# EDGAR Filing Document

**Accession Number:** 0000807394
**File Stem:** 0000940400-26-002815
**Filing Date:** 2026-1
**Character Count:** 290389
**Document Hash:** c07cc5ce5c39652ec75cd7e8929e5ecc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002815.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002815

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**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:** 26567145

**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 November 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments 97.5%** | **Long-Term Investments 97.5%** | **Long-Term Investments 97.5%** | **Long-Term Investments 97.5%** | **Long-Term Investments 97.5%** |
| **Municipal Bonds 89.7%** | **Municipal Bonds 89.7%** | **Municipal Bonds 89.7%** | **Municipal Bonds 89.7%** | **Municipal Bonds 89.7%** |
| **Alabama 2.8%** | **Alabama 2.8%** | **Alabama 2.8%** | **Alabama 2.8%** | **Alabama 2.8%** |
| Baldwin Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp. Proj., Series A, AMT (Mandatory put date 06/01/32), 144A | 5.000 %(cc) | &nbsp;&nbsp;06/01/55 | 4500 | &nbsp;&nbsp; $4595577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp. Proj., Series B, AMT (Mandatory put date 06/01/32), 144A | 4.625(cc) | &nbsp;&nbsp;06/01/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007766 |
| Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &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;3211014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series A (Mandatory put date 05/01/32) | 5.250(cc) | &nbsp;&nbsp;05/01/56 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series C (Mandatory put date 08/01/34), 144A | 5.500(cc) | &nbsp;&nbsp;11/01/56 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643691 |
| &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;3023899 |
| Energy Southeast A Cooperative Dist. Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;11/01/35 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775975 |
| 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;1455444 |
| Southeast Energy Auth. Cooperative Dist. Rev.,<br> Series D | 5.000 | &nbsp;&nbsp;09/01/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192802 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26001760 |
| **Alaska 0.8%** | **Alaska 0.8%** | **Alaska 0.8%** | **Alaska 0.8%** | **Alaska 0.8%** |
| 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;3789314 |
| 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;1910041 |
| &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;1690207 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389562 |
| **Arizona 1.8%** | **Arizona 1.8%** | **Arizona 1.8%** | **Arizona 1.8%** | **Arizona 1.8%** |
| 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;976161 |
| &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;1478909 |
| &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;1934597 |
| 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;863226 |
| 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;2006540 |
| &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;926027 |
| 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;958246 |
| &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;955716 |
| &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;2219009 |
| 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;2166760 |
| Tempe Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Friendship Vlg. | 5.000 | &nbsp;&nbsp;12/01/50 | 1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Friendship Vlg., Series B | 4.000 | &nbsp;&nbsp;12/01/56 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772492 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16205176 |
| **California 5.0%** | **California 5.0%** | **California 5.0%** | **California 5.0%** | **California 5.0%** |
| California Cmnty. Choice Fing. Auth. Rev.,<br> Clean Energy Proj., Sustainable Bond, Series C (Mandatory put date 10/01/33) | 5.000(cc) | &nbsp;&nbsp;12/01/55 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394322 |
| California Cnty. Tob. Secur. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B-2, Rfdg., CABS | 5.708(t) | &nbsp;&nbsp;06/01/55 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570066 |
| 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 | 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7703078 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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.)** |
| 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; $3084451 |
| &nbsp;&nbsp;&nbsp;&nbsp;HumanGood California Oblig. Grp. | 4.000 | &nbsp;&nbsp;10/01/49 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Muni. CTFS, Series 2025-1, Class A-2 | 3.537(cc) | &nbsp;&nbsp;02/20/41 | &nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317397 |
| 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;27500 |
| 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;750863 |
| 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;1033252 |
| Freddie Mac Multifamily Cert. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FRETE 2023, ML18, Class X-CA | 1.505(cc) | &nbsp;&nbsp;09/25/37 | 19321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041977 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRETE 2024, ML23, SPC, Sustainable Bonds, 144A | 4.701(cc) | &nbsp;&nbsp;04/25/42 | &nbsp;&nbsp;2249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302733 |
| Freddie Mac Multifamily Variable Rate Cert. Rev.,<br> Sustainability Bond, Series 2022 ML-13, Class X-CA | 0.965(cc) | &nbsp;&nbsp;07/25/36 | 31745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715744 |
| Golden St. Tob. Secur. Corp., Tob. Settlement Rev.,<br> Sub. Series B-2, Rfdg., CABS | 5.602(t) | &nbsp;&nbsp;06/01/66 | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346799 |
| Lincoln Pub. Fing. Auth.,<br> Tax Alloc., Twelve Bridges, Sub. Series B, Rfdg. | 6.000 | &nbsp;&nbsp;09/02/27 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110278 |
| Los Angeles Dept. of Wtr. & Pwr. Rev.,<br> 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;1470975 |
| M-S-R Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 6.500 | &nbsp;&nbsp;11/01/39 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 7.000 | &nbsp;&nbsp;11/01/34 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973583 |
| North. California Tob. Secur. Auth. Rev.,<br> Sr. Sacramento Co. Tob. Sec. Corp., Series B-2, Class 2, Rfdg., CABS | 5.444(t) | &nbsp;&nbsp;06/01/60 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548438 |
| River Islands Pub. Fing. Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Tax, Escrow Bonds Cmnty. Facs. Dist. No. 2023-1 Impt. Area No. 3, Rfdg. | 5.000 | &nbsp;&nbsp;09/01/55 | &nbsp;&nbsp;4345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Tax, Impt. Area No.2 | 4.500 | &nbsp;&nbsp;09/01/44 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566583 |
| Sacramento, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Tax | 4.000 | &nbsp;&nbsp;09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Tax | 4.000 | &nbsp;&nbsp;09/01/50 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860797 |
| 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 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620202 |
| Southern California Tob. Secur. Auth. Rev.,<br> San Diego Co. Tob., Rfdg., CABS | 6.593(t) | &nbsp;&nbsp;06/01/54 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594217 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46151659 |
| **Colorado 3.0%** | **Colorado 3.0%** | **Colorado 3.0%** | **Colorado 3.0%** | **Colorado 3.0%** |
| Colorado Edl. & Cultural Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impt. Chrt. Sch., Univ. LA, Rfdg., 144A | 5.000 | &nbsp;&nbsp;12/15/45 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Common Sch., Proj., Series A, Rfdg., BAM | 4.250 | &nbsp;&nbsp;01/15/64 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;11/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885051 |
| Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Covenant Living Cmntys., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;12/01/50 | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impt. Bond, Chrisitna Living Neighborhoods, Rfdg. | 4.000 | &nbsp;&nbsp;01/01/42 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883165 |
| Denver City & Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/42 | &nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B, Rfdg., AMT | 5.500 | &nbsp;&nbsp;11/15/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096817 |
| Heritage Ridge Met. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, GO, Rfdg., AG. | 4.000 | &nbsp;&nbsp;12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, GO, Rfdg., AG. | 4.000 | &nbsp;&nbsp;12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788538 |
| Park Creek Met. Dist. Ltd. Ppty. Tax Alloc. Rev.,<br> Sr. Ltd. Prop. TA., Rfdg. | 5.000 | &nbsp;&nbsp;12/01/45 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| Plaza Co. Met. Dist. No. 1,<br> Tax Alloc., Rfdg., 144A | 5.000 | &nbsp;&nbsp;12/01/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000014 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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 | &nbsp;&nbsp;6050 | &nbsp;&nbsp; $7327106 |
| Rampart Range Met. Dist. No. 5 Rev.,<br> Spl. Assmt. | 4.000 | &nbsp;&nbsp;12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398241 |
| Sterling Ranch Cmnty. Auth. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 4.250 | &nbsp;&nbsp;12/01/50 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Improvement Dist. No. 1 | 5.625 | &nbsp;&nbsp;12/01/43 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719162 |
| Vail Home Partners Corp. Rev.,<br> Local MF Hsg., 144A | 6.000 | &nbsp;&nbsp;10/01/64 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526542 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27490286 |
| **Connecticut 0.7%** | **Connecticut 0.7%** | **Connecticut 0.7%** | **Connecticut 0.7%** | **Connecticut 0.7%** |
| Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,<br> Sustainability Bond, Goodwin Univ. Obliq. Grp., Series A-1 | 5.375 | &nbsp;&nbsp;07/01/54 | &nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006573 |
| Harbor Point Infrast. Impt. Dist.,<br> Tax Alloc., Harbor Point Proj., Rfdg., 144A | 5.000 | &nbsp;&nbsp;04/01/39 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036259 |
| Stamford Hsg. Auth. Rev.,<br> Mozaic Concierge Living Proj., Series D | 4.250 | &nbsp;&nbsp;10/01/30 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413123 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6455955 |
| **Delaware 0.2%** | **Delaware 0.2%** | **Delaware 0.2%** | **Delaware 0.2%** | **Delaware 0.2%** |
| 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;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspira of Delaware Chrt. Sch. Inc. Proj., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/52 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newark Chrt. Sch. Inc., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499304 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133560 |
| **District of Columbia 1.3%** | **District of Columbia 1.3%** | **District of Columbia 1.3%** | **District of Columbia 1.3%** | **District of Columbia 1.3%** |
| Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intl. Oblig. Grp. | 5.000 | &nbsp;&nbsp;07/01/54 | &nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132883 |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP DC Proj. | 4.000 | &nbsp;&nbsp;07/01/49 | &nbsp;&nbsp;4610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3941086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;06/01/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;06/01/55 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387573 |
| Dist. of Columbia Tob. Settlement Fing. Corp. Rev.,<br> Asset Bkd. Bds., Rfdg. | 6.750 | &nbsp;&nbsp;05/15/40 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086482 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12065171 |
| **Florida 8.4%** | **Florida 8.4%** | **Florida 8.4%** | **Florida 8.4%** | **Florida 8.4%** |
| Alachua Cnty. Hsg. Fin. Auth. Rev.,<br> Woodland Park II, Series B (Mandatory put date 07/01/28), 144A | 4.900(cc) | &nbsp;&nbsp;07/01/29 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852189 |
| 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;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chrt. Sch. Port. Proj., Sub. Series B, CABS, 144A | 7.036(t) | &nbsp;&nbsp;07/01/61 | 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839786 |
| &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;891103 |
| &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;2579123 |
| Capital Tr. Auth. Edl. Facs. Auth. Rev., |  |  |  |  |
| &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;2638405 |
| &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;2532886 |
| 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;893601 |
| 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;272256 |
| 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;1942662 |
| &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;4036801 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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.)** |
| Florida Dev. Fin. Corp. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mater Academy Proj., Series A | 5.000% | &nbsp;&nbsp;06/15/55 | 1000 | &nbsp;&nbsp; $949376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renaissance Chrt. Sch., Rfdg., 144A | 5.000 | &nbsp;&nbsp;09/15/50 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renaissance Chrt. Sch., Rfdg., 144A | 6.000 | &nbsp;&nbsp;06/15/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025910 |
| &nbsp;&nbsp;&nbsp;&nbsp;River City Science Academy Proj., Series A | 4.000 | &nbsp;&nbsp;07/01/45 | &nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478767 |
| &nbsp;&nbsp;&nbsp;&nbsp;River City Science Academy Proj., Series A | 4.000 | &nbsp;&nbsp;07/01/55 | 2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste. Pro USA, Inc. Proj. (Mandatory put date 07/01/30), 144A | 4.450(cc) | &nbsp;&nbsp;07/01/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006233 |
| Florida Higher Edl. Facs. Finl. Auth. Rev.,<br> Ringling Clg. Proj. | 5.000 | &nbsp;&nbsp;03/01/42 | 4795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705154 |
| Grtr. Orlando Avtn. Auth. Rev.,<br> Spl. Purp., JetBlue Airways Corp. Proj., Rfdg. | 5.000 | &nbsp;&nbsp;11/15/36 | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700241 |
| Hillsborough Cnty. Indl. Dev. Auth. Rev.,<br> Baycare Hlth. Sys., Series C, Rfdg. | 5.500 | &nbsp;&nbsp;11/15/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149532 |
| Indigo CDD,<br> Spl. Assmt. | 5.750 | &nbsp;&nbsp;05/01/36(d) | &nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390825 |
| Jacksonville Rev.,<br> Brooks Rehabitation Proj., Rfdg. | 4.000 | &nbsp;&nbsp;11/01/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896619 |
| Julington Creek Plantation CDD,<br> Spl. Assmt., AG. | 4.625 | &nbsp;&nbsp;05/01/54 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537204 |
| Lakewood Ranch Stewardship Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Lakewood Centre North Proj. | 4.875 | &nbsp;&nbsp;05/01/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 4.625 | &nbsp;&nbsp;05/01/27 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 5.375 | &nbsp;&nbsp;05/01/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003366 |
| &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;1008843 |
| &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;623886 |
| &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;808747 |
| &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;1059237 |
| &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;1078756 |
| 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;3502576 |
| 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;1011008 |
| 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;1980382 |
| 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;2098701 |
| &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;2564744 |
| Osceola Cnty. Trans. Rev.,<br> Series A-2, Rfdg., CABS | 5.302(t) | &nbsp;&nbsp;10/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221051 |
| Pasco Cnty. Rev.,<br> H. Lee Moffitt Cancer Ctr. Proj., AG. | 5.750 | &nbsp;&nbsp;09/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067801 |
| 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;2123537 |
| 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;1182763 |
| Vlg. CDD No. 07,<br> Spl. Assmt., Fla., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/36 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590623 |
| Vlg. CDD No. 11,<br> Spl. Assmt., Fla. | 4.500 | &nbsp;&nbsp;05/01/45 | 1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122915 |
| Vlg. CDD No. 12,<br> Spl. Assmt., Fla. | 4.250 | &nbsp;&nbsp;05/01/43 | 2565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375589 |
| 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;435822 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Spl. Assmt., Phase III | 2.550 | &nbsp;&nbsp;05/01/31 | 1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Fla. | 3.700 | &nbsp;&nbsp;05/01/50 | &nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Fla., 144A | 3.500 | &nbsp;&nbsp;05/01/51 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876621 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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 | 1560 | &nbsp;&nbsp; $1607551 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77351851 |
| **Georgia 3.4%** | **Georgia 3.4%** | **Georgia 3.4%** | **Georgia 3.4%** | **Georgia 3.4%** |
| 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;1845381 |
| 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;1077082 |
| 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;1859642 |
| 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;2054834 |
| 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;3504642 |
| 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;3000731 |
| &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;997914 |
| 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;2698307 |
| 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;7823080 |
| 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;1001226 |
| Savannah Georgia Convention Center Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convention Cntr. Hotel, 1st Tier, Series A | 5.250 | &nbsp;&nbsp;06/01/61 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convention Cntr. Hotel, 3rd Tier, Series C, AG | 5.000 | &nbsp;&nbsp;06/01/58 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557678 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31441246 |
| **Illinois 6.3%** | **Illinois 6.3%** | **Illinois 6.3%** | **Illinois 6.3%** | **Illinois 6.3%** |
| Chicago Brd. of Ed., |  |  |  |  |
| &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;495469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/35 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494235 |
| &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;3390000 |
| &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;989147 |
| &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;2238773 |
| &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;2153788 |
| 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;1514430 |
| 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;3143608 |
| &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;1597601 |
| Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen., Sr. Lien, Series B, Rfdg., AG. | 4.000 | &nbsp;&nbsp;01/01/53 | 3005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701767 |
| &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;1073635 |
| &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;1065469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series A, AG., AMT | 5.500 | &nbsp;&nbsp;01/01/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series A, Rfdg., AMT | 5.250 | &nbsp;&nbsp;01/01/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074344 |
| &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;994329 |
| 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;887548 |
| Chicago Wtrwks. Rev.,<br> Series A, AG. | 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;782337 |
| 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;2922601 |
| &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;2499829 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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.)** |
| Cook Cnty. Cmntys. Clg. Dist.,<br> Clgs. of Chicago, GO, Rfdg., BAM | 5.000% | &nbsp;&nbsp;12/01/42 | &nbsp;&nbsp;2315 | &nbsp;&nbsp; $2437493 |
| Illinois Edl. Facs. Auth. Rev.,<br> Field Museum of Natural History, Rmkt. | 4.450 | &nbsp;&nbsp;11/01/36 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096189 |
| 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 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plymouth Place, Inc., Rfdg. | 5.000 | &nbsp;&nbsp;05/15/51 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623323 |
| &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;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10170 |
| &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;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269503 |
| Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GO | 4.000 | &nbsp;&nbsp;06/01/36 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rebuild Illinois Prog., Series B, GO | 4.000 | &nbsp;&nbsp;11/01/35 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032566 |
| &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;2567847 |
| &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;2865290 |
| &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;1069015 |
| &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;2415365 |
| 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;3962073 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58079221 |
| **Indiana 0.4%** | **Indiana 0.4%** | **Indiana 0.4%** | **Indiana 0.4%** | **Indiana 0.4%** |
| 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;2108184 |
| Valparaiso Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pratt Paper LLC Proj., Rfdg., AMT, 144A | 4.500 | &nbsp;&nbsp;01/01/34 | &nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101887 |
| &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;976360 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186431 |
| **Iowa 0.5%** | **Iowa 0.5%** | **Iowa 0.5%** | **Iowa 0.5%** | **Iowa 0.5%** |
| Iowa Tob. Settlement Auth. Rev.,<br> Sr. Series B-2, Class 2, Rfdg., CABS | 4.894(t) | &nbsp;&nbsp;06/01/65 | 29275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333875 |
| **Kansas 0.4%** | **Kansas 0.4%** | **Kansas 0.4%** | **Kansas 0.4%** | **Kansas 0.4%** |
| 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;3500791 |
| 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;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584916 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085707 |
| **Kentucky 0.9%** | **Kentucky 0.9%** | **Kentucky 0.9%** | **Kentucky 0.9%** | **Kentucky 0.9%** |
| 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;460127 |
| Kentucky Pub. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, Rfdg. (Mandatory put date 02/01/32) | 5.250(cc) | &nbsp;&nbsp;04/01/54 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B | 5.000 | &nbsp;&nbsp;12/01/33 | &nbsp;&nbsp;5790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048738 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7863047 |
| **Louisiana 1.3%** | **Louisiana 1.3%** | **Louisiana 1.3%** | **Louisiana 1.3%** | **Louisiana 1.3%** |
| Jefferson Parish Econ. Dev. & Port Dist. Rev.,<br> Kenner Discovery Hlth. Sciences Academy Proj., Series A, 144A | 5.625 | &nbsp;&nbsp;06/15/48 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965062 |
| Louisiana Pub. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Calcasieu River Bridge Pub. Pvt. Partnership Proj., I-10, AMT | 5.750 | &nbsp;&nbsp;09/01/64 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste Proj. USA Inc., AMT (Mandatory put date 10/01/28), 144A | 6.750(cc) | &nbsp;&nbsp;10/01/53 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste Proj. USA Inc., Series R-2, AMT (Mandatory put date 10/01/28), 144A | 6.500(cc) | &nbsp;&nbsp;10/01/53 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059934 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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)** |
| **Louisiana (cont'd.)** | **Louisiana (cont'd.)** | **Louisiana (cont'd.)** | **Louisiana (cont'd.)** | **Louisiana (cont'd.)** |
| 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; $1077350 |
| 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;2698000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12015729 |
| **Maine 0.4%** | **Maine 0.4%** | **Maine 0.4%** | **Maine 0.4%** | **Maine 0.4%** |
| Fin. Auth. of Maine Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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;2614940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Wste. Sys. Inc. Proj., Series R-3, Rmkt., AMT, 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08/01/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025687 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640627 |
| **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;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866635 |
| **Massachusetts 0.3%** | **Massachusetts 0.3%** | **Massachusetts 0.3%** | **Massachusetts 0.3%** | **Massachusetts 0.3%** |
| Massachusetts Dev. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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;920723 |
| &nbsp;&nbsp;&nbsp;&nbsp;TUFTS Univ. Student Hsg. Proj., Prog. Medford Prop. Inc. | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06/01/65 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551862 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472585 |
| **Michigan 0.5%** | **Michigan 0.5%** | **Michigan 0.5%** | **Michigan 0.5%** | **Michigan 0.5%** |
| Detroit,<br> Series C, GO | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;05/01/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110096 |
| Michigan Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Class 1, Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06/01/49 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B-1, Class 2, Rfdg. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06/01/49 | &nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680908 |
| Wayne Cnty. Arpt. Auth. Rev.,<br> Detroit Metropolitan Wayne Cnty. Arpt., Series B, AMT | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093834 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595259 |
| **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 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/01/44 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182171 |
| Ramsey Rev.,<br> Pact Chrt. Sch. Proj., Series A, Rfdg. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06/01/32 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254298 |
| St. Paul Port Auth. Sol. Wste. Disp. Rev.,<br> Gerdau St. Paul Steel Mill Proj., Series 7, 144A | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;10/01/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000033 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436502 |
| **Mississippi 0.5%** | **Mississippi 0.5%** | **Mississippi 0.5%** | **Mississippi 0.5%** | **Mississippi 0.5%** |
| Mississippi Bus. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sys. Energy Resources, Inc. Proj., Rfdg. | &nbsp;&nbsp;2.375 | &nbsp;&nbsp;06/01/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wste Proj. USA Inc., Rmkt., AMT (Mandatory put date 08/02/27), 144A | &nbsp;&nbsp;5.000(cc) | &nbsp;&nbsp;02/01/36 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047337 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361525 |
| **Missouri 0.6%** | **Missouri 0.6%** | **Missouri 0.6%** | **Missouri 0.6%** | **Missouri 0.6%** |
| Lees Summit,<br> Tax Alloc., Impt. Summit Fair Proj., Rfdg., 144A | &nbsp;&nbsp;4.875 | &nbsp;&nbsp;11/01/37 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903689 |
| Missouri St. Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BJC Hlth. Sys., Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01/01/45 | 2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lutheran Sr. Svcs., Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02/01/42 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011794 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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)** |
| **Missouri (cont'd.)** | **Missouri (cont'd.)** | **Missouri (cont'd.)** | **Missouri (cont'd.)** | **Missouri (cont'd.)** |
| St. Louis Cnty. Indl. Dev. Auth. Rev.,<br> Friendship Vlg. Sunset Hills, Series A | 5.875% | &nbsp;&nbsp;09/01/43 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; $1000585 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5813115 |
| **Nebraska 0.2%** | **Nebraska 0.2%** | **Nebraska 0.2%** | **Nebraska 0.2%** | **Nebraska 0.2%** |
| Central Plns. Energy. Proj. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series A-1 (Mandatory put date 08/01/31) | 5.000(cc) | &nbsp;&nbsp;08/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161239 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282552 |
| **Nevada 0.1%** | **Nevada 0.1%** | **Nevada 0.1%** | **Nevada 0.1%** | **Nevada 0.1%** |
| Sparks Rev.,<br> Sales Tax, Sr. Series A, Rfdg., 144A | 2.750 | &nbsp;&nbsp;06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274725 |
| 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;1019311 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294036 |
| **New Hampshire 5.2%** | **New Hampshire 5.2%** | **New Hampshire 5.2%** | **New Hampshire 5.2%** | **New Hampshire 5.2%** |
| 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;4178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144468 |
| New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caldwell Ranch Proj., 144A | 4.875 | &nbsp;&nbsp;12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900130 |
| &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;809917 |
| &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;2738775 |
| &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;2540089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Muni. Cert., Sustainable Cert., Series 2025-2, Class A-2 | 4.217(cc) | &nbsp;&nbsp;11/20/42 | &nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Muni. CTFS, Sustainable CTFS, Series 2025-2, Class A-1 | 4.795(cc) | &nbsp;&nbsp;02/20/41 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999579 |
| &nbsp;&nbsp;&nbsp;&nbsp;River Ranch Proj., CABS, 144A | 5.446(t) | &nbsp;&nbsp;12/01/31 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silverado Proj., 144A | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Springpoint Sr. Living, Rfdg. | 4.000 | &nbsp;&nbsp;01/01/51 | &nbsp;&nbsp;4105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Muni. Cert., Series 2025-1, Class B-1 | 5.150 | &nbsp;&nbsp;09/28/37 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainability Bond, Muni. Cert., Series 2025-1, Class A-2 | 4.167(cc) | &nbsp;&nbsp;01/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Class A-2 (Mandatory put date 06/01/35) | 5.150 | &nbsp;&nbsp;06/20/41 | &nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2024-1, Class X | 0.548(cc) | &nbsp;&nbsp;07/01/51 | 34317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2024-2, Class X | 0.596(cc) | &nbsp;&nbsp;08/20/39 | 46023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tamarron Proj., 144A | 5.250 | &nbsp;&nbsp;12/01/35 | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378062 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Highlands Proj. | 5.125 | &nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256078 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Wildflower Proj., CABS, 144A | 5.422(t) | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;3360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087876 |
| &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;1283054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valencia Proj., 144A | 5.300 | &nbsp;&nbsp;12/01/32 | &nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wtr. Util. Imps., 144A | 5.375 | &nbsp;&nbsp;12/15/35 | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394548 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47854855 |
| **New Jersey 2.6%** | **New Jersey 2.6%** | **New Jersey 2.6%** | **New Jersey 2.6%** | **New Jersey 2.6%** |
| New Jersey Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines, Inc. Proj., Spec. Facs. | 5.250 | &nbsp;&nbsp;09/15/29 | &nbsp;&nbsp;3530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines, Inc., United Airlines, Inc. Proj., Series A, AMT | 5.625 | &nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series SSS, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Team Academy Chrt. Sch. Proj. | 6.000 | &nbsp;&nbsp;10/01/43 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Umm Energy Partners, Series A, AMT | 5.000 | &nbsp;&nbsp;06/15/37 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Umm Energy Partners, Series A, AMT | 5.125 | &nbsp;&nbsp;06/15/43 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100171 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc. Proj., Rmkt. | 5.500 | &nbsp;&nbsp;06/01/33 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002679 |
| New Jersey Higher Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 1-B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/33 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682276 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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 Jersey (cont'd.)** | **New Jersey (cont'd.)** | **New Jersey (cont'd.)** | **New Jersey (cont'd.)** | **New Jersey (cont'd.)** |
| New Jersey Higher Ed. Student Assistance Auth. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT | 5.000% | &nbsp;&nbsp;12/01/34 | 1550 | &nbsp;&nbsp; $1682334 |
| New Jersey Tpke. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 5.250 | &nbsp;&nbsp;01/01/50 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 5.250 | &nbsp;&nbsp;01/01/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156132 |
| 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;2022435 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23685920 |
| **New York 8.0%** | **New York 8.0%** | **New York 8.0%** | **New York 8.0%** | **New York 8.0%** |
| Albany Capital Resource Corp. Rev.,<br> Albany Med. Ctr. Hosp. Proj., Series A, Rfdg. | 5.500 | &nbsp;&nbsp;05/01/55 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494542 |
| Build NYC Resource Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pratt Paper, Inc. Proj., Rfdg., AMT, 144A | 5.000 | &nbsp;&nbsp;01/01/35 | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900293 |
| &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;1225221 |
| Erie Cnty. Tob. Asset Secur. Corp. Cap. Apprec. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Bkd., 1st Sub. Series B, Rfdg., CABS | 7.122(t) | &nbsp;&nbsp;06/01/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Bkd., 2nd Sub. Series C, Rfdg., CABS, 144A | 8.763(t) | &nbsp;&nbsp;06/01/50 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488837 |
| Genesee Cnty. Funding Corp. Rev.,<br> Rochester Regional Hlth. Energy Proj., Series A(hh) | 5.500 | &nbsp;&nbsp;12/01/55 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569246 |
| 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;907888 |
| New York City Muni. Water Fin. Auth. Rev.,<br> Fiscal 2026, Sub. Series AA-1(hh) | 5.250 | &nbsp;&nbsp;06/15/55 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186504 |
| New York City Trans. Fin. Auth. Future Tax Sec'd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Fiscal 2026, Series B | 5.250 | &nbsp;&nbsp;05/01/55 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B-1 | 3.000 | &nbsp;&nbsp;11/01/47 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410422 |
| New York City Trans. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future Tax Sec'd. Sub. Bond, Series I, Sub Series I-1 | 5.250 | &nbsp;&nbsp;05/01/55 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457715 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158350 |
| &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;5405909 |
| 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;4394656 |
| New York St. Dorm. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.250 | &nbsp;&nbsp;03/15/50 | 2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrefunded, Rfdg., Series A | 5.250 | &nbsp;&nbsp;03/15/52 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287190 |
| 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 09/03/30), 144A | 4.250(cc) | &nbsp;&nbsp;09/01/50 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323232 |
| &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;522032 |
| 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;3348213 |
| &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;2002282 |
| &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;1017344 |
| &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;2539779 |
| &nbsp;&nbsp;&nbsp;&nbsp;JFK Arpt. Term. 6 Redev. Proj., Series B, Rfdg., AG., AMT | 0.000 | &nbsp;&nbsp;12/31/54 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196706 |
| &nbsp;&nbsp;&nbsp;&nbsp;JFK Int'l. Arpt. Proj., Rfdg., AMT | 5.250 | &nbsp;&nbsp;08/01/31 | &nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636425 |
| &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;1032879 |
| &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;2995375 |
| &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;4479718 |
| &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;3787489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainabile, JFK Intl. Arpt. New Term. One Proj., AMT | 6.000 | &nbsp;&nbsp;06/30/59 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169876 |
| Suffolk Tob. Asset Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B-2, Rfdg., CABS | 6.294(t) | &nbsp;&nbsp;06/01/66 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tob. Settlement Asset Bkd. Sub. Bond, Series B-1, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/50 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362979 |
| 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;1078228 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73129339 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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;The Presbyterian Homes Oblig. Grp., Series A | 5.000% | &nbsp;&nbsp;10/01/50 | &nbsp;&nbsp;2780 | &nbsp;&nbsp; $2709846 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Methodist Retmnt. Homes Proj., Series A(hh) | 5.125 | &nbsp;&nbsp;10/01/56 | &nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131495 |
| &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;525181 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366522 |
| **Ohio 3.1%** | **Ohio 3.1%** | **Ohio 3.1%** | **Ohio 3.1%** | **Ohio 3.1%** |
| Akron Bath Copley Joint Township Hosp. Dist. Rev.,<br> Summa Hlth. Oblig. Grp. Hosp. Facs., Rfdg. (Pre-refunded date 11/15/30)(ee) | 3.000 | &nbsp;&nbsp;11/15/40 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079618 |
| 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;870436 |
| &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;11711796 |
| 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;2000352 |
| 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;1935064 |
| &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;2305211 |
| 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;995815 |
| 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;1000012 |
| Ohio Tpke. & Infrast. Commn. Rev.,<br> Jr. Lien, Series A-2, CABS | 4.170(t) | &nbsp;&nbsp;02/15/40 | &nbsp;&nbsp;5135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856051 |
| 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;1509984 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28264339 |
| **Oklahoma 0.6%** | **Oklahoma 0.6%** | **Oklahoma 0.6%** | **Oklahoma 0.6%** | **Oklahoma 0.6%** |
| 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;2518896 |
| Oklahoma Dev. Fin. Auth. Rev.,<br> 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;252164 |
| Tulsa Cnty. Indl. Auth. Rev.,<br> Montereau, Inc. Proj., Rfdg. | 5.250 | &nbsp;&nbsp;11/15/45 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014219 |
| Tulsa Municipal Arpt. Trust Trustees Rev.,<br> American Airlines, Inc. Proj., Rfdg., AMT | 6.250 | &nbsp;&nbsp;12/01/40 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635869 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421148 |
| **Pennsylvania 2.2%** | **Pennsylvania 2.2%** | **Pennsylvania 2.2%** | **Pennsylvania 2.2%** | **Pennsylvania 2.2%** |
| Adams Cnty. General Auth. Rev.,<br> The Brethren Home Cmnty. Proj., Series A., Rfdg. | 5.000 | &nbsp;&nbsp;06/01/54 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696250 |
| Chester Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avon Grove Chart. Sch. Nts. | 5.000 | &nbsp;&nbsp;03/01/27 | &nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uni. Student Hsg. LLC Proj., Series A, Rfdg., BAM | 4.000 | &nbsp;&nbsp;08/01/48 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406754 |
| Doylestown Hosp. Auth. Rev.,<br> Rfdg., 144A | 5.375 | &nbsp;&nbsp;07/01/39 | &nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866202 |
| Lancaster Indl. Dev. Auth. Rev.,<br> Landis Homes Retmnt. Cmnty. Proj., Rfdg. | 4.000 | &nbsp;&nbsp;07/01/56 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799239 |
| 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 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gtr. Philadelphia Hlth. Action, Rfdg. | 6.625 | &nbsp;&nbsp;06/01/50 | &nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Presbyterian Sr. Living, Proj., Series B-2, Rfdg. | 5.250 | &nbsp;&nbsp;07/01/46 | &nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454549 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20120176 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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 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 | 4.143 %(t) | &nbsp;&nbsp;07/01/33 | &nbsp;&nbsp;1826 | &nbsp;&nbsp; $1305462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/33 | &nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/35 | &nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/41 | &nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 4.000 | &nbsp;&nbsp;07/01/46 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 5.625 | &nbsp;&nbsp;07/01/29 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A1, GO | 5.750 | &nbsp;&nbsp;07/01/31 | &nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8797067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series Allowed CW, Prifa Rum | 0.001(cc) | &nbsp;&nbsp;11/01/51 | 18446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10694049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series Allowed CW/HTA - 98 Sr. Claims | 0.001(cc) | &nbsp;&nbsp;11/01/51 | 32432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21074614 |
| Puerto Rico Indl. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., |  |  |  |  |
| &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;1998745 |
| &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;1721728 |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-1, CABS | 3.708(t) | &nbsp;&nbsp;07/01/33 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-1, CABS | 5.323(t) | &nbsp;&nbsp;07/01/46 | 51183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17325781 |
| &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;2166560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructured, Series A-1, CABS | 5.568(t) | &nbsp;&nbsp;07/01/51 | 16538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038089 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76587429 |
| **Rhode Island 0.5%** | **Rhode Island 0.5%** | **Rhode Island 0.5%** | **Rhode Island 0.5%** | **Rhode Island 0.5%** |
| 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;4352763 |
| **South Carolina 1.4%** | **South Carolina 1.4%** | **South Carolina 1.4%** | **South Carolina 1.4%** | **South Carolina 1.4%** |
| 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;859160 |
| 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;1815427 |
| &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;1626000 |
| 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;2154453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Foothill Afford Hsg. Fndtn., Oaddicj Club & Fairway Proj. (Mandatory put date 09/01/35), 144A | 6.875(cc) | &nbsp;&nbsp;03/01/65 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995423 |
| 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;1385851 |
| &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;1720091 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12556405 |
| **South Dakota 0.7%** | **South Dakota 0.7%** | **South Dakota 0.7%** | **South Dakota 0.7%** | **South Dakota 0.7%** |
| South Dakota Hlth & Edl. Facs. Auth. Rev.,<br> Westhills Vlg. Retmnt. Cmnty. Issue, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;09/01/55 | &nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148665 |
| **Tennessee 0.7%** | **Tennessee 0.7%** | **Tennessee 0.7%** | **Tennessee 0.7%** | **Tennessee 0.7%** |
| 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;1925066 |
| &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;1546164 |
| 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;1897207 |
| 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;913603 |
| &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;506930 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788970 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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 6.3%** | **Texas 6.3%** | **Texas 6.3%** | **Texas 6.3%** | **Texas 6.3%** |
| Arlington Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Odyssey Academy, Inc. Series A, 144A | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;02/15/53 | 1500 | &nbsp;&nbsp; $1298806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08/15/41 | 1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08/15/46 | 2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168594 |
| Arlington Higher Edu. Fin. Corp. Rev.,<br> Trinity Basin Preparatory, Inc., PSFG | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08/15/48 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291592 |
| Celina Independent Sch. Dist.,<br> GO, PSFG | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;02/15/55 | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512562 |
| Central Texas Regl. Mobility Auth. Rev.,<br> Sub., Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01/01/41 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099375 |
| EP Essential Hsg. WF PFC Rev.,<br> Home Essential Fun. Hsg. Prog. Tuscany Mesa Hills Proj. | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015586 |
| EP Tuscany Zaragosa PFC Rev.,<br> Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12/01/33 | 1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645549 |
| Galveston Wharves & Term. Rev.,<br> Wharves & Term., 1st Lien, AMT | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;08/01/43 | 3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335168 |
| Harris Cnty. Indl. Dev. Corp. Rev.,<br> Energy Transfer Proj., Rfdg. (Mandatory put date 06/01/33) | &nbsp;&nbsp;4.050(cc) | &nbsp;&nbsp;11/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044491 |
| Harris Cnty. Muni. Util. Dist. No. 490,<br> GO, BAM | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;03/01/49 | 4190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025792 |
| Houston Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/15/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Facs. Continental Airlines, Inc., Series A, Rfdg., AMT | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;07/15/38 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503044 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712484 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc. Term. Impvt. Proj., Series B, Rfdg., AMT(hh) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07/15/35 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630361 |
| 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;3001639 |
| 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;3301257 |
| &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;3127227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Txbl. Sr. Sanctuary LTC Proj., Series A-2 | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;01/01/31 | 7675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7466253 |
| &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;420400 |
| 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;2008405 |
| 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;921027 |
| 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;1099985 |
| 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;2173164 |
| 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;577505 |
| &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;1268313 |
| Texas Trans. Fin. Corp. Rev.,<br> Sub. Bond, SH 288 Sys., Tela Supported, Series A, Rfdg. | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;10/01/55 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810813 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57787085 |
| **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;915217 |
| &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;1673075 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588292 |
| **Virginia 0.8%** | **Virginia 0.8%** | **Virginia 0.8%** | **Virginia 0.8%** | **Virginia 0.8%** |
| 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;1025422 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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.)** |
| 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 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; $798705 |
| 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 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634700 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533988 |
| &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;1209635 |
| &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;985942 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188392 |
| **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;1000089 |
| 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;2633507 |
| 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;1100407 |
| 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;993280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Hse. Proj. Mand. Paydown Temps-50, Series B-3, Rfdg.(hh) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;01/01/33 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Hse. Proj. Series A, Rfdg.(hh) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;01/01/61 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982598 |
| &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;3100169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Social Cert., Series 2021-1, Class A | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;12/20/35 | &nbsp;&nbsp;1861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Cert., Series 2023-1, Class X | &nbsp;&nbsp;1.495(cc) | &nbsp;&nbsp;04/20/37 | 21431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085984 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15046813 |
| **Wisconsin 6.6%** | **Wisconsin 6.6%** | **Wisconsin 6.6%** | **Wisconsin 6.6%** | **Wisconsin 6.6%** |
| Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Astro Texas Land Proj., Rfdg., 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12/15/36 | &nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Integrated Oncology Fndtn., Series A, 144A | &nbsp;&nbsp;9.000 | &nbsp;&nbsp;11/01/28 | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184244 |
| &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;2564900 |
| &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;472498 |
| &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;948792 |
| &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;1141666 |
| &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;2050521 |
| &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;828688 |
| &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;1706646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cuyahoga River Cap. Port., Class A, Series 1 (Mandatory put date 07/01/28), 144A | &nbsp;&nbsp;4.000(cc) | &nbsp;&nbsp;01/01/55 | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167333 |
| &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;1102105 |
| &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;1405418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Million Air Three LLC, Series B, 144A | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;09/01/54 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637459 |
| &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;1163644 |
| &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;1008341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rans Bridgewater Proj., 144A | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rans Elevon Proj., 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rans Mayfair Proj., Series A4, 144A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Signorelli Proj., 144A | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;12/15/32 | &nbsp;&nbsp;5242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Georgia SR 400 Exp. Lanes Proj., AMT | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12/31/65 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Puerto Rico Toll Roads Monetization Proj., Series A, AMT | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;07/01/54 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. MD Proton Treatment Ctr., Series A-1, 144A | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;01/01/38(d) | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. MD Proton Treatment Ctr., Series A-1, 144A | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;01/01/48(d) | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Oblig. Grp., Series B, Rfdg., AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07/01/42 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Oblig. Grp., Series B, Rfdg., AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Alloc., Miami Worldctr. Proj., Series A, 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06/01/41 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266637 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Meadows Proj., 144A | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12/15/33 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502066 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Methodist Retmnt. Homes, Series A, Rfdg. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10/01/51 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wonderful Fndtn. Chrt. Sch. Port., Series A-1, 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01/01/55 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373544 |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 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.)** |
| 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; $1413222 |
| &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;644228 |
| &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;1912414 |
| &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;3168386 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60431635 |
| **Total Municipal Bonds<br> (cost $845,424,288)** | **Total Municipal Bonds<br> (cost $845,424,288)** | **Total Municipal Bonds<br> (cost $845,424,288)** | **Total Municipal Bonds<br> (cost $845,424,288)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824331820 |
| **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 $900,914) | 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;903621 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** |  |
| **Unaffiliated Exchange-Traded Funds 7.7%** | **Unaffiliated Exchange-Traded Funds 7.7%** | **Unaffiliated Exchange-Traded Funds 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares National Muni Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;328250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35263897 |
| &nbsp;&nbsp;&nbsp;&nbsp;VanEck High Yield Muni ETF | &nbsp;&nbsp;&nbsp;&nbsp;689895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35253635 |
| **Total Unaffiliated Exchange-Traded Funds<br> (cost $68,278,144)** | **Total Unaffiliated Exchange-Traded Funds<br> (cost $68,278,144)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70517532 |
| **Total Long-Term Investments<br> (cost $914,603,346)** | **Total Long-Term Investments<br> (cost $914,603,346)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895752973 |
| **Short-Term Investment 2.4%** | **Short-Term Investment 2.4%** | **Short-Term Investment 2.4%** |
| **Affiliated Mutual Fund** | **Affiliated Mutual Fund** | **Affiliated Mutual Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Government Money Market Fund (7-day effective yield 4.111%)<br> (cost $22,294,634) | &nbsp;&nbsp;22294634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22294634 |
| **TOTAL INVESTMENTS 99.9%<br> (cost $936,897,980)** | **TOTAL INVESTMENTS 99.9%<br> (cost $936,897,980)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918047607 |
| 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;908963 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$918956570 |

---

------

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. |
| AG—Assured Guaranty Inc. |
| AMT—Alternative Minimum Tax |
| BAM—Build America Mutual |
| CABS—Capital Appreciation Bonds |
| CDD—Community Development District |
| ETF—Exchange-Traded Fund |
| GO—General Obligation |
| JPM—JPMorgan Chase Bank N.A. |
| OTC—Over-the-counter |
| PFC—Public Facility Corporation |
| PSFG—Permanent School Fund Guarantee |
| Rfdg—Refunding |

---

---

| | |
|:---|:---|
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,584,016 and 0.3% of net assets. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of November 30, 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. |

---

------

### PGIM Muni High Income Fund

### Schedule of Investments (unaudited) (continued)
as of November 30, 2025

(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 November 30, 2025.

(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 November 30, 2025:** | **Futures contracts outstanding at November 30, 2025:** | **Futures contracts outstanding at November 30, 2025:** | **Futures contracts outstanding at November 30, 2025:** | **Futures contracts outstanding at November 30, 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:** |
| 119 | 5 Year U.S. Treasury Notes | Mar. 2026 | $13062110 | &nbsp;&nbsp; $18515 |
| **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** |
| 119 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | &nbsp;&nbsp;&nbsp;14391562 | &nbsp;&nbsp;&nbsp;(112174) |
|  |  |  |  | $(93659) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward rate agreements outstanding at November 30, 2025:** | **Forward rate agreements outstanding at November 30, 2025:** | **Forward rate agreements outstanding at November 30, 2025:** | **Forward rate agreements outstanding at November 30, 2025:** | **Forward rate agreements outstanding at November 30, 2025:** | **Forward rate agreements outstanding at November 30, 2025:** | **Forward rate agreements outstanding at November 30, 2025:** |  |
| **Notional<br> Amount<br> (000)#** | &nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;**Fixed<br> Rate** | &nbsp;&nbsp;&nbsp;**Floating<br> Rate** | &nbsp;&nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;&nbsp;**Upfront<br> Premiums<br> Paid<br> (Received)** | &nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Counterparty** |
| **OTC Forward Rate Agreements^:** | **OTC Forward Rate Agreements^:** | **OTC Forward Rate Agreements^:** | **OTC Forward Rate Agreements^:** | **OTC Forward Rate Agreements^:** | **OTC Forward Rate Agreements^:** | **OTC Forward Rate Agreements^:** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;12/02/25 | &nbsp;&nbsp;—(1) | &nbsp;&nbsp;—(1) | &nbsp;&nbsp; $(24768) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24768) | &nbsp;&nbsp;JPM |
| &nbsp;&nbsp;6400 | &nbsp;&nbsp;12/02/25 | &nbsp;&nbsp;—(2) | &nbsp;&nbsp;—(2) | &nbsp;&nbsp;&nbsp;&nbsp;(45442) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(45442) | &nbsp;&nbsp;JPM |
| &nbsp;&nbsp;5500 | &nbsp;&nbsp;12/02/25 | &nbsp;&nbsp;—(3) | &nbsp;&nbsp;—(3) | &nbsp;&nbsp;&nbsp;&nbsp;(43774) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(43774) | &nbsp;&nbsp;JPM |
|  |  |  |  | &nbsp;&nbsp;$(113984) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(113984) |  |

---

(1) The Fund pays or receives payment based on 10 Year MMD AAA Rate plus/minus 2.710% upon termination.

(2) The Fund pays or receives payment based on 15 Year MMD AAA Rate plus/minus 3.250% upon termination.

(3) The Fund pays or receives payment based on 30 Year MMD AAA Rate plus/minus 4.130% upon termination.

*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:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-28

**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:** $931115450.53

**Total Liabilities:** $13868233.85

**Net Assets:** $917247216.68

**Delayed Delivery Securities:** $5104247.35

**Cash Not Reported:** $157000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1210.61663000 | **1-Year:** 19130.15332000 | **5-Year:** 119363.66753000 | **10-Year:** 371692.44206000 | **30-Year:** 38798.60964000

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

- **3-Month:** 134.57375000 | **1-Year:** 1780.49162000 | **5-Year:** 15082.81818000 | **10-Year:** 35893.17743000 | **30-Year:** 1526.17032000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012650 | 2.76%                | 1.20%                | 0.35%                |
| Class ID C000012651 | 2.74%                | 1.29%                | 0.23%                |
| Class ID C000012653 | 2.67%                | 1.22%                | 0.16%                |
| Class ID C000190115 | 2.66%                | 1.32%                | 0.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $157148.40               | $20336203.72                               |
| Month 2  | $174820.26               | $7785619.40                                |
| Month 3  | $1440168.26              | $-3176561.41                               |

**Designated Index Information**

- **Index Name:** PGIM Muni High Income Fund_Ex Derivatives BM

- **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 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       119 | NC      | $18515.31     | 0.00%             |  |  |  | No            |                  1 | 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        |   1160000 | PA      | $876620.67    | 0.10%             | 2051-05-01      | Fixed         | 3.50%                 | 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      | $1065468.60   | 0.12%             | 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      | $1455444.15   | 0.16%             | 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      | $7327106.11   | 0.80%             | 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        |  45000000 | PA      | $3839786.48   | 0.42%             | 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      | $3962072.47   | 0.43%             | 2038-06-01      | 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      | $577505.17    | 0.06%             | 2040-06-30      | Fixed         | 4.00%                 | 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      | $3301256.56   | 0.36%             | 2056-08-15      | 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      | $221051.24    | 0.02%             | 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      | $1719161.71   | 0.19%             | 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      | $1073634.80   | 0.12%             | 2042-01-01      | Fixed         | 5.25%                 | 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      | $1925065.75   | 0.21%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI ARPT FACS R                   | Public Finance Authority                                                        | CUSIP: 74443CAC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500025.98   | 0.16%             | 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      | $2008404.69   | 0.22%             | 2026-07-01      | Fixed         | 10.00%                | 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      | $435821.70    | 0.05%             | 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      | $2995375.43   | 0.33%             | 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      | $756619.80    | 0.08%             | 2033-07-01      | None          | 0.00%                 | 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      | $1066019.52   | 0.12%             | 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      | $1501347.43   | 0.16%             | 2037-06-15      | Fixed         | 5.00%                 | 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      | $1980382.04   | 0.22%             | 2037-05-01      | 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      | $3023898.96   | 0.33%             | 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      | $896619.42    | 0.10%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAVANNAH GEORGIA CONVENTION CT                   | Savannah Georgia Convention Center Authority                                    | CUSIP: 804828AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3020728.68   | 0.33%             | 2061-06-01      | Fixed         | 5.25%                 | 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      | $2278463.22   | 0.25%             | 2030-11-15      | Fixed         | 5.62%                 | 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      | $1859642.03   | 0.20%             | 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      | $2698000.00   | 0.29%             | 2034-12-01      | Fixed         | 12.00%                | No            |                  3 | 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      | $1032879.18   | 0.11%             | 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      | $2166559.87   | 0.24%             | 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      | $799238.74    | 0.09%             | 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      | $926026.69    | 0.10%             | 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      | $1059933.85   | 0.12%             | 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      | $1373544.43   | 0.15%             | 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        |   2565000 | PA      | $2375588.79   | 0.26%             | 2043-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PD51<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    704783 | PA      | $710069.07    | 0.08%             | 2030-07-15      | Fixed         | 5.00%                 | 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      | $2050521.39   | 0.22%             | 2036-04-28      | Fixed         | 6.81%                 | 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      | $1100171.12   | 0.12%             | 2043-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                               | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  18445557 | PA      | $10694049.40  | 1.17%             | 2051-11-01      | Variable      | 0.01%                 | 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      | $390825.46    | 0.04%             | 2036-05-01      | Fixed         | 5.75%                 | 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      | $5287189.87   | 0.58%             | 2052-03-15      | Fixed         | 5.25%                 | 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      | $1407676.29   | 0.15%             | 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      | $1008340.53   | 0.11%             | 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        |    615000 | PA      | $636424.87    | 0.07%             | 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      | $1100406.86   | 0.12%             | 2038-07-01      | Fixed         | 5.00%                 | 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      | $1011008.22   | 0.11%             | 2029-11-15      | Fixed         | 4.75%                 | 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      | $828687.59    | 0.09%             | 2049-06-15      | Fixed         | 5.00%                 | 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      | $3000730.82   | 0.33%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN CNTY AL INDL DEV AUTH                    | Baldwin County Industrial Development Authority                                 | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4595577.28   | 0.50%             | 2055-06-01      | Variable      | 5.00%                 | 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      | $985941.70    | 0.11%             | 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      | $1935064.24   | 0.21%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finan                   | Washington State Housing Finance Commission                                     | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   1861484 | PA      | $1807234.39   | 0.20%             | 2035-12-20      | Fixed         | 3.50%                 | 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      | $772491.91    | 0.08%             | 2056-12-01      | Fixed         | 4.00%                 | 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      | $2289960.62   | 0.25%             | 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        |   2100000 | PA      | $2184243.85   | 0.24%             | 2028-11-01      | Fixed         | 9.00%                 | 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      | $2002679.14   | 0.22%             | 2033-06-01      | Fixed         | 5.50%                 | 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      | $2022435.40   | 0.22%             | 2041-06-15      | Fixed         | 5.25%                 | 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      | $27500.00     | 0.00%             | 2039-07-01      | Fixed         | 8.00%                 | 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      | $1696249.77   | 0.18%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                   | New York State Dormitory Authority                                              | CUSIP: 64990AYA7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2275148.33   | 0.25%             | 2050-03-15      | Fixed         | 5.25%                 | 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      | $478766.72    | 0.05%             | 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        |  19320699 | PA      | $2041977.59   | 0.22%             | 2037-09-25      | Variable      | 1.50%                 | 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      | $3500791.21   | 0.38%             | 2026-07-01      | Fixed         | 5.50%                 | 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      | $1706645.81   | 0.19%             | 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        |   2780000 | PA      | $2709846.32   | 0.30%             | 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      | $2154453.21   | 0.23%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PR64<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5167332.46   | 0.56%             | 2055-01-01      | Variable      | 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      | $1815426.55   | 0.20%             | 2054-10-01      | Variable      | 5.25%                 | 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      | $1014219.01   | 0.11%             | 2045-11-15      | Fixed         | 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      | $1008842.70   | 0.11%             | 2048-05-01      | Fixed         | 5.45%                 | 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      | $983423.00    | 0.11%             | 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        |    900000 | PA      | $900130.46    | 0.10%             | 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      | $976359.56    | 0.11%             | 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      | $1673074.68   | 0.18%             | 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      | $2006540.07   | 0.22%             | 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      | $1078227.84   | 0.12%             | 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      | $3211014.20   | 0.35%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN CNTY AL INDL DEV AUTH                    | Baldwin County Industrial Development Authority                                 | CUSIP: 05786PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007765.50   | 0.22%             | 2055-06-01      | Variable      | 4.62%                 | 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      | $2093438.30   | 0.23%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN                   | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3360000 | PA      | $2087876.29   | 0.23%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PB61<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2564899.60   | 0.28%             | 2038-11-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH                          | Doylestown Hospital Authority                                                   | CUSIP: 261333HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2866201.79   | 0.31%             | 2039-07-01      | Fixed         | 5.38%                 | 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      | $272255.88    | 0.03%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                   | Massachusetts Development Finance Agency                                        | CUSIP: 57585BMX3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551861.99   | 0.17%             | 2065-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                         | District of Columbia                                                            | CUSIP: 25483VWD2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4610000 | PA      | $3941086.09   | 0.43%             | 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        |   5400000 | PA      | $5378062.09   | 0.59%             | 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      | $798705.22    | 0.09%             | 2050-12-01      | Fixed         | 4.00%                 | 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      | $3502576.03   | 0.38%             | 2028-07-01      | Variable      | 5.50%                 | 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      | $4149363.10   | 0.45%             | 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      | $788537.64    | 0.09%             | 2051-12-01      | Fixed         | 4.00%                 | 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      | $644228.44    | 0.07%             | 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        |   1590000 | PA      | $1590622.55   | 0.17%             | 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      | $3394547.94   | 0.37%             | 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        |  32432441 | PA      | $21074613.71  | 2.30%             | 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      | $997913.67    | 0.11%             | 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      | $1533987.31   | 0.17%             | 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      | $3348212.82   | 0.37%             | 2036-01-01      | Fixed         | 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      | $1645548.69   | 0.18%             | 2033-12-01      | 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        |    395000 | PA      | $362979.15    | 0.04%             | 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        |   1055000 | PA      | $1101887.34   | 0.12%             | 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      | $2437492.84   | 0.27%             | 2042-12-01      | Fixed         | 5.00%                 | 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      | $420399.86    | 0.05%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                   | California Municipal Finance Authority                                          | CUSIP: 13048VXK9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1727248.69   | 0.19%             | 2049-10-01      | Fixed         | 4.00%                 | 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      | $2238772.75   | 0.24%             | 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      | $1099984.98   | 0.12%             | 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        |   2253000 | PA      | $2256077.52   | 0.25%             | 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      | $1903688.81   | 0.21%             | 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      | $1078755.56   | 0.12%             | 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      | $1500000.00   | 0.16%             | 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      | $750863.40    | 0.08%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                               | CUSIP: 452152U25<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2567847.44   | 0.28%             | 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      | $1025422.06   | 0.11%             | 2040-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.      | ULTRA U.S. TREASURY BOND                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -119 | NC      | $-112174.11   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                    | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $870436.48    | 0.09%             | 2048-06-01      | Fixed         | 4.00%                 | 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      | $2410421.63   | 0.26%             | 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      | $955715.94    | 0.10%             | 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      | $1115292.58   | 0.12%             | 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      | $1254298.50   | 0.14%             | 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      | $1247429.08   | 0.14%             | 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      | $1088191.15   | 0.12%             | 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      | $903621.29    | 0.10%             | 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      | $2564743.88   | 0.28%             | 2047-08-01      | Fixed         | 4.00%                 | 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      | $1096188.91   | 0.12%             | 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      | $1626000.14   | 0.18%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WS                   | Florida Development Finance Corp                                                | CUSIP: 34061XAJ1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006233.29   | 0.11%             | 2037-07-01      | Variable      | 4.45%                 | 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      | $1017343.83   | 0.11%             | 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      | $3079618.61   | 0.34%             | 2040-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                   | Washington State Housing Finance Commission                                     | CUSIP: 939783Z82<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1343545.20   | 0.15%             | 2033-01-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TOBACCO SETTL                   | District of Columbia Tobacco Settlement Financing Corp                          | CUSIP: 254842AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3086482.09   | 0.34%             | 2040-05-15      | Fixed         | 6.75%                 | 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      | $343602.74    | 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      | $1019310.46   | 0.11%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                               | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1109348 | PA      | $1110614.50   | 0.12%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MU                   | California Municipal Finance Authority                                          | CUSIP: 13050WAB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | MUN               | US        |   3730191 | PA      | $3317396.66   | 0.36%             | 2041-02-20      | Variable      | 3.54%                 | 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      | $2638405.38   | 0.29%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority                       | New Hampshire Business Finance Authority                                        | CUSIP: 63607WAV6<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |  46023108 | PA      | $1808846.21   | 0.20%             | 2039-08-20      | Variable      | 0.60%                 | 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      | $1973582.63   | 0.22%             | 2034-11-01      | Fixed         | 7.00%                 | 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        |    943000 | PA      | $943560.45    | 0.10%             | 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      | $3196706.39   | 0.35%             | 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      | $4394655.99   | 0.48%             | 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      | $1721728.17   | 0.19%             | 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      | $2698306.73   | 0.29%             | 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      | $921027.30    | 0.10%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JXS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5283765.03   | 0.58%             | 2055-05-01      | Fixed         | 5.25%                 | 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      | $2633507.07   | 0.29%             | 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      | $2413122.62   | 0.26%             | 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      | $1074286.49   | 0.12%             | 2041-07-01      | Fixed         | 4.00%                 | 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      | $993280.11    | 0.11%             | 2048-07-01      | Fixed         | 5.00%                 | 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      | $1163643.95   | 0.13%             | 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      | $2121313.32   | 0.23%             | 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      | $995814.67    | 0.11%             | 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      | $879801.94    | 0.10%             | 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      | $2054834.44   | 0.22%             | 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      | $1470974.72   | 0.16%             | 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        |    815000 | PA      | $816208.09    | 0.09%             | 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      | $1635869.18   | 0.18%             | 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      | $945300.98    | 0.10%             | 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      | $1998744.81   | 0.22%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PD69<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2514643 | PA      | $2522720.46   | 0.28%             | 2030-12-15      | Fixed         | 5.62%                 | 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      | $808746.87    | 0.09%             | 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      | $1077349.62   | 0.12%             | 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        |  29275000 | PA      | $4333875.16   | 0.47%             | 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        |    975000 | PA      | $866635.39    | 0.09%             | 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      | $1354181.77   | 0.15%             | 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      | $4700240.61   | 0.51%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                               | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    855822 | PA      | $825043.24    | 0.09%             | 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      | $3003259.51   | 0.33%             | 2036-06-01      | Fixed         | 4.00%                 | 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        |   1205000 | PA      | $1122914.52   | 0.12%             | 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      | $1020000.00   | 0.11%             | 2050-12-01      | Fixed         | 4.25%                 | 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      | $623885.59    | 0.07%             | 2050-05-01      | Fixed         | 4.00%                 | 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      | $1910041.05   | 0.21%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                    | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GS39<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3186504.36   | 0.35%             | 2055-06-15      | 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      | $1575140.20   | 0.17%             | 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      | $1236833.50   | 0.13%             | 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        |  31745109 | PA      | $1715743.78   | 0.19%             | 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      | $1001225.97   | 0.11%             | 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      | $764404.18    | 0.08%             | 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      | $4038088.79   | 0.44%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CA PUBLIC FING AUTH                      | Lincoln Public Financing Authority                                              | CUSIP: 533020EG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110277.66    | 0.01%             | 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      | $17325780.54  | 1.89%             | 2046-07-01      | None          | 0.00%                 | 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      | $3390000.00   | 0.37%             | 2044-12-01      | Fixed         | 7.00%                 | 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      | $1298805.89   | 0.14%             | 2053-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CELINA TX INDEP SCH DIST                         | Celina Independent School District                                              | CUSIP: 151145B99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3512562.13   | 0.38%             | 2055-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAVANNAH GEORGIA CONVENTION CT                   | Savannah Georgia Convention Center Authority                                    | CUSIP: 804828AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2557678.41   | 0.28%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENESEE CNTY NY FUNDING CORP                     | Genesee County Funding Corp/The                                                 | CUSIP: 371669BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569245.91   | 0.17%             | 2055-12-01      | Fixed         | 5.50%                 | 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      | $2157676.81   | 0.24%             | 2027-03-01      | Fixed         | 5.00%                 | 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      | $891102.83    | 0.10%             | 2056-07-01      | Fixed         | 5.00%                 | 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      | $201243.73    | 0.02%             | 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      | $1413222.41   | 0.15%             | 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      | $1503043.90   | 0.16%             | 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      | $2623322.98   | 0.29%             | 2051-05-15      | Fixed         | 5.00%                 | 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      | $494235.42    | 0.05%             | 2035-12-01      | Fixed         | 5.00%                 | 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        |   4105000 | PA      | $3314347.16   | 0.36%             | 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        |  34317125 | PA      | $1243673.20   | 0.14%             | 2051-07-01      | Variable      | 0.55%                 | 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      | $1897046.99   | 0.21%             | 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      | $2579122.92   | 0.28%             | 2055-01-01      | Fixed         | 5.00%                 | 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      | $1537203.91   | 0.17%             | 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      | $1000585.63   | 0.11%             | 2043-09-01      | Fixed         | 5.88%                 | 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      | $1266637.33   | 0.14%             | 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      | $4028951.72   | 0.44%             | 2038-12-01      | Variable      | 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      | $989147.44    | 0.11%             | 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      | $506929.93    | 0.06%             | 2051-12-01      | Variable      | 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      | $1912413.61   | 0.21%             | 2056-12-01      | Fixed         | 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      | $8797066.88   | 0.96%             | 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      | $3127227.10   | 0.34%             | 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      | $3168386.08   | 0.35%             | 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      | $1109862.52   | 0.12%             | 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      | $1141665.80   | 0.12%             | 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      | $2738774.87   | 0.30%             | 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      | $1478908.96   | 0.16%             | 2050-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                   | New Hampshire Business Finance Authority                                        | CUSIP: 63607WBS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1999578.55   | 0.22%             | 2041-02-20      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                  | CUSIP: 09182TGL5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2643690.30   | 0.29%             | 2056-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                               | CUSIP: 452153KA6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069015.27   | 0.12%             | 2043-05-01      | Fixed         | 5.25%                 | 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      | $2528156.81   | 0.28%             | 2039-11-01      | Fixed         | 6.50%                 | 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      | $2000351.72   | 0.22%             | 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      | $3504641.72   | 0.38%             | 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      | $809916.76    | 0.09%             | 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      | $1712484.25   | 0.19%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VAIL HOME PARTNERS CORP CO HSG                   | Vail Home Partners Corp                                                         | CUSIP: 91879VAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526541.82   | 0.17%             | 2064-10-01      | Fixed         | 6.00%                 | 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      | $252163.83    | 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      | $1690206.76   | 0.18%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HSG FIN AUTH M                   | Alachua County Housing Finance Authority                                        | CUSIP: 01068LAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1852189.42   | 0.20%             | 2029-07-01      | Variable      | 4.90%                 | 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      | $2149532.47   | 0.23%             | 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        |  21430842 | PA      | $2085983.88   | 0.23%             | 2037-04-20      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-43773.84    | -0.00%            |  |  |  | No            |                  3 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                    | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13920000 | PA      | $11711796.20  | 1.28%             | 2055-06-01      | Fixed         | 5.00%                 | 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      | $488836.98    | 0.05%             | 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      | $1514429.74   | 0.17%             | 2046-04-01      | Fixed         | 6.00%                 | 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      | $2098700.56   | 0.23%             | 2056-10-01      | Fixed         | 5.25%                 | 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      | $1965062.41   | 0.21%             | 2048-06-15      | Fixed         | 5.62%                 | 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      | $920722.96    | 0.10%             | 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      | $1761160.43   | 0.19%             | 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      | $1517146.80   | 0.17%             | 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      | $1327677.88   | 0.14%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI                   | Florida Higher Educational Facilities Financing Authority                       | CUSIP: 34073TKA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4795000 | PA      | $4705153.75   | 0.51%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C                   | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HCP6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2192801.67   | 0.24%             | 2035-09-01      | Fixed         | 5.00%                 | 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        |   1310000 | PA      | $1323232.33   | 0.14%             | 2050-09-01      | Variable      | 4.25%                 | 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      | $398240.70    | 0.04%             | 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      | $3187634.70   | 0.35%             | 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      | $1629605.26   | 0.18%             | 2052-09-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                      | City of Houston TX Airport System Revenue                                       | CUSIP: 442349KG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630361.02   | 0.18%             | 2035-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR                   | Albany Capital Resource Corp                                                    | CUSIP: 012432EU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3494542.47   | 0.38%             | 2055-05-01      | Fixed         | 5.50%                 | 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      | $7823080.33   | 0.85%             | 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      | $1015585.86   | 0.11%             | 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      | $860797.20    | 0.09%             | 2050-09-01      | Fixed         | 4.00%                 | 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      | $1283054.13   | 0.14%             | 2051-06-01      | Fixed         | 5.25%                 | 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      | $1546164.32   | 0.17%             | 2064-07-01      | Fixed         | 5.25%                 | 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      | $915217.13    | 0.10%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH AFFORDABL                   | New Hampshire Business Finance Authority                                        | CUSIP: 63607DAF3<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   2496898 | PA      | $2634854.44   | 0.29%             | 2041-06-20      | Fixed         | 5.15%                 | 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      | $2570428.65   | 0.28%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                   | New York Transportation Development Corp                                        | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3169876.33   | 0.35%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                   | New Hampshire Business Finance Authority                                        | CUSIP: 63607WBP8<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   1994956 | PA      | $1930111.06   | 0.21%             | 2042-11-20      | Variable      | 4.22%                 | 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      | $2153788.44   | 0.23%             | 2034-12-01      | Fixed         | 5.00%                 | 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      | $2036259.31   | 0.22%             | 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      | $2123537.11   | 0.23%             | 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      | $1845381.22   | 0.20%             | 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      | $863225.56    | 0.09%             | 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      | $2499828.72   | 0.27%             | 2038-01-01      | Fixed         | 5.00%                 | 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      | $1897206.57   | 0.21%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                   | Public Finance Authority                                                        | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4403851.93   | 0.48%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX MUNI UTILITY DI                   | Harris County Municipal Utility District No 490                                 | CUSIP: 41430EJC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4190000 | PA      | $4025791.72   | 0.44%             | 2049-03-01      | Fixed         | 4.50%                 | 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      | $1000033.26   | 0.11%             | 2037-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                          | Freddie Mac Multifamily ML Certificates                                         | CUSIP: 3137HDJL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2248893 | PA      | $2302733.36   | 0.25%             | 2042-04-25      | Variable      | 4.70%                 | 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      | $2518895.72   | 0.27%             | 2064-06-15      | Fixed         | 6.50%                 | 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      | $3787489.11   | 0.41%             | 2035-04-01      | Fixed         | 6.00%                 | 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      | $2173164.37   | 0.24%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                               | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2415364.64   | 0.26%             | 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      | $4352763.22   | 0.47%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU                   | Wayne County Airport Authority                                                  | CUSIP: 944514U89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093833.62   | 0.12%             | 2050-12-01      | Fixed         | 5.75%                 | 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      | $548438.25    | 0.06%             | 2060-06-01      | None          | 0.00%                 | 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      | $1291592.41   | 0.14%             | 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      | $1597600.48   | 0.17%             | 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      | $269503.33    | 0.03%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                     | Michigan Finance Authority                                                      | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    680000 | PA      | $680907.48    | 0.07%             | 2049-06-01      | Fixed         | 5.00%                 | 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      | $1077081.68   | 0.12%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY SOL                   | Build NYC Resource Corp                                                         | CUSIP: 12008HAC3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900293.06    | 0.10%             | 2035-01-01      | Fixed         | 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      | $907887.80    | 0.10%             | 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        |   7675000 | PA      | $7466252.79   | 0.81%             | 2031-01-01      | Fixed         | 6.50%                 | 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      | $885051.32    | 0.10%             | 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      | $1000014.57   | 0.11%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PF75<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3635377.46   | 0.40%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                   | New Jersey Turnpike Authority                                                   | CUSIP: 646140JF1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2156132.05   | 0.24%             | 2055-01-01      | Fixed         | 5.25%                 | 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      | $2002282.10   | 0.22%             | 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      | $2856050.90   | 0.31%             | 2040-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN FIN CORP SH                   | Texas Transportation Finance Corp                                               | CUSIP: 88283PAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3810813.52   | 0.42%             | 2055-10-01      | Fixed         | 5.50%                 | 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      | $2166759.49   | 0.24%             | 2037-12-01      | Fixed         | 5.00%                 | 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      | $1033252.07   | 0.11%             | 2040-05-15      | Fixed         | 5.00%                 | 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      | $1314188.39   | 0.14%             | 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        |    328250 | NS      | $35263897.50  | 3.84%             |  |  |  | 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      | $1209634.97   | 0.13%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL FAC REV                   | Public Finance Authority                                                        | CUSIP: 74446DAQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2637458.99   | 0.29%             | 2054-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                   | Chicago O'Hare International Airport                                            | CUSIP: 1675934P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074344.18   | 0.12%             | 2043-01-01      | Fixed         | 5.25%                 | 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        |    585000 | PA      | $584915.33    | 0.06%             | 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      | $1942662.35   | 0.21%             | 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        |   5242000 | PA      | $5206248.40   | 0.57%             | 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      | $1620202.33   | 0.18%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PJV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1200000.00   | 0.13%             | 2048-01-01      | Fixed         | 6.38%                 | 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      | $2078611.45   | 0.23%             | 2053-01-01      | Fixed         | 5.50%                 | 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      | $3143608.25   | 0.34%             | 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      | $2132882.61   | 0.23%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                   | Washington State Housing Finance Commission                                     | CUSIP: 939783Z58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982597.43    | 0.11%             | 2061-01-01      | Fixed         | 6.25%                 | 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      | $1703378.68   | 0.19%             | 2043-10-01      | Fixed         | 6.00%                 | 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      | $3047336.43   | 0.33%             | 2036-02-01      | Variable      | 5.00%                 | 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      | $859159.85    | 0.09%             | 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      | $2865290.08   | 0.31%             | 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      | $1710421.30   | 0.19%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JTV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1457715.02   | 0.16%             | 2055-05-01      | Fixed         | 5.25%                 | 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      | $1000088.88   | 0.11%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH SOL WST DISP                   | Finance Authority of Maine                                                      | CUSIP: 56042CAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025687.41   | 0.11%             | 2035-08-01      | 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      | $1008337.81   | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | 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      | $594216.67    | 0.06%             | 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      | $570066.60    | 0.06%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH AFFORDABL                   | New Hampshire Business Finance Authority                                        | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4177591 | PA      | $4144467.72   | 0.45%             | 2040-10-20      | Fixed         | 4.15%                 | 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      | $2995423.51   | 0.33%             | 2065-03-01      | Variable      | 6.88%                 | 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      | $460127.45    | 0.05%             | 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      | $1502066.00   | 0.16%             | 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      | $2032565.92   | 0.22%             | 2035-11-01      | Fixed         | 4.00%                 | 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      | $1182762.79   | 0.13%             | 2046-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JTU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158350.07   | 0.24%             | 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      | $2614939.80   | 0.29%             | 2047-12-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                   | California Community Choice Financing Authority                                 | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2394322.07   | 0.26%             | 2055-12-01      | Variable      | 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      | $1454548.89   | 0.16%             | 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      | $1110096.44   | 0.12%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                   | Central Plains Energy Project                                                   | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    150000 | PA      | $161239.07    | 0.02%             | 2055-08-01      | Variable      | 5.00%                 | 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      | $522031.63    | 0.06%             | 2050-09-01      | Variable      | 5.12%                 | 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      | $1566583.18   | 0.17%             | 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      | $3100169.22   | 0.34%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                   | State of Ohio                                                                   | CUSIP: 67759YAQ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000011.90   | 0.11%             | 2053-06-30      | Fixed         | 5.00%                 | 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        |   1180000 | PA      | $1105523.93   | 0.12%             | 2031-05-01      | Fixed         | 2.55%                 | 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      | $682144.59    | 0.07%             | 2042-06-01      | Fixed         | 4.00%                 | 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      | $994328.99    | 0.11%             | 2048-07-01      | Fixed         | 5.00%                 | 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      | $3789314.21   | 0.41%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                   | New Hampshire Business Finance Authority                                        | CUSIP: 63607WBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3070012.44   | 0.33%             | 2037-09-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| (PIPA070) PGIM Core Government Money Market Fund | (PIPA070) PGIM Core Government Money Market Fund                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  22361675 | NS      | $22361675.13  | 2.44%             |  |  |  | No            |                  1 | 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      | $1268313.46   | 0.14%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-24768.10    | -0.00%            |  |  |  | No            |                  3 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                   | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UTM6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1750559.08   | 0.19%             | 2064-01-15      | Fixed         | 4.25%                 | 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      | $2540088.65   | 0.28%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                         | District of Columbia                                                            | CUSIP: 25483VXS8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1387573.59   | 0.15%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1405418.42   | 0.15%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                               | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1825625 | PA      | $1305462.27   | 0.14%             | 2033-07-01      | None          | 0.00%                 | 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      | $1067800.67   | 0.12%             | 2054-09-01      | Fixed         | 5.75%                 | 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      | $947493.35    | 0.10%             | 2050-12-01      | Fixed         | 5.00%                 | 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      | $952111.15    | 0.10%             | 2052-06-01      | Fixed         | 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      | $1003366.09   | 0.11%             | 2047-05-01      | Fixed         | 5.38%                 | 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      | $1059237.37   | 0.12%             | 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        |   1910328 | PA      | $1881198.14   | 0.21%             | 2036-12-15      | Fixed         | 5.00%                 | 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      | $1682275.53   | 0.18%             | 2033-12-01      | 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      | $2305211.07   | 0.25%             | 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      | $700000.00    | 0.08%             | 2038-01-01      | Fixed         | 6.25%                 | 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      | $661905.27    | 0.07%             | 2046-09-01      | Fixed         | 4.00%                 | 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      | $883164.75    | 0.10%             | 2042-01-01      | Fixed         | 4.00%                 | 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      | $1182170.58   | 0.13%             | 2044-07-01      | 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      | $2346798.92   | 0.26%             | 2066-06-01      | None          | 0.00%                 | 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      | $499304.31    | 0.05%             | 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      | $2532886.51   | 0.28%             | 2044-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                   | Kentucky Public Energy Authority                                                | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5790000 | PA      | $6048737.97   | 0.66%             | 2033-12-01      | Fixed         | 5.00%                 | 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      | $2710554.20   | 0.30%             | 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      | $3084450.76   | 0.34%             | 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        |    994233 | PA      | $941964.11    | 0.10%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-45442.37    | -0.00%            |  |  |  | No            |                  3 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                    | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JNR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5405908.58   | 0.59%             | 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        |   9000000 | PA      | $7703077.70   | 0.84%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                  | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3095592.27   | 0.34%             | 2056-05-01      | Variable      | 5.25%                 | 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      | $1634700.16   | 0.18%             | 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      | $782337.11    | 0.09%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SPARKS NV TOURISM IMPT DIST #1                   | Sparks Tourism Improvement District No 1                                        | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $274725.05    | 0.03%             | 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      | $913603.50    | 0.10%             | 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      | $1044491.42   | 0.11%             | 2050-11-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                   | New Jersey Turnpike Authority                                                   | CUSIP: 646140JD6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2170571.14   | 0.24%             | 2050-01-01      | Fixed         | 5.25%                 | 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      | $949376.37    | 0.10%             | 2055-06-15      | Fixed         | 5.00%                 | 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        |   1560000 | PA      | $1607551.25   | 0.18%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VanEck High Yield Muni ETF                       | VanEck High Yield Muni ETF                                                      | CUSIP: 92189H409<br>LEI: 549300UT41BWOPGYSE94 | Long             | EC               | RF                | US        |    689895 | NS      | $35253634.50  | 3.84%             |  |  |  | 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      | $4406754.30   | 0.48%             | 2048-08-01      | Fixed         | 4.00%                 | 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      | $1096817.25   | 0.12%             | 2043-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PD28<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498635.52   | 0.16%             | 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      | $948791.50    | 0.10%             | 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        |    940000 | PA      | $765783.66    | 0.08%             | 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        |   3530000 | PA      | $3533536.68   | 0.39%             | 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      | $525180.81    | 0.06%             | 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      | $2922601.09   | 0.32%             | 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      | $1720091.25   | 0.19%             | 2055-07-01      | Fixed         | 4.00%                 | 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      | $1934597.17   | 0.21%             | 2029-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                   | North Carolina Medical Care Commission                                          | CUSIP: 65820YVF0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1131494.78   | 0.12%             | 2056-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                   | River Islands Public Financing Authority                                        | CUSIP: 76827QMU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4321290.99   | 0.47%             | 2055-09-01      | Fixed         | 5.00%                 | 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      | $887548.29    | 0.10%             | 2050-12-01      | 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      | $1385850.56   | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                        | CUSIP: 74442PCN3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    470000 | PA      | $472497.66    | 0.05%             | 2026-06-01      | Fixed         | 5.00%                 | 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      | $2219009.11   | 0.24%             | 2044-07-01      | 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      | $1011793.94   | 0.11%             | 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      | $3335167.71   | 0.36%             | 2043-08-01      | Fixed         | 6.00%                 | 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      | $495469.06    | 0.05%             | 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      | $976161.35    | 0.11%             | 2050-07-01      | 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      | $958246.00    | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                   | Florida Development Finance Corp                                                | CUSIP: 34061UNJ3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025910.34   | 0.22%             | 2055-06-15      | Fixed         | 6.00%                 | 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      | $2168594.12   | 0.24%             | 2046-08-15      | Fixed         | 4.00%                 | 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      | $1102104.86   | 0.12%             | 2060-07-01      | Fixed         | 5.00%                 | 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      | $4036801.15   | 0.44%             | 2054-10-01      | Variable      | 4.38%                 | 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      | $2108183.75   | 0.23%             | 2057-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL                   | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VY81<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   6160000 | PA      | $6148664.78   | 0.67%             | 2055-09-01      | Fixed         | 5.00%                 | 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      | $2539779.28   | 0.28%             | 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      | $4479717.68   | 0.49%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI                   | Energy Southeast A Cooperative District                                         | CUSIP: 292723CU5<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3775975.07   | 0.41%             | 2035-11-01      | Fixed         | 5.00%                 | 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      | $81232.58     | 0.01%             | 2066-06-01      | None          | 0.00%                 | 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      | $1682334.18   | 0.18%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                      | CUSIP: 45204EU55<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10169.94     | 0.00%             | 2041-02-15      | Fixed         | 4.00%                 | 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      | $2000014.95   | 0.22%             | 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      | $1225221.06   | 0.13%             | 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      | $1509984.28   | 0.16%             | 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      | $893600.74    | 0.10%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI ARPT FACS R                   | Public Finance Authority                                                        | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    340000 | PA      | $340206.97    | 0.04%             | 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      | $3001638.79   | 0.33%             | 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      | $2701767.41   | 0.29%             | 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      | $1099374.77   | 0.12%             | 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      | $2006573.29   | 0.22%             | 2054-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

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

**Signature:** Christian J. Kelly

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

**Title:** Chief Financial Officer