUE              | Public Finance Authority                                                        | CUSIP: 74447TAF9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2528000 | PA      | $2479620.21   | 0.32%             | 2032-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DWV7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554383.47   | 0.20%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                            | CUSIP: 167593X98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042538.45   | 0.27%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR              | New York State Environmental Facilities Corp                                    | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526260.72    | 0.07%             | 2050-09-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PJV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1350000.00   | 0.18%             | 2048-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                            | CUSIP: 1675934S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3076004.56   | 0.40%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                            | CUSIP: 25483VVQ4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2023411.93   | 0.26%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE              | New Jersey Economic Development Authority                                       | CUSIP: 6459182H5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1703108.25   | 0.22%             | 2043-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006243.82   | 0.13%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU              | County of Berkeley SC                                                           | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $828507.08    | 0.11%             | 2049-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 452153JV2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2745904.17   | 0.36%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                      | CUSIP: 59447TL76<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1659421.23   | 0.22%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA INDL DEV CORP               | Port of Seattle Industrial Development Corp                                     | CUSIP: 735385AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998818.21    | 0.13%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1210119 | PA      | $989714.70    | 0.13%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU              | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UTM6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1667574.46   | 0.22%             | 2064-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST              | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $629633.22    | 0.08%             | 2054-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC              | California County Tobacco Securitization Agency                                 | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $540000.00    | 0.07%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority                  | National Finance Authority Affordable Housing Certificates Series 2024-1        | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3190000 | PA      | $3001815.02   | 0.39%             | 2040-10-20      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HENDERSON KY EXEMPT FACS REVEN              | City of Henderson KY                                                            | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $451079.14    | 0.06%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL REVENUE              | Public Finance Authority                                                        | CUSIP: 74447TAG7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1456945.61   | 0.19%             | 2033-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 4521525Q0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1936606.14   | 0.25%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                      | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2201131.98   | 0.29%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A              | St Johns County Industrial Development Authority                                | CUSIP: 79041LAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1132703.36   | 0.15%             | 2046-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                    | CUSIP: 64972JTU2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119766.39   | 0.28%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH SOL WST DISP              | Finance Authority of Maine                                                      | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2519444.87   | 0.33%             | 2047-12-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE              | City of Hugo MN                                                                 | CUSIP: 444584AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1145774.17   | 0.15%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PPE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1446474.92   | 0.19%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                  | City of Detroit MI                                                              | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086566.77   | 0.14%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                        | CUSIP: 76827QKX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1475491.78   | 0.19%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI              | Washington State Housing Finance Commission                                     | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3059524.15   | 0.40%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE              | Village Community Development District No 13                                    | CUSIP: 92708HAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1092636.96   | 0.14%             | 2031-05-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN              | State of Ohio                                                                   | CUSIP: 67759YAQ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949369.28    | 0.12%             | 2053-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                            | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957699.74    | 0.12%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT              | Delaware State Economic Development Authority                                   | CUSIP: 246372BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $674754.88    | 0.09%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU              | Alaska Industrial Development & Export Authority                                | CUSIP: 011903GL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4320000 | PA      | $3526824.90   | 0.46%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1224718.47   | 0.16%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080ZG9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1601069.40   | 0.21%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2512479.97   | 0.33%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1349811.00   | 0.18%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                            | CUSIP: 25483VXS8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1415657.50   | 0.18%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1825625 | PA      | $1234364.41   | 0.16%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R              | Village Community Development District No 15                                    | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1168343.89   | 0.15%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE              | Tempe Industrial Development Authority                                          | CUSIP: 87972MBD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $938423.43    | 0.12%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG              | County of Pasco FL                                                              | CUSIP: 70252AAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053013.84   | 0.14%             | 2054-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT              | Delaware State Economic Development Authority                                   | CUSIP: 246372BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $934458.16    | 0.12%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO              | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  15500000 | PA      | $15506300.66  | 2.02%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972812.96    | 0.13%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R              | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885FDP9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945626.14    | 0.12%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI              | Golden State Tobacco Securitization Corp                                        | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22000000 | PA      | $2364532.34   | 0.31%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033486.48   | 0.13%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2248989 | PA      | $2178584.67   | 0.28%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP FACS REV              | County of Franklin OH                                                           | CUSIP: 353187EF0<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2174590.87   | 0.28%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PJU0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $787500.00    | 0.10%             | 2038-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                            | CUSIP: 19648FSV7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $856109.09    | 0.11%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                           | CUSIP: 786071RB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $651222.55    | 0.08%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REVE              | Delaware State Economic Development Authority                                   | CUSIP: 246387RS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488108.94    | 0.06%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL REVENUE               | Capital Trust Authority                                                         | CUSIP: 14055AAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2494208.15   | 0.33%             | 2044-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL               | Philadelphia Authority for Industrial Development                               | CUSIP: 71781PBL3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2739429.03   | 0.36%             | 2050-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                          | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3003114.17   | 0.39%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS              | New Hampshire Business Finance Authority                                        | CUSIP: 63607WBE3<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |    998565 | PA      | $918427.85    | 0.12%             | 2041-01-20      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                    | CUSIP: 64972JNR5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5294605.26   | 0.69%             | 2052-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                           | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3860130.92   | 0.50%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD              | Virginia Beach Development Authority                                            | CUSIP: 92774NBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1629619.90   | 0.21%             | 2059-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                   | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736U96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $770573.39    | 0.10%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                        | CUSIP: 04052BRH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1942991.49   | 0.25%             | 2029-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SPARKS NV TOURISM IMPT DIST #1              | City of Sparks NV                                                               | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $518258.98    | 0.07%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE                | Tennergy Corp/TN                                                                | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    850000 | PA      | $898211.52    | 0.12%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX INDL DEV CORP                | Harris County Industrial Development Corp                                       | CUSIP: 414189AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009736.10   | 0.13%             | 2050-11-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                         | CUSIP: 544532HU1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.38%             | 2048-07-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN              | Florida Development Finance Corp                                                | CUSIP: 34061UFY9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948154.91    | 0.12%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                            | CUSIP: 19648AW27<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250107.77   | 0.16%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VanEck High Yield Muni ETF                  | VanEck High Yield Muni ETF                                                      | CUSIP: 92189H409<br>LEI: 549300UT41BWOPGYSE94 | Long             | EC               | RF                | US        |     60000 | NS      | $2997000.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTHS              | Chester County Industrial Development Authority                                 | CUSIP: 16559PBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4257418.06   | 0.56%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR               | Los Angeles Department of Water & Power                                         | CUSIP: 544495DL5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.20%             | 2034-07-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182VE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056660.31   | 0.14%             | 2043-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080ZH7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1588369.34   | 0.21%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PD28<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1450408.97   | 0.19%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PCQ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934941.41    | 0.12%             | 2048-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE              | Village Community Development District No 13                                    | CUSIP: 92708HAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $744520.52    | 0.10%             | 2050-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP              | New Jersey Economic Development Authority                                       | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4290000 | PA      | $4289503.48   | 0.56%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM              | North Carolina Medical Care Commission                                          | CUSIP: 65820YTA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    525000 | PA      | $525778.06    | 0.07%             | 2028-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                  | City of Chicago IL                                                              | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2940750.96   | 0.38%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P              | South Carolina Ports Authority                                                  | CUSIP: 837123HN1<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1630172.88   | 0.21%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P              | South Carolina Ports Authority                                                  | CUSIP: 837123GL6<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1290368.27   | 0.17%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES               | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823230.97    | 0.11%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R              | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2139972.61   | 0.28%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE              | Village Community Development District No 13                                    | CUSIP: 92708HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $821085.73    | 0.11%             | 2051-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PCN3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    470000 | PA      | $472965.29    | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H3C1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $969030.55    | 0.13%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA              | City of Galveston TX Wharves & Terminal Revenue                                 | CUSIP: 364568JL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3060000 | PA      | $3235212.97   | 0.42%             | 2043-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC              | Miami-Dade County Educational Facilities Authority                              | CUSIP: 59333APR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1870353.21   | 0.24%             | 2043-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                       | Chicago Board of Education                                                      | CUSIP: 167505WK8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496248.36    | 0.06%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R              | Arizona Industrial Development Authority                                        | CUSIP: 04052BAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965062.71    | 0.13%             | 2050-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE              | Public Finance Authority                                                        | CUSIP: 744396KH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1014337.19   | 0.13%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP               | Arlington Higher Education Finance Corp                                         | CUSIP: 041806L73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2705000 | PA      | $2055499.93   | 0.27%             | 2046-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WS              | Florida Development Finance Corp                                                | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3974604.19   | 0.52%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA URBAN RSDL FIN AUTH              | Atlanta Urban Residential Finance Authority                                     | CUSIP: 04785VBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750000.00   | 0.23%             | 2027-06-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS              | Knox County Health Educational & Housing Facility Board                         | CUSIP: 499527DD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $1770780.73   | 0.23%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I              | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528U6Y2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082317.05   | 0.27%             | 2057-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2469651.41   | 0.32%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4480000 | PA      | $4376328.56   | 0.57%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK NY TOBACCO ASSET SECUR              | Suffolk Tobacco Asset Securitization Corp                                       | CUSIP: 864809CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $98027.32     | 0.01%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                      | CUSIP: 45204EU55<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10188.13     | 0.00%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2005838.30   | 0.26%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                       | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993239.44   | 0.26%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV              | Build NYC Resource Corp                                                         | CUSIP: 12008ESB3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1211096.76   | 0.16%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HLTH CARE FACS               | County of Warren OH                                                             | CUSIP: 93515PEM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1400912.70   | 0.18%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                   | City of Venice FL                                                               | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $878560.52    | 0.11%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                      | CUSIP: 544445SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1585157.93   | 0.21%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI ARPT FACS R              | Public Finance Authority                                                        | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    575000 | PA      | $575119.94    | 0.08%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KERRVILLE TX HLTH FACS DEV COR              | Kerrville Health Facilities Development Corp                                    | CUSIP: 492436AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000535.58   | 0.39%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                            | CUSIP: 167593M74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3005000 | PA      | $2609399.29   | 0.34%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R              | Central Texas Regional Mobility Authority                                       | CUSIP: 155498FP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1000686.97   | 0.13%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL               | Connecticut State Health & Educational Facilities Authority                     | CUSIP: 20775DYW6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1923011.18   | 0.25%             | 2054-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                            | CUSIP: 1675934F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041842.27   | 0.14%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S              | Mobile County Industrial Development Authority                                  | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1403594.63   | 0.18%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN              | Public Authority for Colorado Energy                                            | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   6050000 | PA      | $7121146.61   | 0.93%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                | Capital Trust Agency Inc                                                        | CUSIP: 14052WDR5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |  35000000 | PA      | $2429807.78   | 0.32%             | 2061-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                      | Regional Transportation Authority                                               | CUSIP: 7599112F6<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   4015000 | PA      | $3800345.82   | 0.50%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Prudential Investment Portfolios 4

**Signature:** Christian J. Kelly

**Name of Signer:** Christian J. Kelly

**Title:** Chief Financial Officer