# EDGAR Filing Document

**Accession Number:** 0001051562
**File Stem:** 0001752724-25-207512
**Filing Date:** 2025-8
**Character Count:** 166969
**Document Hash:** d51c9d658761e3d39d2abfa406d415a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-207512.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-207512

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 12
- **CENTRAL INDEX KEY:** 0001051562

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08565
- **FILM NUMBER:** 251261556

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL GLOBAL REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20100219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN GLOBAL REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20070111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATEGIC PARTNERS REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20050616

## Series and Classes Contracts Data

### PGIM Short Duration Muni Fund (Series ID: S000045516)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000141708 | Class A      | PDSAX           |
| C000141709 | Class C      | PDSCX           |
| C000141710 | Class Z      | PDSZX           |
| C000187453 | Class R6     | PDSQX           |

## Nport-Ex

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) as of June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments 100.8%** | **Long-Term Investments 100.8%** | **Long-Term Investments 100.8%** | **Long-Term Investments 100.8%** | **Long-Term Investments 100.8%** |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama 4.5%** | **Alabama 4.5%** | **Alabama 4.5%** | **Alabama 4.5%** | **Alabama 4.5%** |
| Baldwin Cnty. Indl. Dev. Auth. Rev.,<br> Novelis Corp. Proj., Series A, AMT (Mandatory put date 06/01/32), 144A | 5.000 %(cc) | &nbsp;&nbsp;06/01/55 | 1500 | &nbsp;&nbsp; $1507987 |
| Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj. No. 7, Series C-1 (Mandatory put date 12/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/52 | 2365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj. No. 8, Series A (Mandatory put date 12/01/29) | 4.000(cc) | &nbsp;&nbsp;12/01/52 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | &nbsp;&nbsp;05/01/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/49 | &nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. (Mandatory put date 12/01/31) | 4.000(cc) | &nbsp;&nbsp;06/01/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | &nbsp;&nbsp;07/01/52 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503256 |
| Jefferson Cnty. Swr. Rev.,<br> Revenue Warrants, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098645 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10159822 |
| **Alaska 0.5%** | **Alaska 0.5%** | **Alaska 0.5%** | **Alaska 0.5%** | **Alaska 0.5%** |
| Alaska St.,<br> Series A, GO,Rfdg. | 5.000 | &nbsp;&nbsp;08/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134120 |
| **Arizona 3.3%** | **Arizona 3.3%** | **Arizona 3.3%** | **Arizona 3.3%** | **Arizona 3.3%** |
| Arizona Hlth. Facs. Auth. Rev.,<br> Banner Hlth., Series B (Mandatory put date 10/01/24) | 3.750(cc) | &nbsp;&nbsp;01/01/37 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434389 |
| Arizona Indl. Dev. Auth. Rev.,<br> The Ranches at Gunsmoke Proj. (Mandatory put date 11/01/26) | 5.000(cc) | &nbsp;&nbsp;03/01/58 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534297 |
| Chandler Indl. Dev. Auth. Rev.,<br> Intel Corp. Proj., AMT (Mandatory put date 06/01/29) | 4.000(cc) | &nbsp;&nbsp;06/01/49 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249154 |
| Maricopa Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Cmnty. Learning Ctr. Proj., Rfdg. | 4.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reid Traditional Sch. Proj. | 4.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209725 |
| Salt Verde Finl. Corp. Rev.,<br> Sr. Gas Rev., Sr. Bonds | 5.250 | &nbsp;&nbsp;12/01/26 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301705 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392505 |
| **California 6.0%** | **California 6.0%** | **California 6.0%** | **California 6.0%** | **California 6.0%** |
| California Cmnty. Choice Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Bond, Series B-2 (Mandatory put date 08/01/31) | 2.370(cc) | &nbsp;&nbsp;02/01/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Clean Energy Proj., Series C (Mandatory put date 10/01/31) | 5.250(cc) | &nbsp;&nbsp;01/01/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046223 |
| California Muni. Fin. Auth. Rev.,<br> American Heritage Ed., Series A, Rfdg. | 4.000 | &nbsp;&nbsp;06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64918 |
| California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev.,<br> Green Bond, Calplant I Proj., AMT, 144A | 7.000 | &nbsp;&nbsp;07/01/22(d) | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 |
| California Sch. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Dot Pub. Sch. Proj., Series A, 144A | 4.000 | &nbsp;&nbsp;08/01/25 | &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134979 |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP Proj., Series A, 144A | 3.625 | &nbsp;&nbsp;07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74999 |
| Long Beach Bond Fin. Auth. Rev.,<br> Natural Gas, Series B | 4.524(cc) | &nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699958 |
| Los Angeles Dept. Arpts. Rev.,<br> Sustainable Bonds, Sub. Private Activity, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;05/15/31 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401837 |
| Los Angeles Dept. of Wtr. & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LA Dept. of Wtr. & Pwr. Sys., Series C | 4.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. Sys., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. Sys., Sub. Series A-5, Rmkt., Rfdg., FRDD | 3.600(cc) | &nbsp;&nbsp;07/01/35 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/31 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374361 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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.)** |
| Los Angeles Dept. of Wtr. & Pwr. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, Rfdg. | 5.000% | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp; $628580 |
| Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432938 |
| Los Angeles Unif. Sch. Dist.,<br> Series A, GO, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000064 |
| Sanger Unif. Sch. Dist.,<br> Unrefunded, COP, Cap. Proj., Rfdg., AGM | 5.000 | &nbsp;&nbsp;06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56793 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13647968 |
| **Colorado 3.3%** | **Colorado 3.3%** | **Colorado 3.3%** | **Colorado 3.3%** | **Colorado 3.3%** |
| Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AdventHealth Oblig. Grp., Series A (Mandatory put date 11/15/29) | 5.000(cc) | &nbsp;&nbsp;11/15/59 | &nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017538 |
| &nbsp;&nbsp;&nbsp;&nbsp;CommonSpirit Hlth., Series A-2, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/26 | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonspirit Hlth., Series B-1, Rfdg. (Mandatory put date 08/01/25) | 5.000(cc) | &nbsp;&nbsp;08/01/49 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Covenant Living Communities & Svcs., Rfdg. | 5.000 | &nbsp;&nbsp;12/01/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082534 |
| Denver City & Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series B, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074344 |
| Regl. Trans. Dist. Rev.,<br> Denver Transit Partners Eagle P3 Proj, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/15/27 | &nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639085 |
| University of Colorado Rev.,<br> University Enterprise Rev., Green Bond Proj., Series C-3B, Rfdg. (Mandatory put date 10/15/26) | 2.000(cc) | &nbsp;&nbsp;06/01/51 | &nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765068 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7484906 |
| **Connecticut 1.5%** | **Connecticut 1.5%** | **Connecticut 1.5%** | **Connecticut 1.5%** | **Connecticut 1.5%** |
| Connecticut St. Spl. Tax Rev.,<br> Series B | 5.000 | &nbsp;&nbsp;10/01/37 | 1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220343 |
| Norwalk Hsg. Auth. Rev.,<br> Wall Street Place (Mandatory put date 09/01/27) | 3.050(cc) | &nbsp;&nbsp;09/01/58 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993188 |
| Stamford Hsg. Auth. Rev.,<br> Mozaic Concierge Living Proj., Series D | 4.250 | &nbsp;&nbsp;10/01/30 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200218 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413749 |
| **Delaware 0.1%** | **Delaware 0.1%** | **Delaware 0.1%** | **Delaware 0.1%** | **Delaware 0.1%** |
| Delaware St. Econ. Dev. Auth. Rev.,<br> Newark Chart. Sch., Series A, Rfdg. | 2.800 | &nbsp;&nbsp;09/01/26 | &nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119382 |
| **District of Columbia 2.6%** | **District of Columbia 2.6%** | **District of Columbia 2.6%** | **District of Columbia 2.6%** | **District of Columbia 2.6%** |
| Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP Proj. | 5.000 | &nbsp;&nbsp;07/01/25 | &nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270008 |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP Proj., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/37 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225552 |
| District of Columbia Tob. Settlement Fing. Corp. Rev.,<br> Asset Bkd. Bds., Rfdg. | 6.750 | &nbsp;&nbsp;05/15/40 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694296 |
| Metropolitan Washington Arpts. Auth. Avtn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/28 | &nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;10/01/33 | 1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720124 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860285 |
| **Florida 8.3%** | **Florida 8.3%** | **Florida 8.3%** | **Florida 8.3%** | **Florida 8.3%** |
| Broward Cnty. Arpt. Sys. Rev.,<br> Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/26 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501669 |
| Central Florida Expressway Auth. Rev.,<br> Sr. Lien, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/38 | 1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656663 |

---

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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.,<br> GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A | 4.375 %(cc) | &nbsp;&nbsp;10/01/54 | 1000 | &nbsp;&nbsp; $994146 |
| Florida Hr. Edl. Facs. Fing. Auth. Rev.,<br> Edl. Facs., Ringling Clg. Proj. | 5.000 | &nbsp;&nbsp;03/01/28 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303233 |
| Grtr. Orlando Avtn. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Priority Sub. Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/32 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/28 | 3350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515979 |
| Hillsborough Cnty. Avtn. Auth. Rev.,<br> Tampa Int'l. Arpt., Series A, AMT | 5.000 | &nbsp;&nbsp;10/01/29 | 1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307757 |
| Lakewood Ranch Stewardship Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 4.625 | &nbsp;&nbsp;05/01/27 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spl. Assmt., Vlg. Lakewood Ranch S. Proj. | 4.250 | &nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100105 |
| Lee Cnty. Arpt. Rev.,<br> Series A, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054712 |
| Myrtle Creek Impvt. Dist.,<br> Spl. Assmt., Series A, BAM, Rfdg. | 4.000 | &nbsp;&nbsp;05/01/27 | &nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367312 |
| Orange Cnty. Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adventhealth Oblig. Grp., Series C, Rfdg. (Mandatory put date 11/15/26) | 5.000(cc) | &nbsp;&nbsp;11/15/52 | &nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orlando Healthcare Oblig. Grp., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/25 | 2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541164 |
| Orlando Util. Commn. Rev.,<br> Series B (Mandatory put date 10/01/28) | 1.250(cc) | &nbsp;&nbsp;10/01/46 | 2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327904 |
| Pasco Cnty. Rev.,<br> H. Lee Moffitt Cancer Ctr. Proj., Series A, AGM | 5.250 | &nbsp;&nbsp;09/01/25 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100386 |
| St. John's Cnty. Hsg. Fin. Auth. Rev.,<br> Oaks at St. John, Series A (Mandatory put date 07/01/25) | 3.550(cc) | &nbsp;&nbsp;07/01/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999999 |
| Tallahassee Rev.,<br> Memorial HealthCare, Inc. Proj., Series A | 5.000 | &nbsp;&nbsp;12/01/25 | &nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553809 |
| Vlg. CDD No. 6,<br> Spl. Assmt., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206449 |
| Vlg. CDD No. 7,<br> Spl. Assmt., Rfdg. | 4.000 | &nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245230 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18967150 |
| **Georgia 3.4%** | **Georgia 3.4%** | **Georgia 3.4%** | **Georgia 3.4%** | **Georgia 3.4%** |
| Atlanta Arpt. Passenger Facs. Charge Rev.,<br> Sub-Lien, Sustainable Bonds, Series E, AMT | 5.000 | &nbsp;&nbsp;07/01/33 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363991 |
| Burke Cnty. Dev. Auth. Rev.,<br> Georgia Pwr. Co. Plant Vogtle Proj., 5th Series, Rmkt. (Mandatory put date 06/13/28) | 3.700(cc) | &nbsp;&nbsp;10/01/32 | &nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572641 |
| Main Street Natural Gas, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B (Mandatory put date 03/01/32) | 5.000(cc) | &nbsp;&nbsp;12/01/54 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series E (Mandatory put date 12/01/32) | 5.000(cc) | &nbsp;&nbsp;05/01/55 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898430 |
| Muni. Elec. Auth. of Georgia Rev.,<br> Proj. One, Sub. Bonds, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/26 | &nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591207 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815585 |
| **Hawaii 0.8%** | **Hawaii 0.8%** | **Hawaii 0.8%** | **Hawaii 0.8%** | **Hawaii 0.8%** |
| Honolulu City & Cnty. Wstewtr. Sys. Rev.,<br> Jr. 2nd Bond Resolution, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/34 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707136 |
| **Idaho 0.5%** | **Idaho 0.5%** | **Idaho 0.5%** | **Idaho 0.5%** | **Idaho 0.5%** |
| Idaho Hsg. & Fin. Association Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;08/15/39 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201980 |
| **Illinois 5.8%** | **Illinois 5.8%** | **Illinois 5.8%** | **Illinois 5.8%** | **Illinois 5.8%** |
| Chicago O'Hare Int'l. Arpt. Rev.,<br> Series C, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/34 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531905 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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.)** |
| Illinois Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advocate Healthcare Network, Series A-3, Rfdg. | 5.000% | &nbsp;&nbsp;11/01/30 | &nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp; $754322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advocate Healthcare Proj., Series A-1, Rfdg. | 4.000 | &nbsp;&nbsp;11/01/30 | &nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771433 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Carle Foundation, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/25 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581166 |
| Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO | 5.000 | &nbsp;&nbsp;11/01/25 | 1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, GO | 5.000 | &nbsp;&nbsp;05/01/31 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, GO | 5.000 | &nbsp;&nbsp;11/01/26 | &nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, GO, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/36 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159290 |
| Illinois St. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Build Illinois Bonds, Jr. Oblig., Series C, Rfdg. | 5.000 | &nbsp;&nbsp;06/15/26 | 1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series C, Rfdg. | 4.000 | &nbsp;&nbsp;06/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008924 |
| Railsplitter Tob. Settlement Auth. Rev.,<br> Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) | 5.000 | &nbsp;&nbsp;06/01/28 | &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382814 |
| Sales Tax Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Lien, Series C, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series D | 5.000 | &nbsp;&nbsp;01/01/35 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641568 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13294651 |
| **Indiana 3.5%** | **Indiana 3.5%** | **Indiana 3.5%** | **Indiana 3.5%** | **Indiana 3.5%** |
| Indiana Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Lien, CWA Autho. Proj., Series 2024 A, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578342 |
| &nbsp;&nbsp;&nbsp;&nbsp;IN Univ. Hlth., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/25 | 1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Univ. Hlth. Oblig. Grp., Series B (Mandatory put date 07/01/25) | 2.250(cc) | &nbsp;&nbsp;12/01/58 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Univ. Hlth., Series B-1 (Mandatory put date 07/01/28) | 5.000(cc) | &nbsp;&nbsp;10/01/62 | &nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Univ. Hlth., Series D-3, Rfdg. (Mandatory put date 10/01/33)(hh) | 5.000(cc) | &nbsp;&nbsp;10/01/59 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pwr. & Light Co. Proj., Series A, Rfdg. | 1.400 | &nbsp;&nbsp;08/01/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902875 |
| Indianapolis Local Pub. Impvt. Bond Bank Rev.,<br> Indianapolis Arpt. Auth. Proj., Series I2, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/32 | 1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613303 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7927525 |
| **Kentucky 2.6%** | **Kentucky 2.6%** | **Kentucky 2.6%** | **Kentucky 2.6%** | **Kentucky 2.6%** |
| Kentucky Pub. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. (Mandatory put date 12/01/29) | 5.250(cc) | &nbsp;&nbsp;06/01/55 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1 (Mandatory put date 08/01/30) | 4.000(cc) | &nbsp;&nbsp;08/01/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, Rfdg. (Mandatory put date 02/01/32) | 5.250(cc) | &nbsp;&nbsp;04/01/54 | &nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956859 |
| Kentucky Turnpike Auth. Rev.,<br> Revitalization Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613528 |
| Trimble Cnty. Rev.,<br> Louisville Gas & Elect. Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 09/01/27) | 1.300(cc) | &nbsp;&nbsp;09/01/44 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700588 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868168 |
| **Louisiana 0.4%** | **Louisiana 0.4%** | **Louisiana 0.4%** | **Louisiana 0.4%** | **Louisiana 0.4%** |
| Louisiana Pub. Facs. Auth. Rev.,<br> Elementus Minerals LLC Proj. (Mandatory put date 11/01/25), 144A | 5.000(cc) | &nbsp;&nbsp;10/01/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003566 |
| **Maryland 0.4%** | **Maryland 0.4%** | **Maryland 0.4%** | **Maryland 0.4%** | **Maryland 0.4%** |
| Maryland Comnty. Dev. Admin. Rev.,<br> Sustainable Bonds, Vlg. at Marley Station, Series D-2 | 3.300 | &nbsp;&nbsp;01/01/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990509 |

---

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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)** |
| **Massachusetts 0.9%** | **Massachusetts 0.9%** | **Massachusetts 0.9%** | **Massachusetts 0.9%** | **Massachusetts 0.9%** |
| Massachusetts Dev. Fin. Agcy. Rev.,<br> Series B, Rfdg. | 4.000% | &nbsp;&nbsp;02/15/36 | 1000 | &nbsp;&nbsp; $1018243 |
| Massachusetts Edl. Fing. Auth. Rev.,<br> Sr. Series B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;07/01/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057531 |
| **Michigan 1.0%** | **Michigan 1.0%** | **Michigan 1.0%** | **Michigan 1.0%** | **Michigan 1.0%** |
| Michigan Fin. Auth. Rev.,<br> Sr. Series A, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/32 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529089 |
| Michigan St.,<br> Environmental Prog., Series A, GO | 5.000 | &nbsp;&nbsp;12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55084 |
| Michigan Strategic Fd. Rev.,<br> Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/61 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793586 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377759 |
| **Minnesota 0.4%** | **Minnesota 0.4%** | **Minnesota 0.4%** | **Minnesota 0.4%** | **Minnesota 0.4%** |
| Minnesota Rural Wtr. Fin. Auth., Inc. Rev.,<br> Rfdg., BANS | 3.300 | &nbsp;&nbsp;08/01/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002658 |
| **Mississippi 3.3%** | **Mississippi 3.3%** | **Mississippi 3.3%** | **Mississippi 3.3%** | **Mississippi 3.3%** |
| Mississippi Bus. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., Series G, FRDD | 3.650(cc) | &nbsp;&nbsp;11/01/35 | 2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., Series K, FRDD | 3.900(cc) | &nbsp;&nbsp;11/01/35 | 1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., Series L, FRDD | 3.900(cc) | &nbsp;&nbsp;11/01/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poll. Ctrl., Rfdg. | 3.200 | &nbsp;&nbsp;09/01/28 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496792 |
| Warren Cnty. Rev.,<br> Int'l Paper Co. Proj., Rmkt. Rfdg. | 4.000 | &nbsp;&nbsp;09/01/32 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259622 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416414 |
| **Missouri 0.6%** | **Missouri 0.6%** | **Missouri 0.6%** | **Missouri 0.6%** | **Missouri 0.6%** |
| Kansas City Ind'l. Dev. Auth. Rev.,<br> Int'l Arpt. Term. Modernization Proj., Series B, AMT | 5.000 | &nbsp;&nbsp;03/01/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036746 |
| Missouri St. Hlth. & Edl. Facs. Auth. Rev.,<br> BJC Hlth. Sys., Series B, Rfdg. (Mandatory put date 05/01/26) | 4.000(cc) | &nbsp;&nbsp;05/01/51 | &nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336754 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373500 |
| **Nebraska 1.0%** | **Nebraska 1.0%** | **Nebraska 1.0%** | **Nebraska 1.0%** | **Nebraska 1.0%** |
| 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 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series A-1 (Mandatory put date 08/01/31) | 5.000(cc) | &nbsp;&nbsp;08/01/55 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269438 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319620 |
| **Nevada 0.1%** | **Nevada 0.1%** | **Nevada 0.1%** | **Nevada 0.1%** | **Nevada 0.1%** |
| Clark Cnty. Dept. Avtn. Rev.,<br> Sub. Series B, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144772 |
| **New Hampshire 1.9%** | **New Hampshire 1.9%** | **New Hampshire 1.9%** | **New Hampshire 1.9%** | **New Hampshire 1.9%** |
| 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 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964010 |
| New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caldwell Ranch Proj., 144A | 4.875 | &nbsp;&nbsp;12/01/33 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silverado Proj., 144A | 5.000 | &nbsp;&nbsp;12/01/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991080 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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 Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** | **New Hampshire (cont'd.)** |
| New Hampshire Bus. Fin. Auth. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tamarron Proj., 144A | 5.250% | &nbsp;&nbsp;12/01/35 | 1000 | &nbsp;&nbsp; $985229 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Wildflower Proj., CABS, 144A | 5.973(t) | &nbsp;&nbsp;12/15/33 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687581 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321212 |
| **New Jersey 4.7%** | **New Jersey 4.7%** | **New Jersey 4.7%** | **New Jersey 4.7%** | **New Jersey 4.7%** |
| New Jersey Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Wtr. Co. Inc. Proj., Series E, AMT, Rfdg. | 0.850 | &nbsp;&nbsp;12/01/25 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series SSS, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/39 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430053 |
| New Jersey Edl. Facs. Auth. Rev.,<br> Princeton Univ., Series A (Mandatory put date 07/01/31) | 5.000(cc) | &nbsp;&nbsp;07/01/64 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100991 |
| New Jersey Hr. Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series 3, Rfdg., AMT(hh) | 5.000 | &nbsp;&nbsp;12/01/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565931 |
| New Jersey Trans. Tr. Fd. Auth. Rev.,<br> Series A, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076852 |
| South Jersey Trans. Auth. Rev.,<br> Series A, Rfdg., BAM | 5.000 | &nbsp;&nbsp;11/01/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071631 |
| Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/26 | 1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/28 | &nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/30 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/31 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/36 | &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238653 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10624980 |
| **New Mexico 0.6%** | **New Mexico 0.6%** | **New Mexico 0.6%** | **New Mexico 0.6%** | **New Mexico 0.6%** |
| Farmington Rev.,<br> 4 Corners Proj., Rmkt., Rfdg. | 1.800 | &nbsp;&nbsp;04/01/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365925 |
| **New York 12.3%** | **New York 12.3%** | **New York 12.3%** | **New York 12.3%** | **New York 12.3%** |
| Empire St. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Income Tax, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;03/15/31 | 1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Income Tax, Series C, Rfdg. | 5.000 | &nbsp;&nbsp;03/15/41 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405243 |
| Long Island Pwr. Auth. Rev.,<br> Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | &nbsp;&nbsp;09/01/51 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952610 |
| Metropolitan Trans. Auth. Rev.,<br> Series D, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/32 | 1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785814 |
| New York City Hsg. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;245 East 124th Street, Rmkt. (Mandatory Put Date 10/01/29) | 2.100(cc) | &nbsp;&nbsp;11/01/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377055 |
| &nbsp;&nbsp;&nbsp;&nbsp;8 Spruce Street Proj., Class E, Rfdg. | 4.375 | &nbsp;&nbsp;12/15/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029735 |
| New York City Muni. Wtr. Fin. Auth. Rev.,<br> 2nd Gen Resolution, Sub-Series CC-1, Rfdg. | 5.250 | &nbsp;&nbsp;06/15/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029061 |
| New York City Trans. Fin. Auth. Future Tax Sec'd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future Tax Sec., Fiscal 1999, Sub. Series E-1 | 5.000 | &nbsp;&nbsp;02/01/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Series A-2 | 5.000 | &nbsp;&nbsp;08/01/38 | 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571752 |
| New York City Trans. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2025, Sub. Series G-1, Rfdg. | 5.000 | &nbsp;&nbsp;11/01/32 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562831 |
| &nbsp;&nbsp;&nbsp;&nbsp;MultiModal Bonds, Sub-Series B | 5.500 | &nbsp;&nbsp;05/01/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub. Bonds, Series E | 5.000 | &nbsp;&nbsp;11/01/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102503 |
| New York Liberty Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Tower at One Bryant Park Proj., Class 3, Rfdg. | 2.800 | &nbsp;&nbsp;09/15/69 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Tower at One Bryant Park Proj., Rfdg. | 2.450 | &nbsp;&nbsp;09/15/69 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941781 |
| New York St. Dorm. Auth. Rev.,<br> Series A, Rfdg. | 5.250 | &nbsp;&nbsp;03/15/37 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525967 |

---

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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 York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** |
| New York St. Hsg. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;320 West 38th Street Hsg., Series A (Mandatory put date 11/01/31) | 3.570 %(cc) | &nbsp;&nbsp;05/01/42 | 2250 | &nbsp;&nbsp; $2207003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hsg. 160 W 62nd Street, Series A-2, Rmkt. (Mandatory put date 04/01/32) | 3.600(cc) | &nbsp;&nbsp;11/01/44 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bonds, Series B-2 (Mandatory put date 05/01/29) | 3.600(cc) | &nbsp;&nbsp;11/01/64 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000069 |
| New York Trans. Dev. Corp. Rev.,<br> JFK Int'l. Arpt. Proj. Term. 4, Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/25 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201048 |
| Port Auth. of NY & NJ Rev.,<br> Series 246, AMT, Rfdg. | 5.000 | &nbsp;&nbsp;09/01/30 | 1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260735 |
| Triborough Bridge & Tunnel Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, Rfdg. (Mandatory put date 05/15/26) | 2.000(cc) | &nbsp;&nbsp;05/15/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985948 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBTA Capital Lockbox Fund, MTA Bridges & Tunnels, Series A | 5.000 | &nbsp;&nbsp;12/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139526 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28008607 |
| **North Carolina 1.2%** | **North Carolina 1.2%** | **North Carolina 1.2%** | **North Carolina 1.2%** | **North Carolina 1.2%** |
| Charlotte Arpt. Rev.,<br> Series B, Rfdg. AMT | 5.000 | &nbsp;&nbsp;07/01/30 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203928 |
| Cumberland Cnty. Indl. Facs. & Pollution Ctl. Fin. Auth. Rev.,<br> Proj. Aero, AMT (Mandatory put date 11/01/25) | 3.750(cc) | &nbsp;&nbsp;12/01/27 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498841 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702769 |
| **Ohio 3.2%** | **Ohio 3.2%** | **Ohio 3.2%** | **Ohio 3.2%** | **Ohio 3.2%** |
| Buckeye Tob. Settlement Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A-2, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/28 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A-2, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/30 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407932 |
| Cuyahoga Cnty. Rev.,<br> MetroHealth Sys., Rfdg. | 4.000 | &nbsp;&nbsp;02/15/29 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189922 |
| Franklin Cnty. Rev.,<br> Nationwide Children's Hosp., Series B, Rfdg., FRDD | 4.000(cc) | &nbsp;&nbsp;11/01/42 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 |
| Ohio Air Quality Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Elec. Pwr. Co. Proj., Series A (Mandatory put date 10/01/29) | 2.400(cc) | &nbsp;&nbsp;12/01/38 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. Proj., Series A, AMT, Rfdg. (Mandatory put date 06/01/27) | 4.250(cc) | &nbsp;&nbsp;11/01/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019870 |
| Ohio St. Rev.,<br> Cleveland Clinic Hlth. Sys., Series C, Rmkt. (Mandatory put date 05/01/28) | 2.750(cc) | &nbsp;&nbsp;01/01/52 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247234 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296987 |
| **Oklahoma 1.5%** | **Oklahoma 1.5%** | **Oklahoma 1.5%** | **Oklahoma 1.5%** | **Oklahoma 1.5%** |
| Oklahoma Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integris, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;08/15/25 | &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375744 |
| &nbsp;&nbsp;&nbsp;&nbsp;OU Med. Proj., Series B | 5.000 | &nbsp;&nbsp;08/15/26 | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Oklahoma Med. Proj., Series B | 5.000 | &nbsp;&nbsp;08/15/29 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115124 |
| Oklahoma Tpke. Auth. Rev.,<br> Sr. Bonds, Series B, Rfdg.(hh) | 5.000 | &nbsp;&nbsp;01/01/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094607 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392806 |
| **Pennsylvania 3.1%** | **Pennsylvania 3.1%** | **Pennsylvania 3.1%** | **Pennsylvania 3.1%** | **Pennsylvania 3.1%** |
| Chester Cnty. Indl. Dev. Auth. Rev.,<br> Avon Grove Chart. Sch. Nts. | 5.000 | &nbsp;&nbsp;03/01/27 | 1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081744 |
| Commonwealth Fing. Auth. Rev.,<br> Tob. Master Settlement Payment Bonds | 5.000 | &nbsp;&nbsp;06/01/30 | 1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635118 |
| Delaware Vlly. Regl. Fin. Auth. Rev.,<br> Series A, AMBAC | 5.500 | &nbsp;&nbsp;08/01/28 | &nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613836 |
| Pennsylvania Econ. Dev. Fing. Auth. Rev.,<br> Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) | 1.100(cc) | &nbsp;&nbsp;06/01/31 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207179 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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)** |
| **Pennsylvania (cont'd.)** | **Pennsylvania (cont'd.)** | **Pennsylvania (cont'd.)** | **Pennsylvania (cont'd.)** | **Pennsylvania (cont'd.)** |
| Pennsylvania Tpke. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-1 | 5.000% | &nbsp;&nbsp;12/01/41 | 1215 | &nbsp;&nbsp; $1220156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A-2 | 5.000 | &nbsp;&nbsp;12/01/36 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352301 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110334 |
| **Puerto Rico 0.5%** | **Puerto Rico 0.5%** | **Puerto Rico 0.5%** | **Puerto Rico 0.5%** | **Puerto Rico 0.5%** |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,<br> Restructured, Series A-1, CABS | 3.723(t) | &nbsp;&nbsp;07/01/29 | 1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221611 |
| **Rhode Island 0.1%** | **Rhode Island 0.1%** | **Rhode Island 0.1%** | **Rhode Island 0.1%** | **Rhode Island 0.1%** |
| Tob. Settlement Fing. Corp. Rev.,<br> Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/28 | &nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240212 |
| **South Carolina 1.0%** | **South Carolina 1.0%** | **South Carolina 1.0%** | **South Carolina 1.0%** | **South Carolina 1.0%** |
| Patriots Energy Grp. Fing. Agcy. Rev.,<br> Series A-1 (Mandatory put date 08/01/31) | 5.250(cc) | &nbsp;&nbsp;10/01/54 | &nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932950 |
| South Carolina Jobs-Econ. Dev. Auth. Rev.,<br> Foothill Affordable Hsg. Fndn., Paddock Club & Fairway Proj. (Mandatory put date 03/01/35) | 4.000(cc) | &nbsp;&nbsp;03/01/62 | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771308 |
| South Carolina Pub. Svc. Auth. Rev.,<br> Santee Cooper Exchange Bonds, Series A, Rfdg. | 4.000 | &nbsp;&nbsp;12/01/29 | &nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641748 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346006 |
| **Tennessee 2.8%** | **Tennessee 2.8%** | **Tennessee 2.8%** | **Tennessee 2.8%** | **Tennessee 2.8%** |
| Memphis Shelby Cnty. Arpt. Auth. Rev.,<br> Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/25 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500022 |
| Metropolitan Nashville Arpt. Auth. Rev.,<br> Series B, AMT | 5.250 | &nbsp;&nbsp;07/01/34 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533927 |
| Tennergy Corp. Rev.,<br> Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | &nbsp;&nbsp;10/01/53 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404190 |
| Tennessee Energy Acq. Corp. Gas Rev.,<br> Nat. Gas Utility Imps. (Mandatory put date 11/01/25) | 4.000(cc) | &nbsp;&nbsp;11/01/49 | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902639 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340778 |
| **Texas 7.6%** | **Texas 7.6%** | **Texas 7.6%** | **Texas 7.6%** | **Texas 7.6%** |
| Arlington Hsg. Fin. Corp. Rev.,<br> 6900 Matlok Road (Mandatory put date 04/01/27) | 4.500(cc) | &nbsp;&nbsp;04/01/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005456 |
| Clifton Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., Series A | 5.000 | &nbsp;&nbsp;08/15/30 | &nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., Series B | 5.000 | &nbsp;&nbsp;08/15/25 | &nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Int'l Leadership of Texas, Inc., Series B, PSF-GTD (Mandatory put date 02/15/30) | 4.000(cc) | &nbsp;&nbsp;02/15/55 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054744 |
| Conroe Independent Sch. Dist.,<br> GO, PSF-GTD | 5.000 | &nbsp;&nbsp;02/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091048 |
| Dallas Fort Worth Int'l. Arpt. Rev.,<br> Rfdg. | 5.000 | &nbsp;&nbsp;11/01/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128941 |
| Dallas Hotel Occupancy Tax Rev.,<br> Rfdg. | 4.000 | &nbsp;&nbsp;08/15/28 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033037 |
| Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Memorial Hermann Hlth. Sys., Series B-3 (Mandatory Put Date 12/01/26) | 5.000(cc) | &nbsp;&nbsp;07/01/49 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Memorial Hermann Hlth. Sys., Series C, Rfdg. (Mandatory put date 07/01/29) | 5.000(cc) | &nbsp;&nbsp;07/01/54 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212987 |
| Houston Combined Util. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comb. 1st Lien, Series D, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000978 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc. Term. Impvt. Proj., Series B, AMT | 5.250 | &nbsp;&nbsp;07/15/34 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281588 |
| Lakeside Place PFC Rev.,<br> Brookside Gardens Apts. (Mandatory put date 11/01/25) | 4.150(cc) | &nbsp;&nbsp;11/01/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000217 |

---

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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 (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** |
| New Hope Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bella Vida Facs. Living Proj., Temps-50, Series B3, Rfdg. | 4.250% | &nbsp;&nbsp;10/01/30 | 1000 | &nbsp;&nbsp; $985025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jubilee Academic Ctr., Rfdg., 144A | 4.000 | &nbsp;&nbsp;08/15/26 | &nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662724 |
| North Texas Twy. Auth. Rev.,<br> 2nd Tier, Series B, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/28 | &nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419278 |
| San Antonio Elec. & Gas Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Lien, Rfdg. (Mandatory put date 12/01/27) | 2.000(cc) | &nbsp;&nbsp;02/01/49 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, Rfdg. | 5.000 | &nbsp;&nbsp;02/01/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120390 |
| Tarrant Cnty. Cultural Edl. Facs. Fin. Corp. Rev.,<br> Baylor Scott & White Hlth. Proj., Series E (Mandatory put date 05/15/26) | 5.000(cc) | &nbsp;&nbsp;11/15/52 | &nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627474 |
| Texas Muni. Gas Acq. & Sply. Corp. Rev.,<br> Sr. Lien, Series D | 6.250 | &nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708110 |
| Texas Priv. Activity Bond Surface Trans. Corp. Rev.,<br> Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT | 5.500 | &nbsp;&nbsp;06/30/40 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293249 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17255823 |
| **Utah 1.6%** | **Utah 1.6%** | **Utah 1.6%** | **Utah 1.6%** | **Utah 1.6%** |
| Salt Lake City Corp. Arpt. Rev.,<br> Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385208 |
| Utah Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IHC Hlth. Svcs., Inc., Series A | 5.000 | &nbsp;&nbsp;05/15/43 | 2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795083 |
| &nbsp;&nbsp;&nbsp;&nbsp;IHC Hlth. Svcs., Inc., Series B (Mandatory put date 08/01/26) | 5.000(cc) | &nbsp;&nbsp;05/15/60 | &nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350771 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531062 |
| **Virginia 1.1%** | **Virginia 1.1%** | **Virginia 1.1%** | **Virginia 1.1%** | **Virginia 1.1%** |
| Alexandria Redev. & Hsg. Auth. Rev.,<br> 431 S Columbus Street Block 4 Proj. (Mandatory put date 12/01/25) | 3.400(cc) | &nbsp;&nbsp;12/01/54 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748591 |
| Virginia Small Bus. Fing. Auth. Rev.,<br> Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. | 4.000 | &nbsp;&nbsp;01/01/30 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752465 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501056 |
| **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** | **Washington 1.1%** |
| Energy Northwest Rev.,<br> Proj. 1, Series B, Rfdg., ETM(ee) | 5.000 | &nbsp;&nbsp;07/01/25 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500021 |
| Seattle Muni. Light & Pwr. Rev.,<br> Series B, Rfdg. (Mandatory put date 11/01/26) | 2.170(cc) | &nbsp;&nbsp;05/01/45 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494001 |
| Washington Healthcare Facs. Auth. Rev.,<br> Overlake Hosp. Med. Ctr., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388628 |
| Whatcom Cnty. Pub. Util. Dist. No. 1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434077 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592280 |
| **West Virginia 1.1%** | **West Virginia 1.1%** | **West Virginia 1.1%** | **West Virginia 1.1%** | **West Virginia 1.1%** |
| West Virginia Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Appalachian Pwr. Co. Proj., Series A, Rfdg. (Mandatory put date 12/01/25) | 0.625(cc) | &nbsp;&nbsp;12/01/38 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co. Proj., AMT (Mandatory put date 05/15/32) | 4.625(cc) | &nbsp;&nbsp;04/15/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997532 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477969 |

---

PGIM Short Duration Muni Fund

------

### PGIM Short Duration Muni Fund

### Schedule of Investments (unaudited) (continued)
as of June 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 0.6%** | **Wisconsin 0.6%** | **Wisconsin 0.6%** | **Wisconsin 0.6%** | **Wisconsin 0.6%** |
| Pub. Fin. Auth. Rev.,<br> Astro Texas Land Proj., Rfdg., 144A | 5.000% | &nbsp;&nbsp;12/15/36 | 750 | &nbsp;&nbsp; $731199 |
| Wisconsin Hlth. & Edl. Facs. Auth. Rev.,<br> Forensic Science & Protective Med. Collaboration, Inc. Proj., 144A | 5.000 | &nbsp;&nbsp;08/01/27 | 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707874 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439073 |
| **Total Long-Term Investments<br> (cost $230,868,037)** | **Total Long-Term Investments<br> (cost $230,868,037)** | **Total Long-Term Investments<br> (cost $230,868,037)** | **Total Long-Term Investments<br> (cost $230,868,037)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229450751 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** |  |  |
| **Short-Term Investment 0.5%** | **Short-Term Investment 0.5%** | **Short-Term Investment 0.5%** |  |
| **Affiliated Mutual Fund** | **Affiliated Mutual Fund** | **Affiliated Mutual Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund<br> (cost $1,224,422)(wb) |  | 1224422 |  |
| **TOTAL INVESTMENTS 101.3%<br> (cost $232,092,459)** | **TOTAL INVESTMENTS 101.3%<br> (cost $232,092,459)** | **TOTAL INVESTMENTS 101.3%<br> (cost $232,092,459)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230675173 |
| Liabilities in excess of other assets(z) (1.3)% | Liabilities in excess of other assets(z) (1.3)% | Liabilities in excess of other assets(z) (1.3)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2990702) |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$227684471 |

---

------

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

---

| |
|:---|
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—American Municipal Bond Assurance Corp. |
| AMT—Alternative Minimum Tax |
| BAM—Build America Mutual |
| BANS—Bond Anticipation Notes |
| CABS—Capital Appreciation Bonds |
| CDD—Community Development District |
| COP—Certificates of Participation |
| ETM—Escrowed to Maturity |
| FRDD—Floating Rate Daily Demand Note |
| GO—General Obligation |
| PFC—Public Facility Corporation |
| Rfdg—Refunding |

---

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 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.

(hh) When-issued security.

(t) Represents zero coupon. Rate quoted represents effective yield at June 30, 2025.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at June 30, 2025:** | **Futures contracts outstanding at June 30, 2025:** | **Futures contracts outstanding at June 30, 2025:** | **Futures contracts outstanding at June 30, 2025:** | **Futures contracts outstanding at June 30, 2025:** |
| **Number<br> of<br> Contracts** | **Type** | **Expiration<br> Date** | **Current<br> Notional<br> Amount** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** |
| 74 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | $8455657 | $(131438) |

---

------

### PGIM Short Duration Muni Fund

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

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).

PGIM Short Duration Muni Fund

## 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 12

- **b. Investment Company Act file number:** 811-08565

- **c. CIK number of Registrant:** 0001051562

- **d. LEI of Registrant:** 549300TIDSYQDWW4LP02

- **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 Short Duration Muni Fund

- **b. EDGAR series identifier (if any):** S000045516

- **c. LEI of Series:** 549300XMU0KPHGN5LJ34

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $234923419.11

**Total Liabilities:** $7826637.74

**Net Assets:** $227096781.37

**Delayed Delivery Securities:** $5252050.00

**Cash Not Reported:** $200000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 877.83006000 | **1-Year:** 12320.46830000 | **5-Year:** 42845.13986000 | **10-Year:** 22096.41388000 | **30-Year:** 1351.89684000

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

- **3-Month:** 22.10475000 | **1-Year:** 544.37737000 | **5-Year:** 2402.69648000 | **10-Year:** 716.54026000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000141710 | -0.45%               | 0.57%                | 0.66%                |
| Class ID C000141708 | -0.48%               | 0.54%                | 0.74%                |
| Class ID C000141709 | -0.56%               | 0.46%                | 0.56%                |
| Class ID C000187453 | -0.45%               | 0.57%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-146308.45              | $-1340434.55                               |
| Month 2  | $-114130.19              | $902461.92                                 |
| Month 3  | $29740.10                | $1027660.76                                |

**Designated Index Information**

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

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BURKE CNTY GA DEV AUTH POLL CO              | Development Authority of Burke County/The                                       | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $572641.29    | 0.25%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    895000 | PA      | $956858.60    | 0.42%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE              | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576FM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $385208.13    | 0.17%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503256.15    | 0.22%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                               | CUSIP: 60528ACK8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2425000.00   | 1.07%             | 2035-11-01      | Variable      | 3.50%                 | 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        |    400000 | PA      | $430053.25    | 0.19%             | 2039-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                 | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046223.14   | 0.46%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG              | County of Pasco FL                                                              | CUSIP: 70252AAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100386.01    | 0.04%             | 2025-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                 | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936333.92    | 0.41%             | 2052-02-01      | Variable      | 2.37%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA              | Long Beach Bond Finance Authority                                               | CUSIP: 54241ABC6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |    700000 | PA      | $699958.02    | 0.31%             | 2027-11-15      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH               | Delaware Valley Regional Finance Authority                                      | CUSIP: 246579ER3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    570000 | PA      | $613836.36    | 0.27%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORWALK CT HSG AUTH MF HSG REV              | Norwalk Housing Authority                                                       | CUSIP: 668865AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993187.26    | 0.44%             | 2058-09-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA VA REDEV & HSG AUTH              | Alexandria Redevelopment & Housing Authority                                    | CUSIP: 015330FB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1748591.02   | 0.77%             | 2054-12-01      | Variable      | 3.40%                 | 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        |   2750000 | PA      | $2898429.55   | 1.28%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power Water System Revenue                    | CUSIP: 544525WQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $432938.37    | 0.19%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE              | City of Houston TX Combined Utility System Revenue                              | CUSIP: 4424355X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000977.86   | 0.44%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED              | Clifton Higher Education Finance Corp                                           | CUSIP: 187145NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $241808.74    | 0.11%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 452153GM5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1159289.83   | 0.51%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH               | Orange County Health Facilities Authority                                       | CUSIP: 68450LFZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2541164.30   | 1.12%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE                  | County of Clark Department of Aviation                                          | CUSIP: 18085PSV7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    140000 | PA      | $144772.30    | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                   | CUSIP: 79467BHA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $641568.47    | 0.28%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L              | New York Liberty Development Corp                                               | CUSIP: 649519DF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941781.31    | 0.41%             | 2069-09-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    820000 | PA      | $840732.66    | 0.37%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                      | CUSIP: 5444452L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1401836.54   | 0.62%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R              | Indiana Finance Authority                                                       | CUSIP: 45470YEX5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.22%             | 2058-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES               | Idaho Housing & Finance Association                                             | CUSIP: 45130ABN4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1201980.07   | 0.53%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                         | CUSIP: 544532PZ1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1374360.85   | 0.61%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST JOHNS CNTY HSF FIN AUTH                  | St Johns County Housing Finance Authority                                       | CUSIP: 79039AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999999.47    | 0.44%             | 2027-07-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC              | Regional Transportation District                                                | CUSIP: 759151BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $639085.32    | 0.28%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080ZF1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1565930.33   | 0.69%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1416000 | PA      | $1221611.13   | 0.54%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS &              | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498841.63   | 0.66%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED              | Clifton Higher Education Finance Corp                                           | CUSIP: 187145GB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $671215.87    | 0.30%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI              | Whatcom County Public Utility District No 1                                     | CUSIP: 962468FC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $434095.26    | 0.19%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PGIM Core Ultra Short Bond Fund             | PGIM Core Ultra Short Bond Fund                                                 | CUSIP: 000000000<br>LEI: 1VRLPVAWKZCB406TIT84 | Long             | STIV             | RF                | US        |    500413 | NS      | $500413.06    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN              | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985228.88    | 0.43%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE              | City of San Antonio TX Electric & Gas Systems Revenue                           | CUSIP: 79625GLG6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120389.86   | 0.49%             | 2033-02-01      | 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        |   1000000 | PA      | $994145.89    | 0.44%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080ZA2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025008.09   | 0.45%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA              | Chicago O'Hare International Airport                                            | CUSIP: 1675935S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531905.25    | 0.23%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                    | CUSIP: 64972JQQ4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $562831.31    | 0.25%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR               | Los Angeles Department of Water & Power                                         | CUSIP: 5444954Z4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177429.94    | 0.08%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258388.06    | 0.11%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY CNTY TN ARPT AU              | Memphis-Shelby County Airport Authority                                         | CUSIP: 586111NY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500022.16    | 0.22%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV              | Empire State Development Corp                                                   | CUSIP: 650035U55<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1704856.14   | 0.75%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013052.22   | 0.89%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI              | Florida Higher Educational Facilities Financing Authority                       | CUSIP: 34073TJQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $303232.55    | 0.13%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT PASSENGER FAC               | City of Atlanta GA Airport Passenger Facility Charge                            | CUSIP: 04780TEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1363990.65   | 0.60%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE              | City of Seattle WA Municipal Light & Power Revenue                              | CUSIP: 812643WU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494000.36    | 0.22%             | 2045-05-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN               | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542UHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985025.10    | 0.43%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL               | Indiana Finance Authority                                                       | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902875.44    | 0.40%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE                | Tennergy Corp/TN                                                                | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    380000 | PA      | $404189.57    | 0.18%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS              | Oklahoma Development Finance Authority                                          | CUSIP: 67884XBL0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    375000 | PA      | $375744.27    | 0.17%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU              | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1293248.84   | 0.57%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                   | City of Charlotte NC Airport Revenue                                            | CUSIP: 161036VV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1203927.76   | 0.53%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE              | University of Colorado                                                          | CUSIP: 91417NDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $765067.87    | 0.34%             | 2051-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514352.84    | 0.23%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                | CUSIP: 56681NAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $209724.89    | 0.09%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                            | CUSIP: 19648FJH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1430306.57   | 0.63%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO              | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4902638.94   | 2.16%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REVENUE                  | Energy Northwest                                                                | CUSIP: 29270C6A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500020.94    | 0.22%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT              | New Jersey Educational Facilities Authority                                     | CUSIP: 646067KD9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100990.83   | 0.48%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION               | Hillsborough County Aviation Authority                                          | CUSIP: 432308M92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1307756.55   | 0.58%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONROE TX INDEP SCH DIST                    | Conroe Independent School District                                              | CUSIP: 2084185D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091048.36   | 0.48%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA              | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    700000 | PA      | $707874.31    | 0.31%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE               | State of Illinois Sales Tax Revenue                                             | CUSIP: 452227SA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1970364.33   | 0.87%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I              | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528VBD0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1613303.07   | 0.71%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY POLL CONTROL R              | County of Trimble KY                                                            | CUSIP: 896224BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $700587.96    | 0.31%             | 2044-09-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI              | Dallas Fort Worth International Airport                                         | CUSIP: 23503CDW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128941.12   | 0.50%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                              | CUSIP: 392274Z25<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3515979.27   | 1.55%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA              | Main Street Natural Gas Inc                                                     | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2389316.25   | 1.05%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR               | Los Angeles Department of Water & Power                                         | CUSIP: 544495R30<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    760000 | PA      | $765486.56    | 0.34%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L              | Central Florida Expressway Authority                                            | CUSIP: 153476CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1656663.33   | 0.73%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S              | Long Island Power Authority                                                     | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1952609.71   | 0.86%             | 2051-09-01      | Variable      | 1.50%                 | 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        |   1070000 | PA      | $1081743.94   | 0.48%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST RURAL WTR FIN AUT              | Minnesota Rural Water Finance Authority Inc                                     | CUSIP: 60411PBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002657.70   | 0.44%             | 2026-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS              | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCD7<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1115123.91   | 0.49%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072821.50   | 0.91%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                        | Stamford Housing Authority                                                      | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200218.17   | 0.53%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2571752.35   | 1.13%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL               | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971W4U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025511.17   | 0.45%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                | CUSIP: 709224QF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1220155.72   | 0.54%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1403856.73   | 0.62%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 4521525E7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1634755.93   | 0.72%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON              | Kentucky Turnpike Authority                                                     | CUSIP: 491552W27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $613528.38    | 0.27%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTHR              | Orange County Health Facilities Authority                                       | CUSIP: 68450LGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $700466.38    | 0.31%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP              | Metropolitan Nashville Airport Authority/The                                    | CUSIP: 592190QP0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533927.08    | 0.24%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH              | Kentucky Public Energy Authority                                                | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584141.31   | 0.70%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #7 SPL ASSMNT REVEN              | Village Community Development District No 7                                     | CUSIP: 92707VAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245229.84    | 0.11%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP               | Sales Tax Securitization Corp                                                   | CUSIP: 79467BGL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035444.11   | 0.46%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                | CUSIP: 130536QY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $2500.00      | 0.00%             | 2022-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT               | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $407932.22    | 0.18%             | 2030-06-01      | Fixed         | 5.00%                 | 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        |   1440000 | PA      | $1433574.54   | 0.63%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST                | Los Angeles Unified School District/CA                                          | CUSIP: 544647HG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000064.47   | 0.44%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST               | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CER5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076852.11   | 0.47%             | 2039-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE                    | County of Lee FL Airport Revenue                                                | CUSIP: 523470GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054711.53   | 0.46%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647MR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1720123.50   | 0.76%             | 2033-10-01      | Fixed         | 5.00%                 | 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        |   1140000 | PA      | $687580.81    | 0.30%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE              | Port Authority of New York & New Jersey                                         | CUSIP: 73358XNJ7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1260735.05   | 0.56%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G              | Central Plains Energy Project                                                   | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1269438.26   | 0.56%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS              | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCA3<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    800000 | PA      | $807331.30    | 0.36%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074343.57   | 0.47%             | 2032-11-15      | 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        |    700000 | PA      | $693312.58    | 0.31%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                         | CUSIP: 544532AT1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    580000 | PA      | $590133.72    | 0.26%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS              | Louisiana Public Facilities Authority                                           | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003565.98   | 0.44%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                      | CUSIP: 45204E7J1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    760000 | PA      | $771432.59    | 0.34%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                               | CUSIP: 60528ACC6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.88%             | 2035-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R              | Tobacco Settlement Financing Corp/RI                                            | CUSIP: 888809BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240211.94    | 0.11%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRA              | South Jersey Transportation Authority                                           | CUSIP: 838536NN6<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071631.16   | 0.47%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R              | State of Connecticut Special Tax Revenue                                        | CUSIP: 207758YM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1220343.17   | 0.54%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA              | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $287303.32    | 0.13%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REVE              | Delaware State Economic Development Authority                                   | CUSIP: 246387RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $119382.48    | 0.05%             | 2026-09-01      | Fixed         | 2.80%                 | 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        |   1565000 | PA      | $1616813.16   | 0.71%             | 2040-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC              | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    335000 | PA      | $336754.18    | 0.15%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $238653.28    | 0.11%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TCB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $134979.29    | 0.06%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST                                 | State of Michigan                                                               | CUSIP: 594612BP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55084.01     | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $465607.11    | 0.21%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH              | West Virginia Economic Development Authority                                    | CUSIP: 95648VBH1<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480436.90   | 0.65%             | 2038-12-01      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                   | State of Alaska                                                                 | CUSIP: 0117706K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134119.95   | 0.50%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH                   | Oklahoma Turnpike Authority                                                     | CUSIP: 679111F33<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094606.55   | 0.48%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N              | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1766066.42   | 0.78%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                  | Public Finance Authority                                                        | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    749663 | PA      | $731198.97    | 0.32%             | 2036-12-15      | 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        |   1000000 | PA      | $1050182.04   | 0.46%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                 | City of Houston TX Airport System Revenue                                       | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1281587.89   | 0.56%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R              | Indiana Finance Authority                                                       | CUSIP: 45470YGF2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110112.69   | 0.49%             | 2059-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F              | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    620000 | PA      | $627474.42    | 0.28%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR               | Los Angeles Department of Water & Power                                         | CUSIP: 5444957D0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258065.17    | 0.11%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR               | Los Angeles Department of Water & Power                                         | CUSIP: 544495DY7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 1.54%             | 2035-07-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                            | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    940000 | PA      | $1017537.74   | 0.45%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING               | Massachusetts Educational Financing Authority                                   | CUSIP: 57563RTY5<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039288.02   | 0.46%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN              | County of Broward FL Airport System Revenue                                     | CUSIP: 114894VX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501668.74    | 0.22%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN              | Virginia Small Business Financing Authority                                     | CUSIP: 928104NG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752465.00    | 0.33%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UT HOSP REVENUE                   | County of Utah UT                                                               | CUSIP: 917393DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2795082.97   | 1.23%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority                  | National Finance Authority Affordable Housing Certificates Series 2024-1        | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $964009.78    | 0.42%             | 2040-10-20      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE               | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098645.02   | 0.48%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING               | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1207178.88   | 0.53%             | 2031-06-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                | Michigan Finance Authority                                                      | CUSIP: 59447TK69<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529088.44    | 0.23%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                            | CUSIP: 19648FZB3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082534.26   | 0.48%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR              | City & County Honolulu HI Wastewater System Revenue                             | CUSIP: 4387014T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1707136.23   | 0.75%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS              | Arizona Industrial Development Authority                                        | CUSIP: 04062PCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534297.60   | 0.68%             | 2058-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -74 | NC      | $-131438.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP               | Lakewood Ranch Stewardship District                                             | CUSIP: 51265KAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100105.13    | 0.04%             | 2026-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE               | State of Illinois Sales Tax Revenue                                             | CUSIP: 452227KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008923.57   | 0.44%             | 2026-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD              | New York State Housing Finance Agency                                           | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2207002.95   | 0.97%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH              | West Virginia Economic Development Authority                                    | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997532.50    | 0.44%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                          | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019869.84   | 0.89%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY              | Patriots Energy Group Financing Agency                                          | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    880000 | PA      | $932950.46    | 0.41%             | 2054-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HSG FIN CORP MF H              | Arlington Housing Finance Corp                                                  | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005455.55   | 0.44%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD              | New York State Housing Finance Agency                                           | CUSIP: 64987J4L2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000068.82   | 0.44%             | 2064-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI              | Indiana Finance Authority                                                       | CUSIP: 45505MPP5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578342.36   | 0.70%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998291.47    | 0.44%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MYRTLE CREEK FL IMPT DIST SPL               | Myrtle Creek Improvement District                                               | CUSIP: 628583AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $367312.10    | 0.16%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH              | Maricopa County Industrial Development Authority                                | CUSIP: 56681NAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $663234.86    | 0.29%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL              | Chandler Industrial Development Authority                                       | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1249154.00   | 0.55%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP FACS REV              | County of Franklin OH                                                           | CUSIP: 353187EW3<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1550000.00   | 0.68%             | 2042-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI              | Pennsylvania Turnpike Commission                                                | CUSIP: 709224J91<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1352300.72   | 0.60%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TALLAHASSEE FL HLTH FACS REVEN              | City of Tallahassee FL                                                          | CUSIP: 874485DC6<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    550000 | PA      | $553809.36    | 0.24%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                               | CUSIP: 605277AL6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496791.99    | 0.22%             | 2028-09-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                             | CUSIP: 13059TBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $74999.14     | 0.03%             | 2025-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                        | State of Ohio                                                                   | CUSIP: 67756CFW3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247233.75    | 0.11%             | 2052-01-01      | Variable      | 2.75%                 | 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        |   1000000 | PA      | $931528.70    | 0.41%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI              | Whatcom County Public Utility District No 1                                     | CUSIP: 962468FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $434077.11    | 0.19%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN              | Indiana Finance Authority                                                       | CUSIP: 45471APH9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1316585.52   | 0.58%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE               | Metropolitan Transportation Authority                                           | CUSIP: 59261ASZ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1785813.80   | 0.79%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL               | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HAD9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985947.72    | 0.43%             | 2045-05-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A              | Kansas City Industrial Development Authority                                    | CUSIP: 48504NAS8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036745.83   | 0.46%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED              | Clifton Higher Education Finance Corp                                           | CUSIP: 187145UT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1054744.22   | 0.46%             | 2055-02-15      | Variable      | 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        |   1500000 | PA      | $1507986.60   | 0.66%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV              | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079387.05   | 0.48%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UT HOSP REVENUE                   | County of Utah UT                                                               | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $350770.94    | 0.15%             | 2060-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                      | CUSIP: 45204FHY4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    580000 | PA      | $581166.09    | 0.26%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                    | CUSIP: 64972JPD4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102502.90   | 0.49%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                | Illinois Finance Authority                                                      | CUSIP: 45204EY93<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    725000 | PA      | $754322.53    | 0.33%             | 2030-11-01      | 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        |    300000 | PA      | $301552.51    | 0.13%             | 2027-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO              | New York State Dormitory Authority                                              | CUSIP: 64990FJE5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525966.80    | 0.23%             | 2037-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP               | New York City Housing Development Corp                                          | CUSIP: 64966TGW8<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   2000000 | PA      | $2029734.80   | 0.89%             | 2043-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN              | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542QBZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $662724.11    | 0.29%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD              | Michigan Strategic Fund                                                         | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1793586.32   | 0.79%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI              | Whatcom County Public Utility District No 1                                     | CUSIP: 962468FD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $341457.88    | 0.15%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE               | County of Cuyahoga OH                                                           | CUSIP: 2322655K0<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1189921.97   | 0.52%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A              | South Carolina Public Service Authority                                         | CUSIP: 837151A74<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    619000 | PA      | $641747.65    | 0.28%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAILSPLITTER IL TOBACCO SETTLE              | Railsplitter Tobacco Settlement Authority                                       | CUSIP: 75076PBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $382814.25    | 0.17%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #6 SPL ASSMNT REVEN              | Village Community Development District No 6                                     | CUSIP: 92707UAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $206448.59    | 0.09%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A              | Greater Orlando Aviation Authority                                              | CUSIP: 392274W51<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1188614.67   | 0.52%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO              | Mississippi Business Finance Corp                                               | CUSIP: 60528ACB8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1235000.00   | 0.54%             | 2035-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR               | Los Angeles Department of Water & Power                                         | CUSIP: 544495DH4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 1.01%             | 2034-07-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A              | Washington Health Care Facilities Authority                                     | CUSIP: 93978HUH6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    375000 | PA      | $388627.97    | 0.17%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                         | CUSIP: 544532FX7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    620000 | PA      | $628579.59    | 0.28%             | 2026-07-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $991080.40    | 0.44%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN              | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080ZB0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516905.25    | 0.23%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED              | California Municipal Finance Authority                                          | CUSIP: 13049AAE3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     65000 | PA      | $64918.26     | 0.03%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALG              | Black Belt Energy Gas District                                                  | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170901.65    | 0.08%             | 2049-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN               | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GKL7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029061.43   | 0.45%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R              | Indiana Finance Authority                                                       | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    860000 | PA      | $906305.77    | 0.40%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                   | North Texas Tollway Authority                                                   | CUSIP: 66285WWY8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    415000 | PA      | $419277.76    | 0.18%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL               | New York City Transitional Finance Authority                                    | CUSIP: 64972JAV0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081184.39   | 0.48%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL UTILITIES COMMISSIO              | Orlando Utilities Commission                                                    | CUSIP: 686507JQ8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2327904.23   | 1.03%             | 2046-10-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV              | Colorado Health Facilities Authority                                            | CUSIP: 19648FKC7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    390000 | PA      | $396643.44    | 0.17%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                | Ohio Air Quality Development Authority                                          | CUSIP: 677525WG8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $478172.72    | 0.21%             | 2038-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV              | City of Farmington NM                                                           | CUSIP: 311450GA2<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1365924.68   | 0.60%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA              | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212987.03    | 0.09%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS                | Sanger Unified School District                                                  | CUSIP: 800860EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $56792.66     | 0.03%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                   | Arizona Health Facilities Authority                                             | CUSIP: 040507HN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2434388.71   | 1.07%             | 2037-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL               | Black Belt Energy Gas District                                                  | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2374344.56   | 1.05%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE              | South Carolina Jobs-Economic Development Authority                              | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    800000 | PA      | $771307.50    | 0.34%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R              | Massachusetts Development Finance Agency                                        | CUSIP: 57585BAM0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018242.95   | 0.45%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE              | Maryland Community Development Administration                                   | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990508.96    | 0.44%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE              | City of San Antonio TX Electric & Gas Systems Revenue                           | CUSIP: 79625GEY5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1430249.06   | 0.63%             | 2049-02-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV              | Empire State Development Corp                                                   | CUSIP: 6500357J1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1405243.24   | 0.62%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP               | New York City Housing Development Corp                                          | CUSIP: 64966TGQ1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1377054.52   | 0.61%             | 2046-11-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                                               | CUSIP: 452153EX3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1981931.85   | 0.87%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT              | New Jersey Economic Development Authority                                       | CUSIP: 645780FS1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    600000 | PA      | $594541.26    | 0.26%             | 2025-12-01      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A              | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $549321.17    | 0.24%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                            | CUSIP: 25483VTR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1400983.32   | 0.62%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY MS GULF OPPORTUNIT              | County of Warren MS                                                             | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259621.62   | 0.55%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD              | New York State Housing Finance Agency                                           | CUSIP: 64987JZ38<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1186845.61   | 0.52%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                   | Municipal Electric Authority of Georgia                                         | CUSIP: 6262074P6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    585000 | PA      | $591207.32    | 0.26%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKESIDE PLACE PUB FACS CORP T              | Lakeside Place PFC                                                              | CUSIP: 512179AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000216.45   | 0.44%             | 2026-11-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION               | Texas Municipal Gas Acquisition and Supply Corp I                               | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    690000 | PA      | $708110.34    | 0.31%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                         | CUSIP: 544532CQ5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502368.35    | 0.22%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP              | New York Transportation Development Corp                                        | CUSIP: 650116DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201048.31    | 0.09%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                            | CUSIP: 25483VTQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    220000 | PA      | $225552.12    | 0.10%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                            | CUSIP: 25483VVW1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270008.20    | 0.12%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA              | Commonwealth Financing Authority                                                | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1635117.89   | 0.72%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL               | Triborough Bridge & Tunnel Authority                                            | CUSIP: 896032AK5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139525.60   | 0.50%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX               | City of Dallas TX Hotel Occupancy Tax Revenue                                   | CUSIP: 235286AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1033037.29   | 0.45%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S              | Salt Verde Financial Corp                                                       | CUSIP: 79575EAM0<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1301705.14   | 0.57%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** Prudential Investment Portfolios 12

**Signature:** Christian J. Kelly

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

**Title:** Chief Financial Officer